Document:

EXHIBIT
4.5

 

DESCRIPTION
OF SECURITIES

 

The
following summary of the material terms of the securities of Qell Acquisition Corp. (“we,” “us,” “our”
or “the company”) is not intended to be a complete summary of the rights and preferences of such securities and is
subject to and qualified by reference to our amended and restated memorandum and articles of association incorporated by reference
as an exhibit to the company’s Annual Report on Form 10-K for the period ended December 31, 2020, and applicable Cayman Islands
law. We urge you to read our amended and restated memorandum and articles of association in their entirety for a complete description
of the rights and preferences of our securities.

 

Certain
Terms

 

Unless
otherwise stated in this Exhibit or the context otherwise requires, references to:

 

		•	“Companies
                                         Act” are to the Companies Act (2021 Revision) of the Cayman Islands as the same
                                         may be amended from time to time;

 

		•	“founder
                                         shares” are to our Class B ordinary shares initially issued to our sponsor, and
                                         any such shares transferred to our directors, in a private placement prior to the Initial
                                         Public Offering and the Class A ordinary shares that will be issued upon the automatic
                                         conversion of the Class B ordinary shares at the time of our initial business combination
                                         (for the avoidance of doubt, such Class A ordinary shares will not be “public shares”);

 

		•	“Initial
                                         Public Offering” are to the company’s offering that closed on October 2,
                                         2020;

 

		•	“initial
                                         shareholders” are to our sponsor and each other holder of founder shares upon the
                                         consummation of our Initial Public Offering;

 

		•	“management”
                                         or “our management team” are to our executive officers and directors;

 

		•	“ordinary
                                         shares” are to our Class A ordinary shares and our Class B ordinary shares;

 

		•	“private
                                         placement warrants” are to the warrants sold to our sponsor in a private placement
                                         simultaneously with the closing of our Initial Public Offering and to be issued upon
                                         conversion of working capital loans, if any;

 

		•	“public
                                         shares” are to our Class A ordinary shares sold as part of the units in our Initial
                                         Public Offering (whether they were purchased in our Initial Public Offering or thereafter
                                         in the open market);

 

		•	“public
                                         shareholders” are to the holders of our public shares, including our sponsor and
                                         management team to the extent our sponsor and/or members of our management team purchase
                                         public shares, provided that our sponsor’s and each member of our management team’s
                                         status as a “public shareholder” will only exist with respect to such public
                                         shares; and

 

		•	“sponsor”
                                         are to Qell Partners LLC, a Cayman Islands exempted company.

 

General

 

We
are a Cayman Islands exempted company and our affairs are governed by our amended and restated memorandum and articles of association,
the Companies Act and the common law of the Cayman Islands. Pursuant to our amended and restated memorandum and articles of association,
we are authorized to issue 200,000,000 Class A ordinary shares and 20,000,000 Class B ordinary shares, as well as 1,000,000 preference
shares, $0.0001 par value each. The following description summarizes certain terms of our shares as set out more particularly
in our amended and restated memorandum and articles of association.

 

Because
it is only a summary, it may not contain all the information that is important to you.

 

Units

 

Each
unit consists of one Class A ordinary share and one-third of one redeemable warrant. Each whole warrant entitles the holder thereof
to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment as described in this Annual Report
on Form 10-K. Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of the company’s
Class A ordinary shares. This means only a whole warrant may be exercised at any given time by a warrant holder. The units will
automatically separate into their component parts and will not be traded after completion of our initial business combination.

     

     

    

Ordinary
Shares

 

Upon
the closing of the Initial Public Offering, 47,437,500 of our ordinary shares were outstanding, including:

 

		•	37,950,000
                                         Class A ordinary shares underlying the units issued as part of the Initial Public Offering;
                                         and

 

		•	9,487,500
                                         Class B ordinary shares held by our initial shareholders.

 

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 will 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 Act 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, being the affirmative vote of at least
two- thirds of our ordinary shares that are voted, 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 will generally serve
for terms of three years with only one class of directors being appointed in each year. There is no cumulative voting with respect
to the appointment of directors, with the result that the holders of more than 50% of the shares voted for the appointment of
directors can appoint all of the directors. Our shareholders are entitled to receive ratable dividends when, as and if declared
by the board of directors out of funds legally available therefor.

 

Prior
to our initial business combination, only holders of our founder shares will have the right to vote on the appointment of directors.
Holders of our public shares will not be entitled to vote on the appointment of directors during such time. In addition, prior
to the completion of an initial business combination, holders of a majority of our founder shares may remove a member of the board
of directors for any reason. The provisions of our amended and restated memorandum and articles of association governing the appointment
or removal of directors prior to our initial business combination may only be amended by a special resolution passed by holders
representing at least two- thirds of our issued and outstanding Class B ordinary shares.

 

Because
our amended and restated memorandum and articles of association authorizes 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 appointed in each year and each class
(except for those directors appointed prior to our first annual general meeting) serving a three-year term. In accordance with
Nasdaq corporate governance requirements, we are not required to hold an annual general meeting until one year after our first
fiscal year end following our listing on Nasdaq. As an exempted company, there is no requirement under the Companies Act for us
to hold annual or extraordinary general meetings to appoint directors. We may not hold an annual or extraordinary general meeting
to appoint new directors prior to the consummation of our initial business combination. Prior to the completion of an initial
business combination, any vacancy on the board of directors may be filled by a nominee chosen by holders of a majority of our
founder shares. In addition, prior to the completion of an initial business combination, holders of a majority of our founder
shares may remove a member of the board of directors for any reason.

 

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 income taxes, if any, divided by the
number of the then- outstanding public shares, subject to the limitations 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. The redemption rights
may include the requirement that a beneficial owner must identify itself in order to valid redeem its shares. Our sponsor and
our founding team have entered into an agreement with us, pursuant to which they have agreed to waive their redemption rights
with respect to their founder shares and any public shares purchased during or after the Initial Public Offering in connection
with (i) the completion of our initial business combination and (ii) a shareholder vote to approve an amendment to our amended
and restated memorandum and articles of association (A) that would modify the substance or timing of our obligation to provide
holders of our Class A ordinary shares the right to have their shares redeemed in connection with our initial business combination
or to redeem 100% of our public shares if we do not complete our initial business combination within 24 months from the closing
of the Initial Public Offering or (B) with respect to any other provision relating to the rights of holders of our Class A ordinary
shares or pre-initial business combination activity. Unlike many blank check 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 applicable law or stock exchange rule and we do not decide to hold a shareholder vote for business or other
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 will require these tender offer documents to contain substantially
the same financial and other information about the 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 applicable law or stock exchange
rule, or we decide to obtain shareholder approval for business or other reasons, we will, like many blank check 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 approval pursuant to 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. However, the participation of our sponsor, officers, directors, advisors or their
affiliates in privately- negotiated transactions (as described in this Annual Report on Form 10-K), 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 unless restricted by applicable Nasdaq rules. For purposes of seeking approval
of the majority of our issued and outstanding ordinary shares, 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 will 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 provides
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, 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 15% 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, we will complete our initial business combination only if we receive approval pursuant to 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. In such case, our sponsor and each member of our founding team have agreed to vote their
founder shares and public shares purchased during or after the Initial Public Offering in favor of our initial business combination.
As a result, in addition to our initial shareholders’ founder shares, we would need 14,231,250, or 37.5%, of the 37,950,000
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 approved (assuming all issued and outstanding shares are voted and the over-allotment option is not
exercised). The other members of our founding team are subject to the same arrangements with respect to any public shares acquired
by them in or after the Initial Public Offering. Additionally, each public shareholder may appoint to redeem their public shares
irrespective of whether they vote for or against the proposed transaction or vote at all.

     

     

    

Pursuant
to our amended and restated memorandum and articles of association, if we do not consummate an initial business combination within
24 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 no 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 to pay our income taxes, if any (less up to $100,000 of interest to
pay dissolution expenses), divided by the number of the 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 each case of clause (ii) and (iii), to our obligations under Cayman
Islands law to provide for claims of creditors and the requirements of other applicable law. Our sponsor and each member of our
founding team have entered into an 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 they hold if we fail to consummate an initial business
combination within 24 months from the closing of the Initial Public Offering (although they will be entitled to liquidating distributions
from the trust account with respect to any public shares they hold if we fail to complete our initial business combination within
24 months from the closing of the Initial Public Offering).

 

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 income taxes, if any, divided by the number of the then-outstanding public shares, upon the completion of our
initial business combination, subject to the limitations described herein.

 

Founder
Shares

 

The
founder shares are designated as Class B ordinary shares and, except as described below, are identical to the Class A ordinary
shares included in the units sold in the Initial Public Offering, and holders of founder shares have the same shareholder rights
as public shareholders, except that:

 

		•	prior
                                         to our initial business combination, only holders of our founder shares will have the
                                         right to vote on the appointment of directors;

 

		•	the
                                         founder shares are subject to certain transfer restrictions, as described in more detail
                                         below;

 

		•	our
                                         sponsor and our founding team have entered into an agreement with us, pursuant to which
                                         they have agreed to (i) waive their redemption rights with respect to any founder shares
                                         and public shares they hold, (ii) to waive their redemption rights with respect to any
                                         founder shares and any public shares purchased during or after the Initial Public Offering
                                         in connection with a shareholder vote to approve an amendment to our amended and restated
                                         memorandum and articles of association (A) that would modify the substance or timing
                                         of our obligation to provide holders of our Class A ordinary shares the right to have
                                         their shares redeemed in connection with our initial business combination or to redeem
                                         100% of our public shares if we do not complete our initial business combination within
                                         24 months from the closing of the Initial Public Offering or (B) with respect to any
                                         other provision relating to the rights of holders of our Class A ordinary shares or pre-initial
                                         business combination activity and (iii) waive their rights to liquidating distributions
                                         from the trust account with respect to any founder shares or private placement warrants
                                         they hold if we fail to consummate an initial business combination within 24 months from
                                         the closing of the Initial Public Offering (although they will be entitled to liquidating
                                         distributions from the trust account with respect to any public shares they hold if we
                                         fail to complete our initial business combination within 24 months from the closing of
                                         the Initial Public Offering);

     

     

    

		•	the
                                         founder shares will automatically convert into our Class A ordinary shares at the time
                                         of our initial business combination as described below adjacent to the caption “Founder
                                         shares conversion and antidilution rights” and in our amended and restated memorandum
                                         and articles of association; and

 

		•	the
                                         founder shares are entitled to registration rights.

 

If
we submit our initial business combination to our public shareholders for a vote, our sponsor and our founding team have agreed
to vote their founder shares and any public shares purchased during or after the Initial Public Offering in favor of our initial
business combination. If we seek shareholder approval, we will complete our initial business combination only if a majority of
the ordinary shares, represented in person or by proxy and entitled to vote thereon, voted at a general meeting are voted in favor
of the business combination. In such case, our sponsor and each member of our founding team have agreed to vote their founder
shares and any public shares purchased during or after the Initial Public Offering in favor of our initial business combination.
As a result, in addition to our initial shareholders’ founder shares, we would need 14,231,250, or 37.5%, of the 37, 950,000
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 approved (assuming all issued and outstanding shares are voted and the overallotment option is not
exercised);

 

The
founder shares will automatically convert into Class A ordinary shares on the first business day following the consummation of
our initial business combination at a ratio such that the number of Class A ordinary shares issuable upon conversion of all founder
shares will equal, in the aggregate, on an as- converted basis, 20% of the sum of (i) the total number of ordinary shares issued
and outstanding upon completion of the Initial Public Offering, plus (ii) the sum of the total number of Class A ordinary shares
issued or deemed issued or issuable upon conversion or exercise of any equity-linked securities or rights issued or deemed issued,
by the Company in connection with or in relation to the consummation of the initial business combination, excluding any Class
A ordinary shares or equity-linked securities exercisable for or convertible into Class A ordinary shares issued, deemed issued,
or to be issued, to any seller in the initial business combination and any private placement warrants issued to our sponsor, members
of our founding team or any of their affiliates upon conversion of working capital loans. In no event will the Class B ordinary
shares convert into Class A ordinary shares at a rate of less than one to one.

 

Except
as described herein, our sponsor and our founding team have agreed not to transfer, assign or sell any of their founder shares
until the earliest of  (A) one year after the completion of our initial business combination and (B) subsequent to our
initial business combination, (x) if the closing price of our Class A ordinary shares equals or exceeds $12.00 per share (as adjusted
for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days within
any 30-trading day period commencing at least 150 days after our initial business combination, or (y) the date on which we complete
a liquidation, merger, share exchange, reorganization or other similar transaction that results in all of our public shareholders
having the right to exchange their ordinary shares for cash, securities or other property. Any permitted transferees will be subject
to the same restrictions and other agreements of our sponsor and our founding team with respect to any founder shares, private
placement warrants and Class A ordinary shares issued upon conversion or exercise thereof. We refer to such transfer restrictions
throughout this Annual Report on Form 10-K as the lock-up. Notwithstanding the foregoing, if the closing price of our Class A
ordinary shares equals or exceeds $12.00 per share (as adjusted for share sub-divisions, share capitalizations, reorganizations,
recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after our
initial business combination, the founder shares will be released from the lock-up.

 

Prior
to the completion of our initial business combination, only holders of our founder shares will have the right to vote on the appointment
of directors. Holders of our public shares will not be entitled to vote on the appointment of directors during such time. In addition,
prior to the completion of an initial business combination, holders of a majority of our founder shares may remove a member of
the board of directors for any reason. These provisions of our amended and restated memorandum and articles of association may
only be amended by a special resolution passed by holders representing at least two-thirds of our issued and outstanding Class
B ordinary shares. With respect to any other matter submitted to a vote of our shareholders, including any vote in connection
with our initial business combination, except as required by law, holders of our founder shares and holders of our public shares
will vote together as a single class, with each share entitling the holder to one vote.

     

     

    

Register
of Members

 

Under
the Companies Act, we must keep a register of members and there should be entered therein:

 

		•	the
                                         names and addresses of the members of the company, a statement of the shares held by
                                         each member, which:

 

		•	distinguishes
                                         each share by its number (so long as the share has a number);

 

		•	confirms
                                         the amount paid, or agreed to be considered as paid, on the shares of each member; confirms
                                         the number and category of shares held by each member; and

 

		•	confirms
                                         whether each relevant category of shares held by a member carries voting rights under
                                         the Articles, and if so, whether such voting rights are conditional;

 

		•	the
                                         date on which the name of any person was entered on the register as a member; and

 

		•	the
                                         date on which any person ceased to be a member.

 

For
these purposes, “voting rights” means rights conferred on shareholders, including the right to appoint or remove directors,
in respect of their shares to vote at general meetings of the company on all or substantially all matters. A voting right is conditional
where the voting right arises only in certain circumstances.

 

Under
Cayman Islands law, the register of members of our company is prima facie evidence of the matters set out therein (i.e. the register
of members will raise a presumption of fact on the matters referred to above unless rebutted) and a member registered in the register
of members will be deemed as a matter of Cayman Islands law to have legal title to the shares as set against its name in the register
of members.

 

Further,
the Cayman Islands court has the power to order that the register of members maintained by a company should be rectified where
it considers that the register of members does not reflect the correct legal position. If an application for an order for rectification
of the register of members were made in respect of our ordinary shares, then the validity of such shares may be subject to re-examination
by a Cayman Islands court.

 

Preference
Shares

 

Our
amended and restated memorandum and articles of association authorizes 1,000,000 preference shares and provides that preference
shares may be issued from time to time in one or more series. Our board of directors is authorized to fix the voting rights, if
any, designations, powers, preferences, the relative, participating, optional or other special rights and any qualifications,
limitations and restrictions thereof, applicable to the shares of each series. Our board of directors is able to, without shareholder
approval, issue preference shares with voting and other rights that could adversely affect the voting power and other rights of
the holders of the ordinary shares and could have anti- takeover effects. The ability of our board of directors to issue preference
shares without shareholder approval could have the effect of delaying, deferring or preventing a change of control of us or the
removal of our existing management. We have no preference shares issued and outstanding at the date hereof. Although we do not
currently intend to issue any preference shares, we cannot assure you that we will not do so in the future. No preference shares
were issued or registered in the Initial Public Offering.

 

Warrants

 

Public
Shareholders’ warrants

 

Each
whole 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 and 30 days after the completion of our initial business combination, provided in each case that we have an
effective registration statement under the Securities Act covering the Class A ordinary shares issuable upon exercise of the
warrants and a current prospectus relating to them is available (or we permit holders to exercise their warrants on a
cashless basis under the circumstances specified in the warrant agreement) and such shares are registered, qualified or
exempt from registration under the securities, or blue sky, laws of the state of residence of the holder. Pursuant to the
warrant agreement, a warrant holder may exercise its warrants only for a whole number of Class A ordinary shares. This means
only a whole warrant may be exercised at a given time by a warrant holder. No fractional warrants will be issued upon
separation of the units and only whole warrants will trade. Accordingly, unless you purchase at least three units, you will
not be able to receive or trade a whole warrant. 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
will not be obligated to deliver any Class A ordinary shares pursuant to the exercise of a warrant and will 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, or a valid exemption from registration is available. No warrant will be exercisable
and we will not be 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 20 business days after the closing of our initial business
combination, we will use our commercially reasonable efforts to file with the SEC a registration statement covering the Class
A ordinary shares issuable upon exercise of the warrants, and we will use our commercially reasonable efforts to cause the same
to become effective within 60 business days after the closing of our initial business combination, and to maintain the effectiveness
of such registration statement and a current prospectus relating to those Class A ordinary shares until the warrants expire or
are redeemed, as specified in the warrant agreement; provided that 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 appoint,
we will not be required to file or maintain in effect a registration statement. If a registration statement covering the Class
A ordinary shares issuable upon exercise of the warrants is not effective by the 60th day after the closing of the 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, but 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.

 

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 including any transfer or reissuance
of such shares (the “Newly Issued Price”)), (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 higher of the Market Value and the Newly Issued Price,
and the $10.00 and $18.00 per share redemption trigger prices adjacent to “Redemption of warrants for cash when the price
per Class A ordinary share equals or exceeds $10.00” and “Redemptions of warrants for cash when the price per Class
A ordinary share equals or exceeds $18.00” will be adjusted (to the nearest cent) to be equal to 100% and 180% of the higher
of the Market Value and the Newly Issued Price, respectively.

 

Redemptions
of warrants for cash when the price per Class A ordinary share equals or exceeds $18.00. Once the warrants become
exercisable, we may call the warrants for redemption (except as described herein with respect to the private placement
warrants):

 

		•	in
                                         whole and not in part;

 

		•	at
                                         a price of $0.01 per warrant;

 

		•	upon
                                         not less than 30 days’ prior written notice of redemption to each warrant holder;
                                         and

 

		•	if,
                                         and only if, the closing price of the Class A ordinary shares equals or exceeds $18.00
                                         per share (as adjusted for share sub-divisions, share capitalizations, reorganizations,
                                         recapitalizations and the like) for any 20 trading days within a 30-trading day period
                                         ending on the third trading day prior to the date on which notice of the redemption is
                                         given to the warrant holders (the “Reference Value”).

 

We
will not redeem the warrants as described above unless a registration statement under the Securities Act covering the issuance
of the Class A ordinary shares issuable upon exercise of the warrants is then effective and a current prospectus relating to those
shares is available throughout the 30-day redemption period. 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. As a result, we may redeem the warrants as set forth above even if the holders are otherwise unable to exercise
the warrants.

     

     

    

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 sub- divisions, share capitalizations, reorganizations, recapitalizations and the like) as well as the $11.50 (for whole
shares) warrant exercise price after the redemption notice is issued.

 

Redemption
of warrants for cash when the price per Class A ordinary share equals or exceeds $10.00. Once the warrants become
exercisable, we may redeem the outstanding warrants:

 

		•	in
                                         whole and not in part;

 

		•	at
                                         $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption;
                                         provided that during such 30-day period holders will be able to exercise their warrants
                                         on a cashless basis prior to redemption and receive that number of shares determined
                                         by reference to the table below, based on the redemption date and the “fair market
                                         value” of our Class A ordinary shares (as defined below);

 

		•	if,
                                         and only if, the Reference Value (as defined above under “Redemptions of warrants
                                         for cash when the price per Class A ordinary share equals or exceeds $18.00”) equals
                                         or exceeds $10.00 per share (as adjusted for share subdivisions, share dividends, reorganizations,
                                         recapitalizations and the like); and

 

		•	if
                                         the Reference Value is less than $18.00 per share (as adjusted for share subdivisions,
                                         share dividends, reorganizations, recapitalizations and the like), the private placement
                                         warrants must also be concurrently called for redemption on the same terms as the outstanding
                                         public warrants, as described above.

 

The
numbers in the table below represent the number of Class A ordinary shares that a warrant holder will receive upon exercise in
connection with a redemption by us pursuant to this redemption feature, based on the “fair market value” of our Class
A ordinary shares on the corresponding redemption date (assuming holders elect to exercise their warrants and such warrants are
not redeemed for $0.10 per warrant), determined based on volume-weighted average price of our Class A ordinary shares as reported
during the 10 trading days immediately following the date on which the notice of redemption is sent to the holders of warrants,
and the number of months that the corresponding redemption date precedes the expiration date of the warrants, each as set forth
in the table below. We will provide our warrant holders with the final fair market value no later than one business day after
the 10-trading day period described above ends.

 

Pursuant
to the warrant agreement, references above to Class A ordinary shares shall include a security other than Class A ordinary shares
into which the Class A ordinary shares have been converted or exchanged for in the event we are not the surviving company in our
initial business combination. The numbers in the table below will not be adjusted when determining the number of Class A ordinary
shares to be issued upon exercise of the warrants if we are not the surviving entity following our initial business combination.

 

The
share prices set forth in the column headings of the table below will be adjusted as of any date on which the number of shares
issuable upon exercise of a warrant or the exercise price of the warrant is adjusted as set forth under the heading “Anti-dilution
Adjustments” below. If the number of shares issuable upon exercise of a warrant is adjusted, the adjusted share prices in
the column headings will equal the share prices immediately prior to such adjustment, multiplied by a fraction, the numerator
of which is the exercise price of the warrant after such adjustment and the denominator of which is the price of the warrant immediately
prior to such adjustment. In such an event, the number of shares in the table below shall be adjusted by multiplying such share
amounts by a fraction, the numerator of which is the number of shares deliverable upon exercise of a warrant immediately prior
to such adjustment and the denominator of which is the number of shares deliverable upon exercise of a warrant as so adjusted.
If the exercise price of the warrant is adjusted as a result of raising capital in connection with the initial business combination,
the adjusted share prices in the column headings will by multiplied by a fraction, the numerator of which is the higher of the
Market Value and the Newly Issued Price as set forth under the heading “Anti-dilution Adjustments” and the denominator
of which is $10.00.

     

     

    

	 	 	
	Redemption Date	 	Fair Market Value of Class A Ordinary Shares
	(period to expiration of warrants)	 	<$10.00	 	$11.00	 	$12.00	 	$13.00	 	$14.00	 	$15.00	 	$16.00	 	$17.00	 	>$18.00
	60 months	 	0.261	 	0.281	 	0.297	 	0.311	 	0.324	 	0.337	 	0.348	 	0.358	 	0.361
	57 months	 	0.257	 	0.277	 	0.294	 	0.310	 	0.324	 	0.337	 	0.348	 	0.358	 	0.361
	54 months	 	0.252	 	0.272	 	0.291	 	0.307	 	0.322	 	0.335	 	0.347	 	0.357	 	0.361
	51 months	 	0.246	 	0.268	 	0.287	 	0.304	 	0.320	 	0.333	 	0.346	 	0.357	 	0.361
	48 months	 	0.241	 	0.263	 	0.283	 	0.301	 	0.317	 	0.332	 	0.344	 	0.356	 	0.361
	45 months	 	0.235	 	0.258	 	0.279	 	0.298	 	0.315	 	0.330	 	0.343	 	0.356	 	0.361
	42 months	 	0.228	 	0.252	 	0.274	 	0.294	 	0.312	 	0.328	 	0.342	 	0.355	 	0.361
	39 months	 	0.221	 	0.246	 	0.269	 	0.290	 	0.309	 	0.325	 	0.340	 	0.354	 	0.361
	36 months	 	0.213	 	0.239	 	0.263	 	0.285	 	0.305	 	0.323	 	0.339	 	0.353	 	0.361
	33 months	 	0.205	 	0.232	 	0.257	 	0.280	 	0.301	 	0.320	 	0.337	 	0.352	 	0.361
	30 months	 	0.196	 	0.224	 	0.250	 	0.274	 	0.297	 	0.316	 	0.335	 	0.351	 	0.361
	27 months	 	0.185	 	0.214	 	0.242	 	0.268	 	0.291	 	0.313	 	0.332	 	0.350	 	0.361
	24 months	 	0.173	 	0.204	 	0.233	 	0.260	 	0.285	 	0.308	 	0.329	 	0.348	 	0.361
	21 months	 	0.161	 	0.193	 	0.223	 	0.252	 	0.279	 	0.304	 	0.326	 	0.347	 	0.361
	18 months	 	0.146	 	0.179	 	0.211	 	0.242	 	0.271	 	0.298	 	0.322	 	0.345	 	0.361
	15 months	 	0.130	 	0.164	 	0.197	 	0.230	 	0.262	 	0.291	 	0.317	 	0.342	 	0.361
	12 months	 	0.111	 	0.146	 	0.181	 	0.216	 	0.250	 	0.282	 	0.312	 	0.339	 	0.361
	9 months	 	0.090	 	0.125	 	0.162	 	0.199	 	0.237	 	0.272	 	0.305	 	0.336	 	0.361
	6 months	 	0.065	 	0.099	 	0.137	 	0.178	 	0.219	 	0.259	 	0.296	 	0.331	 	0.361
	3 months	 	0.034	 	0.065	 	0.104	 	0.150	 	0.197	 	0.243	 	0.286	 	0.326	 	0.361
	0 months	 	—	 	—	 	0.042	 	0.115	 	0.179	 	0.233	 	0.281	 	0.323	 	0.361

     

     

    

The
exact fair market value and redemption date may not be set forth in the table above, in which case, if the fair market value is
between two values in the table or the redemption date is between two redemption dates in the table, the number of Class A ordinary
shares to be issued for each warrant exercised will be determined by a straight-line interpolation between the number of shares
set forth for the higher and lower fair market values and the earlier and later redemption dates, as applicable, based on a 365
or 366-day year, as applicable. For example, if the volume-weighted average price of our Class A ordinary shares as reported during
the 10 trading days immediately following the date on which the notice of redemption is sent to the holders of the warrants is
$11.00 per share, and at such time there are 57 months until the expiration of the warrants, holders may choose to, in connection
with this redemption feature, exercise their warrants for 0.277 Class A ordinary shares for each whole warrant. For an example
where the exact fair market value and redemption date are not as set forth in the table above, if the volume-weighted average
price of our Class A ordinary shares as reported during the 10 trading days immediately following the date on which the notice
of redemption is sent to the holders of the warrants is $13.50 per share, and at such time there are 38 months until the expiration
of the warrants, holders may choose to, in connection with this redemption feature, exercise their warrants for 0.298 Class A
ordinary shares for each whole warrant. In no event will the warrants be exercisable in connection with this redemption feature
for more than 0.361 Class A ordinary shares per warrant (subject to adjustment).

 

This
redemption feature is structured to allow for all of the outstanding warrants to be redeemed when the Class A ordinary shares
are trading at or above $10.00 per share, which may be at a time when the trading price of our Class A ordinary shares is below
the exercise price of the warrants. We have established this redemption feature to provide us with the flexibility to redeem the
warrants without the warrants having to reach the $18.00 per share threshold set forth above under “Redemptions of warrants
for cash when the price per Class A ordinary share equals or exceeds $18.00” Holders choosing to exercise their warrants
in connection with a redemption pursuant to this feature will, in effect, receive a number of shares for their warrants based
on an option pricing model with a fixed volatility input as of the date of the prospectus relating to our Initial Public Offering.
This redemption right provides us with an additional mechanism by which to redeem all of the outstanding warrants, and therefore
have certainty as to our capital structure as the warrants would no longer be outstanding and would have been exercised or redeemed.
We will be required to pay the applicable redemption price to warrant holders if we choose to exercise this redemption right and
it will allow us to quickly proceed with a redemption of the warrants if we determine it is in our best interest to do so. As
such, we would redeem the warrants in this manner when we believe it is in our best interest to update our capital structure to
remove the warrants and pay the redemption price to the warrant holders.

 

As
stated above, we can redeem the warrants when the Class A ordinary shares are trading at a price starting at $10.00, which is
below the exercise price of $11.50, because it will provide certainty with respect to our capital structure and cash position
while providing warrant holders with the opportunity to exercise their warrants on a cashless basis for the applicable number
of shares. If we choose to redeem the warrants when the Class A ordinary shares are trading at a price below the exercise price
of the warrants, this could result in the warrant holders receiving fewer Class A ordinary shares than they would have received
if they had chosen to wait to exercise their warrants for Class A ordinary shares if and when such Class A ordinary shares were
trading at a price higher than the exercise price of $11.50.

 

No
fractional Class A ordinary shares will be issued upon exercise. If, upon exercise, a holder would be entitled to receive a fractional
interest in a share, we will round down to the nearest whole number of the number of Class A ordinary shares to be issued to the
holder. If, at the time of redemption, the warrants are exercisable for a security other than the Class A ordinary shares pursuant
to the warrant agreement (for instance, if we are not the surviving company in our initial business combination), the warrants
may be exercised for such security. At such time as the warrants become exercisable for a security other than the Class A ordinary
shares, the Company (or surviving company) will use its commercially reasonable efforts to register under the Securities Act the
security issuable upon the exercise of the warrants.

 

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 issued and outstanding immediately after giving effect to such exercise.

 

Anti-dilution
Adjustments. If the number of outstanding Class A ordinary shares is increased by a capitalization or share dividend payable
in Class A ordinary shares, or by a sub-divisions of ordinary shares or other similar event, then, on the effective date of such
capitalization or share dividend, sub- divisions 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 made to
all or substantially all holders of ordinary shares entitling holders to purchase Class A ordinary shares at a price less than
the “historical fair market value” (as defined below) will be deemed a share dividend 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) one minus the quotient of (x) the price per Class A ordinary share paid in such rights offering and (y) the historical
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) “historical fair
market value” means the volume-weighted average price of Class A ordinary shares as reported during the 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 all or substantially all 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) any cash dividends
or cash distributions which, when combined on a per share basis with all other cash dividends and cash distributions paid on the
Class A ordinary shares during the 365-day period ending on the date of declaration of such dividend or distribution does not
exceed $0.50 (as adjusted to appropriately reflect any other adjustments and excluding cash dividends or cash distributions that
resulted in an adjustment to the exercise price or to the number of Class A ordinary shares issuable on exercise of each warrant)
but only with respect to the amount of the aggregate cash dividends or cash distributions equal to or less than $0.50 per share,
(b) to satisfy the redemption rights of the holders of Class A ordinary shares in connection with a proposed initial business
combination, (d) to satisfy the redemption rights of the holders of Class A ordinary shares in connection with a shareholder vote
to amend our amended and restated memorandum and articles of association (A) to modify the substance or timing of our obligation
to provide holders of our Class A ordinary shares the right to have their shares redeemed in connection with our initial business
combination or to redeem 100% of our public shares if we do not complete our initial business combination within 24 months from
the closing of the Initial Public Offering or (B) with respect to any other provision relating to the rights of holders of our
Class A ordinary shares or pre-initial business combination activity, or (e) 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 sub-division or
reclassification of Class A ordinary shares or other similar event, then, on the effective date of such consolidation, combination,
reverse share sub-division, 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
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 issued and 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 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 have been 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 or correct any mistake, including to conform the provisions
of the warrant agreement to the description of the terms of the warrants and the warrant agreement set forth in the prospectus
relating to the Initial Public Offering, 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
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.

     

     

    

No
fractional shares will be issued upon exercise of the warrants. If, upon exercise of the warrants, a holder would be entitled
to receive a fractional interest in a share, we will, upon exercise, round down to the nearest whole number the number of Class
A ordinary shares to be issued to the warrant holder.

 

We
have agreed that, subject to applicable law, any action, proceeding or claim against us arising out of or relating in any way
to the warrant agreement will be brought and enforced in the courts of the State of New York or the United States District Court
for the Southern District of New York, and we irrevocably submit to such jurisdiction, which jurisdiction will be the exclusive
forum for any such action, proceeding or claim. This provision applies to claims under the Securities Act but does not apply to
claims under the Exchange Act or any claim for which the federal district courts of the United States of America are the sole
and exclusive forum.

     

     

    

Private
placement warrants

 

Except
as described below, the private placement warrants have terms and provisions that are identical to those of the warrants sold
as part of the units in the Initial Public Offering. The private placement warrants (including the Class A ordinary shares issuable
upon exercise of the private placement warrants) will not be transferable, assignable or salable until 30 days after the completion
of our initial business combination (except pursuant to limited exceptions as described in the prospectus related to the Initial
Public Offering under “Transfers of Founder Shares and private placement warrants,” to our officers and directors
and other persons or entities affiliated with the initial purchasers of the private placement warrants) and they will not be redeemable
by us (except as described above under “Redemption of warrants for cash when the price per Class A ordinary share equals
or exceeds $10.00”) so long as they are held by our sponsor or its permitted transferees. Our sponsor, or its permitted
transferees, has the option to exercise the private placement warrants on a cashless basis. If the private placement warrants
are held by holders other than our sponsor or its permitted transferees, the private placement warrants will be redeemable by
us in all redemption scenarios and exercisable by the holders on the same basis as the warrants included in the units sold in
the Initial Public Offering. Any amendment to the terms of the private placement warrants or any provision of the warrant agreement
with respect to the private placement warrants will require a vote of holders of at least 50% of the number of the then outstanding
private placement warrants.

 

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 “historical fair market
value” (defined below) over the exercise price of the warrants by (y) the historical fair market value. The “historical
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 holders of warrants. The reason
that we have agreed that these warrants will be exercisable on a cashless basis so long as they are held by our sponsor and 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 expect
to have policies in place that restrict 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.

 

In
order to fund working capital deficiencies or 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 loans may be convertible into warrants of the post-business combination company at
a price of $1.50 per warrant at the option of the lender. Such warrants would be identical to the private placement warrants.

 

Dividends

 

We
have not paid any cash dividends on our ordinary shares to date and do not intend to pay cash dividends prior to the completion
of a business combination. The payment of cash dividends in the future will be dependent upon our revenues and earnings, if any,
capital requirements and general financial condition subsequent to completion of a business combination. The payment of any cash
dividends subsequent to a business combination will be within the discretion of our board of directors at such time, and we will
only pay such dividend out of our profits or share premium (subject to solvency requirements) as permitted under Cayman Islands
law. Further, if we incur any indebtedness in connection with a business combination, our ability to declare dividends may be
limited by restrictive covenants we may agree to in connection therewith.

 

Our
Transfer Agent and Warrant Agent

 

The
transfer agent for our ordinary shares and warrant agent for our warrants is Continental Stock Transfer & Trust Company. We
have agreed to indemnify Continental Stock Transfer & Trust Company in its roles as transfer agent and warrant agent, its
agents and each of its shareholders, directors, officers and employees against all claims and losses that may arise out of acts
performed or omitted for its activities in that capacity, except for any claims and losses due to any gross negligence or intentional
misconduct of the indemnified person or entity.

     

     

    

Certain
Differences in Corporate Law

 

Cayman
Islands companies are governed by the Companies Act. The Companies Act is modeled on English Law but does not follow recent English
Law statutory enactments, and differs from laws applicable to United States corporations and their shareholders. Set forth below
is a summary of the material differences between the provisions of the Companies Act applicable to us and the laws applicable
to companies incorporated in the United States and their shareholders.

 

Mergers
and Similar Arrangements. In certain circumstances, the Companies Act allows for mergers or consolidations between two Cayman
Islands companies, or between a Cayman Islands exempted company and a company incorporated in another jurisdiction (provided that
is facilitated by the laws of that other jurisdiction) so as to form a single surviving company.

 

Where
the merger or consolidation is between two Cayman Islands companies, the directors of each company must approve and enter into
a written plan of merger or consolidation containing certain prescribed information. That plan or merger or consolidation must
then be authorized by either (a) a special resolution (usually a majority of two-thirds in value of the voting shares voted at
a general meeting) of the shareholders of each company; or (b) such other authorization, if any, as may be specified in such constituent
company’s articles of association. No shareholder resolution is required for a merger between a parent company (i.e., a
company that owns at least 90% of the issued shares of each class in a subsidiary company) and its subsidiary company. The consent
of each holder of a fixed or floating security interest of a constituent company must be obtained, unless the court waives such
requirement. If the Cayman Islands Registrar of Companies is satisfied that the requirements of the Companies Act (which includes
certain other formalities) have been complied with, the Registrar of Companies will register the plan of merger or consolidation.

 

Where
the merger or consolidation involves a foreign company, the procedure is similar, save that with respect to the foreign
company, the directors of the Cayman Islands exempted company are required to make a declaration to the effect that, having
made due enquiry, they are of the opinion that the requirements set out below have been met: (i) that the merger or
consolidation is permitted or not prohibited by the constitutional documents of the foreign company and by the laws of the
jurisdiction in which the foreign company is incorporated, and that those laws and any requirements of those constitutional
documents have been or will be complied with; (ii) that no petition or other similar proceeding has been filed and remains
outstanding or order made or resolution adopted to wind up or liquidate the foreign company in any jurisdictions; (iii) that
no receiver, trustee, administrator or other similar person has been appointed in any jurisdiction and is acting in respect
of the foreign company, its affairs or its property or any part thereof; and
(iv) that no scheme, order, compromise or other similar arrangement has been entered
into or made in any jurisdiction whereby the rights of creditors of the foreign company are and continue to be suspended or
restricted.

 

Where
the surviving company is the Cayman Islands exempted company, the directors of the Cayman Islands exempted company are further
required to make a declaration to the effect that, having made due enquiry, they are of the opinion that the requirements set
out below have been met: (i) that the foreign company is able to pay its debts as they fall due and that the merger or consolidated
is bona fide and not intended to defraud unsecured creditors of the foreign company; (ii) that in respect of the transfer of any
security interest granted by the foreign company to the surviving or consolidated company (a) consent or approval to the transfer
has been obtained, released or waived; (b) the transfer is permitted by and has been approved in accordance with the constitutional
documents of the foreign company; and (c) the laws of the jurisdiction of the foreign company with respect to the transfer have
been or will be complied with; (iii) that the foreign company will, upon the merger or consolidation becoming effective, cease
to be incorporated, registered or exist under the laws of the relevant foreign jurisdiction; and (iv) that there is no other reason
why it would be against the public interest to permit the merger or consolidation.

     

     

    

Where
the above procedures are adopted, the Companies Act provides certain limited appraisal rights for dissenting shareholders to be
paid a payment of the fair value of his shares upon their dissenting to the merger or consolidation if they follow a prescribed
procedure. In essence, that procedure is as follows: (a) the shareholder must give his written objection to the merger or consolidation
to the constituent company before the vote on the merger or consolidation, including a statement that the shareholder proposes
to demand payment for his shares if the merger or consolidation is authorized by the vote; (b) within 20 days following the date
on which the merger or consolidation is approved by the shareholders, the constituent company must give written notice to each
shareholder who made a written objection; (c) a shareholder must within 20 days following receipt of such notice from the constituent
company, give the constituent company a written notice of his intention to dissent including, among other details, a demand for
payment of the fair value of his shares; (d) within seven days following the date of the expiration of the period set out in paragraph
(b) above or seven days following the date on which the plan of merger or consolidation is filed, whichever is later, the constituent
company, the surviving company or the consolidated company must make a written offer to each dissenting shareholder to purchase
his shares at a price that the company determines is the fair value and if the company and the shareholder agree the price within
30 days following the date on which the offer was made, the company must pay the shareholder such amount; and (e) if the company
and the shareholder fail to agree a price within such 30 day period, within 20 days following the date on which such 30 day period
expires, the company (and any dissenting shareholder) must file a petition with the Cayman Islands Grand Court to determine the
fair value and such petition must be accompanied by a list of the names and addresses of the dissenting shareholders with whom
agreements as to the fair value of their shares have not been reached by the company. At the hearing of that petition, the court
has the power to determine the fair value of the shares together with a fair rate of interest, if any, to be paid by the company
upon the amount determined to be the fair value. Any dissenting shareholder whose name appears on the list filed by the company
may participate fully in all proceedings until the determination of fair value is reached. These rights of a dissenting shareholder
are not available in certain circumstances, for example, to dissenters holding shares of any class in respect of which an open
market exists on a recognized stock exchange or recognized interdealer quotation system at the relevant date or where the consideration
for such shares to be contributed are shares of any company listed on a national securities exchange or shares of the surviving
or consolidated company.

 

Moreover,
Cayman Islands law has separate statutory provisions that facilitate the reconstruction or amalgamation of companies in certain
circumstances, schemes of arrangement will generally be more suited for complex mergers or other transactions involving widely
held companies, commonly referred to in the Cayman Islands as a “scheme of arrangement” which may be tantamount to
a merger.

 

In
the event that a merger was sought pursuant to a scheme of arrangement (the procedures for which are more rigorous and take longer
to complete than the procedures typically required to consummate a merger in the United States), the arrangement in question must
be approved by a majority in number of each class of shareholders and creditors with whom the arrangement is to be made and who
must in addition represent three-fourth in value of each such class of shareholders or creditors, as the case may be, that are
present and voting either in person or by proxy at a meeting, or meeting summoned for that purpose. The convening of the meetings
and subsequently the terms of the arrangement must be sanctioned by the Grand Court of the Cayman Islands. While a dissenting
shareholder would have the right to express to the court the view that the transaction should not be approved, the court can be
expected to approve the arrangement if it satisfies itself that:

 

		•	we
                                         are not proposing to act illegally or beyond the scope of our corporate authority and
                                         the statutory provisions as to majority vote have been complied with;

 

		•	the
                                         shareholders have been fairly represented at the meeting in question; the arrangement
                                         is such as a businessman would reasonably approve; and

 

		•	the
                                         arrangement is not one that would more properly be sanctioned under some other provision
                                         of the Companies Act or that would amount to a “fraud on the minority.”

 

If
a scheme of arrangement or takeover offer (as described below) is approved, any dissenting shareholder would have no rights comparable
to appraisal rights (providing rights to receive payment in cash for the judicially determined value of the shares), which would
otherwise ordinarily be available to dissenting shareholders of United States corporations.

     

     

    

Squeeze-out
Provisions. When a tender offer is made and accepted by holders of 90% of the shares to whom the offer relates within four
months, the offeror may, within a two-month period, require the holders of the remaining shares to transfer such shares on the
terms of the offer. An objection can be made to the Grand Court of the Cayman Islands, but this is unlikely to succeed unless
there is evidence of fraud, bad faith, collusion or inequitable treatment of the shareholders.

 

Further,
transactions similar to a merger, reconstruction and/or an amalgamation may in some circumstances be achieved through means other
than these statutory provisions, such as a share capital exchange, asset acquisition or control, or through contractual arrangements
of an operating business.

 

Shareholders’
Suits. Campbells, our Cayman Islands legal counsel, is not aware of any reported class action having been brought in a Cayman
Islands court. Derivative actions have been brought in the Cayman Islands courts, and the Cayman Islands courts have confirmed
the availability for such actions. In most cases, we will be the proper plaintiff in any claim based on a breach of duty owed
to us, and a claim against (for example) our officers or directors usually may not be brought by a shareholder. However, based
both on Cayman Islands authorities and on English authorities, which would in all likelihood be of persuasive authority and be
applied by a court in the Cayman Islands, exceptions to the foregoing principle apply in circumstances in which:

 

		•	a
                                         company is acting, or proposing to act, illegally or ultra vires (beyond the scope of
                                         its authority);

 

		•	the
                                         act complained of, although not beyond the scope of the authority, could be effected
                                         if duly authorized by more than the number of votes which have actually been obtained;
                                         or

 

		•	those
                                         who control the company are perpetrating a “fraud on the minority.”

 

A
shareholder may have a direct right of action against us where the individual rights of that shareholder have been infringed or
are about to be infringed.

 

Enforcement
of Civil Liabilities. The Cayman Islands has a different body of securities laws as compared to the United States and provides
less protection to investors. Additionally, Cayman Islands companies may not have standing to sue before the Federal courts of
the United States.

 

We
have been advised by Campbells, our Cayman Islands legal counsel, that the courts of the Cayman Islands are unlikely (i) to recognize
or enforce against us judgments of courts of the United States predicated upon the civil liability provisions of the federal securities
laws of the United States or any state; and (ii) in original actions brought in the Cayman Islands, to impose liabilities against
us predicated upon the civil liability provisions of the federal securities laws of the United States or any state, so far as
the liabilities imposed by those provisions are penal in nature. In those circumstances, although there is no statutory enforcement
in the Cayman Islands of judgments obtained in the United States, the courts of the Cayman Islands will recognize and enforce
a foreign money judgment of a foreign court of competent jurisdiction without retrial on the merits based on the principle that
a judgment of a competent foreign court imposes upon the judgment debtor an obligation to pay the sum for which judgment has been
given provided certain conditions are met. For a foreign judgment to be enforced in the Cayman Islands, such judgment must be
final and conclusive and for a liquidated sum, and must not be in respect of taxes or a fine or penalty, inconsistent with a Cayman
Islands judgment in respect of the same matter, impeachable on the grounds of fraud or obtained in a manner, and or be of a kind
the enforcement of which is, contrary to natural justice or the public policy of the Cayman Islands (awards of punitive or multiple
damages may well be held to be contrary to public policy). A Cayman Islands Court may stay enforcement proceedings if concurrent
proceedings are being brought elsewhere.

 

Special
Considerations for Exempted Companies. We are an exempted company with limited liability (meaning our public shareholders
have no liability, as members of the company, for liabilities of the company over and above the amount paid for their shares)
under the Companies Act. The Companies Act distinguishes between ordinary resident companies and exempted companies. Any company
that is registered in the Cayman Islands but conducts business mainly outside of the Cayman Islands may apply to be registered
as an exempted company. The requirements for an exempted company are essentially the same as for an ordinary company except for
the exemptions and privileges listed below:

 

		•	annual
                                         reporting requirements are minimal and consist mainly of a statement that the company
                                         has conducted its operations mainly outside of the Cayman Islands and has complied with
                                         the provisions of the Companies Act;

 

		•	an
                                         exempted company’s register of members is not open to inspection;

 

		•	an
                                         exempted company does not have to hold an annual general meeting;

     

     

    

		•	an
                                         exempted company may obtain an undertaking against the imposition of any future taxation
                                         (such undertakings are usually given for 20 years in the first instance);

 

		•	an
                                         exempted company may register by way of continuation in another jurisdiction and be deregistered
                                         in the Cayman Islands;

 

		•	an
                                         exempted company may register as a limited duration company; and an exempted company
                                         may register as a segregated portfolio company.

 

Amended
and Restated Memorandum and Articles of Association

 

Our
amended and restated memorandum and articles of association contains provisions designed to provide certain rights and protections
relating to the Initial Public Offering that will apply to us until the completion of our initial business combination. These
provisions cannot be amended without a special resolution. As a matter of Cayman Islands law, a resolution is deemed to be a special
resolution where it has been approved by either (i) the affirmative vote of at least two-thirds (or any higher threshold specified
in a company’s articles of association) of a company’s shareholders entitled to vote and so voting at a general meeting
for which notice specifying the intention to propose the resolution as a special resolution has been given; or (ii) if so authorized
by a company’s articles of association, by a unanimous written resolution of all of the company’s shareholders. Our
amended and restated memorandum and articles of association provides that special resolutions must be approved either by at least
two-thirds of our shareholders who attend and vote at a general meeting of the company (i.e., the lowest threshold permissible
under Cayman Islands law), or by a unanimous written resolution of all of our shareholders.

 

Further,
our amended and restated memorandum and articles of association provides that a quorum at our general meetings will consist of
one-third of the ordinary shares entitled to vote at such meeting and present in person or by proxy; provided that a quorum in
connection with any meeting that is convened to vote on a business combination or any amendment to our amended and restated memorandum
and articles of association (A) that would modify the substance or timing of our obligation to provide holders of our Class A
ordinary shares the right to have their shares redeemed in connection with our initial business combination or to redeem 100%
of our public shares if we do not complete our initial business combination within 24 months from the closing of the Initial Public
Offering or (B) with respect to any other provision relating to the rights of holders of our Class A ordinary shares or pre-initial
business combination activity shall be a majority of the ordinary shares entitled to vote at such meeting being individuals present
in person or by proxy or if a corporation or other non-natural person by its duly authorized representative or proxy.

 

Our
initial shareholders and their permitted transferees, if any, who collectively beneficially own approximately 20% of our ordinary
shares upon the closing of the Initial Public Offering, will participate in any vote to amend our amended and restated memorandum
and articles of association and will have the discretion to vote in any manner they choose. Specifically, our amended and restated
memorandum and articles of association provides, among other things, that:

 

		•	if
                                         we do not consummate an initial business combination within 24 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 no 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 to pay our income
                                         taxes, if any (less up to $100,000 of interest to pay dissolution expenses), divided
                                         by the number of the 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 the requirements of other applicable law;

     

     

    

		•	prior
                                         to the completion of our initial business combination, we may not issue additional securities
                                         that would entitle the holders thereof to (i) receive funds from the trust account or
                                         (ii) vote as a class with our public shares (a) on our initial business combination or
                                         on any other proposal presented to shareholders prior to or in connection with the completion
                                         of an initial business combination or (b) to approve an amendment to our amended and
                                         restated memorandum and articles of association to (x) extend the time we have to consummate
                                         a business combination beyond 24 months from the closing of the Initial Public Offering
                                         or (y) amend the foregoing provisions;

  

		•	although
                                         we do not intend to enter into a business combination with a partner business that is
                                         affiliated with our sponsor, our directors or our executive officers, we are not prohibited
                                         from doing so. In the event we enter into such a transaction, we, or a committee of independent
                                         directors, will obtain an opinion from an independent investment banking firm which is
                                         a member of FINRA or an independent valuation or accounting firm that such a business
                                         combination or transaction is fair to our company from a financial point of view;

 

		•	if
                                         a shareholder vote on our initial business combination is not required by applicable
                                         law or stock exchange rule and we do not decide to hold a shareholder vote for business
                                         or other reasons, we will offer to redeem our public shares pursuant to Rule 13e-4 and
                                         Regulation 14E of the Exchange Act, and will file tender offer documents with the SEC
                                         prior to completing our initial business combination which contain substantially the
                                         same financial and other information about our initial business combination and the redemption
                                         rights as is required under Regulation 14A of the Exchange Act;

 

		•	our
                                         initial business combination must occur with one or more partner businesses that together
                                         have an aggregate fair market value of at least 80% of the net assets held in the trust
                                         account (excluding the amount of deferred underwriting discounts held in trust and taxes
                                         payable on the interest earned on the trust account) at the time of signing the agreement
                                         to enter into the initial business combination;

 

		•	if
                                         our shareholders approve an amendment to our amended and restated memorandum and articles
                                         of association (A) that would modify the substance or timing of our obligation to provide
                                         holders of our Class A ordinary shares the right to have their shares redeemed in connection
                                         with our initial business combination or to redeem 100% of our public shares if we do
                                         not complete our initial business combination within 24 months from the closing of the
                                         Initial Public Offering or (B) with respect to any other provision relating to the rights
                                         of holders of our Class A ordinary shares or pre- initial business combination activity,
                                         we will provide our public shareholders with the opportunity to redeem all or a portion
                                         of their ordinary shares upon such approval 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 to pay our income
                                         taxes, if any, divided by the number of the then-outstanding public shares, subject to
                                         the limitations described herein; and

 

		•	we
                                         will not effectuate our initial business combination solely with another blank check
                                         company or a similar company with nominal operations.

 

In
addition, our amended and restated memorandum and articles of association provides that under no circumstances will we redeem
our public shares in an amount that would cause our net tangible assets to be less than $5,000,000.

 

The
Companies Act permits a company incorporated in the Cayman Islands to amend its memorandum and articles of association with the
approval of a special resolution. A company’s articles of association may specify that the approval of a higher majority
is required but, provided the approval of the required majority is obtained, any Cayman Islands exempted company may amend its
memorandum and articles of association regardless of whether its memorandum and articles of association provides otherwise. Accordingly,
although we could amend any of the provisions relating to our proposed offering, structure and business plan which are contained
in our amended and restated memorandum and articles of association, we view all of these provisions as binding obligations to
our shareholders and neither we, nor our officers or directors, will take any action to amend or waive any of these provisions
unless we provide dissenting public shareholders with the opportunity to redeem their public shares.

     

     

    

Anti-Money
Laundering  —  Cayman Islands

 

In
order to comply with legislation or regulations aimed at the prevention of money laundering, we are required to adopt and maintain
anti-money laundering procedures, and may require subscribers to provide evidence to verify their identity and source of funds.
Where permitted, and subject to certain conditions, we may also delegate the maintenance of our anti-money laundering procedures
(including the acquisition of due diligence information) to a suitable person.

 

We
reserve the right to request such information as is necessary to verify the identity of a subscriber. In some cases the directors
may be satisfied that no further information is required since an exemption applies under the Anti- Money Laundering Regulations
(2020 Revision) of the Cayman Islands, as amended and revised from time to time (the “Regulations”). Depending on
the circumstances of each application, a detailed verification of identity might not be required where:

 

		(a)	the
                                         subscriber makes the payment for their investment from an account held in the subscriber’s
                                         name at a recognized financial institution;

 

		(b)	the
                                         subscriber is regulated by a recognized regulatory authority and is based or incorporated
                                         in, or formed under the law of, a recognized jurisdiction; or

 

		(c)	the
                                         application is made through an intermediary which is regulated by a recognized regulatory
                                         authority and is based in or incorporated in, or formed under the law of a recognized
                                         jurisdiction and an assurance is provided in relation to the procedures undertaken on
                                         the underlying investors.

 

For
the purposes of these exceptions, recognition of a financial institution, regulatory authority or jurisdiction will be determined
in accordance with the Regulations by reference to those jurisdictions recognized by the Cayman Islands Monetary Authority as
having equivalent anti-money laundering regulations.

 

In
the event of delay or failure on the part of the subscriber in producing any information required for verification purposes, we
may refuse to accept the application, in which case any funds received will be returned without interest to the account from which
they were originally debited.

 

We
also reserve the right to refuse to make any distribution payment to a shareholder if our directors or officers suspect or are
advised that the payment of such distribution to such shareholder might result in a breach of applicable anti-money laundering
or other laws or regulations by any person in any relevant jurisdiction, or if such refusal is considered necessary or appropriate
to ensure our compliance with any such laws or regulations in any applicable jurisdiction.

 

If
any person resident in the Cayman Islands knows or suspects, or has reasonable grounds for knowing or suspecting, that another
person is engaged in criminal conduct or is involved with terrorism or terrorist property and the information for that knowledge
or suspicion came to their attention in the course of business in the regulated sector or other trade, profession, business or
employment, the person will be required to report such knowledge or suspicion to (i) the Financial Reporting Authority of the
Cayman Islands, pursuant to the Proceeds of Crime Law (2020 Revision) of the Cayman Islands if the disclosure relates to criminal
conduct or money laundering or (ii) a police officer of the rank of constable or higher, or the Financial Reporting Authority,
pursuant to the Terrorism Law (2018 Revision) of the Cayman Islands, if the disclosure relates to involvement with terrorism or
terrorist financing and property. Such a report will not be treated as a breach of confidence or of any restriction upon the disclosure
of information imposed by any enactment or otherwise.

 

Data
Protection in the Cayman Islands  —  Privacy Notice

 

We
have certain duties under the Data Protection Act, 2017 of the Cayman Islands (the “DPA”) based on internationally
accepted principles of data privacy.

 

Introduction

 

This
privacy notice puts our shareholders on notice that through your investment in the company you will provide us with certain personal
information which constitutes personal data within the meaning of the DPA (“personal data”).

     

     

    

In
the following discussion, the “company” refers to us and our affiliates and/or delegates, except where the context
requires otherwise.

 

Investor
Data

 

We
will collect, use, disclose, retain and secure personal data to the extent reasonably required only and within the parameters
that could be reasonably expected during the normal course of business. We will only process, disclose, transfer or retain personal
data to the extent legitimately required to conduct our activities of on an ongoing basis or to comply with legal and regulatory
obligations to which we are subject. We will only transfer personal data in accordance with the requirements of the DPA, and will
apply appropriate technical and organizational information security measures designed to protect against unauthorized or unlawful
processing of the personal data and against the accidental loss, destruction or damage to the personal data.

 

In
our use of this personal data, we will be characterized as a “data controller” for the purposes of the DPA, while
our affiliates and service providers who may receive this personal data from us in the conduct of our activities may either act
as our “data processors” for the purposes of the DPA or may process personal information for their own lawful purposes
in connection with services provided to us.

 

We
may also obtain personal data from other public sources. Personal data includes, without limitation, the following information
relating to a shareholder and/or any individuals connected with a shareholder as an investor: name, residential address, email
address, contact details, corporate contact information, signature, nationality, place of birth, date of birth, tax identification,
credit history, correspondence records, passport number, bank account details, source of funds details and details relating to
the shareholder’s investment activity.

 

Who
this Affects

 

If
you are a natural person, this will affect you directly. If you are a corporate investor (including, for these purposes, legal
arrangements such as trusts or exempted limited partnerships) that provides us with personal data on individuals connected to
you for any reason in relation your investment in the Company, this will be relevant for those individuals and you should transmit
the content of this Privacy Notice to such individuals or otherwise advise them of its content.

 

How
the Company May Use Your Personal Data

 

The
company, as the data controller, may collect, store and use personal data for lawful purposes, including, in particular:

 

		(i)	where
                                         this is necessary for the performance of our rights and obligations under any purchase
                                         agreements;

 

		(ii)	where
                                         this is necessary for compliance with a legal and regulatory obligation to which we are
                                         subject (such as compliance with anti-money laundering and FATCA/CRS requirements); and/or

 

		(iii)	where
                                         this is necessary for the purposes of our legitimate interests and such interests are
                                         not overridden by your interests, fundamental rights or freedoms.

 

Should
we wish to use personal data for other specific purposes (including, if applicable, any purpose that requires your consent), we
will contact you.

 

Why
We May Transfer Your Personal Data

 

In
certain circumstances, we may be legally obliged to share personal data and other information with respect to your shareholding
with the relevant regulatory authorities such as the Cayman Islands Monetary Authority or the Tax Information Authority. They,
in turn, may exchange this information with foreign authorities, including tax authorities.

 

We
anticipate disclosing personal data to persons who provide services to us and their respective affiliates (which may include certain
entities located outside the US, the Cayman Islands or the European Economic Area), who will process your personal data on our
behalf.

     

     

    

The
Data Protection Measures We Take

 

Any
transfer of personal data by us or our duly authorized affiliates and/or delegates outside of the Cayman Islands shall be in accordance
with the requirements of the DPA.

 

We
and our duly authorized affiliates and/or delegates shall apply appropriate technical and organizational information security
measures designed to protect against unauthorized or unlawful processing of personal data, and against accidental loss or destruction
of, or damage to, personal data.

 

We
shall notify you of any personal data breach that is reasonably likely to result in a risk to your interests, fundamental rights
or freedoms or those data subjects to whom the relevant personal data relates.

