Document:

Exhibit 10.1

 

EXECUTION COPY

 

 

 

Published
Deal CUSIP Number: 92276NAA1

Published Revolver Facility (Dollar Tranche Loans) CUSIP Number: 92276NAB9

Published Revolver Facility (Alternative Currency Tranche Loans) CUSIP Number: 92276NAC7

Published Revolver Facility (Multicurrency Revolving Tranche Loans) CUSIP Number: 92276NAD5

 

THIRD AMENDED
AND RESTATED CREDIT AND GUARANTY AGREEMENT

 

Dated as of January 29,
2021

 

among

 

VENTAS
REALTY, LIMITED PARTNERSHIP,

VENTAS SSL ONTARIO II, INC.,

VENTAS SSL ONTARIO III, INC.,

VENTAS CANADA FINANCE LIMITED,

VENTAS UK FINANCE, INC.,

VENTAS EURO FINANCE, LLC,

as Borrowers,

 

VENTAS, INC.,

as Guarantor,

 

THE LENDERS PARTY
HERETO FROM TIME TO TIME,

 

BANK
OF AMERICA, N.A.,

as Administrative Agent

 

BofA
SECURITIES, INC., and

JPMORGAN CHASE BANK, N.A.,

as Joint Bookrunners

 

BofA
SECURITIES, INC., JPMORGAN CHASE BANK, N.A.,

CITIBANK, N.A., CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK,

MORGAN STANLEY SENIOR FUNDING, INC., MUFG BANK, LTD., PNC BANK, NATIONAL ASSOCIATION,

ROYAL BANK OF CANADA, TD SECURITIES (USA) LLC,

UBS AG, STAMFORD BRANCH, WELLS FARGO SECURITIES, LLC, THE BANK OF NOVA SCOTIA,

MIZUHO BANK, LTD. and SUMITOMO MITSUI BANKING CORPORATION,

as Joint Lead Arrangers

 

JPMORGAN
CHASE BANK, N.A.,

as Syndication Agent

 

CITIBANK,
N.A., CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK,

MORGAN STANLEY SENIOR FUNDING, INC., MUFG BANK, LTD., PNC BANK, NATIONAL ASSOCIATION,

ROYAL BANK OF CANADA, TD BANK, N.A., THE TORONTO-DOMINION BANK, NEW YORK BRANCH,

UBS AG, STAMFORD BRANCH, WELLS FARGO BANK, N.A., THE BANK OF NOVA SCOTIA,

MIZUHO BANK, LTD. and SUMITOMO MITSUI BANKING CORPORATION,

as Co-Documentation Agents

 

BNP
PARIBAS, BANK OF MONTREAL,

CAPITAL ONE, NATIONAL ASSOCIATION and TRUIST BANK,

as Senior Managing Agents

 

     

     

    

 

TABLE OF CONTENTS

 

	Section	Page

 

	Article I.
    DEFINITIONS AND ACCOUNTING TERMS	1
	1.01	Defined Terms	1
	1.02	Other Interpretive Provisions	42
	1.03	Accounting Terms	44
	1.04	Rounding	44
	1.05	Exchange Rates; Currency Equivalents	44
	1.06	Additional Alternative Currencies	45
	1.07	Change of Currency	46
	1.08	Times of Day; Rates	46
	1.09	Letter of Credit Amounts	46
	1.10	Electronic Execution of Assignments and Certain
    Other Documents	47

 

	Article II. THE COMMITMENTS
    AND CREDIT EXTENSIONS	47
	2.01	Revolving Commitments	47
	2.02	Borrowings, Conversions and Continuations of
    Loans	49
	2.03	Letters of Credit	51
	2.04	[Intentionally Omitted]	61
	2.05	Negotiated Rate Loans	61
	2.06	Prepayments	63
	2.07	Termination or Reduction of Revolving Commitments	65
	2.08	Repayment	65
	2.09	Interest	65
	2.10	Fees	66
	2.11	Computation of Interest and Fees	67
	2.12	Evidence of Debt	67
	2.13	Payments Generally; Administrative Agent’s
    Clawback	68
	2.14	Sharing of Payments by Lenders	69
	2.15	Extension of Revolving Maturity Date	70
	2.16	Increase in Revolving Commitments; Addition
    of Incremental Term Loan Facilities	71
	2.17	Cash Collateral	74
	2.18	Defaulting Lenders	75
	2.19	Joint and Several Liability	77
	2.20	Appointment of Parent Borrower as Agent for
    Credit Parties	79

 

	Article III. TAXES, YIELD PROTECTION
    AND ILLEGALITY	79
	3.01	Taxes	79
	3.02	Illegality	84
	3.03	Inability to Determine Rates	85
	3.04	Increased Costs; Reserves on Eurocurrency Rate
    Loans and Daily Floating Rate Loans	90
	3.05	Compensation for Losses	92
	3.06	Mitigation Obligations; Replacement of Lenders	92
	3.07	Survival	93

 

	Article IV. CONDITIONS PRECEDENT
    TO CREDIT EXTENSIONS	93
	4.01	Conditions of Effectiveness	93

 

    	 	i	 

     

    

 

	4.02	Conditions to All Credit
    Extensions	95

 

	Article V. REPRESENTATIONS
    AND WARRANTIES	96
	5.01	Existence, Qualification
    and Power	96
	5.02	Authorization; No Contravention	96
	5.03	Governmental Authorization; Other Consents	96
	5.04	Binding Effect	96
	5.05	Financial Statements; No Material Adverse Effect	97
	5.06	Litigation	97
	5.07	[Reserved]	97
	5.08	Ownership of Property and Valid Leasehold Interests;
    Liens	97
	5.09	Environmental Compliance	98
	5.10	Insurance	98
	5.11	Taxes	98
	5.12	ERISA Compliance	98
	5.13	Margin Regulations; Investment Company Act;
    REIT Status	99
	5.14	Disclosure	99
	5.15	Compliance with Laws	100
	5.16	Sanctions Concerns	100
	5.17	Use of Proceeds	100
	5.18	Solvency	100
	5.19	Taxpayer Identification Number	100
	5.20	Affected Financial Institutions	100
	5.21	Anti-Money Laundering; Anti-Corruption Laws	101
	5.22	Beneficial Ownership	101

 

	Article VI.
    AFFIRMATIVE COVENANTS	101
	6.01	Financial Statements	101
	6.02	Certificates; Other Information	102
	6.03	Notices	103
	6.04	Payment of Taxes	104
	6.05	Preservation of Existence, Etc.	104
	6.06	Maintenance of Properties	104
	6.07	Maintenance of Insurance	104
	6.08	Compliance with Laws	105
	6.09	Books and Records	105
	6.10	Inspection Rights	105
	6.11	Use of Proceeds	105
	6.12	REIT Status	105
	6.13	Employee Benefits	106
	6.14	Anti-Corruption	106

 

	Article VII.
    NEGATIVE COVENANTS	106
	7.01	Liens	107
	7.02	Investments	108
	7.03	Indebtedness	108
	7.04	Fundamental Changes	109
	7.05	[Reserved]	109
	7.06	Restricted Payments	109
	7.07	Change in Nature of Business	110
	7.08	Transactions with Affiliates	110

 

    	 	ii	 

     

    

 

	7.09	Sanctions; Anti-Money Laundering;
    Anti-Corruption	110
	7.10	Financial Covenants	111
	7.11	Canadian Pension Plans	111

 

	Article VIII.
    EVENTS OF DEFAULT AND REMEDIES	112
	8.01	Events of Default	112
	8.02	Remedies Upon Event of Default	114
	8.03	Application of Funds	115

 

	Article IX.
    ADMINISTRATIVE AGENT	116
	9.01	Appointment and Authority	116
	9.02	Rights as a Lender	116
	9.03	Exculpatory Provisions	116
	9.04	Reliance by Administrative Agent	117
	9.05	Delegation of Duties	118
	9.06	Resignation of Administrative Agent	118
	9.07	Non-Reliance on Administrative Agent and Other
    Lenders	119
	9.08	No Other Duties, Etc.	119
	9.09	Administrative Agent May File Proofs of
    Claim	119
	9.10	Collateral and Guaranty Matters	120
	9.11	Certain ERISA Matters.	120

 

	Article X.
    MISCELLANEOUS	122
	10.01	Amendments, Etc.	122
	10.02	Notices; Effectiveness; Electronic Communication	125
	10.03	No Waiver; Cumulative Remedies	127
	10.04	Expenses; Indemnity; Damage Waiver	127
	10.05	Payments Set Aside	129
	10.06	Successors and Assigns	130
	10.07	Treatment of Certain Information; Confidentiality	136
	10.08	Right of Setoff	137
	10.09	Interest Rate Limitation	137
	10.10	Counterparts; Integration; Effectiveness	137
	10.11	Survival of Representations and Warranties	138
	10.12	Severability	138
	10.13	Replacement of Lenders	138
	10.14	Governing Law; Jurisdiction; Etc.	139
	10.15	Waiver of Jury Trial	140
	10.16	No Advisory or Fiduciary Responsibility	140
	10.17	USA Patriot Act and Canadian AML Acts Notice	141
	10.18	Delivery of Signature Page	141
	10.19	Judgment Currency	141
	10.20	No Novation	142
	10.21	Exiting Lenders	143
	10.22	ENTIRE AGREEMENT	143
	10.23	Acknowledgment and Consent to Bail-In of Affected
    Financial Institutions	143
	10.24	Acknowledgement Regarding Any Supported QFCs	143

 

	Article XI.
    GUARANTY	144
	11.01	The Guaranty	144
	11.02	Obligations Unconditional	145

 

    	 	iii	 

     

    

 

	11.03	Reinstatement	146
	11.04	Certain Waivers	146
	11.05	Remedies	147
	11.06	Guaranty of Payment; Continuing Guaranty	147
	11.07	Keepwell	147

 

SCHEDULES

 

		2.01	Commitments and
                                         Applicable Percentages
		2.03	Existing Letters
                                         of Credit
		5.19	Taxpayer Identification
                                         Numbers
		10.02	Administrative
                                         Agent’s Office; Certain Addresses for Notices

 

EXHIBITS

 

		 	Form of

 

		A	Committed Loan Notice
		B	[reserved]
		C	Negotiated Rate
                                         Loan Notice
		D	Revolving
                                         Note
		E	Compliance Certificate
		F	Assignment and Assumption
		G	U.S. Tax Compliance
                                         Certificates
		H	Sustainability Metric
                                         Annual Certificate
		I	Notice of Loan Prepayment

 

    	 	iv	 

     

    

 

 

THIRD AMENDED AND RESTATED

CREDIT AND GUARANTY AGREEMENT

 

This THIRD AMENDED
AND RESTATED CREDIT AND GUARANTY AGREEMENT, dated as of January 29, 2021 (as amended, amended and restated, supplemented
or otherwise modified from time to time, this “Agreement”), among VENTAS REALTY, LIMITED PARTNERSHIP, a Delaware
limited partnership (“Parent Borrower”), VENTAS SSL ONTARIO II, INC., an Ontario corporation (“Ventas
SSL II”), VENTAS SSL ONTARIO III, INC., an Ontario corporation (“Ventas SSL III”), VENTAS CANADA
FINANCE LIMITED, a Nova Scotia limited company (“Ventas Canada Finance Limited”), VENTAS UK FINANCE, INC.,
a Delaware corporation (“Ventas UK Finance”), VENTAS EURO FINANCE, LLC, a Delaware limited liability company
(“Ventas Euro Finance”), and each of the entities from time to time executing a Borrower Joinder Agreement
(together with the Parent Borrower, Ventas SSL II, Ventas SSL III, Ventas Canada Finance Limited, Ventas UK Finance and Ventas
Euro Finance, the “Borrowers” and each individually a “Borrower”), VENTAS, INC., a
Delaware corporation (“Ventas”), as guarantor, the lending institutions party hereto from time to time (each,
a “Lender” and collectively, the “Lenders”), BANK OF AMERICA, N.A., as Administrative Agent,
and BANK OF AMERICA, N.A. and JPMORGAN CHASE BANK, N.A., as L/C Issuers.

 

WHEREAS, revolving
credit and term loan facilities were established pursuant to the terms of the Existing Credit Agreement (hereafter defined);

 

WHEREAS, the Borrowers
have requested that the Lenders provide a revolving credit facility pursuant to the terms of this Agreement in amendment and restatement
of the Existing Credit Agreement, and the Lenders are willing to do so on the terms and conditions set forth herein; and

 

WHEREAS, to provide
assurance for the repayment of the Obligations hereunder, the Borrowers will, among other things, provide or cause to be provided
to the Administrative Agent, for the benefit of the holders of the Obligations so guaranteed, a guaranty of the Obligations by
Ventas pursuant to Article XI hereof.

 

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:

 

“Administrative
Agent” means Bank of America, including Bank of America, N.A., Canada Branch with respect to Canadian Prime Rate Loans,
in its capacity as administrative agent under any of the Loan Documents, or any successor administrative agent.

 

“Administrative
Agent’s Office” means, with respect to any currency, the Administrative Agent’s address and, as appropriate,
account as set forth on Schedule 10.02 with respect to such currency, or such other address or account with respect
to such currency as the Administrative Agent may from time to time notify to the Parent Borrower and the Lenders.

 

     

     

    

 

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

 

“Affected
Eurocurrency Rate Loan” has the meaning specified in Section 3.02.

 

“Affiliate”
means, with respect to any 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.

 

“Agent Parties”
has the meaning specified in Section 10.02(c).

 

“Agents”
means the Administrative Agent, the Arrangers, the Syndication Agent, the Co-Documentation Agents, the Senior Managing Agents,
and the L/C Issuers.

 

“Aggregate
Revolving Commitments” means the Revolving Commitments of all Revolving Lenders (inclusive of the Alternative Currency
Commitments and Multicurrency Revolving Commitments), which as of the Closing Date are $2,750,000,000 and which may be increased
pursuant to Section 2.16 or decreased pursuant to Section 2.07.

 

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

 

“Agreement
Currency” has the meaning specified in Section 10.19.

 

“Alternative
Currency” means each of Euro, Sterling, Yen, Canadian Dollars, Australian Dollars, Swiss Franc and each other
currency (other than Dollars) that is approved in accordance with Section 1.06.

 

“Alternative
Currency Commitment” means, as to each Lender, its obligation to make Revolving Loans to the Borrower pursuant to Section 2.01(b),
in Dollars and Alternative Currencies, in an aggregate principal amount at any one time outstanding the Dollar Equivalent of which
does not exceed the Dollar amount set forth opposite such Lender’s name in the column entitled “Alternative Currency
Commitment” on Schedule 2.01 or in the Assignment and Assumption or New Lender Joinder Agreement 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.

 

“Alternative
Currency Equivalent” means, at any time, with respect to any amount denominated in Dollars, the equivalent amount thereof
in the applicable Alternative Currency as determined by the Administrative Agent or the applicable L/C Issuer, as the case may
be, at such time on the basis of the Spot Rate (determined in respect of the most recent Revaluation Date) for the purchase of
such Alternative Currency with Dollars.

 

“Alternative
Currency Sublimit” means an amount equal to the lesser of (a) the aggregate amount of Alternative Currency Commitments
and Multicurrency Revolving Commitments of all Revolving Lenders and (b) $1,000,000,000. The Alternative Currency Sublimit
is part of, and not in addition to, the Aggregate Revolving Commitments.

 

“Alternative
Currency Tranche Lender” means a Lender with an Alternative Currency Commitment or an outstanding Alternative Currency
Tranche Loan.

 

“Alternative
Currency Tranche Loan” has the meaning specified in Section 2.01(b).

 

    	 	2	 

     

    

 

“Anti-Money
Laundering Law” means (i) all applicable requirements of the Currency and Foreign Transactions Reporting Act of
1970 (31 U.S.C. 5311 et. seq., (the Bank Secrecy Act)), as amended by Title III of the USA Patriot Act, (ii) the Trading
with the Enemy Act, (iii) Executive Order No. 13224 on Terrorist Financing, effective September 24, 2001 (66 Fed.
Reg. 49079), any other enabling legislation, executive order or regulations issued pursuant or relating thereto and (iv) other
applicable federal, foreign, state or local laws relating to “know your customer” or anti-money laundering rules and
regulations.

 

“Applicable
Currency” means any Alternative Currency that bears interest at a rate based on an Applicable Reference Rate, as applicable.

 

“Applicable
Percentage” means (a) (i) with respect to Revolving Loans (other than Negotiated Rate Loans) and L/C Obligations,
for each Revolving Lender at any time, subject to adjustment as provided in Section 2.18, a fraction (expressed as
a percentage, carried out to the ninth decimal place), the numerator of which is the amount of such Revolving Lender’s Revolving
Commitment and the denominator of which is the amount of the Aggregate Revolving Commitments at such time, (ii) with respect
to matters relating to Alternative Currency Commitments and Alternative Currency Tranche Loans only, a fraction (expressed as
a percentage, carried out to the ninth decimal place), the numerator of which is the amount of such Revolving Lender’s Alternative
Currency Commitment and the denominator of which is the aggregate amount of all Lenders’ Alternative Currency Commitments
at such time, (iii) with respect to matters relating to Multicurrency Revolving Commitments and Multicurrency Revolving Tranche
Loans only, a fraction (expressed as a percentage, carried out to the ninth decimal place), the numerator of which is the amount
of such Revolving Lender’s Multicurrency Revolving Commitment and the denominator of which is the aggregate amount of all
Lenders’ Multicurrency Revolving Commitments at such time, and (iv) with respect to matters relating to Dollar Tranche
Commitments (including L/C Obligations) and Dollar Tranche Loans only, a fraction (expressed as a percentage, carried out to the
ninth decimal place), the numerator of which is the amount of such Revolving Lender’s Dollar Tranche Commitment and the
denominator of which is the aggregate amount of all Lenders’ Dollar Tranche Commitments at such time; provided that,
if the Revolving Commitment of each Revolving Lender has been terminated in full or if the Aggregate Revolving Commitments have
expired, then the Applicable Percentage of each Revolving Lender shall be determined based on the Applicable Percentage of such
Revolving Lender in effect immediately prior to such termination or expiration, giving effect to any subsequent assignments; (b) with
respect to Negotiated Rate Loans, for each Lender at any time, a fraction (expressed as a percentage, carried out to the ninth
decimal place), the numerator of which is the Outstanding Amount of such Negotiated Rate Loan held by such Lender at such time
and the denominator of which is the aggregate Outstanding Amount of such Negotiated Rate Loan at such time; (c) in respect
of each Incremental Term Loan Facility, with respect to any Term Lender at any time, the percentage (carried out to the ninth
decimal place) of such Incremental Term Loan Facility represented by (i) on or prior to the applicable Increase Effective
Date, such Lender’s allocated portion of such Incremental Term Loan Facility and (ii) thereafter, the principal amount
of the Term Loans made under such Incremental Term Loan Facility and held by such Term Lender at such time; and (d) in respect
of all Facilities, with respect to any Lender at any time, the percentage (carried out to the ninth decimal place) of the Facilities
represented by the aggregate principal amount of such Lender’s Loans at such time. The initial Applicable Percentage of
each Lender in respect of each Facility and all Facilities is set forth opposite the name of such Lender on Schedule 2.01
(or, in the case of an Incremental Term Facility, in the Incremental Term Loan Facility Documents applicable thereto) or in
the Assignment and Assumption or New Lender Joinder Agreement pursuant to which such Lender becomes a party hereto, as applicable.