 

If
you consider that your personal data has not been handled correctly, or you are not satisfied with the company’s responses
to any requests you have made regarding the use of your personal data, you have the right to complain to the Cayman Islands’
Ombudsman. The Ombudsman can be contacted by calling +1 (345) 946-6283 or by email at info@ombudsman.ky.

 

Certain
Anti-Takeover Provisions of our Amended and Restated Memorandum and Articles of Association

 

Our
amended and restated memorandum and articles of association provides that our board of directors is classified into three classes
of directors. As a result, in most circumstances, a person can gain control of our board only by successfully engaging in a proxy
contest at two or more annual general stock meetings.

 

Our
authorized but unissued Class A ordinary shares and preference shares are available for future issuances without shareholder approval
and could be utilized for a variety of corporate purposes, including future offerings to raise additional capital, acquisitions
and employee benefit plans. The existence of authorized but unissued and unreserved Class A ordinary shares and preference shares
could render more difficult or discourage an attempt to obtain control of us by means of a proxy contest, tender offer, merger
or otherwise.

 

Securities
Eligible for Future Sale

 

We
have 47,437,500 Class A ordinary shares issued and outstanding on an as-converted basis. These shares are freely tradable without
restriction or further registration under the Securities Act, except for any Class A ordinary shares purchased by one of our affiliates
within the meaning of Rule 144 under the Securities Act. All of the outstanding founder shares (9,487,500 founder shares) and
all of the outstanding private placement warrants (7,060,000 private placement warrants) are restricted securities under Rule
144, in that they were issued in private transactions not involving a public offering.

 

Rule
144

 

Pursuant
to Rule 144, a person who has beneficially owned restricted shares or warrants for at least six months would be entitled to sell
their securities provided that (i) such person is not deemed to have been one of our affiliates at the time of, or at any time
during the three months preceding, a sale and (ii) we are subject to the Exchange Act periodic reporting requirements for at least
three months before the sale and have filed all required reports under Section 13 or 15(d) of the Exchange Act during the 12 months
(or such shorter period as we were required to file reports) preceding the sale.

 

Persons
who have beneficially owned restricted shares or warrants for at least six months but who are our affiliates at the time of, or
at any time during the three months preceding, a sale, would be subject to additional restrictions, by which such person would
be entitled to sell within any three-month period only a number of securities that does not exceed the greater of:

 

		•	1%
                                         of the total number of ordinary shares then outstanding, which equals 345,000 shares
                                         immediately after the Initial Public Offering; and

 

		•	the
                                         average weekly reported trading volume of the Class A ordinary shares during the four
                                         calendar weeks preceding the filing of a notice on Form 144 with respect to the sale.

     

     

    

Sales
by our affiliates under Rule 144 are also limited by manner of sale provisions and notice requirements and to the availability
of current public information about us.

 

Restrictions
on the Use of Rule 144 by Shell Companies or Former Shell Companies

 

Rule
144 is not available for the resale of securities initially issued by shell companies (other than business combination related
shell companies) or issuers that have been at any time previously a shell company. However, Rule 144 also includes an important
exception to this prohibition if the following conditions are met:

 

		•	the
                                         issuer of the securities that was formerly a shell company has ceased to be a shell company;

 

		•	the
                                         issuer of the securities is subject to the reporting requirements of Section 13 or 15(d)
                                         of the Exchange Act;

 

		•	the
                                         issuer of the securities has filed all Exchange Act reports and material required to
                                         be filed, as applicable, during the preceding 12 months (or such shorter period that
                                         the issuer was required to file such reports and materials), other than Form 8-K reports;
                                         and

 

		•	at
                                         least one year has elapsed from the time that the issuer filed current Form 10 type information
                                         with the SEC reflecting its status as an entity that is not a shell company.

 

As
a result, our initial shareholders will be able to sell their founder shares and our sponsor will be able to sell its private
placement warrants, and the securities underlying the foregoing, pursuant to Rule 144 without registration one year after we have
completed our initial business combination.

 

Registration
and Shareholder Rights

 

The
holders of the founder shares, private placement warrants, Class A ordinary shares underlying the private placement warrants and
warrants that may be issued upon conversion of working capital loans (and any Class A ordinary shares issuable upon the exercise
of the private placement warrants and warrants that may be issued upon conversion of working capital loans) will be entitled to
registration rights pursuant to a registration and shareholder rights agreement that the holders signed at the closing of our
Initial Public Offering. The holders of these securities are entitled to make up to three demands, excluding short form demands,
that we register such securities. In addition, the holders have certain “piggy- back” registration rights with respect
to registration statements filed subsequent to our completion of our initial business combination. However, the registration and
shareholder rights agreement provides that we will not permit any registration statement filed under the Securities Act to become
effective until termination of the applicable lock-up period, which occurs (i) in the case of the founder shares, as described
in the following paragraph, and (ii) in the case of the private placement warrants and the respective Class A ordinary shares
underlying such warrants, 30 days after the completion of our initial business combination. We will bear the expenses incurred
in connection with the filing of any such registration statements.

 

Except
as described herein, our sponsor and our directors and executive officers have agreed not to transfer, assign or sell (i) any
of their founder shares until the earliest of (A) one year after the completion of our initial business combination and (B) subsequent
to our initial business combination, (x) if the closing price of our Class A ordinary shares equals or exceeds $12.00 per share
(as adjusted for share divisions, share capitalizations, reorganizations, recapitalizations and the like) for any 20 trading days
within any 30- trading day period commencing at least 150 days after our initial business combination, or (y) the date on which
we complete a liquidation, merger, share exchange, reorganization or other similar transaction that results in all of our public
shareholders having the right to exchange their ordinary shares for cash, securities or other property, and (ii) any of their
private placement warrants and Class A ordinary shares issued upon conversion or exercise thereof until 30 days after the completion
of our initial business combination. Any permitted transferees will be subject to the same restrictions and other agreements of
our sponsor and directors and executive officers with respect to any founder shares, private placement warrants and Class A ordinary
shares issued upon conversion or exercise thereof. We refer to such transfer restrictions throughout this Annual Report on Form
10-K as the lock-up.

 

In
addition, pursuant to the registration and shareholder rights agreement, our sponsor, upon and following consummation of an initial
business combination, will be entitled to nominate three individuals for appointment to our board of directors, as long as the
sponsor holds any securities covered by the registration and shareholder rights agreement.

 

Listing
of Securities

 

Our
units, Class A ordinary shares and warrants are listed on Nasdaq under the symbols “QELLU,” “QELL” and
 “QELLW,” respectively. The units will automatically separate into their component parts and will not be traded following
the completion of our initial business combination.Exhibit
10.1

 

EXECUTION
VERSION

 

	Deal
        CUSIP: 25400XAA8

        Facility
        CUSIP: 25400XAB6

         

        AMENDED
        AND RESTATED CREDIT AGREEMENT

         

        Dated
        as of April 29, 2021

         

        among

         

        DIGITAL
        TURBINE, INC.,

        DIGITAL
        TURBINE MEDIA, INC. and

        DIGITAL TURBINE USA, INC.

        as the Borrowers,

         

        CERTAIN
        SUBSIDIARIES OF THE BORROWERS PARTY HERETO,

        as the Guarantors,

         

        BANK
        OF AMERICA, N.A.,

        as Administrative Agent, Swingline Lender and

        L/C Issuer,

         

        and

         

        THE
        LENDERS PARTY HERETO

         

        BOFA
        SECURITIES, INC., WELLS FARGO SECURITIES, LLC

        and

        PNC
        CAPITAL MARKETS LLC

        as Lead Arrangers and Bookrunners

         

        BOFA
        SECURITIES, INC., WELLS FARGO SECURITIES, LLC

        and

        PNC
        BANK, NATIONAL ASSOCIATION

        as Syndication Agents

         

        CAPITAL
ONE, N.A. and JPMORGAN CHASE BANK, N.A.

as Co-Documentation Agents 

 

     

    

    

	TABLE
    OF CONTENTS
	 	 	 
	 	 	Page
	 	 
	ARTICLE
    I DEFINITIONS AND ACCOUNTING TERMS	1
	 	 	 
	1.01	Defined Terms	1
	1.02	Other Interpretive
    Provisions	42
	1.03	Accounting Terms	43
	1.04	Rounding	44
	1.05	Times of Day	44
	1.06	Letter of Credit
    Amounts	45
	1.07	UCC Terms	45
	1.08	Rates	45
	 	 	 
	ARTICLE
    II COMMITMENTS AND CREDIT EXTENSIONS	45
	 	 	 
	2.01	Loans	45
	2.02	Borrowings, Conversions
    and Continuations of Loans	46
	2.03	Letters of Credit	47
	2.04	Swingline Loans	58
	2.05	Prepayments	61
	2.06	Termination or Reduction
    of Commitments	63
	2.07	Repayment of Loans	64
	2.08	Interest and Default
    Rate	64
	2.09	Fees	65
	2.10	Computation of Interest
    and Fees; Retroactive Adjustments of Applicable Rate	66
	2.11	Evidence of Debt	66
	2.12	Payments Generally;
    Administrative Agent’s Clawback	67
	2.13	Sharing of Payments
    by Lenders	70
	2.14	Cash Collateral	70
	2.15	Defaulting Lenders	71
	2.16	Increase in Commitments	74
	2.17	Co-Borrower	77
	 	 	 
	ARTICLE
    III TAXES, YIELD PROTECTION AND ILLEGALITY	78
	 	 	 
	3.01	Taxes	78
	3.02	Illegality	83
	3.03	Inability to Determine
    Rates	84
	3.04	Increased Costs;
    Reserves on Eurodollar Rate Loans	88
	3.05	Compensation for
    Losses	89
	3.06	Mitigation Obligations;
    Replacement of Lenders	90
	3.07	Survival	90
	 	 	 
	ARTICLE
    IV CONDITIONS PRECEDENT TO CREDIT EXTENSIONS	91
	 	 	 
	4.01	Conditions of Initial
    Credit Extension	91

     i

    

    

	4.02	Conditions
    to all Credit Extensions	94
	 	 	 
	ARTICLE
    V REPRESENTATIONS AND WARRANTIES	94
	 	 	 
	5.01	Existence, Qualification
    and Power	94
	5.02	Authorization; No
    Contravention	94
	5.03	Governmental Authorization;
    Other Consents	95
	5.04	Binding Effect	95
	5.05	Financial Statements;
    No Material Adverse Effect	95
	5.06	Litigation	96
	5.07	No Default	96
	5.08	Ownership of Property	96
	5.09	Environmental Matters	96
	5.10	Insurance	97
	5.11	Taxes	97
	5.12	ERISA Compliance	98
	5.13	Margin Regulations;
    Investment Company Act	99
	5.14	Disclosure	99
	5.15	Compliance with
    Laws	99
	5.16	Solvency	100
	5.17	Casualty, Etc.	100
	5.18	Sanctions Concerns
    and Anti-Corruption Laws	100
	5.19	Responsible Officers	100
	5.20	Subsidiaries; Equity
    Interests; Loan Parties	100
	5.21	Collateral Representations	101
	5.22	EEA Financial Institutions	103
	5.23	Covered Entities	103
	5.24	Beneficial Ownership
    Certification	103
	5.25	Intellectual Property;
    Licenses, Etc.	103
	5.26	Labor Matters	103
	 	 	 
	ARTICLE
    VI AFFIRMATIVE COVENANTS	104
	 	 	 
	6.01	Financial Statements	104
	6.02	Certificates; Other
    Information	105
	6.03	Notices	108
	6.04	Payment of Obligations	108
	6.05	Preservation of
    Existence, Etc.	108
	6.06	Maintenance of Properties	109
	6.07	Maintenance of Insurance	109
	6.08	Compliance with
    Laws	110
	6.09	Books and Records	110
	6.10	Inspection Rights	110
	6.11	Use of Proceeds	111
	6.12	Material Contracts	111
	6.13	Covenant to Guarantee
    Obligations	111
	6.14	Covenant to Give
    Security	111

     ii

    

    

	6.15	Anti-Corruption
    Laws; Sanctions	113
	6.16	[Reserved]	113
	6.17	Further Assurances	113
	6.18	Post-Closing Matters	113
	 	 	 
	ARTICLE
    VII NEGATIVE COVENANTS	114
	 	 	 
	7.01	Liens	114
	7.02	Indebtedness	115
	7.03	Investments	118
	7.04	Fundamental Changes	120
	7.05	Dispositions	121
	7.06	Restricted Payments	122
	7.07	Change in Nature
    of Business	123
	7.08	Transactions with
    Affiliates	123
	7.09	Burdensome Agreements	123
	7.10	Use of Proceeds	124
	7.11	Financial Covenants	124
	7.12	Amendments of Organization
    Documents; Fiscal Year; Legal Name, State of Formation; Form of Entity and Accounting Changes	125
	7.13	Sale and Leaseback
    Transactions	125
	7.14	Prepayments, Etc.
    of Junior Indebtedness	125
	7.15	Amendment, Etc.
    of Junior Indebtedness	125
	7.16	Sanctions	126
	7.17	Anti-Corruption
    Laws	126
	 	 	 
	ARTICLE
    VIII EVENTS OF DEFAULT AND REMEDIES	126
	 	 	 
	8.01	Events of Default	126
	8.02	Remedies upon Event
    of Default	129
	8.03	Application of Funds	129
	 	 	 
	ARTICLE
    IX ADMINISTRATIVE AGENT	131
	 	 	 
	9.01	Appointment and
    Authority	131
	9.02	Rights as a Lender	131
	9.03	Exculpatory Provisions	132
	9.04	Reliance by Administrative
    Agent	133
	9.05	Delegation of Duties	133
	9.06	Resignation of Administrative
    Agent	134
	9.07	Non-Reliance on
    Administrative Agent, the Arrangers or Documentation Agents and the Other Lenders	135
	9.08	No Other Duties,
    Etc.	136
	9.09	Administrative Agent
    May File Proofs of Claim; Credit Bidding	136
	9.10	Collateral and Guaranty
    Matters	138
	9.11	Secured Cash Management
    Agreements and Secured Hedge Agreements	138
	9.12	Certain ERISA Matters	139

     iii

    

    

	9.13	Recovery
    of Erroneous Payments	140
	 	 	 
	ARTICLE
    X CONTINUING GUARANTY	141
	 	 	 
	10.01	Guaranty	141
	10.02	Rights of Lenders	141
	10.03	Certain Waivers	142
	10.04	Obligations Independent	142
	10.05	Subrogation	142
	10.06	Termination; Reinstatement	142
	10.07	Stay of Acceleration	143
	10.08	Condition of Borrower	143
	10.09	Appointment of Holdings	143
	10.10	Right of Contribution	143
	10.11	Keepwell	143
	 	 	 
	ARTICLE
    XI MISCELLANEOUS	144
	 	 	 
	11.01	Amendments, Etc.	144
	11.02	Notices; Effectiveness;
    Electronic Communications	147
	11.03	No Waiver; Cumulative
    Remedies; Enforcement	149
	11.04	Expenses; Indemnity;
    Damage Waiver	150
	11.05	Payments Set Aside	152
	11.06	Successors and Assigns	152
	11.07	Treatment of Certain
    Information; Confidentiality	158
	11.08	Right of Setoff	159
	11.09	Interest Rate Limitation	159
	11.10	Counterparts; Integration;
    Effectiveness	160
	11.11	Survival of Representations
    and Warranties	160
	11.12	Severability	160
	11.13	Replacement of Lenders	161
	11.14	Governing Law; Jurisdiction;
    Etc.	162
	11.15	Waiver of Jury Trial	163
	11.16	Subordination	163
	11.17	No Advisory or Fiduciary
    Responsibility	164
	11.18	Electronic Execution;
    Electronic Records	165
	11.19	USA Patriot Act
    Notice	166
	11.20	Acknowledgement
    and Consent to Bail-In of Affected Financial Institutions	166
	11.21	Acknowledgement
    Regarding Any Supported QFCs	166
	11.22	Time of the Essence	167
	11.23	Amendment and Restatement;
    Ratification of Prior Liens and Loan Documents	167
	11.24	Entire Agreement	168

     iv

    

    

	SCHEDULES	 
	 	 
	Schedule 1.01(a)	Certain Addresses for Notices
	Schedule 1.01(b)	Initial Commitments and Applicable Percentages
	Schedule 1.01(c)	Responsible Officers
	Schedule 2.01	Swingline Commitment
	Schedule 2.03	Letter of Credit Commitments
	Schedule 5.10	Insurance
	Schedule 5.12	Pension Plans
	Schedule 5.20(a)	Subsidiaries, Joint Ventures, Partnerships and
    Other Equity Investments
	Schedule 5.20(b)	Loan Parties
	Schedule 5.21(b)	Intellectual Property
	Schedule 5.21(c)	Documents, Instrument, and Tangible Chattel
    Paper
	Schedule 5.21(d)(i)	Deposit Accounts & Securities Accounts
	Schedule 5.21(d)(ii)	Electronic Chattel Paper & Letter-of-Credit
    Rights
	Schedule 5.21(e)	Commercial Tort Claims
	Schedule 5.21(f)	Pledged Equity Interests
	Schedule 5.21(g)	Properties
	Schedule 5.21(h)	Material Contracts
	Schedule 6.18	Post-Closing Matters
	Schedule 7.01	Existing Liens
	Schedule 7.02	Existing Indebtedness
	Schedule 7.03	Existing Investments
	 	 
	EXHIBITS	 
	 	 
	Exhibit A	Form of Administrative Questionnaire
	Exhibit B	Form of Assignment and Assumption
	Exhibit C	Form of Compliance Certificate
	Exhibit D	Form of Joinder Agreement
	Exhibit E	Form of Loan Notice
	Exhibit F	Form of Permitted Acquisition Certificate
	Exhibit G	Form of Revolving Note
	Exhibit H	Form of Secured Party Designation Notice
	Exhibit I	Form of Solvency Certificate
	Exhibit J	Form of Swingline Loan Notice
	Exhibit K	Form of Officer’s Certificate
	Exhibit L	Forms of U.S. Tax Compliance Certificates
	Exhibit M	[Reserved]
	Exhibit N	Form of Financial Condition Certificate
	Exhibit O	Form of Authorization to Share Insurance Information
	Exhibit P	Form of Notice of Loan Prepayment

     v

    

    

 

AMENDED
AND RESTATED CREDIT AGREEMENT

 

This
AMENDED AND RESTATED CREDIT AGREEMENT is entered into as of April 29, 2021, among DIGITAL TURBINE, INC., a Delaware corporation
(“Holdings”), DIGITAL TURBINE MEDIA, INC., a Delaware corporation (“DT Media”),
DIGITAL TURBINE USA, INC., a Delaware corporation (“DT USA” and, together with Holdings and DT Media,
collectively or each individually as the context requires, the “Borrower”), the other Guarantors (defined
herein), the Lenders (defined herein), and BANK OF AMERICA, N.A., as Administrative Agent, Swingline Lender and L/C Issuer.

 

PRELIMINARY
STATEMENTS:

 

WHEREAS,
the Loan Parties (as hereinafter defined) are parties to that certain Credit Agreement dated as of February 3, 2021 among the
Borrower, the Guarantors party thereto, the administrative agent and the lenders party thereto (as amended or otherwise modified
prior to the date hereof, the “Existing Credit Agreement”);

 

WHEREAS,
the Loan Parties desire to amend and restate the Existing Credit Agreement to, among other things, effectuate certain amendments
and refinance the indebtedness outstanding thereunder;

 

WHEREAS,
the Loan Parties have requested that the Lenders, the Swingline Lender and the L/C Issuer make loans and other financial accommodations
to the Loan Parties in an aggregate amount of up to $400,000,000; and

 

WHEREAS,
the Lenders, the Swingline Lender and the L/C Issuer have agreed to amend and restate the Existing Credit Agreement and make such
loans and other financial accommodations to the Loan Parties on the terms and subject to the conditions set forth herein.

 

NOW
THEREFORE, in consideration of the mutual covenants and agreements herein contained, the parties hereto covenant and agree
as follows:

 

Article
I

DEFINITIONS AND ACCOUNTING TERMS

 

1.01         
Defined Terms.

 

As
used in this Agreement, the following terms shall have the meanings set forth below:

 

“Acquisition”
means the acquisition, whether through a single transaction or a series of related transactions, of (a) a majority of the
Voting Stock or other controlling ownership interest in another Person (including the purchase of an option, warrant or convertible
or similar type security to acquire such a controlling interest at the time it becomes exercisable by the holder thereof), whether
by purchase of such equity or other ownership interest or upon the exercise of an option or warrant for, or conversion of securities
into, such equity or other ownership interest, or (b) assets of another Person which constitute all or substantially all
of the assets of such Person or of a division, line of business or other business unit of such Person.

     

    

    

 

“AdColony”
means AdColony Holding AS, a private limited liability company incorporated in the Kingdom of Norway.

 

“AdColony
Acquisition” means the sale by AdColony Holdco to, and the acquisition by, the Borrower, directly or indirectly
through one or more wholly-owned Subsidiaries, of one hundred percent (100%) of the issued and outstanding shares of AdColony
pursuant to the terms and conditions of the AdColony Acquisition Agreement.

 

“AdColony
Acquisition Agreement” means that certain Share Purchase Agreement dated as of February 26, 2021 among Holdings,
DT Media, AdColony and AdColony Holdco without giving effect to modifications, amendments, supplements, consents, waivers or requests
(including the effects of any such requests) that are materially adverse to the interests of the Lenders (in their capacity as
such) which have not been consented to by the Administrative Agent.

 

“AdColony
Holdco” means Otello Corporation ASA, a public limited liability company incorporated in the Kingdom of Norway.

 

“Additional
Secured Obligations” means (a) all obligations arising under Secured Cash Management Agreements and Secured Hedge
Agreements and (b) all costs and expenses incurred in connection with enforcement and collection of the foregoing, including the
fees, charges and disbursements of counsel, in each case whether direct or indirect (including those acquired by assumption),
absolute or contingent, due or to become due, now existing or hereafter arising and including interest, expenses and fees that
accrue after the commencement by or against any Loan Party or any Affiliate thereof of any proceeding under any Debtor Relief
Laws naming such Person as the debtor in such proceeding, regardless of whether such interest, expenses and fees are allowed claims
in such proceeding; provided that Additional Secured Obligations of a Guarantor shall exclude any Excluded Swap Obligations
with respect to such Guarantor.

 

“Administrative
Agent” means Bank of America in its capacity as administrative agent and/or collateral agent under any of the Loan
Documents, or any successor administrative agent and/or collateral agent, as applicable

 

“Administrative
Agent’s Office” means the Administrative Agent’s address and, as appropriate, account
as set forth on Schedule 1.01(a), or such other address or account as the Administrative Agent may from time to time notify
the Borrower and the Lenders.

 

“Administrative
Questionnaire” means an Administrative Questionnaire in substantially the form of Exhibit A or any other
form approved by the Administrative Agent.

 

“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 through one or more intermediaries, Controls
or is Controlled by or is under common Control with the Person specified.

 

“Aggregate
Commitments” means the Commitments of all the Lenders.

    2 

    

    

 

“Agreement”
means this Credit Agreement, including all schedules, exhibits and annexes hereto.

 

“Applicable
Law” means, as to any Person, all applicable Laws binding upon such Person or to which such a Person is subject.

 

“Applicable
Percentage” means, in respect of the Revolving Facility, with respect to any Revolving Lender at any time, the percentage
(carried out to the ninth decimal place) of the Revolving Facility represented by such Revolving Lender’s Revolving Commitment
at such time, subject to adjustment as provided in Section 2.15. If the Commitment of all of the Revolving Lenders to make
Revolving Loans and the obligation of the L/C Issuer to make L/C Credit Extensions have been terminated pursuant to Section
8.02, or if the Revolving Commitments have expired, then the Applicable Percentage of each Revolving Lender in respect of
the Revolving Facility shall be determined based on the Applicable Percentage of such Revolving Lender in respect of the Revolving
Facility most recently in effect, giving effect to any subsequent assignments and to any Lender’s status as a Defaulting
Lender at the time of determination. The Applicable Percentage of each Lender is set forth opposite the name of such Lender on
Schedule 1.01(b) or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable.

 

“Applicable
Rate” means, except as otherwise provided in any Incremental Amendment with respect to the applicable Loans and
Commitments thereunder, for any day, the rate per annum set forth below opposite the applicable Level then in effect (based on
the Consolidated Leverage Ratio), it being understood that the Applicable Rate for (a) Revolving Loans that are Base Rate
Loans shall be the percentage set forth under the column “Base Rate”, (b) Revolving Loans that are Eurodollar
Rate Loans shall be the percentage set forth under the column “Eurodollar Rate & Letter of Credit Fee”, (c) the
Letter of Credit Fee shall be the percentage set forth under the column “Eurodollar Rate & Letter of Credit Fee”,
and (d) the Commitment Fee shall be the percentage set forth under the column “Commitment Fee”:

 

	Applicable
    Rate
	Level	Consolidated
    

    Leverage Ratio	Eurodollar
    Rate

    & Letter of Credit 

    Fee	Base
    Rate	Commitment

    Fee
	1	Less
    than 1.0 to 1.0	1.500%	0.500%	0.150%
	2	Greater
    than or equal to 1.0 to 1.0 but less than 2.0 to 1.0	1.750%	0.750%	0.200%
	3	Greater
    than or equal to 2.0 to 1.0 but less than 3.0 to 1.00	2.000%	1.000%	0.300%
	4	Greater
    than or equal to 3.0 to 1.0	2.250%	1.250%	0.350%

 

Any
increase or decrease in the Applicable Rate resulting from a change in the Consolidated Leverage Ratio shall become effective
as of the first Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 6.02(a);
provided, however, that if a Compliance Certificate is not delivered when due in accordance with Section 6.02(a),
then, upon the request of the Required Lenders, Pricing Level 4 shall apply, in each case as of the first Business Day after the
date on which such Compliance Certificate was required to have been delivered and in each case shall remain in effect until the
first Business Day following the date on which such Compliance Certificate is delivered. In addition, at all times while the Default
Rate is in effect, the highest rate set forth in each column of the Applicable Rate shall apply.

    3 

    

    

 

Notwithstanding
anything to the contrary contained in this definition, (i) the determination of the Applicable Rate for any period shall
be subject to the provisions of Section 2.10(b) and (ii) the initial Applicable Rate shall be set at Pricing Level
2 until the first Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 6.02(a)
for the first fiscal quarter to occur following the Closing Date to the Administrative Agent. Any adjustment in the Applicable
Rate shall be applicable to all Credit Extensions then existing or subsequently made or issued.

 

“Applicable
Revolving Percentage” means with respect to any Revolving Lender at any time, such Revolving Lender’s Applicable
Percentage in respect of the Revolving Facility at such time.

 

“Appropriate
Lender” means, at any time, (a) with respect to the Revolving Facility, a Lender that has a Commitment with
respect to such Facility or holds a Loan under such Facility at such time, (b) with respect to the Letter of Credit Sublimit,
(i) the L/C Issuer and (ii) if any Letters of Credit have been issued pursuant to Section 2.03, the Revolving
Lenders and (c) with respect to the Swingline Sublimit, (i) the Swingline Lender and (ii) if any Swingline Loans
are outstanding pursuant to Section 2.04(a), the Revolving Lenders.

 

“Approved
Fund” means any Fund 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.

 

“Arrangers”
means (i) (a) BofA Securities, Inc. and (b) Wells Fargo Securities, LLC, each in its capacity as lead arranger, bookrunner and
syndication agent, (ii) PNC Capital Markets LLC in its capacity as lead arranger and bookrunner and (iii) PNC Bank, National Association
in its capacity as syndication agent.

 

“Assignment
and Assumption” means an assignment and assumption entered into by a Lender and an Eligible Assignee (with the consent
of any party whose consent is required by Section 11.06(b)), and accepted by the Administrative Agent, in substantially
the form of Exhibit B or any other form (including an electronic documentation form generated by use of an electronic
platform) approved by the Administrative Agent.

 

“Attributable
Indebtedness” means, on any date, (a) in respect of any Capitalized Lease of any Person, the capitalized amount
thereof that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP, and (b) in
respect of any Synthetic Lease Obligation, the capitalized amount of the remaining lease or similar payments under the relevant
lease or other applicable agreement or instrument that would appear on a balance sheet of such Person prepared as of such date
in accordance with GAAP if such lease or other agreement or instrument were accounted for as a Capitalized Lease.

    4 

    

    

 

“Audited
Financial Statements” means the audited Consolidated balance sheet of Holdings and its Subsidiaries for the fiscal
year ended March 31, 2020, and the related Consolidated statements of income or operations,
Shareholders’ Equity and cash flows for such fiscal year of the Holdings and its Subsidiaries, including the notes thereto.

 

“Authorization
to Share Insurance Information” means the authorization substantially in the form of Exhibit O (or such other
form as required by each of the Loan Party’s insurance companies).

 

“Auto-Extension
Letter of Credit” has the meaning specified in Section 2.03(b).

 

“Availability
Period” means the period from and including the Closing Date to the earliest of (i) the Maturity Date, (ii) the
date of termination of the Revolving Commitments pursuant to Section 2.06, and (iii) the date of termination of the
Commitment of each Revolving Lender to make Revolving Loans and of the obligation of the L/C Issuer to make L/C Credit Extensions
pursuant to Section 8.02.

 

“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, rule, regulation 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).

 

“Bank
of America” means Bank of America, N.A. and its successors.

 

“Base
Rate” means for any day a fluctuating rate of interest per annum equal to the highest of (a) the Federal Funds
Rate plus 0.50%, (b) the rate of interest in effect for such day as publicly announced from time to time by Bank of
America as its “prime rate,” and (c) the Eurodollar Rate plus 1.00%, subject to the interest rate floors
set forth therein; provided that if the Base Rate shall be less than zero, such rate shall be deemed zero for purposes
of this Agreement. The “prime rate” is a rate set by Bank of America based upon various factors including Bank of
America’s costs and desired return, general economic conditions and other factors, and is used as a reference point for
pricing some loans, which may be priced at, above, or below such announced rate. Any change in such prime rate announced by Bank
of America shall take effect at the opening of business on the day specified in the public announcement of such change. If the
Base Rate is being used as an alternate rate of interest pursuant to Section 3.03 hereof, then the Base Rate shall be the
greater of clauses (a) and (b) above and shall be determined without reference to clause (c) above.

    5 

    

    

 

“Base
Rate Loan” means a Revolving Loan or an Incremental Term Loan that bears interest based on the Base Rate.

 

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

 

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

 

“Benefit
Plan” means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of
ERISA, (b) a “plan” as defined in and subject to Section 4975 of the Code or (c) any Person whose assets include (for
purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such
 “employee benefit plan” or “plan”.

 

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

 

“Borrower”
has the meaning specified in the introductory paragraph hereto.

 

“Borrower
Materials” has the meaning specified in Section 6.02.

 

“Borrowing”
means a borrowing consisting of simultaneous Loans of the same Type and Class and, in the case of Eurodollar Rate Loans, having
the same Interest Period made by each of the applicable Lenders pursuant to Section 2.01.

 

“Business
Day” means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close
under the Laws of, or are in fact closed in, the state where the Administrative Agent’s Office is located and, if such day
relates to any Eurodollar Rate Loan, means any such day that is also a London Banking Day.

 

“Capitalized
Lease” means any lease that has been or is required to be, in accordance with GAAP, recorded, classified and accounted
for as a capitalized lease or financing lease.

 

“Cash
Collateralize” means to pledge and deposit with or deliver to the Administrative Agent, for the benefit of one or
more of the L/C Issuer or Swingline Lender (as applicable) or the Lenders, as Collateral for L/C Obligations, the Obligations
in respect of Swingline Loans, or obligations of the Revolving Lenders to fund participations in respect of L/C Obligations or
Swingline Loans (as the context may require), (a) cash or deposit account balances, (b) backstop letters of credit entered into
on terms, from issuers and in amounts satisfactory to the Administrative Agent and the applicable L/C Issuer, and/or (c) if the
Administrative Agent and the applicable L/C Issuer or Swingline Lender shall agree, in their sole discretion, other credit support,
in each case, in Dollars and pursuant to documentation in form and substance satisfactory to the Administrative Agent and the
L/C Issuer or the Swingline Lender (as applicable). “Cash Collateral” and other like terms shall have
respective meanings correlative to the foregoing and Cash Collateral shall include the proceeds of such Cash Collateral and other
credit support.

    6 

    

    

 

“Cash
Equivalents” means any of the following types of Investments, to the extent owned by the Borrower or any of its
Subsidiaries free and clear of all Liens (other than Permitted Liens):

 

(a)       readily
marketable obligations issued or directly and fully guaranteed or insured by the United States or any agency or instrumentality
thereof having maturities of not more than three hundred sixty days (360) days from the date of acquisition thereof; provided
that the full faith and credit of the United States is pledged in support thereof;

 

(b)       time
deposits with, or insured certificates of deposit or bankers’ acceptances of, any commercial bank that (i) (A) is
a Lender or (B) is organized under the laws of the United States, any state thereof or the District of Columbia or is the
principal banking subsidiary of a bank holding company organized under the laws of the United States, any state thereof or the
District of Columbia, and is a member of the Federal Reserve System, (ii) issues (or the parent of which issues) commercial
paper rated as described in clause (c) of this definition and (iii) has combined capital and surplus of at least $1,000,000,000,
in each case with maturities of not more than ninety (90) days from the date of acquisition thereof;

 

(c)       commercial
paper issued by any Person organized under the laws of any state of the United States and rated at least “Prime-1”
(or the then equivalent grade) by Moody’s or at least “A-1” (or the then equivalent grade) by S&P, in each
case with maturities of not more than one hundred eighty (180) days from the date of acquisition thereof; and

 

(d)       Investments,
classified in accordance with GAAP as current assets of the Borrower or any of its Subsidiaries, in money market investment programs
registered under the Investment Company Act of 1940, which are administered by financial institutions that have the highest rating
obtainable from either Moody’s or S&P, and the portfolios of which are limited solely to Investments of the character,
quality and maturity described in clauses (a), (b) and (c) of this definition.

 

“Cash
Management Agreement” means any agreement that is not prohibited by the terms hereof to provide treasury or cash
management services, including deposit accounts, overnight draft, credit cards, debit cards, p-cards (including purchasing cards
and commercial cards), funds transfer, automated clearinghouse, zero balance accounts, returned check concentration, controlled
disbursement, lockbox, account reconciliation and reporting and trade finance services and other cash management services.

 

“Cash
Management Bank” means any Person in its capacity as a party to a Cash Management Agreement that, (a) at the
time it enters into a Cash Management Agreement with a Loan Party or any Subsidiary, is a Lender or an Affiliate of a Lender,
in its capacity as a party to such Cash Management Agreement (even if such Person ceases to be a Lender or such Person’s
Affiliate ceased to be a Lender); provided, however, that for any of the foregoing to be included as a “Secured
Cash Management Agreement” on any date of determination by the Administrative Agent, the applicable Cash Management Bank
(other than the Administrative Agent or an Affiliate of the Administrative Agent) must have delivered a Secured Party Designation
Notice to the Administrative Agent prior to such date of determination.

 

“CERCLA”
means the Comprehensive Environmental Response, Compensation and Liability Act of 1980.

    7 

    

    

 

“CERCLIS”
means the Comprehensive Environmental Response, Compensation and Liability Information System maintained by the U.S. Environmental
Protection Agency.

 

“CFC”
means a Person that is a controlled foreign corporation under Section 957 of the Code in which the Borrower or any Loan Party
is a United States shareholder within the meaning of Section 951(b) of the Code.

 

“Change
in Law” means the occurrence, after the Closing Date, of any of the following: (a) the adoption or taking effect
of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation,
implementation or application thereof by any Governmental Authority or (c) the making or issuance of any request, rule, guideline
or directive (whether or not having the force of law) by any Governmental Authority; provided that notwithstanding anything
herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines
or directives thereunder or issued in connection therewith or in the implementation thereof and (ii) all requests, rules,
guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or
any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III,
shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted, issued or implemented.

 

“Change
of Control” means an event or series of events by which:

 

(a)       any
 “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act
of 1934, but excluding any employee benefit plan of such person or its subsidiaries, and any person or entity acting in its capacity
as trustee, agent or other fiduciary or administrator of any such plan) becomes the “beneficial owner” (as defined
in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, except that a person or group shall be deemed to have “beneficial
ownership” of all securities that such person or group has the right to acquire, whether such right is exercisable immediately
or only after the passage of time (such right, an “option right”)), directly or indirectly, of 35% or more
of the equity securities of Holdings entitled to vote for members of the board of directors or equivalent governing body of Holdings
on a fully-diluted basis (and taking into account all such securities that such “person” or “group” has
the right to acquire pursuant to any option right); or

 

(b)       during
any period of twelve (12) consecutive months, a majority of the members of the board of directors or other equivalent governing
body of Holdings cease to be composed of individuals (i) who were members of that board or equivalent governing body on the
first day of such period, (ii) whose election or nomination to that board or equivalent governing body was nominated, appointed
or approved by individuals referred to in clause (i) above constituting at the time of such election or nomination at least
a majority of that board or equivalent governing body or (iii) whose election or nomination to that board or other equivalent
governing body was nominated, appointed or approved by individuals referred to in clauses (i) and (ii) above constituting
at the time of such election or nomination at least a majority of that board or equivalent governing body; or

    8 

    

    

 

(c)       Holdings
shall cease to own and control, of record and beneficially, directly or indirectly, 100% of the aggregate ordinary voting power
represented by the issued and outstanding Equity Interests of DT Media and DT USA on a fully diluted basis (which for this purpose
shall exclude all Equity Interests that have not yet vested).

 

“Class”
when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are Revolving
Loans or Incremental Term Loans and, when used to reference any Commitment, refers to whether such Commitment is a Revolving Commitment
or an Incremental Term Loan Commitment.

 

“Closing
Date” means the date hereof.

 

“Code”
means the Internal Revenue Code of 1986.

 

“Collateral”
means all of the “Collateral” referred to in the Collateral Documents and all of the other property that is or is
intended under the terms of the Collateral Documents to be subject to Liens in favor of the Administrative Agent for the benefit
of the Secured Parties.

 

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

 

(a)       the
Administrative Agent shall have received each Collateral Document required to be delivered from time to time pursuant to ‎Section
6.14, ‎Section 6.17 or ‎Section 6.18, subject to the limitations and exceptions of this Agreement, duly
executed by each Loan Party party thereto;

 

(b)       the
Obligations and the Guaranty shall have been secured by a perfected security interest in, and Mortgages on, substantially all
now owned or, in the case of real property, fee owned, or at any time hereafter acquired tangible and intangible assets of each
Loan Party (including Equity Interests, intercompany debt, accounts, inventory, equipment, investment property, contract rights,
intellectual property, other general intangibles, Material Real Property and proceeds of the foregoing), in each case, subject
to exceptions and limitations otherwise set forth in this Agreement and the Collateral Documents (to the extent appropriate in
the applicable jurisdiction), in each case with the priority required by the Collateral Documents;

    9 

    

    

 

(c)       subject
to limitations and exceptions of this Agreement and the Collateral Documents, to the extent a security interest in and Mortgages
on any Material Real Property are required pursuant to clause (b) above or under Sections 6.14 or 6.17 (each, a
 “Mortgaged Property”), the Administrative Agent shall have received (i) counterparts of a Mortgage with
respect to such Mortgaged Property duly executed and delivered by the record owner of such property, together with evidence such
Mortgage has been duly executed, acknowledged and delivered by a duly authorized officer of each party thereto, in form suitable
for filing or recording in all filing or recording offices that the Administrative Agent may reasonably deem necessary or desirable
in order to create a valid and subsisting perfected Lien (subject only to Liens described in clause (ii) below) on the property
and/or rights described therein in favor of the Administrative Agent for the benefit of the Secured Parties, and evidence that
all filing and recording taxes and fees have been paid or otherwise provided for in a manner reasonably satisfactory to the Administrative
Agent (it being understood that if a mortgage tax will be owed on the entire amount of the indebtedness evidenced hereby, then
the amount secured by the Mortgage shall be limited to 100% of the fair market value of the property at the time the Mortgage
is entered into if such limitation results in such mortgage tax being calculated based upon such fair market value), (ii) fully
paid American Land Title Association Lender’s policies of title insurance (or marked-up title insurance commitments having
the effect of policies of title insurance) on the Mortgaged Property naming the Administrative Agent as the insured for its benefit
and that of the Secured Parties and their respective successors and assigns (the “Mortgage Policies”)
issued by a nationally recognized title insurance company reasonably acceptable to the Administrative Agent in form and substance
and in an amount reasonably acceptable to the Administrative Agent (not to exceed 100% of the fair market value of the real properties
covered thereby), insuring the Mortgages to be valid subsisting first priority Liens on the property described therein, free and
clear of all Liens other than Liens permitted pursuant to Section 7.01 or Liens otherwise consented to by the Administrative
Agent, each of which shall (A) to the extent reasonably necessary, include such coinsurance and reinsurance arrangements (with
provisions for direct access, if reasonably necessary) as shall be reasonably acceptable to the Administrative Agent, (B) contain
a “tie-in” or “cluster” endorsement, if available under applicable law (i.e., policies which insure against
losses regardless of location or allocated value of the insured property up to a stated maximum coverage amount), and (C) have
been supplemented by such endorsements as shall be reasonably requested by the Administrative Agent (including endorsements on
matters relating to usury, first loss, zoning, contiguity, doing business, public road access, variable rate, environmental lien,
subdivision, mortgage recording tax, separate tax lot, revolving credit and so-called comprehensive coverage over covenants and
restrictions), to the extent such endorsements are available in the applicable jurisdiction at commercially reasonable rates,
(iii) opinions from local counsel in each jurisdiction (A) where a Mortgaged Property is located regarding the enforceability
and perfection of the Mortgage and any related fixture filings and (B) where the applicable Loan Party granting the Mortgage on
said Mortgaged Property is organized, regarding the due authorization, execution and delivery of such Mortgage, and in each case,
such other matters as may be in form and substance reasonably satisfactory to the Administrative Agent, (iv) a completed “life
of the loan” Federal Emergency Management Agency Standard Flood Hazard Determination with respect to each Mortgaged Property
(together with a notice about special flood hazard area status and flood disaster assistance), duly executed and acknowledged
by the appropriate Loan Parties, together with evidence of flood insurance, to the extent required under Section 6.07(c)
hereof; provided that no mortgage over a Material Real Property may be executed unless the Administrative Agent has received
such Standard Flood Hazard Determination and all other information needed to satisfy the Lenders’ flood insurance requirements,
in each case, with respect to such Material Real Property, and (v) a new ALTA or such existing surveys together with no-change
affidavits sufficient for the title company to remove all standard survey exceptions from the Mortgage Policies and issue the
endorsements required in clause (ii) above.

 

“Collateral
Documents” means, collectively, the Security Agreement, the Qualifying Control Agreements, each Joinder Agreement,
each Mortgage, each of the collateral assignments, security agreements, pledge agreements, account control agreements or other
similar agreements delivered to the Administrative Agent pursuant to Section 6.14, and each of the other agreements, instruments
or documents that creates or purports to create a Lien in favor of the Administrative Agent for the benefit of the Secured Parties.

    10 

    

    

 

“Commitment”
means a Revolving Commitment and/or an Incremental Term Loan Commitment, as the context may require.

 

“Commitment
Fee” has the meaning specified in Section 2.09(a).

 

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

 

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

 

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

 

“Consolidated”
means, when used with reference to financial statements or financial statement items of Holdings and its Subsidiaries or any other
Person, such statements or items on a consolidated basis in accordance with the consolidation principles of GAAP.

 

“Consolidated
EBITDA” means, for any period, the sum of the following determined on a Consolidated basis, without duplication,
for Holdings and its Subsidiaries in accordance with GAAP, (a) Consolidated Net Income for the most recently completed Measurement
Period plus (b) the following to the extent deducted in calculating such Consolidated Net Income (without duplication):
(i) Consolidated Interest Charges, (ii) the provision for federal, state, local and foreign income taxes payable, (iii) depreciation
and amortization expense, (iv) costs, fees and expenses incurred during such period in connection with (A) any Equity Issuance
or other equity issuance, repurchase or redemption in an aggregate amount not to exceed $3,000,000 for any Measurement Period,
(B) entering into this Agreement and the transactions contemplated hereby in an aggregate amount not to exceed $1,500,000 and
(C) Permitted Acquisitions (whether consummated or not) in an aggregate amount not to exceed $3,000,000 per Permitted Acquisition
for any Measurement Period, (v) non-cash charges and losses (excluding any such non-cash charges or losses to the extent
(A) there were cash charges with respect to such charges and losses in past accounting periods or (B) there is a reasonable
expectation that there will be cash charges with respect to such charges and losses in future accounting periods) and (vi) any
cost savings, operating expense reductions and synergies from Permitted Acquisitions that are reasonably expected to be realized
in the good faith judgment of the Borrower within 12 months after the consummation of such Permitted Acquisition (provided that
such cost savings, operating expense reductions and synergies are reasonably identifiable and quantifiable and reflected in the
Compliance Certificate), net of the amount of actual benefits realized during such period; provided that any addbacks pursuant
to this clause (vi) shall (A) be available whether or not deducted in calculating Consolidated Net Income and (B) not exceed 25%
of Consolidated EBITDA (calculated prior to giving effect to the adjustment in this clause (vi)); less (c) without
duplication and to the extent reflected as a gain or otherwise included in the calculation of Consolidated Net Income for such
period, non-cash gains (excluding any such non-cash gains to the extent (i) there were cash gains with respect to such gains in
past accounting periods or (ii) there is a reasonable expectation that there will be cash gains with respect to such gains in
future accounting periods).

    11 

    

    

 

“Consolidated
Funded Indebtedness” means, as of any date of determination, for Holdings and its Subsidiaries on a Consolidated
basis, the sum of: (a) the outstanding principal amount of all obligations, whether current or long-term, for borrowed money
(including Obligations hereunder) and all obligations evidenced by bonds, debentures, notes, loan agreements or other similar
instruments; (b) all purchase money Indebtedness; (c) drawn and unreimbursed amounts in respect of letters of credit
(including standby and commercial), bankers’ acceptances, bank guaranties, surety bonds and similar instruments; (d) all
obligations (including, without limitation, non-contingent earnout obligations to the extent the liability therefor has accrued)
in respect of the deferred purchase price of property or services (other than trade accounts payable in the ordinary course of
business); (e) all Attributable Indebtedness; (f) all obligations to purchase, redeem, retire, defease or otherwise
make any payment prior to the Maturity Date in respect of any Equity Interests or any warrant, right or option to acquire such
Equity Interest, valued, in the case of a redeemable preferred interest, at the greater of its voluntary or involuntary liquidation
preference plus accrued and unpaid dividends; (g) to the extent such Indebtedness would otherwise constitute Consolidated
Funded Indebtedness if incurred by Holdings or its Subsidiaries, Indebtedness secured by a Lien on property owned or being purchased
by Holdings or any of its Subsidiaries up to the amount secured by such Lien (including indebtedness arising under conditional
sales or other title retention agreements) whether or not such Indebtedness shall have been assumed by such Person or is limited
in recourse; (h) without duplication, all Guarantees with respect to outstanding Indebtedness of the types specified in clauses
(a) through (g) above of Persons other than the Borrower or any Subsidiary; and (i) all Indebtedness of the types
referred to in clauses (a) through (h) above of any partnership or joint venture (other than a joint venture that
is itself a corporation or limited liability company) in which the Borrower or a Subsidiary is a general partner or joint venturer,
unless such Indebtedness is expressly made non-recourse to the Borrower or such Subsidiary, but, in each case, excluding all obligations
or Indebtedness, in each case, otherwise constituting Consolidated Funded Indebtedness of each such Person if, upon or prior to
the maturity thereof, such Person has irrevocably deposited with the proper Person in trust or escrow the necessary funds (or
evidences of indebtedness) for the payment, redemption or satisfaction of such obligation or Indebtedness, and thereafter such
funds and evidences of such obligation or Indebtedness or other security so deposited are not included in the calculation of Unrestricted
Cash Amount.

 

“Consolidated
Interest Charges” means, for any Measurement Period, the sum of (a) all interest, premium payments,
debt discount, fees, charges and related expenses in connection with borrowed money (including capitalized interest) or in connection
with the deferred purchase price of assets, in each case to the extent treated as interest in accordance with GAAP, (b) all
interest paid or payable with respect to discontinued operations and (c) the portion of rent expense under Capitalized Leases
that is treated as interest in accordance with GAAP, in each case, of or by Holdings and its Subsidiaries on a Consolidated basis
for the most recently completed Measurement Period.

 

“Consolidated
Interest Coverage Ratio” means, as of any date of determination, the ratio of (a) Consolidated EBITDA to (b)
Consolidated Interest Charges to the extent paid in cash, in each case, for the most recently completed Measurement Period.

    12 

    

    

 

“Consolidated
Leverage Ratio” means, as of any date of determination, the ratio of (a) Consolidated Funded Indebtedness as
of such date net of the Unrestricted Cash Amount to (b) Consolidated EBITDA for the most recently completed Measurement Period.

 

“Consolidated
Net Income” means, at any date of determination, the net income (or loss) of Holdings and its Subsidiaries on a
Consolidated basis for the most recently completed Measurement Period; provided that Consolidated Net Income shall exclude
(a) unusual and infrequent gains and unusual and infrequent losses for such Measurement Period, (b) the net income of
any Subsidiary during such Measurement Period to the extent that the declaration or payment of dividends or similar distributions
by such Subsidiary of such income is not permitted by operation of the terms of its Organization Documents or any agreement, instrument
or Law applicable to such Subsidiary during such Measurement Period, except that Holdings’ equity in any net loss of any
such Subsidiary for such Measurement Period shall be included in determining Consolidated Net Income, and (c) any income
(or loss) for such Measurement Period of any Person if such Person is not a Subsidiary, except that Holdings’ equity in
the net income of any such Person for such Measurement Period shall be included in Consolidated Net Income up to the aggregate
amount of cash actually distributed by such Person during such Measurement Period to Holdings or a Subsidiary as a dividend or
other distribution (and in the case of a dividend or other distribution to a Subsidiary, such Subsidiary is not precluded from
further distributing such amount to Holdings as described in clause (b) of this proviso).

 

“Consolidated
Secured Indebtedness” means, at any date of determination, the aggregate principal amount of all Consolidated Funded
Indebtedness outstanding on such date to the extent secured by a Lien on any assets of Holdings or its Subsidiaries.

 

“Consolidated
Secured Net Leverage Ratio” means, as of any date of determination, the ratio of (a) Consolidated Secured Indebtedness
as of such date net of the Unrestricted Cash Amount to (b) Consolidated EBITDA for the most recently completed Measurement
Period.

 

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

 

“Control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a
Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling”
and “Controlled” have meanings correlative thereto. Without limiting the generality of the foregoing,
a Person shall be deemed to be Controlled by another Person if such other Person possesses, directly or indirectly, power to vote
fifteen percent (15%) or more of the securities having ordinary voting power for the election of directors, managing general partners
or the equivalent.

 

“Covered
Entity” means any of the following: (a) a “covered entity” as that term is defined in, and interpreted
in accordance with, 12 C.F.R. § 252.82(b); (b) a “covered bank” as that term is defined in, and interpreted in
accordance with, 12 C.F.R. § 47.3(b); or (c) a “covered FSI” as that term is defined in, and interpreted in accordance
with, 12 C.F.R. § 382.2(b).

    13 

    

    

 

“Credit
Extension” means each of the following: (a) a Borrowing and (b) an L/C Credit Extension.

 

“Debtor
Relief Laws” means the Bankruptcy Code of the United States, 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.

 

“Default”
means any event or condition that constitutes an Event of Default or that, with the giving of any notice, the passage of time,
or both, would be an Event of Default.

 

“Default
Rate” means (a) with respect to any Obligation for which a rate is specified, a rate per annum equal to two
percent (2%) in excess of the rate otherwise applicable thereto and (b) with respect to any Obligation for which a rate is
not specified or available, a rate per annum equal to the Base Rate plus the Applicable Rate for Base Rate Loans plus
two percent (2%), in each case, to the fullest extent permitted by Applicable Law.

 

“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.

 

“Defaulting
Lender” means, subject to Section 2.15(b), any Lender that (a) has failed to (i) fund all or any
portion of its Loans within two (2) Business Days of the date such Loans were required to be funded hereunder unless such Lender
notifies the Administrative Agent and the Borrower in writing that such failure is the result of such Lender’s determination
that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall
be specifically identified in such writing) has not been satisfied, or (ii) pay to the Administrative Agent, the L/C Issuer,
the Swingline Lender or any other Lender any other amount required to be paid by it hereunder (including in respect of its participation
in Letters of Credit or Swingline Loans) within two (2) Business Days of the date when due, (b) has notified the Borrower,
the Administrative Agent, the L/C Issuer or the Swingline Lender in writing that it does not intend to comply with its funding
obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such
Lender’s obligation to fund a Loan hereunder and states that such position is based on such Lender’s determination
that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically
identified in such writing or public statement) cannot be satisfied), (c) has failed, within three (3) Business Days after
written request by the Administrative Agent or the Borrower, to confirm in writing to the Administrative Agent and the Borrower
that it will comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting
Lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative Agent and the Borrower),
or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor
Relief Law, (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit
of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit
Insurance Corporation or any other state or federal regulatory authority acting in such a capacity or (iii) become the subject
of a Bail-In Action; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition
of any Equity Interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as
such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United
States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority)
to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the Administrative
Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (d) above, and the effective
date of such status, shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting
Lender (subject to Section 2.15(b)) as of the date established therefor by the Administrative Agent in a written notice
of such determination, which shall be delivered by the Administrative Agent to the Borrower, the L/C Issuer, the Swingline Lender
and each other Lender promptly following such determination.

    14 

    

    

 

“Designated
Jurisdiction” means any country or territory to the extent that such country or territory is the subject of any
Sanction.

 

“Disposition”
or “Dispose” means the sale, transfer, license, lease or other disposition (including any Sale and Leaseback
Transaction and any issuance of Equity Interests by a Subsidiary of such Person) of any property by any Loan Party or Subsidiary
(or the granting of any option or other right to do any of the foregoing),including any sale, assignment, transfer or other disposal,
with or without recourse, of any notes or accounts receivable or any rights and claims associated therewith.

 

“Disqualified
Equity Interests” means, with respect to any Person, any Equity Interest of such Person which, by its terms (or
by the terms of any security or other Equity Interests into which it is convertible or for which it is exchangeable at the option
of the holder thereof), or upon the happening of any event or condition (a) matures or is mandatorily redeemable, pursuant to
a sinking fund obligation or otherwise, (b) is redeemable or is required to be repurchased by such Person or any of its Affiliates
at the option of the holder thereof, in whole or in part, (c) provides for the scheduled payments of dividends in cash, or (d)
is or becomes convertible into or exchangeable for Indebtedness or any other Equity Interests that would constitute Disqualified
Equity Interests, in each case, prior to the date that is 91 days after the latest Maturity Date; provided that,
any such Equity Interests that would constitute Disqualified Equity Interests solely because the holders thereof have the right
to require the Borrower or an Affiliate thereof to repurchase or redeem such Equity Interests upon the occurrence of a change
of control or an asset sale shall not constitute Disqualified Equity Interests so long as the terms of such Equity Interests provide
that such repurchase or redemption is (i) not required unless permitted under this Agreement or (ii) subject to the prior payment
in full of the Obligations and the termination of the Commitments and the termination or Cash Collateralization of all outstanding
Letters of Credit.

 

“Documentation
Agent” means (i) Capital One, N.A. and (ii) JPMorgan Chase Bank, N.A., each in its capacity as documentation agent.

 

“Dollar”
and “$” mean lawful money of the United States.

 

“Domestic
Subsidiary” means any Subsidiary that is organized under the laws of the United States, any state, commonwealth
or territory thereof or the District of Columbia.

    15 

    

    

 

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

 

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

 

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

 

“Eligible
Assignee” means any Person that meets the requirements to be an assignee under Section 11.06 (subject to
such consents, if any, as may be required under Section 11.06(b)(iii)).

 

“Environment”
means ambient air, indoor air, surface water, groundwater, drinking water, soil, surface and subsurface strata, and natural resources
such as wetland, flora and fauna.

 

“Environmental
Laws” means any and all federal, state, local, and foreign statutes, laws (including common law), regulations, standards,
ordinances, rules, judgments, interpretations, orders, decrees, permits, agreements or governmental restrictions relating to pollution
or the protection of the Environment or human health (to the extent related to exposure to Hazardous Materials), including those
relating to the manufacture, generation, handling, transport, storage, treatment, Release or threat of Release of Hazardous Materials,
air emissions and discharges to waste or public systems.

 

“Environmental
Liability” means any liability, contingent or otherwise (including any liability for damages, costs of environmental
remediation, fines, penalties or indemnities) whether based in contract, tort, implied or express warranty, strict liability,
criminal or civil statute or common law, directly or indirectly relating to (a) any Environmental Law, (b) the generation, use,
handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials,
(d) 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.

 

“Environmental
Permit” means any permit, certification, registration, approval, identification number, license or other authorization
required under any Environmental Law.

 

“Equity
Interests” means, with respect to any Person, all of the shares of capital stock of (or other ownership or profit
interests in) such Person, all of the warrants, options or other rights for the purchase or acquisition from such Person of shares
of capital stock of (or other ownership or profit interests in) such Person, all of the securities convertible into or exchangeable
for shares of capital stock of (or other ownership or profit interests in) such Person or warrants, rights or options for the
purchase or acquisition from such Person of such shares (or such other interests), and all of the other ownership or profit interests
in such Person (including partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such
shares, warrants, options, rights or other interests are outstanding on any date of determination.

    16 

    

    

 

“Equity
Issuance” means, any issuance by any Loan Party or any Subsidiary to any Person of its Equity Interests, other than
(a) any issuance of its Equity Interests pursuant to the exercise of options or warrants, (b) any issuance of its Equity
Interests pursuant to the conversion of any debt securities to equity or the conversion of any class of equity securities to any
other class of equity securities, (c) any issuance of options or warrants relating to its Equity Interests, (d) any
issuance by a Loan Party of its Equity Interests as consideration for a Permitted Acquisition and (e) any issuance of Equity Interests
pursuant to the 2020 Equity Incentive Plan of Holdings, as amended, restated, replaced or otherwise modified. The term “Equity
Issuance” shall not be deemed to include any Disposition.

 

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

 

“ERISA
Affiliate” means any trade or business (whether or not incorporated) under common control with the Borrower within
the meaning of Sections 414(b) or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating
to Section 412 of the Code).

 

“ERISA
Event” means (a) a Reportable Event with respect to a Pension Plan; (b) the withdrawal of the Borrower
or any ERISA Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan year in which such entity 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; (c) a complete or partial withdrawal by the Borrower or any ERISA Affiliate from a Multiemployer
Plan; (d) the filing of a notice of intent to terminate, the treatment of a Pension Plan amendment as a termination under
Section 4041 or 4041A of ERISA; (e) the institution by the PBGC of proceedings to terminate a Pension Plan; (f) any
event or condition which constitutes grounds under Section 4042 of ERISA for the termination of, or the appointment of a
trustee to administer, any Pension Plan; (g) the determination that any Pension Plan is considered an at-risk plan or a plan
in endangered or critical status within the meaning of Sections 430, 431 and 432 of the Code or Sections 303, 304 and 305 of ERISA;
(h) the imposition of any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section
4007 of ERISA, upon the Borrower or any ERISA Affiliate or (i) a failure by the Borrower or any ERISA Affiliate to meet all
applicable requirements under the Pension Funding Rules in respect of a Pension Plan, whether or not waived, or the failure by
the Borrower or any ERISA Affiliate to make any required contribution to a Multiemployer Plan.

 

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

 

“Eurodollar
Rate” means:

 

(a)       for
any Interest Period with respect to a Eurodollar Rate Loan, the rate per annum equal to the London Interbank Offered Rate as administered
by ICE Benchmark Administration (or any other Person that takes over the administration of such rate for U.S. Dollars for a period
equal in length to such Interest Period) (“LIBOR”), as published on the applicable Bloomberg screen
page (or such other commercially available source providing such quotations as may be designated by the Administrative Agent from
time to time) (in such case, the “LIBOR Rate”) at or about 11:00 a.m., London time, two (2) Business
Days prior to the commencement of such Interest Period, for Dollar deposits (for delivery on the first day of such Interest Period)
with a term equivalent to such Interest Period; and

    17 

    

    

 

(b)       for
any interest calculation with respect to a Base Rate Loan on any date, the rate per annum equal to the LIBOR Rate, at or about
11:00 a.m., London time, two (2) London Banking Days prior to such date for Dollar deposits with a term of one (1) month commencing
that day;

 

provided
that, if the Eurodollar Rate shall be less than zero, such rate shall be deemed zero for purposes of this Agreement.

 

“Eurodollar
Rate Loan” means a Revolving Loan or an Incremental Term Loan that bears interest at a rate based on clause (a)
of the definition of “Eurodollar Rate”.

 

“Event
of Default” has the meaning specified in Section 8.01.

 

“Excluded
Property” means, with respect to any Loan Party, (a) any interest
in fee-owned real property (other than Material Real Properties), (b) any interest in leased real property (other than any requirement
to deliver landlord waivers, estoppels and collateral access letters), (c) the Equity
Interests of any Foreign Subsidiary of any Loan Party to the extent not required to be pledged to secure the Secured Obligations
pursuant to the Collateral Documents, (d) any United States intent-to-use trademark application to the extent that, and solely
during the period in which, the grant of a security interest therein would impair the validity or enforceability of or render
void or result in the cancellation of, any registration issued as a result of such intent-to-use trademark application under Applicable
Law; provided that upon submission to and acceptance by the United States Patent and Trademark Office of an Amendment to
Allege Use or a Statement of Use under Section 1(c) or 1(d) of the Lanham Act (or any successor provision) such intent-to-use
trademark application shall not be considered Excluded Property, (e) any property which, subject to the terms of Section 7.02(c),
is subject to a Lien of the type described in Section 7.01(i) pursuant to documents that prohibit such Loan Party
from granting any other Liens in such property and (f) any General Intangible, permit, lease, license, contract or other Instrument
to the extent the grant of a security interest in such General Intangible, permit, lease, license, contract or other Instrument
under the terms thereof or under Applicable Law, is prohibited and would result in the termination thereof or give the other parties
thereto the right to terminate, accelerate or otherwise alter such Loan Party’s rights, titles and interests thereunder
(including upon the giving of notice or the lapse of time or both); provided that (i) any such limitation described in
the foregoing clause (f) shall only apply to the extent that any such prohibition or right to terminate or accelerate or alter
the applicable Loan Party’s rights could not be rendered ineffective pursuant to the UCC or any other Applicable Law (including
Debtor Relief Laws) or principles of equity and (ii) in the event of the termination or elimination of any such prohibition or
right or the requirement for any consent contained in any Applicable Law, General Intangible, permit, lease, license, contract
or other Instrument, to the extent sufficient to permit any such item to become Collateral, or upon the granting of any such consent,
or waiving or terminating any requirement for such consent, such General Intangible, permit, lease, license, contract or other
Instrument shall automatically and simultaneously not be considered Excluded Property.

    18 

    

    

 

“Excluded
Swap Obligation” means, with respect to any Loan Party, any Swap Obligation if, and to the extent that, all or a
portion of the Guaranty of such Loan Party of, or the grant by such Loan Party of a Lien to secure, such Swap Obligation (or any
Guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures
Trading Commission (or the application or official interpretation thereof) by virtue of such Loan Party’s failure for any
reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act (determined after
giving effect to Section 10.11 and any other “keepwell”, support or other agreement for the benefit of such
Loan Party and any and all guarantees of such Loan Party’s Swap Obligations by other Loan Parties) at the time the Guaranty
of such Loan Party, or grant by such Loan Party of a Lien, becomes effective with respect to such Swap Obligation. If a Swap Obligation
arises under a Master Agreement governing more than one Swap Contract, such exclusion shall apply only to the portion of such
Swap Obligation that is attributable to Swap Contracts for which such Guaranty or Lien is or becomes excluded in accordance with
the first sentence of this definition.

 

“Excluded
Taxes” means any of the following Taxes imposed on or with respect to any Recipient or required to be withheld or
deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes,
and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having
its principal office or, in the case of any Lender, its Lending Office located in, the jurisdiction imposing such Tax (or any
political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding
Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment
pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Loan or Commitment (other
than pursuant to an assignment request by the Borrower under Section 11.13) or (ii) such Lender changes its Lending
Office, except in each case to the extent that, pursuant to Sections 3.01(b) or (d), amounts with respect to such
Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender
immediately before it changed its Lending Office, (c) Taxes attributable to such Recipient’s failure to comply with
Section 3.01(f) and (d) any U.S. federal withholding Taxes imposed pursuant to FATCA.

 

“Existing
Credit Agreement” has the meaning set forth in the recitals to this Agreement.

 

“Extraordinary
Receipt” means any cash received by or paid to or for the account of any Person not in the ordinary course of business,
including tax refunds, pension plan reversions, proceeds of insurance (other than proceeds of business interruption insurance
to the extent such proceeds constitute compensation for lost earnings and proceeds of Involuntary Dispositions), indemnity payments
and any purchase price adjustments; provided, however, that an Extraordinary Receipt shall not include cash receipts
from proceeds of insurance or indemnity payments to the extent that such proceeds, awards or payments are received by any
Person in respect of any third party claim against such Person and applied to pay (or to reimburse such Person for its prior payment
of) such claim and the costs and expenses of such Person with respect thereto.

    19 

    

    

 

“Facility”
means the Revolving Facility or any Incremental Term Facility.

 

“Facility
Termination Date” means the date as of which all of the following shall have occurred: (a) the Aggregate Commitments
have terminated, (b) all Obligations have been paid in cash in full (other than contingent indemnification obligations),
and (c) all Letters of Credit have terminated or expired (other than Letters of Credit as to which other arrangements with respect
thereto satisfactory to the Administrative Agent and the L/C Issuer shall have been made).

 

“FASB
ASC” means the Accounting Standards Codification of the Financial Accounting Standards Board.

 

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

 

“Federal
Funds Rate” means, for any day, the rate per annum 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 Rate as so determined would be
less than zero, such rate shall be deemed to be zero for the purposes of this Agreement.

 

“Fee
Letter” means the letter agreement, dated March 9, 2021, between Holdings,
DT Media, DT USA, and Bank of America, N.A.

 

“FIRREA”
means the Financial Institutions Reform, Recovery and Enforcement Act of 1989, as amended.

 

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

 

“Foreign
Lender” means (a) if the Borrower is a U.S. Person, a Lender that is not a U.S. Person, and (b) if the
Borrower is not a U.S. Person, a Lender that is resident or organized under the laws of a jurisdiction other than that in which
the Borrower is resident for tax purposes. For purposes of this definition, the United States, each State thereof and the District
of Columbia shall be deemed to constitute a single jurisdiction.

 

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

 

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

    20 

    

    

 

“Fronting
Exposure” means, at any time there is a Defaulting Lender that is a Revolving Lender, (a) with respect to the
L/C Issuer, such Defaulting Lender’s Applicable Percentage of the outstanding L/C Obligations other than L/C Obligations
as to which such Defaulting Lender’s participation obligation has been reallocated to other Revolving 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 Revolving Lenders or Cash Collateralized in accordance with the terms hereof.

 

“FSHCO”
means any Subsidiary substantially all of the assets of which constitute the Equity Interests of CFCs.

 

“Fund”
means any Person (other than a natural Person) that is (or will be) engaged in making, purchasing, holding or otherwise investing
in commercial loans and similar extensions of credit in the ordinary course of its activities.

 

“Fyber”
means Fyber N.V., a public limited liability company registered with the Netherlands Chamber of Commerce Business Register under
number 54747805 and also registered with the commercial register of the local court of Berlin (Charlottenburg) under HRB 166541
B.

 

“Fyber
Acquisition” means (i) the sale by Fyber Sellers to, and the acquisition by, the Borrower, directly or indirectly
through one or more wholly-owned Subsidiaries, of all of the Fyber Sellers’ Shares (used in this paragraph as defined in
the Fyber Acquisition Agreement) and (ii) the acquisition by the Borrower, directly or indirectly through one or more wholly-owned
Subsidiaries, of any other Shares it may acquire pursuant to the Offer (as defined in the Fyber Acquisition Agreement) to acquire
the remaining Shares, in each case pursuant to the terms and conditions of the Fyber Acquisition Agreement.

 

“Fyber
Acquisition Agreement” means that certain Share Purchase Agreement dated as of March 22, 2021 among Holdings, Digital
Turbine Luxembourg S.a r.l. and Fyber Sellers, without giving effect to modifications, amendments, supplements, consents, waivers
or requests (including the effects of any such requests) that are materially adverse to the interests of the Lenders (in their
capacity as such) which have not been consented to by the Administrative Agent.

 

“Fyber
Sellers” means, collectively, Tennor Holding B.V., a private limited liability company under Dutch law, Advert Finance
B.V., a private limited liability company under Dutch law, and Lars Windhorst, an individual residing in Switzerland.

 

“GAAP”
means generally accepted accounting principles in the United States set forth from time to time in the opinions and pronouncements
of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements
of the Financial Accounting Standards Board (or agencies with similar functions of comparable stature and authority within the
accounting profession) including, without limitation, the FASB Accounting Standards Codification, that are applicable to the circumstances
as of the date of determination, consistently applied and subject to Section 1.03.

 

“Governmental
Authority” means the government of the United States or any other nation, or of any political subdivision thereof,
whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising
executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including,
without limitation, any supra-national bodies such as the European Union or the European Central Bank).

    21 

    

    

 

“Guarantee”
means, as to any Person, (a) any obligation, contingent or otherwise, of such Person guaranteeing or having the economic
effect of guaranteeing any Indebtedness of the kind described in clauses (a) through (g) of the definition thereof
or other obligation payable or performable by another Person (the “primary obligor”) in any manner,
whether directly or indirectly, and including any obligation of such Person, direct or indirect, (i) to purchase or pay (or
advance or supply funds for the purchase or payment of) such Indebtedness or other obligation, (ii) to purchase or lease
property, securities or services for the purpose of assuring the obligee in respect of such Indebtedness or other obligation of
the payment or performance of such Indebtedness or other obligation, (iii) to maintain working capital, equity capital or
any other financial statement condition or liquidity or level of income or cash flow of the primary obligor so as to enable the
primary obligor to pay such Indebtedness or other obligation, or (iv) entered into for the purpose of assuring in any other
manner the obligee in respect of such Indebtedness or other obligation of the payment or performance thereof or to protect such
obligee against loss in respect thereof (in whole or in part), or (b) any Lien on any assets of such Person securing any
Indebtedness of the kind described in clauses (a) through (g) of the definition thereof or other obligation of any
other Person, whether or not such Indebtedness or other obligation is assumed or expressly undertaken by such Person (or any right,
contingent or otherwise, of any holder of such Indebtedness to obtain any such Lien). 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 by the guaranteeing Person in good faith. The term “Guarantee” as a verb has a corresponding
meaning.

 

“Guaranteed
Obligations” has the meaning set forth in Section 10.01.

 

“Guarantors”
means, collectively, (a) the Subsidiary Guarantors, and (b) with respect to Additional Secured Obligations owing by any Loan
Party or any of its Subsidiaries and any Swap Obligation of a Specified Loan Party (determined before giving effect to Sections 10.01
and 10.11) under the Guaranty, the Borrower.

 

“Guaranty”
means, collectively, the Guarantee made by the Guarantors under Article X in favor of the Secured Parties, together with
each other guaranty delivered pursuant to Section 6.13.

 

“Hazardous
Materials” means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes
or other pollutants, including petroleum or petroleum distillates, natural gas, natural gas liquids, asbestos or asbestos-containing
materials, polychlorinated biphenyls, radon gas, toxic mold, infectious or medical wastes and all other substances, wastes, chemicals,
pollutants, contaminants or compounds of any nature in any form regulated pursuant to any Environmental Law.

 

“Hedge
Bank” means any Person in its capacity as a party to a Swap Contract that, (a) at the time it enters into a
Swap Contract not prohibited under Articles VI or VII, is a Lender or an Affiliate of a Lender, in its capacity
as a party to such Swap Contract (even if such Person ceases to be a Lender or such Person’s Affiliate ceased to be a Lender);
provided, in the case of a Secured Hedge Agreement with a Person who is no longer a Lender (or Affiliate of a Lender),
such Person shall be considered a Hedge Bank only through the stated termination date (without extension or renewal) of such Secured
Hedge Agreement and provided further that for any of the foregoing to be included as a “Secured Hedge Agreement”
on any date of determination by the Administrative Agent, the applicable Hedge Bank (other than the Administrative Agent or an
Affiliate of the Administrative Agent) must have delivered a Secured Party Designation Notice to the Administrative Agent prior
to such date of determination.

    22 

    

    

 

“Holdings”
has the meaning specified in the introductory paragraph hereto.

 

“Impacted
Loans” has the meaning specified in Section 3.03(a).

 

“Incremental
Amendment” has the meaning specified in Section 2.16(j).

 

“Incremental
Facility” has the meaning specified in Section 2.16(a).

 

“Incremental
Facility Effective Date” has the meaning specified in Section 2.16(d).

 

“Incremental
Term Facility” has the meaning specified in Section 2.16(a).

 

“Incremental
Term Loan” has the meaning specified in Section 2.01(b).

 

“Incremental
Term Loan Commitment” has the meaning specified in Section 2.16(a).

 

“Indebtedness”
means, as to any Person at a particular time, without duplication, all of the following, whether or not included as indebtedness
or liabilities in accordance with GAAP:

 

(a)       all
obligations of such Person for borrowed money and all obligations of such Person evidenced by bonds, debentures, notes, loan agreements
or other similar instruments;

 

(b)       all
direct or contingent obligations of such Person arising under letters of credit (including standby and commercial), bankers’
acceptances, bank guaranties, surety bonds and similar instruments;

 

(c)       net
obligations of such Person under any Swap Contract;

 

(d)       all
obligations (including, without limitation, earnout obligations) of such Person to pay the deferred purchase price of property
or services (other than (i) trade accounts payable in the ordinary course of business and not past due for more than ninety (90)
days and (ii) trade accounts which pertain to discontinued operations);

 

(e)       indebtedness
(excluding prepaid interest thereon) secured by a Lien on property owned or being purchased by such Person (including indebtedness
arising under conditional sales or other title retention agreements), whether or not such indebtedness shall have been assumed
by such Person or is limited in recourse;

    23 

    

    

 

(f)       all
Attributable Indebtedness in respect of Capitalized Leases and Synthetic Lease Obligations of such Person;

 

(g)       all
obligations of such Person in respect of any Disqualified Equity Interest in such Person or any other Person or any warrant, right
or option to acquire such Disqualified Equity Interest, valued, in the case of a redeemable preferred interest, at the greater
of its voluntary or involuntary liquidation preference plus accrued and unpaid dividends; and

 

(h)       all
Guarantees of such Person in respect of any of the foregoing.

 

For
all purposes hereof, the Indebtedness of any Person shall include the Indebtedness of any partnership or joint venture (other
than a joint venture that is itself a corporation or limited liability company) in which such Person is a general partner or a
joint venturer, unless such Indebtedness is expressly made non-recourse to such Person. The amount of any net obligation under
any Swap Contract on any date shall be deemed to be the Swap Termination Value thereof as of such date.

 

“Indemnified
Taxes” means all (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or
on account of any obligation of any Loan Party under any Loan Document and (b) to the extent not otherwise described in clause
(a), Other Taxes.

 

“Indemnitee”
has the meaning specified in Section 11.04(b).

 

“Information”
has the meaning specified in Section 11.07(a).

 

“Intellectual
Property” has the meaning set forth in the Security Agreement.

 

“Intercompany
Debt” has the meaning specified in Section 7.02(e).

 

“Interest
Payment Date” means, (a) as to any Eurodollar Rate Loan, the last day of each Interest Period applicable to
such Loan and the Maturity Date of the Facility under which such Loan was made; provided, however, that if any Interest
Period for a Eurodollar Rate Loan exceeds three (3) months, the respective dates that fall every three (3) months after the beginning
of such Interest Period shall also be Interest Payment Dates; and (b) as to any Base Rate Loan or Swingline Loan, the last
Business Day of each March, June, September and December and the Maturity Date of the Facility under which such Loan was made
(with Swingline Loans being deemed made under the Revolving Facility for purposes of this definition).

 

“Interest
Period” means, as to each Eurodollar Rate Loan, the period commencing on the date such Eurodollar Rate Loan is disbursed
or converted to or continued as a Eurodollar Rate Loan and ending on the date one (1), three (3) or six (6) months thereafter
(in each case, subject to availability), as selected by the Borrower in its Loan Notice; provided that:

 

(a)       any
Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding Business
Day unless such Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding
Business Day;

    24 

    

    

 

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

 

(c)       no
Interest Period shall extend beyond the Maturity Date.

 

“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 debt 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 and any arrangement pursuant to which
the investor guaranties Indebtedness of such other Person), or (c) the purchase or other acquisition (in one transaction
or a series of transactions) of assets of another Person which constitute all or substantially all of the assets of such Person
or of a division, line of business or other business unit of such Person. For purposes of covenant compliance, the amount of any
Investment shall be the amount actually invested, without adjustment for subsequent increases or decreases in the value of such
Investment, but giving effect to any returns or distributions of capital or repayment of principal actually received in each case
by such Person with respect thereto. Notwithstanding anything else set forth herein, the AdColony Acquisition shall be deemed
to be an Investment outstanding as of the Closing Date to the extent consummated on such date.

 

“Involuntary
Disposition” means any loss of, damage to or destruction of, or any condemnation or other taking for public use
of, any property of any Loan Party or any Subsidiary.

 

“IP
Rights” has the meaning specified in Section 5.25.

 

“IRS”
means the United States Internal Revenue Service.

 

“ISDA
Definitions” means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc.
or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate
derivatives published from time to time by the International Swaps and Derivatives Association, Inc. or such successor thereto.

 

“ISP”
means the International Standby Practices, International Chamber of Commerce Publication No. 590 (or such later version thereof
as may be in effect at the applicable time).

 

“Issuer
Documents” means with respect to any Letter of Credit, the Letter of Credit Application, and any other document,
agreement and instrument entered into by the L/C Issuer and the Borrower (or any Subsidiary) or in favor of the L/C Issuer and
relating to such Letter of Credit.

 

“Joinder
Agreement” means a joinder agreement substantially in the form of Exhibit D executed and delivered in
accordance with the provisions of Section 6.13.

 

“Junior
Debt Prepayment” has the meaning specified in Section 7.14.

    25 

    

    

 

“Junior
Indebtedness” means (a) unsecured Indebtedness of the Borrower or any Subsidiary, (b) Subordinated Indebtedness
and (c) Indebtedness of the Borrower or any Subsidiary secured on a junior basis to the Liens securing the Obligations. For the
avoidance of doubt, Junior Indebtedness does not include Loans.

 

“Laws”
means, collectively, all international, foreign, federal, state and local statutes, treaties, rules, guidelines, regulations,
ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof
by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative
orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in
each case whether or not having the force of law.

 

“L/C
Advance” means, with respect to each Revolving Lender, such Lender’s funding of its participation in any L/C
Borrowing in accordance with its Applicable Revolving Percentage.

 

“L/C
Borrowing” means an extension of credit resulting from a drawing under any Letter of Credit which has not been reimbursed
on the date when made or refinanced as a Revolving Borrowing.

 

“L/C
Commitment” means, with respect to the L/C Issuer, the commitment of the L/C Issuer to issue Letters of Credit hereunder.
The initial amount of the L/C Issuer’s Letter of Credit Commitment is set forth on Schedule 2.03. The Letter of Credit
Commitment of the L/C Issuer may be modified from time to time by agreement between the L/C Issuer and the Borrower, and notified
to the Administrative Agent.

 

“L/C
Credit Extension” means, with respect to any Letter of Credit, the issuance thereof or extension of the expiry date
thereof, or the increase of the amount thereof.

 

“L/C
Disbursement” means a payment made by the L/C Issuer pursuant to a Letter of Credit.

 

“L/C
Issuer” means Bank of America in its capacity as issuer of Letters of Credit hereunder, or any successor issuer
of Letters of Credit hereunder.

 

“L/C
Obligations” means, as at any date of determination, the aggregate amount available to be drawn under all outstanding
Letters of Credit plus the aggregate of all Unreimbursed Amounts (including all L/C Borrowings). For purposes of computing the
amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance
with Section 1.06. For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by
its terms but any amount may still be drawn thereunder by reason of the operation of Rule 3.14 of the ISP, such Letter of Credit
shall be deemed to be “outstanding” in the amount so remaining available to be drawn.

 

“Lender”
means each of the Persons identified as a “Lender” on the signature pages hereto, each other Person that becomes a
 “Lender” in accordance with this Agreement and, their successors and assigns and, unless the context requires otherwise,
includes the Swingline Lender.

    26 

    

    

 

“Lending
Office” means, as to the Administrative Agent, the L/C Issuer or any Lender, the office or offices of such Person
described as such in such Person’s Administrative Questionnaire, or such other office or offices as such Person may from
time to time notify the Borrower and the Administrative Agent; which office may include any Affiliate of such Person or any domestic
or foreign branch of such Person or such Affiliate.

 

“Letter
of Credit” means any standby letter of credit issued hereunder.

 

“Letter
of Credit Application” means an application and agreement for the issuance or amendment of a Letter of Credit in
the form from time to time in use by the L/C Issuer.

 

“Letter
of Credit Fee” has the meaning specified in Section 2.03(l).

 

“Letter
of Credit Sublimit” means, as of any date of determination, an amount equal to the lesser of (a) $10,000,000
and (b) the Revolving Facility. The Letter of Credit Sublimit is part of, and not in addition to, the Revolving Facility.

 

“Leverage
Increase Period” has the meaning specified in Section 7.11(a).

 

“LIBOR”
has the meaning specified in the definition of Eurodollar Rate.

 

“LIBOR
Replacement Date” has the meaning specified in Section 3.03(c).

 

“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 3.03(c).

 

“LIBOR
Successor Rate Conforming Changes” means, with respect to any proposed LIBOR Successor Rate, any conforming changes
to the definition of Base Rate, Interest Period, timing and frequency of determining rates and making payments of interest and
other technical, administrative or operational matters (including, for the avoidance of doubt, the definition of Business Day,
timing of borrowing requests or prepayment, conversion or continuation notices and length of lookback periods) 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 Successor Rate exists, in such other manner of administration as the Administrative
Agent determines is reasonably necessary in connection with the administration of this Agreement and any other Loan Document).

 

“Lien”
means any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or otherwise), charge,
or preference, priority or other security interest or preferential arrangement in the nature of a security interest of any kind
or nature whatsoever (including any conditional sale or other title retention agreement, any easement, right of way or other encumbrance
on title to real property and any financing lease having substantially the same economic effect as any of the foregoing).

    27 

    

    

 

“Loan”
means an extension of credit by a Lender to the Borrower under Article II in the form of a Revolving Loan, a Swingline
Loan or an Incremental Term Loan.

 

“Loan
Documents” means, collectively, (a) this Agreement, (b) the Notes, (c) the Guaranty, (d) the
Collateral Documents, (e) the Fee Letter, (f) each Issuer Document, (g) each Joinder Agreement, (h) any agreement
creating or perfecting rights in Cash Collateral pursuant to the provisions of Section 2.14, and (i) all other certificates,
agreements, documents and instruments executed and delivered, in each case, by or on behalf of any Loan Party pursuant to the
foregoing (but specifically excluding any Secured Hedge Agreement or any Secured Cash Management Agreement) and any amendments,
modifications or supplements thereto or to any other Loan Document or waivers hereof or to any other Loan Document; provided,
however, that for purposes of Section 11.01, “Loan Documents” shall mean this Agreement, the Guaranty
and the Collateral Documents.

 

“Loan
Notice” means a notice of (a) a Borrowing, (b) a conversion of Loans from one Type to the other, or (c) a
continuation of Eurodollar Rate Loans, pursuant to Section 2.02(a), which shall be substantially in the form of Exhibit
E or such other form as may be approved by the Administrative Agent (including any form on an electronic platform or electronic
transmission system as shall be approved by the Administrative Agent), appropriately completed and signed by a Responsible Officer
of the Borrower.

 

“Loan
Parties” means, collectively, the Borrower and each Guarantor.

 

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

 

“Master
Agreement” has the meaning set forth in the definition of “Swap Contract.”

 

“Material
Adverse Effect” means (a) a material adverse change in, or a material adverse effect upon, the operations,
business, properties, liabilities (actual or contingent), condition (financial or otherwise) or prospects of Holdings or Holdings
and its Subsidiaries taken as a whole; or (b) a material adverse effect on (i) the ability of any Loan Party to perform its
Obligations under any Loan Document to which it is a party, (ii) the legality, validity, binding effect or enforceability against
any Loan Party of any Loan Document to which it is a party or (iii) the rights, remedies and benefits available to, or conferred
upon, the Administrative Agent or any Lender under any Loan Documents.

 

“Material
Contract” means, with respect to any Person, (a) each contract or agreement material to the business, condition
(financial or otherwise), operations, performance, properties or prospects of such Person or (b) any other contract, agreement,
permit or license, written or oral, of the Borrower and its Subsidiaries as to which the breach, nonperformance, cancellation
or failure to renew by any party thereto, individually or in the aggregate, would reasonably be expected to have a Material Adverse
Effect.

    28 

    

    

 

“Material
Domestic Subsidiary” means any Domestic Subsidiary of Holdings that, together with its Subsidiaries, (a) generates
more than 5% of Consolidated EBITDA on a Pro Forma Basis for the four (4) fiscal quarter period most recently ended or (b) has
total assets (including Equity Interests in other Subsidiaries and excluding investments that are eliminated in consolidation)
of equal to or greater than 5% of the total assets of Holdings and its Subsidiaries, on a consolidated basis as of the end of
the most recent four (4) fiscal quarters; provided, however, that if at any time there are Domestic Subsidiaries
which are not classified as “Material Domestic Subsidiaries” but which collectively (i) generate more than 10%
of Consolidated EBITDA on a Pro Forma Basis or (ii) have total assets (including Equity Interests in other Subsidiaries and
excluding investments that are eliminated in consolidation) of equal to or greater than 10% of the total assets of Holdings and
its Subsidiaries on a Consolidated basis, then Holdings shall promptly designate one or more of such Domestic Subsidiaries as
Material Domestic Subsidiaries and cause any such Domestic Subsidiaries to comply with the provisions of Section 6.13 such
that, after such Domestic Subsidiaries become Guarantors hereunder, the Domestic Subsidiaries that are not Guarantors shall (A) generate
less than 10% of Consolidated EBITDA and (B) have total assets of less than 10% of the total assets of Holdings and its Subsidiaries
on a Consolidated basis.

 

“Maturity
Date” means (a) with respect to the Revolving Facility, April 29, 2026 and (b) with respect to an Incremental Term
Facility, the final maturity date applicable thereto as specified in the applicable Incremental Amendment; provided, however,
that, in each case, if such date is not a Business Day, the Maturity Date shall be the next preceding Business Day.

 

“Material
Real Property” means any fee owned Real Property located in the United States that is owned by any Loan Party with
a fair market value in excess of $5,000,000 (as reasonably estimated by the Administrative Agent).

 

“Measurement
Period” means, at any date of determination, the most recently completed four (4) fiscal quarters of Holdings (or,
for purposes of determining Pro Forma Compliance, the most recently completed four (4) fiscal quarters of Holdings for which financial
statements have been or are required to be delivered pursuant to Section 6.01).

 

“Minimum
Collateral Amount” means, at any time, (a) with respect to Cash Collateral consisting of cash or deposit account
balances, an amount equal to 105% of the Fronting Exposure of the L/C Issuer with respect to Letters of Credit issued and outstanding
at such time and (b) otherwise, an amount determined by the Administrative Agent and the L/C Issuer in their sole discretion.

 

“Moody’s”
means Moody’s Investors Service, Inc. and any successor thereto.

 

“Mortgage
Policies” has the meaning specified in the definition of “Collateral and Guarantee Requirement.”

 

“Mortgaged
Property” has the meaning specified in the definition of “Collateral and Guarantee Requirement.”

 

“Mortgages”
means collectively, the deeds of trust, trust deeds, deeds to secure debt, hypothecs and mortgages made by the Loan Parties in
favor or for the benefit of the Administrative Agent on behalf of the Secured Parties creating and evidencing a Lien on a Mortgaged
Property in form and substance reasonably satisfactory to the Administrative Agent with such terms and provisions as may be required
by the applicable Laws of the relevant jurisdiction, and any other mortgages executed and delivered pursuant to Section 6.14
or 6.17, in each case, as the same may from time to time be amended, restated, supplemented, or otherwise modified.

    29 

    

    

 

“Multiemployer
Plan” means any employee benefit plan of the type described in Section 4001(a)(3) of ERISA, to which the Borrower
or any ERISA Affiliate makes or is obligated to make contributions, or during the preceding five (5) plan years, has made or been
obligated to make contributions.

 

“Multiple
Employer Plan” means a Plan which has two or more contributing sponsors (including the Borrower or any ERISA Affiliate)
at least two of whom are not under common control, as such a plan is described in Section 4064 of ERISA.

 

“Net
Cash Proceeds” means the aggregate cash or Cash Equivalents proceeds received by any Loan Party or any Subsidiary
in respect of any Disposition, Equity Issuance, or Involuntary Disposition, net of (a) direct costs incurred in connection
therewith (including, without limitation, legal, accounting and investment banking fees and sales commissions), (b) taxes
paid or payable as a result thereof and (c) in the case of any Disposition or any Involuntary Disposition, the amount necessary
to retire any Indebtedness secured by a Permitted Lien (ranking senior to any Lien of the Administrative Agent) on the related
property; it being understood that “Net Cash Proceeds” shall include, without limitation, any cash or Cash Equivalents
received upon the sale or other disposition of any non-cash consideration received by any Loan Party or any Subsidiary in any
Disposition, Equity Issuance, or Involuntary Disposition.

 

“New
Lender” has the meaning specified in Section 2.16(c).

 

“Non-Consenting
Lender” means any Lender that does not approve any consent, waiver or amendment that (a) requires the approval
of all Lenders or all affected Lenders in accordance with the terms of Section 11.01 and (b) has been approved by
the Required Lenders.

 

“Non-Defaulting
Lender” means, at any time, each Lender that is not a Defaulting Lender at such time.

 

“Non-Extension
Notice Date” has the meaning specified in Section 2.03(b).

 

“Note”
means a Revolving Note.

 

“Notice
of Loan Prepayment” means a notice of prepayment with respect to a Loan, which shall be substantially in the form
of Exhibit P or such other form as may be approved by the Administrative Agent (including any form on an electronic platform
or electronic transmission system as shall be approved by the Administrative Agent), appropriately completed and signed by a Responsible
Officer.

 

“NPL”
means the National Priorities List under CERCLA.

 

“Obligations”
means (a) all advances to, and debts, liabilities, obligations, covenants and duties of, any Loan Party arising under any
Loan Document or otherwise with respect to any Loan, or Letter of Credit and (b) all costs and expenses incurred in connection
with enforcement and collection of the foregoing, including the fees, charges and disbursements of counsel, in each case whether
direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter
arising and including interest, expenses and fees that accrue after the commencement by or against any Loan Party or any Affiliate
thereof pursuant to any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless
of whether such interest, expenses and fees are allowed claims in such proceeding; provided that, without limiting the
foregoing, the Obligations of a Loan Party shall exclude any Excluded Swap Obligations with respect to such Loan Party.

    30 

    

    

 

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

 

“Officer’s
Certificate” means a certificate substantially the form of Exhibit K or any other form approved by the Administrative
Agent.

 

“Organization
Documents” means, (a) with respect to any corporation, the charter or 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 limited
liability company agreement (or equivalent or comparable documents with respect to any non-U.S. jurisdiction); (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 (or equivalent or comparable documents with respect to any non-U.S. jurisdiction) and (d) with
respect to all entities, 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 (or equivalent
or comparable documents with respect to any non-U.S. jurisdiction).

 

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

 

“Other
Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that
arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt
or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other
Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 3.06).

 

“Outstanding
Amount” means (a) with respect to Incremental Term Loans, Revolving Loans and Swingline Loans on any date,
the aggregate outstanding principal amount thereof after giving effect to any Borrowings and prepayments or repayments of Revolving
Loans and Swingline Loans, as the case may be, occurring on such date; and (b) with respect to any L/C Obligations on any
date, the amount of such L/C Obligations on such date after giving effect to any L/C Credit Extension occurring on such date and
any other changes in the aggregate amount of the L/C Obligations as of such date, including as a result of any reimbursements
by the Borrower of Unreimbursed Amounts.

    31 

    

    

 

“Participant”
has the meaning specified in Section 11.06(d).

 

“Participant
Register” has the meaning specified in Section 11.06(d).

 

“Patriot
Act” has the meaning specified in Section 11.19.

 

“PBGC”
means the Pension Benefit Guaranty Corporation.

 

“Pension
Funding Rules” means the rules of the Code and ERISA regarding minimum funding standards with respect to Pension
Plans and set forth in Sections 412, 430, 431, 432 and 436 of the Code and Sections 302, 303, 304 and 305 of ERISA.

 

“Pension
Plan” means any employee pension benefit plan (including a Multiple Employer Plan or a Multiemployer Plan) that
is maintained or is contributed to by the Borrower and any ERISA Affiliate or with respect to which the Borrower or any ERISA
Affiliate has any liability and is either covered by Title IV of ERISA or is subject to the minimum funding standards under Section
412 of the Code.

 

“Permitted
Acquisition” means (a) the AdColony Acquisition, (b) the Fyber Acquisition and (c) any other Acquisition in compliance
with Section 7.03(g).

 

“Permitted
Acquisition Certificate” means a certificate substantially the form of Exhibit F or any other form approved
by the Administrative Agent.

 

“Permitted
Liens” has the meaning set forth in Section 7.01.

 

“Permitted
Transfers” means (a) Dispositions of inventory in the ordinary course of business; (b) Dispositions of property
to the Borrower or any Subsidiary; provided that if the transferor of such property is a Loan Party then the transferee
thereof must be a Loan Party; (c) Dispositions of accounts receivable in connection with the collection or compromise thereof;
(d) leases or subleases granted to others not interfering in any material respect with the business of the Borrower and its
Subsidiaries; and (e) the sale or disposition of Cash Equivalents for fair market value.

 

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

 

“Plan”
means any employee benefit plan within the meaning of Section 3(3) of ERISA (including a Pension Plan), maintained for employees
of the Borrower or any ERISA Affiliate or any such Plan to which the Borrower or any ERISA Affiliate is required to contribute
on behalf of any of its employees.

 

“Platform”
has the meaning specified in Section 6.02.

    32 

    

    

 

“Pledged
Equity” has the meaning specified in the Security Agreement.

 

“Pre-Adjustment
Successor Rate” has the meaning specified in Section 3.03(c).

 

“Pro
Forma Basis” and “Pro Forma Effect” means, with respect to any transaction, whether actual
or proposed, for purposes of determining compliance with the Consolidated Leverage Ratio, the Consolidated Secured Leverage Ratio,
the Consolidated Interest Coverage Ratio or the financial covenants set forth in Section 7.11, each such transaction
or proposed transaction shall be deemed to have occurred on and as of the first day of the relevant Measurement Period, and, the
following pro forma adjustments shall be made:

 

(a)       in
the case of an actual or proposed Disposition, all income statement items (whether positive or negative) attributable to the line
of business or the Person subject to such Disposition shall be excluded from the results of Holdings and its Subsidiaries for
such Measurement Period;

 

(b)       in
the case of an actual or proposed Acquisition, income statement items (whether positive or negative) attributable to the property,
line of business or the Person subject to such Acquisition shall be included in the results of Holdings and its Subsidiaries for
such Measurement Period;

 

(c)       interest
accrued during the relevant Measurement Period on, and the principal of, any Indebtedness repaid or to be repaid or refinanced
in such transaction shall be excluded from the results of Holdings and its Subsidiaries for such Measurement Period; and

 

(d)       any
Indebtedness actually or proposed to be incurred or assumed in such transaction (other than earnout obligations, which shall be
excluded except to the extent that liability therefor has actually accrued) shall be deemed to have been incurred as of the first
day of the applicable Measurement Period, and interest thereon shall be deemed to have accrued from such day on such Indebtedness
at the applicable rates provided therefor (and in the case of interest that does or would accrue at a formula or floating rate,
at the rate in effect at the time of determination) and shall be included in the results of Holdings and its Subsidiaries for
such Measurement Period.

 

“Pro
Forma Compliance” means, with respect to any transaction, that such transaction does not cause, create or result
in non-compliance with the applicable maximum Consolidated Leverage Ratio or Consolidated Secured Net Leverage Ratio, or the applicable
minimum Consolidated Interest Coverage Ratio, as the context requires, after giving Pro Forma Effect, based upon the results of
operations for the most recently completed Measurement Period to (a) such transaction and (b) all other transactions
which are contemplated or required to be given Pro Forma Effect hereunder that have occurred on or after the first day of the
relevant Measurement Period.

 

“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
Lender” has the meaning specified in Section 6.02.

    33 

    

    

 

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

 

“QFC
Credit Support” has the meaning specified in Section 11.21.

 

“Qualified
ECP Guarantor” means, at any time, each Loan Party with total assets exceeding $10,000,000 or that qualifies at
such time as an “eligible contract participant” under the Commodity Exchange Act and can cause another Person to qualify
as an “eligible contract participant” at such time under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

 

“Qualifying
Control Agreement” means an agreement, among a Loan Party, a depository institution or securities intermediary and
the Administrative Agent, which agreement is in form and substance acceptable to the Administrative Agent and which provides the
Administrative Agent with “control” (as such term is used in Article 9 of the UCC) over the deposit account(s) or
securities account(s) described therein.

 

“Real
Property” means, collectively, all right, title and interest (including any leasehold, mineral or other estate)
in and to any and all parcels of or interests in real property owned or leased by any Person, whether by lease, license or other
means, together with, in each case, all easements, hereditaments and appurtenances relating thereto, all improvements and appurtenant
fixtures and equipment, all general intangibles and contract rights and other property and rights incidental to the ownership,
lease or operation thereof.

 

“Recipient”
means the Administrative Agent, any Lender, the L/C Issuer or any other recipient of any payment to be made by or on account of
any obligation of any Loan Party hereunder.

 

“Register”
has the meaning specified in Section 11.06(c).

 

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

 

“Related
Adjustment” means, in determining any LIBOR Successor Rate, the first relevant available alternative set forth in
the order below that can be determined by the Administrative Agent applicable to such LIBOR Successor Rate:

 

(A)       the
spread adjustment, or method for calculating or determining such spread adjustment, that has been selected or recommended by the
Relevant Governmental Body for the relevant Pre-Adjustment Successor Rate (taking into account the interest period, interest payment
date or payment period for interest calculated and/or tenor thereto) and which adjustment or method (x) is published on an information
service as selected by the Administrative Agent from time to time in its reasonable discretion or (y) solely with respect to Term
SOFR, if not currently published, which was previously so recommended for Term SOFR and published on an information service acceptable
to the Administrative Agent; or

 

(B)       the
spread adjustment that would apply (or has previously been applied) to the fallback rate for a derivative transaction referencing
the ISDA Definitions (taking into account the interest period, interest payment date or payment period for interest calculated
and/or tenor thereto).

    34 

    

    

 

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

 

“Release”
means any release, spill, emission, discharge, deposit, disposal, leaking, pumping, pouring, dumping, emptying, injection or leaching
into the Environment, or into, from or through any building, structure or facility.

 

“Relevant
Governmental Body” means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially
endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York.

 

“Reportable
Event” means any of the events set forth in Section 4043(c) of ERISA, other than events for which the thirty (30)
day notice period has been waived.

 

“Request
for Credit Extension” means (a) with respect to a Borrowing, conversion or continuation of Incremental Term
Loans or Revolving Loans, a Loan Notice, (b) with respect to an L/C Credit Extension, a Letter of Credit Application, and
(c) with respect to a Swingline Loan, a Swingline Loan Notice.

 

“Required
Class Lenders” means, at any time with respect to any Class of Loans or Commitments, Lenders having Total Credit
Exposures with respect to such Class representing more than 50% of the Total Credit Exposures of all Lenders of such Class. The
Total Credit Exposure of any Defaulting Lender with respect to such Class shall be disregarded in determining Required Class Lenders
at any time; provided that, the amount of any participation in any Swingline Loan and Unreimbursed Amounts that such Defaulting
Lender has failed to fund that have not been reallocated to and funded by another Lender shall be deemed to be held by the Lender
that is the Swingline Lender or the L/C Issuer, as the case may be, in making such determination.

 

“Required
Lenders” means, at any time, Lenders having Total Credit Exposures representing more than 50% of the Total Credit
Exposures of all Lenders. The Total Credit Exposure of any Defaulting Lender shall be disregarded in determining Required Lenders
at any time; provided that, the amount of any participation in any Swingline Loan and Unreimbursed Amounts that such Defaulting
Lender has failed to fund that have not been reallocated to and funded by another Lender shall be deemed to be held by the Lender
that is the Swingline Lender or the L/C Issuer, as the case may be, in making such determination.

 

“Rescindable
Amount” has the meaning set forth in Section 2.12(b)(ii).

 

“Resignation
Effective Date” has the meaning set forth in Section 9.06(a).

 

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

    35 

    

    

 

“Responsible
Officer” means the chief executive officer, president, executive vice president, chief financial officer, chief
accounting officer, treasurer, assistant treasurer, vice president of finance or controller of a Loan Party, solely for purposes
of the delivery of incumbency certificates pursuant to Section 4.01(b), the secretary or any assistant secretary of a Loan
Party and, solely for purposes of notices given pursuant to Article II, any other officer or employee of the applicable
Loan Party so designated by any of the foregoing officers in a notice to the Administrative Agent or any other officer or employee
of the applicable Loan Party designated in or pursuant to an agreement between the applicable Loan Party and the Administrative
Agent. 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. To the extent requested by the Administrative
Agent, each Responsible Officer will provide an incumbency certificate and to the extent requested by the Administrative Agent,
appropriate authorization documentation, in form and substance satisfactory to the Administrative Agent.

 

“Restricted
Payment” means (a) any dividend or other distribution, direct or indirect, on account of any shares (or equivalent)
of any class of Equity Interests of Holdings or any of its Subsidiaries, now or hereafter outstanding, (b) any redemption,
retirement, sinking fund or similar payment, purchase or other acquisition for value, direct or indirect, of any shares (or equivalent)
of any class of Equity Interests of Holdings or any of its Subsidiaries, now or hereafter outstanding, (c) any payment made
to retire, or to obtain the surrender of, any outstanding warrants, options or other rights to acquire shares of any class of
Equity Interests of any Loan Party or any of its Subsidiaries, now or hereafter outstanding, (d)
any payment with respect to any earnout obligation.

 

“Revolving
Borrowing” means a borrowing consisting of simultaneous Revolving Loans of the same Type and, in the case of Eurodollar
Rate Loans, having the same Interest Period made by each of the Revolving Lenders pursuant to Section 2.01(b).

 

“Revolving
Commitment” means, as to each Revolving Lender, its obligation to (a) make Revolving Loans to the Borrower
pursuant to Section 2.01(b), (b) purchase participations in L/C Obligations, and (c) purchase participations
in Swingline Loans, in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such
Lender’s name on Schedule 1.01(b) under the caption “Revolving Commitment” or opposite such caption in
the Assignment and Assumption pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted
from time to time in accordance with this Agreement. The Revolving Commitment of all of the Revolving Lenders on the Closing Date
shall be $400,000,000.

 

“Revolving
Commitment Increase” has the meaning specified in Section 2.16(a)

 

“Revolving
Exposure” means, as to any Lender at any time, the aggregate principal amount at such time of its outstanding Revolving
Loans and such Lender’s participation in L/C Obligations and Swingline Loans at such time.

 

“Revolving
Facility” means, at any time, the aggregate amount of the Revolving Lenders’ Revolving Commitments at such
time.

    36 

    

    

 

“Revolving
Increase Effective Date” has the meaning specified in Section 2.16(d).

 

“Revolving
Lender” means, at any time, (a) so long as any Revolving Commitment is in effect, any Lender that has a Revolving
Commitment at such time or (b) if the Revolving Commitments have terminated or expired, any Lender that has a Revolving Loan
or a participation in L/C Obligations or Swingline Loans at such time.

 

“Revolving
Loan” has the meaning specified in Section 2.01.

 

“Revolving
Note” means a promissory note made by the Borrower in favor of a Revolving Lender evidencing Revolving Loans or
Swingline Loans, as the case may be, made by such Revolving Lender, substantially in the form of Exhibit G.

 

“S&P”
means Standard & Poor’s Financial Services LLC, a subsidiary of S&P Global Inc., and any successor thereto.

 

“Sale
and Leaseback Transaction” means, with respect to any Loan Party or any Subsidiary, any arrangement, directly or
indirectly, with any Person whereby such Loan Party or such Subsidiary shall sell or transfer any property used or useful in its
business, whether now owned or hereafter acquired, and thereafter rent or lease such property or other property that it intends
to use for substantially the same purpose or purposes as the property being sold or transferred.

 

“Sanction(s)”
means any sanction administered or enforced by the United States Government (including, without limitation, OFAC), the United
Nations Security Council, the European Union, Her Majesty’s Treasury (“HMT”) or other relevant
sanctions authority.

 

“Scheduled
Unavailability Date” has the meaning specified in Section 3.03(c).

 

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

 

“Secured
Cash Management Agreement” means any Cash Management Agreement between the any Loan Party and any of its Subsidiaries
and any Cash Management Bank.

 

“Secured
Hedge Agreement” means any interest rate, currency, foreign exchange, or commodity Swap Contract required by or
not prohibited under Article VI or VII between any Loan Party and any of its Subsidiaries and any Hedge Bank.

 

“Secured
Obligations” means all Obligations and all Additional Secured Obligations.

 

“Secured
Parties” means, collectively, the Administrative Agent, the Lenders, the L/C Issuer, the Hedge Banks, the Cash Management
Banks, the Indemnitees and each co-agent or sub-agent appointed by the Administrative Agent from time to time pursuant to Section
9.05.

 

“Secured
Party Designation Notice” means a notice from any Lender or an Affiliate of a Lender substantially in the form of
Exhibit H.

    37 

    

    

 

“Securities
Act” means the Securities Act of 1933, including all amendments thereto and regulations promulgated thereunder.

 

“Security
Agreement” means the amended and restated security and pledge agreement, dated as of the Closing Date, executed
in favor of the Administrative Agent by each of the Loan Parties.

 

“Shareholders’
Equity” means, as of any date of determination, consolidated shareholders’ equity of Holdings and its Subsidiaries
as of such date, determined in accordance with GAAP.

 

“SOFR”
with respect to any Business Day means 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) at approximately 8:00 a.m. (New York City time) on the immediately succeeding Business Day and,
in each case, that has been selected or recommended by the Relevant Governmental Body.

 

“Solvency
Certificate” means a solvency certificate in substantially in the form of Exhibit I.

 

“Solvent”
and “Solvency” mean, with respect to any Person on any date of determination, that on such date (a) the
fair value of the property of such Person is greater than the total amount of liabilities, including contingent liabilities, of
such Person, (b) the present fair saleable value of the assets of such Person is not less than the amount that will be required
to pay the probable liability of such Person on its debts as they become absolute and matured, (c) such Person does not intend
to, and does not believe that it will, incur debts or liabilities beyond such Person’s ability to pay such debts and liabilities
as they mature, (d) such Person is not engaged in business or a transaction, and is not about to engage in business or a
transaction, for which such Person’s property would constitute an unreasonably small capital, and (e) such Person is
able to pay its debts and liabilities, contingent obligations and other commitments as they mature in the ordinary course of business.
The amount of contingent liabilities at any time shall be computed as the amount that, in the light of all the facts and circumstances
existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability.

 

“Specified
Loan Party” means any Loan Party that is not then an “eligible contract participant” under the Commodity
Exchange Act (determined prior to giving effect to Section 10.11).

 

“Subordinated
Indebtedness” means Indebtedness of the Borrower or any Subsidiary which by its terms is subordinated in right of
payment to the payment in full of the Secured Obligations in a form and substance reasonably acceptable to the Administrative
Agent.

 

“Subsidiary”
of a Person means a corporation, partnership, joint venture, limited liability company or other business entity of which a majority
of the shares of Voting Stock is at the time beneficially owned, or the management of which is otherwise controlled, directly,
or indirectly through one or more intermediaries, or both, by such Person. Unless otherwise specified, all references herein to
a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of Holdings.

    38 

    

    

 

“Subsidiary
Guarantors” means the Material Domestic Subsidiaries of Holdings (other than the Borrower) as are or may from time
to time become parties to this Agreement pursuant to Section 6.13.

 

“Supported
QFC” has the meaning specified in Section 11.21.

 

“Swap
Contract” 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
Obligations” means with respect to any Loan Party any obligation to pay or perform under any agreement, contract
or transaction that constitutes a “swap” within the meaning of Section 1a(47) of the Commodity Exchange Act.

 

“Swap
Termination Value” means, in respect of any one or more Swap Contracts, after taking into account the effect of
any legally enforceable netting agreement relating to such Swap Contracts, (a) for any date on or after the date such Swap
Contracts have been closed out and termination value(s) determined in accordance therewith, such termination value(s), and (b) for
any date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such Swap
Contracts, as determined based upon one or more mid-market or other readily available quotations provided by any recognized dealer
in such Swap Contracts (which may include a Lender or any Affiliate of a Lender).

 

“Swingline
Borrowing” means a borrowing of a Swingline Loan pursuant to Section 2.04.

 

“Swingline
Commitment” means, as to any Lender (a) the amount set forth opposite such Lender’s name on Schedule 2.01
hereof or (b) if such Lender has entered into an Assignment and Assumption or has otherwise assumed a Swingline Commitment
after the Closing Date, the amount set forth for such Lender as its Swingline Commitment in the Register maintained by the Administrative
Agent pursuant to Section 11.06(c).

 

“Swingline
Lender” means Bank of America, in its capacity as provider of Swingline Loans, or any successor swingline lender
hereunder.

 

“Swingline
Loan” has the meaning specified in Section 2.04(a).

    39 

    

    

 

“Swingline
Loan Notice” means a notice of a Swingline Borrowing pursuant to Section 2.04(b), which shall be substantially
in the form of Exhibit J or such other form as approved by the Administrative Agent (including any form on an electronic
platform or electronic transmission system as shall be approved by the Administrative Agent), appropriately completed and signed
by a Responsible Officer of the Borrower.

 

“Swingline
Sublimit” means an amount equal to the lesser of (a) $5,000,000 and (b) the Revolving Facility. The Swingline
Sublimit is part of, and not in addition to, the Revolving Facility.

 

“Synthetic
Lease Obligation” means the monetary obligation of a Person under (a) a so-called synthetic, off-balance sheet
or tax retention lease, or (b) an agreement for the use or possession of property (including Sale and Leaseback Transactions),
in each case, creating obligations that do not appear on the balance sheet of such Person but which, upon the application of any
Debtor Relief Laws to such Person, would be characterized as the indebtedness of such Person (without regard to accounting treatment).

 

“Target”
means the Person or division, line of business or other business unit of the Person to be acquired in an Acquisition.

 

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

 

“Term
SOFR” means the forward-looking term rate for any period that is approximately (as determined by the Administrative
Agent) as long as any of the Interest Period options set forth in the definition of “Interest Period” and 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.

 

“Threshold
Amount” means $10,000,000.

 

“Total
Credit Exposure” means, as to any Lender at any time, (a) in respect of the Revolving Facility, the unused Commitments
and Revolving Exposure of such Lender at such time and (b) in respect of any Incremental Term Facility, the aggregate Outstanding
Amount of all Incremental Term Loans.

 

“Total
Revolving Exposure” means, as to any Revolving Lender at any time, the unused Commitments and Revolving Exposure
of such Revolving Lender at such time.

 

“Total
Revolving Outstandings” means the aggregate Outstanding Amount of all Revolving Loans, Swingline Loans and L/C Obligations.

 

“Trade
Date” has the meaning set forth in an Assignment and Assumption.

 

“Trailing
Four Quarter Consolidated EBITDA” means Consolidated EBITDA for the most recently ended Measurement Period.

    40 

    

    

 

“Type”
means, with respect to a Loan, its character as a Base Rate Loan or a Eurodollar Rate Loan.

 

“UCC”
means the Uniform Commercial Code as in effect in the State of New York; provided that, if perfection or the effect of
perfection or non-perfection or the priority of any security interest in any Collateral is governed by the Uniform Commercial
Code as in effect in a jurisdiction other than the State of New York, “UCC” means the Uniform Commercial
Code as in effect from time to time in such other jurisdiction for purposes of the provisions hereof relating to such perfection,
effect of perfection or non-perfection or priority.

 

“UCP”
means the Uniform Customs and Practice for Documentary Credits, International Chamber of Commerce Publication No. 600 (or such
later version thereof as may be in effect at the applicable time).

 

“UK
Financial Institution” means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended form
time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person subject to IFPRU 11.6 of the FCA
Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain
credit institutions and investment firms, and certain Affiliates of such credit institutions or investment firms.

 

“UK
Resolution Authority” means the Bank of England or any other public administrative authority having responsibility
for the resolution of any UK Financial Institution.

 

“United
States” and “U.S.” mean the United States of America.

 

“Unreimbursed
Amount” has the meaning specified in Section 2.03(f).

 

“Unrestricted
Cash Amount” means, as to any Person on any date of determination, the amount of (a) domestic unrestricted cash
and Cash Equivalents of such Person whether or not held in an account pledged to the Administrative Agent, and (b) domestic cash
and Cash Equivalents of such Person restricted in favor of the Facility (which may also include cash and Cash Equivalents securing
other Indebtedness secured by a Lien on any Collateral along with the Facility), in each case as determined in accordance with
GAAP; provided that the “Unrestricted Cash Amount” shall not exceed fifty percent (50%) of Consolidated EBITDA
for the then most recently ended Measurement Period.

 

“U.S.
Loan Party” means any Loan Party that is organized under the laws of the United States, any state thereof for
the District of Columbia.

 

“U.S.
Person” means any Person that is a “United States Person” as defined in Section 7701(a)(30)
of the Code.

 

“U.S.
Special Resolution Regimes” has the meaning specified in Section 11.21.

 

“U.S.
Tax Compliance Certificate” has the meaning specified in Section 3.01(f)(ii)(B)(3).

    41 

    

    

 

“Voting
Stock” means, with respect to any Person, Equity Interests issued by such Person the holders of which are ordinarily,
in the absence of contingencies, entitled to vote for the election of directors (or persons performing similar functions) of such
Person, even though the right to so vote has been suspended by the happening of such contingency.

 

“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.

 

“Withholding
Agent” means the Borrower and the Administrative Agent.

 

“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.

 

		1.02	Other
Interpretive Provisions.

 

With
reference to this Agreement and each other Loan Document, unless otherwise specified herein or in such other Loan Document:

 

(a)         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, (i) any definition of
or reference to any agreement, instrument or other document (including the Loan Documents and any Organization Document) shall
be construed as referring to such agreement, instrument or other document as from time to time amended, amended and restated,
modified, extended, restated, replaced or supplemented from time to time (subject to any restrictions on such amendments, supplements
or modifications set forth herein or in any other Loan Document), (ii) any reference herein to any Person shall be construed
to include such Person’s successors and assigns, (iii) the words “hereto,” “herein,” “hereof”
and “hereunder,” and words of similar import when used in any Loan Document, shall be construed to refer to such Loan
Document in its entirety and not to any particular provision thereof, (iv) all references in a Loan Document to Articles,
Sections, Preliminary Statements, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Preliminary
Statements, Exhibits and Schedules to, the Loan Document in which such references appear, (v) any reference to any law shall
include all statutory and regulatory rules, regulations, orders and provisions consolidating, amending, replacing or interpreting
such law and any reference to any law, rule or regulation shall, unless otherwise specified, refer to such law, rule or regulation
as amended, modified, extended, restated, replaced or supplemented from time to time, and (vi) 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. Any and all references to “Borrower”
regardless of whether preceded by the term “a”, “any”, “each of”, “all”, “and/or”,
or any other similar term shall be deemed to refer, as the context requires, to each and every (and/or any, one or all) parties
constituting a Borrower, individually and/or in the aggregate.

    42 

    

    

 

(b)         In the computation of periods of time from a specified date to a later specified date, the word “from” means “from
and including;” the words “to” and “until” each mean “to but excluding;” and the word
 “through” means “to and including.”

 

(c)         Section headings herein and in the other Loan Documents are included for convenience of reference only and shall not affect the
interpretation of this Agreement or any other Loan Document.

 

(d)         Any reference herein to a merger, transfer, consolidation, amalgamation, assignment, sale, disposition or transfer, or similar
term, shall be deemed to apply to a division of or by a limited liability company, or an allocation of assets to a series of a
limited liability company (or the unwinding of such a division or allocation), as if it were a merger, transfer, consolidation,
amalgamation, assignment, sale, disposition or transfer, or similar term, as applicable, to, of or with a separate Person. Any
division of a limited liability company shall constitute a separate Person hereunder (and each division of any limited liability
company that is a Subsidiary, joint venture or any other like term shall also constitute such a Person or entity).

 

		1.03	Accounting
Terms.

 

(a)         Generally. 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 applied on a consistent basis, as in effect from time to time, applied in a manner
consistent with that used in preparing the Audited Financial Statements, except as otherwise specifically prescribed herein. Notwithstanding
the foregoing, for purposes of determining compliance with any covenant (including the computation of any financial covenant)
contained herein, (i) Indebtedness of Holdings and its Subsidiaries shall be deemed to be carried at 100% of the outstanding principal
amount thereof, and the effects of FASB ASC 825 and FASB ASC 470–20 on financial liabilities shall be disregarded, (ii)
all liability amounts shall be determined excluding any liability relating to any operating lease, all asset amounts shall be
determined excluding any right-of-use assets relating to any operating lease, all amortization amounts shall be determined excluding
any amortization of a right-of-use asset relating to any operating lease, and all interest amounts shall be determined excluding
any deemed interest comprising a portion of fixed rent payable under any operating lease, in each case to the extent that such
liability, asset, amortization or interest pertains to an operating lease under which the covenantor or a member of its consolidated
group is the lessee and would not have been accounted for as such under GAAP as in effect on December 31, 2015, and (iii)
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 ASC Topic 825 “Financial Instruments” (or
any other financial accounting standard having a similar result or effect) to value any Indebtedness of Holdings or any Subsidiary
at “fair value”, as defined therein. For purposes of determining the amount of any outstanding Indebtedness, no effect
shall be given to any election by Holdings to measure an item of Indebtedness using fair value (as permitted by Financial Accounting
Standards Board Accounting Standards Codification 825–10–25 (formerly known as FASB 159) or any similar accounting
standard).