 

    	 	3	 

     

    

 

“Applicable
Rate” means,

 

(a)            for
Revolving Loans and Letters of Credit, from time to time, the number of basis points per annum set forth in the following table
based upon the Debt Ratings as set forth below:

 

	Pricing

        Level
	 	Debt Ratings

        (S&P and Fitch/ 

        Moody’s)
	 	Applicable
    Rate for 

    Eurocurrency Rate Loans, 

    Daily Floating Rate Loans 

    and Letter of Credit Fees	 	Applicable
    Rate for 

    Base Rate Loans and 

    Canadian Prime Rate Loans
	1	 	3A+ / 3A1	 	70.0 bps	 	0.0 bps
	 	 	 	 	 	 	 
	2	 	A / A2	 	75.0 bps	 	0.0 bps
	 	 	 	 	 	 	 
	3	 	A- / A3	 	77.5 bps	 	0.0 bps
	 	 	 	 	 	 	 
	4	 	BBB+ / Baa1	 	82.5 bps	 	0.0 bps
	 	 	 	 	 	 	 
	5	 	BBB / Baa2	 	90.0 bps	 	0.0 bps
	 	 	 	 	 	 	 
	6	 	BBB- / Baa3	 	110.0 bps	 	10.0 bps
	 	 	 	 	 	 	 
	7	 	<BBB- /

        <Baa3 or non-rated
	 	145.0 bps	 	45.0 bps

 

For
purposes hereof, the term “Debt Rating” refers to the long-term senior unsecured, non-credit enhanced
debt rating of the Parent Borrower by S&P, Moody’s or Fitch. If at any time when the Parent Borrower has only two (2) Debt
Ratings, and such Debt Ratings are split, then: (i) if the difference between such Debt Ratings is one ratings category (e.g.
Baa2 by Moody’s and BBB- by S&P or Fitch), the higher of the Debt Ratings shall apply; and (ii) if the difference
between such Debt Ratings is two or more ratings categories (e.g. Baa1 by Moody’s and BBB- by S&P or Fitch), the median
of the applicable Debt Ratings shall apply. If at any time when the Parent Borrower has three (3) Debt Ratings, and such
Debt Ratings are split, then: (i) if the difference between the highest and the lowest such Debt Ratings is one ratings category
(e.g. Baa2 by Moody’s and BBB- by S&P or Fitch), the highest of the Debt Ratings shall apply; and (ii) if the difference
between such Debt Ratings is two or more ratings categories (e.g. Baa1 by Moody’s and BBB- by S&P or Fitch), the average
of the two (2) highest Debt Ratings shall apply, provided that if such average is not a recognized rating category,
then the second highest Debt Rating of the three shall apply.

 

Initially, the Applicable Rate shall be
determined based upon the Debt Rating specified in the certificate delivered pursuant to Section 4.01(a)(vi). Thereafter,
each change in the Applicable Rate shall occur on the first Business Day following the effective change in the Debt Rating.

 

    	 	4	 

     

    

 

Notwithstanding the foregoing, commencing
with the fiscal year ending December 31, 2021, if the Parent Borrower delivers a Sustainability Metric Annual Certificate
to the Administrative Agent, certifying that the Sustainability Metric as of December 31 of the most recently ended fiscal
year (the “Specified Test Year”) was no less than the Sustainability Metric Election Threshold and electing
that the Applicable Rate instead be based on the table set forth below (the “Sustainability Metric Pricing Grid”),
then the Applicable Rate for Revolving Loans and Letters of Credit shall be based on the Sustainability Metric Pricing Grid for
the period commencing five (5) Business Days following the date such Sustainability Metric Annual Certificate is delivered
to the Administrative Agent until the earliest of (i) five (5) Business Days following the date on which a Sustainability
Metric Annual Certificate is delivered for the fiscal year ending immediately after such Specified Test Year, indicating that
the Parent Borrower does not elect to apply the Sustainability Metric Pricing Grid or that the Sustainability Metric for the fiscal
year ending immediately after such Specified Test Year was less than the Sustainability Metric Election Threshold, (ii) five
(5) Business Days following the date the Parent Borrower is required to have delivered a Compliance Certificate pursuant
to Section 6.02(a) relating to the financial statements for the fiscal year ending immediately after such Specified
Test Year with respect to the fiscal year ending immediately after such Specified Test Year if the Parent Borrower has not delivered
a Sustainability Metric Annual Certificate certifying that the Sustainability Metric as of December 31 of the fiscal year
ending immediately after such Specified Test Year was no less than the Sustainability Metric Election Threshold and (iii) five
(5) Business Days following the delivery of a Compliance Certificate pursuant to Section 6.02(a) relating
to the financial statements for the fiscal year ending immediately after such Specified Test Year if the Parent Borrower has not
delivered a Sustainability Metric Annual Certificate certifying that the Sustainability Metric as of December 31 of the fiscal
year ending immediately after such Specified Test Year was no less than the Sustainability Metric Election Threshold; provided
that (x) if the Sustainability Metric for any fiscal year is less than the Sustainability Metric Election Threshold,
the Parent Borrower shall not be restricted from making any subsequent election to apply the Sustainability Metric Pricing Grid
pursuant to this paragraph if the Sustainability Metric for the fiscal year most recently ended prior to such election is no less
than the Sustainability Metric Election Threshold, and (y) a Sustainability Metric Annual Certificate electing to apply the
Sustainability Metric Pricing Grid pursuant to this paragraph may be delivered at any time by the Borrower so long as the Sustainability
Metric for the fiscal year most recently ended prior to such election is no less than the Sustainability Metric Election Threshold.
If, as a result of (A) the agreement by the Parent Borrower, the Administrative Agent and the Revolving Lenders that the
Sustainability Metric for any fiscal year as reported on any Sustainability Metric Annual Certificate was inaccurate or (B) any
Borrower, the Administrative Agent or the Revolving Lenders becoming aware of any material inaccuracy in the Sustainability Metric
for any fiscal year as reported on any Sustainability Metric Annual Certificate (and, in the case of the Administrative Agent
or the Revolving Lenders becoming aware thereof, written notice thereof has been delivered to the Parent Borrower setting forth
in reasonable detail the basis for such determination) and, in each case, the Parent Borrower made an election to apply the Sustainability
Metric Pricing Grid pursuant to such Sustainability Metric Annual Certificate and a proper calculation of the Sustainability Metric
for such fiscal year would not have resulted in any adjustment to the Applicable Rate pursuant to the Sustainability Metric Pricing
Grid for the relevant period covered by such election, then the Borrowers shall immediately and retroactively be obligated to
pay to the Administrative Agent for the account of the applicable Revolving Lenders or L/C Issuers, as the case may be, promptly
(and in any event, within five (5) Business Days) following written demand by the Administrative Agent (or, after the occurrence
of an actual or deemed entry of an order for relief with respect to any Borrower under the Bankruptcy Code, immediately, automatically
and without further action by the Administrative Agent, any Revolving Lender or any L/C Issuer), an amount equal to the excess
of the amount of interest and fees that should have been paid for such period (or relevant portion thereof then elapsed in respect
of which payments of interest and/or fees were previously made) over the amount of interest and fees actually paid for such period
(or relevant portion thereof). Notwithstanding anything to the contrary herein, unless such amounts shall be due upon the occurrence
of an actual or deemed entry of an order for relief with respect to any of the Borrowers under the Bankruptcy Code, (i) any
additional amounts required to be paid pursuant to the immediately preceding sentence shall not be due and payable until a written
demand is made for such payment by the Administrative Agent, (ii) any nonpayment of such additional amounts prior to or upon
such demand for payment by Administrative Agent shall not constitute a Default (whether retroactively or otherwise), and (iii) none
of such additional amounts shall be deemed overdue prior to such a demand or shall accrue interest at the Default Rate prior to
such a demand.

 

    	 	5	 

     

    

 

Sustainability Metric Pricing Grid

 

	Pricing

        Level
	 	Debt Ratings

        (S&P and Fitch/ 

        Moody’s)
	 	Applicable
    Rate for 

    Eurocurrency Rate Loans, 

    Daily Floating Rate Loans 

    and Letter of Credit Fees	 	Applicable
    Rate for 

    Base Rate Loans and 

    Canadian Prime Rate Loans
	1	 	3A+ / 3A1	 	69.0 bps	 	0.0 bps
	 	 	 	 	 	 	 
	2	 	A / A2	 	74.0 bps	 	0.0 bps
	 	 	 	 	 	 	 
	3	 	A- / A3	 	76.5 bps	 	0.0 bps
	 	 	 	 	 	 	 
	4	 	BBB+ / Baa1	 	81.5 bps	 	0.0 bps
	 	 	 	 	 	 	 
	5	 	BBB / Baa2	 	89.0 bps	 	0.0 bps
	 	 	 	 	 	 	 
	6	 	BBB- / Baa3	 	109.0 bps	 	9.0 bps
	 	 	 	 	 	 	 
	7	 	<BBB- /

        <Baa3 or non-rated
	 	144.0 bps	 	44.0 bps

 

(b)            For
any Incremental Term Loans, the applicable rate per annum in effect at such time with respect to such Incremental Term Loans shall
be as agreed by the Parent Borrower and the Appropriate Lenders in the Incremental Term Loan Facility Documents with respect to
the applicable Incremental Term Loan Facility.

 

“Applicable
Reference Rate” means, for any Eurocurrency Rate Loan denominated in any LIBOR Quoted Currency other than Dollars, LIBOR;
for any Eurocurrency Rate Loan denominated in Euro, EURIBOR; for any Eurocurrency Rate Loan denominated in Australian Dollars,
BBSY; for any Eurocurrency Rate Loan denominated in Canadian Dollars, the CDOR Rate; and for any Eurocurrency Rate Loan denominated
in any other non-LIBOR Quoted Currency, the rate per annum as designated with respect to such Alternative Currency at the time
such Alternative Currency is approved by the Administrative Agent and the relevant Lenders and/or L/C Issuers pursuant to Section 1.06(a).

 

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

 

“Applicable
Time” means, with respect to any borrowings and payments in any Alternative Currency, the local time in the place of
settlement for such Alternative Currency as may be determined by the Administrative Agent or the applicable L/C Issuer, as the
case may be, to be necessary for timely settlement on the relevant date in accordance with normal banking procedures in the place
of payment.

 

“Appropriate
Lender” means, at any time, (a) with respect to the Revolving Credit Facility, a Revolving Credit Lender, a Dollar
Tranche Lender, an Alternative Currency Tranche Lender, a Multicurrency Revolving Tranche Lender, or Lenders making, or
who have made, Negotiated Rate Loans, as the context may require, and (b) with respect to any Incremental Term Loan Facility,
a Lender holding Term Loans of such Incremental Term Loan Facility.

 

    	 	6	 

     

    

 

“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 (x) BofA Securities, Inc. and JPMorgan Chase Bank, each in its capacity as a Bookrunner and (y) BofA Securities, Inc.,
JPMorgan Chase Bank, Citibank, N.A., Credit Agricole Corporate and Investment Bank, Morgan Stanley Senior Funding, Inc.,
MUFG Bank, Ltd., PNC Bank, National Association, Royal Bank of Canada, TD Securities (USA) LLC, UBS AG, Stamford Branch,
Wells Fargo Securities, LLC, The Bank of Nova Scotia, Mizuho Bank, Ltd. and Sumitomo Mitsui Banking Corporation, each in
its capacity as a joint lead arranger.

 

“Assignee
Group” means two or more Eligible Assignees that are Affiliates of one another or two or more Approved Funds managed
by the same investment advisor.

 

“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 10.06(b)), and accepted by the Administrative Agent, in substantially
the form of Exhibit F or any other form (including electronic documentation generated by use of an electronic platform)
approved by the Administrative Agent.

 

“Attributable
Indebtedness” means, on any date, (a) in respect of any capital 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 payments under the relevant lease that would
appear on a balance sheet of such Person prepared as of such date in accordance with GAAP if such lease were accounted for as
a capital lease.

 

“Audited
Financial Statements” means the audited consolidated balance sheet of the Guarantor and its Subsidiaries for the fiscal
year ended December 31, 2019 and the related consolidated statements of income or operations, equity and cash flows for such
fiscal year of the Guarantor and its Subsidiaries, including the notes thereto.

 

“Australian
Dollar” means the lawful currency of the Commonwealth of Australia.

 

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

 

“Availability
Period” means the period from and including the Closing Date to the earliest of (a) the Business Day preceding
the Revolving Maturity Date, (b) the date of termination of the Aggregate Revolving Commitments pursuant to Section 2.07,
and (c) the date of termination of the commitment of each Revolving Lender to make Loans and of the obligation of each 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).

 

    	 	7	 

     

    

 

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

 

“Bankruptcy
Code” means the Bankruptcy Reform Act of 1978, as heretofore and hereafter amended, as codified at 11 U.S.C. §
101 et seq., and the rules and regulations promulgated thereunder, or any successor provision thereto.

 

“Bankruptcy
Plan” has the meaning specified in Section 10.06(g)(iv).

 

“Base Rate”
means for any day a fluctuating rate per annum equal to the highest of (a) the Federal Funds Rate plus 1⁄2 of 1%, (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 Eurocurrency Rate (as defined in clause (b) of the definition thereof) plus 1%; and if Base Rate shall be
less than zero, such rate shall be deemed zero. 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.

 

“Base Rate
Loan” means a Loan that bears interest based on the Base Rate. All Base Rate Loans shall be denominated in Dollars.

 

“Base Rate
Revolving Loan” means a Committed Revolving Loan that is a Base Rate Loan.

 

“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”.

 

“Bookrunners”
means BofA Securities, Inc. and JPMorgan Chase Bank, each in its capacity as a joint bookrunner.

 

“Borrower
Joinder Agreement” means a joinder agreement in form and substance reasonably satisfactory to the Administrative Agent
pursuant to which one or more Persons deemed acceptable by the Administrative Agent in its reasonable discretion become party
to this Agreement and the other Loan Documents as a Borrower; provided that (i) the Borrowers shall notify the Administrative
Agent not less than fifteen Business Days (or such shorter period as may be agreed by the Administrative Agent in its sole discretion)
prior to the effectiveness of each such joinder agreement and (ii) as a condition to becoming a Borrower under this Agreement,
such Person shall promptly deliver to the Administrative Agent (i) such certificates of resolutions or other action, incumbency
certificates and/or other certificates of Responsible Officers as the Administrative Agent may reasonably require evidencing the
identity, authority and capacity of each Responsible Officer authorized to act as a Responsible Officer in connection with this
Agreement and the other Loan Documents, (ii) such documents and certifications as the Administrative Agent may reasonably
require to evidence that each Credit Party is duly organized or formed, and that each Credit Party is validly existing, in good
standing and qualified to engage in business in its jurisdiction of organization and in each jurisdiction where its ownership,
lease or operation of properties or the conduct of its business requires such qualification, except to the extent that failure
to do so could not reasonably be expected to have a Material Adverse Effect, (iii) such documentation and other information
as the Administrative Agent or any Lender may reasonably request that is required by regulatory authorities under applicable “know
your customer” rules and regulation, Anti-Money Laundering Law, including, without limitation, the Patriot Act and
the Beneficial Ownership Regulation, and the Canadian AML Acts and (iv) favorable opinions of domestic and/or foreign counsel
to such Person addressed to the Administrative Agent and each Lender.

 

    	 	8	 

     

    

 

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

 

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

 

“Borrowing”
means a Committed Borrowing, a Term Borrowing, or a Negotiated Rate Borrowing, as the context may require.

 

“Boundary
Properties” means any building that is under Ventas’s operational control. For purposes of this definition, operational
control means that Ventas or any of its Controlled Subsidiaries maintains, provides service to, and/or has the authority to implement
operating policies with respect to energy usage, water usage, and/or waste disposal for the building. Development and major redevelopment
projects are excluded from the control boundary until they are operational; assets of Joint Ventures and unconsolidated entities
are also excluded.

 

“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 of New York or where the Administrative Agent’s Office with respect to
Obligations denominated in Dollars is located and:

 

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

 

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

 

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

 

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

 

    	 	9	 

     

    

 

(e)            if
such day relates to any fundings, disbursements, settlements and payments in a currency other than Dollars, Canadian Dollars or
Euro in respect of a Eurocurrency Rate Loan denominated in a currency other than Dollars, Canadian Dollars or Euro, or any other
dealings in any currency other than Dollars, Canadian Dollars or Euro to be carried out pursuant to this Agreement in respect
of any such Eurocurrency Rate Loan (other than any interest rate settings), means any such day on which banks are open for foreign
exchange business in the principal financial center of the country of such currency.

 

“Canadian
AML Acts” means applicable Canadian law regarding anti-money laundering, anti-terrorist financing, government sanction
and “know your client” matters, including the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada).

 

“Canadian
Banking 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 Province of Ontario, Canada.

 

“Canadian
Defined Benefit Pension Plan” means a Canadian Pension Plan that contains a “defined benefit provision”
as such term is defined in Section 147.1(1) of the Income Tax Act (Canada) in respect of which a Credit Party or any
Subsidiary has any obligation or contingent obligation.

 

“Canadian
Dollar” and “CAD” mean the lawful currency of Canada.

 

“Canadian
Pension Plan” means any pension plan that is subject to the Pension Benefits Act (Ontario) or any similar legislation
in any other jurisdiction of Canada for employees in Canada and former employees in Canada of the Credit Parties or any of their
Subsidiaries.