    43 

    

    

 

(b)        Changes in GAAP. If at any time any change in GAAP would affect the computation of any financial ratio or requirement set
forth in any Loan Document, and either the Borrower or the Required Lenders shall so request, the Administrative Agent, the Lenders
and the Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light
of such change in GAAP (subject to the approval of the Required Lenders); provided that, until so amended, (i) such
ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein and (ii) the Borrower
shall provide to the Administrative Agent and the Lenders financial statements and other documents required under this Agreement
or as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or requirement made before
and after giving effect to such change in GAAP.

 

(c)        Pro Forma Treatment. Each Disposition of all or substantially all of a line of business, and each Acquisition, by Holdings
and its Subsidiaries that is consummated during any Measurement Period shall, for purposes of determining compliance with the
financial covenants set forth in Section 7.11 and for purposes of determining the Applicable Rate, be given Pro Forma Effect
as of the first day of such Measurement Period.

 

		1.04	Rounding.

 

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

 

		1.05	Times
of Day.

 

Unless
otherwise specified, all references herein to times of day shall be references to Central time (daylight or standard, as applicable).

    44 

    

    

1.06       Letter of Credit Amounts.

 

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, however, that with respect to any Letter of Credit that, by its terms
or the terms of any Issuer 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.

 

1.07       UCC Terms.

 

Terms
defined in the UCC in effect on the Closing Date and not otherwise defined herein shall, unless the context otherwise indicates,
have the meanings provided by those definitions. Subject to the foregoing, the term “UCC” refers, as of any date of
determination, to the UCC then in effect.

 

1.08       Rates.

 

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 “Eurodollar Rate”
or with respect to any rate that is an alternative or replacement for or successor to any of such rates (including, without limitation,
any LIBOR Successor Rate) or the effect of any of the foregoing, or of any LIBOR Successor Rate Conforming Changes.

 

Article
II

COMMITMENTS AND CREDIT EXTENSIONS

 

2.01       Loans.

 

(a)       
    Revolving Loans. Subject to the terms and conditions set forth herein, each Revolving
Lender severally agrees to make loans (each such loan, a “Revolving Loan”) to the Borrower, in
Dollars, from time to time, on any Business Day during the Availability Period, in an aggregate amount not to exceed at any
time outstanding the amount of such Lender’s Revolving Commitment; provided, however, that after giving
effect to any Revolving Borrowing, (i) the Total Revolving Outstandings shall not exceed the Revolving Facility, and
(ii) the Revolving Exposure of any Lender shall not exceed such Revolving Lender’s Revolving Commitment. Within
the limits of each Revolving Lender’s Revolving Commitment, and subject to the other terms and conditions hereof, the
Borrower may borrow Revolving Loans, prepay under Section 2.05, and reborrow under this Section 2.01. Revolving
Loans may be Base Rate Loans or Eurodollar Rate Loans, as further provided herein; provided, however, any
Revolving Borrowings made on the Closing Date or any of the three (3) Business Days following the Closing Date shall be made
as Base Rate Loans. 

     45

     

    

(b)          Subject to the terms and conditions set forth herein, on any Incremental Facility Effective Date on which any
Incremental Term Loan Commitments of any Class are effected pursuant to Section 2.16, (i) each Lender of such Class
severally agrees to make its portion of a term loan (each, an “Incremental Term Loan”) to the
Borrower in Dollars in an amount equal to such Lender’s Incremental Term Loan Commitment with respect to such
Incremental Term Loan. Amounts repaid on any Incremental Term Loan may not be reborrowed. An Incremental Term Loan may
consist of Base Rate Loans or Eurodollar Rate Loans, or a combination thereof, as further provided herein.

 

2.02       Borrowings, Conversions and Continuations of Loans.

 

(a)           Notice
of Borrowing. Each Borrowing, each conversion of Loans from one Type to the other, and each continuation of Eurodollar Rate
Loans shall be made upon the Borrower’s irrevocable notice to the Administrative Agent, which may be given by: (i) telephone
or (ii) a Loan Notice; provided that any telephonic notice must be confirmed immediately by delivery to the Administrative
Agent of a Loan Notice. Each such Loan Notice must be received by the Administrative Agent not later than 11:00 a.m. (A) three
(3) Business Days prior to the requested date of any Borrowing of, conversion to or continuation of Eurodollar Rate Loans or of
any conversion of Eurodollar Rate Loans to Base Rate Loans, and (B) on the requested date of any Borrowing of Base Rate Loans.
Each Borrowing of, conversion to or continuation of Eurodollar Rate Loans shall be in a principal amount of $2,000,000 or a whole
multiple of $1,000,000 in excess thereof (or, in connection with any conversion or continuation of an Incremental Term Loan, the
entire principal amount thereof then outstanding). Except as provided in Sections 2.03(c) and 2.04(c),
each Borrowing of or conversion to Base Rate Loans shall be in a principal amount of $500,000 or a whole multiple of $100,000
in excess thereof; provided that a Borrowing may be in an amount equal to the remaining unused portion of the aggregate
Revolving Commitments (or, in connection with any conversion or continuation of an Incremental Term Loan, the entire principal
amount thereof then outstanding). Each Loan Notice and each telephonic notice shall specify (I) whether the Borrower is requesting
a Borrowing (and, if so, whether the Borrower is requesting a Borrowing of Revolving Loans or a Borrowing of an Incremental Term
Loan), a conversion of Loans from one Type to the other, or a continuation of Loans, as the case may be, (II) the requested
date of the Borrowing, conversion or continuation, as the case may be (which shall be a Business Day), (III) the principal
amount of Loans to be borrowed, converted or continued, (IV) the Type of Loans to be borrowed or to which existing Loans
are to be converted, and (V) if applicable, the duration of the Interest Period with respect thereto. If the Borrower fails
to specify a Type of Loan in a Loan Notice or if the Borrower fails to give a timely notice requesting a conversion or continuation,
then the applicable Loans shall be made as, or converted to, Base Rate Loans. Any such automatic conversion to Base Rate Loans
shall be effective as of the last day of the Interest Period then in effect with respect to the applicable Eurodollar Rate Loans.
If the Borrower requests a Borrowing of, conversion to, or continuation of Eurodollar Rate Loans in any such Loan Notice, but
fails to specify an Interest Period, it will be deemed to have specified an Interest Period of one (1) month. Notwithstanding
anything to the contrary herein, a Swingline Loan may not be converted to a Eurodollar Rate Loan. 

     46

     

    

(b)          Advances. Following receipt of a Loan Notice, the Administrative Agent shall promptly notify each Appropriate Lender of
the amount of its Applicable Percentage of the applicable Loans, and if no timely notice of a conversion or continuation is provided
by the Borrower, the Administrative Agent shall notify each Appropriate Lender of the details of any automatic conversion to Base
Rate Loans described in Section 2.02(a). In the case of a Borrowing, each Appropriate Lender shall make the amount of its
Loan available to the Administrative Agent in immediately available funds at the Administrative Agent’s Office not later
than 12:00 noon on the Business Day specified in the applicable Loan Notice. Upon satisfaction of the applicable conditions
set forth in Section 4.02 (and, if such Borrowing is the initial Credit Extension, Section 4.01), the Administrative
Agent shall make all funds so received available to the Borrower in like funds as received by the Administrative Agent either
by (i) crediting the account of the Borrower on the books of Bank of America with the amount of such funds or (ii) wire
transfer of such funds, in each case in accordance with instructions provided to (and reasonably acceptable to) the Administrative
Agent by the Borrower; provided, however, that if, on the date a Loan Notice with respect to a Revolving Borrowing
is given by the Borrower, there are L/C Borrowings outstanding, then the proceeds of such Revolving Borrowing, first,
shall be applied to the payment in full of any such L/C Borrowings, and second, shall be made available to the Borrower
as provided above.

 

(c)          Eurodollar Rate Loans. Except as otherwise provided herein, a Eurodollar Rate Loan may be continued or converted only on
the last day of an Interest Period for such Eurodollar Rate Loan. During the existence of a Default, no Loans may be requested
as, converted to or continued as Eurodollar Rate Loans without the consent of the Required Lenders, and the Required Lenders may
demand that any or all of the outstanding Eurodollar Rate Loans be converted immediately to Base Rate Loans.

 

(d)          Interest Rates. Each determination of an interest rate by the Administrative Agent pursuant to any provision of this Agreement
shall be conclusive and binding on the Borrower and the Lenders in the absence of manifest error.

 

(e)          Interest Periods. After giving effect to all Revolving Borrowings, all conversions of Revolving Loans from one Type to
the other, and all continuations of Revolving Loans as the same Type, there shall not be more than ten (10) Interest Periods in
effect simultaneously in respect of the Revolving Facility.

 

(f)           Cashless Settlement Mechanism. Notwithstanding anything to the contrary in this Agreement, any Lender may exchange, continue
or rollover all or the portion of its Loans in connection with any refinancing, extension, loan modification or similar transaction
permitted by the terms of this Agreement, pursuant to a cashless settlement mechanism approved by the Borrower, the Administrative
Agent and such Lender.

 

2.03       Letters of Credit.

 

(a)          The
Letter of Credit Commitment. Subject to the terms and conditions set forth herein, in addition to the Loans provided for in
Section 2.01, the Borrower may request that the L/C Issuer, in reliance on the agreements of the Revolving Lenders set
forth in this Section 2.03, issue, at any time and from time to time during the Availability Period, Letters of Credit
denominated in Dollars for its own account or the account of any of its Subsidiaries in such form as is acceptable to the L/C
Issuer in its reasonable determination. Letters of Credit issued hereunder shall constitute utilization of the Revolving Commitments. 

     47

     

    

(b)          Notice of Issuance, Amendment, Extension, Reinstatement or Renewal.

 

(i)            To request the issuance of a Letter of Credit (or the amendment of the terms and conditions, extension of the terms and conditions,
extension of the expiration date, or reinstatement of amounts paid, or renewal of an outstanding Letter of Credit), the Borrower
shall deliver (or transmit by electronic communication, if arrangements for doing so have been approved by the L/C Issuer) to
the L/C Issuer and to the Administrative Agent not later than 10:00 a.m. at least two (2) Business Days (or such later date and
time as the Administrative Agent and the L/C Issuer may agree in a particular instance in their sole discretion) prior to the
proposed issuance date or date of amendment, as the case may be a notice requesting the issuance of a Letter of Credit, or identifying
the Letter of Credit to be amended, extended, reinstated or renewed, and specifying the date of issuance, amendment, extension,
reinstatement or renewal (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply
with clause (d) of this Section 2.03), the amount of such Letter of Credit, the name and address of the beneficiary
thereof, the purpose and nature of the requested Letter of Credit and such other information as shall be necessary to prepare,
amend, extend, reinstate or renew such Letter of Credit. If requested by the L/C Issuer, the Borrower also shall submit a letter
of credit application and reimbursement agreement on the L/C Issuer’s standard form in connection with any request for a
Letter of Credit. 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 and reimbursement agreement or other agreement submitted by the Borrower to, or entered
into by the Borrower with, the L/C Issuer relating to any Letter of Credit, the terms and conditions of this Agreement shall control.

 

(ii)           If
the Borrower so requests in any applicable Letter of Credit Application (or the amendment of an outstanding Letter of Credit),
the L/C Issuer may, in its sole discretion, agree to issue a Letter of Credit that has automatic extension provisions (each, an
 “Auto-Extension Letter of Credit”); provided that any such Auto-Extension Letter
of Credit shall permit the L/C Issuer to prevent any such extension at least once in each twelve-month period (commencing with
the date of issuance of such Letter of Credit) by giving prior notice to the beneficiary thereof not later than a day (the “Non-Extension
Notice Date”) in each such twelve-month period to be agreed upon by the Borrower and the L/C Issuer at the time
such Letter of Credit is issued. Unless otherwise directed by the L/C Issuer, the Borrower shall not be required to make a specific
request to the L/C Issuer for any such extension. Once an Auto-Extension Letter of Credit has been issued, the Revolving Lenders
shall be deemed to have authorized (but may not require) the L/C Issuer to permit the extension of such Letter of Credit at any
time to an expiration date not later than the date permitted pursuant to Section 2.03(d); provided that the L/C
Issuer shall not (A) permit any such extension if (1) the L/C Issuer has determined that it would not be permitted, or would have
no obligation, at such time to issue such Letter of Credit in its extended form under the terms hereof (except that the expiration
date may be extended to a date that is no more than one (1) year from the then-current expiration date) or (2) it has received
notice (which may be in writing or by telephone (if promptly confirmed in writing)) on or before the day that is seven (7) Business
Days before the Non-Extension Notice Date from the Administrative Agent that the Required Class Lenders with respect to Revolving
Loans have elected not to permit such extension or (B) be obligated to permit such extension if it has received notice (which
may be in writing or by telephone (if promptly confirmed in writing)) on or before the day that is seven (7) Business Days before
the Non-Extension Notice Date from the Administrative Agent, any Revolving Lender or the Borrower that one or more of the applicable
conditions set forth in Section 4.02 is not then satisfied, and in each such case directing the L/C Issuer not to permit
such extension. 

     48

     

    

(c)           Limitations on Amounts, Issuance and Amendment.
A Letter of Credit shall be issued, amended, extended, reinstated or renewed only if (and upon issuance, amendment, extension,
reinstatement or renewal of each Letter of Credit the Borrower shall be deemed to represent and warrant that), after giving effect
to such issuance, amendment, extension, reinstatement or renewal (w) the aggregate amount of the outstanding Letters of Credit
issued by the L/C Issuer shall not exceed its L/C Commitment, (x) the aggregate L/C Obligations shall not exceed the Letter
of Credit Sublimit, (y) the Revolving Exposure of any Lender shall not exceed its Revolving Commitment and (z) the Total
Revolving Exposure shall not exceed the total Revolving Commitments.

 

(i)            The L/C Issuer shall not be under any obligation to issue any Letter of Credit if:

 

(A)          any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain the
L/C Issuer from issuing the Letter of Credit, or any Law applicable to the L/C Issuer or any request or directive (whether or
not having the force of law) from any Governmental Authority with jurisdiction over the L/C Issuer shall prohibit, or request
that the L/C Issuer refrain from, the issuance of letters of credit generally or the Letter of Credit in particular or shall impose
upon the L/C Issuer with respect to the Letter of Credit any restriction, reserve or capital requirement (for which the L/C Issuer
is not otherwise compensated hereunder) not in effect on the Closing Date, or shall impose upon the L/C Issuer any unreimbursed
loss, cost or expense which was not applicable on the Closing Date and which the L/C Issuer in good faith deems material to it;

 

(B)           the
issuance of such Letter of Credit would violate one or more policies of the L/C Issuer applicable to letters of credit generally; 

     49

     

    

(C)           except as otherwise agreed by the Administrative Agent and the L/C Issuer, the Letter of Credit is in an initial stated amount
less than $100,000;

 

(D)           any Revolving Lender is at that time a Defaulting Lender, unless the L/C Issuer has entered into arrangements, including the delivery
of Cash Collateral, satisfactory to the L/C Issuer (in its sole discretion) with the Borrower or such Lender to eliminate the
L/C Issuer’s actual or potential Fronting Exposure (after giving effect to Section 2.15(a)(iv)) with respect to the
Defaulting Lender arising from either the Letter of Credit then proposed to be issued or that Letter of Credit and all other L/C
Obligations as to which the L/C Issuer has actual or potential Fronting Exposure, as it may elect in its sole discretion; or

 

(E)           
the Letter of Credit contains any provisions for automatic reinstatement of the stated amount after any drawing
thereunder.

 

(ii)           The L/C Issuer shall be under any obligation to amend any Letter of Credit if (A) the L/C Issuer would have no obligation at such
time to issue the Letter of Credit in its amended form under the terms hereof, or (B) the beneficiary of the Letter of Credit
does not accept the proposed amendment to the Letter of Credit.

 

(d)           Expiration Date. Each Letter of Credit shall have a stated expiration date no later than the earlier of (x) the date
twelve (12) months after the date of the issuance of such Letter of Credit (or, in the case of any extension of the expiration
date thereof, whether automatic or by amendment, twelve months after the then-current expiration date of such Letter of Credit)
and (y) the date that is five (5) Business Days prior to the Maturity Date.

 

(e)           Participations.

 

(i)            By the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the amount or extending the expiration
date thereof), and without any further action on the part of the L/C Issuer or the Lenders, the L/C Issuer hereby grants to each
Revolving Lender, and each Revolving Lender hereby acquires from the L/C Issuer, a participation in such Letter of Credit equal
to such Lender’s Applicable Percentage of the aggregate amount available to be drawn under such Letter of Credit. Each Revolving
Lender acknowledges and agrees that its obligation to acquire participations pursuant to this clause (e) in respect of
Letters of Credit is absolute, unconditional and irrevocable and shall not be affected by any circumstance whatsoever, including
any amendment, extension, reinstatement or renewal of any Letter of Credit or the occurrence and continuance of a Default or reduction
or termination of the Revolving Commitments.

 

(ii)           In
consideration and in furtherance of the foregoing, each Revolving Lender hereby absolutely, unconditionally and irrevocably agrees
to pay to the Administrative Agent, for account of the L/C Issuer, such Lender’s Applicable Percentage of each L/C Disbursement
made by the L/C Issuer not later than 1:00 p.m. on the Business Day specified in the notice provided by the Administrative Agent
to the Revolving Lenders pursuant to Section 2.03(f) until such L/C Disbursement is reimbursed by the Borrower or at any
time after any reimbursement payment is required to be refunded to the Borrower for any reason, including after the Maturity Date.
Such payment shall be made without any offset, abatement, withholding or reduction whatsoever. Each such payment shall be made
in the same manner as provided in Section 2.02 with respect to Loans made by such Lender (and Section 2.02
shall apply, mutatis mutandis, to the payment obligations of the Revolving Lenders pursuant to this Section 2.03),
and the Administrative Agent shall promptly pay to the L/C Issuer the amounts so received by it from the Lenders. Promptly following
receipt by the Administrative Agent of any payment from the Borrower pursuant to Section 2.03(f), the Administrative Agent
shall distribute such payment to the L/C Issuer or, to the extent that the Revolving Lenders have made payments pursuant to this
clause (e) to reimburse the L/C Issuer, then to such Lenders and the L/C Issuer as their interests may appear. Any payment
made by a Lender pursuant to this clause (e) to reimburse the L/C Issuer for any L/C Disbursement shall not constitute
a Loan and shall not relieve the Borrower of its obligation to reimburse such L/C Disbursement. 

     50

     

    

(iii)          Each Revolving Lender further acknowledges and agrees that its participation in each Letter of Credit will be automatically adjusted
to reflect such Lender’s Applicable Percentage of the aggregate amount available to be drawn under such Letter of Credit
at each time such Lender’s Commitment is amended pursuant to the operation of Section 2.16, as a result of an assignment
in accordance with Section 11.06 or otherwise pursuant to this Agreement.

 

(iv)          If any Revolving Lender fails to make available to the Administrative Agent for the account of the L/C Issuer any amount required
to be paid by such Lender pursuant to the foregoing provisions of this Section 2.03(e), then, without limiting the
other provisions of this Agreement, the L/C Issuer shall be entitled to recover from such Lender (acting through the Administrative
Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which
such payment is immediately available to the L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate
and a rate determined by the L/C Issuer in accordance with banking industry rules on interbank compensation, plus any administrative,
processing or similar fees customarily charged by the L/C Issuer in connection with the foregoing. If such Lender pays such amount
(with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Revolving Loan included in the
relevant Revolving Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of the
L/C Issuer submitted to any Revolving Lender (through the Administrative Agent) with respect to any amounts owing under this clause (e)(vi)
shall be conclusive absent manifest error.

 

(f)            Reimbursement.
If the L/C Issuer shall make any L/C Disbursement in respect of a Letter of Credit, the Borrower shall reimburse the L/C Issuer
in respect of such L/C Disbursement by paying to the Administrative Agent an amount equal to such L/C Disbursement not later than
11:00 a.m. on (i) the Business Day that the Borrower receives notice of such L/C Disbursement, if such notice is received prior
to 9:00 a.m. or (ii) the Business Day immediately following the day that the Borrower receives such notice, if such notice is
not received prior to such time, provided that, if such L/C Disbursement is not less than $1,000,000, the Borrower may, subject
to the conditions to borrowing set forth herein, request in accordance with Section 2.02 or Section 2.04 that such
payment be financed with a Borrowing of Base Rate Loans or Swingline Loan in an equivalent amount and, to the extent so financed,
the Borrower’s obligation to make such payment shall be discharged and replaced by the resulting Borrowing of Base Rate
Loans or Swingline Loan. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving
Lender of the applicable L/C Disbursement, the payment then due from the Borrower in respect thereof (the “Unreimbursed
Amount”) and such Lender’s Applicable Percentage thereof. Promptly upon receipt of such notice, each Revolving
Lender shall pay to the Administrative Agent its Applicable Percentage of the Unreimbursed Amount pursuant to Section 2.03(e)(ii),
subject to the amount of the unutilized portion of the aggregate Revolving Commitments. Any notice given by the L/C Issuer or
the Administrative Agent pursuant to this Section 2.03(f) may be given by telephone if immediately confirmed in writing;
provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such
notice. 

     51

     

    

(g)           Obligations Absolute. The Borrower’s obligation to reimburse L/C Disbursements as provided in clause (f) of
this Section 2.03 shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with
the terms of this Agreement under any and all circumstances whatsoever and irrespective of:

 

(i)            any lack of validity or enforceability of this Agreement, any other Loan Document or any Letter of Credit, or any term or provision
herein or therein;

 

(ii)           the existence of any claim, counterclaim, setoff, defense or other right that the Borrower or any Subsidiary may have at any time
against any beneficiary or any transferee of such Letter of Credit (or any Person for whom any such beneficiary or any such transferee
may be acting), the L/C Issuer or any other Person, whether in connection with this Agreement, the transactions contemplated hereby
or by such Letter of Credit or any agreement or instrument relating thereto, or any unrelated transaction;

 

(iii)          any draft, demand, certificate or other document presented under such Letter of Credit proving to be forged, fraudulent, invalid
or insufficient in any respect or any statement in such draft or other document being untrue or inaccurate in any respect; or
any loss or delay in the transmission or otherwise of any document required in order to make a drawing under such Letter of Credit;

 

(iv)          waiver
by the L/C Issuer of any requirement that exists for the L/C Issuer’s protection and not the protection of the Borrower
or any waiver by the L/C Issuer which does not in fact materially prejudice the Borrower; 

     52

     

    

(v)           honor of a demand for payment presented electronically
even if such Letter of Credit required that demand be in the form of a draft;

 

(vi)          any payment made by the L/C Issuer in respect
of an otherwise complying item presented after the date specified as the expiration date of, or the date by which documents must
be received under such Letter of Credit if presentation after such date is authorized by the UCC, the ISP or the UCP, as applicable;

 

(vii)         payment by the L/C Issuer under a Letter of Credit against presentation of a draft or other document that does not comply strictly
with the terms of such Letter of Credit; or any payment made by the L/C Issuer under such Letter of Credit to any Person purporting
to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative
of or successor to any beneficiary or any transferee of such Letter of Credit, including any arising in connection with any proceeding
under any Debtor Relief Law; or

 

(viii)        any other event or circumstance whatsoever, whether
or not similar to any of the foregoing, that might, but for the provisions of this Section 2.03, constitute a legal or
equitable discharge of, or provide a right of setoff against, the Borrower’s obligations hereunder.

 

(h)           Examination.
The Borrower shall promptly examine a copy of each Letter of Credit and each amendment thereto that is delivered to it and, in
the event of any claim of noncompliance with the Borrower’s instructions or other irregularity, the Borrower will immediately
notify the L/C Issuer. The Borrower shall be conclusively deemed to have waived any such claim against the L/C Issuer and its
correspondents unless such notice is given as aforesaid. 

     53

     

    

(i)            Liability.
None of the Administrative Agent, the Lenders, the L/C Issuer, 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 by the L/C Issuer 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, any error in translation or any consequence arising from causes beyond the control of the L/C Issuer; provided that
the foregoing shall not be construed to excuse the L/C Issuer from liability to the Borrower to the extent of any direct damages
(as opposed to consequential damages, claims in respect of which are hereby waived by the Borrower to the extent permitted by
Applicable Law) suffered by the Borrower that are caused by the L/C Issuer’s failure to exercise care when determining whether
drafts and other documents presented under a Letter of Credit comply with the terms thereof. The parties hereto expressly agree
that, in the absence of gross negligence or willful misconduct on the part of the L/C Issuer (as finally determined by a court
of competent jurisdiction), the L/C Issuer shall be deemed to have exercised care in each such determination, and that: 

 

(i)            the L/C Issuer may replace a purportedly lost, stolen, or destroyed original Letter of Credit or missing amendment thereto with
a certified true copy marked as such or waive a requirement for its presentation;

 

(ii)           the L/C Issuer may accept documents that appear on their face to be in substantial compliance with the terms of a Letter of Credit
without responsibility for further investigation, regardless of any notice or information to the contrary, and may make payment
upon presentation of documents that appear on their face to be in substantial compliance with the terms of such Letter of Credit
and without regard to any non-documentary condition in such Letter of Credit;

 

(iii)          the L/C Issuer shall have the right, in its sole discretion, to decline to accept such documents and to make such payment if such
documents are not in strict compliance with the terms of such Letter of Credit; and

 

(iv)          this sentence shall establish the standard of care to be exercised by the L/C Issuer when determining whether drafts and other
documents presented under a Letter of Credit comply with the terms thereof (and the parties hereto hereby waive, to the extent
permitted by Applicable Law, any standard of care inconsistent with the foregoing).

 

Without
limiting the foregoing, none of the Administrative Agent, the Lenders, the L/C Issuer, or any of their Related Parties shall have
any liability or responsibility by reason of (A) any presentation that includes forged or fraudulent documents or that is
otherwise affected by the fraudulent, bad faith, or illegal conduct of the beneficiary or other Person, (B) the L/C Issuer
declining to take-up documents and make payment, (C) against documents that are fraudulent, forged, or for other reasons
by which that it is entitled not to honor, (D) following a Borrower’s waiver of discrepancies with respect to such
documents or request for honor of such documents or (E) the L/C Issuer retaining proceeds of a Letter of Credit based on
an apparently applicable attachment order, blocking regulation, or third-party claim notified to the L/C Issuer.

 

(j)            Applicability
of ISP. Unless otherwise expressly agreed by the L/C Issuer and the Borrower when a Letter of Credit is issued by it, the
rules of the ISP shall apply to each standby Letter of Credit. Notwithstanding the foregoing, the L/C Issuer shall not be responsible
to the Borrower for, and the L/C Issuer’s rights and remedies against the Borrower shall not be impaired by, any action
or inaction of the L/C Issuer required or permitted under any law, order, or practice that is required or permitted to be applied
to any Letter of Credit or this Agreement, including the Law or any order of a jurisdiction where the L/C Issuer or the beneficiary
is located, the practice stated in the ISP, or in the decisions, opinions, practice statements, or official commentary of the
ICC Banking Commission, the Bankers Association for Finance and Trade – International Financial Services Association (BAFT-IFSA),
or the Institute of International Banking Law & Practice, whether or not any Letter of Credit chooses such law or practice. 

     54

     

    

(k)           Benefits. the L/C Issuer shall act on behalf of the Lenders with respect to any Letters of Credit issued by it and the
documents associated therewith, and the L/C Issuer shall have all of the benefits and immunities (i) provided to the Administrative
Agent in Article IX with respect to any acts taken or omissions suffered by the L/C Issuer in connection with Letters of
Credit issued by it or proposed to be issued by it and Issuer Documents pertaining to such Letters of Credit as fully as if the
term “Administrative Agent” as used in Article IX included the L/C Issuer with respect to such acts or omissions,
and (ii) as additionally provided herein with respect to the L/C Issuer.

 

(l)            Letter of Credit Fees. The Borrower shall
pay to the Administrative Agent for the account of each Revolving Lender in accordance with its Applicable Revolving Percentage
a Letter of Credit fee (the “Letter of Credit Fee”) for each Letter of Credit equal to the Applicable
Rate times the daily amount available to be drawn under such Letter of Credit. For purposes of computing the daily amount
available to be drawn under any standby Letter of Credit, the amount of such Letter of Credit shall be determined in accordance
with Section 1.06. Letter of Credit Fees shall be (i) payable on the first Business Day following the end of each March,
June, September and December, commencing with the first such date to occur after the issuance of such Letter of Credit, on the
Maturity Date and thereafter, to the extent any such fees remain payable, on demand and (ii) accrued through and including
the last day of each calendar quarter in arrears. If there is any change in the Applicable Rate during any quarter, the daily
amount available to be drawn under each Letter of Credit shall be computed and multiplied by the Applicable Rate separately for
each period during such quarter that such Applicable Rate was in effect. Notwithstanding anything to the contrary contained herein,
upon the request of the Required Revolving Lenders, while any Event of Default exists, all Letter of Credit Fees shall accrue
at the Default Rate.

 

(m)          Fronting
Fee and Documentary and Processing Charges Payable to L/C Issuer. The Borrower shall pay directly to the L/C Issuer for its
own account a fronting fee with respect to each Letter of Credit, at the rate per annum equal to the percentage separately agreed
upon between the Borrower and the L/C Issuer, computed on the daily amount available to be drawn under such Letter of Credit on
a quarterly basis in arrears. Such fronting fee shall be due and payable no later than the tenth Business Day after the end of
each March, June, September and December in the most recently- ended quarterly period (or portion thereof, in the case of the
first payment), commencing with the first such date to occur after the issuance of such Letter of Credit, on the Maturity Date
and thereafter on demand. For purposes of computing the daily amount available to be drawn under any Letter of Credit, the amount
of such Letter of Credit shall be determined in accordance with Section 1.06. In addition, the Borrower shall pay directly
to the L/C Issuer for its own account, in Dollars the customary issuance, presentation, amendment and other processing fees, and
other standard costs and charges, of the L/C Issuer relating to letters of credit as from time to time in effect. Such customary
fees and standard costs and charges are due and payable on demand and are nonrefundable. 

     55

     

    

(n)           Disbursement Procedures. The L/C Issuer for any Letter of Credit shall, within the time allowed by Applicable Laws or the
specific terms of the Letter of Credit following its receipt thereof, examine all documents purporting to represent a demand for
payment under such Letter of Credit. the L/C Issuer shall promptly after such examination notify the Administrative Agent and
the Borrower in writing of such demand for payment if the L/C Issuer has made or will make an L/C Disbursement thereunder; provided
that any failure to give or delay in giving such notice shall not relieve the Borrower of its obligation to reimburse the
L/C Issuer and the Lenders with respect to any such L/C Disbursement.

 

(o)           Interim Interest. If the L/C Issuer for
any standby Letter of Credit shall make any L/C Disbursement, then, unless the Borrower shall reimburse such L/C Disbursement
in full on the date such L/C Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including
the date such L/C Disbursement is made to but excluding the date that the Borrower reimburses such L/C Disbursement, at the rate
per annum then applicable to Base Rate Loans; provided that if the Borrower fails to reimburse such L/C Disbursement when
due pursuant to clause (f) of this Section 2.03, then Section 2.08(b) shall apply. Interest accrued
pursuant to this clause (o) shall be for account of the L/C Issuer, except that interest accrued on and after the date
of payment by any Lender pursuant to clause (f) of this Section 2.03 to reimburse the L/C Issuer shall be for
account of such Lender to the extent of such payment.

 

(p)           Replacement of the L/C Issuer. The L/C Issuer may be replaced at any time by written agreement between the Borrower, the
Administrative Agent, the replaced L/C Issuer and the successor L/C Issuer. The Administrative Agent shall notify the Lenders
of any such replacement of the L/C Issuer. At the time any such replacement shall become effective, the Borrower shall pay all
unpaid fees accrued for the account of the replaced L/C Issuer pursuant to Section 2.03(m). From and after the effective
date of any such replacement, (i) the successor L/C Issuer shall have all the rights and obligations of an L/C Issuer under
this Agreement with respect to Letters of Credit to be issued by it thereafter and (ii) references herein to the term “L/C
Issuer” shall be deemed to include such successor or any previous L/C Issuer, or such successor and all previous L/C Issuer,
as the context shall require. After the replacement of the L/C Issuer hereunder, the replaced L/C Issuer shall remain a party
hereto and shall continue to have all the rights and obligations of an L/C Issuer under this Agreement with respect to Letters
of Credit issued by it prior to such replacement, but shall not be required to issue additional Letters of Credit.

 

(q)          Cash Collateralization.

 

(i)            If
any Event of Default shall occur and be continuing, on the Business Day that the 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 L/C Obligations
representing at least 66-2/3% of the total L/C Obligations) demanding the deposit of Cash Collateral pursuant to this clause
(q), the Borrower shall immediately deposit into an account established and maintained on the books and records of the Administrative
Agent (the “Collateral Account”) an amount in cash equal to 105% of the total L/C Obligations as of
such date plus any accrued and unpaid interest thereon, provided that the obligation to deposit such Cash Collateral
shall become effective immediately, and such deposit shall become immediately due and payable, without demand or other notice
of any kind, upon the occurrence of any Event of Default with respect to the Borrower described in clause (f) of Section 8.01.
Such deposit shall be held by the Administrative Agent as collateral for the payment and performance of the obligations of the
Borrower under this Agreement. In addition, and without limiting the foregoing or clause (d) of this Section 2.03,
if any L/C Obligations remain outstanding after the expiration date specified in said clause (d), the Borrower shall
immediately deposit into the Collateral Account an amount in cash equal to 105% of such L/C Obligations as of such date plus
any accrued and unpaid interest thereon. 

     56

     

    

(ii)           The Administrative Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over the Collateral
Account. Other than any interest earned on the investment of such deposits, which investments shall be made at the option and
sole discretion of the Administrative Agent and at the Borrower’s risk and expense, such deposits shall not bear interest.
Interest or profits, if any, on such investments shall accumulate in the Collateral Account. Moneys in the Collateral Account
shall be applied by the Administrative Agent to reimburse the L/C Issuer for L/C Disbursements for which it has not been reimbursed,
together with related fees, costs, and customary processing charges, and, to the extent not so applied, shall be held for the
satisfaction of the reimbursement obligations of the Borrower for the L/C Obligations at such time or, if the maturity of the
Loans has been accelerated (but subject to the consent of Lenders with L/C Obligations representing 66-2/3% of the total L/C Obligations),
be applied to satisfy other obligations of the Borrower under this Agreement. If the Borrower is required to provide an amount
of Cash Collateral hereunder as a result of the occurrence of an Event of Default, such amount (to the extent not applied as aforesaid)
shall be returned to the Borrower within three (3) Business Days after all Events of Default have been cured or waived.

 

(r)            Letters of Credit Issued for Subsidiaries. Notwithstanding that a Letter of Credit issued or outstanding hereunder is in
support of any obligations of, or is for the account of, a Subsidiary, the Borrower shall be obligated to reimburse, indemnify
and compensate the L/C Issuer hereunder for any and all drawings under such Letter of Credit as if such Letter of Credit had been
issues solely for the account of the Borrower. The Borrower irrevocably waives any and all defenses that might otherwise be available
to it as a guarantor or surety of any or all of the obligations of such Subsidiary in respect of such Letter of Credit. The Borrower
hereby acknowledges that the issuance of Letters of Credit for the account of Subsidiaries inures to the benefit of the Borrower,
and that the Borrower’s business derives substantial benefits from the businesses of such Subsidiaries.

 

(s)           
Conflict with Issuer Documents. In the event of any conflict between the terms hereof and the terms of any Issuer Document,
the terms hereof shall control. 

     57

     

    

2.04       Swingline Loans.

 

(a)            The Swingline. Subject to the terms and conditions set forth herein, the Swingline Lender, in reliance upon the agreements
of the other Lenders set forth in this Section 2.04, may in its sole discretion make loans to the Borrower (each such loan,
a “Swingline Loan”). Each such Swingline Loan may be made, subject to the terms and conditions set forth
herein, to the Borrower, in Dollars, from time to time on any Business Day during the Availability Period in an aggregate amount
not to exceed at any time outstanding the amount of the Swingline Sublimit; provided, however, that (i) after
giving effect to any Swingline Loan, (A) the Total Revolving Outstandings shall not exceed the total Revolving Commitments
at such time, and (B) the Revolving Exposure of any Revolving Lender at such time shall not exceed such Lender’s Revolving
Commitment, (ii) the Borrower shall not use the proceeds of any Swingline Loan to refinance any outstanding Swingline Loan,
and (iii) the Swingline Lender shall not be under any obligation to make any Swingline Loan if it shall determine (which
determination shall be conclusive and binding absent manifest error) that it has, or by such Credit Extension may have, Fronting
Exposure. Within the foregoing limits, and subject to the other terms and conditions hereof, the Borrower may borrow under this
Section 2.04, prepay under Section 2.05, and reborrow under this Section 2.04. Each Swingline Loan shall
bear interest only at a rate based on the Base Rate plus the Applicable Rate. Immediately upon the making of a Swingline Loan,
each Revolving Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Swingline Lender
a risk participation in such Swingline Loan in an amount equal to the product of such Revolving Lender’s Applicable Revolving
Percentage times the amount of such Swingline Loan.

 

(b)           Borrowing
Procedures. Each Swingline Borrowing shall be made upon the Borrower’s irrevocable notice to the Swingline Lender and
the Administrative Agent, which may be given by: (i) telephone or (ii) a Swingline Loan Notice; provided that any telephonic
notice must be confirmed immediately by delivery to the Swingline Lender and the Administrative Agent of a Swingline Loan Notice.
Each such Swingline Loan Notice must be received by the Swingline Lender and the Administrative Agent not later than 12:00 noon
on the requested borrowing date, and shall specify (A) the amount to be borrowed, which shall be a minimum of $100,000, and
(B) the requested date of the Borrowing (which shall be a Business Day). Promptly after receipt by the Swingline Lender of
any Swingline Loan Notice, the Swingline Lender will confirm with the Administrative Agent (by telephone or in writing) that the
Administrative Agent has also received such Swingline Loan Notice and, if not, the Swingline Lender will notify the Administrative
Agent (by telephone or in writing) of the contents thereof. Unless the Swingline Lender has received notice (by telephone or in
writing) from the Administrative Agent (including at the request of any Revolving Lender) prior to 1:00 p.m. on the date of the
proposed Swingline Borrowing (1) directing the Swingline Lender not to make such Swingline Loan as a result of the limitations
set forth in the first proviso to the first sentence of Section 2.04(a), or (2) that one or more of the applicable
conditions specified in Article IV is not then satisfied, then, subject to the terms and conditions hereof, the Swingline
Lender may, not later than 2:00 p.m., make the amount of its Swingline Loan available to the Borrower at its office by crediting
the account of the Borrower on the books of the Swingline Lender in immediately available funds. 

     58

     

    

(c)           Refinancing of Swingline Loans.

 

(i)            The Swingline Lender at any time in its sole discretion may request, on behalf of the Borrower (which hereby irrevocably authorizes
the Swingline Lender to so request on its behalf), that each Revolving Lender make a Base Rate Loan in an amount equal to such
Lender’s Applicable Revolving Percentage of the amount of Swingline Loans then outstanding. Such request shall be made in
writing (which written request shall be deemed to be a Loan Notice for purposes hereof) and in accordance with the requirements
of Section 2.02, without regard to the minimum and multiples specified therein for the principal amount of Base Rate
Loans, but subject to the unutilized portion of the Revolving Facility and the conditions set forth in Section 4.02. The
Swingline Lender shall furnish the Borrower with a copy of the applicable Loan Notice promptly after delivering such notice to
the Administrative Agent. Each Revolving Lender shall make an amount equal to its Applicable Revolving Percentage of the amount
specified in such Loan Notice available to the Administrative Agent in immediately available funds (and the Administrative Agent
may apply Cash Collateral available with respect to the applicable Swingline Loan) for the account of the Swingline Lender at
the Administrative Agent’s Office not later than 12:00 noon on the day specified in such Loan Notice, whereupon, subject
to Section 2.04(c)(ii), each Revolving Lender that so makes funds available shall be deemed to have made a Base Rate Loan
to the Borrower in such amount. The Administrative Agent shall remit the funds so received to the Swingline Lender.

 

(ii)           Notwithstanding anything to the contrary in the foregoing, if for any reason any Swingline Loan cannot be refinanced by such a
Revolving Borrowing in accordance with Section 2.04(c)(i) (including, without limitation, the failure to satisfy the conditions
set forth in Section 4.02), the request for Base Rate Loans submitted by the Swingline Lender as set forth herein
shall be deemed to be a request by the Swingline Lender that each of the Revolving Lenders fund its risk participation in the
relevant Swingline Loan and each Revolving Lender’s payment to the Administrative Agent for the account of the Swingline
Lender pursuant to Section 2.04(c)(i) shall be deemed payment in respect of such participation.

 

(iii)          If
any Revolving Lender fails to make available to the Administrative Agent for the account of the Swingline Lender any amount required
to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c) by the time specified in Section
2.04(c)(i), the Swingline Lender shall be entitled to recover from such Lender (acting through the Administrative Agent),
on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment
is immediately available to the Swingline Lender at a rate per annum equal to the greater of the Federal Funds Rate and a rate
determined by the Swingline Lender in accordance with banking industry rules on interbank compensation, plus any administrative,
processing or similar fees customarily charged by the Swingline Lender in connection with the foregoing. If such Lender pays such
amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Revolving Loan included
in the relevant Revolving Borrowing or funded participation in the relevant Swingline Loan, as the case may be. A certificate
of the Swingline Lender submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this
clause (c)(iii) shall be conclusive absent manifest error. 

     59

     

    

(iv)          Each Revolving Lender’s obligation to make Revolving Loans or to purchase and fund risk participations in Swingline Loans
pursuant to this Section 2.04(c) shall be absolute and unconditional and shall not be affected by any circumstance,
including (A) any setoff, counterclaim, recoupment, defense or other right which such Lender may have against the Swingline
Lender, the Borrower or any other Person for any reason whatsoever, (B) the occurrence or continuance of a Default or (C) any
other occurrence, event or condition, whether or not similar to any of the foregoing; provided, however, that each
Revolving Lender’s obligation to make Revolving Loans pursuant to this Section 2.04(c) is subject to the conditions
set forth in Section 4.02 (other than delivery by the Borrower of a Loan Notice). No such funding of risk participations
shall relieve or otherwise impair the obligation of the Borrower to repay Swingline Loans, together with interest as provided
herein.

 

(d)           Repayment of Participations.

 

(i)            At any time after any Revolving Lender has purchased and funded a risk participation in a Swingline Loan, if the Swingline Lender
receives any payment on account of such Swingline Loan, the Swingline Lender will distribute to such Revolving Lender its Applicable
Revolving Percentage thereof in the same funds as those received by the Swingline Lender.

 

(ii)           If any payment received by the Swingline Lender in respect of principal or interest on any Swingline Loan is required to be returned
by the Swingline Lender under any of the circumstances described in Section 11.05 (including pursuant to any settlement
entered into by the Swingline Lender in its discretion), each Revolving Lender shall pay to the Swingline Lender its Applicable
Revolving Percentage thereof on demand of the Administrative Agent, plus interest thereon from the date of such demand to the
date such amount is returned, at a rate per annum equal to the Federal Funds Rate. The Administrative Agent will make such demand
upon the request of the Swingline Lender. The obligations of the Lenders under this clause shall survive the payment in full of
the Obligations and the termination of this Agreement.

 

(e)           Interest for Account of Swingline Lender. The Swingline Lender shall be responsible for invoicing the Borrower for interest
on the Swingline Loans. Until each Revolving Lender funds its Base Rate Loan or risk participation pursuant to this Section 2.04
to refinance such Revolving Lender’s Applicable Revolving Percentage of any Swingline Loan, interest in respect of such
Applicable Revolving Percentage shall be solely for the account of the Swingline Lender.

 

(f)            Payments
Directly to Swingline Lender. The Borrower shall make all payments of principal and interest in respect of the Swingline Loans
directly to the Swingline Lender. 

     60

     

    

2.05      
Prepayments.

 

(a)          Optional.

 

(i)            The Borrower may, upon notice to the Administrative Agent pursuant to delivery to the Administrative Agent of a Notice of Loan
Prepayment, at any time or from time to time voluntarily prepay Loans in whole or in part without premium or penalty subject to
Section 3.05; provided that, unless otherwise agreed by the Administrative Agent, (A) such notice must be received
by the Administrative Agent not later than 11:00 a.m. (1) three (3) Business Days prior to any date of prepayment of Eurodollar
Rate Loans and (2) on the date of prepayment of Base Rate Loans; (B) any prepayment of Eurodollar Rate Loans shall be in
a principal amount of $2,000,000 or a whole multiple of $1,000,000 in excess thereof; (C) any prepayment of Base Rate Loans
shall be in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof or, in each case, if less, the entire
principal amount thereof then outstanding and (D) any prepayment of any Incremental Term Loan shall be applied as provided in
the relevant Incremental Amendment. Each such notice shall specify the date and amount of such prepayment and the Type(s) of Loans
to be prepaid and, if Eurodollar Rate Loans are to be prepaid, the Interest Period(s) of such Loans. The Administrative Agent
will promptly notify each Lender of its receipt of each such notice, and of the amount of such Lender’s ratable portion
of such prepayment (based on such Lender’s Applicable Percentage). If such notice is given by the Borrower, the Borrower
shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein.
Any prepayment of a Eurodollar Rate Loan shall be accompanied by all accrued interest on the amount prepaid, together with any
additional amounts required pursuant to Section 3.05.

 

(ii)           The Borrower may, upon notice to the Swingline Lender pursuant to delivery to the Swingline Lender of a Notice of Loan Prepayment
(with a copy to the Administrative Agent), at any time or from time to time, voluntarily prepay Swingline Loans in whole or in
part without premium or penalty; provided that, unless otherwise agreed by the Swingline Lender, (A) such notice must
be received by the Swingline Lender and the Administrative Agent not later than 1:00 p.m. on the date of the prepayment, and (B) any
such prepayment shall be in a minimum principal amount of $100,000 or a whole multiple of $100,000 in excess hereof (or, if less,
the entire principal thereof then outstanding). Each such notice shall specify the date and amount of such prepayment. If such
notice is given by the Borrower, the Borrower shall make such prepayment and the payment amount specified in such notice shall
be due and payable on the date specified therein.

 

(b)          Mandatory.

 

(i)            Dispositions
and Involuntary Dispositions. The Borrower shall prepay the Loans and/or Cash Collateralize the L/C Obligations as hereinafter
provided in an aggregate amount equal to 100% of the Net Cash Proceeds received by any Loan Party or any Subsidiary from all Dispositions
(other than Permitted Transfers) and Involuntary Dispositions within five (5) Business Days of the date of such Disposition or
Involuntary Disposition; provided, however, that so long as no Event of Default shall have occurred and be continuing,
such Net Cash Proceeds shall not be required to be so applied at the election of the Borrower (as notified by the Borrower to
the Administrative Agent) to the extent such Loan Party or such Subsidiary reinvests or enters into a legally binding commitment
to reinvest all or any portion of such Net Cash Proceeds in equipment or other tangible assets (other than current assets) within
the later of (x) one hundred and eighty (180) days after the receipt of such Net Cash Proceeds or (y) if such Loan Party or such
Subsidiary enters into a legally binding commitment to reinvest such Net Cash Proceeds within 180 days following receipt thereof,
180 days after the date of such legally binding commitment; provided that (i) if an Event of Default shall have occurred
and be continuing, the Loan Party or such Subsidiary shall not be permitted to make any such reinvestments and (ii) if such Net
Cash Proceeds shall have not been so reinvested by the deadline specified in clause (x) or (y) above, as applicable, or if any
such Net Cash Proceeds are no longer intended to be or cannot be so reinvested at any time, such Net Cash Proceeds shall be immediately
applied to prepay the Loans and/or Cash Collateralize the L/C Obligations. 

     61

     

    

(ii)           Equity Issuance. During the existence of an Event of Default, immediately upon the receipt by any Loan Party or any Subsidiary
of the Net Cash Proceeds of any Equity Issuance, the Borrower shall prepay the Loans and/or Cash Collateralize the L/C Obligations
as hereinafter provided in an aggregate amount equal to 100% of such Net Cash Proceeds.

 

(iii)          Extraordinary Receipts. During the existence of an Event of Default, immediately upon receipt by any Loan Party or any
Subsidiary of any Extraordinary Receipt received by or paid to or for the account of any Loan Party or any of its Subsidiaries,
and not otherwise included in clauses (i) or (ii) of this Section 2.05(b),
the Borrower shall prepay the Loans and/or Cash Collateralize the L/C Obligations as hereinafter provided in an aggregate principal
amount equal to 100% of all Net Cash Proceeds received therefrom.

 

(iv)          Application of Payments. Each prepayment of Loans pursuant to the foregoing provisions of clauses (i) through (iii)
of this Section 2.05(b) shall be applied, to the Revolving Facility in the manner set forth in clause (vi)
of this Section 2.05(b). Subject to Section 2.15, such prepayments shall be paid to the Lenders in accordance with
their respective Applicable Percentages.

 

(v)           Revolving
Outstandings. If for any reason the Total Revolving Outstandings at any time exceed the Revolving Facility at such time, the
Borrower shall immediately prepay Revolving Loans, Swingline Loans and L/C Borrowings and/or Cash Collateralize the L/C Obligations
in an aggregate amount equal to such excess; provided, however, that the Borrower shall not be required to Cash
Collateralize the L/C Obligations pursuant to this Section 2.05(b) unless, after the prepayment of the Revolving Loans
and Swingline Loans, the Total Revolving Outstandings exceed the Revolving Facility at such time. 

     62

     

    

(vi)          Application of Other Payments. Except as otherwise provided in Section 2.15, prepayments of the Revolving Facility
made pursuant to this Section 2.05(b), first, shall be applied ratably to the L/C Borrowings and the
Swingline Loans, second, shall be applied to the outstanding Revolving Loans, and, third, shall be
used to Cash Collateralize the remaining L/C Obligations. Upon the drawing of any Letter of Credit that has been Cash Collateralized,
the funds held as Cash Collateral shall be applied (without any further action by or notice to or from the Borrower or any other
Loan Party or any Defaulting Lender that has provided Cash Collateral) to reimburse the L/C Issuer or the Revolving Lenders, as
applicable.

 

Within
the parameters of the applications set forth above, prepayments pursuant to this Section 2.05(b) shall be applied first
to Base Rate Loans and then to Eurodollar Rate Loans in direct order of Interest Period maturities. All prepayments under this
Section 2.05(b) shall be subject to Section 3.05, but otherwise without premium or penalty, and shall be accompanied
by interest on the principal amount prepaid through the date of prepayment.

 

2.06      
Termination or Reduction of Commitments.

 

(a)           Optional. The Borrower may, upon notice to the Administrative Agent, terminate the Revolving Facility, the Letter of Credit
Sublimit or the Swingline Sublimit, or from time to time permanently reduce the Revolving Facility, the Letter of Credit Sublimit
or the Swingline Sublimit; provided that (i) any such notice shall be received by the Administrative Agent not later
than 10:00 a.m. five (5) Business Days prior to the date of termination or reduction, (ii) any such partial reduction shall
be in an aggregate amount of $10,000,000 or any whole multiple of $1,000,000 in excess thereof and (iii) the Borrower shall
not terminate or reduce (A) the Revolving Facility if, after giving effect thereto and to any concurrent prepayments hereunder,
the Total Revolving Outstandings would exceed the Revolving Facility, (B) the Letter of Credit Sublimit if, after giving
effect thereto, the Outstanding Amount of L/C Obligations not fully Cash Collateralized hereunder would exceed the Letter of Credit
Sublimit, or (C) the Swingline Sublimit if, after giving effect thereto and to any concurrent prepayments hereunder, the
Outstanding Amount of Swingline Loans would exceed the Swingline Sublimit.

 

(b)           Mandatory. If after giving effect to any reduction or termination of Revolving Commitments under this Section 2.06,
the Letter of Credit Sublimit or the Swingline Sublimit exceeds the Revolving Facility at such time, the Letter of Credit Sublimit
or the Swingline Sublimit, as the case may be, shall be automatically reduced by the amount of such excess.

 

(c)           Application
of Commitment Reductions; Payment of Fees. The Administrative Agent will promptly notify the Lenders of any termination or
reduction of the Letter of Credit Sublimit, Swingline Sublimit or the Revolving Commitment under this Section 2.06. All
fees in respect of the Revolving Facility accrued until the effective date of any termination of the Revolving Facility shall
be paid on the effective date of such termination. 

     63

     

    

2.07      
Repayment of Loans.

 

(a)          Revolving Loans. The Borrower shall repay to the Revolving Lenders on the Maturity Date the aggregate principal amount
of all Revolving Loans outstanding on such date.

 

(b)          Swingline Loans. The Borrower shall repay each Swingline Loan on the earlier to occur of (i) the date ten (10) Business
Days after such Loan is made and (ii) the Maturity Date. At any time that there shall exist a Defaulting Lender, immediately
upon the request of the Swingline Lender, the Borrower shall repay the outstanding Swingline Loans made by the Swingline Lender
in an amount sufficient to eliminate any Fronting Exposure in respect of such Swingline Loans.

 

(c)          Incremental
Term Loans. The Borrower shall repay the outstanding principal amount of each Incremental Term Loan as provided in the applicable
Incremental Amendment, unless accelerated sooner pursuant to Section 9.02. 

 

2.08       Interest and Default Rate.

 

(a)          Interest. Subject to the provisions of Section 2.08(b), (i) each Eurodollar Rate Loan shall bear interest on
the outstanding principal amount thereof for each Interest Period from the applicable Borrowing date at a rate per annum equal
to the Eurodollar Rate for such Interest Period plus the Applicable Rate; (ii) each Base Rate Loan shall bear interest on
the outstanding principal amount thereof from the applicable Borrowing date at a rate per annum equal to the Base Rate plus the
Applicable Rate; and (iii) each Swingline Loan shall bear interest on the outstanding principal amount thereof from the applicable
Borrowing date at a rate per annum equal to the Base Rate plus the Applicable Rate for Base Rate Loans. To the extent that any
calculation of interest or any fee required to be paid under this Agreement shall be based on (or result in) a calculation that
is less than zero, such calculation shall be deemed zero for purposes of this Agreement.

 

(b)          Default Rate.

 

(i)            If any amount of principal of any Loan is not paid when due (without regard to any applicable grace periods), whether at stated
maturity, by acceleration or otherwise, such amount shall thereafter bear interest at a fluctuating interest rate per annum at
all times equal to the Default Rate to the fullest extent permitted by Applicable Laws.

 

(ii)           If
any amount (other than principal of any Loan) payable by the Borrower under any Loan Document is not paid when due (without regard
to any applicable grace periods), whether at stated maturity, by acceleration or otherwise, then upon the request of the Required
Lenders such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default
Rate to the fullest extent permitted by Applicable Laws. 

     64

     

    

(iii)          Upon the request of the Required Lenders which shall be deemed given for an Event of Default under Section 8.01(f) and (g), while
any Event of Default exists (including a payment default), all outstanding Obligations (including Letter of Credit Fees) may accrue
at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by Applicable
Laws.

 

(iv)          Accrued and unpaid interest on past due amounts (including interest on past due interest) shall be due and payable upon demand.

 

(c)          Interest Payments. Interest on each Loan shall be due and payable in arrears on each Interest Payment Date applicable thereto
and at such other times as may be specified herein. Interest hereunder shall be due and payable in accordance with the terms hereof
before and after judgment, and before and after the commencement of any proceeding under any Debtor Relief Law.

 

2.09      
Fees.

 

In
addition to certain fees described in clauses (l) and (m) of Section 2.03:

 

(a)          Commitment Fee. The Borrower shall pay to the Administrative Agent for the account of each Revolving Lender in accordance
with its Applicable Revolving Percentage, a commitment fee (“Commitment Fee”) equal to the Applicable
Rate times the actual daily amount by which the Revolving Facility exceeds the sum of (i) the Outstanding Amount
of Revolving Loans and (ii) the Outstanding Amount of L/C Obligations, subject to adjustment as provided in Section 2.15.
For the avoidance of doubt, the Outstanding Amount of Swingline Loans shall not be counted towards or considered usage of the
Revolving Facility for purposes of determining the Commitment Fee. The Commitment Fee shall accrue at all times during the Availability
Period, including at any time during which one or more of the conditions in Article IV is not met, and shall be due and
payable quarterly in arrears on the last Business Day of each March, June, September and December, commencing with the first such
date to occur after the Closing Date, and on the last day of the Availability Period. The Commitment Fee shall be calculated quarterly
in arrears, and if there is any change in the Applicable Rate during any quarter, the actual daily amount shall be computed and
multiplied by the Applicable Rate separately for each period during such quarter that such Applicable Rate was in effect.

 

(b)          Other Fees.

 

(i)            The Borrower shall pay to the Administrative Agent for its own account fees in the amounts and at the times specified in the Fee
Letter. Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever.

 

(ii)           The
Borrower shall pay to the Lenders such fees as shall have been separately agreed upon in writing in the amounts and at the times
so specified. Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever. 

     65

     

    

2.10       Computation of Interest and Fees; Retroactive Adjustments of Applicable Rate.

 

(a)           Computation of Interest and Fees. All computations of interest for Base Rate Loans (including Base Rate Loans determined
by reference to the Eurodollar Rate) shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days
elapsed. All other computations of fees and interest shall be made on the basis of a three hundred sixty (360) day year and actual
days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365 day year).
Interest shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof,
for the day on which the Loan or such portion is paid, provided that any Loan that is repaid on the same day on which it is made
shall, subject to Section 2.12(a), bear interest for one (1) day. Each determination by the Administrative Agent of
an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error.

 

(b)           Financial Statement Adjustments or Restatements. If, as a result of any restatement of or other adjustment to the financial
statements of Holdings and its Subsidiaries or for any other reason, the Borrower or the Lenders determine that (i) the Consolidated
Leverage Ratio as calculated by the Borrower as of any applicable date was inaccurate and (ii) a proper calculation of the
Consolidated Leverage Ratio would have resulted in higher pricing for such period, the Borrower shall immediately and retroactively
be obligated to pay to the Administrative Agent for the account of the applicable Lenders or the L/C Issuer, as the case may be,
promptly on demand by the Administrative Agent (or, after the occurrence of an actual or deemed entry of an order for relief with
respect to the Borrower under the Bankruptcy Code of the United States, automatically and without further action by the Administrative
Agent, any Lender or the L/C Issuer), an amount equal to the excess of the amount of interest and fees that should have been paid
for such period over the amount of interest and fees actually paid for such period. This clause (b) shall not limit the
rights of the Administrative Agent, any Lender or the L/C Issuer, as the case may be, under any provision of this Agreement to
payment of any Obligations hereunder at the Default Rate or under Article VIII. The Borrower’s obligations under
this clause (b) shall survive the termination of the Aggregate Commitments and the repayment of all other Obligations hereunder.

 

2.11      
Evidence of Debt.

 

(a)           Maintenance
of Accounts. The Credit Extensions made by each Lender shall be evidenced by one or more accounts or records maintained by
such Lender in the ordinary course of business. The Administrative Agent shall maintain the Register in accordance with Section
11.06(c). The accounts or records maintained by each Lender shall be conclusive absent manifest error of the amount of the
Credit Extensions made by the Lenders to the Borrower and the interest and payments thereon. Any failure to so record or any error
in doing so shall not, however, limit or otherwise affect the obligation of the Borrower hereunder to pay any amount owing with
respect to the Obligations. In the event of any conflict between the accounts and records maintained by any Lender and the Register,
the Register shall control in the absence of manifest error. Upon the request of any Lender made through the Administrative Agent,
the Borrower shall execute and deliver to such Lender (through the Administrative Agent) a Note, which shall evidence such Lender’s
Loans in addition to such accounts or records. Each Lender may attach schedules to its Note and endorse thereon the date, Type
(if applicable), amount and maturity of its Loans and payments with respect thereto. 

     66

     

    

(b)           Maintenance of Records. In addition to the accounts and records referred to in Section 2.11(a), each Lender and
the Administrative Agent shall maintain in accordance with its usual practice accounts or records evidencing the purchases and
sales by such Lender of participations in Letters of Credit and Swingline Loans. In the event of any conflict between the accounts
and records maintained by the Administrative Agent and the accounts and records of any Lender in respect of such matters, the
accounts and records of the Administrative Agent shall control in the absence of manifest error.

 

2.12      
Payments Generally; Administrative Agent’s Clawback.

 

(a)           General. All payments to be made by the Borrower shall be made free and clear of and without condition or deduction for
any counterclaim, defense, recoupment or setoff. Except as otherwise expressly provided herein, all payments by the Borrower hereunder
shall be made to the Administrative Agent, for the account of the respective Lenders to which such payment is owed, at the Administrative
Agent’s Office in Dollars and in immediately available funds not later than 2:00 p.m. on the date specified herein. The
Administrative Agent will promptly distribute to each Lender its Applicable Percentage (or other applicable share as provided
herein) of such payment in like funds as received by wire transfer to such Lender’s Lending Office. All payments received
by the Administrative Agent after 1:00 p.m. shall be deemed received on the next succeeding Business Day and any applicable interest
or fee shall continue to accrue. Subject to Section 2.07(a) and as otherwise specifically provided for in this Agreement,
if any payment to be made by the Borrower shall come due on a day other than a Business Day, payment shall be made on the next
following Business Day, and such extension of time shall be reflected in computing interest or fees, as the case may be.

 

(b)           (i)           
Funding by Lenders; Presumption by Administrative Agent. Unless the Administrative Agent shall have received notice from
a Lender prior to the proposed date of any Borrowing of Eurodollar Rate Loans (or, in the case of any Borrowing of Base Rate Loans,
prior to 11:00 a.m. on the date of such 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 Section 2.02 (or, in the case of a Borrowing of Base Rate Loans, that such Lender has made such share available in
accordance with and at the time required by Section 2.02) and may, in reliance upon such assumption, make available to
the Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing available
to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith
on demand such corresponding amount in immediately available funds with interest thereon, for each day from and including the
date such amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (A) in
the case of a payment to be made by such Lender, the greater of the Federal Funds Rate and a rate determined by the Administrative
Agent in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar
fees customarily charged by the Administrative Agent in connection with the foregoing, and (B) in the case of a payment to
be made by the Borrower, the interest rate applicable to Base Rate Loans. If the Borrower and such Lender shall pay such interest
to the Administrative Agent for the same or an overlapping period, the Administrative Agent shall promptly remit to the Borrower
the amount of such interest paid by the Borrower for such period. If such Lender pays its share of the applicable Borrowing to
the Administrative Agent, then the amount so paid shall constitute such Lender’s Loan included in such Borrowing. Any payment
by the Borrower shall be without prejudice to any claim the Borrower may have against a Lender that shall have failed to make
such payment to the Administrative Agent. 

     67

     

    

(ii)           Payments by Borrower; Presumptions by Administrative Agent. Unless the Administrative Agent shall have received notice
from the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders or
the L/C Issuer hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has
made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Appropriate
Lenders or the L/C Issuer, as the case may be, the amount due. With respect to any payment that the Administrative Agent makes
for the account of the Lenders or the L/C Issuer hereunder as to which the Administrative Agent determines (which determination
shall be conclusive absent manifest error) that any of the following applies (such payment referred to as the “Rescindable
Amount”): (A) the Borrower has not in fact made such payment; (B) the Administrative Agent has made a payment in
excess of the amount so paid by the Borrower (whether or not then owed); or (C) the Administrative Agent has for any reason otherwise
erroneously made such payment; then each of the Appropriate Lenders or the L/C Issuer, as the case may be, severally agrees to
repay to the Administrative Agent forthwith on demand the Rescindable Amount so distributed to such Lender or the L/C Issuer,
in immediately available funds with interest thereon, for each day from and including the date such amount is distributed to it
to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Rate and a rate determined
by the Administrative Agent in accordance with banking industry rules on interbank compensation.

 

A
notice of the Administrative Agent to any Lender or the Borrower with respect to any amount owing under this clause (b)
shall be conclusive, absent manifest error.

 

(c)           Failure
to Satisfy Conditions Precedent. If any Lender makes available to the Administrative Agent funds for any Loan to be made by
such Lender as provided in the foregoing provisions of this Article II, and such funds are not made available to the Borrower
by the Administrative Agent because the conditions to the applicable Credit Extension set forth in Article IV are not satisfied
or waived in accordance with the terms hereof, the Administrative Agent shall return such funds (in like funds as received from
such Lender) to such Lender, without interest. 

     68

     

    

(d)           Obligations of Lenders Several. The obligations of the Lenders hereunder to make Revolving Loans, to fund participations
in Letters of Credit and Swingline Loans and to make payments pursuant to Section 11.04(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 11.04(c) on
any date required hereunder shall not relieve any other Lender of its corresponding obligation to do so on such date, and 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 11.04(c).

 

(e)           Funding Source. Nothing herein shall be deemed to obligate any Lender to obtain the funds for any Loan in any particular
place or manner or to constitute a representation by any Lender that it has obtained or will obtain the funds for any Loan in
any particular place or manner.

 

(f)            Pro Rata Treatment. Except to the extent otherwise provided herein: (i) each Borrowing (other than Swingline Borrowings)
shall be made from the Appropriate Lenders, each payment of fees under Section 2.09 and clauses (l) and (m)
of Section 2.03 shall be made for account of the Appropriate Lenders, and each termination or reduction of the amount
of the Commitments shall be applied to the respective Commitments of the Lenders, pro rata according to the amounts of
their respective Commitments; (ii) each Borrowing shall be allocated pro rata among the Lenders according to the amounts
of their respective Commitments (in the case of the making of Revolving Loans) or their respective Loans that are to be included
in such Borrowing (in the case of conversions and continuations of Loans); (iii) each payment or prepayment of principal
of Loans by the Borrower shall be made for account of the Appropriate Lenders pro rata in accordance with the respective unpaid
principal amounts of the Loans held by them; and (iv) each payment of interest on Loans by the Borrower shall be made for
account of the Appropriate Lenders pro rata in accordance with the amounts of interest on such Loans then due and payable to the
respective Appropriate Lenders.

     69

     

    
2.13       Sharing of Payments by Lenders.

 

If
any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of (a) Obligations
due and payable to such Lender hereunder and under the other Loan Documents at such time in excess of its ratable share (according
to the proportion of (i) the amount of such Obligations due and payable to such Lender at such time to (ii) the aggregate
amount of the Obligations due and payable to all Lenders hereunder and under the other Loan Documents at such time) of payments
on account of the Obligations due and payable to all Lenders hereunder and under the other Loan Documents at such time obtained
by all the Lenders at such time or (b) Obligations owing (but not due and payable) to such Lender hereunder and under the
other Loan Documents at such time in excess of its ratable share (according to the proportion of (i) the amount of such Obligations
owing (but not due and payable) to such Lender at such time to (ii) the aggregate amount of the Obligations owing (but not
due and payable) to all Lenders hereunder and under the other Loan Documents at such time) of payments on account of the Obligations
owing (but not due and payable) to all Lenders hereunder and under the other Loan Documents at such time obtained by all of the
Lenders at such time, then, in each case under clauses (a) and (b) above, the Lender receiving such greater
proportion shall (A) notify the Administrative Agent of such fact, and (B) purchase (for cash at face value) participations
in the Loans and sub-participations in L/C Obligations and Swingline Loans of the other Lenders, or make such other adjustments
as shall be equitable, so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the
aggregate amount of Obligations then due and payable to the Lenders or owing (but not due and payable) to the Lenders, as the
case may be, provided that: 

 

(i)            if any such participations or sub-participations are purchased and all or any portion of the payment giving rise thereto is recovered,
such participations or sub-participations shall be rescinded and the purchase price restored to the extent of such recovery, without
interest; and

 

(ii)           the provisions of this Section 2.13 shall not be construed to apply to (A) any payment made by or on behalf of the
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) the application of Cash Collateral provided for in Section 2.14, or (C) any
payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans or sub-participations
in L/C Obligations or Swingline Loans to any assignee or participant, other than an assignment to any Loan Party or any Affiliate
thereof (as to which the provisions of this Section 2.13 shall apply).

 

Each
Loan Party consents to the foregoing and agrees, to the extent it may effectively do so under Applicable Law, that any Lender
acquiring a participation pursuant to the foregoing arrangements may exercise against such Loan Party rights of setoff and counterclaim
with respect to such participation as fully as if such Lender were a direct creditor of such Loan Party in the amount of such
participation.

 

2.14      
Cash Collateral.

 

(a)           Obligation to Cash Collateralize. At any
time there shall exist a Defaulting Lender, within one Business Day following the written request of the Administrative Agent
or the L/C Issuer (with a copy to the Administrative Agent), the Borrower shall Cash Collateralize the L/C Issuer’s Fronting
Exposure with respect to such Defaulting Lender (determined after giving effect to Section 2.15(a)(iv) and any Cash Collateral
provided by such Defaulting Lender) in an amount not less than the Minimum Collateral Amount.

 

(b)           Grant
of Security Interest. The Borrower, and to the extent provided by any Defaulting Lender, such Defaulting Lender, hereby grants
to (and subjects to the control of) the Administrative Agent, for the benefit of the Administrative Agent, the L/C Issuer and
the Lenders, and agrees to maintain, a first priority security interest (subject to Permitted Liens) in all such cash, deposit
accounts and all balances therein, and all other property so provided as Collateral pursuant hereto, and in all proceeds of the
foregoing, all as security for the obligations to which such Cash Collateral may be applied pursuant to Section 2.14(c).
If at any time the Administrative Agent determines that Cash Collateral is subject to any right or claim of any Person other than
the Administrative Agent or the L/C Issuer as herein provided, or that the total amount of such Cash Collateral is less than the
Minimum Collateral Amount, the Borrower will, promptly upon demand by the Administrative Agent, pay or provide to the Administrative
Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency (determined in the case of Cash Collateral
provided pursuant to Section 2.15(a)(v), after giving effect to Section 2.15(a)(v) and any Cash Collateral
provided by the Defaulting Lender). All Cash Collateral (other than credit support not constituting funds subject to deposit)
shall be maintained in blocked, non-interest bearing deposit accounts at Bank of America. The Borrower shall pay on demand therefor
from time to time all customary account opening, activity and other administrative fees and charges in connection with the maintenance
and disbursement of Cash Collateral. 

     70

     

    

(c)           Application. Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under any of
this Section 2.14 or Sections 2.03, 2.05, 2.15 or 8.02 in respect of Letters of Credit shall
be held and applied to the satisfaction of the specific L/C Obligations, obligations to fund participations therein (including,
as to Cash Collateral provided by a Revolving Lender that is a Defaulting Lender, any interest accrued on such obligation) and
other obligations for which the Cash Collateral was so provided, prior to any other application of such property as may be provided
for herein.

 

(d)           Release. Cash Collateral (or the appropriate portion thereof) provided to reduce Fronting Exposure or to secure other obligations
shall be released promptly following (i) the elimination of the applicable Fronting Exposure or other obligations giving
rise thereto (including by the termination of Defaulting Lender status of the applicable Revolving Lender (or, as appropriate,
its assignee following compliance with Section 11.06(b)(vi))) or (ii) the determination by the Administrative
Agent and the L/C Issuer that there exists excess Cash Collateral; provided, however, (A) any such release
shall be without prejudice to, and any disbursement or other transfer of Cash Collateral shall be and remain subject to, any other
Lien conferred under the Loan Documents and the other applicable provisions of the Loan Documents, and (B) the Person providing
Cash Collateral and the L/C Issuer may agree that Cash Collateral shall not be released but instead held to support future anticipated
Fronting Exposure or other obligations.

 

2.15       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 the definition of “Required Lenders” and Section 11.01. 

     71

     

    

(ii)          Defaulting Lender Waterfall. Any payment of principal, interest, fees or other amounts received by the Administrative Agent
for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article VIII or otherwise)
or received by the Administrative Agent from a Defaulting Lender pursuant to Section 11.08 shall be applied at such time
or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing
by such Defaulting Lender to the Administrative Agent hereunder; second, to the payment on a pro rata basis of any
amounts owing by such Defaulting Lender to the L/C Issuer or the Swingline Lender hereunder; third, to Cash Collateralize
the L/C Issuer’s Fronting Exposure with respect to such Defaulting Lender in accordance with Section 2.14; fourth,
as the Borrower may request (so long as no Event of Default exists), to the funding of any Loan in respect of which such Defaulting
Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; fifth,
if so determined by the Administrative Agent and the Borrower, to be held in a deposit account and released pro rata in
order to (A) satisfy such Defaulting Lender’s potential future funding obligations with respect to Loans under this
Agreement and (B) Cash Collateralize the L/C Issuer’s future Fronting Exposure with respect to such Defaulting Lender
with respect to future Letters of Credit issued under this Agreement, in accordance with Section 2.14; sixth,
to the payment of any amounts owing to the Lenders, the L/C Issuer or Swingline Lender as a result of any judgment of a court
of competent jurisdiction obtained by any Lender, the L/C Issuer or the Swingline Lender against such Defaulting Lender as a result
of such Defaulting Lender’s breach of its obligations under this Agreement; seventh, so long as no Event of
Default exists, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction
obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations
under this Agreement; and eighth, to such Defaulting Lender or as otherwise as may be required under the Loan Documents
in connection with any Lien conferred thereunder or directed by a court of competent jurisdiction; provided that if (x)
such payment is a payment of the principal amount of any Loans or L/C Borrowings in respect of which such Defaulting Lender has
not fully funded its appropriate share, and (y) such Loans were made or the related Letters of Credit were issued at a time when
the conditions set forth in Section 4.02 were satisfied or waived, such payment shall be applied solely to pay the
Loans of, and L/C Obligations owed to, all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment
of any Loans of, or L/C Obligations owed to, such Defaulting Lender until such time as all Loans and funded and unfunded participations
in L/C Obligations and Swingline Loans are held by the Lenders pro rata in accordance with the Commitments hereunder without
giving effect to Section 2.15(a)(iv). Any payments, prepayments or other amounts paid or payable to a Defaulting Lender
that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this Section 2.15(a)(ii)
shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.

 

(iii)         Certain Fees.

 

(A)          Fees.
No Defaulting Lender shall be entitled to receive any fee payable under Section 2.09(a) for any period during which that
Lender is a Defaulting Lender (and the Borrower shall not be required to pay any such fee that otherwise would have been required
to have been paid to that Defaulting Lender). 

     72

     

    

(B)           Letter of Credit Fees. Each Defaulting Lender shall be entitled to receive Letter of Credit Fees for any period during
which that Lender is a Defaulting Lender only to the extent allocable to its Applicable Percentage of the stated amount of Letters
of Credit for which it has provided Cash Collateral pursuant to Section 2.14.

 

(C)           Defaulting Lender Fees. With respect to any Letter of Credit Fee not required to be paid to any Defaulting Lender pursuant
to clause (B) above, the Borrower shall (1) pay to each Non-Defaulting Lender that portion of any such fee otherwise payable
to such Defaulting Lender with respect to such Defaulting Lender’s participation in L/C Obligations or Swingline Loans that
has been reallocated to such Non-Defaulting Lender pursuant to clause (iv) below, (2) pay to the L/C Issuer and the Swingline
Lender, as applicable, the amount of any such fee otherwise payable to such Defaulting Lender to the extent allocable to the L/C
Issuer’s or Swingline Lender’s Fronting Exposure to such Defaulting Lender, and (3) not be required to pay the remaining
amount of any such fee.

 

(iv)         Reallocation of Applicable Revolving Percentages to Reduce Fronting Exposure. All or any part of such Defaulting Lender’s
participation in L/C Obligations and Swingline Loans shall be reallocated among the Non-Defaulting Lenders in accordance with
their respective Applicable Revolving Percentages (calculated without regard to such Defaulting Lender’s Commitment) but
only to the extent that such reallocation does not cause the aggregate Revolving Exposure of any Non-Defaulting Lender to exceed
such Non-Defaulting Lender’s Revolving Commitment. Subject to Section 11.20, no reallocation hereunder shall constitute
a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting
Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased exposure following
such reallocation.

 

(v)          Cash Collateral, Repayment of Swingline Loans. If the reallocation described in clause (a)(iv) above cannot, or
can only partially, be effected, the Borrower shall, without prejudice to any right or remedy available to it hereunder or under
Applicable Law, (A) first, prepay Swingline Loans in an amount equal to the Swingline Lender’s Fronting
Exposure and (B) second, Cash Collateralize the L/C Issuer’s Fronting Exposure in accordance with the
procedures set forth in Section 2.14.

 

(b)           Defaulting
Lender Cure. If the Borrower, the Administrative Agent, the Swingline Lender and the L/C Issuer agree in writing that a Lender
is no longer a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date
specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any Cash
Collateral), that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders
or take such other actions as the Administrative Agent may determine to be necessary to cause the Loans and funded and unfunded
participations in Letters of Credit and Swingline Loans to be held pro rata by the Lenders in accordance with their Revolving
Commitments (without giving effect to Section 2.15(a)(iv)), whereupon such Lender will cease to be a Defaulting Lender;
provided that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of
the Borrower while that Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise
expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release
of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. 

     73

     

    

(c)           New Swingline Loans/Letters of Credit. So long as any Revolving Lender is a Defaulting Lender, (i) the Swingline Lender
shall not be required to fund any Swingline Loans unless it is satisfied that it will have no Fronting Exposure after giving effect
to such Swingline Loan and (ii) the L/C Issuer shall not be required to issue, extend, increase, reinstate or renew any letter
of Credit unless it is satisfied that it will have no Fronting Exposure after giving effect thereto.

 

2.16       Increase in Commitments.

 

(a)           Incremental Commitments. The Borrower may from time to time after the Closing Date (but in any case not more than eight
(8) such requests and no more than two (2) per year), with ten (10) days’ prior written notice to the Administrative Agent,
request (i) one or more increases to the Revolving Commitments (each, a “Revolving Commitment Increase”)
or (ii) one or more new Classes of Incremental Term Loans (any commitment with respect to any new Class of Incremental Term Loan,
an “Incremental Term Loan Commitment” and any incremental facility incurred pursuant to an Incremental
Term Loan Commitment an “Incremental Term Facility”; any Incremental Term Loan Commitment, or any commitment
with respect to any Revolving Commitment Increase, an “Incremental Commitment” and any incremental facility
incurred pursuant to such commitment an “Incremental Facility”), whereupon the Administrative Agent
shall promptly deliver a copy or such written notice to each of the Lenders.

 

(b)           Incremental Term Loan Commitments. Any Incremental Term Loan Commitments effected through the establishment of one or more
new Incremental Term Facilities shall be designated a separate Class of Incremental Term Loan Commitments and Incremental Term
Loans for all purposes of this Agreement. Notwithstanding the foregoing, Incremental Term Loans may have identical terms to any
of the then-outstanding Incremental Term Loans and be treated as the same Class as any of such Incremental Term Loans.

 

(c)           Request
for Incremental Commitments. Each request for Incremental Commitments from the Borrower pursuant to this Section 2.16
shall set forth the requested amount and proposed terms of the relevant Incremental Commitments. Incremental Commitments may be
provided by any existing Lender (but no existing Lender will have any obligation to provide any Incremental Commitment, and the
Borrower will not have any obligation to approach any existing Lenders to provide any Incremental Commitment) or by any other
bank or other financial institution that qualifies as an Eligible Assignee (a “New Lender”). 

     74

     

    

(d)           Effectiveness of Incremental Commitments. The effectiveness of any Incremental Commitments shall be subject to the satisfaction
on the date thereof (the “Incremental Facility Effective Date”) of each of the following conditions:

 

(i)            no Default or Event of Default shall have occurred and be continuing or would exist after giving effect to such Incremental Commitments;

 

(ii)           after giving effect to the establishment of such Incremental Commitments, the aggregate principal amount of all Incremental Commitments
effected pursuant to this Section 2.16 shall not exceed the sum of (x) $75,000,000 plus (y) the maximum amount
that would allow the Loan Parties to remain in Pro Forma Compliance with a Consolidated Secured Net Leverage Ratio of not greater
than 3.00:1.00 (with any Incremental Commitments then being incurred or established assumed to be fully drawn, but without netting
the proceeds from any such Incremental Commitments from Indebtedness); provided that, if the Borrower proposes to
incur indebtedness in reliance on the foregoing clause (d)(ii)(x) on the same date that it proposes to incur indebtedness
in reliance on the foregoing clause (d)(ii)(y), then Pro Forma Compliance with the Consolidated Secured Net Leverage Ratio
for purposes of the foregoing clause (d)(ii)(y) will be calculated without giving Pro Forma Effect to indebtedness proposed
to be incurred on such date in reliance on the foregoing clause (d)(ii)(x);

 

(iii)          the aggregate Incremental Commitments for any Revolving Commitment Increase or any other Class of Incremental Term Loan shall
be in an aggregate principal amount that is not less than $10,000,000 (or if less, the balance of the remaining aggregate principal
amount available for all such Incremental Facilities),) and shall be in an increment of $1,000,000 (or such lesser amounts as
agreed by the Administrative Agent);

 

(iv)          the
Borrower shall deliver to the Administrative Agent a certificate of each Loan Party dated as of the Incremental Facility Effective
Date (in sufficient copies for each Lender) signed by a Responsible Officer of such Loan Party (i) certifying and attaching the
resolutions adopted by such Loan Party approving or consenting to such increase, (ii) in the case of the Borrower, certifying
that, both before and after giving effect to the Incremental Facility and assuming that the full amount of such Incremental Facility
is funded, (A) the representations and warranties contained in Article V and the other Loan Documents (1) that contain a materiality
qualification, are true and correct, on and as of the Incremental Facility Effective Date and (2) that do not contain a materiality
qualification, are true and correct in all material respects, on and as of the Incremental Facility Effective Date, and except
that for purposes of this Section 2.16, (x) the representations and warranties contained in clauses (a) and (b) of Section
5.05 shall be deemed to refer to the most recent statements furnished pursuant to clauses (a) and (b), respectively, of Section
6.01 and (y) any representation and warranty that by its terms is made only as of an earlier date, shall remain true and correct
in all material respects (or in the case of such representations and warranties that are subject to a materiality qualification,
in all respects) as of such earlier date, (B) no Default or Event of Default exists or would exist after giving effect to the
Incremental Commitments, and (C) the Loan Parties are in Pro Forma Compliance with each of the financial covenants set forth in
Section 7.11 (provided that the proceeds of any Incremental Commitments assumed to be fully drawn shall not be netted
from Indebtedness); 

     75

     

    

(v)           The Borrower shall deliver or cause to be delivered any other customary documents (including, without limitation, legal opinions
and amendments to the Collateral Documents to the extent required by Section 6.13 or Section 6.14) as reasonably
requested by the Administrative Agent in connection with any Incremental Facility;

 

(vi)          The
Borrower shall prepay any Revolving Loans outstanding on the Revolving Increase Effective Date (and pay any additional amounts
required pursuant to Section 3.05) to the extent necessary to keep the outstanding Revolving Loans ratable with any revised
Applicable Revolving Percentages arising from any nonratable increase in the Revolving Commitments under this Section 2.16. 

 

(e)           Required Terms. The terms, provisions and documentation of the Incremental Commitments of any Class shall be as agreed
among the Borrower, the Administrative Agent and the applicable Lenders providing such Incremental Commitments. In any event:

 

(i)            any Incremental Commitments with respect to a Revolving Commitment Increase shall be on terms and conditions identical to the
aggregate Revolving Commitments;

 

(ii)           any
Incremental Term Loan Commitments with respect to any new Class of Incremental Term Loan shall be on terms and conditions reasonably
satisfactory to Administrative Agent and may include customary amortization and mandatory prepayments (it being understood that
to the extent any financial maintenance covenant is added for the benefit of any new Class of Incremental Term Loan (and the Incremental
Term Loan Commitments with respect thereto), no consent for such financial maintenance covenant shall be required from the Administrative
Agent or any of the Lenders to the extent that such financial maintenance covenant is also added for the benefit of the existing
credit facilities hereunder); provided, that, any new Class of Incremental Term Loan shall (A)(1) rank pari passu in right
of payment and of security with the Revolving Facility and (2) have no obligors other than the Loan Parties, (B) not mature earlier
than the latest Maturity Date at the time of incurrence of such Incremental Term Loan, (C) other than customary amortization and
customary mandatory prepayments, have a Weighted Average Life to Maturity not shorter than the then-remaining Weighted Average
Life to Maturity of the Revolving Facility and (D) subject to clauses (B) and (C) of the proviso to this Section 2.16(e)(ii) set
forth above, have an Applicable Rate, fees, customary amortization and customary mandatory prepayments determined by the Borrower
and the applicable Lenders providing such Incremental Term Loan. 

     76

     

    

(f)            Lender Elections to Increase. Each Revolving Lender shall notify the Administrative Agent within such time period whether
or not it agrees to increase its Revolving Commitment or provide an Incremental Term Loan Commitment and, if so, (i) in the case
of a Revolving Commitment, whether by an amount equal to, greater than, or less than its Applicable Revolving Percentage of such
requested increase or (ii) in the case of an Incremental Term Loan Commitment, the amount of such Incremental Term Loan Commitment.
Any Revolving Lender not responding within such time period shall be deemed to have declined to increase its Revolving Commitment
or to provide an Incremental Term Loan Commitment.

 

(g)           Notification by Administrative Agent; Additional Revolving Lenders. The Administrative Agent shall notify the Borrower
and each Revolving Lender of the Revolving Lenders’ responses to each request made hereunder.

 

(h)           Effective Date and Allocations. If there is an Incremental Commitment made in accordance with this Section 2.16,
the Administrative Agent and the Borrower shall determine the Incremental Facility Effective Date and the final allocation of
such commitment. The Administrative Agent shall promptly notify the Borrower and the Revolving Lenders and the New Lenders of
the final allocation of such increase and the Incremental Facility Effective Date.

 

(i)            Conflicting Provisions. This Section 2.16 shall supersede any provisions in Section 2.13 or 11.01 to
the contrary.

 

(j)            Incremental
Amendment. Each Class of Incremental Commitments shall become Commitments under this Agreement pursuant to an amendment (each,
an “Incremental Amendment”) to this Agreement and, as appropriate, the other Loan Documents, executed
by the Borrower, the Lenders providing such Incremental Commitments and the Administrative Agent. Each Incremental Amendment may,
without the consent of any other Lender, 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 Borrower, to effect the provisions of this Section
2.16 with respect to the establishment of any Incremental Commitments. 

 

2.17      
Co-Borrower.

 

(a)           Each
Borrower accepts joint and several liability hereunder in consideration of the financial accommodation to be provided by the Administrative
Agent, the Lenders and the L/C Issuer under this Agreement and the other Loan Documents, for the mutual benefit, directly and
indirectly, of each Borrower and in consideration of the undertakings of each Borrower to accept joint and several liability for
the obligations of each Borrower. 

     77

     

    

(b)           Each
Borrower shall be jointly and severally liable for the Obligations, regardless of which Borrower actually receives the Loans hereunder
or the amount of the Obligations received or the manner in which the Administrative Agent or any Lender accounts for the Obligations
on its books and records. Each Borrower’s obligations with respect to Loans made to it, and each Borrower’s obligations
arising as a result of the joint and several liability of such Borrower hereunder, with respect to Loans, Letters of Credit made
to and other Obligations owing by the Borrowers hereunder, shall be separate and distinct obligations, but all such obligations
shall be primary obligations of each Borrower.

 

(c)            Upon
the occurrence and during the continuation of any Event of Default, the Administrative Agent and the Lenders may proceed directly
and at once, without notice, against any Borrower to collect and recover the full amount, or any portion of the Obligations, without
first proceeding against any other Borrower or any other Person, or against any security or collateral for the Obligations. Each
Borrower consents and agrees that the Administrative Agent and the Lenders shall be under no obligation to marshal any assets
in favor of any Borrower or against or in payment of any or all of the Obligations. 

 

Article
III

TAXES, YIELD PROTECTION AND ILLEGALITY

 

3.01       Taxes.

 

(a)           Defined Terms. For purposes of this Section 3.01, the term “Applicable Law” includes FATCA and the term
 “Lender” includes any L/C Issuer.

 

(b)           Payments Free of Taxes; Obligation to Withhold; Payments on Account of Taxes. Any and all payments by or on account of
any obligation of any Loan Party under any Loan Document shall be made without deduction or withholding for any Taxes, except
as required by Applicable Laws. If any Applicable Laws (as determined in the good faith discretion of an applicable Withholding
Agent) require the deduction or withholding of any Tax from any such payment by a Withholding Agent, then the applicable Withholding
Agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the
relevant Governmental Authority in accordance with Applicable Law and, if such Tax is an Indemnified Tax, then the sum payable
by the applicable Loan Party shall be increased as necessary so that after any required withholding or the making of all required
deductions (including deductions applicable to additional sums payable under this Section 3.01) the applicable Recipient
receives an amount equal to the sum it would have received had no such withholding or deduction been made.

 

(c)           Payment
of Other Taxes by the Loan Parties. The Loan Parties shall timely pay to the relevant Governmental Authority in accordance
with Applicable Law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes. In
addition and without limiting the foregoing, each Loan Party agrees to pay any and all present or future stamp, court or documentary
taxes and any other excise, property, intangible or mortgage recording taxes, or charges or levies of the same character, imposed
by any Governmental Authority, that arise from any payment made under any Loan Document or from the execution, delivery, performance,
enforcement or registration of, or otherwise with respect to, any Loan Document (including additions to tax, penalties and interest
related thereto) excluding, in each case, such amounts that result from the Administrative Agent’s, the collateral agent’s
or a Lender’s Assignment and Assumption, grant of a participation, transfer or assignment to or designation of a new applicable
Lending Office or other office for receiving payments under any Loan Document (collectively, “Assignment Taxes”)
to the extent such Assignment Taxes result from a connection that the Administrative Agent or Lender has with the taxing jurisdiction
other than the connection arising out of the Loan Documents or the transactions therein, except for such Assignment Taxes resulting
from assignment or participation that is requested or required in writing by the Borrower. 

     78

     

    

(d)           Tax Indemnifications.

 

(i)            Each of the Loan Parties shall, and does hereby, jointly and severally indemnify each Recipient, and shall make payment in respect
thereof within ten (10) days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes
imposed or asserted on or attributable to amounts payable under this Section 3.01) payable or paid by such Recipient or
required to be withheld or deducted from a payment to such Recipient, and any penalties, interest and reasonable expenses arising
therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the
relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender
(with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be
conclusive absent manifest error. Each of the Loan Parties shall also, and does hereby, jointly and severally indemnify the Administrative
Agent, and shall make payment in respect thereof within ten (10) days after demand therefor, for any amount which a Lender for
any reason fails to pay indefeasibly to the Administrative Agent as required pursuant to Section 3.01(c)(ii) below.

 

(ii)           Each
Lender shall, and does hereby, severally indemnify and shall make payment in respect thereof within ten (10) days after demand
therefor, (A) the Administrative Agent against any Indemnified Taxes attributable to such Lender (but only to the extent
that any Loan Party has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation
of the Loan Parties to do so), (B) the Administrative Agent and the Loan Parties, as applicable, against any Taxes attributable
to such Lender’s failure to comply with the provisions of Section 11.06(d) relating to the maintenance of a
Participant Register and (C) the Administrative Agent and the Loan Parties, as applicable, against any Excluded Taxes attributable
to such Lender, in each case, that are payable or paid by the Administrative Agent or a Loan Party in connection with any Loan
Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally
imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered
to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative
Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by
the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this clause (d)(ii). 

     79

     

    

(e)          Evidence of Payments. As soon as practicable after any payment of Taxes by any Loan Party to a Governmental Authority,
as provided in this Section 3.01, the Borrower shall deliver to the Administrative Agent the original or a certified
copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of any return reporting such payment or
other evidence of such payment reasonably satisfactory to the Administrative Agent.

 

(f)           Status of Lenders; Tax Documentation.

 

(i)          Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan
Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower
or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Administrative
Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, if reasonably
requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by Applicable Law or
reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine
whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to
the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation
set forth in Section 3.01(f)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender’s
reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense
or would materially prejudice the legal or commercial position of such Lender.

 

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

 

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

     80

     

    
 

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

 

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

 

(2)           executed copies of IRS Form W–8ECI;

 

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

 

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

 

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

     81

     

    

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

 

(iii)          Each Lender agrees that if any form or certification it previously delivered pursuant to this Section 3.01 expires or becomes
obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Administrative
Agent in writing of its legal inability to do so.

 

(g)           Treatment
of Certain Refunds. Unless required by Applicable Laws, at no time shall the Administrative Agent have any obligation to file
for or otherwise pursue on behalf of a Lender, or have any obligation to pay to any Lender, any refund of Taxes withheld or deducted
from funds paid for the account of such Lender. If any Recipient determines, in its sole discretion exercised in good faith, that
it has received a refund of any Taxes as to which it has been indemnified by any Loan Party or with respect to which any Loan
Party has paid additional amounts pursuant to this Section 3.01, it shall pay to such Loan Party an amount equal to such
refund (but only to the extent of indemnity payments made, or additional amounts paid, by such Loan Party under this Section
3.01 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) incurred by
such Recipient, as the case may be, and without interest (other than any interest paid by the relevant Governmental Authority
with respect to such refund), provided that each Loan Party, upon the request of the Recipient, agrees to repay the amount paid
over to such Loan Party (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the
Recipient in the event the Recipient is required to repay such refund to such Governmental Authority. Notwithstanding anything
to the contrary in this clause (g), in no event will the applicable Recipient be required to pay any amount to such Loan
Party pursuant to this clause (g) the payment of which would place the Recipient in a less favorable net after-Tax position
than such Recipient would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted,
withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid.
This clause (g) shall not be construed to require any Recipient to make available its tax returns (or any other information
relating to its Taxes that it deems confidential) to any Loan Party or any other Person. 

     82

     

    

(h)           Survival. Each party’s obligations under this Section 3.01 shall survive the resignation or replacement of
the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and
the repayment, satisfaction or discharge of all other Obligations.

 

3.02      
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 or its Lending Office to make, maintain or fund or charge interest with respect to any Credit Extension, or to
determine or charge interest rates based upon the Eurodollar Rate, or any Governmental Authority has imposed material restrictions
on the authority of such Lender to purchase or sell, or to take deposits of, Dollars in the London interbank market, then, upon
notice thereof by such Lender to the Borrower (through the Administrative Agent), (i) any obligation of such Lender to make
or continue Eurodollar Rate Loans to convert Base Rate Loans to Eurodollar Rate Loans shall be suspended, and (ii) if such
notice asserts the illegality of such Lender making or maintaining Base Rate Loans the interest rate on which is determined by
reference to the Eurodollar Rate component of the Base Rate, the interest rate on which Base Rate Loans of such Lender shall,
if necessary to avoid such illegality, be determined by the Administrative Agent without reference to the Eurodollar Rate component
of the Base Rate, in each case until such Lender notifies the Administrative Agent and the Borrower that the circumstances giving
rise to such determination no longer exist. Upon receipt of such notice, (A) the Borrower shall, upon demand from such Lender
(with a copy to the Administrative Agent), prepay or, if applicable, convert all Eurodollar Rate Loans of such Lender to Base
Rate Loans (the interest rate on which Base Rate Loans of such Lender shall, if necessary to avoid such illegality, be determined
by the Administrative Agent without reference to the Eurodollar Rate component of the Base Rate), either on the last day of the
Interest Period therefor, if such Lender may lawfully continue to maintain such Eurodollar Rate Loans to such day, or immediately,
if such Lender may not lawfully continue to maintain such Eurodollar Rate Loans and (B) if such notice asserts the illegality
of such Lender determining or charging interest rates based upon the Eurodollar Rate, the Administrative Agent shall during the
period of such suspension compute the Base Rate applicable to such Lender without reference to the Eurodollar 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 Eurodollar Rate. Upon any such prepayment or conversion, the Borrower shall also pay accrued
interest on the amount so prepaid or converted, together with any additional amounts required pursuant to Section 3.05. 

     83

     

    

3.03      
Inability to Determine Rates.

 

(a)           If in connection with any request for a Eurodollar Rate Loan or a conversion to or continuation thereof, (i) the Administrative
Agent determines that (A) Dollar deposits are not being offered to banks in the London interbank eurodollar market for the applicable
amount and Interest Period of such Eurodollar Rate Loan, or (B) (1) adequate and reasonable means do not exist for determining
the Eurodollar Rate for any requested Interest Period with respect to a proposed Eurodollar Rate Loan or in connection with an
existing or proposed Base Rate Loan and (2) the circumstances described in Section 3.03(c)(i) do not apply (in each case
with respect to this clause (i), “Impacted Loans”), or (ii) the Administrative Agent or the Required
Lenders determine that for any reason Eurodollar Rate for any requested Interest Period with respect to a proposed Eurodollar
Rate Loan does not adequately and fairly reflect the cost to such Lenders of funding such Loan, the Administrative Agent will
promptly so notify the Borrower and each Lender. Thereafter, (x) the obligation of the Lenders to make or maintain Eurodollar
Rate Loans shall be suspended (to the extent of the affected Eurodollar Rate Loans or Interest Periods), and (y) in the event
of a determination described in the preceding sentence with respect to the Eurodollar Rate component of the Base Rate, the utilization
of the Eurodollar Rate component in determining the Base Rate shall be suspended, in each case until the Administrative Agent
(or, in the case of a determination by the Required Lenders described in clause (ii) of this Section 3.03(a),
until the Administrative Agent upon instruction of the Required Lenders) revokes such notice. Upon receipt of such notice, the
Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of Eurodollar Rate Loans (to the extent
of the affected Eurodollar Rate Loans or Interest Periods) or, failing that, will be deemed to have converted such request into
a request for a Borrowing of Base Rate Loans in the amount specified therein.

 

(b)           Notwithstanding
the foregoing, if the Administrative Agent has made the determination described in clause (a)(i) of this Section 3.03,
the Administrative Agent in consultation with the Borrower, may establish an alternative interest rate for the Impacted Loans,
in which case, such alternative rate of interest shall apply with respect to the Impacted Loans until (i) the Administrative Agent
revokes the notice delivered with respect to the Impacted Loans under clause (a)(i) of this Section 3.03, (ii) the
Administrative Agent or the Required Lenders notify the Administrative Agent and the Borrower that such alternative interest rate
does not adequately and fairly reflect the cost to the Lenders of funding the Impacted Loans, or (iii) any Lender determines that
any Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for such Lender or its applicable
Lending Office to make, maintain or fund Loans whose interest is determined by reference to such alternative rate of interest
or to determine or charge interest rates based upon such rate or any Governmental Authority has imposed material restrictions
on the authority of such Lender to do any of the foregoing and provides the Administrative Agent and the Borrower written notice
thereof. 

     84

     

    

(c)           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 Borrower or Required Lenders notify the Administrative
Agent (with, in the case of the Required Lenders, a copy to the Borrower) that the Borrower or Required Lenders (as applicable)
have determined, that:

 

(i)            adequate and reasonable means do not exist for ascertaining LIBOR for any Interest Period hereunder or any other tenors of LIBOR,
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 or such
administrator 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, that will continue to provide LIBOR after such specific
date (such specific date, the “Scheduled Unavailability Date”); or

 

(iii)          the administrator of the LIBOR Screen Rate or a Governmental Authority having jurisdiction over such administrator has made a
public statement announcing that all Interest Periods and other tenors of LIBOR are no longer representative; or

 

(iv)          syndicated loans currently being executed, or that include language similar to that contained in this Section 3.03, are
being executed or amended (as applicable) to incorporate or adopt a new benchmark interest rate to replace LIBOR;

 

then,
in the case of clauses (i)-(iii) above, on a date and time determined by the Administrative Agent (any such date, the “LIBOR
Replacement Date”), which date shall be at the end of an Interest Period or on the relevant interest payment date,
as applicable, for interest calculated and shall occur within a reasonable period of time after the occurrence of any of the events
or circumstances under clauses (i), (ii) or (iii) above and, solely with respect to clause (ii) above,
no later than the Scheduled Unavailability Date, LIBOR will be replaced hereunder and under any Loan Document with, subject to
the proviso below, the first available alternative set forth in the order below for any payment period for interest calculated
that can be determined by the Administrative Agent, in each case, without any amendment to, or further action or consent of any
other party to, this Agreement or any other Loan Document (the “LIBOR Successor Rate”; and any such
rate before giving effect to the Related Adjustment, the “Pre-Adjustment Successor Rate”):

 

(x)            Term
SOFR plus the Related Adjustment; and

 

(y)           SOFR
plus the Related Adjustment; 

     85

     

    

and
in the case of clause (iv) above, the Borrower and Administrative Agent may amend this Agreement solely for the purpose
of replacing LIBOR under this Agreement and under any other Loan Document in accordance with the definition of “LIBOR Successor
Rate” and such amendment will become effective at 5:00 p.m., on the fifth Business Day after the Administrative Agent shall
have notified all Lenders and the Borrower of the occurrence of the circumstances described in clause (iv) above unless,
prior to such time, Lenders comprising the Required Lenders have delivered to the Administrative Agent written notice that such
Required Lenders object to the implementation of a LIBOR Successor Rate pursuant to such clause;

 

provided
that, if the Administrative Agent determines that Term SOFR has become available, is administratively feasible for the
Administrative Agent and would have been identified as the Pre-Adjustment Successor Rate in accordance with the foregoing if it
had been so available at the time that the LIBOR Successor Rate then in effect was so identified, and the Administrative Agent
notifies the Borrower and each Lender of such availability, then from and after the beginning of the Interest Period, relevant
interest payment date or payment period for interest calculated, in each case, commencing no less than thirty (30) days after
the date of such notice, the Pre-Adjustment Successor Rate shall be Term SOFR and the LIBOR Successor Rate shall be Term SOFR
plus the relevant Related Adjustment.

 

The
Administrative Agent will promptly (in one or more notices) notify the Borrower and each Lender of (x) any occurrence of any of
the events, periods or circumstances under clauses (i) through (iii) above, (y) a LIBOR Replacement Date and (z)
the LIBOR Successor Rate.

 

Any
LIBOR Successor Rate shall be applied in a manner consistent with market practice; provided that to the extent such market
practice is not administratively feasible for the Administrative Agent, such LIBOR Successor Rate shall be applied in a manner
as otherwise reasonably determined by the Administrative Agent.

 

Notwithstanding
anything else herein, if at any time any LIBOR Successor Rate as so determined would otherwise be less than 0%, the LIBOR Successor
Rate will be deemed to be 0% for the purposes of this Agreement and the other Loan Documents.

 

In
connection with the implementation of a LIBOR Successor Rate, the Administrative Agent 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 Rate Conforming Changes to the Borrower and the Lenders reasonably
promptly after such amendment becomes effective.

 

If
the events or circumstances of the type described in Section 3.03(c)(i)-(iii) have occurred with respect to the LIBOR Successor
Rate then in effect, then the successor rate thereto shall be determined in accordance with the definition of “LIBOR Successor
Rate.” 

     86

     

    

(d)           Notwithstanding anything to the contrary herein, (i) after any such determination by the Administrative Agent or receipt by the
Administrative Agent of any such notice described under Section 3.03(c)(i)-(iii), as applicable, if the Administrative
Agent determines that none of the LIBOR Successor Rates is available on or prior to the LIBOR Replacement Date, (ii) if the events
or circumstances described in Section 3.03(c)(iv) have occurred but none of the LIBOR Successor Rates is available,
or (iii) if the events or circumstances of the type described in Section 3.03(c)(i)-(iii) have occurred with respect to
the LIBOR Successor Rate then in effect and the Administrative Agent determines that none of the LIBOR Successor Rates is available,
then in each case, the Administrative Agent and the Borrower may amend this Agreement solely for the purpose of replacing LIBOR
or any then current LIBOR Successor Rate in accordance with this Section 3.03 at the end of any Interest Period, relevant
interest payment date or payment period for interest calculated, as applicable, with another alternate benchmark rate giving due
consideration to any evolving or then existing convention for similar U.S. dollar denominated syndicated credit facilities for
such alternative benchmarks and, in each case, including any Related Adjustments and any other mathematical or other adjustments
to such benchmark giving due consideration to any evolving or then existing convention for similar U.S. 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 and may be periodically updated.
For the avoidance of doubt, any such proposed rate and adjustments shall constitute a LIBOR Successor Rate. Any such amendment
shall become effective at 5:00 p.m. on the fifth Business Day after the Administrative Agent shall have posted such proposed amendment
to all Lenders and the Borrower unless, prior to such time, Lenders comprising the Required Lenders have delivered to the Administrative
Agent written notice that such Required Lenders object to such amendment.

 

(e)           If,
at the end of any Interest Period, relevant interest payment date or payment period for interest calculated, no LIBOR Successor
Rate has been determined in accordance with clauses (c) or (d) of this Section 3.03 and the circumstances
under clauses (c)(i) or (c)(iii) above exist or the Scheduled Unavailability Date has occurred (as applicable),
the Administrative Agent will promptly so notify the Borrower and each Lender. Thereafter, (x) the obligation of the Lenders to
make or maintain Eurodollar Rate Loans shall be suspended, (to the extent of the affected Eurodollar Rate Loans, Interest Periods,
interest payment dates or payment periods), and (y) the Eurodollar Rate component shall no longer be utilized in determining the
Base Rate, until the LIBOR Successor Rate has been determined in accordance with clauses (c) or (d). Upon receipt
of such notice, the Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of Eurodollar Rate
Loans (to the extent of the affected Eurodollar Rate Loans, Interest Periods, interest payment dates or payment periods) or, failing
that, will be deemed to have converted such request into a request for a Borrowing of Base Rate Loans (subject to the foregoing
clause (y)) in the amount specified therein. 

     87

     

    

3.04      
Increased Costs; Reserves on Eurodollar Rate Loans.

 

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

 

(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 or participated in by, any Lender (except any reserve requirement
contemplated by Section 3.04(e)) or the L/C Issuer;

 

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

 

(iii)          impose on any Lender or the L/C Issuer or the London interbank market any other condition, cost or expense affecting this Agreement
or Eurodollar Rate Loans made by such Lender or any Letter of Credit or participation therein;

 

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

 

(b)          Capital Requirements. If any Lender or the L/C Issuer determines that any Change in Law affecting such Lender or the L/C
Issuer or any Lending Office of such Lender or such Lender’s or the L/C Issuer’s holding company, if any, regarding
capital or liquidity requirements has or would have the effect of reducing the rate of return on such Lender’s or the L/C
Issuer’s capital or on the capital of such Lender’s or the L/C Issuer’s holding company, if any, as a consequence
of this Agreement, the Commitments of such Lender 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 the L/C Issuer, to a level below that which such Lender or the L/C Issuer
or such Lender’s or the L/C Issuer’s holding company could have achieved but for such Change in Law (taking into consideration
such Lender’s or the L/C Issuer’s policies and the policies of such Lender’s or the L/C Issuer’s holding
company with respect to capital adequacy), then from time to time the Borrower will pay to such Lender or the L/C Issuer, as the
case may be, such additional amount or amounts as will compensate such Lender or the L/C Issuer or such Lender’s or the
L/C Issuer’s holding company for any such reduction suffered.

 

(c)          Certificates
for Reimbursement. A certificate of a Lender or the L/C Issuer setting forth the amount or amounts necessary to compensate
such Lender or the L/C Issuer or its holding company, as the case may be, as specified in clause (a) or (b)
of this Section 3.04 and delivered to the Borrower shall be conclusive absent manifest error. The Borrower shall pay
such Lender or the L/C Issuer, as the case may be, the amount shown as due on any such certificate within ten (10) days after
receipt thereof. 

     88

     

    

(d)           Reserves on Eurodollar Rate Loans. The Borrower shall pay to each Lender, (i) as long as such Lender shall be required
to maintain reserves with respect to liabilities or assets consisting of or including eurocurrency funds or deposits (currently
known as “Eurocurrency liabilities”), additional interest on the unpaid principal amount of each Eurodollar Rate Loan
equal to the actual costs of such reserves allocated to such Loan by such Lender (as determined by such Lender in good faith,
which determination shall be conclusive), and (ii) as long as such Lender shall be required to comply with any reserve ratio requirement
or analogous requirement of any central banking or financial regulatory authority imposed in respect of the maintenance of the
Commitments or the funding of the Loans, such additional costs (expressed as a percentage per annum and rounded upwards, if necessary,
to the nearest five decimal places) equal to the actual costs allocated to such Commitment or Loan by such Lender (as determined
by such Lender in good faith, which determination shall be conclusive), which in each case shall be due and payable on each date
on which interest is payable on such Loan, provided the Borrower shall have received at least ten (10) days’ prior notice
(with a copy to the Administrative Agent) of such additional interest or costs from such Lender. If a Lender fails to give notice
ten (10) days prior to the relevant Interest Payment Date, such additional interest shall be due and payable ten (10) days from
receipt of such notice.

 

(e)           Delay in Requests. Failure or delay on the part of any Lender or the L/C Issuer to demand compensation pursuant to the
foregoing provisions of this Section 3.04 shall not constitute a waiver of such Lender’s or the L/C Issuer’s
right to demand such compensation, provided that the Borrower shall not be required to compensate a Lender or the L/C Issuer pursuant
to the foregoing provisions of this Section 3.04 for any increased costs incurred or reductions suffered more than nine
(9) months prior to the date that such Lender or the L/C Issuer, as the case may be, notifies the Borrower of the Change in Law
giving rise to such increased costs or reductions and of such Lender’s or the L/C Issuer’s intention to claim compensation
therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the nine (9)
month period referred to above shall be extended to include the period of retroactive effect thereof).

 

3.05       Compensation for Losses.

 

Upon
demand of any Lender (with a copy to the Administrative Agent) from time to time, the Borrower shall promptly compensate such
Lender for and hold such Lender harmless from any loss, cost or expense incurred by it as a result of:

 

(a)           any continuation, conversion, payment or prepayment of any Loan other than a Base Rate Loan on a day other than the last day of
the Interest Period for such Loan (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise);

 

(b)           any
failure by the Borrower (for a reason other than the failure of such Lender to make a Loan) to prepay, borrow, continue or convert
any Loan other than a Base Rate Loan on the date or in the amount notified by the Borrower; or 

     89

     

    

(c)           any assignment of a Eurodollar Rate Loan on a
day other than the last day of the Interest Period therefor as a result of a request by the Borrower pursuant to Section 11.13;

 

including
any loss of anticipated profits and any loss or expense arising from the liquidation or reemployment of funds obtained by it to
maintain such Loan or from fees payable to terminate the deposits from which such funds were obtained. The Borrower shall also
pay any customary administrative fees charged by such Lender in connection with the foregoing.

 

For
purposes of calculating amounts payable by the Borrower to the Lenders under this Section 3.05, each Lender shall be deemed
to have funded each Eurodollar Rate Loan made by it at the Eurodollar Rate for such Loan by a matching deposit or other borrowing
in the London interbank eurodollar market for a comparable amount and for a comparable period, whether or not such Eurodollar
Rate Loan was in fact so funded.

 

3.06       Mitigation Obligations; Replacement of Lenders.

 

(a)           Designation of a Different Lending Office. If any Lender requests compensation under Section 3.04, or requires the
Borrower to pay any Indemnified Taxes or additional amounts to any Lender, the L/C Issuer, or any Governmental Authority for the
account of any Lender or the L/C Issuer pursuant to Section 3.01, or if any Lender gives a notice pursuant to Section
3.02, then at the request of the Borrower, such Lender or the L/C Issuer shall, as applicable, use reasonable efforts to designate
a different Lending Office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another
of its offices, branches or Affiliates, if, in the judgment of such Lender or the L/C Issuer, such designation or assignment (i) would
eliminate or reduce amounts payable pursuant to Section 3.01 or 3.04, as the case may be, in the future, or eliminate
the need for the notice pursuant to Section 3.02, as applicable, and (ii) in each case, would not subject such Lender
or the L/C Issuer, as the case may be, to any unreimbursed cost or expense and would not otherwise be disadvantageous to such
Lender or the L/C Issuer, as the case may be. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by
any Lender or the L/C Issuer in connection with any such designation or assignment.

 

(b)           Replacement of Lenders. If any Lender requests compensation under Section 3.04, or if the Borrower is required to
pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant
to Section 3.01 and, in each case, such Lender has declined or is unable to designate a different lending office in accordance
with Section 3.06(a), the Borrower may replace such Lender in accordance with Section 11.13.

 

3.07         
Survival. All of the Borrower’s obligations under this Article III shall survive termination of the Aggregate
Commitments, repayment of all other Obligations hereunder, resignation of the Administrative Agent and the Facility Termination
Date.

     90

     

    

Article
IV

CONDITIONS PRECEDENT TO CREDIT EXTENSIONS

 

4.01        Conditions
of Initial Credit Extension.

 

The obligation of the L/C Issuer
and each Lender to make its initial Credit Extension hereunder is subject to satisfaction of the following conditions precedent:

 

(a)          
Execution of Credit Agreement; Loan Documents. The Administrative Agent shall have received (i) counterparts
of this Agreement, executed by a Responsible Officer of each Loan Party and a duly authorized officer of each Lender, (ii) for
the account of each Lender requesting a Note, a Note executed by a Responsible Officer of the Borrower, (iii) counterparts
of the Security Agreement, and each other applicable Collateral Document, executed by a Responsible Officer of the applicable Loan
Parties and a duly authorized officer of each other Person party thereto, as applicable and (iv) counterparts of any other
Loan Document, executed by a Responsible Officer of the applicable Loan Party and a duly authorized officer of each other Person
party thereto.

 

(b)           Officer’s Certificate. The Administrative Agent shall have received an Officer’s Certificate dated the
Closing Date, certifying as to the Organization Documents of each Loan Party (which, to the extent filed with a Governmental Authority,
shall be certified as of a recent date by such Governmental Authority), the resolutions of the governing body of each Loan Party,
the good standing, existence or its equivalent of each Loan Party and of the incumbency (including specimen signatures) of the
Responsible Officers of each Loan Party.

 

(c)          
Legal Opinions of Counsel. The Administrative Agent shall have received an opinion or opinions (including, if requested
by the Administrative Agent, local counsel opinions) of counsel for the Loan Parties, dated the Closing Date and addressed to the
Administrative Agent and the Lenders, in form and substance acceptable to the Administrative Agent.

 

(d)           Financial Statements. The Administrative Agent and the Lenders shall have received copies of the financial statements
referred to in Section 5.05, each in form and substance satisfactory to each of them.

 

(e)          
Personal Property Collateral. The Administrative Agent shall have received, in form and substance satisfactory to
the Administrative Agent:

 

  (i)           
(A) searches of UCC filings in the jurisdiction of incorporation or formation, as applicable, of each Loan Party and
each jurisdiction where any Collateral is located or where a filing would need to be made in order to perfect the Administrative
Agent’s security interest in the Collateral, copies of the financing statements on file in such jurisdictions and evidence
that no Liens exist other than Permitted Liens and (B) tax lien, judgment and bankruptcy searches;

    91 

    

    

(ii)           searches of ownership of Intellectual Property in the appropriate governmental offices and such patent/trademark/copyright
filings as requested by the Administrative Agent in order to perfect the Administrative Agent’s security interest in Intellectual
Property;

 

(iii)          completed UCC financing statements for each appropriate jurisdiction as is necessary, in the Administrative Agent’s
sole discretion, to perfect (or reaffirm) the Administrative Agent’s security interest in the Collateral;

 

(iv)          to the extent not already delivered in connection with the Existing Credit Agreement, stock or membership certificates,
if any, evidencing the Pledged Equity and undated stock or transfer powers duly executed in blank, in each case to the extent such
Pledged Equity is certificated;

 

(v)           [reserved];

 

(vi)          to the extent required to be delivered, filed, registered or recorded pursuant to the terms and conditions of the Collateral
Documents and not already delivered, all instruments, documents and chattel paper in the possession of any of the Loan Parties,
together with allonges or assignments as may be necessary or appropriate to create and perfect the Administrative Agent’s
and the Lenders’ security interest in the Collateral;

 

(vii)         [reserved];

 

(f)           Liability, Casualty, Property, Terrorism and Business Interruption Insurance. To the extent not already delivered
in connection with the Existing Credit Agreement, the Administrative Agent shall have received copies of insurance certificates
evidencing liability, casualty, property, terrorism and business interruption insurance meeting the requirements set forth herein
or in the Collateral Documents or as reasonably required by the Administrative Agent. The Loan Parties shall have delivered to
the Administrative Agent an Authorization to Share Insurance Information.

 

(g)           Solvency Certificate. The Administrative Agent shall have received a Solvency Certificate signed by a Responsible
Officer of the Borrower as to the financial condition, solvency and related matters of the Borrower and its Subsidiaries, after
giving effect to the initial Borrowings under the Loan Documents and the other transactions contemplated hereby.

 

(h)           Financial Condition Certificate. The Administrative Agent shall have received a certificate or certificates executed
by a Responsible Officer of the Borrower as of the Closing Date, as to certain financial matters, substantially in the form of
Exhibit N.

 

(i)          
Loan Notice. The Administrative Agent shall have received a Loan Notice with respect to the Loans to be made on the
Closing Date.

 

(j)          
 Existing Indebtedness of the Loan Parties. Prior to, or substantially concurrently with the initial extension
of credit hereunder, all of the existing Indebtedness for borrowed money of the Borrower and its Subsidiaries (other than Indebtedness
permitted to exist pursuant to Section 7.02) shall be repaid in full and all security interests related thereto (other
than security interests related to Indebtedness under the Existing Credit Agreement) shall be terminated on or prior to the Closing
Date.

    92 

    

    

(k)            [reserved].

 

(l)           
Anti-Money-Laundering; Beneficial Ownership. Upon the reasonable request of any Lender, the Borrower shall have provided
to such Lender, and such Lender shall be reasonably satisfied with, the documentation and other information so requested in connection
with applicable “know your customer” and anti-money-laundering rules and regulations, including, without limitation,
the Patriot Act, and any Loan Party that qualifies as a “legal entity customer” under the Beneficial Ownership Regulation
shall have delivered to each Lender that so requests, a Beneficial Ownership Certification in relation to such Loan Party.