 

“Canadian
Prime Rate” means, for any day a fluctuating rate of interest per annum equal to the greater of (a) the per annum
rate of interest quoted or established as the “prime rate” of Bank of America, N.A., Canada Branch which it quotes
or establishes for such day as its reference rate of interest in order to determine interest rates for commercial loans in Canadian
Dollars in Canada to its Canadian borrowers; and (b) the average CDOR Rate for a 1-month term plus 1⁄2 of 1% per annum,
adjusted automatically with each quoted or established change in such rate, all without the necessity of any notice to the Parent
Borrower or any other Person; and if the Canadian Prime Rate shall be less than zero, such rate shall be deemed zero for purposes
of this Agreement. Such prime rate is based on various factors including cost 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 the prime rate shall take effect at the opening of business on the day specified in the public announcement
of such change.

 

“Canadian
Prime Rate Loan” means a Loan that bears interest based on the Canadian Prime Rate. All Canadian Prime Rate Loans shall
be denominated in Canadian Dollars.

 

“Canadian
Sanctions List” means the list of names subject to the Regulations Establishing a List of Entities made under subsection
83.05(1) of the Criminal Code (Canada), the Regulations Implementing the United Nations Resolutions on the Suppression of
Terrorism and/or the United Nations Al-Qaida and Taliban Regulations, and the Special Economic Measures Act (Canada).

 

    	 	10	 

     

    

 

“Capitalization
Rate” means 9.0% for all properties that were owned as of April 17, 2002, and that continue to be owned as of the
date of determination, by any member of the Consolidated Group.

 

“Cash Collateral”
has the meaning specified in the definition of “Cash Collateralize”.

 

“Cash Collateralize”
means to pledge and deposit with or deliver to the Administrative Agent, for the benefit of the Administrative Agent, the L/C
Issuers and the Revolving Lenders, as collateral for L/C Obligations or obligations of Revolving Lenders to fund participations
in respect thereof (as the context may require), cash or deposit account balances or, if the L/C Issuer(s) benefitting from
such collateral shall agree in its or their sole discretion, other credit support, in each case pursuant to documentation in form
and substance reasonably satisfactory to (a) the Administrative Agent and (b) the L/C Issuer(s). “Cash Collateral”
shall have a meaning correlative to the foregoing and shall include the proceeds of such cash collateral and other credit support.

 

“CDOR Rate”
has the meaning specified in the definition of “Eurocurrency Rate”.

 

“Change in
Law” means the occurrence, after the date of this Agreement, and with respect to any Person in particular, after the
date such Person becomes a party to this Agreement, 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, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines
or directives thereunder or issued in connection therewith and (y) 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 a United States Governmental Authority, 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 thirty-five percent (35%) or more of the equity securities of Ventas entitled to vote for members of the board
of directors or equivalent governing body of Ventas 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) and the Borrowers shall not have repaid all of the
outstanding Obligations in full in cash, Cash Collateralized all outstanding Letters of Credit in an amount equal to one hundred
percent (100%) of the then current L/C Obligations and terminated the Revolving Commitments within forty-five (45) days after
such Person or Affiliated Group shall have acquired such percentage of such stock; or

 

(b)            Ventas
ceases to be the sole general partner of the Parent Borrower or Ventas ceases to own, directly or indirectly, more than fifty
percent (50%) of the equity interests in the Parent Borrower; or

 

    	 	11	 

     

    

 

(c)            during
any period of 12 consecutive months, a majority of the members of the board of directors or other equivalent governing body of
Ventas 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 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 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.

 

“Class”
when used with respect to Loans or a Borrowing, refers to whether such Loans, or the Loans comprising such Borrowing, are Revolving
Loans, Negotiated Rate Loans, or Term Loans.

 

“Closing
Date” means the first date on which all conditions precedent in Section 4.01 are satisfied or waived in
accordance with Section 10.01.

 

“Co-Documentation
Agents” means each of Citibank, N.A., Credit Agricole Corporate and Investment Bank, Morgan Stanley Senior Funding, Inc.,
MUFG Bank, Ltd., PNC Bank, National Association, Royal Bank of Canada, TD Bank, N.A., The Toronto-Dominion Bank, New York
Branch, UBS AG, Stamford Branch, Wells Fargo Bank, N.A., The Bank of Nova Scotia, Mizuho Bank, Ltd. and Sumitomo Mitsui Banking
Corporation, in the capacity as Co-Documentation Agent.

 

“Code”
means the Internal Revenue Code of 1986.

 

“Committed
Borrowing” means a borrowing consisting of simultaneous Revolving Loans of the same Type, in the same currency and,
in the case of Eurocurrency Rate Loans, having the same Interest Period made by each of the Dollar Tranche Lenders, each of the
Alternative Currency Tranche Lenders or each of the Multicurrency Revolving Tranche Lenders, as the case may be, pursuant to Section 2.01.

 

“Committed
Loan Notice” means a notice of (a) a Committed Borrowing, (b) a Term Borrowing, (c) a conversion of Loans
from one Type to the other, or (d) a continuation of Eurocurrency Rate Loans, in each case provided to the Administrative
Agent pursuant to Section 2.02(a), which shall be substantially in the form of Exhibit A 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, which as of the Closing Date includes Bank of America’s CashPro Credit
Portal), appropriately completed and signed by a Responsible Officer of the Parent Borrower.

 

“Commitments”
means, collectively, the Revolving Commitments and Incremental Term Commitments.

 

“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 E.

 

“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.

 

    	 	12	 

     

    

 

“Consolidated
Adjusted Net Worth” means, as of any day for the Consolidated Group, the sum of (a) total shareholders’ equity
or net worth plus (b) accumulated depreciation and accumulated amortization, in each case, determined on a consolidated
basis in accordance with GAAP; but excluding, in any event, for purposes hereof, unrealized gains and losses on Swap Contracts
reported on a consolidated balance sheet as accumulated other comprehensive income or loss.

 

“Consolidated
EBITDA” means, for any period for the Consolidated Group, the sum of Consolidated Net Income plus, without duplication,
to the extent deducted in computing Consolidated Net Income, (a) amortization and depreciation expense, (b) other non-cash
charges, (c) Consolidated Interest Expense, (d) provision for taxes, and (e) minority interest expense attributable
to non-wholly owned Subsidiaries, in each case determined on a consolidated basis in accordance with GAAP; but excluding, in any
event, (i) extraordinary gains and losses and related tax effects thereon, (ii) non-cash impairment charges, (iii) non-cash
stock or option based compensation, (iv) other non-cash gains and losses and related tax effects thereon, and (v) merger-related
expenses and deal costs, including transition and integration expenses related to consummated transactions and costs related to
acquisitions and investments not permitted to be capitalized pursuant to GAAP.

 

“Consolidated
Fixed Charge Coverage Ratio” means, on the last day of any fiscal quarter, the ratio of (a) Consolidated EBITDA
for the four (4) consecutive fiscal quarters ending on such date to (b) Consolidated Fixed Charges for the four (4) consecutive
fiscal quarters ending on such date.

 

“Consolidated
Fixed Charges” means, for any period for the Consolidated Group, the sum of, without duplication, (a) Consolidated
Interest Expense, plus (b) scheduled principal payments on Consolidated Total Indebtedness (excluding any balloon
or final payment) during the applicable period, plus (c) cash dividends and distributions on preferred stock of Ventas,
if any, in each case determined on a consolidated basis in accordance with GAAP; but excluding, in any event, (i) gains and
losses from unwinding or break-funding of Swap Contracts, (ii) write-offs of unamortized deferred financing fees, (iii) prepayment
fees, premiums and penalties, and (iv) other unusual or non-recurring items as are reasonably acceptable to the Administrative
Agent and the Required Lenders.

 

“Consolidated
Gross Asset Value” means, as of any day for the Consolidated Group, the sum of (a) the book value of all assets
(prior to deduction for accumulated depreciation and accumulated amortization, but including the effect of any impairment charges,
as reflected in the consolidated financial statements of the Consolidated Group prepared as of such date in accordance with GAAP)
excluding properties that were owned as of April 17, 2002, and that continue to be owned as of the date of determination,
by any member of the Consolidated Group, plus (b) an amount equal to the quotient of Consolidated EBITDA for the period
of four (4) consecutive fiscal quarters most recently ended attributable to properties that were owned as of April 17,
2002, and that continue to be owned as of the date of determination, by any member of the Consolidated Group divided by
the Capitalization Rate, minus (c) goodwill and other Intangible Assets.

 

“Consolidated
Group” means Ventas and its Subsidiaries determined on a consolidated basis in accordance with GAAP.

 

“Consolidated
Interest Expense” means, for any period for the Consolidated Group, interest expense determined in accordance with GAAP,
but including, in any event, the interest component under capital leases and the implied interest component under securitization
transactions and excluding, in any event, amortization of deferred financing fees, amortization of debt discounts and swap breakage
costs.

 

    	 	13	 

     

    

 

“Consolidated
Net Income” means, for any period for the Consolidated Group, net income or loss determined on a consolidated basis
in accordance with GAAP; but excluding, in any event and without duplication, (a) the income or loss of any Person that is
not a member of the Consolidated Group in which any member of the Consolidated Group has an equity investment or comparable interest,
except to the extent of the amount of dividends or other distributions actually paid to members of the Consolidated Group by such
Person during such period, (b) the income or loss of any Person accrued prior to the date that it became a member of the
Consolidated Group or that such Person’s assets were acquired by a member of the Consolidated Group (except as otherwise
required in connection with Section 1.03), (c) any net after tax gains or losses attributable to sales of non-current
assets out of the ordinary course of business and write-downs of non-current assets in anticipation of losses to the extent they
have decreased net income and (d) gains and losses from dispositions of depreciable real estate investments, impairment charges,
the early extinguishment of debt and transaction costs of acquisitions not permitted to be capitalized pursuant to GAAP and other
non-recurring items, including, without limitation, charges resulting from settlement of options to repurchase remarketable bonds
and other similar charges.

 

“Consolidated
Secured Debt” means the aggregate principal amount of Consolidated Total Indebtedness that is secured by a mortgage,
deed of trust, lien, pledge, encumbrance or other security interest on assets owned or leased by a member of the Consolidated
Group; provided, that in no event shall the Obligations constitute “Consolidated Secured Debt” solely as a
result of any security interest granted to the Administrative Agent or any L/C Issuer, solely in any Cash Collateral or any account
or other property, including proceeds thereof, established for the purpose of securing obligations in respect of Letters of Credit,
exchange rate fluctuations or otherwise to the extent required pursuant to Section 2.17.

 

“Consolidated
Secured Debt Leverage Ratio” means, on the last day of any fiscal quarter, the ratio of (a) Consolidated Secured
Debt outstanding on such date to (b) Consolidated Gross Asset Value as of such date. Notwithstanding anything to the contrary
contained herein, for the purposes of this ratio, (i) Consolidated Secured Debt on any date shall be adjusted by deducting
therefrom an amount equal to the lesser of (x) the aggregate amount of Consolidated Secured Debt outstanding on such date
that by its terms is scheduled to mature on or before the date that is twenty-four (24) months following such date and (y) the
aggregate amount of all unrestricted cash and cash equivalents on such date and escrow and other deposits to the extent available
for the repayment of Consolidated Secured Debt of the type described in clause (x) (excluding any such unrestricted cash
and cash equivalents and escrow and other deposits used to determine the Consolidated Unsecured Leverage Ratio as of such date)
and (ii) Consolidated Gross Asset Value shall be adjusted by deducting therefrom the amount by which Consolidated Secured
Debt is adjusted under clause (i).

 

“Consolidated
Total Indebtedness” means, as of any day for the Consolidated Group, the Indebtedness of the Consolidated Group; provided
that Consolidated Total Indebtedness shall not include security deposits, accounts payable, accrued liabilities and prepaid
rents, any intracompany debt, or dividends and distributions declared but not payable, each as defined in accordance with GAAP.

 

“Consolidated
Total Leverage Ratio” means, on the last day of any fiscal quarter, the ratio of (a) Consolidated Total Indebtedness
outstanding on such date to (b) Consolidated Gross Asset Value as of such date. Notwithstanding anything to the contrary
contained herein, for the purposes of this ratio, (i) Consolidated Total Indebtedness on any date shall be adjusted by deducting
therefrom an amount equal to the lesser of (x) the aggregate amount of Consolidated Total Indebtedness outstanding on such
date that by its terms is scheduled to mature on or before the date that is twenty-four (24) months following such date and (y) the
aggregate amount of all unrestricted cash and cash equivalents on such date and escrow and other deposits to the extent available
for the repayment of Consolidated Total Indebtedness of the type described in clause (x) and (ii) Consolidated Gross
Asset Value shall be adjusted by deducting therefrom the amount by which Consolidated Total Indebtedness is adjusted under clause (i).

 

    	 	14	 

     

    

 

“Consolidated
Unencumbered Assets” means, for the Consolidated Group, net real estate investments, plus, without duplication, loans
receivable and marketable securities of the Consolidated Group, in each case, that are free of any liens, encumbrances, pledges
or negative pledges used to secure, or otherwise provide credit support for, Indebtedness. For purposes hereof, the term
 “negative pledge” shall exclude (i) a covenant that establishes a maximum ratio of unsecured debt to unencumbered
assets, or of secured debt to total assets, or that otherwise conditions the ability of a member of the Consolidated Group to
encumber its assets upon the maintenance of one or more specified ratios that limit such member’s ability to encumber its
assets but that do not generally prohibit the encumbrance of its assets, or the encumbrance of specific assets, (ii) a requirement
that an obligation be secured on an “equal and ratable basis” to the extent that Indebtedness under the Facilities
is secured and (iii) a covenant relating to the sale of an asset that limits the creation of any lien pending the closing
of the sale thereof.

 

“Consolidated
Unencumbered EBITDA” means, for any period for the Consolidated Group, the portion of Consolidated EBITDA that is generated
by Consolidated Unencumbered Assets.

 

“Consolidated
Unencumbered Gross Asset Value” means an amount, determined as of the end of each fiscal quarter, equal to the sum of
(a) the book value of all Consolidated Unencumbered Assets (prior to deduction for accumulated depreciation and accumulated
amortization, but including the effect of any impairment charges, as reflected in the consolidated financial statements of the
Consolidated Group prepared as of such date in accordance with GAAP) excluding unencumbered properties that were owned as of April 17,
2002, and that continue to be owned as of the date of determination, by any member of the Consolidated Group, plus (b) the
quotient of Consolidated Unencumbered EBITDA from unencumbered properties that were owned as of April 17, 2002, and that
continue to be owned as of the date of determination, by any member of the Consolidated Group divided by the Capitalization
Rate; provided that the aggregate amount of Consolidated Unencumbered Gross Asset Value arising from loans receivable and
marketable securities shall be excluded from the calculation of Consolidated Unencumbered Gross Asset Value to the extent that
such amounts exceed, in the aggregate, 20% of Consolidated Unencumbered Gross Asset Value.

 

“Consolidated
Unsecured Debt” means, at any time, the portion of Consolidated Total Indebtedness that is not Consolidated Secured
Debt.

 

“Consolidated
Unsecured Leverage Ratio” means, on the last day of any fiscal quarter, the ratio of (i) Consolidated Unsecured
Debt outstanding on such date to (ii) Consolidated Unencumbered Gross Asset Value as of such date. Notwithstanding anything
to the contrary contained herein, for the purposes of this ratio, (i) Consolidated Unsecured Debt on any date shall be adjusted
by deducting therefrom an amount equal to the lesser of (x) the aggregate amount of Consolidated Unsecured Debt outstanding
on such date that by its terms is scheduled to mature on or before the date that is twenty-four (24) months following such date
and (y) the aggregate amount of all unrestricted cash and cash equivalents on such date and escrow and other deposits to
the extent available for the repayment of Consolidated Unsecured Debt of the type described in clause (x) (excluding any
such unrestricted cash and cash equivalents and escrow and other deposits used to determine the Consolidated Secured Debt Leverage
Ratio as of such date) and (ii) Consolidated Unencumbered Gross Asset Value shall be adjusted by deducting therefrom the
amount by which Consolidated Unsecured Debt is adjusted under clause (i).

 

“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.

 

    	 	15	 

     

    

 

 

“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.

 

“Covered
Entity” has the meaning specified in Section 10.24(b).

 

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

 

“Credit Party”
means each of the Borrowers and the Guarantor.

 

“Daily Floating
Rate Loan” means a Loan that bears interest at a rate based on the LIBOR Daily Floating Rate. All Daily Floating Rate
Loans shall be denominated in Dollars.

 

“Debt Rating”
has the meaning specified in the definition of “Applicable Rate”.

 

“Debtor Relief
Laws” means the Bankruptcy Code, the Bankruptcy and Insolvency Act (Canada), the Companies’ Creditors Arrangement
Act (Canada), the Winding-Up and Restructuring Act (Canada), 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, Canada or other applicable jurisdictions from time to time in effect and affecting the rights of creditors
generally.

 

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

 

“Default
Rate” means (a) when used with respect to Obligations other than Letter of Credit Fees, an interest rate equal
to (i) the Base Rate plus (ii) the Applicable Rate, if any, applicable to Base Rate Loans plus (iii) 2%
per annum; provided, however, that with respect to a Eurocurrency Rate Loan, a Daily Floating Rate Loan or a Canadian Prime
Rate Loan, the Default Rate shall be an interest rate equal to the interest rate (including any Applicable Rate) otherwise applicable
to such Loan plus 2% per annum, and (b) when used with respect to Letter of Credit Fees, a rate equal to the Applicable Rate
plus 2% per annum.

 

    	 	16	 

     

    

 

“Defaulting
Lender” means, subject to Section 2.18(b), any Lender that (a) has failed to (i) perform any of
its funding obligations hereunder, including in respect of (x) its Loans or (y) participations in respect of L/C Obligations,
in each case within two (2) Business Days of the date required to be funded by it hereunder, unless, in the case of clause
(x) above, such Lender notifies the Administrative Agent and the Parent Borrower in writing that such failure is the result
of such Lender’s reasonable determination that one or more conditions precedent to funding (each of which conditions precedent,
together with any applicable default, shall be specifically identified in such writing) has not been satisfied, or (ii) pay
to the Administrative Agent, any L/C Issuer or any other Lender any other amount required to be paid by it hereunder (including
in respect of its participation in Letters of Credit) within two (2) Business Days of the date when due, (b) has notified
the Parent Borrower, the Administrative Agent or any L/C Issuer that it does not intend to comply with its funding obligations
or has made a public statement to that effect with respect to its funding obligations hereunder (unless such notice 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
reasonable determination that a condition precedent to funding (which condition precedent, together with any applicable default,
shall be specifically identified in such notice or public statement) cannot be satisfied), (c) has failed, within three (3) Business
Days after written request by the Administrative Agent or the Parent Borrower, to confirm in writing to the Administrative Agent
and the Parent 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 Parent 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 one of more of clauses (a) through
(d) above, and of 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 2.18(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 Parent
Borrower, each L/C Issuer and each other Lender promptly following such determination.