 

(m)          Consents. The Administrative Agent shall have received evidence that all members, boards of directors, governmental,
shareholder and material third party consents and approvals necessary in connection with the entering into of this Agreement have
been obtained.

 

(n)           Fees and Expenses. The Administrative Agent and the Lenders shall have received all fees and expenses, if any, owing
pursuant to the Fee Letter and Section 2.09.

 

(o)           Due Diligence. The Lenders shall have completed a due diligence investigation of the Borrower and its Subsidiaries
in scope, and with results, satisfactory to the Lenders.

 

(p)           Other Documents. All other documents provided for herein or which the Administrative Agent or any other Lender may
reasonably request or require.

 

(q)           Additional Information. Such additional information and materials which the Administrative Agent and/or any Lender
shall reasonably request or require.

 

(r)           
Perfection Certificate. Administrative Agent shall have received a completed perfection certificate dated as of the
Closing Date and signed by a Responsible Officer of each Loan Party, together with all attachments contemplated thereby.

 

Without limiting the generality
of the provisions of Section 9.03(c), 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 Closing Date specifying its
objection thereto.

    93 

    

    

4.02        Conditions to all Credit Extensions.

 

The obligation of each Lender
and the L/C Issuer to honor any Request for Credit Extension is subject to the following conditions precedent:

 

(a)           
Representations and Warranties. The representations and warranties of the Borrower and each other Loan Party contained
in Article II, Article V or any other Loan Document, or which are contained in any document furnished at any time
under or in connection herewith or therewith, shall (i) with respect to representations and warranties that contain a materiality
qualification, be true and correct on and as of the date of such Credit Extension and (ii) with respect to representations and
warranties that do not contain a materiality qualification, be true and correct in all material respects on and as of the date
of such Credit Extension, and except that for purposes of this Section 4.02, the representations and warranties contained
in Sections 5.05(a) and (b) shall be deemed to refer to the most recent statements furnished pursuant to Sections
6.01(a) and (b), respectively.

 

(b)           Default. No Default shall exist, or would result from such proposed Credit Extension or from the application of the
proceeds thereof.

 

(c)           Request for Credit Extension. The Administrative Agent and, if applicable, the L/C Issuer or the Swingline Lender
shall have received a Request for Credit Extension in accordance with the requirements hereof.

 

Each Request for Credit Extension
submitted by the Borrower shall be deemed to be a representation and warranty that the conditions specified in Sections 4.02(a)
and (b) have been satisfied on and as of the date of the applicable Credit Extension.

 

Article
V

REPRESENTATIONS AND WARRANTIES

 

Each Loan Party represents
and warrants to the Administrative Agent and the Lenders, as of the date made or deemed made, that:

 

5.01       
Existence, Qualification and Power. Each Loan Party and each of its Subsidiaries (a) is duly organized
or formed, validly existing and, as applicable, in good standing under the Laws of the jurisdiction of its incorporation or organization,
(b) has all requisite power and authority and all requisite governmental licenses, authorizations, consents and approvals
to (i) own or lease its assets and carry on its business and (ii) execute, deliver and perform its obligations under
the Loan Documents to which it is a party, and (c) is duly qualified and is licensed and, as applicable, in good standing
under the Laws of each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires
such qualification or license; except in each case referred to in clause (b)(i) or (c), to the extent that failure to do so could
not reasonably be expected to have a Material Adverse Effect. The copy of the Organization Documents of each Loan Party provided
to the Administrative Agent pursuant to the terms of this Agreement is a true and correct copy of each such document, each of
which is valid and in full force and effect.

 

5.02        Authorization;
No Contravention. The execution, delivery and performance by each Loan Party of each Loan Document to which such Person
is or is to be a party have been duly authorized by all necessary corporate or other organizational action, and do not and will
not (a) contravene the terms of any of such Person’s Organization Documents; (b) conflict with or result in any
breach or contravention of, or the creation of (or the requirement to create) any Lien (other than Liens created under the Loan
Documents) under, or require any payment to be made under (i) any Contractual Obligation (other than Permitted Liens) to
which such Person is a party or affecting such Person or the properties of such Person or any of its Subsidiaries or (ii) any
order, injunction, writ or decree of any Governmental Authority or any arbitral award to which such Person or its property is
subject; or (c) violate any Applicable Law.

    94 

    

    

5.03        Governmental Authorization; Other Consents. No approval, consent, exemption, authorization, or other action
by, or notice to, or filing with, any Governmental Authority or any other Person is necessary or required in connection with (a) the
execution, delivery or performance by, or enforcement against, any Loan Party of this Agreement or any other Loan Document, (b) the
grant by any Loan Party of the Liens granted by it pursuant to the Collateral Documents, (c) the perfection or maintenance
of the Liens created under the Collateral Documents (including the first priority nature thereof, subject to Permitted Liens)
or (d) the exercise by the Administrative Agent or any Lender of its rights under the Loan Documents or the remedies in respect
of the Collateral pursuant to the Collateral Documents, other than (i) authorizations, approvals, actions, notices and filings
which have been duly obtained and (ii) filings to perfect the Liens created by the Collateral Documents.

 

5.04        Binding
Effect. This Agreement has been, and each other Loan Document, when delivered hereunder, will have been, duly executed
and delivered by each Loan Party that is party thereto. This Agreement constitutes, and each other Loan Document when so delivered
will constitute, a legal, valid and binding obligation of such Loan Party, enforceable against each Loan Party that is party thereto
in accordance with its terms.

 

5.05        Financial Statements; No Material Adverse Effect.

 

(a)          
Audited Financial Statements. The Audited Financial Statements (i) were prepared in accordance with GAAP consistently
applied throughout the period covered thereby, except as otherwise expressly noted therein; (ii) fairly present the financial
condition of Holdings and its Subsidiaries as of the date thereof and their results of operations, cash flows and changes in Shareholders’
Equity for the period covered thereby in accordance with GAAP consistently applied throughout the period covered thereby, except
as otherwise expressly noted therein; and (iii) show all material indebtedness and other liabilities, direct or contingent,
of Holdings and its Subsidiaries as of the date thereof, including liabilities for taxes, material commitments and Indebtedness.

 

(b)           Quarterly
Financial Statements. The unaudited Consolidated balance sheets of Holdings and its Subsidiaries dated September
30, 2020, and the related Consolidated statements of income or operations, Shareholders’ Equity and cash flows for
the fiscal quarter ended on that date (i) were prepared in accordance with GAAP consistently applied throughout the period
covered thereby, except as otherwise expressly noted therein, and (ii) fairly present the financial condition of Holdings
and its Subsidiaries as of the date thereof and their results of operations, cash flows and changes in Shareholders’ Equity
for the period covered thereby, subject, in the case of clauses (i) and (ii), to the absence of footnotes and to
normal year-end audit adjustments.

    95 

    

    

(c)          
Material Adverse Effect. Since the date of the balance sheet included in the Audited Financial Statements, there
has been no event or circumstance, either individually or in the aggregate, that has had or would reasonably be expected to have
a Material Adverse Effect.

 

5.06       Litigation. There are no actions, suits, proceedings, claims or disputes pending or, to the knowledge of the
Loan Parties after due and diligent investigation, threatened or contemplated, at law, in equity, in arbitration or before any
Governmental Authority, by or against any Loan Party or any Subsidiary or against any of their properties or revenues that (a) purport
to affect or pertain to this Agreement or any other Loan Document or any of the transactions contemplated hereby, or (b) either
individually or in the aggregate would reasonably be expected to have a Material Adverse Effect.

 

5.07       No
Default. Neither any Loan Party nor any Subsidiary thereof is in default under or with respect to, or a party to, any
Contractual Obligation that could, either individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect. No Default has occurred and is continuing or would result from the consummation of the transactions contemplated by this
Agreement or any other Loan Document.

 

5.08        Ownership
of Property. Each Loan Party and each of its Subsidiaries has good record and marketable title in fee simple to, or valid
leasehold interests in, all real property necessary or used in the ordinary conduct of its business, except for such defects in
title as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

5.09        Environmental
Matters.

 

(a)         
Except as could not, individually or in the aggregate, reasonably be expected to result in any Material Adverse Effect on
any of the Loan Parties or any of their respective subsidiaries:

 

(i)           
(A) None of the properties currently or formerly owned, leased or operated by any Loan Party or any of its Subsidiaries
is listed or formally proposed for listing on the NPL or on the CERCLIS or any analogous foreign, state or local list or is adjacent
to any such property; (B) there are no, and to the actual knowledge of the Loan Parties and their Subsidiaries never have been
any underground or above-ground storage tanks or any surface impoundments, septic tanks, pits, sumps or lagoons in which Hazardous
Materials are being or have been treated, stored or disposed on any property currently owned, leased or operated by any Loan Party
or any of its Subsidiaries or, to the actual knowledge of the Loan Parties, on any property formerly owned, leased or operated
by any Loan Party or any of its Subsidiaries; (C) there is no and never has been any asbestos or asbestos-containing material
on, at or in any property currently owned, leased or operated by any Loan Party or any of its Subsidiaries; (D) Hazardous Materials
have not been released on, at, under or from any property currently or formerly owned, leased or operated by any Loan Party or
any of its Subsidiaries or any property by or on behalf, or otherwise arising from the operations, of any Loan Party or any of
its Subsidiaries; and (E) no Loan Party or any of its Subsidiaries has become subject to any Environmental Liability or knows
of any facts or circumstances that would reasonably be expected to give rise to any Environmental Liability;

    96 

    

    

(ii)           (A) Neither any Loan Party nor any of its Subsidiaries is undertaking, and has not completed, either individually or together
with other potentially responsible parties, any investigation or assessment or remedial or response action relating to any actual
or threatened Release of Hazardous Materials at, on, under, or from any site, location or operation, either voluntarily or pursuant
to the order of any Governmental Authority or the requirements of any Environmental Law; and (B) all Hazardous Materials generated,
used, treated, handled or stored at, or transported to or from, any property currently or formerly owned, leased or operated by
any Loan Party or any of its Subsidiaries have been disposed of in a manner which could not reasonably expected to result in liability
to any Loan Party or any of its Subsidiaries;

 

(iii)          The Loan Parties and their respective Subsidiaries: (A) are, and within the period of all applicable statutes of limitation
have been, in compliance with all applicable Environmental Laws; (B) hold all Environmental Permits (each of which is in full force
and effect) required for any of their current or intended operations or for any property owned, leased, or otherwise operated by
any of them; (C) are, and within the period of all applicable statutes of limitation have been, in compliance with all of their
Environmental Permits; (D) to the extent within the control of the Loan Parties and their respective Subsidiaries, will timely
renew and comply with each of their Environmental Permits and any additional Environmental Permits that may be required of any
of them without material expense, and timely comply with any current, future or potential Environmental Law without material expense;
and (E) are not aware of any requirements proposed for adoption or implementation under any Environmental Law.

 

5.10        Insurance.
The properties of the Loan Parties and their Subsidiaries are insured with financially sound and reputable insurance companies
not Affiliates of the Borrower, in such amounts, with such deductibles and covering such risks as are customarily carried by companies
engaged in similar businesses and owning similar properties in localities where the applicable Loan Party or the applicable Subsidiary
operates. The general liability, casualty, property, terrorism and business interruption insurance coverage of the Loan Parties
as in effect on the Closing Date, and as of the last date such Schedule was required to be updated in accordance with Sections
6.02, 6.13 and 6.14, is outlined as to carrier, policy number, expiration date, type, amount and deductibles on Schedule 5.10
and such insurance coverage complies with the requirements set forth in this Agreement and the other Loan Documents.

 

5.11        Taxes.
Each Loan Party and its Subsidiaries have filed all federal, state and other material tax returns and reports required to be filed,
and have paid all federal, state and other material taxes, assessments, fees and other governmental charges levied or imposed
upon them or their properties, income or assets otherwise due and payable, except those which are being contested in good faith
by appropriate proceedings diligently conducted and for which adequate reserves have been provided in accordance with GAAP. There
is no proposed tax assessment against any Loan Party or any Subsidiary that would, if made, have a Material Adverse Effect, nor
is there any tax sharing agreement applicable to Holdings or any Subsidiary. The filing and recording of any and all documents
required to perfect the security interests granted to the Administrative Agent (for the ratable benefit of the Secured Parties)
will not result in any documentary, stamp or other taxes.

    97 

    

    

5.12        ERISA
Compliance.

 

(a)           
No failure of any Plan to comply with the applicable provisions of ERISA, the Code or other applicable federal or state
laws has resulted or would reasonably be expected to result in a Material Adverse Effect. Each Pension Plan that is intended to
be a qualified plan under Section 401(a) of the Code has received a favorable determination letter or is subject to a favorable
opinion letter from the IRS to the effect that the form of such Plan is qualified under Section 401(a) of the Code and the trust
related thereto has been determined by the IRS to be exempt from federal income tax under Section 501(a) of the Code, or an application
for such a letter is currently being processed by the IRS. To the actual knowledge of the Loan Parties, nothing has occurred that
would prevent or cause the loss of such tax-qualified status.

 

(b)            There are no pending or, to the actual knowledge of the Loan Parties, threatened claims, actions or lawsuits, or action
by any Governmental Authority, with respect to any Plan that would reasonably be expected to have a Material Adverse Effect. There
has been no prohibited transaction or violation of the fiduciary responsibility rules with respect to any Plan that has resulted
or would reasonably be expected to result in a Material Adverse Effect.

 

(c)           
(i) No ERISA Event has occurred, and no Loan Party nor any ERISA Affiliate is aware of any fact, event or circumstance
that would reasonably be expected to constitute or result in an ERISA Event with respect to any Pension Plan or Multiemployer Plan;
(ii) as of the most recent valuation date for any Pension Plan, the funding target attainment percentage (as defined in Section
430(d)(2) of the Code) is 60% or higher and no Loan Party nor any ERISA Affiliate knows of any facts or circumstances that would
reasonably be expected to cause the funding target attainment percentage for any such plan to drop below 60% as of the most recent
valuation date; (iii) no Loan Party nor any ERISA Affiliate has incurred any liability to the PBGC other than for the payment
of premiums, and there are no premium payments which have become due that are unpaid; (iv) neither the Borrower nor any ERISA
Affiliate has engaged in a transaction that could be subject to Section 4069 or Section 4212(c) of ERISA; and (v) no
Pension Plan has been terminated by the plan administrator thereof nor by the PBGC, and no event or circumstance has occurred or
exists that would reasonably be expected to cause the PBGC to institute proceedings under Title IV of ERISA to terminate any Pension
Plan.

 

(d)            Neither
the Borrower nor any ERISA Affiliate maintains or contributes to, or has any unsatisfied obligation to contribute to, or liability
under, any active or terminated Pension Plan other than (i) on the Closing Date, those listed on Schedule 5.12
hereto and (ii) thereafter, Pension Plans not otherwise prohibited by this Agreement.

    98 

    

    

 

(e)           
The Borrower represents and warrants as of the Closing Date that the Borrower is not and will not be using “plan
assets” (within the meaning of Section 3(42) of ERISA or otherwise) of one or more Benefit Plans with respect to the
Borrower’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments
or this Agreement.

 

5.13        Margin
Regulations; Investment Company Act.

 

(a)           
Margin Regulations. Neither Holdings nor any of its Subsidiaries is engaged or will engage, principally or as one
of its important activities, in the business of purchasing or carrying margin stock (within the meaning of Regulation U), or extending
credit for the purpose of purchasing or carrying margin stock. Following the application of the proceeds of each Borrowing or drawing
under each Letter of Credit, not more than twenty-five percent (25%) of the value of the assets (either of Holdings only or of
Holdings and its Subsidiaries on a Consolidated basis) subject to the provisions of Section 7.01 or Section 7.05
or subject to any restriction contained in any agreement or instrument between the Borrower or any of its Subsidiaries and any
Lender or any Affiliate of any Lender relating to Indebtedness and within the scope of Section 8.01(e) will be margin stock.

 

(b)            Investment Company Act. None of the Borrower, any Person Controlling the Borrower, or any Subsidiary is or is required
to be registered as an “investment company” under the Investment Company Act of 1940.

 

5.14        Disclosure.
The Borrower has disclosed to the Administrative Agent and the Lenders all agreements, instruments and corporate or other restrictions
to which it or any of its Subsidiaries or any other Loan Party is subject, and all other matters known to it, that, individually
or in the aggregate, would reasonably be expected to result in a Material Adverse Effect. No report, financial statement, certificate
or other information furnished (whether in writing or orally) by or on behalf of any Loan Party to the Administrative Agent or
any Lender in connection with the transactions contemplated hereby and the negotiation of this Agreement or delivered hereunder
or under any other Loan Document (in each case as modified or supplemented by other information so furnished) contains any material
misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading; provided that, with respect to projected financial information, each Loan Party
represents only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time.

 

5.15        Compliance
with Laws. Each Loan Party and each Subsidiary thereof is in compliance with the requirements of all Applicable Laws and
all orders, writs, injunctions and decrees applicable to it or to its properties, except in such instances in which (a) such
requirement of Law or order, writ, injunction or decree is being contested in good faith by appropriate proceedings diligently
conducted or (b) the failure to comply therewith, either individually or in the aggregate, could not reasonably be expected
to have a Material Adverse Effect.

    99 

    

    

 5.16        Solvency.
Each Loan Party is, individually and together with its Subsidiaries on a Consolidated basis, Solvent.

 

5.17        Casualty,
Etc. Neither the businesses nor the properties of any Loan Party or any of its Subsidiaries are affected by any fire,
explosion, accident, strike, lockout or other labor dispute, drought, storm, hail, earthquake, embargo, act of God or of the public
enemy or other casualty (whether or not covered by insurance) that, either individually or in the aggregate, would reasonably
be expected to have a Material Adverse Effect.

 

5.18        Sanctions
Concerns and Anti-Corruption Laws.

 

(a)           
Sanctions Concerns. No Loan Party, nor any Subsidiary, nor, to the knowledge of the Loan Parties and their Subsidiaries,
any director, officer, employee, agent, Affiliate or representative thereof, is an individual or entity that is, or is owned or
controlled by one or more individuals or entities that are (i) currently the subject or target of any Sanctions, (ii) included
on OFAC’s List of Specially Designated Nationals or HMT’s Consolidated List of Financial Sanctions Targets, or any
similar list enforced by any other relevant sanctions authority or (iii) located, organized or resident in a Designated Jurisdiction.
The Loan Parties and their Subsidiaries have conducted their businesses in compliance with all applicable Sanctions and have instituted
and maintained policies and procedures designed to promote and achieve compliance with such Sanctions.

 

(b)            Anti-Corruption Laws. The Loan Parties and their Subsidiaries have conducted their business in compliance in all
material respects with the United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010 and other applicable anti-corruption
legislation in other jurisdictions, and have instituted and maintained policies and procedures designed to promote and achieve
compliance with such laws.

 

5.19        Responsible
Officers. Set forth on Schedule 1.01(c) are Responsible Officers, holding the offices indicated next to their respective
names, as of the Closing Date and as of the last date such Schedule 1.01(c) was required to be updated in accordance with Sections 6.02,
6.13 and 6.14 and such Responsible Officers are the duly elected and qualified officers of such Loan Party and are duly authorized
to execute and deliver, on behalf of the respective Loan Party, this Agreement, the Notes and the other Loan Documents.

 

5.20        Subsidiaries;
Equity Interests; Loan Parties.

 

(a)           
Subsidiaries, Joint Ventures, Partnerships and Equity Investments. Set forth on Schedule 5.20(a), is the
following information which is true and complete in all respects as of the Closing Date and as of the last date such Schedule
was required to be updated in accordance with Sections 6.02, 6.13 and 6.14: (i) a complete and
accurate list of all Subsidiaries, joint ventures and partnerships and other equity investments of the Loan Parties as of the
Closing Date and as of the last date such Schedule was required to be updated in accordance with Sections 6.02, 6.13
and 6.14, (ii) if applicable, the number of shares of each class of Equity Interests in the Borrower and each
Subsidiary outstanding, (iii) if applicable, the number and percentage of outstanding shares of each class of Equity Interests
owned by the Loan Parties and their Subsidiaries and (iv) the class or nature of such Equity Interests (i.e.,
voting, non-voting, preferred, etc.). The outstanding Equity Interests in the Borrower and all other Subsidiaries are validly
issued, fully paid and non-assessable and are owned free and clear of all Liens other than Liens created under the Collateral
Documents. There are no outstanding subscriptions, options, warrants, calls, rights or other agreements or commitments (other
than stock options granted to employees or directors and directors’ qualifying shares) of any nature relating to the Equity
Interests of any Loan Party or any Subsidiary thereof, except as contemplated in connection with the Loan Documents.

    100 

    

    

(b)           Loan Parties. Set forth on Schedule 5.20(b) is a complete and accurate list of all Loan Parties, showing
as of the Closing Date, or as of the last date such Schedule was required to be updated in accordance with Sections 6.02,
6.13 and 6.14, (as to each Loan Party) (i) the exact legal name, (ii) any former legal names of such Loan
Party in the four (4) months prior to the Closing Date, (iii) the jurisdiction of its incorporation or organization, as applicable,
(iv) the type of organization, (v) the jurisdictions in which such Loan Party is qualified to do business, (vi) the
address of its chief executive office, (vii) the address of its principal place of business, (viii) its U.S. federal
taxpayer identification number or, in the case of any non-U.S. Loan Party that does not have a U.S. taxpayer identification number,
its unique identification number issued to it by the jurisdiction of its incorporation or organization, (ix) the organization
identification number, (x) ownership information (e.g., publicly held or if private or partnership, the owners
and partners of each of the Loan Parties) and (xi) the industry or nature of business of such Loan Party.

 

5.21        Collateral
Representations.

 

(a)           
Collateral Documents. The provisions of the Collateral Documents are effective to create in favor of the Administrative
Agent for the benefit of the Secured Parties a legal, valid and enforceable first priority Lien (subject to Permitted Liens) on
all right, title and interest of the respective Loan Parties in the Collateral described therein. Except for filings completed
prior to the Closing Date and as contemplated hereby and by the Collateral Documents, no filing or other action will be necessary
to perfect or protect such Liens. In the case of any Mortgage executed and delivered after the date thereof in accordance with
the provisions of Sections 6.14 and 6.17, when such Mortgage is filed in the offices specified in the local counsel
opinion delivered with respect thereto in accordance with the provisions of Sections 6.14 and 6.17), the Mortgages
shall constitute fully perfected Liens on, and security interests in, all right, title and interest of the Loan Parties in the
Mortgaged Properties and the proceeds thereof, in each case prior and superior in right to any other Person, other than Liens permitted
by Section 7.01.

 

(b)           Intellectual
Property. Set forth on Schedule 5.21(b), as of the Closing Date and as of the last date such Schedule was required
to be updated in accordance with Sections 6.02, 6.13 and 6.14, is a list of all registered or issued
Intellectual Property (including all applications for registration and issuance) owned by each of the Loan Parties or that each
of the Loan Parties has the right to (including the name/title, current owner, registration or application number, and registration
or application date and such other information as reasonably requested by the Administrative Agent).

    101 

    

    

 

(c)          
Documents, Instrument, and Tangible Chattel Paper. Set forth on Schedule 5.21(c), as of the Closing Date
and as of the last date such Schedule 5.21(c) was required to be updated in accordance with Sections 6.02, 6.13
and 6.14, is a description of all Documents, Instruments, and Tangible Chattel Paper (each as defined in the UCC) of the
Loan Parties (including the Loan Party owning such Document, Instrument and Tangible Chattel Paper and such other information as
reasonably requested by the Administrative Agent).

 

(d)          Deposit Accounts, Electronic Chattel Paper, Letter-of-Credit Rights, and Securities Accounts.

 

(i)           
Set forth on Schedule 5.21(d)(i), as of the Closing Date and as of the last date such Schedule 5.21(d)(i)
was required to be updated in accordance with Sections 6.02 and 6.14, is a description of all deposit accounts
and securities accounts of the Loan Parties, including the name of (A) the applicable Loan Party, (B) in the case of
a deposit account, the depository institution and average amount held in such deposit account and whether such account is a zero
balance account or a payroll account, and (C) in the case of a securities account, the securities intermediary or issuer and
the average aggregate market value held in such securities account, as applicable.

 

(ii)           Set forth on Schedule 5.21(d)(ii), as of the Closing Date and as of the last date such Schedule 5.21(d)(ii)
was required to be updated in accordance with Sections 6.02, 6.13 and 6.14, is a description of all Electronic
Chattel Paper (as defined in the UCC) and Letter-of-Credit Rights (as defined in the UCC) of the Loan Parties, including the name
of (A) the applicable Loan Party, (B) in the case of Electronic Chattel Paper (as defined in the UCC), the account debtor
and (C) in the case of Letter-of-Credit Rights (as defined in the UCC), the issuer or nominated person, as applicable.

 

(e)          Commercial Tort Claims. Set forth on Schedule 5.21(e), as of the Closing Date and as of the last date
such Schedule 5.21(e) was required to be updated in accordance with Sections 6.02, 6.13 and 6.14,
is a description of all Commercial Tort Claims (as defined in the UCC) of the Loan Parties (detailing such Commercial Tort Claim
in such detail as reasonably requested by the Administrative Agent).

 

(f)          
Pledged Equity Interests. Set forth on Schedule 5.21(f), as of the Closing Date and as of the last date
such Schedule 5.21(f) was required to be updated in accordance with Sections 6.02, 6.13 and 6.14,
is a list of (i) all Pledged Equity and (ii) all other Equity Interests required to be pledged to the Administrative
Agent pursuant to the Collateral Documents (in each case, detailing the Grantor (as defined in the Security Agreement), the Person
whose Equity Interests are pledged, the number of shares of each class of Equity Interests, the certificate number and percentage
ownership of outstanding shares of each class of Equity Interests and the class or nature of such Equity Interests (i.e.,
voting, non-voting, preferred, etc.)).

    102 

    

    

(g)           Properties. Set forth on Schedule 5.21(g), as of the Closing Date and as of the last date such Schedule 5.21(g)
was required to be updated in accordance with Sections 6.02, 6.13 and 6.14, is a list of (A) each
headquarter location of the Loan Parties, (B) each other location where any significant administrative or governmental functions
are performed, (C) each other location where the Loan Parties maintain any books or records (electronic or otherwise) and
(D) each location where any personal property Collateral is located at any premises owned or leased by a Loan Party (in each
case, including (1) an indication if such location is leased or owned, (2), if leased, the name of the lessor, and if owned, the
name of the Loan Party owning such property, (3) the address of such property (including, the city, county, state and zip code)
and (4) to the extent owned, the approximate fair market value of such property).

 

(h)           Material Contracts. Set forth on Schedule 5.21(h), as of the Closing Date and as of the last date such
Schedule 5.21(h) was required to be updated in accordance with Sections 6.02, 6.13 and 6.14,
is a complete and accurate list of all Material Contracts of the Borrower and its Subsidiaries.

 

5.22        EEA
Financial Institutions. No Loan Party is an Affected Financial Institution.

 

5.23        Covered
Entities. No Loan Party is a Covered Entity.

 

5.24        Beneficial
Ownership Certification. The information included in the Beneficial Ownership Certification, if applicable, is true and
correct in all respects.

 

5.25        Intellectual
Property; Licenses, Etc. Each Loan Party and each of its Subsidiaries own, or possess the right to use, all of the trademarks,
service marks, trade names, copyrights, patents, patent rights, trade secrets, know-how, franchises, licenses and other intellectual
property rights (collectively, “IP Rights”) that are used in the operation of their respective businesses, without
conflict with the rights of any other Person. To the actual knowledge of the Loan Parties, neither the operation of the business,
nor any product, service, process, method, substance, part or other material now used, or now contemplated to be used, by any
Loan Party or any of its Subsidiaries infringes, misappropriates or otherwise violates upon any rights held by any other Person.
No claim or litigation regarding any of the foregoing is pending or, to the actual knowledge of the Loan Parties, threatened,
which, either individually or in the aggregate, would reasonably be expected to have a Material Adverse Effect. To the actual
knowledge of the Loan Parties, there has been no unauthorized use, access, interruption, modification, corruption or malfunction
of any information technology assets or systems (or any information or transactions stored or contained therein or transmitted
thereby) owned or used by any Loan Party or any of its Subsidiaries, which, either individually or in the aggregate, would reasonably
be expected to have a Material Adverse Effect.

 

5.26        Labor
Matters. There are no collective bargaining agreements or Multiemployer Plans covering the employees of the Borrower or
any of its Subsidiaries as of the Closing Date and neither Borrower nor any Subsidiary has suffered any strikes, walkouts, work
stoppages or other material labor difficulty within the last five (5) years preceding the Closing Date.

    103 

    

    

Article
VI

AFFIRMATIVE COVENANTS

 

Each of the Loan Parties hereby
covenants and agrees that on the Closing Date and thereafter until the Facility Termination Date, such Loan Party shall, and shall
cause each of its Subsidiaries to:

 

6.01        Financial
Statements.

 

Deliver to the Administrative
Agent and each Lender, in form and detail satisfactory to the Administrative Agent and the Required Lenders:

 

(a)           
Audited Financial Statements. As soon as available, but in any event within one hundred and twenty (120) days after
the end of each fiscal year of Holdings (or, if earlier, fifteen (15) days after the date required to be filed with the SEC (without
giving effect to any extension permitted by the SEC)), a Consolidated balance sheet of Holdings and its Subsidiaries as at the
end of such fiscal year, and the related Consolidated statements of income or operations, changes in Shareholders’ Equity
and cash flows for such fiscal year, setting forth in each case in comparative form the figures for the previous fiscal year, all
in reasonable detail and prepared in accordance with GAAP, audited and accompanied by a report and opinion of an independent certified
public accountant of recognized standing reasonably acceptable to the Administrative Agent, which report and opinion shall be prepared
in accordance with generally accepted auditing standards and 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.

 

(b)           Quarterly Financial Statements. As soon as available, but in any event within forty-five (45) days after the end
of each of the first three (3) fiscal quarters of each fiscal year of Holdings (or, if earlier, five (5) days after the date required
to be filed with the SEC (without giving effect to any extension permitted by the SEC)), a Consolidated balance sheet of Holdings
and its Subsidiaries as at the end of such fiscal quarter, and the related Consolidated statements of income or operations, changes
in Shareholders’ Equity and cash flows for such fiscal quarter and for the portion of Holdings’ fiscal year then ended,
setting forth in each case in comparative form the figures for the corresponding fiscal quarter of the previous fiscal year and
the corresponding portion of the previous fiscal year, all in reasonable detail and prepared in accordance with GAAP, certified
by the chief executive officer, chief financial officer, treasurer or controller who is a Responsible Officer of Holdings as fairly
presenting the financial condition, results of operations, Shareholders’ Equity and cash flows of Holdings and its Subsidiaries,
subject only to normal year-end audit adjustments and the absence of footnotes.

 

(c)           Business
Plan and Budget. As soon as available, but in any event within sixty (60) days after the end of each fiscal year of Holdings,
(i) an annual budget of Holdings and its Subsidiaries on a Consolidated basis and (ii) projected Consolidated balance sheets and
statements of income or operations of Holdings and its Subsidiaries on a monthly basis for the immediately following fiscal year,
prepared by management of Holdings, in form reasonably satisfactory to the Administrative Agent and the Required Lenders, of.

    104 

    

    

 

As to any information contained in materials furnished
pursuant to Section 6.02(e), Holdings shall not be separately required to furnish such information under Section 6.01(a)
or (b) above, but the foregoing shall not be in derogation of the obligation of Holdings to furnish the information and
materials described in Sections 6.01(a) and (b) above at the times specified therein.

 

6.02       Certificates;
Other Information. Deliver to the Administrative Agent and each Lender, in form and detail satisfactory to the Administrative
Agent and the Required Lenders:

 

(a)           
Compliance Certificate. Concurrently with the delivery of the financial statements referred to in Sections 6.01(a)
and (b), a duly completed Compliance Certificate signed by the chief executive officer, chief financial officer, treasurer
or controller which is a Responsible Officer of Holdings. Unless the Administrative Agent or a Lender requests executed originals,
delivery of the Compliance Certificate may be by electronic communication including fax or email and shall be deemed to be an original
and authentic counterpart thereof for all purposes.

 

(b)           Updated Schedules. Concurrently with the delivery of the Compliance Certificate referred to in Section 6.02(a),
the following updated Schedules to this Agreement (which may be attached to the Compliance Certificate) to the extent required
to make the representation related to such Schedule true and correct as of the date of such Compliance Certificate: Schedules
1.01(c), 5.10, 5.20(a), 5.20(b), 5.21(b), 5.21(c), 5.21(d)(i), 5.21(d)(ii),
5.21(e), 5.21(f), 5.21(g) and 5.21(h).

 

(c)           
Changes in Entity Structure. Within ten (10) days prior to any merger, consolidation, dissolution or other change
in entity structure of any Loan Party or any of its Subsidiaries permitted pursuant to the terms hereof, use commercially reasonable
efforts to provide notice of such change in entity structure to the Administrative Agent, along with such other information as
reasonably requested by the Administrative Agent. Provide notice to the Administrative Agent, not less than ten (10) days prior
(or such extended period of time as agreed to by the Administrative Agent) of any change in any Loan Party’s legal name,
state of organization, or organizational existence.

 

(d)           Audit Reports; Management Letters; Recommendations. Promptly after any request by the Administrative Agent or any
Lender, copies of any detailed audit reports, management letters or recommendations submitted to the board of directors (or the
audit committee of the board of directors) of any Loan Party by independent accountants in connection with the accounts or books
of any Loan Party or any of its Subsidiaries, or any audit of any of them.

 

(e)           
Annual Reports; Etc. Promptly after the same are available, copies of each annual report, proxy or financial statement
or other report or communication sent to the stockholders of Holdings, and copies of all annual, regular, periodic and special
reports and registration statements which Holdings may file or be required to file with the SEC under Section 13 or 15(d) of the
Securities Exchange Act of 1934, or with any national securities exchange, and in any case not otherwise required to be delivered
to the Administrative Agent pursuant hereto.

    105 

    

    

 

(f)           
Debt Securities Statements and Reports. Promptly after the furnishing thereof, copies of any statement or report
furnished to any holder of debt securities of any Loan Party or of any of its Subsidiaries pursuant to the terms of any indenture,
loan or credit or similar agreement and not otherwise required to be furnished to the Lenders pursuant to Section 6.01 or
any other clause of this Section 6.02.

 

(g)           SEC Notices. Promptly, and in any event within five (5) Business Days after receipt thereof by any Loan Party or
any Subsidiary thereof, copies of each notice or other correspondence received from the SEC (or comparable agency in any applicable
non-U.S. jurisdiction) concerning any investigation or possible investigation or other inquiry by such agency regarding financial
or other operational results of any Loan Party or any Subsidiary thereof.

 

(h)           Notices. Not later than five (5) Business Days after receipt thereof by any Loan Party or any Subsidiary thereof,
copies of all notices, requests and other documents (including amendments, waivers and other modifications) so received under or
pursuant to any instrument, indenture, loan or credit or similar agreement and, from time to time upon request by the Administrative
Agent, such information and reports regarding such instruments, indentures and loan and credit and similar agreements as the Administrative
Agent may reasonably request.

 

(i)           
Environmental Notice. Promptly after the assertion or occurrence thereof, notice of any action or proceeding against
or of any noncompliance by any Loan Party or any of its Subsidiaries with any Environmental Law or Environmental Permit that would reasonably
be expected to have a Material Adverse Effect.

 

(j)            Anti-Money-Laundering; Beneficial Ownership Regulation. Promptly following any request therefor, information and documentation
reasonably requested by the Administrative Agent or any Lender for purposes of compliance with applicable “know your customer”
and anti-money-laundering rules and regulations, including, without limitation, the Patriot Act.

 

(k)           Beneficial Ownership. To the extent any Loan Party qualifies as a “legal entity customer” under the Beneficial
Ownership Regulation, an updated Beneficial Ownership Certification promptly following any change in the information provided in
the Beneficial Ownership Certification delivered to any Lender in relation to such Loan Party that would result in a change to
the list of beneficial owners identified in such certification.

 

(l)           
Additional Information. Promptly, such additional information regarding the business, financial, legal or corporate
affairs of any Loan Party or any Subsidiary thereof, or compliance with the terms of the Loan Documents, as the Administrative
Agent or any Lender may from time to time reasonably request.

 

Documents required
to be delivered pursuant to Section 6.01(a) or (b) or Section 6.02(e) (to the extent any such documents are
included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, notwithstanding anything
to the contrary contained herein or in any other Loan Document (including without limitation Section 11.02(b)(ii)(B)) shall be
deemed to have been delivered on the date (i) on which Holdings posts such documents, or provides a link thereto on Holdings’
website on the Internet at the website address listed on Schedule 1.01(a); or (ii) on which such documents are
posted on Holdings’ 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 the
Borrower shall notify the Administrative Agent (by fax transmission or e-mail transmission) of the posting of any such documents
and, upon the request of the Administrative Agent, provide to the Administrative Agent by e-mail electronic versions (i.e.,
soft copies) of such documents. The Administrative Agent shall have no obligation to request the delivery of or to maintain paper
copies of the documents referred to above, and in any event shall have no responsibility to monitor compliance by the Borrower
with any such request by a Lender for delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining
its copies of such documents.

    106 

    

    

The Borrower hereby
acknowledges that (i) the Administrative Agent and/or an Affiliate thereof may, but shall not be obligated to, make available
to the Lenders and the L/C Issuer materials and/or information provided by or on behalf of the Borrower hereunder (collectively,
 “Borrower Materials”) by posting the Borrower Materials on IntraLinks, Syndtrak, ClearPar or a substantially
similar electronic transmission system (the “Platform”) and (ii) 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 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 Borrower hereby agrees that it will use
commercially reasonable efforts to identify that portion of the Borrower Materials that may be distributed to the Public Lenders
and that (A) 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; (B) by marking Borrower
Materials “PUBLIC,” the Borrower shall be deemed to have authorized the Administrative Agent, any Affiliate thereof,
the Arrangers, the Documentation Agents, the L/C Issuer 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 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 11.07); (C) all Borrower Materials
marked “PUBLIC” are permitted to be made available through a portion of the Platform designated “Public Side
Information;” and (D) the Administrative Agent and any Affiliate thereof and the Arrangers and the Documentation Agents,
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.”

    107 

    

    

6.03        Notices.
Promptly, but in any event within five (5) Business Days, notify the Administrative Agent and each Lender:

 

(a)           
of the occurrence of any Default;

 

(b)           of any matter that has resulted or would reasonably be expected to result in a Material Adverse Effect, including (i) breach
or non-performance of, or any default under, a Contractual Obligation of the Borrower or any Subsidiary; (ii) any action,
suit, dispute, litigation, investigation, proceeding or suspension involving any Loan Party or any Subsidiary or any of their respective
properties and any Governmental Authority; or (iii) the commencement of, or any material development in, any litigation or
proceeding affecting the Borrower or any Subsidiary, including pursuant to any applicable Environmental Laws;

 

(c)           
of the occurrence of any ERISA Event;

 

(d)           of any material change in accounting policies or financial reporting practices by any Loan Party or any Subsidiary thereof,
including any determination by the Borrower referred to in Section 2.10(b); and

 

(e)           
of any (i) occurrence of any Disposition of property or assets for which the Borrower is required to make a mandatory
prepayment pursuant to Section 2.05(b)(i), (ii) Equity Issuance for which the Borrower is required to make a mandatory
prepayment pursuant to Section 2.05(b)(ii), and (iii) receipt of any Extraordinary
Receipt for which the Borrower is required to make a mandatory prepayment pursuant to Section 2.05(b)(iv).

 

Each notice pursuant to this
Section 6.03 shall be accompanied by a statement of a Responsible Officer of the Borrower setting forth details of the occurrence
referred to therein and to the extent applicable, stating what action the Borrower has taken and proposes to take with respect
thereto. Each notice pursuant to Section 6.03(a) shall describe with particularity any and all provisions of this Agreement
and any other Loan Document that have been breached.

 

6.04        Payment
of Obligations. Pay and discharge as the same shall become due and payable, all its obligations and liabilities, including
(a) all tax liabilities, assessments and governmental charges or levies upon it or its properties or assets, unless the same
are being contested in good faith by appropriate proceedings diligently conducted and adequate reserves in accordance with GAAP
are being maintained by the Borrower or such Subsidiary; (b) all lawful claims which, if unpaid, would by law become a Lien
upon its property; and (c) all Indebtedness, as and when due and payable, but subject to any subordination provisions contained
in any instrument or agreement evidencing such Indebtedness.

 

6.05        Preservation
of Existence, Etc.

 

(a)           
Preserve, renew and maintain in full force and effect its legal existence and good standing under the Laws of the jurisdiction
of its organization except in a transaction permitted by Section 7.04 or 7.05;

 

(b)            take
all reasonable action to maintain all rights, privileges, permits, licenses and franchises necessary or desirable in the normal
conduct of its business, except to the extent that failure to do so could not reasonably be expected to have a Material Adverse
Effect; and

    108 

    

    

 

(c)           
preserve or renew all of its registered patents, trademarks, trade names and service marks, the non-preservation of which
would reasonably be expected to have a Material Adverse Effect.

 

6.06       Maintenance
of Properties.

 

(a)           
Maintain, preserve and protect all of its material properties and equipment necessary in the operation of its business in
good working order and condition, ordinary wear and tear excepted; and

 

(b)            make all necessary repairs thereto and renewals and replacements thereof except where the failure to do so could not reasonably
be expected to have a Material Adverse Effect.

 

6.07       Maintenance
of Insurance.

 

(a)          
Maintenance of Insurance. Maintain with financially sound and reputable insurance companies not Affiliates of the
Borrower, insurance with respect to its properties and business against loss or damage of the kinds customarily insured against
by Persons engaged in the same or similar business, of such types and in such amounts as are customarily carried under similar
circumstances by such other Persons and all such insurance shall (i) provide for not less than thirty (30) days’ prior notice
to the Administrative Agent of termination, lapse or cancellation of such insurance, (ii) name the Administrative Agent as additional
insured on behalf of the Secured Parties (in the case of liability insurance) or loss payee (in the case of property insurance),
as applicable, (iii) if reasonably requested by the Administrative Agent, include a breach of warranty clause and (iv) be reasonably
satisfactory in all other respects to the Administrative Agent; provided that, notwithstanding the foregoing, the Collateral
and other property of the Borrower and the Subsidiaries may be covered by the insurance policies of Holdings, any other Loan Party
or any Subsidiary, so long as the loss payable and additional insured endorsements benefitting the applicable Loan Parties and
meeting the requirements set forth in Section 6.07(b) are provided.

 

(b)           Evidence
of Insurance. Cause the Administrative Agent to be named as lenders’ loss payable or loss payee, as its interest may
appear, and/or additional insured with respect of any such insurance providing liability coverage or coverage in respect of any
Collateral, and cause, unless otherwise agreed to by the Administrative Agent, each provider of any such insurance to agree, by
endorsement upon the policy or policies issued by it or by independent instruments furnished to the Administrative Agent that
it will give the Administrative Agent thirty (30) days prior written notice before any such policy or policies shall be altered
or cancelled (or ten (10) days prior notice in the case of cancellation due to the nonpayment of premiums). Annually, upon expiration
of current insurance coverage, the Loan Parties shall provide, or cause to be provided, to the Administrative Agent, such evidence
of insurance as required by the Administrative Agent, including, but not limited to: (i) copies of such insurance policies,
(ii) evidence of such insurance policies (including, without limitation and as applicable, ACORD Form 28 certificates (or
similar form of insurance certificate), and ACORD Form 25 certificates (or similar form of insurance certificate)), (iii) declaration
pages for each insurance policy and (iv) lender’s loss payable endorsement if the Administrative Agent for the benefit
of the Secured Parties is not on the declarations page for such policy. As requested by the Administrative Agent, the Loan Parties
agree to deliver to the Administrative Agent an Authorization to Share Insurance Information.

    109 

    

    

(c)           Flood Insurance. If any portion of any Mortgaged Property is at any time located in an area identified by the Federal
Emergency Management Agency (or any successor agency) as a special flood hazard area with respect to which flood insurance has
been made available under the National Flood Insurance Act of 1968 (as now or hereafter in effect or successor act thereto), then
the Borrower shall, or shall cause each Loan Party to (i) maintain, or cause to be maintained, with a financially sound and reputable
insurer, flood insurance in an amount and otherwise 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 in form and substance
reasonably acceptable to the Lenders, and the Borrower shall deliver to the Administrative Agent annual renewals of such flood
insurance. In connection with any amendment to this Agreement pursuant to which any increase, extension, or renewal of Loans is
contemplated, the Borrower shall cause to be delivered to the Administrative Agent for any Mortgaged Property, a completed “life
of the loan” Federal Emergency Management Agency Standard Flood Hazard Determination, duly executed and acknowledged by the
appropriate Loan Parties, and evidence of flood insurance, as applicable.

 

6.08       Compliance
with Laws. Comply with the requirements of all Applicable Laws and all orders, writs, injunctions and decrees applicable
to it or to its business or property, except in such instances in which (a) such requirement of Law or order, writ, injunction
or decree is being contested in good faith by appropriate proceedings diligently conducted; or (b) the failure to comply
therewith could not reasonably be expected to have a Material Adverse Effect.

 

6.09       Books
and Records. Maintain proper books of record and account, in which full, true and correct entries in conformity with GAAP
consistently applied shall be made of all financial transactions and matters involving the assets and business of such Loan Party
or such Subsidiary, as the case may be.

 

6.10       Inspection
Rights.

 

(a)           Permit
representatives and independent contractors of the Administrative Agent and each Lender to visit and inspect any of its properties,
to examine its corporate, financial and operating records, and make copies thereof or abstracts therefrom, and to discuss its
affairs, finances and accounts with its directors, officers, and independent public accountants, all at the expense of the Borrower
and at such reasonable times during normal business hours and as often as may be reasonably desired, upon reasonable advance notice
to the Borrower (in any case not less than two (2) Business Days); provided that, unless an Event of Default has occurred
and is continuing at the time such visit, inspection or examination commences, the Loan Parties shall not be required to pay expenses
relating to more than one such visit, inspection or examination in any twelve (12) consecutive month period; provided,
however, that 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 Borrower at any time during normal business hours
and without advance notice.

    110 

    

    

(b)           If requested by the Administrative Agent in its sole discretion, permit the Administrative Agent, and its representatives,
upon reasonable advance notice to the Borrower, to conduct an annual audit of the Collateral at the expense of the Borrower.

 

6.11       Use
of Proceeds. Use the proceeds of the Credit Extensions for working capital and general corporate purposes not in contravention
of any Law or of any Loan Document including, without limitation, for Permitted Acquisitions and capital expenditures.

 

6.12       Material
Contracts. Perform and observe all the terms and provisions of each Material Contract to be performed or observed by it,
maintain each such Material Contract in full force and effect, enforce each such Material Contract in accordance with its terms,
take all such action to such end as may be from time to time requested by the Administrative Agent and, upon request of the Administrative
Agent, make to each other party to each such Material Contract such demands and requests for information and reports or for action
as any Loan Party or any of its Subsidiaries is entitled to make under such Material Contract, and cause each of its Subsidiaries
to do so.

 

6.13       Covenant
to Guarantee Obligations. The Loan Parties will cause each of their Subsidiaries (other than any CFC, FSHCO or Subsidiary
that is held directly or indirectly by a CFC) whether newly formed, after acquired or otherwise existing to promptly (and in any
event within thirty (30) days after such Subsidiary is formed or acquired (or such longer period of time as agreed to by
the Administrative Agent in its reasonable discretion)) become a Guarantor hereunder by way of execution of a Joinder Agreement;
provided, however, no Foreign Subsidiary shall be required to become a Guarantor to the extent such Guaranty would
result in a material adverse tax consequence for the Borrower. In connection therewith, the Loan Parties shall give notice to
the Administrative Agent not less than ten (10) days prior to creating a Subsidiary (or such shorter period of time as agreed
to by the Administrative Agent in its reasonable discretion), or acquiring the Equity Interests of any other Person. In connection
with the foregoing, the Loan Parties shall deliver to the Administrative Agent, with respect to each new Guarantor to the extent
applicable, substantially the same documentation required pursuant to Sections 4.01(b), (c), (e)
and (f) and 6.14 and such other documents or agreements as the Administrative Agent may reasonably request,
including without limitation, updated Schedules 1.01(c), 5.10, 5.12, 5.20(a), 5.20(b), 5.21(b),
5.21(c), 5.21(d)(i), 5.21(d)(ii), 5.21(e), 5.21(f), 5.21(g) and 5.21(h).

 

6.14       Covenant
to Give Security. Except with respect to Excluded Property:

 

(a)           
Equity Interests and Personal Property. Each Loan Party will cause the Pledged Equity and all of its tangible and
intangible personal property now owned or hereafter acquired by it to be subject at all times to a first priority, perfected Lien
(subject to Permitted Liens to the extent permitted by the Loan Documents) in favor of the Administrative Agent for the benefit
of the Secured Parties to secure the Secured Obligations pursuant to the terms and conditions of the Collateral Documents. Each
Loan Party shall provide opinions of counsel and any filings and deliveries reasonably necessary in connection therewith to perfect
the security interests therein, all in form and substance reasonably satisfactory to the Administrative Agent.

    111 

    

    

(b)           [reserved].

 

(c)           
Account Control Agreements. Each of the Loan Parties shall not open, or 180 days after the Closing Date (or such
later date as the Administrative Agent may agree in its sole discretion) maintain or otherwise have any deposit or other accounts
(including securities accounts) at any bank or other financial institution, or any other account where money or securities are
or may be deposited or maintained with any Person, other than (i) deposit accounts that are maintained at all times with depositary
institutions as to which the Administrative Agent shall have received a Qualifying Control Agreement, (ii) securities accounts
that are maintained at all times with financial institutions as to which the Administrative Agent shall have received a Qualifying
Control Agreement, (iii) deposit accounts established solely as payroll and other zero balance accounts and such accounts
are held at Bank of America and (iv) other deposit accounts, so long as at any time the balance in any such account does not
exceed $500,000 and the aggregate balance in all such accounts does not exceed $2,000,000.

 

(d)           Material
Real Property. At the Borrower’s expense, take all action either necessary or as reasonably requested by the Administrative
Agent to ensure that the Collateral and Guarantee Requirement continues to be satisfied, including (i) not later than ninety (90)
days after the acquisition by any Loan Party of any Material Real Property as determined by the Borrower (acting reasonably and
in good faith) (or such longer period as the Administrative Agent may agree in writing in its discretion) that is required to
be provided as Collateral pursuant to the Collateral and Guarantee Requirement, which property would not be automatically subject
to another Lien pursuant to pre-existing Collateral Documents, cause such property to be subject to a Lien and Mortgage in favor
of the Administrative Agent for the benefit of the Secured Parties and take, or cause the relevant Loan Party to take, such actions
as shall be necessary or reasonably requested by the Administrative Agent to grant and perfect or record such Lien, in each case
to the extent required by, and subject to the limitations and exceptions of, the Collateral and Guarantee Requirement and to otherwise
comply with the requirements of the Collateral and Guarantee Requirement; and (ii) as promptly as practicable after the request
therefor by the Administrative Agent, deliver to the Administrative Agent with respect to each such acquired Material Real Property,
any existing title reports, abstracts, surveys, appraisals or environmental assessment reports, to the extent available and in
the possession or control of the Loan Parties or their respective Subsidiaries; provided, however, that there shall be
no obligation to deliver to the Administrative Agent any existing environmental assessment report or appraisal whose disclosure
to the Administrative Agent would require the consent of a Person other than the Loan Parties or one of their respective Subsidiaries,
where, despite the commercially reasonable efforts of the Loan Parties or their respective Subsidiaries to obtain such consent,
such consent cannot be obtained; provided, further, that no mortgage over such Material Real Property may be executed
unless the Administrative Agent has received a Federal Emergency Management Agency Standard Flood Hazard Determination and all
other information needed to satisfy its flood insurance requirements, in each case, with respect to such Material Real Property.

    112 

    

    

(e)           
Updated Schedules. Concurrently with the delivery of any Collateral pursuant to the terms of this Section 6.14,
the Borrower shall provide the Administrative Agent with the applicable updated Schedule(s): 5.20(a), 5.20(b), 5.21(b),
5.21(c), 5.21(d)(i), 5.21(d)(ii), 5.21(e), 5.21(f), 5.21(g) and 5.21(h).

 

6.15       Anti-Corruption
Laws; Sanctions. Conduct its business in compliance in all material respects with the United States Foreign Corrupt Practices
Act of 1977, the UK Bribery Act 2010 and other applicable anti-corruption legislation in other jurisdictions and with all applicable
Sanctions, and maintain policies and procedures designed to promote and achieve compliance with such laws and Sanctions.

 

6.16       [Reserved] 

 

6.17       Further
Assurances. Promptly upon request by the Administrative Agent, or any Lender through the Administrative Agent, (a) correct
any material defect or error that may be discovered in any Loan Document or in the execution, acknowledgment, filing or recordation
thereof, and (b) do, execute, acknowledge, deliver, record, re-record, file, re-file, register and re-register any and all
such further acts, deeds, certificates, assurances, documents and other instruments as the Administrative Agent, or any Lender
through the Administrative Agent, may reasonably require from time to time in order to (i) carry out more effectively the
purposes of the Loan Documents, (ii) to the fullest extent permitted by Applicable Law, subject any Loan Party’s or
any of its Subsidiaries’ properties, assets, rights or interests to the Liens now or hereafter intended to be covered by
any of the Collateral Documents, (iii) perfect and maintain the validity, effectiveness and priority of any of the Collateral
Documents and any of the Liens intended to be created thereunder, (iv) maintain in favor of the Administrative Agent, for the
benefit of the Secured Parties, insurance rights on the Collateral in accordance with the requirements of, or the obligations
of the Loan Parties under, the Loan Documents and all Applicable Laws and (v) assure, convey, grant, assign, transfer, preserve,
protect and confirm more effectively unto the Secured Parties the rights granted or now or hereafter intended to be granted to
the Secured Parties under any Loan Document or under any other instrument executed in connection with any Loan Document to which
any Loan Party or any of its Subsidiaries is or is to be a party, and cause each of its Subsidiaries to do so. If the Administrative
Agent reasonably determines that it is required by Applicable Law to have appraisals prepared in respect of the Real Property
of any Loan Party subject to a Mortgage constituting Collateral, the Borrower shall consent to the Administrative Agent obtaining
appraisals that satisfy the applicable requirements of FIRREA.

 

6.18       Post-Closing
Matters. Without limiting the generality of Section 6.14 of this Agreement, the Borrower hereby agrees and covenants to
deliver to the Administrative Agent the items described on Schedule 6.18 on or before the applicable dates set forth on Schedule
6.18.

    113 

    

    

Article
VII

NEGATIVE COVENANTS

 

Each of the Loan Parties hereby
covenants and agrees that on the Closing Date and thereafter until the Facility Termination Date, no Loan Party shall, nor shall
it permit any Subsidiary to, directly or indirectly:

 

7.01       Liens.

 

Create, incur, assume or suffer
to exist any Lien upon any of its property, assets or revenues, whether now owned or hereafter acquired, except for the following
(the “Permitted Liens”):

 

(a)          
Liens pursuant to any Loan Document;

 

(b)           Liens existing on the Closing Date and listed on Schedule 7.01 and any renewals or extensions thereof, provided
that (i) the property covered thereby is not changed, (ii) the amount secured or benefited thereby is not increased except
as contemplated by Section 7.02(j), (iii) the direct or any contingent obligor with respect thereto is not changed,
and (iv) any renewal or extension of the obligations secured or benefited thereby is permitted by Section 7.02(j);

 

(c)          
Liens for Taxes not yet due or which 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;

 

(d)           Statutory Liens such as carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s
or other like Liens arising in the ordinary course of business which are not overdue for a period of more than thirty (30) days
or which are being contested in good faith and by appropriate proceedings diligently conducted; provided that adequate reserves
with respect thereto are maintained on the books of the applicable Person;

 

(e)          
pledges or deposits in the ordinary course of business in connection with workers’ compensation, unemployment insurance
and other social security legislation, other than any Lien imposed by ERISA;

 

(f)           
deposits to secure the performance of bids, trade contracts and leases (other than Indebtedness), statutory obligations,
surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business;

 

(g)           easements,
rights-of-way, restrictions and other similar encumbrances affecting real property which, in the aggregate, are not substantial
in amount, and which do not in any case materially detract from the value of the property subject thereto or materially interfere
with the ordinary conduct of the business of the applicable Person;

    114 

    

    

(h)           Liens securing judgments for the payment of money (or appeal or other surety bonds relating to such judgments) not constituting
an Event of Default under Section 8.01(h);

 

(i)           
Liens securing Indebtedness permitted under Section 7.02(c); provided that (i) such Liens do not
at any time encumber any property other than the property financed by such Indebtedness and (ii) the Indebtedness secured
thereby does not exceed the cost of the property being acquired on the date of acquisition;

 

(j)           
non-exclusive licenses of trademarks, service marks, trade names, copyrights, patents, patent rights, trade secrets, know-how,
franchises, licenses and other intellectual property rights granted to third parties in the ordinary course of business and substantially
consistent with past practice;

 

(k)           bankers’ Liens, rights of setoff and other similar Liens existing solely with respect to cash and Cash Equivalents
on deposit in one or more accounts maintained by the Borrower or any of its Subsidiaries with any Lender, in each case in the ordinary
course of business in favor of the bank or banks with which such accounts are maintained, securing solely the customary amounts
owing to such bank with respect to cash management and operating account arrangements; provided that in no case shall any
such Liens secure (either directly or indirectly) the repayment of any Indebtedness for borrowed money;

 

(l)           
Liens existing on property of a Person existing as of the date such Person is acquired or merged with or into or consolidated
with any Loan Party or Subsidiary or becomes a Subsidiary, in each case after the Closing Date; provided that (1) any Indebtedness
secured thereby is permitted by Section 7.02(m), (2) such Liens cover solely the property of the Person that became a Subsidiary
and are not expanded to cover additional property (other than proceeds and products thereof and accessions thereto) and (3) such
Liens are no more favorable to the liensholders than existing Liens in favor of the Administrative Agent; and

 

(m)          other Liens as to which the aggregate amount of obligations secured thereby do not exceed $20,000,000.

 

7.02       Indebtedness.

 

Create, incur, assume or suffer
to exist any Indebtedness, except:

 

(a)           
Indebtedness under the Loan Documents;

 

(b)            Indebtedness outstanding on the Closing Date and listed on Schedule 7.02;

 

(c)            Indebtedness
in respect of Capitalized Leases, Synthetic Lease Obligations and purchase money obligations for fixed or capital assets within
the limitations set forth in Section 7.01(i); provided, however, that the aggregate amount of all such
Indebtedness at any one time outstanding shall not exceed $10,000,000;

    115 

    

    

(d)           Guarantees of the Borrower or any Subsidiary Guarantor in respect of Indebtedness otherwise permitted hereunder of the Borrower
or any other Subsidiary Guarantor;

 

(e)           (i) unsecured intercompany Indebtedness among the Borrower and the Subsidiary Guarantors, (ii) unsecured intercompany Indebtedness
among the non-Loan Party Subsidiaries and (iii) unsecured intercompany Indebtedness of a non-Loan Party Subsidiary owing to the
Borrower or a Guarantor, so long as no Event of Default exists immediately prior to and no Default would exist immediately after
giving effect to such intercompany Indebtedness; provided that, in each case of Indebtedness incurred pursuant to clause
(e)(i) or (e)(iii), such Indebtedness shall (1) to the extent required by the Administrative Agent, be evidenced by
promissory notes which shall be pledged to the Administrative Agent as Collateral for the Secured Obligations in accordance with
the terms of the Security Agreement, (2) be on terms (including subordination terms) acceptable to the Administrative Agent and
(3) be otherwise permitted under the provisions of Section 7.03 (other than solely in reliance on clause (e) or (j) thereof)
(such debt described in this clause (e), “Intercompany Debt”);

 

(f)          
unsecured Indebtedness of the Borrower or any Subsidiary in respect of performance bonds, bid bonds, appeal bonds, surety
bonds and similar obligations, in each case provided in the ordinary course of business;

 

(g)           Indebtedness relating to premium financing arrangements for property and casualty insurance plans and health and welfare
benefit plans (including health and workers compensation insurance, employment practices liability insurance and directors and
officers insurance), in each case incurred in the ordinary course of business; provided that the amount of such Indebtedness is
not in excess of the amount of the unpaid cost of, and shall be incurred only to defer the cost of, such insurance for the year
in which such Indebtedness is incurred and such Indebtedness is outstanding only during such year;

 

(h)           [reserved];

 

(i)          
 Indebtedness which represents an extension, refinancing, or renewal of any of the Indebtedness described in clauses
(b), (c) and (m) hereof; provided that (i) the principal and the interest rate is not increased at the
time of such refinancing, renewal or extension, except that the principal thereof may be increased by an amount equal to unpaid
accrued interest and a reasonable premium thereon plus other fees and expenses reasonably incurred, in connection with such refinancing,
renewal or extension,(ii) any Liens securing such Indebtedness are not extended to any additional property of any Loan Party and
such Indebtedness shall be secured on the same or junior basis to the Indebtedness that it refinances, (iii) the direct or any
contingent obligor with respect thereto is not changed, as a result of or in connection with such refinancing, renewal or extension,
(iv) such refinancing, renewal or extension does not result in a shortening of the maturity of the Indebtedness so extended, refinanced
or renewed and (v) the terms of any such extension, refinancing, or renewal are not less favorable to the obligor thereunder than
the original terms of such Indebtedness;

    116 

    

    

(j)           
Indebtedness arising from the endorsement of instruments for collection in the ordinary course of business;

 

(k)           to the extent constituting Indebtedness, indemnification obligations incurred in connection with the Disposition of any
business or assets permitted hereunder; and

 

(l)           
Indebtedness incurred by the Borrower or any of its Subsidiaries in a Permitted Acquisition solely to the extent constituting
indemnity obligations or obligations in respect of purchase price (including unsecured earnout obligations);

 

(m)          Indebtedness of a Person (other than a Loan Party or Subsidiary) outstanding or available to be borrowed or advanced (including,
without limitation, under any factoring agreement not prohibited hereunder) as of the date such Person is acquired and becomes
a Subsidiary or is merged with or into or consolidated with a Loan Party or Subsidiary, in each case to the extent permitted hereunder
(including, for the avoidance of doubt, any such Indebtedness in connection with the Fyber Acquisition), provided
that (i) such Indebtedness was not incurred by such Person in connection with, or in contemplation of, such merger or acquisition,
(ii) with respect to any such Person who becomes a Subsidiary, (A) no Loan Party or other Subsidiary is an obligor in respect of
such Indebtedness, and (B) to the extent such Indebtedness is permitted to be secured hereunder, only the assets of such Subsidiary
secure such Indebtedness and (iii) the aggregate principal amount of all such Indebtedness at any time outstanding does not exceed
$50,000,000;

 

(n)           obligations (contingent or otherwise) of any Loan Party or Subsidiary existing or arising under any Swap Contract, provided
that (i) such obligations are (or were) entered into by such Person in the ordinary course of business for the purpose of directly
mitigating risks associated with fluctuations in interest rates or foreign exchange rates and not for speculative purposes and
(ii) such Swap Contract does not contain any provision exonerating the non-defaulting party from its obligation to make payments
on outstanding transactions to the defaulting party;

 

(o)           unsecured
Indebtedness in an unlimited amount, so long as (i) no Event of Default exists immediately prior to and no Default would exist
immediately after giving effect to such Indebtedness; (ii) the Loan Parties are in Pro Forma Compliance, immediately prior to
and immediately after giving effect to such Indebtedness, with a Consolidated Leverage Ratio of not greater than 4.50:1.00 (with
any committed amounts then being incurred or established assumed to be fully drawn, but without netting the proceeds from any
such Indebtedness); and (iii) such Indebtedness shall (A) not mature earlier than the latest Maturity Date at the time of
incurrence of such Indebtedness, (B) have a Weighted Average Life to Maturity not shorter than the then-remaining Weighted Average
Life to Maturity of the Facilities, (C) not be incurred or guaranteed at any time by a Person that is not a Guarantor and (E)
with respect to financial covenant provisions, have terms no more restrictive to Holdings and its Subsidiaries than those set
forth in this Agreement;

    117 

    

    

(p)           other unsecured Indebtedness in an aggregate principal amount not to exceed $20,000,000 at any time outstanding; and

 

(q)           Indebtedness in connection with treasury or cash management services, including treasury, depository, overdraft, credit
or debit card, purchasing cards, electronic funds transfer, cash pooling arrangements, netting services and other cash management
arrangements of the Borrower or any Subsidiary, in each case, incurred in the ordinary course of business.

 

7.03       Investments.

 

Make or hold any Investments,
except:

 

(a)          
Investments held by the Borrower and its Subsidiaries in the form of cash or Cash Equivalents;

 

(b)           advances to officers, directors and employees of the Borrower and Subsidiaries in an aggregate amount not to exceed $1,000,000
at any time outstanding, for travel, entertainment, relocation and analogous ordinary business purposes;

 

(c)           (i) Investments by the Borrower and its Subsidiaries in their respective Subsidiaries outstanding on the Closing
Date, including, without limitation, the entities acquired pursuant to the AdColony Acquisition constituting Subsidiaries of Holdings
hereunder, from and after such Acquisition, (ii) additional Investments by the Borrower and its Subsidiaries in Loan Parties,
(iii) additional Investments by Subsidiaries of the Borrower that are not Loan Parties in other Subsidiaries that are not
Loan Parties and (iv) additional Investments by the Loan Parties in wholly-owned Subsidiaries that are not Loan Parties; provided
that no Investment may be made pursuant to this clause (c)(iv) if (A) an Event of Default has occurred and is continuing
or a Default would result therefrom, or (B) the aggregate amount of Investments made pursuant to this clause (c)(iv) during
each fiscal year (other than revenue sharing payments to foreign contractual revenue partners that pass through Foreign Subsidiaries)
shall exceed, or would exceed after giving effect to such Investment, the greater of (1) $10,000,000
and (2) 10% of Trailing Four Quarter Consolidated EBITDA;

 

(d)           Investments consisting of extensions of credit in the nature of accounts receivable or notes receivable arising from the
grant of trade credit in the ordinary course of business, and Investments received in satisfaction or partial satisfaction thereof
from financially troubled account debtors to the extent reasonably necessary in order to prevent or limit loss;

 

(e)           
Guarantees permitted by Section 7.02 (other than solely in reliance on clause (e) thereof);

 

(f)           
Investments existing or committed to be made on the Closing Date (other than those referred to in Section 7.03(c)(i))
and set forth on Schedule 7.03;

    118 

    

    

(g)          Investments by the Borrower and its Subsidiaries (including, for the avoidance of doubt, in wholly-owned Subsidiaries that
are not Loan Parties), in each case so long as:

 

(i)           
no Event of Default shall then exist and no Default would exist after giving effect thereto;

 

(ii)           the Loan Parties shall demonstrate to the reasonable satisfaction of the Administrative Agent that, after giving effect
to such Investment on a Pro Forma Basis, the Loan Parties are in Pro Forma Compliance with each of the financial covenants set
forth in Section 7.11, provided that the numerator of the Consolidated Secured Net Leverage Ratio shall be
at least 0.25 less than the then applicable maximum level set forth in Section 7.11, calculated using the same
Measurement Period used to determine Pro Forma Compliance; and

 

(iii)          if such Investment is an Acquisition,

 

 (A)           
the Target is a type of business (or assets used in a type of business) permitted to be engaged in by the Borrower and its
Subsidiaries pursuant to the terms of this Agreement;

 

 (B)            
the Administrative Agent, on behalf of the Secured Parties, shall have received (or shall receive in connection with the
closing of such Acquisition) a first priority perfected security interest (subject to Permitted Liens) in all property (including,
without limitation, Equity Interests) acquired with respect to the Target to the extent required by the terms of Section 6.14
and the Target, if a Person, shall have executed a Joinder Agreement to the extent required by the terms of Section 6.13;

 

 (C)            
the Administrative Agent and the Lenders shall have received not less than thirty (30) days prior to the consummation of
any such Acquisition (1) a description of the material terms of such Acquisition, and (2) not less than five (5) Business
Days prior to the consummation of any Acquisition with a purchase price in excess of $50,000,000, a Permitted Acquisition Certificate,
executed by a Responsible Officer of the Borrower certifying that such Acquisition complies with the requirements of this Agreement
and providing notice of whether the Borrower elects to commence a Leverage Increase Period in accordance with Section 7.11(a);
and 

 

 (D)           
such Acquisition shall not be a “hostile” Acquisition and shall have been approved by the board of directors
(or equivalent) and/or shareholders (or equivalent) of the applicable Loan Party and the Target;

 

(h)          Investments
(including debt obligations) received in connection with the bankruptcy or reorganization of suppliers and customers and in settlement
of delinquent obligations of, and other disputes with, customers and suppliers arising in the ordinary course of business;

    119 

    

    

(i)           
Investments held by a Person (other than a Loan Party or Subsidiary) as of the date such Person is acquired and becomes
a Subsidiary or is merged with or into or consolidated with a Loan Party or Subsidiary, in each case to the extent permitted hereunder,
provided that (i) such Investments were not made, in any case, by such Person in connection with, or in contemplation
of, such Permitted Acquisition, and (ii) with respect to any such Person which becomes a Subsidiary, such Subsidiary remains the
only holder of such Investment;

 

(j)           
to the extent constituting an Investment, transactions permitted under Section 7.02 (other than solely in reliance on
clause (e) thereof), Section 7.04 (other than solely in reliance on clause (g) thereof) and Section 7.06; and

 

(k)           other Investments not exceeding $20,000,000 in the aggregate in any fiscal year
of Holdings; provided no such Investment may be made pursuant to this clause (k) if an Event of Default has occurred
and is continuing or would result therefrom.

 

provided, that,
in no event shall the Borrower or any Subsidiary make any Investment in a Person that is not a Loan Party (including any transfer
from a Loan Party to a non-Loan Party) consisting in whole or in part of IP Rights of the Borrower and its Subsidiaries that are
material to the business of the Borrower and its Subsidiaries taken as a whole (as reasonably determined by the Borrower).

 

7.04       Fundamental
Changes.

 

Merge, dissolve, liquidate,
consolidate with or into another Person, or Dispose of (whether in one transaction or in a series of transactions) all or substantially
all of its assets (whether now owned or hereafter acquired) to or in favor of any Person, except that, so long as no Default exists
or would result therefrom:

 

(a)           
any Subsidiary may merge with (i) the Borrower; provided that the Borrower shall be the continuing or surviving Person,
or (ii) any one or more other Subsidiaries, provided that when any Loan Party (other than Holdings) is merging with another
Subsidiary, such Loan Party shall be the continuing or surviving Person;

 

(b)            any Loan Party may Dispose of all or substantially all of its assets (upon voluntary liquidation or otherwise) to the Borrower
or to another Loan Party (other than Holdings);

 

(c)           
any Subsidiary that is not a Loan Party may dispose of all or substantially all its assets (including any Disposition that
is in the nature of a liquidation) to (i) another Subsidiary that is not a Loan Party or (ii) to a Loan Party (other
than Holdings);

 

(d)            in
connection with any Permitted Acquisition, any Subsidiary of the Borrower may merge into or consolidate with any other Person
or permit any other Person to merge into or consolidate with it; provided that (i) the Person surviving such merger
shall be a wholly-owned Subsidiary of the Borrower and (ii) in the case of any such merger to which any Loan Party (other
than Holdings) is a party, such Loan Party is the surviving Person;

    120 

    

    

(e)           
each of the Borrower and any of its Subsidiaries may merge into or consolidate with any other Person or permit any other
Person to merge into or consolidate with it; provided, however, that in each case, immediately after giving effect
thereto (i) in the case of any such merger to which the Borrower is a party, the Borrower is the surviving Person and (ii) in
the case of any such merger to which any Loan Party (other than Holdings or the Borrower) is a party, such Loan Party is the surviving
Person;

 

(f)           
the Borrower and its Subsidiaries may make Dispositions permitted by Section 7.05 (other than solely in reliance
on clause (d) thereof);

 

(g)           any Investment permitted by Section 7.03(g) or (k) may be structured as a merger, consolidation or amalgamation;
and

 

(h)           any Subsidiary (other than a Borrower) may dissolve, liquidate or wind up its affairs if it owns no material assets, engages
in no business and otherwise has no activities other than activities related to the maintenance of its existence and good standing.

 

7.05       Dispositions.

 

Make any Disposition or enter
into any agreement to make any Disposition, except:

 

(a)           
Permitted Transfers;

 

(b)            Dispositions of obsolete or worn out property, whether now owned or hereafter acquired, in the ordinary course of business;

 

(c)           
Dispositions of equipment or real property to the extent that (i) such property is exchanged for credit against the
purchase price of similar replacement property or (ii) the proceeds of such Disposition are reasonably promptly applied to
the purchase price of such replacement property;

 

(d)            Dispositions permitted by Section 7.04 (other than solely in reliance on clause (f) thereof) and, to the extent constituting
a Disposition, (i) Investments permitted by Section 7.03, (ii) Restricted Payments permitted by Section 7.06 and
(iii) Equity Issuances and other equity issuances, in each case, of Holdings not expressly prohibited herein;

 

(e)           
non-exclusive licenses of trademarks, service marks, trade names, copyrights, patents, patent rights, trade secrets,
know-how, franchises, licenses and other intellectual property rights in the ordinary course of business and substantially consistent
with past practice;

 

(f)           
the lapse of registered patents, trademarks and other Intellectual Property to the extent not material in the conduct of
its business and so long as such lapse is not materially adverse to the interests of the Administrative Agent and the Lenders;

 

(g)           the
discount, write-off or Disposition of accounts receivable overdue by more than one hundred twenty (120) days or the sale of any
such accounts receivable for the purpose of collection to any collection agency, in each case in the ordinary course of business;

    121 

    

    

(h)           the unwinding of any Swap Contract so long as the Swap Termination Value associated therewith does not exceed $5,000,000;

 

(i)           
other Dispositions so long as (i) the consideration paid in connection therewith shall be cash or Cash Equivalents paid
contemporaneously with consummation of the transaction and shall be in an amount not less than the fair market value of the property
disposed of, (ii) [reserved], (iii) such transaction does not involve the sale or other disposition of a minority Equity
Interests in any Subsidiary, (iv) such transaction does not involve a sale or other disposition of receivables other than
receivables owned by or attributable to other property concurrently being disposed of in a transaction otherwise permitted under
this Section 7.05, and (v) the aggregate net book value of all of the assets sold or otherwise disposed of by the Loan
Parties and their Subsidiaries in all such transactions in any fiscal year of Holdings
shall not exceed $10,000,000; and

 

(j)           
sales, transfers or other dispositions of accounts receivable in connection with receivables factoring arrangements in the
ordinary course of business that are permitted to be assumed pursuant to Section 7.02(m);

 

provided, that, in no event shall
the Borrower or any Subsidiary Dispose of, or exclusively license, to a Person that is not a Loan Party (including any transfer
from a Loan Party to a non-Loan Party) IP Rights of the Borrower and its Subsidiaries that are material to the business of the
Borrower and its Subsidiaries taken as a whole (as reasonably determined by the Borrower).

 

7.06       Restricted
Payments.

 

Declare or make, directly or
indirectly, any Restricted Payment, or incur any obligation (contingent or otherwise) to do so, except that, so long as no Event
of Default shall have occurred and be continuing at the time of any action described below and no Default would result therefrom:

 

(a)           
each Subsidiary may make Restricted Payments to any Person that owns Equity Interests in such Subsidiary, ratably according
to their respective holdings of the type of Equity Interest in respect of which such Restricted Payment is being made;

 

(b)            the Borrower and each Subsidiary may declare and make dividend payments or other distributions payable solely in common
Equity Interests of such Person;

 

(c)           
the Borrower may make other Restricted Payments so long as the Loan Parties shall demonstrate to the reasonable satisfaction
of the Administrative Agent that, after giving effect to the making of such Restricted Payment on a Pro Forma Basis, the Loan
Parties are in Pro Forma Compliance with (i) each of the financial covenants set forth in Section 7.11 and (ii) a Consolidated
Secured Net Leverage Ratio of not greater than 3.25:1.00, provided that during a Leverage Increase Period the maximum Consolidated
Secured Net Leverage Ratio shall be 3.50:1.00;

    122 

    

    

(d)          the Borrower may make regularly scheduled payments (including the final payment) in respect of earnout obligations so
long as the Loan Parties shall demonstrate to the reasonable satisfaction of the Administrative Agent that, after giving effect
to such payment on a Pro Forma Basis, the Loan Parties shall be in Pro Forma Compliance with each of the financial
covenants set forth in Section 7.11;

 

(e)         
the Borrower and each Subsidiary may purchase, redeem or otherwise acquire Equity Interests issued by it with the proceeds
received from the substantially concurrent issue of new common Equity Interests; and

 

(f)         
the Borrower and each Subsidiary may pay withholding or similar taxes payable by any future, present or former employee,
director or officer (or any spouses, former spouses, successors, executors, administrators, heirs, legatees or distributees of
any of the foregoing) in connection with any repurchases of Equity Interests or the exercise of stock options.

 

7.07       Change
in Nature of Business. Engage in any material line of business substantially different from or not complementary to those
lines of business conducted by the Borrower and its Subsidiaries on the Closing Date or any business substantially related or
incidental thereto or representing a reasonable expansion thereof.

 

7.08       Transactions
with Affiliates. Enter into or permit to exist any transaction or series of transactions with any officer, director or
Affiliate of such Person other than (a) advances of working capital to any Loan Party, (b) transfers of cash and assets
to any Loan Party, (c)  transactions expressly permitted among Holdings and its Subsidiaries and between such Subsidiaries
by this Agreement, (d) normal and reasonable compensation and reimbursement of expenses of officers and directors and (e) except
as otherwise specifically limited in this Agreement, other transactions which are entered into on terms and conditions substantially
at least as fair, reasonable and favorable to such Person as would be obtainable by it in a comparable arm’s length transaction
with a Person other than an officer, director or Affiliate.

 

7.09       Burdensome
Agreements. Enter into, or permit to exist, any Contractual Obligation that:

 

(a) encumbers or restricts
the ability of any such Person to (i) to act as a Loan Party; (ii) make Restricted Payments to any Loan Party, (iii) pay
any Indebtedness or other obligation owed to any Loan Party, (iv) make loans or advances to any Loan Party, or
(v) create any Lien upon any of their properties or assets, whether now owned or hereafter acquired, or

 

(b) requires the grant of
any Lien on property for any obligation if a Lien on such property is given as security for the Secured Obligations,
except, in each case of the foregoing clauses (a) and (b) (unless specifically noted otherwise):

 

(i)           
this Agreement and the other Loan Documents

 

(ii)           in
the case of clause (a)(v) only, for any document or instrument governing Indebtedness incurred pursuant to Section 7.02(c);
provided that any such restriction contained therein relates only to the asset or assets constructed or acquired in connection
therewith;

    123 

    

    

(iii)          negative pledges and restrictions on Liens in favor of any holder of Indebtedness permitted under Section 7.02 but
solely to the extent any negative pledge relates to (i) the property financed by such Indebtedness and the proceeds and products
thereof or (ii) the property of the Borrower and its Subsidiaries so long as the agreements governing such Indebtedness permit
the Liens securing the Obligations;

 

(iv)          customary restrictions on the assignment of leases, licenses and other agreements;

 

(v)           any agreement in effect at the time any Person becomes a Subsidiary of a Loan Party, so long as such agreement was not entered
into solely in contemplation of such Person becoming a Subsidiary or, in any such case, that is set forth in any agreement evidencing
any amendments, restatements, supplements, modifications, extensions, renewals and replacements of the foregoing, so long as only
applicable to such Subsidiary and does not otherwise expand in any material respect the scope of any restriction or condition contained
therein;

 

(vi)          customary provisions in joint venture agreements to the extent entered into in connection with any Investment permitted
by Section 7.03; and

 

(vii)         customary restrictions (as reasonably determined by the Borrower) on cash or other deposits imposed by customers under contracts
entered into in the ordinary course of business.

 

7.10       Use
of Proceeds. Use the proceeds of any Credit Extension, whether directly or indirectly, and whether immediately, incidentally
or ultimately, to purchase or carry margin stock (within the meaning of Regulation U) or to extend credit to others for the purpose
of purchasing or carrying margin stock or to refund indebtedness originally incurred for such purpose.

 

7.11       Financial
Covenants.

 

(a)          
Consolidated Secured Net Leverage Ratio. Permit the Consolidated Secured Net Leverage Ratio as of the end of any
Measurement Period of Holdings (commencing with the fiscal quarter ending June 30, 2021)
to be greater than 3.50:1.00. Notwithstanding the foregoing, at the sole election of the Borrower and upon notice thereof to the
Administrative Agent pursuant to the Borrower’s delivery of a Permitted Acquisition Certificate pursuant to Section 7.03(g)(iii)(C)
(or, with respect to each of the AdColony Acquisition and the Fyber Acquisition, pursuant to a Permitted Acquisition Certificate
delivered to the Administrative Agent not less than five (5) Business Days prior to the consummation of such Acquisition), the
maximum permitted Consolidated Secured Net Leverage Ratio shall be increased to 4.00:1.00 in connection with any Permitted Acquisition
consummated on or after the Closing Date with aggregate consideration (including, without duplication, the assumption or incurrence
of Indebtedness and all earnout obligations in connection with such Acquisition) equal to or in excess of $50,000,000, which such
increase shall be applicable for the fiscal quarter in which such Acquisition is consummated and the three consecutive fiscal
quarters thereafter (such period, a “Leverage Increase Period”); provided that, after
the first Leverage Increase Period, no subsequent Leverage Increase Period shall take effect hereunder unless at least two consecutive
fiscal quarters without an increase to the Consolidated Secured Net Leverage Ratio shall have elapsed since the expiration of
the prior Leverage Increase Period.

    124 

    

    

(b)           Consolidated Interest Coverage Ratio. Permit the Consolidated Interest Coverage Ratio as of the end of any Measurement
Period to be less than 3.00:1.00.

 

7.12       Amendments
of Organization Documents; Fiscal Year; Legal Name, State of Formation; Form of Entity and Accounting Changes.

 

(a)          
Amend any of its Organization Documents, other than amendments, modifications and waivers that are not materially adverse
to the interests of the Administrative Agent or the Lenders;

 

(b)           change its fiscal year;

 

(c)          
without providing ten (10) days prior written notice to the Administrative Agent (or such extended period of time as agreed
to by the Administrative Agent), change its name, state of formation, form of organization or principal place of business; or

 

(d)           make any change in accounting policies or reporting practices, except as permitted by GAAP or SEC rules, regulations or
guidelines.

 

7.13       Sale
and Leaseback Transactions. Enter into any Sale and Leaseback Transaction.

 

7.14       Prepayments,
Etc. of Junior Indebtedness. Prepay, redeem, purchase, defease or otherwise satisfy or obligate itself to do so prior
to the scheduled maturity thereof in any manner (including by the exercise of any right of setoff) (a “Junior Debt Prepayment”),
or make any payment in violation of any subordination, standstill or collateral sharing terms of, or of any document governing
any Junior Indebtedness, except (a) [reserved], (b) regularly scheduled or required repayments or redemptions of Junior
Indebtedness under the Indebtedness set forth in Schedule 7.02 and refinancings and refundings of such Junior Indebtedness
in compliance with Section 7.02(i) and (c) other Junior Debt Prepayments so long as the Loan Parties demonstrate to the reasonable
satisfaction of the Administrative Agent that, after giving effect to such Junior Debt Prepayment on a Pro Forma Basis, the Loan
Parties are in Pro Forma Compliance with (i) each of the financial covenants set forth in Section 7.11 and (ii) a Consolidated
Secured Net Leverage Ratio of not greater than 3.25:1.00, provided that during a Leverage Increase Period the maximum Consolidated
Secured Net Leverage Ratio shall be 3.50:1.00.

 

7.15       Amendment,
Etc. of Junior Indebtedness. Amend, modify or change in any manner any term or condition of any Junior Indebtedness if
such amendment or modification would add or change any terms in a manner adverse to any Loan Party or any Subsidiary, or shorten
the final maturity or average life to maturity or require any payment to be made sooner than originally scheduled, unless such
maturity or such payment date is at least twelve (12) months after the Maturity Date, or increase the interest rate applicable
thereto.

    125 

    

    

7.16       Sanctions.
Directly or indirectly, use any Credit Extension or the proceeds of any Credit Extension, or lend, contribute or otherwise make
available such Credit Extension or the proceeds of any Credit Extension to any Person, to fund any activities of or business with
any Person, that, at the time of such funding, is the subject of Sanctions, or in any other manner that will result in a violation
by any Person (including any Person participating in the transaction, whether as Lender, Arranger, Documentation Agent, Administrative
Agent, L/C Issuer, Swingline Lender, or otherwise) of Sanctions.

 

7.17       Anti-Corruption
Laws. Directly or indirectly, use any Credit Extension or the proceeds of any Credit Extension for any purpose which would
breach the United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010 and other anti-corruption legislation
in other jurisdictions.

 

Article
VIII

EVENTS OF DEFAULT AND REMEDIES

 

8.01       Events
of Default.

 

Any of the following shall
constitute an event of default (each, an “Event of Default”):

 

(a)           
Non-Payment. The Borrower or any other Loan Party fails to pay (i) when and as required to be paid herein, any
amount of principal of any Loan or any L/C Obligation or deposit any funds as Cash Collateral in respect of L/C Obligations, or
(ii) within three (3) days after the same becomes due, any interest on any Loan or on any L/C Obligation, or any fee due hereunder,
or (iii) within five (5) days after the same becomes due, any other amount payable hereunder or under any other Loan Document;
or

 

(b)           Specific Covenants. Any Loan Party fails to perform or observe any term, covenant or agreement contained in any of
Section 6.01, 6.02, 6.03, 6.05(a) (with respect to the Borrower only), 6.10, 6.11, 6.15,
Article VII, Article X or paragraph 7 of Schedule 6.18; or

 

(c)           
Other Defaults. Any Loan Party fails to perform or observe any other covenant or agreement (not specified in Section
8.01(a) or (b) above) contained in any Loan Document on its part to be performed or observed and such failure continues
for thirty (30) days; or

 

(d)           Representations
and Warranties. Any representation, warranty, certification or statement of fact made or deemed made by or on behalf of the
Borrower or any other Loan Party herein, in any other Loan Document, or in any document delivered in connection herewith or therewith
shall be incorrect or misleading when made or deemed made; or

    126 

    

    

(e)          Cross-Default. (i) Any Loan Party or any Subsidiary thereof (A) fails to make any payment when due (whether by
scheduled maturity, required prepayment, acceleration, demand, or otherwise) in respect of any Indebtedness or Guarantee (other
than Indebtedness hereunder and Indebtedness under Swap Contracts) having an aggregate principal amount (including undrawn committed
or available amounts and including amounts owing to all creditors under any combined or syndicated credit arrangement) of more
than the Threshold Amount, or (B) fails to observe or perform any other agreement or condition relating to any such Indebtedness
or Guarantee or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event occurs,
the effect of which default or other event is to cause, or to permit the holder or holders of such Indebtedness or the beneficiary
or beneficiaries of such Guarantee (or a trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries)
to cause, with the giving of notice if required, such Indebtedness to be demanded or to become due or to be repurchased, prepaid,
defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such Indebtedness to be
made, prior to its stated maturity, or such Guarantee to become payable or Cash Collateral in respect thereof to be demanded;
or (ii) there occurs under any Swap Contract an Early Termination Date (as defined in such Swap Contract) resulting from
(A) any event of default under such Swap Contract as to which a Loan Party or any Subsidiary thereof is the defaulting party
(as defined in such Swap Contract) or (B) any Termination Event (as so defined) under such Swap Contract as to which a Loan
Party or any Subsidiary thereof is an Affected Party (as so defined) and, in either event, the Swap Termination Value owed by
such Loan Party or such Subsidiary as a result thereof is greater than the Threshold Amount; or

 

(f)          Insolvency Proceedings, Etc. Any Loan Party or any Subsidiary thereof institutes or consents to the institution of any
proceeding under any Debtor Relief Law, or makes a general assignment for the benefit of creditors; or applies for or consents
to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer for it or for
all or any material part of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar
officer is appointed without the application or consent of such Person and the appointment continues undischarged or unstayed
for sixty (60) calendar days; or any proceeding under any Debtor Relief Law relating to any such Person or to all or any material
part of its property is instituted without the consent of such Person and continues undismissed or unstayed for sixty (60) calendar
days, or an order for relief is entered in any such proceeding; or

 

(g)          Inability to Pay Debts; Attachment. (i) Any Loan Party or any Subsidiary thereof becomes unable or admits in writing
its inability or fails generally to pay its debts as they become due, or (ii) any writ or warrant of attachment or execution
or similar process is issued or levied against all or any material part of the property of any such Person and is not released,
vacated or fully bonded within sixty (60) days after its issue or levy; or

 

(h)          Judgments. There is entered against any Loan Party or any Subsidiary thereof (i) one or more final judgments or orders
for the payment of money in an aggregate amount (as to all such judgments and orders) exceeding the Threshold Amount (to the extent
not covered by independent third-party insurance as to which the insurer has been notified of the potential claim and does not
dispute coverage), or (ii) any one or more non-monetary final judgments that have, or would reasonably be expected to have,
individually or in the aggregate, a Material Adverse Effect and, in either case, (A) enforcement proceedings are commenced
by any creditor upon such judgment or order, or (B) there is a period of ten (10) consecutive days during which a stay of
enforcement of such judgment, by reason of a pending appeal or otherwise, is not in effect; or

     127

     

    

(i)           ERISA. (i) An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan which has resulted or would
reasonably be expected to result in liability of any Loan Party under Title IV of ERISA to the Pension Plan, Multiemployer Plan
or the PBGC in an aggregate amount in excess of the Threshold Amount, or (ii) the Borrower 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 in excess of the Threshold Amount; or

 

(j)           Invalidity of Loan Documents. Any provision of any Loan Document that materially affects the rights and remedies of the
Administrative Agent or the Lenders with respect to the Loan Parties, at any time after its execution and delivery and for any
reason other than as expressly permitted hereunder or thereunder or satisfaction in full of all Obligations arising under the
Loan Documents, ceases to be in full force and effect; or any Loan Party or any other Person contests in any manner the validity
or enforceability of any provision of any Loan Document; or any Loan Party denies that it has any or further liability or obligation
under any provision of any Loan Document, or purports to revoke, terminate or rescind any provision of any Loan Document; or it
is or becomes unlawful for a Loan Party to perform any of its obligations under the Loan Documents; or

 

(k)          Collateral Documents. (i) Any Collateral Document after delivery thereof pursuant to the terms of the Loan Documents shall
for any reason (other than by reason of the express release thereof) cease to create a valid and perfected first priority Lien
(subject to Permitted Liens) on the Collateral purported to be covered thereby, except to the extent any loss of perfection or
priority results from the failure of the Administrative Agent to maintain possession of Collateral actually delivered to it and
pledged under the Collateral Documents or to file initial Uniform Commercial Code financing statements or continuation statements
or (ii) any Loan Party shall assert the invalidity of such Liens; or

 

(l)           Change of Control. There occurs any Change of Control.

 

Without
limiting the provisions of Article IX, if a Default shall have occurred under the Loan Documents, then such Default will
continue to exist until it either is cured (to the extent specifically permitted) in accordance with the Loan Documents or is
otherwise expressly waived by Administrative Agent (with the approval of requisite Appropriate Lenders (in their sole discretion))
as determined in accordance with Section 11.01; and once an Event of Default occurs under the Loan Documents, then
such Event of Default will continue to exist until it is expressly waived by the requisite Appropriate Lenders or by the Administrative
Agent with the approval of the requisite Appropriate Lenders, as required hereunder in Section 11.01.

     128

     

    

		8.02	Remedies
upon Event of Default.

 

If
any Event of Default occurs and is continuing, the Administrative Agent shall, at the request of, or may, with the consent of,
the Required Lenders, take any or all of the following actions:

 

(a)          declare the Commitment of each Lender to make Loans and any obligation of the L/C Issuer to make L/C Credit Extensions to be terminated,
whereupon such commitments and obligation shall be terminated;

 

(b)          declare the unpaid principal amount of all outstanding Loans, all interest accrued and unpaid thereon, and all other amounts owing
or payable hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest
or other notice of any kind, all of which are hereby expressly waived by the Borrower;

 

(c)          require that the Borrower Cash Collateralize the L/C Obligations (in an amount equal to the Minimum Collateral Amount with respect
thereto); and

 

(d)          exercise on behalf of itself, the Lenders and the L/C Issuer all rights and remedies available to it, the Lenders and the L/C
Issuer under the Loan Documents or Applicable Law or equity;

 

provided,
however, that upon the occurrence of an event described in Section 8.01(f) with respect to the Borrower, the Commitment
of each Lender to make Loans and any obligation of the L/C Issuer to make L/C Credit Extensions shall automatically terminate,
the unpaid principal amount of all outstanding Loans and all interest and other amounts as aforesaid shall automatically become
due and payable, and the obligation of the Borrower to Cash Collateralize the L/C Obligations as aforesaid shall automatically
become effective, in each case without further act of the Administrative Agent or any Lender.

 

		8.03	Application
of Funds.

 

(a)          After the exercise of remedies provided for in Section 8.02 (or after the Loans have automatically become immediately due
and payable and the L/C Obligations have automatically been required to be Cash Collateralized as set forth in the proviso to
Section 8.02) or if at any time insufficient funds are received by and available to the Administrative Agent to pay fully
all Secured Obligations then due hereunder, any amounts received on account of the Secured Obligations shall, subject to the provisions
of Sections 2.14 and 2.15, be applied by the Administrative Agent in the following order:

 

First,
to payment of that portion of the Secured Obligations constituting fees, indemnities, expenses and other amounts (including fees,
charges and disbursements of counsel to the Administrative Agent and amounts payable under Article III) payable to the
Administrative Agent in its capacity as such;

 

Second,
to payment of that portion of the Secured Obligations constituting fees, indemnities and other amounts (other than principal,
interest and Letter of Credit Fees) payable to the Lenders and the L/C Issuer (including fees, charges and disbursements of counsel
to the respective Lenders and the L/C Issuer) arising under the Loan Documents and amounts payable under Article III, ratably
among them in proportion to the respective amounts described in this Second clause payable to them;

     129

     

    

Third,
to payment of that portion of the Secured Obligations constituting accrued and unpaid Letter of Credit Fees and interest on the
Loans, L/C Borrowings and other Secured Obligations arising under the Loan Documents, ratably among the Lenders and the L/C Issuer
in proportion to the respective amounts described in this Third clause payable to them;

 

Fourth,
to payment of that portion of the Secured Obligations constituting unpaid principal of the Loans, L/C Borrowings and Secured Obligations
then owing under Secured Hedge Agreements and Secured Cash Management Agreements and to the to the Administrative Agent for the
account of the L/C Issuer, to Cash Collateralize that portion of L/C Obligations comprised of the aggregate undrawn amount of
Letters of Credit to the extent not otherwise Cash Collateralized by the Borrower pursuant to Sections 2.03 and 2.14,
in each case ratably among the Administrative Agent, the Lenders, the L/C Issuer, the Hedge Banks and the Cash Management Banks
in proportion to the respective amounts described in this Fourth clause held by them; and

 

Last,
the balance, if any, after all of the Secured Obligations have been indefeasibly paid in full, to the Borrower or as otherwise
required by Law.

 

(b)          Subject to Sections 2.03(c) and 2.14, amounts used to Cash Collateralize the aggregate undrawn amount of Letters
of Credit pursuant to the Fourth clause above shall be applied to satisfy drawings under such Letters of Credit
as they occur. If any amount remains on deposit as Cash Collateral after all Letters of Credit have either been fully drawn or
expired, such remaining amount shall be applied to the other Secured Obligations, if any, in the order set forth above. Excluded
Swap Obligations with respect to any Loan Party shall not be paid with amounts received from such Loan Party 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 above in this Section 8.03.

 

(c)          Notwithstanding the foregoing, Secured Obligations arising under Secured Cash Management Agreements and Secured Hedge Agreements
shall be excluded from the application described above if the Administrative Agent has not received a Secured Party Designation
Notice, together with such supporting documentation as the Administrative Agent may request, from the applicable Cash Management
Bank or Hedge Bank, as the case may be. Each Cash Management Bank or Hedge Bank not a party to this Agreement that has given the
notice contemplated by the preceding sentence shall, by such notice, be deemed to have acknowledged and accepted the appointment
of the Administrative Agent pursuant to the terms of Article IX for itself and its Affiliates as if a “Lender”
party hereto.

     130

     

    

Article
IX

ADMINISTRATIVE AGENT

 

		9.01	Appointment
and Authority.

 

(a)           Appointment. Each of the Lenders and the L/C Issuer hereby irrevocably appoints, designates and authorizes Bank of America
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
IX are solely for the benefit of the Administrative Agent, the Lenders and the L/C Issuer, and neither the Borrower nor any
other Loan Party shall have rights as a third party beneficiary of any of such provisions. It is understood and agreed that the
use of the term “agent” herein or in any other Loan Documents (or any other similar term) with reference to the Administrative
Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any
Applicable Law. Instead such term is used as a matter of market custom, and is intended to create or reflect only an administrative
relationship between contracting parties.

 

(b)           Collateral Agent. The Administrative Agent shall also act as the “collateral agent” under the Loan Documents,
and each of the Lenders (including in its capacities as a potential Hedge Bank, and a potential Cash Management Bank) and the
L/C Issuer hereby irrevocably appoints and authorizes the Administrative Agent to act as the agent of such Lender and the L/C
Issuer 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 9.05 for purposes of holding or enforcing any Lien on the Collateral
(or any portion thereof) granted under the Collateral 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 IX and Article XI
(including Section 11.04(c), 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.

 

9.02       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, own securities of, act as the financial advisor or in any other advisory capacity for and generally engage in any
kind of banking, trust, financial, advisory, underwriting or other business with any Loan Party 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
or to provide notice to or consent of the Lenders with respect thereto.

     131

     

    

		9.03	Exculpatory
Provisions.

 

(a)          The Administrative Agent or the Arrangers or Documentation Agents, as applicable, shall not have any duties or obligations except
those expressly set forth herein and in the other Loan Documents, and its duties hereunder shall be administrative in nature.
Without limiting the generality of the foregoing, the Administrative Agent or the Arrangers or Documentation Agents, as applicable,
and its Related Parties:

 

(i)         shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing;

 

(ii)        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 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, including for the avoidance of doubt any action that may be in violation of the automatic stay under
any Debtor Relief Law or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation
of any Debtor Relief Law; and

 

(iii)       shall not have any duty or responsibility to disclose, and shall not be liable for the failure to disclose, to any Lender or the
L/C Issuer any credit or other information concerning the business, prospects, operations, property, financial and other condition
or creditworthiness of any of the Loan Parties or any of their Affiliates that is communicated to, or in the possession of, the
Administrative Agent, Arrangers or Documentation Agents or any of their Related Parties in any capacity, except for notices, reports
and other documents expressly required to be furnished to the Lenders by the Administrative Agent herein.

 

(b)          Neither the Administrative Agent nor any of its Related Parties shall be liable for any action taken or not taken by the Administrative
Agent under or in connection with this Agreement or any other Loan Document or the transactions contemplated hereby or thereby
(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 Sections 11.01 and 8.02) or (ii) in the absence of its own gross negligence or willful misconduct as determined
by a court of competent jurisdiction by final and non-appealable judgment. The Administrative Agent shall be deemed not to have
knowledge of any Default unless and until notice describing such Default is given in writing to the Administrative Agent by the
Borrower, a Lender or the L/C Issuer.

     132

     

    

(c)          Neither the Administrative Agent nor any of its Related Parties have any duty or obligation to any Lender or participant or any
other Person 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 Collateral 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.

 

9.04       Reliance
by Administrative Agent. The Administrative Agent shall be entitled to rely upon, and shall be fully protected in relying
and shall not incur any liability for relying upon, any notice, request, certificate, communication, consent, statement, 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
be fully protected in relying 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, extension, renewal or increase of a Letter of Credit, that by its terms must
be fulfilled to the satisfaction of a Lender or the L/C Issuer, the Administrative Agent may presume that such condition is satisfactory
to such Lender or the L/C Issuer unless the Administrative Agent shall have received notice to the contrary from such Lender or
the L/C Issuer 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 Loan Parties), independent accountants and other experts selected by it, and shall
not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.
For purposes of determining compliance with the conditions specified in 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 Closing Date specifying its objections.

 

9.05        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 IX 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 hereunder as well as activities as Administrative Agent. The Administrative
Agent shall not be responsible for the negligence or misconduct of any sub-agents except to the extent that a court of competent
jurisdiction determines in a final and non-appealable judgment that the Administrative Agent acted with gross negligence or willful
misconduct in the selection of such sub-agents.

     133

     

    

		9.06	Resignation
of Administrative Agent.

 

(a)          Notice. The Administrative Agent may at any time give notice of its resignation to the Lenders, the L/C Issuer and the
Borrower. Upon receipt of any such notice of resignation, the Required Lenders shall have the right, in consultation with the
Borrower, 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 thirty (30) days after the retiring Administrative Agent gives notice of its resignation (or
such earlier day as shall be agreed by the Required Lenders) (the “Resignation Effective Date”), then
the retiring Administrative Agent may (but shall not be obligated to) on behalf of the Lenders and the L/C Issuer, appoint a successor
Administrative Agent meeting the qualifications set forth above; provided that in no event shall any successor Administrative
Agent be a Defaulting Lender. Whether or not a successor has been appointed, such resignation shall become effective in accordance
with such notice on the Resignation Effective Date.

 

(b)          Effect of Resignation. With effect from the Resignation Effective Date (i) the retiring Administrative Agent shall
be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case of any collateral
security held by the Administrative Agent on behalf of the Lenders or the L/C Issuer under any of the Loan Documents, the retiring
Administrative Agent shall continue to hold such collateral security until such time as a successor Administrative Agent is appointed)
and (ii) except for any indemnity payments or other amounts then owed to the retiring 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 and the L/C Issuer 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 Administrative Agent
(other than as provided in Section 3.01(g) and other than any rights to indemnity payments or other amounts owed to the
retiring Administrative Agent as of the Resignation Effective Date), and the retiring Administrative Agent shall be discharged
from all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided
above in this Section 9.06). The fees payable by the Borrower to a successor Administrative Agent shall be the same
as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the retiring Administrative
Agent’s resignation hereunder and under the other Loan Documents, the provisions of this Article XI and Section 11.04
shall continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and their respective Related
Parties in respect of any actions taken or omitted to be taken by any of them (A) while the retiring Administrative Agent was
acting as Administrative Agent and (B) after such resignation or removal for as long as any of them continues to act in any capacity
hereunder or under the other Loan Documents, including, without limitation, (1) acting as collateral agent or otherwise holding
any collateral security on behalf of any of the Secured Parties and (2) in respect of any actions taken in connection with transferring
the agency to any successor Administrative Agent.

     134

     

    

(c)          L/C Issuer and Swingline Lender. Any resignation by Bank of America as Administrative Agent pursuant to this Section
9.06 shall also constitute its resignation as L/C Issuer and Swingline Lender. If Bank of America resigns as the L/C Issuer,
it shall retain all the rights, powers, privileges and duties of the L/C Issuer hereunder with respect to all Letters of Credit
outstanding as of the effective date of its resignation as the L/C Issuer and all L/C Obligations with respect thereto, including
the right to require the Lenders to make Base Rate Loans or fund risk participations in Unreimbursed Amounts pursuant to Section 2.03(c).
If Bank of America resigns as Swingline Lender, it shall retain all the rights of the Swingline Lender provided for hereunder
with respect to Swingline Loans made by it and outstanding as of the effective date of such resignation, including the right to
require the Lenders to make Base Rate Loans or fund risk participations in outstanding Swingline Loans pursuant to Section
2.04(c). Upon the appointment by the Borrower of a successor L/C Issuer or Swingline Lender hereunder (which successor shall
in all cases be a Lender other than a Defaulting Lender), (i) such successor shall succeed to and become vested with all
of the rights, powers, privileges and duties of the retiring L/C Issuer or Swingline Lender, as applicable, (ii) the retiring
L/C Issuer and Swingline Lender shall be discharged from all of their respective duties and obligations hereunder or under the
other Loan Documents, and (iii) the successor L/C Issuer shall issue Letters of Credit in substitution for the Letters of
Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to Bank of America to effectively
assume the obligations of Bank of America with respect to such Letters of Credit.

 

9.07       Non-Reliance
on Administrative Agent, the Arrangers or Documentation Agents and the Other Lenders. Each Lender and the L/C Issuer expressly
acknowledges that none of the Administrative Agent nor the Arrangers or Documentation Agents has made any representation or warranty
to it, and that no act by the Administrative Agent or the Arrangers or Documentation Agents hereafter taken, including any consent
to, and acceptance of any assignment or review of the affairs of any Loan Party or any Affiliate thereof, shall be deemed to constitute
any representation or warranty by the Administrative Agent or the Arrangers or Documentation Agents to any Lender or the L/C Issuer
as to any matter, including whether the Administrative Agent or the Arrangers or Documentation Agents have disclosed material
information in their (or their Related Parties’) possession. Each Lender and the L/C Issuer represents to the Administrative
Agent and the Arrangers and Documentation Agents that it has, independently and without reliance upon the Administrative Agent,
the Arrangers or Documentation Agents, 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 of, appraisal of, and investigation into, the business, prospects,
operations, property, financial and other condition and creditworthiness of the Loan Parties and their Subsidiaries, and all applicable
bank or other regulatory Laws relating to the transactions contemplated hereby, and made its own decision to enter into this Agreement
and to extend credit to the Borrower hereunder. Each Lender and the L/C Issuer also acknowledges that it will, independently and
without reliance upon the Administrative Agent, the Arrangers or Documentation Agents, 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 credit
analysis, appraisals and 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, and to make such investigations as it deems necessary
to inform itself as to the business, prospects, operations, property, financial and other condition and creditworthiness of the
Loan Parties. Each Lender and the L/C Issuer represents and warrants that (i) the Loan Documents set forth the terms of a commercial
lending facility and (ii) it is engaged in making, acquiring or holding commercial loans in the ordinary course and is entering
into this Agreement as a Lender or L/C Issuer for the purpose of making, acquiring or holding commercial loans and providing other
facilities set forth herein as may be applicable to such Lender or L/C Issuer, and not for the purpose of purchasing, acquiring
or holding any other type of financial instrument, and each Lender and the L/C Issuer agrees not to assert a claim in contravention
of the foregoing. Each Lender and the L/C Issuer represents and warrants that it is sophisticated with respect to decisions to
make, acquire and/or hold commercial loans and to provide other facilities set forth herein, as may be applicable to such Lender
or such L/C Issuer, and either it, or the Person exercising discretion in making its decision to make, acquire and/or hold such
commercial loans or to provide such other facilities, is experienced in making, acquiring or holding such commercial loans or
providing such other facilities.

     135

     

    

9.08       No
Other Duties, Etc. Anything herein to the contrary notwithstanding, none of the titles listed on the cover page hereof
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, the Arrangers or Documentation Agents, a Lender or the L/C Issuer hereunder.

 

		9.09	Administrative
Agent May File Proofs of Claim; Credit Bidding.

 

(a)           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 L/C Obligation shall then be due and payable as
herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand
on the Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise:

 

(i)          to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, L/C Obligations
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 L/C Issuer and the Administrative Agent (including any claim for the reasonable
compensation, expenses, disbursements and advances of the Lenders, the L/C Issuer and the Administrative Agent and their respective
agents and counsel and all other amounts due the Lenders, the L/C Issuer and the Administrative Agent under Sections 2.03(h)
and (i), 2.09, 2.10(b) and 11.04) allowed in such judicial proceeding; and

 

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

     136

     

    

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 L/C Issuer to make such payments to the Administrative Agent and, in the event that
the Administrative Agent shall consent to the making of such payments directly to the Lenders and the L/C Issuer, 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 2.09, 2.10(b)
and 11.04.

 

(b)          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 L/C Issuer any plan of reorganization, arrangement, adjustment or composition affecting the Secured
Obligations or the rights of any Lender or the L/C Issuer to authorize the Administrative Agent to vote in respect of the claim
of any Lender or the L/C Issuer or in any such proceeding.

 

(c)          The Secured Parties hereby irrevocably authorize the Administrative Agent, at the direction of the Required Lenders, to credit
bid all or any portion of the Secured Obligations (including accepting some or all of the Collateral in satisfaction of some or
all of the Secured Obligations pursuant to a deed in lieu of foreclosure or otherwise) and in such manner purchase (either directly
or through one or more acquisition vehicles) all or any portion of the Collateral (i) at any sale thereof conducted under the
provisions of the Bankruptcy Code of the United States, including under Sections 363, 1123 or 1129 of the Bankruptcy Code of the
United States, or any similar Laws in any other jurisdictions to which a Loan Party is subject, (ii) at any other sale or foreclosure
or acceptance of collateral in lieu of debt conducted by (or with the consent or at the direction of) the Administrative Agent
(whether by judicial action or otherwise) in accordance with any Applicable Law. In connection with any such credit bid and purchase,
the Secured Obligations owed to the Secured Parties shall be entitled to be, and shall be, credit bid on a ratable basis (with
Secured Obligations with respect to contingent or unliquidated claims receiving contingent interests in the acquired assets on
a ratable basis that would vest upon the liquidation of such claims in an amount proportional to the liquidated portion of the
contingent claim amount used in allocating the contingent interests) in the asset or assets so purchased (or in the Equity Interests
or debt instruments of the acquisition vehicle or vehicles that are used to consummate such purchase). In connection with any
such bid (A) the Administrative Agent shall be authorized to form one or more acquisition vehicles to make a bid, (B) to adopt
documents providing for the governance of the acquisition vehicle or vehicles (provided that any actions by the Administrative
Agent with respect to such acquisition vehicle or vehicles, including any disposition of the assets or Equity Interests thereof
shall be governed, directly or indirectly, by the vote of the Required Lenders, irrespective of the termination of this Agreement
and without giving effect to the limitations on actions by the Required Lenders contained in clauses (a) through (e)
of Section 11.01 of this Agreement), and (C) to the extent that Secured Obligations that are assigned to an acquisition
vehicle are not used to acquire Collateral for any reason (as a result of another bid being higher or better, because the amount
of Secured Obligations assigned to the acquisition vehicle exceeds the amount of debt credit bid by the acquisition vehicle or
otherwise), such Secured Obligations shall automatically be reassigned to the Lenders pro rata and the Equity Interests
and/or debt instruments issued by any acquisition vehicle on account of the Secured Obligations that had been assigned to the
acquisition vehicle shall automatically be cancelled, without the need for any Secured Party or any acquisition vehicle to take
any further action.

     137

     

    

		9.10	Collateral
and Guaranty Matters.

 

(a)          Each of the Lenders (including in its capacities as a potential Cash Management Bank and a potential Hedge Bank) and the L/C Issuer
irrevocably authorize the Administrative Agent, at its option and in its discretion,

 

(i)             to release any Lien on any property granted to or held by the Administrative Agent under any Loan Document (i) upon the Facility
Termination Date, (ii) that is sold or otherwise disposed of or to be sold or otherwise disposed of as part of or in connection
with any sale or other disposition permitted hereunder or under any other Loan Document, or (iii) if approved, authorized
or ratified in writing by the Required Lenders in accordance with Section 11.01;

 

(ii)            to subordinate any Lien on any property granted to or held by the Administrative Agent under any Loan Document to the holder of
any Lien on such property that is permitted by Section 7.01(i); and

 

(iii)           to release any Guarantor from its obligations under the Guaranty if such Person ceases to be a Subsidiary as a result of a transaction
permitted under the Loan Documents.

 

(b)          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 Guarantor from its
obligations under the Guaranty pursuant to this Section 9.10. In each case as specified in this Section 9.10, the
Administrative Agent will, at the Borrower’s expense, execute and deliver to the applicable Loan Party such documents as
such Loan Party may reasonably request to evidence the release of such item of Collateral from the assignment and security interest
granted under the Collateral Documents or to subordinate its interest in such item, or to release such Guarantor from its obligations
under the Guaranty, in each case in accordance with the terms of the Loan Documents and this Section 9.10.

 

(c)          The Administrative Agent shall not be responsible for or have a duty to ascertain or inquire into any representation or warranty
regarding the existence, value or collectability of the Collateral, the existence, priority or perfection of the Administrative
Agent’s Lien thereon, or any certificate prepared by any Loan Party in connection therewith, nor shall the Administrative
Agent be responsible or liable to the Lenders for any failure to monitor or maintain any portion of the Collateral.

 

9.11       Secured
Cash Management Agreements and Secured Hedge Agreements. Except as otherwise expressly set forth in the Guaranty or any
Collateral Document, no Cash Management Bank or Hedge Bank that obtains the benefit of the provisions of Section 8.03,
the Guaranty or any Collateral by virtue of the provisions hereof or the Collateral Document shall have any right to notice of
any action or to consent to, direct or object to any action hereunder or under any other Loan Document or otherwise in respect
of the Collateral (including the release or impairment of any Collateral) (or to notice of or to consent to any amendment, waiver
or modification of the provisions hereof or of the Guaranty or any Collateral Document) other than in its capacity as a Lender
and, in such case, only to the extent expressly provided in the Loan Documents. Notwithstanding any other provision of this Article
IX to the contrary, the Administrative Agent shall not be required to verify the payment of, or that other satisfactory arrangements
have been made with respect to, Secured Obligations arising under Secured Cash Management Agreements and Secured Hedge Agreements
except to the extent expressly provided herein and unless the Administrative Agent has received a Secured Party Designation Notice
of such Secured Obligations, together with such supporting documentation as the Administrative Agent may request, from the applicable
Cash Management Bank or Hedge Bank, as the case may be. The Administrative Agent shall not be required to verify the payment of,
or that other satisfactory arrangements have been made with respect to, Secured Obligations arising under Secured Cash Management
Agreements and Secured Hedge Agreements in the case of a Facility Termination Date.

     138

     

    

		9.12	Certain
ERISA Matters.

 

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

 

(i)            such Lender is not using “plan assets” (within the meaning of Section 3(42) of ERISA or otherwise) 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 transaction exemption set forth in one or more PTEs, such as PTE 84–14 (a class exemption for certain transactions determined
by independent qualified professional asset managers), PTE 95–60 (a class exemption for certain transactions involving insurance
company general accounts), PTE 90–1 (a class exemption for certain transactions involving insurance company pooled separate
accounts), PTE 91–38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96–23
(a class exemption for certain transactions determined by in-house asset managers), is applicable with respect to such Lender’s
entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this
Agreement,

 

(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

     139

     

    

(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 (1) clause (i) in the immediately preceding clause (a) is true with respect to a
Lender or (2) a Lender has provided another representation, warranty and covenant in accordance with 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 not, for the avoidance of doubt, to or for the benefit
of the Borrower or any other Loan Party, that the Administrative Agent 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).

 

9.13       Recovery
of Erroneous Payments Without limitation of any other provision in this Agreement, if at any time the Administrative Agent
makes a payment hereunder in error to any Lender or the L/C Issuer (each, a “Credit Party”), whether
or not in respect of an Obligation due and owing by the Borrower at such time, where such payment is a Rescindable Amount, then
in any such event, each Credit Party receiving a Rescindable Amount severally agrees to repay to the Administrative Agent forthwith
on demand the Rescindable Amount received by such Credit Party in immediately available funds in the currency so received, with
interest thereon, for each day from and including the date such Rescindable Amount is received by it to but excluding the date
of payment to the Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent
in accordance with banking industry rules on interbank compensation. Each Credit Party irrevocably waives any and all defenses,
including any “discharge for value” (under which a creditor might otherwise claim a right to retain funds mistakenly
paid by a third party in respect of a debt owed by another) or similar defense to its obligation to return any Rescindable Amount.
The Administrative Agent shall inform each Credit Party promptly upon determining that any payment made to such Credit Party comprised,
in whole or in part, a Rescindable Amount.

     140

     

    

Article
X

CONTINUING GUARANTY

 

10.01    Guaranty.
Each Guarantor hereby absolutely and unconditionally, jointly and severally Guarantees, as primary obligor and as a guaranty of
payment and performance and not merely as a guaranty of collection, prompt payment when due, whether at stated maturity, by required
prepayment, upon acceleration, demand or otherwise, and at all times thereafter, of any and all Secured Obligations, whether for
principal, interest, premiums, fees, indemnities, damages, costs, expenses or otherwise, of the Borrower to the Secured Parties
and whether arising hereunder or under any other Loan Document, any Secured Cash Management Agreement or any Secured Hedge Agreement
(including all renewals, extensions, amendments, refinancings and other modifications thereof and all costs, attorneys’
fees and expenses incurred by the Secured Parties in connection with the collection or enforcement thereof) (for each Guarantor,
subject to the proviso in this sentence, its “Guaranteed Obligations”); provided that (a) the Guaranteed
Obligations of a Guarantor shall exclude any Excluded Swap Obligations with respect to such Guarantor and (b) the liability of
each Guarantor individually with respect to this Guaranty shall be limited to an aggregate amount equal to the largest amount
that would not render its obligations hereunder subject to avoidance under Section 548 of the Bankruptcy Code of the United States
or any comparable provisions of any applicable state law. Without limiting the generality of the foregoing, the Guaranteed Obligations
shall include any such indebtedness, obligations, and liabilities, or portion thereof, which may be or hereafter become unenforceable
or compromised or shall be an allowed or disallowed claim under any proceeding or case commenced by or against any debtor under
any Debtor Relief Laws. The Administrative Agent’s books and records showing the amount of the Obligations shall be admissible
in evidence in any action or proceeding, and shall be binding upon each Guarantor, and conclusive for the purpose of establishing
the amount of the Secured Obligations. This Guaranty shall not be affected by the genuineness, validity, regularity or enforceability
of the Secured Obligations or any instrument or agreement evidencing any Secured Obligations, or by the existence, validity, enforceability,
perfection, non-perfection or extent of any collateral therefor, or by any fact or circumstance relating to the Secured Obligations
which might otherwise constitute a defense to the obligations of the Guarantors, or any of them, under this Guaranty, and each
Guarantor hereby irrevocably waives any defenses it may now have or hereafter acquire in any way relating to any or all of the
foregoing.