 

“deemed year”
has the meaning specified in Section 2.09(d).

 

“Departing
Lender” has the meaning set forth in Section 10.20.

 

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

 

“Disposition”
or “Dispose” means the sale, transfer or assignment (including any sale and leaseback transaction) of any property
by any Person, including any sale, assignment, transfer or other disposal (in one transaction or in a series of transactions and
whether effected pursuant to a Division or otherwise), with or without recourse, of any notes or accounts receivable or any rights
and claims associated therewith, in any case other than sales or other dispositions of assets in the ordinary course of business.

 

“Disqualified
Institution” has the meaning specified in the definition of “Eligible Assignee”.

 

“Dividing
Person” has the meaning specified in the definition of “Division”.

 

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

 

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

 

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

 

    	 	17	 

     

    

 

“Dollar Equivalent”
means, at any time, (a) with respect to any amount denominated in Dollars, such amount, and (b) with respect to any
amount denominated in any other currency, the equivalent amount thereof in Dollars as determined by the Administrative Agent or
the applicable L/C Issuer, as the case may be, at such time on the basis of the Spot Rate (determined in respect of the most recent
Revaluation Date) for the purchase of Dollars with such currency.

 

“Dollar Tranche
Commitment” means, as to each Lender, its obligation to (a) make Dollar Tranche Loans to the Borrowers pursuant
to Section 2.01(a), and (b) purchase participations in L/C Obligations, in an aggregate principal amount at any
one time outstanding the Dollar Equivalent of which does not exceed the Dollar amount set forth opposite such Lender’s name
in the columns entitled “Dollar Tranche Commitment” on Schedule 2.01 or in the Assignment and Assumption or
New Lender Joinder Agreement 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.

 

“Dollar Tranche
Lender” means a Lender with a Dollar Tranche Commitment or an outstanding Dollar Tranche Loan.

 

“Dollar Tranche
Loan” has the meaning specified in Section 2.01(a).

 

“Domestic
Borrower” means a Borrower organized under the laws of the United States, any state thereof or the District of Columbia.

 

“DQ List”
has the meaning specified in Section 10.06(g)(v).

 

“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.

 

“Electronic
Record” has the meaning specified in Section 1.10.

 

“Electronic
Signature” has the meaning specified in Section 1.10.

 

    	 	18	 

     

    

 

“Eligible
Assignee” means any Person that meets the requirements to be an assignee under Section 10.06(b)(iii), (v),
(vi) and (vii) (subject to such consents, if any, as may be required under Section 10.06(b)(iii));
provided that notwithstanding the foregoing, “Eligible Assignee” shall not include (A) any Competitor
(as defined below), including Kindred Healthcare, Inc., Sunrise Senior Living, LLC, Atria Senior Living, Inc., Brookdale
Senior Living Inc., Ardent Health Partners, LLC, Eclipse Senior Living, Inc. and any Person that is specifically identified
by name as a Competitor by the Parent Borrower in a list generally available to the Lenders on the Closing Date, which list may
be updated from time to time after the Closing Date by the Parent Borrower (but no such update shall become effective until the
second Business Day after it is provided by the Parent Borrower to the Administrative Agent for dissemination to the Lenders,
and no such update shall apply retroactively to a Person that already acquired and continues to hold (or has and remains committed
to acquire, without giving retroactive effect to any such commitment) an assignment or participation interest in the Facilities);
(B) a prospective assignee or successor administrative agent (other than a Lender or an Affiliate of a Lender) which is or
has been an adverse party in litigation or other legal proceedings with, or has threatened, litigation or other legal proceedings
against, any Credit Party and (C) any Affiliate of any Person listed in clause (A) or (B) above that is either
identified to the Administrative Agent in writing from time to time for distribution to the Lenders, or clearly identifiable on
the basis of such Affiliate’s name (any such Person under this proviso, a “Disqualified Institution”).
For purposes hereof, “Competitor” means a real estate investment trust investing primarily in healthcare and/or
seniors housing properties, any tenant under a Material Lease, or any other manager of a property owned or leased by a member
of the Consolidated Group. Neither the Administrative Agent nor any Lender shall have any liability in the event of an assignment
to any Person not then actually known by the Administrative Agent or such Lender to be a Competitor or a Disqualified Institution
under clause (B) of the first sentence of this definition.

 

“EMU Legislation”
means the legislative measures of the European Council for the introduction of, changeover to or operation of a single or unified
European currency.

 

“Environmental
Laws” means any and all Federal, state, local, and foreign statutes, laws, regulations, ordinances, rules, judgments,
orders, decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution
and the protection of the environment or the release of any materials into the environment, including those related to hazardous
substances or wastes, 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), of the Credit Parties or any Subsidiary directly or indirectly resulting from or
based upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment
or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened release
of any Hazardous Materials into the environment or (e) any contract, agreement or other consensual arrangement pursuant to
which liability is assumed or imposed with respect to any of the foregoing.

 

“Equity Interests”
means, with respect to any Person, all of the shares of capital stock of (or other ownership or profit interests in) such Person
and all of the warrants or options for the purchase or acquisition from such Person of shares of capital stock of (or other ownership
or profit interests in) such Person (but excluding any debt security that is convertible into or exchangeable for capital stock).

 

“ERISA”
means the Employee Retirement Income Security Act of 1974.

 

“ERISA Affiliate”
means any trade or business (whether or not incorporated) under common control with the Parent Borrower within the meaning of
Section 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) a withdrawal by the Parent Borrower or any ERISA Affiliate
from a Pension Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial employer (as defined
in Section 4001(a)(2) of ERISA) or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of
ERISA; (c) a complete or partial withdrawal by the Parent Borrower or any ERISA Affiliate from a Multiemployer Plan or notification
that a Multiemployer Plan is in reorganization; (d) the filing of a notice of intent to terminate, the treatment of an amendment
to a Pension Plan or Multiemployer Plan as a termination under Section 4041 or 4041A of ERISA, or the commencement of proceedings
by the PBGC to terminate a Pension Plan or Multiemployer Plan; (e) an 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 or Multiemployer
Plan; or (f) 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 Parent Borrower or any ERISA Affiliate in excess of the Threshold Amount.

 

    	 	19	 

     

    

 

“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.

 

“Euro”
and “€” mean the lawful currency of the Participating Member States introduced in accordance with the
EMU Legislation.

 

“Eurocurrency
Rate” means:

 

(a)          with
respect to any Credit Extension (other than a Base Rate Loan, a Canadian Prime Rate Loan or a Daily Floating Rate Loan) for any
Interest Period:

 

(i)            denominated
in a LIBOR Quoted Currency, 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 such currency 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) at or about 11:00 a.m. (London
time) on the Rate Determination Date, for deposits in the relevant currency, with a term equivalent to such Interest Period;

 

(ii)            denominated
in Euros, the rate per annum equal to the Euro Interbank Offered Rate (“EURIBOR”), 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) at or about 11:00a.m. (Brussels, Belgium time) on the Rate Determination Date with
a term equivalent to such Interest Period;

 

(iii)            denominated
in Canadian Dollars, the rate per annum equal to the Canadian Dollar Offered Rate, or a comparable or successor rate which rate
is approved by the Administrative Agent, 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 “CDOR Rate”) at or about 10:00 a.m. (Toronto, Ontario time) on the Rate Determination Date with a
term equivalent to such Interest Period;

 

(iv)            denominated
in Australian Dollars, the rate per annum equal to the Bank Bill Swap Reference Bid Rate (“BBSY”), or a comparable
or successor rate which rate is approved by the Administrative Agent, 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) at or about 10:30 a.m. (Melbourne, Australia time) on the Rate Determination Date with a term equivalent to such
Interest Period;

 

(v)            denominated
in any other non-LIBOR Quoted Currency, the rate per annum as reasonably designated by the Administrative Agent with respect to
such Alternative Currency at the time such Alternative Currency is approved by the Administrative Agent and the relevant Lenders
pursuant to Section 1.06(a); and

 

    	 	20	 

     

    

 

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

 

(c)            if
the Eurocurrency Rate determined in accordance with the foregoing shall be less than zero, such rate shall be deemed to be zero.

 

“Eurocurrency
Rate Loan” means a Loan that bears interest at a rate based on clause (a) of the definition of “Eurocurrency
Rate”. Eurocurrency Rate Loans may be denominated in Dollars or in an Alternative Currency. All Loans denominated in an
Alternative Currency (other than Canadian Prime Rate Loans) must be Eurocurrency Rate Loans.

 

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

 

“Excluded
Swap Obligation” means, with respect to any Guarantor, any Obligation under any Swap Contract if, and to the extent
that, all or a portion of the Guaranty of such Guarantor of, or the grant under a Loan Document by such Guarantor of a security
interest to secure, such Obligation (or any Guarantee thereof) is or becomes illegal under the Commodity Exchange Act (or the
application or official interpretation thereof) by virtue of such Guarantor’s failure for any reason to constitute an “eligible
contract participant” as defined in the Commodity Exchange Act (determined after giving effect to Section 11.07
and any and all guarantees of such Guarantor’s Obligations under any Swap Contract by other Credit Parties) at the time
the Guaranty of such Guarantor, or grant by such Guarantor of a security interest, becomes effective with respect to such Obligation.
If an Obligation under any Swap Contract arises under a Master Agreement governing more than one Swap Contract, such exclusion
shall apply to only the portion of such Obligation that is attributable to Swap Contracts for which such Guaranty or security
interest becomes illegal.

 

“Excluded
Taxes” means, with respect to any Recipient of any payment to be made by or on account of any obligation of the Credit
Parties hereunder, (a) Taxes imposed on or measured by its net income (however denominated), franchise taxes, and branch
profits Taxes, in each case (i) imposed as a result of such Recipient being organized under the laws of, or having its principal
office or, in the case of any Lender, its applicable Lending Office located in, the jurisdiction imposing such Tax (or any political
subdivision thereof) or (ii) that are Other Connection Taxes, (b)  in the case of a Recipient (other than an assignee
pursuant to a request by the Parent Borrower under Section 10.13), any U.S. withholding Tax that is imposed on amounts
payable to such Recipient pursuant to a law in effect at the time such Recipient becomes a party hereto (or designates a new Lending
Office) or is attributable to such Recipient’s failure or inability (other than as a result of a Change in Law) to comply
with Section 3.01(e), except to the extent that such Recipient (or its assignor, if any) was entitled, at the time
of designation of a new Lending Office (or assignment), to receive additional amounts from the Credit Parties with respect to
such withholding Tax pursuant to Section 3.01(a), (c) in the case of a Foreign Lender, any Canadian federal withholding
Taxes imposed on the payment as a result of such payment having been made to such Foreign Lender that, at the time of making such
payment, (i) is a Person with which a Credit Party does not deal at arm’s length (for the purposes of the Income Tax
Act (Canada)), or (ii) is a “specified shareholder” (as defined in subsection 18(5) of the Income Tax Act
(Canada)) of a Credit Party or does not deal at arm’s length (for the purposes of the Income Tax Act (Canada)) with such
a “specified shareholder”), (d) Taxes attributable to such Recipient’s failure to comply with Section 3.01(e),
and (e) any Taxes imposed under FATCA.

 

    	 	21	 

     

    

 

“Existing
Letters of Credit” means the Letters of Credit issued under the Existing Credit Agreement and outstanding on the Closing
Date and set forth on Schedule 2.03.

 

“Existing
Credit Agreement” means the Second Amended and Restated Credit and Guaranty Agreement, dated as of April 25, 2017
among Ventas Realty, Limited Partnership, the other borrowers party thereto, the guarantors and lenders party thereto and Bank
of America, N.A., as administrative agent (as amended, restated, supplemented or otherwise modified from time to time, prior to
the date hereof).

 

“Extended
Letter of Credit” means any Letter of Credit with an expiration date occurring up to one year beyond the Letter of Credit
Expiration Date pursuant to the terms of Section 2.03(a)(ii)(B).

 

“Facility”
means the Revolving Credit Facility and each Incremental Term Loan Facility, as the context may require, and “Facilities”
means a collective reference to the foregoing.

 

“Facility
Fee Rate” means, from time to time, the number of basis points per annum set forth in the following table, with reference
to the Pricing Levels set forth in the definition of “Applicable Rate”:

 

	Pricing Level	 	Facility Fee
	1	 	10.0 bps
	2	 	10.0 bps
	3	 	12.5 bps
	4	 	15.0 bps
	5	 	20.0 bps
	6	 	25.0 bps
	7	 	30.0 bps

 

“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 promulgated thereunder or official
interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code (or any amended or successor
version described in the first parenthetical above), and any fiscal or regulatory legislation, rules or practices adopted
pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities entered into in connection with
the implementation of the foregoing.

 

“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.

 

“Fee Letters”
means, collectively, the fee letters entered into from time to time among the Parent Borrower and one or more of the Agents, Arrangers
and/or their Affiliates in respect of the Facilities.

 

“First Extended
Maturity Date” has the meaning specified in Section 2.15(a).

 

    	 	22	 

     

    

 

“Fitch”
means Fitch Ratings, Inc. and any successor thereto.

 

“Foreign
Borrower” means any borrower under this Agreement, including Ventas SSL II, Ventas SSL III, Ventas Canada Finance Limited,
organized in any jurisdiction other than the United States (or any political subdivision thereof).

 

“Foreign
Lender” means any Lender that is organized under the Laws of a jurisdiction other than that in which the Borrower to
which such Lender has made any Loan or L/C Advance hereunder is a 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.

 

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

 

“Fronting
Exposure” means, at any time there is a Defaulting Lender, with respect to the L/C Issuers, an amount equal to such
Defaulting Lender’s Applicable Percentage of the outstanding L/C Obligations, less the amount of such L/C Obligations as
to which such Defaulting Lender has funded its participation obligation or 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.

 

“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.

 

“GAAP”
means generally accepted accounting principles in the United States set forth 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 such other principles as may be approved by a significant segment of the accounting profession in
the United States, that are applicable to the circumstances as of the date of determination, consistently applied.

 

“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 any
supra-national bodies such as the European Union or the European Central Bank).

 

“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 or other obligation payable or performable by another Person (the “primary obligor”)
in any manner, whether directly or indirectly, and including any payment 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 or other obligation of any other Person, whether or not such Indebtedness or other obligation is assumed
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.

 

    	 	23	 

     

    

 

“Guaranteed
Obligations” has the meaning given to such term in Section 11.01.

 

“Guarantor”
means Ventas and any other Person that guarantees the Obligations.

 

“Guaranty”
means the guaranty of the Obligations by the Guarantor pursuant to Article XI hereof.

 

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

 

“Honor Date”
has the meaning set forth in Section 2.03(b)(v).

 

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

 

“Increase
Effective Date” has the meaning set forth in Section 2.16(d).

 

“Incremental
Facilities” has the meaning set forth in Section 2.16(a).

 

“Incremental
Revolving Increase” has the meaning set forth in Section 2.16(a).

 

“Incremental
Term Commitment” means, as to each Term Lender, its obligation to make Term Loans to the Borrowers pursuant to Section 2.01(b)(i) in
an aggregate principal amount at any one time outstanding not to exceed the amount set forth in the applicable Incremental Term
Loan Facility Documents or in the Assignment and Assumption or New Lender Joinder Agreement pursuant to which such Term Lender
becomes a party hereto, as applicable, as such amount may be adjusted from time to time in accordance with this Agreement.

 

“Incremental
Term Loan Facility” has the meaning set forth in Section 2.16(a).

 

“Incremental
Term Loan Facility Documents” means, with respect to any Incremental Term Loan Facility, each agreement, instrument
and other document evidencing, securing, guaranteeing, or otherwise relating to such Incremental Term Loan Facility, including
any applicable New Lender Joinder Agreement.

 

“Indebtedness”
means (without duplication), at any time and with respect to any Person, 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, whether secured or unsecured, and all obligations of such Person evidenced by bonds,
debentures, notes, loan agreements or other similar instruments including, without limitation, recourse and non-recourse mortgage
debt;

 

(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;

 

    	 	24	 

     

    

 

(c)            aggregate
net obligations of such Person under Swap Contracts;

 

(d)            all
obligations of such Person to pay the deferred purchase price of property or services (other than trade accounts payable in the
ordinary course of business), excluding liabilities with respect to earnouts, reimbursements, true-ups and other similar
obligations incurred in connection with the purchase or sale of assets except to the extent such liabilities are required to appear
on a balance sheet prepared in accordance with GAAP;

 

(e)            indebtedness
(excluding prepaid interest thereon) secured by a Lien on property owned or 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, to the extent of the value of the property encumbered by such Lien;

 

(f)            capital
leases and Synthetic Lease Obligations;

 

(g)            all
obligations of such Person to purchase, redeem, retire, defease or otherwise make any payment in respect of any Equity Interest
in such Person at any time prior to the date that is six months after the latest Maturity Date at such time (other than obligations
that can solely be satisfied by delivery of Equity Interests of such Person), valued, in the case of a redeemable preferred interest,
at the liquidation preference thereof, and

 

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

 

For all purposes hereof,
(i) 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 (which shall be a positive number if such amount would be owed by a member of the Consolidated Group and
a negative number if such amount would be owed to a member of the Consolidated Group) and the net obligations under Swap Contracts
shall not be less than zero and (ii) the amount of any capital lease or Synthetic Lease Obligation as of any date shall be
deemed to be the amount of Attributable Indebtedness in respect thereof as of such date. Any liability will be excluded so long
as it is (1) secured by a letter of credit issued for the benefit of a Credit Party or other member of the Consolidated Group
in form and substance and from a financial institution reasonably acceptable to the Administrative Agent, but only to the extent
no Credit Party or other member of the Consolidated Group has liability therefor, (2) any obligation (including obligations
under so called “sandwich leases”) against which a third party indemnified any Credit Party or other member of the
Consolidated Group, or guarantees all loss suffered by any Credit Party or other member of the Consolidated Group on account thereof,
to the extent the indemnitor or guarantor has the financial wherewithal to satisfy its obligation, or (3) is otherwise acceptable
as a “Covered Liability” in the reasonable discretion of the Administrative Agent and the Required Lenders.

 

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

 

“Indemnitee”
has the meaning specified in Section 10.04(b).

 

“Initial
Revolving Maturity Date” has the meaning set forth in the definition of “Revolving Maturity Date”.