 

10.02    Rights
of Lenders. Each Guarantor consents and agrees that the Secured Parties may, at any time and from time to time, without
notice or demand, and without affecting the enforceability or continuing effectiveness hereof: (a) amend, extend, renew,
compromise, discharge, accelerate or otherwise change the time for payment or the terms of the Secured Obligations or any part
thereof; (b) take, hold, exchange, enforce, waive, release, fail to perfect, sell, or otherwise dispose of any security for
the payment of this Guaranty or any Secured Obligations; (c) apply such security and direct the order or manner of sale thereof
as the Administrative Agent, the L/C Issuer and the Lenders in their sole discretion may determine; and (d) release or substitute
one or more of any endorsers or other guarantors of any of the Secured Obligations. Without limiting the generality of the foregoing,
each Guarantor consents to the taking of, or failure to take, any action which might in any manner or to any extent vary the risks
of such Guarantor under this Guaranty or which, but for this provision, might operate as a discharge of such Guarantor.

     141

     

    

10.03    Certain
Waivers. Each Guarantor waives (a) any defense arising by reason of any disability or other defense of the Borrower
or any other guarantor, or the cessation from any cause whatsoever (including any act or omission of any Secured Party) of the
liability of the Borrower or any other Loan Party; (b) any defense based on any claim that such Guarantor’s obligations
exceed or are more burdensome than those of the Borrower or any other Loan Party; (c) the benefit of any statute of limitations
affecting any Guarantor’s liability hereunder; (d) any right to proceed against the Borrower or any other Loan Party,
proceed against or exhaust any security for the Secured Obligations, or pursue any other remedy in the power of any Secured Party
whatsoever; (e) any benefit of and any right to participate in any security now or hereafter held by any Secured Party; and
(f) to the fullest extent permitted by law, any and all other defenses or benefits that may be derived from or afforded by
Applicable Law limiting the liability of or exonerating guarantors or sureties. Each Guarantor expressly waives all setoffs and
counterclaims and all presentments, demands for payment or performance, notices of nonpayment or nonperformance, protests, notices
of protest, notices of dishonor and all other notices or demands of any kind or nature whatsoever with respect to the Secured
Obligations, and all notices of acceptance of this Guaranty or of the existence, creation or incurrence of new or additional Secured
Obligations, including but not limited to the benefits of Chapter 34 of the Texas Business and Commerce Code, §17.01 of the
Texas Civil Practice and Remedies Code, and Rule 31 of the Texas Rules of Civil Procedure, or any similar statute.

 

10.04    Obligations
Independent. The obligations of each Guarantor hereunder are those of primary obligor, and not merely as surety, and are
independent of the Secured Obligations and the obligations of any other Guarantor, and a separate action may be brought against
each Guarantor to enforce this Guaranty whether or not the Borrower or any other person or entity is joined as a party.

 

10.05    Subrogation.
No Guarantor shall exercise any right of subrogation, contribution, indemnity, reimbursement or similar rights with respect to
any payments it makes under this Guaranty until all of the Secured Obligations and any amounts payable under this Guaranty have
been indefeasibly paid and performed in full and the Commitments and the Facilities are terminated. If any amounts are paid to
a Guarantor in violation of the foregoing limitation, then such amounts shall be held in trust for the benefit of the Secured
Parties and shall forthwith be paid to the Secured Parties to reduce the amount of the Secured Obligations, whether matured or
unmatured.

 

10.06    Termination;
Reinstatement. This Guaranty is a continuing and irrevocable guaranty of all Secured Obligations now or hereafter existing
and shall remain in full force and effect until the Facility Termination Date. Notwithstanding the foregoing, this Guaranty shall
continue in full force and effect or be revived, as the case may be, if any payment by or on behalf of the Borrower or a Guarantor
is made, or any of the Secured Parties exercises its right of setoff, in respect of the Secured Obligations and such payment or
the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside
or required (including pursuant to any settlement entered into by any of the Secured Parties in their discretion) to be repaid
to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Laws or otherwise, all as
if such payment had not been made or such setoff had not occurred and whether or not the Secured Parties are in possession of
or have released this Guaranty and regardless of any prior revocation, rescission, termination or reduction. The obligations of
each Guarantor under this Section 10.06 shall survive termination of this Guaranty.

     142

     

    

10.07    Stay
of Acceleration. If acceleration of the time for payment of any of the Secured Obligations is stayed, in connection with
any case commenced by or against a Guarantor or the Borrower under any Debtor Relief Laws, or otherwise, all such amounts shall
nonetheless be payable by each Guarantor, jointly and severally, immediately upon demand by the Secured Parties.

 

10.08    Condition
of Borrower. Each Guarantor acknowledges and agrees that it has the sole responsibility for, and has adequate means of,
obtaining from the Borrower and any other guarantor such information concerning the financial condition, business and operations
of the Borrower and any such other Guarantor as such Guarantor requires, and that none of the Secured Parties has any duty, and
such Guarantor is not relying on the Secured Parties at any time, to disclose to it any information relating to the business,
operations or financial condition of the Borrower or any other Guarantor (each Guarantor waiving any duty on the part of the Secured
Parties to disclose such information and any defense relating to the failure to provide the same).

 

10.09     Appointment
of Holdings. Each of the Loan Parties hereby appoints Holdings to act as its agent for all purposes of this Agreement,
the other Loan Documents and all other documents and electronic platforms entered into in connection herewith and agrees that
(a) Holdings may execute such documents and provide such authorizations on behalf of such Loan Parties as Holdings deems
appropriate in its sole discretion and each Loan Party shall be obligated by all of the terms of any such document and/or authorization
executed on its behalf, (b) any notice or communication delivered by the Administrative Agent, L/C Issuer or a Lender to
Holdings shall be deemed delivered to each Loan Party and (c) the Administrative Agent, L/C Issuer or the Lenders may accept,
and be permitted to rely on, any document, authorization, instrument or agreement executed by Holdings on behalf of each of the
Loan Parties.

 

10.10     Right
of Contribution. The Guarantors agree among themselves that, in connection with payments made hereunder, each Guarantor
shall have contribution rights against the other Guarantors as permitted under Applicable Law.

 

10.11     Keepwell.
Each Loan Party that is a Qualified ECP Guarantor at the time the Guaranty or the grant of a Lien under the Loan Documents, in
each case, by any Specified Loan Party becomes effective with respect to any Swap Obligation, hereby jointly and severally, absolutely,
unconditionally and irrevocably undertakes to provide such funds or other support to each Specified Loan Party with respect to
such Swap Obligation as may be needed by such Specified Loan Party from time to time to honor all of its obligations under the
Loan Documents in respect of such Swap Obligation (but, in each case, only up to the maximum amount of such liability that can
be hereby incurred without rendering such Qualified ECP Guarantor’s obligations and undertakings under this Article X
voidable under Applicable Law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The
obligations and undertakings of each Qualified ECP Guarantor under this Section 10.11 shall remain in full force and effect until
the Secured Obligations have been indefeasibly paid and performed in full. Each Loan Party intends this Section 10.11 to
constitute, and this Section 10.11 shall be deemed to constitute, a Guarantee of the obligations of, and a “keepwell,
support, or other agreement” for the benefit of, each Specified Loan Party for all purposes of the Commodity Exchange Act.

     143

     

    

Article
XI

MISCELLANEOUS

 

		11.01	Amendments,
Etc.

 

(a)          Subject to Section 3.03(c) and the last paragraph of this Section 11.01, no amendment or waiver of any provision
of this Agreement or any other Loan Document, and no consent to any departure by the Borrower or any other Loan Party therefrom,
shall be effective unless in writing signed by the Required Lenders (or by the Administrative Agent with the consent of the Required
Lenders) and the Borrower or the applicable Loan Party, as the case may be, and acknowledged by the Administrative Agent, and
each such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; provided,
however, that no such amendment, waiver or consent shall:

 

(i)           waive any condition set forth in Section 4.01 or, in the case of the initial Credit Extension, Section 4.02 without
the written consent of each Lender;

 

(ii)          extend or increase the Commitment of any Lender (or reinstate any Commitment terminated pursuant to Section 8.02) without
the written consent of such Lender (it being understood and agreed that a waiver of any condition precedent in Section 4.02
or of any Default or a mandatory reduction in Commitments is not considered an extension or increase in Commitments of any
Lender);

 

(iii)         postpone any date fixed by this Agreement or any other Loan Document for any payment (excluding mandatory prepayments) of principal,
interest, fees or other amounts due to the Lenders (or any of them) hereunder or under such other Loan Document without the written
consent of each Lender entitled to such payment;

 

(iv)         reduce the principal of, or the rate of interest specified herein on, any Loan or L/C Borrowing, or (subject to clause (D)
of the second proviso to this Section 11.01) any fees or other amounts payable hereunder or under any other Loan Document
without the written consent of each Lender entitled to such amount; provided, however, that only the consent of
the Required Lenders shall be necessary (i) to amend the definition of “Default Rate” or to waive any obligation
of the Borrower to pay interest or Letter of Credit Fees at the Default Rate or (ii) to amend any financial covenant hereunder
(or any defined term used therein) even if the effect of such amendment would be to reduce the rate of interest on any Loan or
L/C Borrowing or to reduce any fee payable hereunder;

     144

     

    

(v)          change (i) Section 8.03 or Section 2.13 in a manner that would alter the pro rata sharing of payments required
thereby without the written consent of each Lender;

 

(vi)         change any provision of this Section 11.01 or the definition of “Required Lenders”, “Required Class Lenders”
or any other provision of any Loan Document specifying the number or percentage of Lenders required to amend, waive or otherwise
modify any rights hereunder or thereunder or make any determination or grant any consent hereunder, without the written consent
of each Lender;

 

(vii)        release all or substantially all of the Collateral in any transaction or series of related transactions, without the written consent
of each Lender;

 

(viii)       release all or substantially all of the value of the Guaranty, without the written consent of each Lender, except to the extent
the release of any Subsidiary from the Guaranty is permitted pursuant to Section 9.10 (in which case such release may be
made by the Administrative Agent acting alone);

 

(ix)          release the Borrower or permit the Borrower to assign or transfer any of its rights or obligations under this Agreement or the
other Loan Documents without the consent of each Lender;

 

(x)           directly and materially adversely affect the rights of Lenders holding Commitments or Loans of one Class differently from the
rights of Lenders holding Commitments or Loans of any other Class without the written consent of the applicable Required Class
Lenders; or

 

(xi)          contractually subordinate the Obligations (including any guarantee thereof), or the Liens on all or substantially all of the Collateral
granted under the Loan Documents, to any other Indebtedness or Lien (including, without limitation, any other Indebtedness or
Lien issued under the Credit Agreement or any other agreement), in each case, without the written consent of all Lenders;

 

and
provided, further, that (A) no amendment, waiver or consent shall, unless in writing and signed by the L/C
Issuer in addition to the Lenders required above, affect the rights or duties of the L/C Issuer under this Agreement or any Issuer
Document relating to any Letter of Credit issued or to be issued by it; (B) no amendment, waiver or consent shall, unless
in writing and signed by the Swingline Lender in addition to the Lenders required above, affect the rights or duties of the Swingline
Lender under this Agreement; (C) no amendment, waiver or consent shall, unless in writing and signed by the Administrative
Agent in addition to the Lenders required above, affect the rights or duties of the Administrative Agent under this Agreement
or any other Loan Document; and (D) the Fee Letter may be amended, or rights or privileges thereunder waived, in a writing
executed only by the parties thereto.

 

(b)          Notwithstanding anything to the contrary herein, (i) no Defaulting Lender shall have any right to approve or disapprove any
amendment, waiver or consent hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Lenders
or each affected Lender, may be effected with the consent of the applicable Lenders other than Defaulting Lenders), except that
(A) the Commitment of any Defaulting Lender may not be increased or extended without the consent of such Lender and (B) any
waiver, amendment or modification requiring the consent of all Lenders or each affected Lender, that by its terms affects any
Defaulting Lender disproportionately adversely relative to other affected Lenders shall require the consent of such Defaulting
Lender; (ii) each Lender is entitled to vote as such Lender sees fit on any bankruptcy reorganization plan that affects the
Loans, and each Lender acknowledges that the provisions of Section 1126(c) of the Bankruptcy Code of the United States supersedes
the unanimous consent provisions set forth herein and (iii) the Required Lenders shall determine whether or not to allow
a Loan Party to use Cash Collateral in the context of a bankruptcy or insolvency proceeding and such determination shall be binding
on all of the Lenders.

     145

     

    

(c)          Notwithstanding anything to the contrary herein, this Agreement may be amended and restated without the consent of any Lender
(but with the consent of the Borrower and the Administrative Agent) if, upon giving effect to such amendment and restatement,
such Lender shall no longer be a party to this Agreement (as so amended and restated), the Commitments of such Lender shall have
terminated, such Lender shall have no other commitment or other obligation hereunder and shall have been paid in full all principal,
interest and other amounts owing to it or accrued for its account under this Agreement.

 

(d)          Notwithstanding any provision herein to the contrary, if the Administrative Agent and the Borrower acting together identify any
ambiguity, omission, mistake, typographical error or other defect in any provision of this Agreement or any other Loan Document
(including the schedules and exhibits thereto), then the Administrative Agent and the Borrower shall be permitted to amend, modify
or supplement such provision to cure such ambiguity, omission, mistake, typographical error or other defect, and such amendment
shall become effective without any further action or consent of any other party to this Agreement.

 

(e)          Notwithstanding any provision herein to the contrary, this Agreement may be amended pursuant to an Incremental Amendment to implement
any additional Class of Incremental Commitments in accordance with Section 2.16 as necessary or appropriate, as reasonably determined
by (and the Lenders hereby authorize the Administrative Agent to enter into any such Incremental Amendment), the Administrative
Agent and the Borrower and such Incremental Amendment shall be effective to amend the terms of this Agreement and the other applicable
Loan Documents, in each case, without any further action or consent of any other party to any Loan Document.

     146

     

    

		11.02	Notices;
Effectiveness; Electronic Communications.

 

(a)          Notices Generally. Except in the case of notices and other communications expressly permitted to be given by telephone
(and except as provided in clause (b) below), all notices and other communications provided for herein shall be in writing
and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by fax transmission
or e-mail transmission as follows, and all notices and other communications expressly permitted hereunder to be given by telephone
shall be made to the applicable telephone number, as follows:

 

(i)            if to the Borrower or any other Loan Party, the Administrative Agent, the L/C Issuer or the Swingline Lender, to the address,
fax number, e-mail address or telephone number specified for such Person on Schedule 1.01(a); and

 

(ii)           if to any other Lender, to the address, fax number, e-mail address or telephone number specified 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 Borrower).

 

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 transmission shall be deemed to have been given
when 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 clause (b) below shall be effective as provided in such clause (b).

 

(b)          Electronic Communications.

 

(i)            Notices and other communications to the Administrative Agent, the Lenders, the Swingline Lender and the L/C Issuer hereunder may
be delivered or furnished by electronic communication (including e-mail, FPML messaging, and Internet or intranet websites) pursuant
procedures approved by the Administrative Agent in its reasonable discretion; provided that the foregoing shall not apply
to notices to any Lender, the Swingline Lender or the L/C Issuer pursuant to Article II if such Lender, the Swingline
Lender or the L/C Issuer, as applicable, has notified the Administrative Agent that it is incapable of receiving notices under
such Article II by electronic communication. The Administrative Agent, the Swingline Lender, the L/C Issuer or the Borrower
may each, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant
to procedures approved by it, provided that approval of such procedures may be limited to particular notices or communications.

 

(ii)           Unless the Administrative Agent otherwise prescribes, (A) notices and other communications sent to an e-mail address shall be
deemed received upon the sender’s receipt of an acknowledgment from the intended recipient (such as by the “return
receipt requested” function, as available, return e-mail or other written acknowledgement) and (B) notices and other communications
posted to an Internet or intranet website shall be deemed received by the intended recipient 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 address or other written acknowledgement) indicating that such notice or communication is available and identifying
the website address therefor; provided that for both clauses (A) and (B), if such notice or other communication
is not sent during the normal business hours of the recipient, such notice, email or communication shall be deemed to have been
sent at the opening of business on the next Business Day for the recipient.

     147

     

    

(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 the Borrower, any Lender, the L/C Issuer or any other Person for losses, claims, damages, liabilities or expenses
of any kind (whether in tort, contract or otherwise) arising out of the Borrower’s, any Loan Party’s or the Administrative
Agent’s transmission of Borrower Materials or notices through the Platform, any other electronic platform or electronic
messaging service, or through the Internet.

 

(d)          Change of Address, Etc. Each of Borrower, the Administrative Agent, the L/C Issuer and the Swingline Lender may change
its address, fax number or telephone number or e-mail address for notices and other communications hereunder by notice to the
other parties hereto. Each other Lender may change its address, fax number or telephone number or e-mail address for notices and
other communications hereunder by notice to the Borrower, the Administrative Agent, the L/C Issuer 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 e-mail address to which notices and other
communications may be sent and (ii) accurate wire instructions for such Lender. Furthermore, each Public Lender agrees to
cause at least one (1) individual at or on behalf of such Public Lender to at all times have selected the “Private Side
Information” or similar designation on the content declaration screen of the Platform in order to enable such Public Lender
or its delegate, in accordance with such Public Lender’s compliance procedures and Applicable Law, including United States
federal and state securities Laws, to make reference to Borrower Materials that are not made available through the “Public
Side Information” portion of the Platform and that may contain material non-public information with respect to the Borrower
or its securities for purposes of United States federal or state securities laws.

 

(e)          Reliance by Administrative Agent, L/C Issuer and Lenders. The Administrative Agent, the L/C Issuer and the Lenders shall
be entitled to rely and act upon any notices (including, without limitation, telephonic or electronic notices, Loan Notices, Letter
of Credit Applications, Notice of Loan Prepayment and Swingline Loan Notices) purportedly given by or on behalf of any Loan Party
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 Loan Parties shall indemnify the Administrative Agent, the L/C Issuer, each Lender and the Related Parties of each
of them from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly
given by or on behalf of a Loan Party. 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.

     148

     

    

		11.03	No
Waiver; Cumulative Remedies; Enforcement.

 

(a)          No failure by any Lender, the L/C Issuer 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 or under any other Loan Document 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.

 

(b)          Notwithstanding anything to the contrary contained herein or in any other Loan Document, the authority to enforce rights and remedies
hereunder and under the other Loan Documents against the Loan Parties or any of them shall be vested exclusively in, and all actions
and proceedings at law in connection with such enforcement shall be instituted and maintained exclusively by, the Administrative
Agent in accordance with Section 8.02 for the benefit of all the Lenders and the L/C Issuer; 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
L/C Issuer or the Swingline Lender from exercising the rights and remedies that inure to its benefit (solely in its capacity as
L/C Issuer 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 11.08 (subject to the terms of Section 2.13), 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 Section 8.02 and (ii) in addition to the matters set forth
in clauses (b), (c) and (d) of the preceding proviso and subject to Section 2.13, any Lender may,
with the consent of the Required Lenders, enforce any rights and remedies available to it and as authorized by the Required Lenders.

     149

     

    

		11.04	Expenses;
Indemnity; Damage Waiver.

 

(a)          Costs and Expenses. The Loan Parties shall pay (i) all reasonable out-of-pocket expenses incurred by the Administrative
Agent and its Affiliates (including, but not limited to, (A) the reasonable fees, charges and disbursements of counsel for the
Administrative Agent and its Affiliates and (B) due diligence expenses), in connection with the syndication of the credit facilities
provided for herein, the preparation, negotiation, execution, delivery and administration of this Agreement and the other Loan
Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated
hereby or thereby shall be consummated), (ii) all reasonable out-of-pocket expenses incurred by the L/C Issuer in connection
with the issuance, amendment, extension, reinstatement or renewal of any Letter of Credit or any demand for payment thereunder
and (iii) all out-of-pocket expenses incurred by the Administrative Agent, any Lender or the L/C Issuer (including the fees,
charges and disbursements of any counsel for the Administrative Agent, any Lender or the L/C Issuer), in connection with the enforcement
or protection of its rights (A) in connection with this Agreement and the other Loan Documents, including its rights under
this Section 11.04, or (B) in connection with Loans made or Letters of Credit issued hereunder, including all such
out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit.

 

(b)          Indemnification by the Loan Parties. The Loan Parties shall indemnify the Administrative Agent (and any sub-agent thereof),
each Lender and the L/C Issuer, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”)
against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses (including
the fees, charges and disbursements of any counsel for any Indemnitee), incurred by any Indemnitee or asserted against any Indemnitee
by any Person (including the Borrower or any other Loan Party) arising out of, in connection with, or as a result of (i) the
execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby,
the performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the transactions
contemplated hereby or thereby, or, in the case of the Administrative Agent (and any sub-agent thereof) and its Related Parties
only, the administration of this Agreement and the other Loan Documents (including in respect of any matters addressed in Section
3.01), (ii) any Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal
by the L/C Issuer to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand
do not strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or Release of Hazardous
Materials on or from any property owned, leased or operated by a Loan Party or any of its Subsidiaries, or any Environmental Liability
related in any way to a Loan Party or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation
or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third
party or by the Borrower or any other Loan Party, and regardless of whether any Indemnitee is a party thereto, IN ALL CASES,
WHETHER OR NOT CAUSED BY OR ARISING, IN WHOLE OR IN PART, OUT OF THE COMPARATIVE, CONTRIBUTORY OR SOLE
NEGLIGENCE OF THE INDEMNITEE; provided that such indemnity shall not, as to any Indemnitee, be available to the extent
that such losses, claims, damages, liabilities or related expenses are determined by a court of competent jurisdiction by
final and non-appealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee. Without
limiting the provisions of Section 3.01(c), this Section 11.04(b) shall not apply with respect to Taxes other
than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim.

     150

     

    

(c)          Reimbursement by Lenders. To the extent that the Loan Parties for any reason fail to indefeasibly pay any amount required
under clauses (a) or (b) of this Section 11.04 to be paid by it to the Administrative Agent
(or any sub-agent thereof), the L/C Issuer, the Swingline Lender or any Related Party of any of the foregoing, each Lender severally
agrees to pay to the Administrative Agent (or any such sub-agent), the L/C Issuer, the Swingline Lender or such Related Party,
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 based on each Lender’s share of the Total Credit Exposure at such time) of such unpaid amount
(including any such unpaid amount in respect of a claim asserted by such Lender), such payment to be made severally among them
based on such Lender’s Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity
payment is sought), 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 (or any such sub-agent), the L/C Issuer
or the Swingline Lender in its capacity as such, or against any Related Party of any of the foregoing acting for the Administrative
Agent (or any such sub-agent), the L/C Issuer or the Swingline Lender in connection with such capacity. The obligations of the
Lenders under this clause (c) are subject to the provisions of Section 2.12(d).

 

(d)          Waiver of Consequential Damages, Etc. To the fullest extent permitted by Applicable Law, no Loan Party shall assert, and
each Loan Party hereby waives, and acknowledges that no other Person shall have, any claim against any Indemnitee, on any theory
of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of,
in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby,
the transactions contemplated hereby or thereby, any Loan or Letter of Credit or the use of the proceeds thereof. No Indemnitee
referred to in clause (b) above shall be liable for any damages arising from the use by unintended recipients of any
information or other materials distributed to such unintended recipients by such Indemnitee through telecommunications, electronic
or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated
hereby or thereby.

 

(e)          Payments. All amounts due under this Section 11.04 shall be payable not later than ten (10) Business Days after
demand therefor.

 

(f)           Survival. The agreements in this Section 11.04 and the indemnity provisions of Section 11.02(e) shall survive
the resignation of the Administrative Agent, the L/C Issuer and the Swingline Lender, the replacement of any Lender, the termination
of the Aggregate Commitments and the repayment, satisfaction or discharge of all the other Obligations.

     151

     

    

11.05    
Payments Set Aside. To the extent that any payment by or on behalf of the Borrower is made to the Administrative Agent,
the L/C Issuer or any Lender, or the Administrative Agent, the L/C Issuer or any Lender exercises its right of setoff, and such
payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential,
set aside or required (including pursuant to any settlement entered into by the Administrative Agent, the L/C Issuer or such Lender
in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor
Relief Law or otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally intended to be
satisfied shall be revived and continued in full force and effect as if such payment had not been made or such setoff had not
occurred, and (b) each Lender and the L/C Issuer severally agrees to pay to the Administrative Agent upon demand its applicable
share (without duplication) of any amount so recovered from or repaid by the Administrative Agent, plus interest thereon from
the date of such demand to the date such payment is made at a rate per annum equal to the Federal Funds Rate from time to time
in effect. The obligations of the Lenders and the L/C Issuer under clause (b) of the preceding sentence shall survive the
payment in full of the Obligations and the termination of this Agreement.

 

		11.06	Successors
and Assigns.

 

(a)          Successors and Assigns Generally. The provisions of this Agreement and the other Loan Documents shall be binding upon and
inure to the benefit of the parties hereto and thereto and their respective successors and assigns permitted hereby, except neither
the Borrower nor any other Loan Party may assign or otherwise transfer any of its rights or obligations hereunder without the
prior written consent of the Administrative Agent and each Lender and no Lender may assign or otherwise transfer any of its rights
or obligations hereunder except (i) to an assignee in accordance with the provisions of Section 11.06(b), (ii) by
way of participation in accordance with the provisions of Section 11.06(d), or (iii) by way of pledge or assignment
of a security interest subject to the restrictions of Section 11.06(e) (and any other attempted assignment or transfer
by any party hereto shall be null and void). 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, Participants to the extent
provided in Section 11.06(d) and, to the extent expressly contemplated hereby, the Related Parties of each of the
Administrative Agent, the L/C Issuer and the Lenders) any legal or equitable right, remedy or claim under or by reason of this
Agreement.

 

(b)          Assignments by Lenders. Any Lender may at any time assign to one or more assignees all or a portion of its rights and obligations
under this Agreement and the other Loan Documents (including all or a portion of its Commitment(s) and the Loans (including for
purposes of this clause (b), participations in L/C Obligations and in Swingline Loans) at the time owing to it); provided
that any such assignment shall be subject to the following conditions:

 

(i)           Minimum Amounts.

 

(A)              
in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and/or the Loans at the
time owing to it or contemporaneous assignments to related Approved Funds (determined after giving effect to such assignments)
that equal at least the amount specified in clause (b)(i)(B) of this Section 11.06 in the aggregate or in the case
of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and

     152

     

    

(B)           in any case not described in clause (b)(i)(A) of this Section 11.06, the aggregate amount of the Commitment
(which for this purpose includes Loans outstanding thereunder) or, if the Commitment is not then in effect, the principal outstanding
balance of the Loans of the assigning Lender subject to each such assignment, determined as of the date the Assignment and Assumption
with respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment
and Assumption, as of the Trade Date, shall not be less than $5,000,000, in the case of any assignment in respect of the Revolving
Facility, or $1,000,000, in the case of any assignment in respect of any Incremental Term Facility unless each of the Administrative
Agent and, so long as no Event of Default has occurred and is continuing, the Borrower otherwise consents (each such consent not
to be unreasonably withheld or delayed).

 

(ii)          Proportionate Amounts. 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 and the other Loan Documents with respect to the Loans and/or the Commitment
assigned, except that (a) this clause (b)(ii) shall not apply to the Swingline Lender’s rights and obligations
in respect of Swingline Loans and (b) shall not prohibit any Lender from assigning all or a portion of its rights and obligations
in respect of its Revolving Commitment (and the related Revolving Loans thereunder) and its outstanding Incremental Term Loans
on a non-pro rata basis.

 

(iii)         Required Consents. No consent shall be required for any assignment except to the extent required by clause (b)(i)(B)
of this Section 11.06 and, in addition:

 

(A)          the consent of the Borrower (such consent not to be unreasonably withheld or delayed) shall be required unless (1) an Event
of Default has occurred and is continuing at the time of such assignment or (2) such assignment is to a Lender, an Affiliate
of a Lender or an Approved Fund; provided that the Borrower shall be deemed to have consented to any such assignment unless
it shall object thereto by written notice to the Administrative Agent within five (5) Business Days after having received notice
thereof;

 

(B)           the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be required for assignments
in respect of any Commitment if such assignment is to a Person that is not a Lender with a Commitment, an Affiliate of such Lender
or an Approved Fund with respect to such Lender; and

     153

     

    

(C)         the consent of the L/C Issuer and the Swingline Lender shall be required for any assignment in respect of the Revolving Facility.

 

(iv)         Assignment and Assumption. The parties to each assignment shall execute and deliver to the Administrative Agent an Assignment
and Assumption, together with a processing and recordation fee in the amount of $3,500; provided, however, that
the Administrative Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment.
The assignee, if it is not a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire.

 

(v)          No Assignment to Certain Persons. No such assignment shall be made (A) to Holdings or any of Holding’s Affiliates
or Subsidiaries, (B) to any Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender hereunder,
would constitute any of the foregoing Persons described in this clause (B) or (C) to a natural Person (or a holding company,
investment vehicle or trust for, or owned and operated by or for the primary benefit of one or more natural Persons).

 

(vi)         Certain Additional Payments. 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 sub-participations, or other
compensating actions, including funding, with the consent of the Borrower and the Administrative 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 (A) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to
the Administrative Agent, the L/C Issuer or any Lender hereunder (and interest accrued thereon) and (B) 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 clause
(b)(vi), then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until
such compliance occurs.

 

(vii)        Subject to acceptance and recording thereof by the Administrative Agent pursuant to Section 11.06(c), from and after the
effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to
the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this
Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption,
be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning
Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to
be entitled to the benefits of Sections 3.01, 3.04, 3.05 and 11.04 with respect to facts and circumstances
occurring prior to the effective date of such assignment); provided that, except to the extent otherwise expressly
agreed by the affected parties, no assignment by a Defaulting Lender will constitute a waiver or release of any claim of any party
hereunder arising from that Lender’s having been a Defaulting Lender. Upon request, the Borrower (at its expense) shall
execute and deliver a Note to the assignee Lender. Any assignment or transfer by a Lender of rights or obligations under this
Agreement that does not comply with this clause (b) 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 Section 11.06(d).

     154

     

    

(c)           Register. The Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the Borrower (and such agency
being solely for Tax purposes), shall maintain at the Administrative Agent’s Office a copy of each Assignment and Assumption
delivered to it (or the equivalent thereof in electronic form) and a register for the recordation of the names and addresses of
the Lenders, and the Commitments of, and principal amounts (and interest amounts) of the Loans and L/C Obligations 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 the Borrower, the Administrative Agent 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.
The Register shall be available for inspection by the Borrower and any Lender (with respect to such Lender’s interest only),
at any reasonable time and from time to time upon reasonable prior notice.

 

(d)          Participations.

 

(i)           Any Lender may at any time, without the consent of, or notice to, the Borrower or the Administrative Agent, sell participations
to any Person (other than a natural Person, or a holding company, investment vehicle or trust for, or owned and operated for the
primary benefit of one or more natural Persons, a Defaulting Lender or the Borrower or any of the Borrower’s Affiliates
or Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations
under this Agreement (including all or a portion of its Commitment and/or the Loans (including such Lender’s participations
in L/C Obligations and/or Swingline Loans) owing to it); provided that (i) such Lender’s obligations under this
Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance
of such obligations and (iii) the Borrower, the Administrative Agent, the Lenders and the L/C Issuer shall continue to deal
solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. For the
avoidance of doubt, each Lender shall be responsible for the indemnity under Section 11.04(c) without regard to the existence
of any participations.

     155

     

    

(ii)          Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain
the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement;
provided that such agreement or instrument may provide that such Lender will not, without the consent of the Participant,
agree to any amendment, waiver or other modification described in the first proviso to Section 11.01 that affects
such Participant. The Borrower agrees that each Participant shall be entitled to the benefits of Sections 3.01, 3.04
and 3.05 (subject to the requirements and limitations therein, including the requirements under Section 3.01(e)
(it being understood that the documentation required under Section 3.01(e) shall be delivered to the Lender who sells
the participation)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to clause
(b) of this Section 11.06; provided that such Participant (A) shall be subject to the provisions of Sections
3.06 and 11.13 as if it were an assignee under clause (b) of this Section 11.06 and (B) shall not
be entitled to receive any greater payment under Sections 3.01 or 3.04, with respect to any participation, than
the Lender from whom it acquired the applicable participation would have been entitled to receive, except to the extent such entitlement
to receive a greater payment results from a Change in Law that occurs after the Participant acquired the applicable participation.
Each Lender that sells a participation agrees, at the Borrower’s request and expense, to use reasonable efforts to cooperate
with the Borrower to effectuate the provisions of Section 3.06 with respect to any Participant. To the extent permitted
by law, each Participant also shall be entitled to the benefits of Section 11.08 as though it were a Lender; provided
that such Participant agrees to be subject to Section 2.13 as though it were a Lender. Each Lender that sells a participation
shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name
and address of each Participant and the principal amounts (and interest amounts) of each Participant’s interest in the Loans
or other obligations under the Loan Documents (the “Participant Register”); provided that no
Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant
or any information relating to a Participant’s interest in any commitments, loans, letters of credit or its other obligations
under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment,
loan, letter of credit or other obligation is in registered form under Section 5f.103–1(c) of the United States Treasury
Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each
Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement
notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative
Agent) shall have no responsibility for maintaining a Participant Register.

     156

     

    

(e)          Certain Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under
this Agreement (including under its Note or Notes, if any) to secure obligations of such Lender, including any pledge or assignment
to secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender from
any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

 

(f)           Resignation as L/C Issuer or Swingline Lender after Assignment. Notwithstanding anything to the contrary contained herein,
if at any time Bank of America assigns all of its Revolving Commitment and Revolving Loans pursuant to clause (b)
above, Bank of America may, (i) upon thirty (30) days’ notice to the Administrative Agent, the Borrower and the Lenders,
resign as L/C Issuer and/or (ii) upon thirty (30) days’ notice to the Borrower, resign as Swingline Lender. In the
event of any such resignation as L/C Issuer or Swingline Lender, the Borrower shall be entitled to appoint from among the Lenders
a successor L/C Issuer or Swingline Lender hereunder; provided, however, that no failure by the Borrower to appoint
any such successor shall affect the resignation of Bank of America as L/C Issuer or Swingline Lender, as the case may be. If Bank
of America resigns as L/C Issuer, it shall retain all the rights, powers, privileges and duties of the L/C Issuer hereunder with
respect to all Letters of Credit outstanding as of the effective date of its resignation as L/C Issuer and all L/C Obligations
with respect thereto (including the right to require the Lenders to make Base Rate Loans or fund risk participations in Unreimbursed
Amounts pursuant to Section 2.03(c)). If Bank of America resigns as Swingline Lender, it shall retain all the rights of
the Swingline Lender provided for hereunder with respect to Swingline Loans made by it and outstanding as of the effective date
of such resignation, including the right to require the Lenders to make Base Rate Loans or fund risk participations in outstanding
Swingline Loans pursuant to Section 2.04(c). Upon the appointment of a successor L/C Issuer and/or Swingline Lender,
(A) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring
L/C Issuer or Swingline Lender, as the case may be, and (B) the successor L/C Issuer shall issue letters of credit in substitution
for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to Bank
of America to effectively assume the obligations of Bank of America with respect to such Letters of Credit.

     157

     

    

		11.07	Treatment
of Certain Information; Confidentiality.

 

(a)          Treatment of Certain Information. Each of the Administrative Agent, the Lenders and the L/C Issuer agrees to maintain the
confidentiality of the Information (as defined below), except that Information may be disclosed (i) to its Affiliates, its
auditors and its Related Parties (it being understood that the Persons to whom such disclosure is made will be informed of the
confidential nature of such Information and instructed to keep such Information confidential), (ii) to the extent required
or requested by any regulatory authority purporting to have jurisdiction over such Person or its Related Parties (including any
self-regulatory authority, such as the National Association of Insurance Commissioners), (iii) to the extent required by
Applicable Laws or regulations or by any subpoena or similar legal process, (iv) to any other party hereto, (v) in connection
with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement
or any other Loan Document or the enforcement of rights hereunder or thereunder, (vi) subject to an agreement containing
provisions substantially the same as those of this Section 11.07, to (A) any assignee of or Participant in, or any
prospective assignee of or Participant in, any of its rights and obligations under this Agreement or any Eligible Assignee invited
to be a Lender pursuant to Section 2.16(c) or (B) any actual or prospective party (or its Related Parties) to
any swap, derivative or other transaction under which payments are to be made by reference to the Borrower and its obligations,
this Agreement or payments hereunder, (vii) on a confidential basis to (A) any rating agency in connection with rating
the Borrower or its Subsidiaries or the credit facilities provided hereunder or (B) the provider of any Platform or other
electronic delivery service used by the Administrative Agent, the L/C Issuer and/or the Swingline Lender to deliver Borrower Materials
or notices to the Lenders or (viii) the CUSIP Service Bureau or any similar agency in connection with the application, issuance,
publishing and monitoring of CUSIP numbers or other market identifiers with respect to the credit facilities provided hereunder,
or (ix) with the consent of the Borrower or to the extent such Information (x) becomes publicly available other than
as a result of a breach of this Section 11.07, (xi) becomes available to the Administrative Agent, any Lender,
the L/C Issuer or any of their respective Affiliates on a nonconfidential basis from a source other than the Borrower or (xii)
is independently discovered or developed by a party hereto without utilizing any Information received from the Borrower or violating
the terms of this Section 11.07. For purposes of this Section 11.07, “Information”
means all information received from the Borrower or any Subsidiary relating to the Borrower or any Subsidiary or any of their
respective businesses, other than any such information that is available to the Administrative Agent, any Lender or the L/C Issuer
on a nonconfidential basis prior to disclosure by the Borrower or any Subsidiary, provided that, in the case of information
received from the Borrower or any Subsidiary after the Closing Date, such information is clearly identified at the time of delivery
as confidential. Any Person required to maintain the confidentiality of Information as provided in this Section 11.07 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. In addition, the Administrative
Agent and the Lenders may disclose the existence of this Agreement and information about this Agreement to market data collectors,
similar service providers to the lending industry and service providers to the Administrative Agent and the Lenders in connection
with the administration of this Agreement, the other Loan Documents and the Commitments.

 

(b)          Non-Public Information. Each of the Administrative Agent, the Lenders and the L/C Issuer acknowledges that (i) the
Information may include material non-public information concerning a Loan Party or a Subsidiary, as the case may be, (ii) it
has developed compliance procedures regarding the use of material non-public information and (iii) it will handle such material
non-public information in accordance with Applicable Law, including United States federal and state securities Laws.

 

(c)          Press Releases. The Loan Parties and their Affiliates agree that they will not in the future issue any press releases or
other public disclosure using the name of the Administrative Agent or any Lender or their respective Affiliates or referring to
this Agreement or any of the Loan Documents without the prior written consent of the Administrative Agent, unless (and only to
the extent that) the Loan Parties or such Affiliate is required to do so under law and then, in any event the Loan Parties or
such Affiliate will consult with such Person before issuing such press release or other public disclosure.

     158

     

    

(d)          Customary Advertising Material. The Loan Parties consent to the publication by the Administrative Agent or any Lender of
customary advertising material relating to the transactions contemplated hereby using the name, product photographs, logo or trademark
of the Loan Parties.

 

11.08    
Right of Setoff. If an Event of Default shall have occurred and be continuing, each Lender, the L/C Issuer and each
of their respective Affiliates is hereby authorized at any time and from time to time, after obtaining the prior written consent
of the Administrative Agent to the fullest extent permitted by Applicable 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, the L/C Issuer or any such Affiliate to or for the credit or the account of the Borrower or
any other Loan Party against any and all of the obligations of the Borrower or such Loan Party now or hereafter existing under
this Agreement or any other Loan Document to such Lender, the L/C Issuer or such Affiliates, irrespective of whether or not such
Lender, the L/C Issuer or Affiliate shall have made any demand under this Agreement or any other Loan Document and although such
obligations of the Borrower or such Loan Party may be contingent or unmatured, secured or unsecured, or are owed to a branch,
office or Affiliate of such Lender or the L/C Issuer different from the branch, office or Affiliate holding such deposit or obligated
on such indebtedness; provided that in the event that any Defaulting Lender shall exercise any such right of setoff, (a) all
amounts so set off shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions
of Section 2.15 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and
deemed held in trust for the benefit of the Administrative Agent, the L/C Issuer and the Lenders, and (b) 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 rights of each Lender, the L/C Issuer and their
respective Affiliates under this Section 11.08 are in addition to other rights and remedies (including other rights of
setoff) that such Lender, the L/C Issuer or their respective Affiliates may have under Applicable Law. Each Lender and the L/C
Issuer agrees to notify the Borrower and the Administrative Agent promptly after any such setoff and application, provided that
the failure to give such notice shall not affect the validity of such setoff and application.

 

11.09     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 Borrower. 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.

     159

     

    

11.10    Counterparts;
Integration; Effectiveness. This Agreement and each of the other Loan Documents may be executed in counterparts (and by
different parties hereto in 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 L/C Issuer, 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. Delivery of an executed counterpart of a signature page of this Agreement
or any other Loan Document, or any certificate delivered thereunder, by fax transmission or e-mail transmission (e.g.,
 “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart of this Agreement or
such other Loan Document or certificate. Without limiting the foregoing, to the extent a manually executed counterpart is not
specifically required to be delivered under the terms of any Loan Document, upon the request of any party, such fax transmission
or e-mail transmission shall be promptly followed by such manually executed counterpart.

 

11.11    Survival
of Representations and Warranties. All representations and warranties made hereunder and in any other Loan Document or
other document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and delivery
hereof and thereof. Such representations and warranties have been or will be relied upon by the Administrative Agent and each
Lender, regardless of any investigation made by the Administrative Agent or any Lender or on their behalf and notwithstanding
that the Administrative Agent or any Lender may have had notice or knowledge of any Default at the time of any Credit Extension,
and shall continue in full force and effect as long as any Loan or any other Obligation hereunder shall remain unpaid or unsatisfied
or any Letter of Credit shall remain outstanding.

 

11.12    Severability.
If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or unenforceable, (a) the legality,
validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or
impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable
provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable
provisions. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision
in any other jurisdiction. Without limiting the foregoing provisions of this Section 11.12, 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 L/C Issuer or the Swingline Lender, as applicable, then such provisions shall be
deemed to be in effect only to the extent not so limited.

     160

     

    

		11.13	Replacement
of Lenders.

 

(a)          If the Borrower is entitled to replace a Lender pursuant to the provisions of Section 3.06, or if any Lender is a
Defaulting Lender or a Non-Consenting Lender, then the Borrower may, at its sole expense and effort, upon notice to such Lender
and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to
the restrictions contained in, and consents required by, Section 11.06), all of its interests, rights (other than
its existing rights to payments pursuant to Sections 3.01 and 3.04) and obligations under this Agreement and
the related Loan Documents to an Eligible Assignee that shall assume such obligations (which assignee may be another Lender, if
a Lender accepts such assignment), provided that:

 

(i)           the Borrower shall have paid to the Administrative Agent the assignment fee (if any) specified in Section 11.06(b);

 

(ii)          such Lender shall have received payment of an amount equal to 100% of the outstanding principal of its Loans and L/C Advances,
accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including
any amounts under Section 3.05) from the assignee (to the extent of such outstanding principal and accrued interest
and fees) or the Borrower (in the case of all other amounts);

 

(iii)         in the case of any such assignment resulting from a claim for compensation under Section 3.04 or payments required
to be made pursuant to Section 3.01, such assignment will result in a reduction in such compensation or payments thereafter;

 

(iv)         such assignment does not conflict with Applicable Laws; and

 

(v)          in the case of an assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have consented
to the applicable amendment, waiver or consent.

 

(b)          A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender
or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply.

 

(c)          Each party hereto agrees that (i) an assignment required pursuant to this Section 11.13 may be effected pursuant to an
Assignment and Assumption executed by the Borrower, the Administrative Agent and the assignee and (ii) the Lender required to
make such assignment need not be a party thereto in order for such assignment to be effective and shall be deemed to have consented
to an be bound by the terms thereof; provided that, following the effectiveness of any such assignment, the other
parties to such assignment agree to execute and deliver such documents necessary to evidence such assignment as reasonably requested
by the applicable Lender, provided further that any such documents shall be without recourse to or warranty by the parties
thereto.

 

(d)          Notwithstanding anything in this Section 11.13 to the contrary, (A) the Lender that acts as the L/C Issuer may not
be replaced hereunder at any time it has any Letter of Credit outstanding hereunder unless arrangements satisfactory to such Lender
(including the furnishing of a backstop standby letter of credit in form and substance, and issued by an issuer, reasonably satisfactory
to the L/C Issuer or the depositing of Cash Collateral into a Cash Collateral account in amounts and pursuant to arrangements
reasonably satisfactory to the L/C Issuer) have been made with respect to such outstanding Letter of Credit and (B) the Lender
that acts as the Administrative Agent may not be replaced hereunder except in accordance with the terms of Section 9.06.

     161

     

    

		11.14	Governing
Law; Jurisdiction; Etc.

 

(a)          GOVERNING LAW. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS (EXCEPT, AS TO ANY OTHER LOAN DOCUMENT, AS EXPRESSLY SET FORTH
THEREIN) AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING
OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT (EXCEPT, AS TO ANY OTHER LOAN DOCUMENT, AS EXPRESSLY SET FORTH
THEREIN) AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW
OF THE STATE OF NEW YORK.

 

(b)          SUBMISSION TO JURISDICTION. THE BORROWER AND EACH OTHER LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT IT WILL
NOT COMMENCE ANY ACTION, LITIGATION OR PROCEEDING OF ANY KIND OR DESCRIPTION, WHETHER IN LAW OR EQUITY, WHETHER IN CONTRACT OR
IN TORT OR OTHERWISE, AGAINST THE ADMINISTRATIVE AGENT, ANY LENDER, THE L/C ISSUER, OR ANY RELATED PARTY OF THE FOREGOING IN ANY
WAY RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS RELATING HERETO OR THERETO, IN ANY FORUM OTHER THAN
THE COURTS 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, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS
TO THE JURISDICTION OF SUCH COURTS AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION, LITIGATION OR PROCEEDING MAY BE HEARD
AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH
OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION, LITIGATION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE
ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR IN
ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT THE ADMINISTRATIVE AGENT, ANY LENDER OR the L/C ISSUER MAY OTHERWISE HAVE
TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST THE BORROWER OR ANY OTHER LOAN
PARTY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.

     162

     

    

(c)          WAIVER OF VENUE. THE BORROWER AND EACH OTHER LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING
OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN CLAUSE (b) OF THIS SECTION
11.14. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.

 

(d)          SERVICE OF PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN
SECTION 11.02. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER
PERMITTED BY APPLICABLE LAW.

 

11.15     Waiver
of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT
IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR
ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).
EACH PARTY HERETO (a) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY
OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (b) ACKNOWLEDGES
THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER
THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 11.15.

 

11.16     Subordination.
Each Loan Party (a “Subordinating Loan Party”) hereby subordinates the payment of all obligations and indebtedness
of any other Loan Party owing to it, whether now existing or hereafter arising, including but not limited to any obligation of
any such other Loan Party to the Subordinating Loan Party as subrogee of the Secured Parties or resulting from such Subordinating
Loan Party’s performance under this Guaranty, to the indefeasible payment in full in cash of all Obligations. If the Secured
Parties so request, any such obligation or indebtedness of any such other Loan Party to the Subordinating Loan Party shall be
enforced and performance received by the Subordinating Loan Party as trustee for the Secured Parties and the proceeds thereof
shall be paid over to the Secured Parties on account of the Secured Obligations, but without reducing or affecting in any manner
the liability of the Subordinating Loan Party under this Agreement. Without limitation of the foregoing, so long as no Event of
Default has occurred and is continuing, the Loan Parties may make and receive payments with respect to Intercompany Debt; provided
that, in the event that any Loan Party receives any payment of any Intercompany Debt at a time when such payment is prohibited
by this Section 11.16, such payment shall be held by such Loan Party, in trust for the benefit of, and shall be paid forthwith
over and delivered, upon written request, to the Administrative Agent.

     163

     

    

11.17     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), the Borrower and each other
Loan Party acknowledges and agrees, and acknowledges its Affiliates’ understanding, that: (a) (i) the arranging
and other services regarding this Agreement provided by the Administrative Agent, the Arrangers, Documentation Agents and the
Lenders and their respective Affiliates are arm’s-length commercial transactions between the Borrower, each other Loan Party
and their respective Affiliates, on the one hand, and the Administrative Agent, the Arrangers, Documentation Agents and the Lenders
and their respective Affiliates, on the other hand, (ii) each of the Borrower and the other Loan Parties has consulted its
own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (iii) the Borrower and each
other Loan Party is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated
hereby and by the other Loan Documents; (b) (i) the Administrative Agent, the Arrangers, Documentation Agents and each
Lender and each of their respective Affiliates each 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 Borrower,
any other Loan Party or any of their respective Affiliates, or any other Person and (ii) neither the Administrative Agent,
the Arrangers, Documentation Agents nor any Lender nor any of their respective Affiliates has any obligation to the Borrower,
any other Loan Party 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 (c) the Administrative Agent, the Arrangers, Documentation
Agents and the Lenders and their respective Affiliates may be engaged in a broad range of transactions that involve interests
that differ from those of the Borrower, the other Loan Parties and their respective Affiliates, and neither the Administrative
Agent, the Arrangers, Documentation Agents, nor any Lender nor any of their respective Affiliates has any obligation to disclose
any of such interests to the Borrower, any other Loan Party or any of their respective Affiliates. To the fullest extent permitted
by law, each of the Borrower, and each other Loan Party hereby waives and releases any claims that it may have against the Administrative
Agent, the Arrangers, Documentation Agents, the Lenders and their respective Affiliates with respect to any breach or alleged
breach of agency or fiduciary duty in connection with any aspect of any transactions contemplated hereby.

     164

     

    

		11.18	Electronic
Execution; Electronic Records.

 

(a)          The words “delivery,” “execute,” “execution,” “signed,” “signature,”
and words of like import in any Loan Document or any other document executed in connection herewith shall be deemed to include
electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by
the Administrative Agent, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity
or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system,
as the case may be, to the extent and as provided for in any Applicable Law, including the Federal Electronic Signatures in Global
and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on
the Uniform Electronic Transactions Act; provided that notwithstanding anything contained herein to the contrary,
neither the Administrative Agent, the L/C Issuer nor any Lender is under any obligation to agree to accept electronic signatures
in any form or in any format unless expressly agreed to by the Administrative Agent, the L/C Issuer or such Lender pursuant to
procedures approved by it; provided, further, without limiting the foregoing, upon the request of any party, any
electronic signature shall be promptly followed by such manually executed counterpart. This Agreement and any document,
amendment, approval, consent, information, notice, certificate, request, statement, disclosure or authorization related to this
Agreement (each a “Communication”), including Communications required to be in writing, may, if agreed
by the Administrative Agent, be in the form of an Electronic Record and may be executed using Electronic Signatures, including,
without limitation, facsimile and/or .pdf. The Borrower agrees that any Electronic Signature (including, without limitation, facsimile
or .pdf) on or associated with any Communication shall be valid and binding on the Borrower to the same extent as a manual, original
signature, and that any Communication entered into by Electronic Signature, will constitute the legal, valid and binding obligation
of the Borrower enforceable against the Borrower in accordance with the terms thereof to the same extent as if a manually executed
original signature was delivered to the Administrative Agent. Any Communication may be executed in as many counterparts as necessary
or convenient, including both paper and electronic counterparts, but all such counterparts are one and the same Communication.
For the avoidance of doubt, the authorization under this paragraph may include, without limitation, use or acceptance by the Administrative
Agent and each of the Secured Parties of a manually signed paper Communication which has been converted into electronic form (such
as scanned into PDF format), or an electronically signed Communication converted into another format, for transmission, delivery
and/or retention. The Administrative Agent and each of the Secured Parties may, at its option, create one or more copies of any
Communication in the form of an imaged Electronic Record (“Electronic Copy”), which shall be deemed
created in the ordinary course of such Person’s business, and destroy the original paper document. All Communications in
the form of an Electronic Record, including an Electronic Copy, shall be considered an original for all purposes, and shall have
the same legal effect, validity and enforceability as a paper record. Notwithstanding anything contained herein to the contrary,
the Administrative Agent is under no obligation to accept an Electronic Signature in any form or in any format unless expressly
agreed to by the Administrative Agent pursuant to procedures approved by it; provided, further, without limiting the foregoing,
(a) to the extent the Administrative Agent has agreed to accept such Electronic Signature, the Administrative Agent and each of
the Secured Parties shall be entitled to rely on any such Electronic Signature purportedly given by or on behalf of any Loan Party
without further verification and (b) upon the request of the Administrative Agent or any Lender, any Electronic Signature shall
be promptly followed by a manually executed, original counterpart. For purposes hereof, “Electronic Record” and “Electronic
Signature” shall have the meanings assigned to them, respectively, by 15 USC §7006, as it may be amended from time
to time.

 

(b)          The Borrower hereby acknowledges the receipt of a copy of this Agreement and all other Loan Documents. The Administrative Agent
and each Lender may, on behalf of the Borrower, create a microfilm or optical disk or other electronic image of this Agreement
and any or all of the other Loan Documents. The Administrative Agent and each Lender may store the electronic image of this Agreement
and the other Loan Documents in its electronic form and then destroy the paper original as part of the Administrative Agent’s
and each Lender’s normal business practices, with the electronic image deemed to be an original and of the same legal effect,
validity and enforceability as the paper originals.

     165

     

    

11.19     USA
Patriot Act Notice. Each Lender that is subject to the Patriot Act and the Administrative Agent (for itself and not on
behalf of any Lender) hereby notifies the Borrower and the other Loan Parties that pursuant to the requirements of the USA PATRIOT
Act (Title III of Pub. L. 107–56 (signed into law October 26, 2001)) (the “Patriot Act”), it is required
to obtain, verify and record information that identifies the Borrower and each other Loan Party, which information includes the
name and address of the Borrower and each other Loan Party and other information that will allow such Lender or the Administrative
Agent, as applicable, to identify the Borrower and each other Loan Party in accordance with the Patriot Act. The Borrower and
each other Loan Party shall, promptly following a request by the Administrative Agent or any Lender, provide all such other documentation
and information that the Administrative Agent or such Lender requests in order to comply with its ongoing obligations under applicable
 “know your customer” and anti-money laundering rules and regulations, including the Patriot Act.

 

11.20     Acknowledgement
and Consent to Bail-In of Affected Financial Institutions. Solely to the extent any Lender or L/C Issuer that is
an EEA Financial Institution is a party to this Agreement and 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 Lender or L/C Issuer that is an 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 Lender or L/C Issuer 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.

 

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

     166

     

    

11.22     Time of the Essence. Time is of the essence of the Loan Documents.

 

11.23     Amendment
and Restatement; Ratification of Prior Liens and Loan Documents. The parties hereto agree that: (a) this Agreement is
intended to, and does hereby, restate, renew, extend, amend, modify, supersede and replace the Existing Credit Agreement in its
entirety; (b) the Obligations (as defined in this Agreement) represent, among other things, the restatement, renewal, amendment,
extension and modification of the “Obligations” (as defined in the Existing Credit Agreement); (c) the entering into
and performance of their respective obligations under the Loan Documents and the transactions evidenced hereby do not constitute
a novation nor shall they be deemed to have terminated, extinguished or discharged the indebtedness under the Existing Credit
Agreement and each of the other “Loan Documents” (as defined in the Existing Credit Agreement), all of which indebtedness
shall continue under and be governed by this Agreement and the other Loan Documents, (d) all liens and security interests created
by, pursuant to or in connection with the Existing Credit Agreement (including each of the “Collateral Documents,”
each “Security Agreement” and each other “Loan Document” each as defined in the Existing Credit Agreement)
are hereby ratified and confirmed and shall remain in full force and effect, and shall continue to secure full payment and performance
of the Obligations (as defined in this Agreement), without novation, discharge or interruption, except as expressly provided otherwise
herein or in any other Loan Document; and (e) all references to the Existing Credit Agreement contained in any Loan Document shall
mean such agreement, as amended and restated hereby.

     167

     

    

11.24    Entire
Agreement. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE
CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL
AGREEMENTS AMONG THE PARTIES.

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK.]

     168

     

    

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the date first above written.

 

	BORROWER:	DIGITAL TURBINE, INC.
	 	DIGITAL TURBINE MEDIA, INC.
	 	DIGITAL TURBINE USA, INC.

 

	 	By: 	/s/ Barrett Garrison
	 	Name: 	Barrett Garrison
	 	Title:   	Chief Financial Officer

 

	GUARANTOR:	MOBILE POSSE, INC.
	 	 
	 	By: 	/s/
    Barrett Garrison 
	 	Name: 	Barrett Garrison
	 	Title:  	Chief Financial Officer

 

[Signature Page to Amended and Restated Credit Agreement]

     

     

    

	 	BANK OF AMERICA, N.A.,
	 	as Administrative Agent
	 	 	 
	 	By:	/s/ Linda Mackey
	 	Name:	Linda Mackey
	 	Title:	Vice
    President 

 

[Signature Page to Amended and Restated Credit Agreement]

     

     

    

	 	BANK OF AMERICA, N.A.,
	 	as a Lender, L/C Issuer and Swingline
    Lender
	 	 
	 	By:	/s/ Adam Rose 
	 	Name:	Adam Rose
	 	Title:	SVP 
	 	 	 

[Signature Page to Amended and Restated Credit Agreement]

 

     

     

    

	 	WELLS
    FARGO BANK, N.A.
	 	as a Lender
	 	 
	 	By:	/s/ Clayton B. Scovill 
	 	Name:	Clayton B. Scovill
	 	Title:	Sr. Relationship Manager 
	 	 	 

[Signature Page to Amended and Restated Credit Agreement]

     

     

    

	 	PNC BANK, NATIONAL ASSOCIATION,
	 	as a Lender
	 	 
	 	By:	/s/ R. Ruining Nguyen 
	 	Name:	R. Ruining Nguyen
	 	Title:	Senior Vice President 
	 	 	 

[Signature Page to Amended and Restated Credit Agreement]

     

     

    

	 	CAPITAL ONE, N.A.
	 	as a Lender
	 	 
	 	By:	/s/ Andy Welicky 
	 	Name:	Andy Welicky
	 	Title:	Duly Authorized Signatory 
	 	 	 

[Signature Page to Amended and Restated Credit Agreement]

     

     

    

	 	JPMORGAN CHASE BANK, N.A.,
	 	as a Lender
	 	 
	 	By:	/s/ Eleftherios Karsos 
	 	Name:	Eleftherios Karsos
	 	Title:	Authorized Officer 
	 	 	 

[Signature Page to Amended and Restated Credit Agreement]

     

     

    

	 	BOKF N.A. dba BANK OF TEXAS,
	 	as a Lender
	 	 
	 	By:	/s/ Mackenzie Hill 
	 	Name:	Mackenzie Hill
	 	Title:	Corporate Officer 
	 	 	 

[Signature Page to Amended and Restated Credit Agreement]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00327-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00327-of-00352.parquet"}]]