 

    	 	25	 

     

    

 

“Intangible
Assets” means assets of a Person and its Subsidiaries that are classified as intangible assets under GAAP, but excluding
interests in real estate that are classified as intangible assets in accordance with GAAP.

 

“Interest
Payment Date” means, (a) as to any Loan other than a Base Rate Loan, Canadian Prime Rate Loan or a Daily Floating
Rate Loan, the last day of each Interest Period applicable to such Loan and the applicable Maturity Date; provided, however,
that if any Interest Period for a Eurocurrency Rate Loan or a Negotiated Rate Loan exceeds three months, the respective dates
that fall every three months after the beginning of such Interest Period shall also be Interest Payment Dates; and (b) as
to any Base Rate Loan, any Canadian Prime Rate Loan and any Daily Floating Rate Loan, the last Business Day of each calendar quarter
and the applicable Maturity Date.

 

“Interest
Period” means, (x) as to each Eurocurrency Rate Loan, the period commencing on the date such Eurocurrency Rate
Loan is disbursed or converted to or continued as a Eurocurrency Rate Loan and ending on the date one, two, three or six months
thereafter (in each case, subject to availability for the interest rate applicable to the relevant currency), as selected by the
Parent Borrower in the applicable Committed Loan Notice, or such other period that is twelve months or less requested by the Parent
Borrower and consented to by all the Lenders providing such Eurocurrency Rate Loan and (y) as to each Negotiated Rate Loan,
the period commencing on the date such Negotiated Rate Loan is disbursed and ending on the date not more than one hundred eighty
(180) days thereafter as selected by the Parent Borrower in the applicable Negotiated Rate Loan Notice; provided that:

 

(i)            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;

 

(ii)            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

 

(iii)            with
respect to any Interest Period of one month or greater, the Parent Borrower may specify in the applicable Committed Loan Notice
an alternative date as the last day of such Interest Period, which date shall be a Business Day not more than three (3) Business
Days prior to or following the date that such Interest Period would otherwise end pursuant to the preceding clauses (i) and
(ii) (but in no event shall such alternative date be a date in a later calendar month); and

 

(iv)            no
Interest Period shall, with respect to any Loan, extend beyond the applicable 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 capital stock 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 Guarantees 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 that constitute a business unit. 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.

 

    	 	26	 

     

    

 

“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 an L/C Issuer and a Borrower (or any Subsidiary) or in favor of such L/C Issuer and relating to any such Letter
of Credit.

 

“Joint Venture”
means any Person in which any member of the Consolidated Group directly or indirectly has an ownership interest but is not a Subsidiary.

 

“JPMorgan
Chase Bank” means JPMorgan Chase Bank, N.A. and its successors.

 

“Judgment
Currency” has the meaning specified in Section 10.19.

 

“Laws”
means, collectively, all international, foreign, Federal, state, provincial, territorial and local statutes, treaties, rules,
guidelines, regulations, ordinances, codes, executive orders 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 Dollar Tranche Lender, such Dollar Tranche Lender’s funding of its participation in any L/C
Borrowing in accordance with its Applicable Percentage. All L/C Advances shall be denominated in Dollars.

 

“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 Committed Borrowing. All L/C Borrowings shall be denominated in Dollars.

 

“L/C Commitment”
means, with respect to each L/C Issuer, the commitment of such L/C Issuer to issue Letters of Credit hereunder. The initial amount
of each L/C Issuer’s L/C Commitment is set forth on Schedule 2.01, or if an L/C Issuer has entered into an Assignment
and Assumption or has otherwise assumed an L/C Commitment after the Closing Date, the amount set forth for such L/C Issuer as
its L/C Commitment in the Register maintained by the Administrative Agent. The L/C Commitment of an L/C Issuer may be modified
from time to time by agreement between such L/C Issuer and the Parent 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 Draw
Notice” has the meaning specified in Section 2.03(b)(v).

 

    	 	27	 

     

    

 

“L/C Issuers”
means, collectively, Bank of America and JPMorgan Chase Bank, in each case in its capacity as an 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 1.09.
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 Article 29(a) of the UCP or Rule 3.13 or Rule 3.14
of the ISP or similar terms of the Letter of Credit itself, or if compliant documents have been presented but not yet honored,
such Letter of Credit shall be deemed to be “outstanding” and “undrawn” in the amount so remaining available
to be paid, and the obligations of the Borrowers and each Lender shall remain in full force and effect until the L/C Issuers and
the Lenders shall have no further obligations to make any payments or disbursements under any circumstances with respect to any
Letter of Credit.

 

“L/C Reimbursement
Date” has the meaning specified in Section 2.03(b)(v).

 

“Lender”
has the meaning specified in the introductory paragraph hereto. The term “Lender” may also be used to refer to a Revolving
Lender or a Lender under an Incremental Term Loan Facility.

 

“Lending
Office” means, as to any Lender, the office or offices of such Lender described as such in such Lender’s Administrative
Questionnaire, or such other office or offices as a Lender may from time to time notify the Parent Borrower and the Administrative
Agent, which office may include any Affiliate of such Lender or any domestic or foreign branch of such Lender or such Affiliate.
Unless the context otherwise requires each reference to a Lender shall include its applicable Lending Office.

 

“Letter of
Credit” means any standby letter of credit issued hereunder and shall include the Existing Letters of Credit. Letters
of Credit may be issued in Dollars or in an Alternative Currency.

 

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

 

“Letter of
Credit Expiration Date” means the date that is the fifth (5th) day prior to the Revolving Maturity Date then
in effect (or, if such day is not a Business Day, the next preceding Business Day).

 

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

 

“Letter of
Credit Sublimit” means an amount equal to the lesser of the aggregate amount of all Lenders’ Dollar Tranche Commitments
and $200,000,000. The Letter of Credit Sublimit is part of, and not in addition to, the Aggregate Revolving Commitments and the
aggregate Dollar Tranche Commitments.

 

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

 

    	 	28	 

     

    

 

“LIBOR Daily
Floating Rate” means, for any day, a fluctuating rate of interest per annum equal to LIBOR, or a comparable or successor
rate, which rate is approved by the Administrative Agent, 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), at
or about 11:00 a.m., London time, two (2) London Banking Days prior to such day, for Dollar deposits with a term of one (1) month
commencing that day; provided that to the extent a comparable or successor rate is approved by the Administrative Agent
in connection herewith, the approved rate will be applied in a manner consistent with market practice; provided, further, that
to the extent such market practice is not administratively feasible for the Administrative Agent, such approved rate will be applied
in a manner as otherwise reasonably determined by the Administrative Agent; provided, further, if the LIBOR Daily
Floating Rate shall be less than zero, such rate shall be deemed to be zero.

 

“LIBOR Quoted
Currency” means Dollars, Sterling, Yen and Swiss Franc, in each case as long as there is a published LIBOR rate with
respect thereto.

 

“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 other), 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).

 

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

 

“Loan Documents”
means this Agreement, each Note, each Issuer Document, each Borrower Joinder Agreement, each Sustainability Metric Annual Certificate,
each Fee Letter, any agreement creating or perfecting rights in Cash Collateral pursuant to the provisions of Section 2.17
and any amendments, modifications or supplements hereto or to any other Loan Document or waivers hereof or to any other Loan
Document.

 

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

 

    	 	29	 

     

    

 

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

 

“Material
Adverse Effect” means any event or condition that (a) has a material adverse effect on the business, assets, properties,
operations or financial condition of the Credit Parties and their Subsidiaries taken as a whole or (b) materially impairs
the ability of the Credit Parties as a whole to perform their material obligations under any Loan Document; provided, however,
that any event or condition will be deemed to have a “Material Adverse Effect” if such event or condition when taken
together with all other events and conditions occurring or in existence at such time (including all other events and conditions
which, but for the fact that a representation, warranty or covenant is subject to a “Material Adverse Effect” exception,
would cause such representation or warranty contained herein to be untrue or such covenant to be breached) would result in a “Material
Adverse Effect”, even though, individually, such event or condition would not do so.

 

“Material
Group” has the meaning specified in the definition of “Material Subsidiary”.

 

“Material
Lease” means any lease in which any member of the Consolidated Group is the landlord that individually or together with
such tenant’s other leases in which any member of the Consolidated Group is the landlord, requires annual base rent to be
paid to the Consolidated Group in excess of $100,000,000.

 

“Material
Recourse Indebtedness” means any Indebtedness of a Credit Party and/or any Subsidiary (other than Indebtedness hereunder
and Indebtedness under Swap Contracts) that (a) does not constitute Non-Recourse Indebtedness, and (b) individually
or in the aggregate, has a principal amount (including, without duplication, undrawn committed or available amounts and amounts
owing to all creditors under any combined or syndicated credit arrangement) of more than the Threshold Amount.

 

“Material
Subsidiary” means each Subsidiary or any group of Subsidiaries (i) which, as of the most recent fiscal quarter
of the Guarantor for which financial statements have been delivered pursuant to Section 6.01, contributed greater
than $100,000,000 of Consolidated EBITDA for the period of four consecutive fiscal quarters then ended or (ii) which contributed
greater than $300,000,000 of Consolidated Gross Asset Value as of such date. A group of Subsidiaries (a “Material Group”)
each of which is not otherwise a Material Subsidiary (defined in the foregoing sentence) shall constitute a Material Subsidiary
if the group taken as a single entity satisfies the requirements of the foregoing sentence.

 

“Maturity
Date” means, as applicable, the Revolving Maturity Date and/or with respect to any Incremental Term Loan Facility, subject
to Section 2.16(a), the date set forth in the applicable Incremental Term Loan Facility Documents as the “Maturity
Date” for such Term Facility or, if the applicable Incremental Term Loan Facility Documents fail to specify a “Maturity
Date”, the Maturity Date shall be the latest Maturity Date (giving effect to any available extension options) of any then
existing Facility; provided, however, that, in each case, if such date is not a Business Day, the Maturity Date
of such Incremental Term Loan Facility shall be the next preceding Business Day.

 

“Maximum
Rate” has the meaning specified in Section 10.09.

 

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

 

“Multicurrency
Revolving Commitment” means, as to each Lender, its obligation to make Revolving Loans to the Borrower pursuant to Section 2.01(c),
in Dollars and Alternative Currencies, in an aggregate principal amount at any one time outstanding the Dollar Equivalent of which
does not exceed the Dollar amount set forth opposite such Lender’s name in the column entitled “Multicurrency Revolving
Commitment” on Schedule 2.01 or in the Assignment and Assumption or New Lender Joinder Agreement 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.

 

    	 	30	 

     

    

 

 

“Multicurrency
Revolving Tranche Lender” means a Lender with a Multicurrency Revolving Commitment or an outstanding Multicurrency Revolving
Tranche Loan.

 

“Multicurrency
Revolving Tranche Loan” has the meaning specified in Section 2.01(c).

 

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

 

“Negotiated
Rate Borrowing” means one or more Negotiated Rate Loans made to a Borrower by one or more of the Revolving Lenders and
of which the Administrative Agent is given notice by a Negotiated Rate Loan Notice.

 

“Negotiated
Rate Funding Date” shall have the meaning set forth in Section 2.05(b).

 

“Negotiated
Rate Loan” shall have the meaning set forth in Section 2.05(a).

 

“Negotiated
Rate Loan Notice” means a notice of a Negotiated Rate Loan made pursuant to Section 2.05, which shall be
substantially in the form of Exhibit C 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, which as
of the Closing Date includes Bank of America’s CashPro Credit Portal), appropriately completed and signed by a Responsible
Officer of the Parent Borrower.

 

“Negotiated
Rate Sublimit” means an amount equal to fifty percent (50%) of the Aggregate Revolving Commitments, which shall
be available for negotiated rate advances. The Negotiated Rate Sublimit is part of, and not in addition to, the Aggregate Revolving
Commitments.

 

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

 

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

 

“Non-Recourse
Indebtedness” of a Person means any Indebtedness of such Person, the recourse for which is limited to assets of such
Person securing such Indebtedness (and, if applicable, in the event such Person owns no assets other than real estate that secures
such Indebtedness and assets incident to ownership of such real estate (e.g., personal property) and has no other Indebtedness,
to such Person and/or such Person’s Equity Interests), other than in respect of environmental liabilities, fraud, misrepresentation
and other similar matters.

 

“Notes”
means, collectively, (a) the Revolving Notes and (b) any promissory notes made by any Borrower in favor of a Term Lender
under an Incremental Term Loan Facility evidencing the Term Loans made by such Term Lender under such Incremental Term Loan Facility
substantially in a form agreed among the Borrowers, the Administrative Agent and the Appropriate Lenders, and “Note”
means any of them individually.

 

    	 	31	 

     

    

 

“Notice of
Loan Prepayment” means a notice of prepayment with respect to a Loan, which shall be substantially in the form of Exhibit I
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.

 

“Obligations”
means all advances to, and debts, liabilities, obligations, covenants and duties of the Borrowers arising under any Loan Document
or otherwise with respect to any Loan or Letter of Credit, whether direct or indirect (including those acquired by assumption),
absolute or contingent, due or to become due, now existing or hereafter arising and including (i) interest and fees that
accrue after the commencement by or against the Borrowers 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 and fees are allowed claims in such proceeding,
(ii) obligations of the Borrowers under any Swap Contract to which a Lender or any Affiliate of a Lender is a party and (iii) obligations
of the Borrowers under any Treasury Management Agreement with a Treasury Management Lender; provided, however, that the
 “Obligations” of a Credit Party shall exclude any Excluded Swap Obligations with respect to such Credit Party. Without
limiting the foregoing, the Obligations include (a) the obligation to pay principal, interest, Letter of Credit commissions,
charges, expenses, fees, indemnities and other amounts payable by any Credit Party under any Loan Document and (b) the obligation
of the Credit Parties to reimburse any amount in respect of any of the foregoing that the Administrative Agent or any Lender,
in each case to the extent permitted under this Agreement or any other Loan Document, may elect to pay or advance on behalf of
the Credit Parties.

 

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

 

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

 

“Original
Closing Date” means the Closing Date under and as defined in the Existing Credit Agreement.

 

“Original
Revolving Notes” means the “Revolving Notes” as defined in the Existing Credit Agreement.

 

“Other Connection
Taxes” means Taxes imposed as a result of a present or former connection between a 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 arising from any payment
made hereunder or under any other Loan Document or from the execution, delivery, performance, enforcement or registration of,
or from the receipt or perfection of a security interest under, or otherwise with respect to, this Agreement or any other Loan
Document except any such Taxes that are Other Connection Taxes (other than an assignment made pursuant to Section 3.06(b)).

 

    	 	32	 

     

    

 

“Outstanding
Amount” means (a) with respect to Revolving Loans (or any Type or Tranche thereof) and Negotiated Rate Loans on
any date, the Dollar Equivalent of the aggregate outstanding principal amount thereof after giving effect to any borrowings and
prepayments or repayments of Revolving Loans and Negotiated Rate Loans, as the case may be, occurring on such date; (b) with
respect to any L/C Obligations on any date, the Dollar Equivalent of the aggregate outstanding 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 or on behalf of the Borrowers of Unreimbursed
Amounts or any refinancings thereof; and (c) with respect to the Term Loans on any date, or to the Term Loans under any Incremental
Term Loan Facility on any date, the Dollar Equivalent of the aggregate outstanding principal amount thereof after giving effect
to any borrowings and prepayments or repayments of Term Loans occurring on such date.

 

“Overnight
Rate” means, for any day, (a) with respect to any amount denominated in Dollars, the greater of (i) the Federal
Funds Rate and (ii) an overnight rate determined by the Administrative Agent or the applicable L/C Issuer, as the case may
be, in accordance with banking industry rules on interbank compensation, and (b) with respect to any amount denominated
in an Alternative Currency, the rate of interest per annum at which overnight deposits in the applicable Alternative Currency,
in an amount approximately equal to the amount with respect to which such rate is being determined, would be offered for such
day by a branch or Affiliate of Bank of America in the applicable offshore interbank market for such currency to major banks in
such interbank market.

 

“Parent Borrower”
means Ventas Realty, Limited Partnership, a Delaware limited partnership.

 

“Participant”
has the meaning specified in Section 10.06(d).

 

“Participant
Register” has the meaning specified in Section 10.06(d).

 

“Participating
Member State” means each state so described in any EMU Legislation.

 

“Patriot
Act” has the meaning specified in Section 10.17.

 

“PBGC”
means the Pension Benefit Guaranty Corporation.

 

“Pension
Plan” means any “employee pension benefit plan” (as such term is defined in Section 3(2) of ERISA),
other than a Multiemployer Plan, that is subject to Title IV of ERISA and is sponsored or maintained by the Parent Borrower
or any ERISA Affiliate or to which the Parent Borrower or any ERISA Affiliate contributes or has an obligation to contribute,
or in the case of a multiple employer or other plan described in Section 4064(a) of ERISA, has made contributions at
any time during the immediately preceding five plan years.

 

“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” (as such term is defined in Section 3(3) of ERISA) established by the
Parent Borrower or, with respect to any such plan that is subject to Section 412 of the Code or Title IV of ERISA, any
ERISA Affiliate.

 

    	 	33	 

     

    

 

“Platform”
has the meaning specified in Section 6.02.

 

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

 

“Pro Forma
Basis” means, for purposes of determining Consolidated EBITDA, Consolidated Fixed Charges, Consolidated Interest Expense,
Consolidated Net Income and any financial covenant hereunder, that the subject transaction shall be deemed to have occurred as
of the first day of the period of four (4) consecutive fiscal quarters ending as of the end of the most recent fiscal quarter
for which annual or quarterly financial statements shall have been delivered in accordance with the provisions of this Agreement.
Further, for purposes of making calculations on a “Pro Forma Basis” hereunder, (a) in the case of a Disposition,
(i) income statement items (whether positive or negative) attributable to the property, entities or business units that are
the subject of such Disposition shall be excluded to the extent relating to any period prior to the date of the subject transaction,
and (ii) Indebtedness paid or retired in connection with the subject transaction shall be deemed to have been paid and retired
as of the first day of the applicable period; (b) in the case of an acquisition, development or redevelopment, (i) income
statement items (whether positive or negative) attributable to the property, entities or business units that are the subject of
such acquisition, development or redevelopment shall be included to the extent relating to any period prior to the date of the
subject transaction, and (ii) Indebtedness incurred in connection with the subject transaction shall be deemed to have been
incurred as of the first day of the applicable period (and interest expense shall be imputed for the applicable period utilizing
the actual interest rates thereunder or, if actual rates are not ascertainable, assuming prevailing interest rates hereunder)
and (c) in the case of the issuance or exercise of Equity Interests, Indebtedness paid or retired in connection therewith
shall be deemed to have been paid and retired as of the first day of the applicable 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.

 

“Qualified
ECP Guarantor” means, at any time, each Credit 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.

 

“Rate Determination
Date” means two (2) Business Days prior to the commencement of the applicable Interest Period (or such other day
as is generally treated as the rate fixing day by market practice in such interbank market, as determined by the Administrative
Agent); provided that to the extent such market practice is not administratively feasible for the Administrative Agent,
then “Rate Determination Date” means such other day as otherwise reasonably determined by the Administrative Agent.

 

“Recipient”
means (a) the Administrative Agent, (b) any Lender or (c) any L/C Issuer, as applicable.

 

“Register”
has the meaning specified in Section 10.06(c).

 

“REIT”
means a real estate investment trust as defined in Sections 856-860 of the Code.

 

“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:

 

    	 	34	 

     

    

 

(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).

 

“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.

 

“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 30-day
notice period has been waived.

 

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

 

“Required
Incremental Term Loan Facility Lenders” means, as of any date of determination, with respect to any Incremental Term
Loan Facility, Lenders holding more than 50% of the Outstanding Amount of Loans under such Incremental Term Loan Facility on such
date; provided that the portion of such Incremental Term Loan Facility held by any Defaulting Lender shall be excluded
for purposes of making a determination of Required Incremental Term Loan Facility Lenders.

 

“Required
Lenders” means, as of any date of determination, Lenders holding more than 50% of the sum of the (a) Total Outstandings
(with the aggregate amount of each Revolving Lender’s risk participation and funded participation in L/C Obligations being
deemed “held” by such Revolving Lender for purposes of this definition) and (b) aggregate unused Revolving Commitments;
provided that the unused Revolving Commitment of, and the portion of the Total Outstandings held or deemed held by, any
Defaulting Lender shall be excluded for purposes of making a determination of the Required Lenders.

 

“Required
Revolving Lenders” means, as of any date of determination, (a) Revolving Lenders having more than fifty percent
(50%) of the Aggregate Revolving Commitments or (b) if the commitment of each Revolving Lender to make Revolving Loans and
the obligation of the L/C Issuers to make L/C Credit Extensions have been terminated pursuant to Section 8.02, Revolving
Lenders holding in the aggregate more than fifty percent (50%) of the Total Revolving Outstandings (with the aggregate amount
of each Revolving Lender’s risk participation and funded participation in L/C Obligations being deemed “held”
by such Revolving Lender for purposes of this definition); provided that any Revolving Commitment of, and the portion of
the Total Revolving Outstandings (including risk participations in Letters of Credit) held or deemed held by, any Defaulting Lender
shall be excluded for purposes of making a determination of the Required Revolving Lenders.

 

    	 	35	 

     

    

 

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

 

“Responsible
Officer” means the chief executive officer, president, chief financial officer, any executive vice president, any vice
president, and the treasurer of any Credit Party or any entity authorized to act on behalf of a Credit Party, solely for purposes
of the delivery of incumbency certificates pursuant to Section 4.01, the secretary or any assistant secretary of a
Credit Party or any entity authorized to act on behalf of a Credit Party and, solely for purposes of notices given pursuant to
Article II, any other officer or employee of the applicable Credit Party or entity authorized to act on behalf of a Credit
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 Credit Party or entity authorized on behalf of such Credit Party designated in or pursuant to an agreement between
the applicable Credit Party or entity authorized on behalf of such Credit Party and the Administrative Agent. Any document delivered
hereunder that is signed by a Responsible Officer shall be conclusively presumed to have been authorized by all necessary corporate,
partnership and/or other action on the part of such Credit Party and such Responsible Officer shall be conclusively presumed to
have acted on behalf of such Credit Party. Unless otherwise specified, all references herein to a “Responsible Officer”
shall refer to a Responsible Officer of the Parent Borrower.

 

“Restricted
Payment” means any payment (whether in cash, securities or other property), including any sinking fund or similar deposit,
on account of the purchase, redemption, retirement, acquisition, cancellation or termination of the Guarantor’s Equity Interests,
or on account of any return of capital to the Guarantor’s stockholders, partners or members (or the equivalent Person thereof);
provided that dividends to the extent in the form of Equity Interests shall not constitute Restricted Payments.

 

“Revaluation
Date” means (a) with respect to any Revolving Loan, each of the following: (i) each date of a Borrowing of
a Eurocurrency Rate Loan denominated in an Alternative Currency, (ii) each date of a continuation of a Eurocurrency Rate
Loan denominated in an Alternative Currency pursuant to Section 2.02, and (iii) such additional dates as the
Administrative Agent shall determine or the Required Lenders shall require; (b) with respect to any Negotiated Rate Loan
denominated in a currency other than Dollars, each of the following: (i) each date of a Borrowing of a Negotiated Rate Loan
denominated in a currency other than Dollars, (ii) each date of a continuation of a Negotiated Rate Loan denominated in a
currency other than Dollars, and (iii) such additional dates as the Administrative Agent shall determine or the applicable
Revolving Lenders shall require; and (c) with respect to any Letter of Credit denominated in an Alternative Currency, each
of the following: (i) each date of issuance of such Letter of Credit, (ii) each date of an amendment of such Letter
of Credit having the effect of increasing the amount thereof, (iii) each date of any payment by the applicable L/C Issuer
under such Letter of Credit and (iv) such additional dates as the Administrative Agent or the applicable L/C Issuer shall
determine or the Required Lenders shall require.

 

“Revolving
Commitment” means, as to each Lender, its obligation to (a) make Revolving Loans to the Borrowers pursuant to Section 2.01,
and (b) in the case of a Dollar Tranche Lender, purchase participations in L/C Obligations, in an aggregate principal amount
at any one time outstanding the Dollar Equivalent of which does not exceed the Dollar amount set forth opposite such Lender’s
name in the column entitled “Revolving Commitment” on Schedule 2.01 or in the Assignment and Assumption
or the New Lender Joinder Agreement 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.

 

    	 	36	 

     

    

 

“Revolving
Credit Facility” means, at any time, the Aggregate Revolving Commitments (inclusive of the Alternative Currency Commitments
and Multicurrency Revolving Commitments) at such time.

 

“Revolving
Lender” means a Lender with a Revolving Commitment or an outstanding Revolving Loan or an outstanding Negotiated Rate
Loan and, as the context requires, includes the L/C Issuers.

 

“Revolving
Loan” means any extension of credit by a Revolving Lender to the Borrowers under the Revolving Credit Facility in the
form of a Dollar Tranche Loan, an Alternative Currency Tranche Loan or a Multicurrency Revolving Tranche Loan and includes Loans
pursuant to Section 2.03.

 

“Revolving
Maturity Date” means January 29, 2025 (the “Initial Revolving Maturity Date”), subject to extension
in accordance with Section 2.15.

 

“Revolving
Note” means a promissory note made by the Borrowers in favor of a Revolving Lender evidencing Revolving Loans made by
such Lender, substantially in the form of Exhibit D-1.

 

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

 

“Same Day
Funds” means (a) with respect to disbursements and payments in Dollars, immediately available funds, and (b) with
respect to disbursements and payments in an Alternative Currency, same day or other funds as may be determined by the Administrative
Agent or an L/C Issuer, as the case may be, to be customary in the place of disbursement or payment for the settlement of international
banking transactions in the relevant Alternative Currency.

 

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

 

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

 

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

 

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

 

“Senior Managing
Agents” means each of BNP Paribas, Bank of Montreal, Capital One, National Association and Truist Bank, in their capacity
as Senior Managing Agents.

 

“Significant
Acquisition” means the acquisition (in one or a series of related transactions) of all or substantially all of the assets
or Equity Interests of a Person or any division, line of business or business unit of a Person for an aggregate consideration
in excess of $450,000,000.

 

“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.

 

    	 	37	 

     

    

 

“Special
Notice Currency” means at any time an Alternative Currency, other than the currency of a country that is a member of
the Organization for Economic Cooperation and Development at such time located in North America or Europe.

 

“Specified
Loan Party” has the meaning provided in Section 11.07.

 

“Spot Rate”
for a currency means the rate determined by the Administrative Agent or the applicable L/C Issuer, as the case may be, to be the
rate quoted by the Person acting in such capacity as the spot rate for the purchase by such Person of such currency with another
currency through its principal foreign exchange trading office at approximately 11:00 a.m. on the date two (2) Business
Days prior to the date as of which the foreign exchange computation is made; provided that the Administrative Agent or
the applicable L/C Issuer may obtain such spot rate from another financial institution designated by the Administrative Agent
or the applicable L/C Issuer if the Person acting in such capacity does not have as of the date of determination a spot buying
rate for any such currency; and provided, further that the applicable L/C Issuer may use such spot rate quoted on
the date as of which the foreign exchange computation is made in the case of any Letter of Credit denominated in an Alternative
Currency.

 

“Sterling”
and “£” mean the lawful currency of the United Kingdom.

 

“Subsidiary”
of a Person means a corporation, partnership, joint venture, limited liability company or other business entity the accounts of
which are consolidated with the accounts of such Person in the Person’s consolidated financial statements prepared in accordance
with GAAP. Unless otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries”
shall refer to a Subsidiary or Subsidiaries of Ventas.

 

“Successor
Rate” has the meaning specified in Section 3.03(f).

 

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

 

“Sustainability
Metric” means, with respect to any fiscal year of the Parent Borrower as determined as of December 31 of such fiscal
year, a fraction (expressed as a percentage), the numerator of which is the square footage of Boundary Properties that have current/active
ENERGY STAR®, LEED, IREM CSP, or other similarly recognized third-party green building certifications as of
such date, and the denominator of which is the total square footage of all Boundary Properties as of such date. A reference to
the “Sustainability Metric for a fiscal year” (or words of similar import) shall mean a reference to the Sustainability
Metric as of December 31 of such fiscal year.

 

    	 	38	 

     

    

 

“Sustainability
Metric 2020 Baseline” means the Sustainability Metric for the fiscal year of the Parent Borrower ended December 31,
2020, which percentage shall be certified by the Parent Borrower pursuant to Section 4.01(a)(vii).

 

“Sustainability
Metric Annual Certificate” means a certificate substantially in the form of Exhibit H (or such other form
as may be approved by the Administrative Agent) and signed by a Responsible Officer; provided that the Parent Borrower
may, but shall not be required to, include a certification regarding whether or not the Sustainability Metric Election Threshold
has been satisfied as of December 31 of the then most recently ended fiscal year (commencing with the fiscal year ending
December 31, 2021) in any Compliance Certificate delivered by the Parent Borrower from time to time pursuant to Section 6.02(a),
and any Compliance Certificate containing such a certification shall be deemed to be the Sustainability Metric Annual Certificate
for the fiscal year most recently ended prior to the delivery of such Compliance Certificate.

 

“Sustainability
Metric Election Threshold” means, with respect to any fiscal year of the Parent Borrower listed in the first column
of the table set forth below, a percentage equal to the sum of the Sustainability Metric 2020 Baseline, plus the number of percentage
points specified opposite such fiscal year in the table below.

 

	Fiscal Year	 	Sustainability
    Metric 
Growth Percentage	 
	2021	 	3.00	%
	2022	 	6.00	%
	2023	 	9.00	%
	2024 and thereafter	 	12.00	%

 

“Sustainability
Metric Pricing Grid” has the meaning specified in the definition of “Applicable Rate”.

 

“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 (as defined below), 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 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).

 

    	 	39	 

     

    

 

“Swiss Franc”
means the lawful currency of Switzerland.

 

“Syndication
Agent” means JPMorgan Chase Bank in its capacity as Syndication Agent.

 

“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) any similar off-balance sheet financing product that is considered borrowed money indebtedness
for tax purposes but classified as an operating lease under GAAP.

 

“TARGET2”
means the Trans-European Automated Real-time Gross Settlement Express Transfer payment system which utilizes a single shared platform
and which was launched on November 19, 2007.

 

“TARGET Day”
means any day on which TARGET2 (or, if such payment system ceases to be operative, such other payment system, if any, determined
by the Administrative Agent to be a suitable replacement) is open for the settlement of payments in Euro.

 

“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 Borrowing”
means a borrowing consisting of simultaneous Term Loans under an Incremental Term Loan Facility of the same Type and, in the case
of Eurocurrency Rate Loans, having the same Interest Period made by each of the Term Lenders participating in such Incremental
Term Loan Facility.

 

“Term Facilities”
means each Incremental Term Loan Facility.

 

“Term Lender”
means a Lender that holds a Term Loan under an Incremental Term Loan Facility.

 

“Term Loan”
means each term loan made in connection with any Incremental Term Loan Facility.

 

“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 $150,000,000.

 

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

 

    	 	40	 

     

    

 

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

 

“Tranche”
means a category of Revolving Commitments and the related extensions of credit thereunder. For purposes hereof, each of the following
comprises a separate Tranche: (a) Alternative Currency Commitments and Alternative Currency Tranche Loans, (b) Multicurrency
Revolving Commitments and Multicurrency Revolving Tranche Loans, and (c) Dollar Tranche Commitments and Dollar Tranche Revolving
Credit Loans.

 

“Tranche
Required Lenders” means, as of any date of determination, with respect to matters relating to Alternative Currency Commitments
and Alternative Currency Tranche Loans only, Multicurrency Revolving Commitments and Multicurrency Revolving Tranche Loans only,
or Dollar Tranche Commitments (including the purchase of participations in L/C Obligations) and Dollar Tranche Loans only, (a) Revolving
Lenders having more than fifty percent (50%) of the aggregate amount of all Alternative Currency Commitments, all Multicurrency
Revolving Commitments or all Dollar Tranche Commitments, as the case may be, at such time or (b) if the commitment of each
Revolving Lender to make Revolving Loans and the obligation of the L/C Issuers to make L/C Credit Extensions have been terminated
pursuant to Section 8.02, Revolving Lenders holding in the aggregate more than fifty percent (50%) of the Total Revolving
Outstandings of such Tranche (with the aggregate amount of each Revolving Lender’s risk participation and funded participation
in L/C Obligations being deemed “held” by such Revolving Lender for purposes of this definition); provided that any
Alternative Currency Commitment, Multicurrency Revolving Commitment or Dollar Tranche Commitment, as applicable, of, and the portion
of the Total Revolving Outstandings (including risk participations in Letters of Credit) held or deemed held by, any Defaulting
Lender shall be excluded for purposes of making a determination of the Tranche Required Lenders.

 

“Treasury
Management Agreement” means any treasury, depository or cash management arrangements, services or products, including,
without limitation, overdraft services and automated clearinghouse transfers of funds.

 

“Treasury
Management Lender” means any Person that, at the time it enters into a Treasury Management Agreement, is a Lender or
an Affiliate of a Lender, in its capacity as a party to such Treasury Management Agreement.

 

“Type”
means, with respect to a Revolving Loan or a Term Loan, its character as a Base Rate Loan, Canadian Prime Rate Loan, Daily Floating
Rate Loan or Eurocurrency Rate Loan.

 

“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.

 

    	 	41	 

     

    

 

“Unfunded
Pension Liability” means the excess of a Pension Plan’s benefit liabilities under Section 4001(a)(16) of
ERISA, over the current value of that Pension Plan’s assets, determined in accordance with the assumptions used for funding
the Pension Plan pursuant to Section 412 of the Code for the applicable plan year.

 

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

 

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

 

“Ventas”
means Ventas, Inc., a Delaware corporation, and its permitted successors.

 

“Wholly-Owned
Subsidiary” means any wholly-owned Subsidiary of the Guarantor that is not a special purpose entity.

 

“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.

 

“Yen”
and “¥” mean the lawful currency of Japan.

 

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
any Organization Document) shall be construed as referring to such agreement, instrument or other document as from time to time
amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set
forth herein 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, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules
to, the Loan Document in which such references appear, (v) any reference to any law shall include all statutory and regulatory
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 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.

 

    	 	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 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 Successor shall constitute a separate
Person hereunder (and each Division of any Person that is a Subsidiary, joint venture or any other like term shall also constitute
such a Person or entity).

 

(e)            For
purposes of any assets, liabilities or entities located in the Province of Québec and for all other purposes pursuant to
which the interpretation or construction of this Agreement may be subject to the laws of the Province of Québec or a court
or tribunal exercising jurisdiction in the Province of Québec, (a) “personal property” shall include “movable
property”, (b) “real property” or “real estate” shall include “immovable property”,
(c) “tangible property” shall include “corporeal property”, (d) “intangible property”
shall include “incorporeal property”, (e) “security interest”, “mortgage” and “lien”
shall include a “hypothec”, “right of retention”, “prior claim”, “reservation of ownership”
and a resolutory clause, (f) all references to filing, perfection, priority, remedies, registering or recording under the
Uniform Commercial Code or the Personal Property Security Act shall include publication under the Civil Code of Québec
and all references to releasing or terminating any Lien shall be deemed to include a release, discharge and mainlevée of
a hypothec, (g) all references to “perfection” of or “perfected” liens or security interest shall
include a reference to an “opposable” or “set up” hypothec as against third parties, (h) any “right
of offset”, “right of setoff” or similar expression shall include a “right of compensation”, (i) “goods”
shall include “corporeal movable property” other than chattel paper, documents of title, instruments, money and securities,
(j) an “agent” shall include a “mandatary”, (k) “construction liens” or “mechanics,
materialmen, repairmen, construction contractors or other like Liens” shall include “legal hypothecs” and “legal
hypothecs in favor of persons having taken part in the construction or renovation of an immovable”, (l) “joint
and several” shall include “solidary”, (m) “gross negligence or willful misconduct” shall be
deemed to be “intentional or gross fault”, (n) “beneficial ownership” shall include “ownership
on behalf of another as mandatary”, (o) “easement” shall include “servitude”, (p) “priority”
shall include “rank” or “prior claim”, as applicable, (q) “survey” shall include “certificate
of location and plan”, (r) “state” shall include “province”, (s) “fee simple title”
shall include “absolute ownership” and “ownership” (including ownership under a right of superficies),
(t) “accounts” shall include “claims”, (u) “legal title” shall include “holding
title on behalf of an owner as mandatory or prête-nom”, (v) “ground lease” shall include “emphyteusis”
or a “lease with a right of superficies”, as applicable, (w) “leasehold interest” shall include a
 “valid lease”, (x) “lease” shall include a “leasing contract”, (y) “guarantee”
and “guarantor” shall include “suretyship” and “surety”, respectively, and (z) “foreclosure”
shall include “the exercise of a hypothecary right”.

 

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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, Indebtedness of the Consolidated Group shall be deemed to be carried in accordance with GAAP, excluding
the effects of FASB ASC 825 on financial liabilities.

 

(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 Parent Borrower or the Required Lenders shall so request, the Administrative Agent, the Lenders
and the Parent 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 Parent
Borrower shall provide to the Administrative Agent 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. Without limiting the foregoing, leases shall continue to be classified and accounted
for on a basis consistent with that reflected in the Audited Financial Statements for all purposes of this Agreement, notwithstanding
any change in GAAP relating thereto, unless the parties hereto shall enter into a mutually acceptable amendment addressing such
changes, as provided for above.

 

(c)            Pro
Forma Basis. Determinations of compliance with the financial covenants hereunder shall be made on a Pro Forma Basis.

 

1.04            Rounding.

 

Any financial ratios
required to be maintained by the Credit Parties 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            Exchange
Rates; Currency Equivalents.

 

(a)            The
Administrative Agent or the applicable L/C Issuer, as applicable, shall determine the Spot Rates as of each Revaluation Date to
be used for calculating Dollar Equivalents and/or Alternative Currency Equivalents of Credit Extensions and Outstanding Amounts
denominated in Alternative Currencies or Dollars. Such Spot Rates shall become effective as of such Revaluation Date and shall
be the Spot Rates employed in converting any amounts between the applicable currencies until the next Revaluation Date to occur.
Except for purposes of financial statements delivered by the Credit Parties hereunder or calculating financial covenants hereunder
or except as otherwise provided herein, the applicable amount of any currency (other than Dollars) for purposes of the Loan Documents
shall be its Dollar Equivalent as so determined by the Administrative Agent or the applicable L/C Issuer, as applicable.

 

(b)            Wherever
in this Agreement in connection with a Committed Borrowing, Negotiated Rate Borrowing, conversion, continuation or prepayment
of a Eurocurrency Rate Loan, prepayment of a Negotiated Rate Loan or Canadian Prime Rate Loan, or the issuance, amendment or extension
of a Letter of Credit, an amount, such as a required minimum or multiple amount, is expressed in Dollars, but such Committed Borrowing,
Negotiated Rate Borrowing, Eurocurrency Rate Loan, Negotiated Rate Loan, Canadian Prime Rate Loan or Letter of Credit is denominated
in an Alternative Currency, such amount shall be the relevant Alternative Currency Equivalent of such Dollar amount (rounded to
the nearest unit of such Alternative Currency, with 0.5 of a unit being rounded upward), as determined by the Administrative Agent
or the applicable L/C Issuer, as the case may be.

 

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1.06            Additional
Alternative Currencies.

 

(a)            The
Borrowers may from time to time request that Revolving Loans to be made as Eurocurrency Rate Loans be made and/or Letters of Credit
be issued in a currency other than those specifically listed in the definition of “Alternative Currency”; provided
that such requested currency is a lawful currency (other than Dollars) that is readily available and freely transferable and
convertible into Dollars. In the case of any such request with respect to the making of Revolving Loans as Eurocurrency Rate Loans,
such request shall be subject to the approval of the Administrative Agent, each Alternative Currency Tranche Lender and each Multicurrency
Revolving Tranche Lender; and in the case of any such request with respect to the issuance of Letters of Credit, such request
shall be subject to the approval of the Administrative Agent and the applicable L/C Issuer issuing such Letter of Credit.

 

(b)            Any
such request shall be made to the Administrative Agent not later than 11:00 a.m., twenty (20) Business Days prior to
the date of the desired Credit Extension (or such other time or date (but not less than eleven (11) Business Days prior) as may
be agreed by the Administrative Agent and, in the case of any such request pertaining to Letters of Credit, the applicable L/C
Issuer, in its or their sole discretion). In the case of any such request pertaining to Revolving Loans to be made as Eurocurrency
Rate Loans, the Administrative Agent shall promptly notify each Alternative Currency Tranche Lender and each Multicurrency Revolving
Tranche Lender thereof; and in the case of any such request pertaining to Letters of Credit, the Administrative Agent shall promptly
notify each L/C Issuer thereof. Each Alternative Currency Tranche Lender and each Multicurrency Revolving Tranche Lender (in the
case of any such request pertaining to Revolving Loans to be made as Eurocurrency Rate Loans) or the applicable L/C Issuer (in
the case of a request pertaining to Letters of Credit) shall notify the Administrative Agent, not later than 11:00 a.m.,
ten (10) Business Days after receipt of such request whether it consents, in its sole discretion, to the making of such Eurocurrency
Rate Loans or the issuance of Letters of Credit, as the case may be, in such requested currency.

 

(c)            Any
failure by an Alternative Currency Tranche Lender, a Multicurrency Revolving Tranche Lender or an L/C Issuer, as the case may
be, to respond to such request within the time period specified in the preceding sentence shall be deemed to be a refusal by such
Lender or L/C Issuer, as the case may be, to permit Revolving Loans to be made as Eurocurrency Rate Loans, or Letters of Credit
to be issued, in such requested currency. If the Administrative Agent, the Alternative Currency Tranche Lenders and the Multicurrency
Revolving Tranche Lenders consent to making Eurocurrency Rate Loans in such requested currency, the Administrative Agent shall
so notify the Parent Borrower and the Revolving Lenders and (i) the Administrative Agent and the Revolving Lenders may amend
the definition of Eurocurrency Rate for any non-LIBOR Quoted Currency to the extent necessary to add the applicable Eurocurrency
Rate for such currency and (ii) to the extent the definition of Eurocurrency Rate reflects the appropriate interest rate
for such currency or has been amended to reflect the appropriate rate for such currency, such currency shall thereupon be deemed
for all purposes to be an Alternative Currency hereunder for purposes of any Committed Borrowings of Eurocurrency Rate Loans;
and if the Administrative Agent and any L/C Issuer consent to the issuance of Letters of Credit in such requested currency, the
Administrative Agent shall so notify the Parent Borrower and the Revolving Lenders and (i) the Administrative Agent and such
L/C Issuer may amend the definition of Eurocurrency Rate for any non-LIBOR Quoted Currency to the extent necessary to add the
applicable Eurocurrency Rate for such currency and (ii) to the extent the definition of Eurocurrency Rate reflects the appropriate
interest rate for such currency or has been amended to reflect the appropriate rate for such currency, such currency shall thereupon
be deemed for all purposes to be an Alternative Currency hereunder, for all purposes with respect to Letters of Credit issued
solely by such L/C Issuer. If the Administrative Agent shall fail to obtain consent from any Alternative Currency Tranche Lender
to any request for an additional currency under this Section 1.06, the Administrative Agent shall promptly so notify
the Parent Borrower, the Alternative Currency Tranche Lenders and the Multicurrency Revolving Tranche Lenders.

 

    	 	45	 

     

    

 

 

1.07         Change
of Currency.

 

(a)            Each
obligation of the Borrowers to make a payment denominated in the national currency unit of any member state of the European Union
that adopts the Euro as its lawful currency after the date hereof shall be redenominated into Euro at the time of such adoption
(in accordance with the EMU Legislation). If, in relation to the currency of any such member state, the basis of accrual of interest
expressed in this Agreement in respect of that currency shall be inconsistent with any convention or practice in the London interbank
market for the basis of accrual of interest in respect of the Euro, such expressed basis shall be replaced by such convention
or practice with effect from the date on which such member state adopts the Euro as its lawful currency; provided that
if any Committed Borrowing in the currency of such member state is outstanding immediately prior to such date, such replacement
shall take effect, with respect to such Committed Borrowing, at the end of the then current Interest Period.

 

(b)            Each
provision of this Agreement shall be subject to such reasonable changes of construction as the Administrative Agent may from time
to time specify to be appropriate to reflect the adoption of the Euro by any member state of the European Union and any relevant
market conventions or practices relating to the Euro.

 

(c)            Each
provision of this Agreement also shall be subject to such reasonable changes of construction as the Administrative Agent may from
time to time specify to be appropriate to reflect a change in currency of any other country and any relevant market conventions
or practices relating to such change in currency.

 

1.08         Times
of Day; Rates.

 

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

 

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 “Eurocurrency Rate” or “LIBOR Daily
Floating 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 Successor Rate) or the effect of any of the foregoing, or of any LIBOR Successor
Rate Conforming Changes or Successor Rate Conforming Changes, 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.

 

1.09         Letter
of Credit Amounts.

 

Unless otherwise specified
herein, the amount of a Letter of Credit at any time shall be deemed to be the Dollar Equivalent of 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 at any given time shall be deemed to be the Dollar Equivalent of the maximum stated amount
of such Letter of Credit after giving effect to all increases that are scheduled to occur at any time thereafter (notwithstanding
that such maximum stated amount is not in effect at such time).

 

    	 	46	 

     

    

 

1.10         Electronic
Execution of Assignments and Certain Other Documents.

 

This Agreement and
any document to be signed in connection with this Agreement and the transactions contemplated hereby (including, without limitation,
Assignments and Assumptions, amendments or other modifications, Committed Loan Notices, waivers and consents) may be in the form
of an Electronic Record and may be executed using Electronic Signatures, and the words “delivery,” “execute,”
 “execution,” “signed,” “signature,” and words of like import in or relating to any Loan Document
or any other document executed in connection with this Agreement and the transactions contemplated hereby or thereby (including
Assignment and Assumptions, amendments or other modifications, Committed Loan Notices, waivers and consents) shall be deemed to
include Electronic Signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved
by the Administrative Agent, or deliveries or the keeping of records in electronic form, each of which shall be of the same legal
effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping
system, as the case may be, to the extent and as provided for in any applicable Law, including the Federal Electronic Signatures
in Global and National Commerce Act, the 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,
but subject to the agreements set forth in Section 10.02, neither the Administrative Agent 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 or such Lender pursuant to procedures approved by it; provided further, that, without limiting the foregoing, (i) to
the extent the Administrative Agent or any Lender has agreed to accept such Electronic Signature, the Administrative Agent and
each of the Lenders shall be entitled to rely on any such Electronic Signature purportedly given by or on behalf of any Credit
Party without further verification and (ii) upon the request of any party, any Electronic Signature shall be promptly followed
by such manually executed 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.

 

Article II.

 

THE
COMMITMENTS AND CREDIT EXTENSIONS

 

2.01         Revolving
Commitments.

 

(a)            Dollar
Tranche Loans. Subject to the terms and conditions set forth herein, each Dollar Tranche Lender severally agrees to make revolving
loans (each such loan, a “Dollar Tranche Loan”) to the Borrowers in Dollars 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 Dollar Tranche
Commitment; provided, however, that after giving effect to any Committed Borrowing of Dollar Tranche Loans, (i) the
Total Revolving Outstandings shall not exceed the Aggregate Revolving Commitments, (ii) the aggregate Outstanding Amount
of the Dollar Tranche Loans, plus the Outstanding Amount of all L/C Obligations shall not exceed the aggregate amount of
all Dollar Tranche Commitments, (iii) the aggregate Outstanding Amount of the Revolving Loans of any Revolving Lender, plus
such Revolving Lender’s Applicable Percentage of the Outstanding Amount of all L/C Obligations shall not exceed such
Revolving Lender’s Revolving Commitment and (iv) the aggregate Outstanding Amount of the Dollar Tranche Loans of any
Revolving Lender, plus such Revolving Lender’s Applicable Percentage of the Outstanding Amount of all L/C Obligations shall
not exceed such Revolving Lender’s Dollar Tranche Commitment. Within the limits of each Revolving Lender’s Dollar
Tranche Commitment, and subject to the other terms and conditions hereof, the Borrowers may borrow under this Section 2.01,
prepay under Section 2.06, and reborrow under this Section 2.01. Dollar Tranche Loans may be Base Rate
Loans, Daily Floating Rate Loans or Eurocurrency Rate Loans, as further provided herein.

 

    	 	47	 

     

    

 

(b)            Alternative
Currency Tranche Loans. Subject to the terms and conditions set forth herein, each Alternative Currency Tranche Lender severally
agrees to make revolving loans (each such loan, an “Alternative Currency Tranche Loan”) to the Borrowers in
Dollars or in an Alternative Currency on any Business Day during the Availability Period, in an aggregate amount not to exceed
at any time outstanding the amount of such Revolving Lender’s Alternative Currency Commitment; provided, however,
that after giving effect to any Committed Borrowing of Alternative Currency Tranche Loans, (i) the Total Revolving Outstandings
shall not exceed the Aggregate Revolving Commitments, (ii) the aggregate Outstanding Amount of Alternative Currency Tranche
Loans shall not exceed the aggregate amount of all Alternative Currency Commitments, (iii) the aggregate Outstanding Amount
of the Revolving Loans of any Revolving Lender, plus such Revolving Lender’s Applicable Percentage of the Outstanding
Amount of all L/C Obligations shall not exceed such Revolving Lender’s Revolving Commitment, and (iv) the aggregate
Outstanding Amount of all Loans denominated in a currency other than Dollars shall not exceed the Alternative Currency Sublimit.
Within the limits of each Revolving Lender’s Revolving Commitment, and subject to the other terms and conditions hereof,
the Borrowers may borrow under this Section 2.01, prepay under Section 2.06, and reborrow under this Section 2.01.
Alternative Currency Tranche Loans may be Base Rate Loans, Daily Floating Rate Loans or Eurocurrency Rate Loans, as further provided
herein.

 

(c)            Multicurrency
Revolving Tranche Loans. Subject to the terms and conditions set forth herein, each Multicurrency Revolving Tranche Lender
severally agrees to make revolving loans (each such loan, an “Multicurrency Revolving Tranche Loan”) to the
Borrowers in Dollars or in an Alternative Currency on any Business Day during the Availability Period, in an aggregate amount
not to exceed at any time outstanding the amount of such Revolving Lender’s Multicurrency Revolving Commitment; provided,
however, that after giving effect to any Committed Borrowing of Multicurrency Revolving Tranche Loans, (i) the Total
Revolving Outstandings shall not exceed the Aggregate Revolving Commitments, (ii) the aggregate Outstanding Amount of Multicurrency
Revolving Tranche Loans shall not exceed the aggregate amount of all Multicurrency Revolving Commitments, (iii) the aggregate
Outstanding Amount of the Revolving Loans of any Revolving Lender, plus such Revolving Lender’s Applicable Percentage
of the Outstanding Amount of all L/C Obligations shall not exceed such Revolving Lender’s Revolving Commitment, and (iv) the
aggregate Outstanding Amount of all Loans denominated in a currency other than Dollars shall not exceed the Alternative Currency
Sublimit. Within the limits of each Revolving Lender’s Revolving Commitment, and subject to the other terms and conditions
hereof, the Borrowers may borrow under this Section 2.01, prepay under Section 2.06, and reborrow under
this Section 2.01. Multicurrency Revolving Tranche Loans may be Base Rate Loans, Canadian Prime Rate Loans, Daily
Floating Rate Loans or Eurocurrency Rate Loans, as further provided herein.

 

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2.02         Borrowings,
Conversions and Continuations of Loans.

 

(a)           Each
Committed Borrowing, each Term Borrowing, each conversion of Loans from one Type to the other, and each continuation of Eurocurrency
Rate Loans shall be made upon the Parent Borrower’s irrevocable notice to the Administrative Agent, which may be given by
(A) telephone, or (B) a Committed Loan Notice; provided that any telephonic notice must be confirmed promptly
by delivery to the Administrative Agent of a Committed Loan Notice. Each such notice must be received by the Administrative Agent
not later than (i) 12:00 Noon three (3) Business Days prior to the requested date of any Borrowing of, conversion to
or continuation of Eurocurrency Rate Loans denominated in Dollars or Canadian Dollars or of any conversion of Eurocurrency Rate
Loans denominated in Dollars to Base Rate Loans or Daily Floating Rate Loans, (ii) 12:00 Noon four (4) Business Days
(or five (5) Business Days in the case of a Special Notice Currency or Australian Dollars) prior to the requested date of
any Borrowing or continuation of Eurocurrency Rate Loans denominated in Alternative Currencies (other than Canadian Dollars),
(iii)  12:00 Noon on the requested date of any Borrowing of Base Rate Loans or Daily Floating Rate Loans and (iv)  11:00
a.m. on the requested date of any Borrowing of Canadian Prime Rate Loans; provided, however, that if the Parent
Borrower wishes to request Eurocurrency Rate Loans having an Interest Period other than one, two, three or six months in duration
as provided in the definition of “Interest Period,” the applicable notice must be received by the Administrative Agent
not later than 11:00 a.m. (i) four Business Days prior to the requested date of such Borrowing of, conversion to or
continuation of Eurocurrency Rate Loans denominated in Dollars or Canadian Dollars, or (ii) five Business Days (or six Business
Days in the case of a Special Notice Currency or Australian Dollars) prior to the requested date of such Borrowing or continuation
of Eurocurrency Rate Loans denominated in Alternative Currencies (other than Canadian Dollars), whereupon the Administrative Agent
shall give prompt notice to the Appropriate Lenders of such request and determine whether the requested Interest Period is acceptable
to all of them. Not later than 11:00 a.m., (i) three Business Days before the requested date of such Borrowing of, conversion
to or continuation of Eurocurrency Rate Loans denominated in Dollars or Canadian Dollars, or (ii) four Business Days (or
five Business days in the case of a Special Notice Currency) prior to the requested date of such Borrowing or continuation of
Eurocurrency Rate Loans denominated in Alternative Currencies (other than Canadian Dollars), the Administrative Agent shall notify
the Parent Borrower (which notice may be by telephone) whether or not the requested Interest Period has been consented to by all
the Appropriate Lenders. Each Borrowing of, conversion to or continuation of Eurocurrency Rate Loans shall be in a principal amount
the Dollar Equivalent of which is $1,000,000 or a whole multiple of $100,000 in excess thereof. Except as provided in Sections 2.03(b) and
2.04(c), each Borrowing of or conversion to Base Rate Loans, Canadian Prime Rate Loans or Daily Floating Rate Loans shall
be in a principal amount of $500,000 or CAD500,000, as applicable, or a whole multiple of $100,000 or CAD100,000, as applicable,
in excess thereof.

 

Each Committed Loan
Notice shall specify (i) the name of the Borrower, (ii) whether such Borrower is requesting a Committed Borrowing, a
Term Borrowing, a conversion of Loans from one Type to the other, or a continuation of Eurocurrency Rate Loans, (iii) the
requested date of the Borrowing, conversion or continuation, as the case may be (which shall be a Business Day), (iv) the
principal amount of Loans to be borrowed, converted or continued, (v) the Type and Class of Loans to be borrowed or
continued or to which existing Loans are to be converted, (vi) if applicable, the duration of the Interest Period with respect
thereto and (vii) the Tranche and currency of the Loans to be borrowed or continued. If the Parent Borrower fails to specify
a currency in a Committed Loan Notice with respect to a Committed Borrowing, then the applicable Loans shall be made in Dollars.
If the Parent Borrower requests a Revolving Loan but fails to specify a Tranche in any Committed Loan Notice, then the applicable
Loans shall be made as Dollar Tranche Loans if the request specifies Dollars (or does not specify a currency) and as Multicurrency
Revolving Tranche Loans if the request specifies an Alternative Currency or if no unused Dollar Tranche Commitment exists (or
as Alternative Currency Tranche Loans if no unused Dollar Tranche Commitment and Multicurrency Revolving Commitment exists). If
the Parent Borrower fails to specify a Type of Loan in a Committed Loan Notice with respect to a Committed Borrowing or if the
Parent Borrower fails to give a timely notice requesting a conversion or continuation of a Revolving Loan, then the applicable
Loans shall be made as, or converted to, Base Rate Loans; provided, however, that in the case of a failure to timely
request a continuation of Revolving Loans denominated in an Alternative Currency, such Loans shall be continued as Eurocurrency
Rate Loans in their original currency with an Interest Period of one month. If the Parent Borrower fails to specify a Type of
Loan in a Committed Loan Notice with respect to a Term Borrowing or if the Parent Borrower fails to give a timely notice requesting
a conversion or continuation of a Term Borrowing, 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 Eurocurrency Rate Loans. If the relevant Borrower requests a Borrowing of, conversion to, or continuation
of Eurocurrency Rate Loans in any such Committed Loan Notice, but fails to specify an Interest Period, it will be deemed to have
specified an Interest Period of one month. No Loan may be converted into or continued as a Loan denominated in a different currency
or in a different Tranche, but instead must be prepaid in the original currency of such Loan and reborrowed in the other currency
or reborrowed in a different Tranche to the extent permitted herein.

 

    	 	49	 

     

    

 

(b)            Following
receipt of a Committed Loan Notice, the Administrative Agent shall promptly notify each Appropriate Lender of the amount and currency
of its Applicable Percentage of the applicable Loans, and if no timely notice of a conversion or continuation is provided by the
Parent Borrower, the Administrative Agent shall notify each Lender of the details of any automatic conversion to Base Rate Loans
or continuation of Revolving Loans denominated in an Alternative Currency, in each case, described in the preceding subsection.
In the case of a Borrowing, each Appropriate Lender shall make the amount of its Loan available to the Administrative Agent in
Same Day Funds at the Administrative Agent’s Office for the applicable currency not later than 2:00 p.m., in the case of
Loans denominated in Dollars, and not later than the Applicable Time specified by the Administrative Agent in the case of any
Loan denominated in an Alternative Currency, in each case on the Business Day specified in the applicable Committed Loan Notice.
In any event, a Revolving Lender may cause an Affiliate to fund or make the amount of its Loan available in accordance with the
foregoing provisions. Upon satisfaction or waiver 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 relevant Borrower in like funds as received by the Administrative Agent either by (i) crediting the account
of the relevant Borrower (or the account of the Parent Borrower as agent for the relevant Borrower to the extent such funds are
in respect of Loans made to such other 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 Parent Borrower; provided, however, that if, on the date the Committed Loan Notice with respect to
such Borrowing denominated in Dollars is given by the Parent Borrower, there are L/C Borrowings outstanding, then the proceeds
of such Borrowing, first, shall be applied to the payment in full of any such L/C Borrowings, and, second, shall
be made available to the relevant Borrower as provided above.

 

(c)            Except
as otherwise provided herein, a Eurocurrency Rate Loan may be continued or converted only on the last day of an Interest Period
for such Eurocurrency Rate Loan. During the existence of an Event of Default, no Loans may be requested as, converted to or continued
as Eurocurrency Rate Loans (whether in Dollars or any Alternative Currency) if the Administrative Agent has notified the Parent
Borrower that the Required Lenders have determined that such a continuation or conversion is not appropriate, and the Required
Lenders may require that any or all of the then outstanding Eurocurrency Rate Loans denominated in an Alternative Currency be
prepaid, or redenominated into Dollars in the amount of the Dollar Equivalent thereof, on the last day of the then current Interest
Period with respect thereto.

 

(d)            The
Administrative Agent shall promptly notify the Parent Borrower and the applicable Lenders of the interest rate applicable to any
Interest Period for Eurocurrency Rate Loans upon determination of such interest rate.

 

(e)            After
giving effect to all Committed Borrowings, all Term Borrowings, all conversions of Loans from one Type to another, and all continuations
of Loans as the same Type, there shall not be more than twenty (20) Interest Periods in effect with respect to all Loans.

 

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2.03         Letters
of Credit.

 

(a)            The
Letter of Credit Commitment.

 

(i)            Subject
to the terms and conditions set forth herein, (A) each L/C Issuer agrees, in reliance upon the agreements of the Dollar Tranche
Lenders set forth in this Section 2.03, (1) from time to time on any Business Day during the period from the
Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit denominated in Dollars or in one or more Alternative
Currencies for the account of any Borrower, any other Credit Party or any of their Subsidiaries, and to amend Letters of Credit
previously issued by it, in accordance with subsection (b) below, and (2) to honor drawings under the Letters of
Credit issued by it; and (B) the Dollar Tranche Lenders severally agree to participate in Letters of Credit issued for the
accounts of the Credit Parties or their Subsidiaries and any drawings thereunder; provided that after giving effect to
any L/C Credit Extension with respect to any Letter of Credit, (x) the Total Revolving Outstandings shall not exceed the
Aggregate Revolving Commitments, (y) the aggregate Outstanding Amount of the Dollar Tranche Loans of any Revolving Lender,
plus such Revolving Lender’s Applicable Percentage of the Outstanding Amount of all L/C Obligations shall not exceed
such Revolving Lender’s Dollar Tranche Commitment and (z) the Outstanding Amount of the L/C Obligations shall not exceed
the Letter of Credit Sublimit. Each request by the Parent Borrower for the issuance or amendment of a Letter of Credit shall be
deemed to be a representation by the Borrowers that the L/C Credit Extension so requested complies with the conditions set forth
in the proviso to the preceding sentence. Within the foregoing limits, and subject to the terms and conditions hereof, the Borrowers’
ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrowers may, during the foregoing period,
obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed. The Existing
Letters of Credit shall be deemed to have been issued hereunder, and from and after the Closing Date shall be subject to and governed
by the terms and conditions hereof.

 

(ii)           No
L/C Issuer shall issue any Letter of Credit, if:

 

(A)            subject
to Section 2.03(b)(iii), the expiry date of such requested Letter of Credit would occur more than twelve (12)
months after the date of issuance, unless the Required Revolving Lenders have approved such expiry date; or

 

(B)            the
expiry date of such requested Letter of Credit would occur after the Letter of Credit Expiration Date, unless all of the Dollar
Tranche Lenders have approved such expiry date; provided that a Letter of Credit may expire up to one year beyond the Letter
of Credit Expiration Date so long as the Borrowers Cash Collateralize one hundred and five percent (105%) of the face amount of
such Letter of Credit no later than thirty (30) days prior to the Letter of Credit Expiration Date.

 

(iii)          No
L/C Issuer shall be under any obligation to issue any Letter of Credit if:

 

    	 	51	 

     

    

 

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

 

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

 

(D)            except
as otherwise agreed by the Administrative Agent and such L/C Issuer, such Letter of Credit is to be denominated in a currency
other than Dollars or an Alternative Currency;

 

(E)            such
L/C Issuer does not as of the issuance date of such requested Letter of Credit issue Letters of Credit in the requested currency;

 

(F)            such
Letter of Credit contains any provisions for automatic reinstatement of the stated amount after any drawing thereunder;

 

(G)            any
Revolving Lender is at such time a Defaulting Lender hereunder, unless such L/C Issuer has entered into arrangements, including
the delivery of Cash Collateral, reasonably satisfactory to such L/C Issuer (in its sole discretion) with the Borrowers or such
Defaulting Lender to eliminate such L/C Issuer’s actual or potential Fronting Exposure (after giving effect to Section 2.18(a)(iv))
with respect to such Defaulting Lender arising from either the Letter of Credit then proposed to be issued or such Letter of Credit
and all other L/C Obligations as to which such L/C Issuer has Fronting Exposure, as it may elect in its sole discretion; or

 

(H)            after
giving effect to any L/C Credit Extension with respect to such Letter of Credit, the L/C Obligations with respect to all Letters
of Credit issued by such L/C Issuer would exceed such L/C Issuer’s L/C Commitment; provided that, subject to the
limitations set forth in the proviso to Section 2.03(a)(i), any L/C Issuer in its sole discretion may issue Letters
of Credit in excess of such L/C Issuer’s L/C Commitment.

 

(iv)            No
L/C Issuer shall amend any Letter of Credit issued by it if such L/C Issuer would not be permitted at such time to issue such
Letter of Credit in its amended form under the terms hereof.

 

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

 

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(vi)            Each
L/C Issuer shall act on behalf of the Dollar Tranche Lenders with respect to any Letters of Credit issued by it and the documents
associated therewith, and each L/C Issuer shall have all of the benefits and immunities (A) provided to the Administrative
Agent in Article IX with respect to any acts taken or omissions suffered by such 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 Issuers with respect to such acts
or omissions, and (B) as additionally provided herein with respect to the L/C Issuers.

 

(b)           Procedures
for Issuance and Amendment of Letters of Credit; Auto-Extension Letters of Credit.

 

(i)            Each
Letter of Credit shall be issued or amended, as the case may be, upon the request of the Parent Borrower delivered to a single
L/C Issuer (with a copy to the Administrative Agent) in the form of a Letter of Credit Application, appropriately completed and
signed by a Responsible Officer; provided that all requests for Letters of Credit denominated in an Alternative Currency shall,
in the first instance, be directed to Bank of America in its capacity as an L/C Issuer, and, if Bank of America declines to issue
a Letter of Credit denominated in an Alternative Currency, the Parent Borrower may then deliver a request for such Letter of Credit
denominated in an Alternative Currency to another Letter of Credit Issuer; provided further that there shall not be more
than two Letter of Credit Issuers, in addition to Bank of America, with Letters of Credit outstanding in an Alternative Currency
at any time. Such Letter of Credit Application must be received by the applicable L/C Issuer and the Administrative Agent not
later than 11:00 a.m. at least two (2) Business Days (or such later date and time as the Administrative Agent and
such 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. In the case of a request for an initial issuance of a Letter of Credit, such Letter of Credit Application
shall specify in form and detail reasonably satisfactory to the applicable L/C Issuer: (A) the proposed issuance date of
the requested Letter of Credit (which shall be a Business Day); (B) the amount and currency thereof; (C) the expiry
date thereof; (D) the name and address of the beneficiary thereof; (E) the documents to be presented by such beneficiary
in case of any drawing thereunder; (F) the full text of any certificate to be presented by such beneficiary in case of any
drawing thereunder; (G) the purpose and nature of the requested Letter of Credit (including the name of the Person on whose
behalf the Letter of Credit is being requested and which Borrowers will be directly liable for the Obligations arising under such
Letter of Credit); and (H) such other matters as the applicable L/C Issuer may reasonably require. In the case of a request
for an amendment of any outstanding Letter of Credit, such Letter of Credit Application shall specify in form and detail reasonably
satisfactory to the applicable L/C Issuer: (A) the Letter of Credit to be amended; (B) the proposed date of amendment
thereof (which shall be a Business Day); (C) the nature of the proposed amendment; and (D) such other matters as the
applicable L/C Issuer may reasonably require. Additionally, the Parent Borrower shall furnish to the applicable L/C Issuer and
the Administrative Agent such other documents and information pertaining to such requested Letter of Credit issuance or amendment,
including any Issuer Documents, as such L/C Issuer or the Administrative Agent may reasonably require. In the event of any inconsistency
between the terms and conditions of this Agreement and the terms and conditions of any form of Letter of Credit Application or
other agreement submitted by the Parent Borrower to, or entered into by the Parent Borrower with, an L/C Issuer relating to any
Letter of Credit, the terms and conditions of this Agreement shall control.

 

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(ii)            Promptly
after receipt of any Letter of Credit Application, the applicable L/C Issuer will confirm with the Administrative Agent (by telephone
or in writing) that the Administrative Agent has received a copy of such Letter of Credit Application from the Parent Borrower
and, if not, such L/C Issuer will provide the Administrative Agent with a copy thereof. Unless an L/C Issuer has received written
notice from any Dollar Tranche Lender, the Administrative Agent or the Parent Borrower, at least one (1) Business Day prior
to the requested date of issuance or amendment of the applicable Letter of Credit, that one or more applicable conditions contained
in Article IV shall not then be satisfied, then, subject to the terms and conditions hereof, such L/C Issuer shall
(and shall not, if it has received such a notice), on the requested date, issue a Letter of Credit for the account of the relevant
Borrower or other Credit Party (or the applicable Subsidiary) or enter into the applicable amendment, as the case may be, in each
case in accordance with such L/C Issuer’s usual and customary business practices. Immediately upon the issuance of each
Letter of Credit, each Dollar Tranche Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase
from the applicable L/C Issuer a risk participation in such Letter of Credit in an amount equal to the product of such Dollar
Tranche Lender’s Applicable Percentage times the Dollar Equivalent of the amount of such Letter of Credit.

 

(iii)            If
the Parent Borrower so requests in a Letter of Credit Application, the applicable 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 must permit such L/C Issuer to prevent any such extension at least
once in each twelve (12) 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 date (the “Non-Extension Notice Date”) in each such twelve (12) month
period to be agreed upon by the Parent Borrower and such L/C Issuer at the time such Letter of Credit is issued. Unless otherwise
directed by an L/C Issuer, the Parent Borrower shall not be required to make a specific request to such L/C Issuer for any such
extension. Once an Auto-Extension Letter of Credit has been issued, the Dollar Tranche Lenders shall be deemed to have authorized
(but may not require) the applicable L/C Issuer to permit the extension of such Letter of Credit at any time to an expiry date
not later than the Letter of Credit Expiration Date (except as set forth in Section 2.03(a)(ii)(B)); provided,
however, that no L/C Issuer shall permit any such extension if (A) such 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 revised form (as extended) under
the terms hereof (by reason of the provisions of clause (ii) or (iii) of Section 2.03(a) or otherwise),
or (B) it has received notice (which may be by telephone or in writing) on or before the day that is seven (7) Business
Days before the Non-Extension Notice Date (1) from the Administrative Agent that the Tranche Required Lenders have elected
not to permit such extension or (2) from the Administrative Agent, any Dollar Tranche Lender or the Parent Borrower that
one or more of the applicable conditions specified in Section 4.02 is not then satisfied, and in each such case directing
such L/C Issuer not to permit such extension.

 

(iv)            Promptly
after its delivery of any Letter of Credit or any amendment to a Letter of Credit to an advising bank with respect thereto or
to the beneficiary thereof, the applicable L/C Issuer will also deliver to the Parent Borrower and the Administrative Agent a
true and complete copy of such Letter of Credit or amendment.

 

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(v)            Upon
examination and determination of compliance with the Letter of Credit terms and conditions of documents presented by the beneficiary
for payment under any Letter of Credit (which examination and determination shall not be unreasonably delayed), the applicable
L/C Issuer shall promptly notify the Parent Borrower and the Administrative Agent thereof (such notification provided by the L/C
Issuer to the Parent Borrower and the Administrative Agent being referred to herein as an “L/C Draw Notice”).
In the case of a Letter of Credit denominated in an Alternative Currency, the Borrowers shall reimburse the applicable L/C Issuer
in such Alternative Currency, unless (A) such L/C Issuer (at its option) shall have specified in such notice that it will
require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, the Parent
Borrower shall have notified the applicable L/C Issuer promptly following receipt of the notice of drawing that the Borrowers
will reimburse the applicable L/C Issuer in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter
of Credit denominated in an Alternative Currency, the applicable L/C Issuer shall notify the Parent Borrower of the Dollar Equivalent
of the amount of the drawing promptly following the determination thereof. If an L/C Draw Notice with respect to a Letter of Credit
is received by the Parent Borrower (x) on or prior to 11:00 a.m. on the date of any payment by an L/C Issuer under
a Letter of Credit issued by it to be reimbursed in Dollars, or the Applicable Time on the date of any payment by an L/C Issuer
under a Letter of Credit issued by it to be reimbursed in an Alternative Currency (each such date, an “Honor Date”),
then, not later than 1:00 p.m. on the Honor Date, the Borrowers shall reimburse such L/C Issuer through the Administrative
Agent in an amount equal to the amount of such drawing and in the applicable currency or (y) after 11:00 a.m. or
the Applicable Time, as the case may be, on the Honor Date, then, not later than 11:00 a.m. on the first Business Day following
the Honor Date, the Borrowers shall reimburse the L/C Issuer through the Administrative Agent in an amount equal to the amount
of such drawing and in the applicable currency (such date on which the Borrowers, pursuant to clauses (x) and (y) of
this sentence, are required to reimburse the L/C Issuer for a drawing under a Letter of Credit is referred to herein as the “L/C
Reimbursement Date”); provided, however, that if the L/C Reimbursement Date for a drawing under a Letter
of Credit is the Business Day following the Honor Date pursuant to clause (y) of this sentence, the Unreimbursed Amount
shall accrue interest from and including the Honor Date until such time as the L/C Issuer is reimbursed in full therefor (whether
through payment by the Borrowers and/or through a Revolving Loan or L/C Borrowing made in accordance with Section 2.03(b)(vi) or
(vii)) at a rate equal to (A) for the period from and including the Honor Date to but excluding the first Business Day
to occur thereafter, the rate of interest then applicable to a Revolving Credit Loan that is a Base Rate Loan and (B) thereafter,
at the Default Rate applicable to a Revolving Credit Loan that is a Base Rate Loan. Interest accruing on the Unreimbursed Amount
pursuant to the proviso to the immediately preceding sentence shall be payable by the Borrowers upon demand to the Administrative
Agent, solely for the account of the L/C Issuer. If the Borrowers fail to so reimburse the applicable L/C Issuer within the time
frames specified in clause (x) or (y) above, as applicable, the Administrative Agent shall promptly notify
each Dollar Tranche Lender of the Honor Date, the L/C Reimbursement Date (if different from the Honor Date), the amount of the
unreimbursed drawing (expressed in Dollars in the amount of the Dollar Equivalent thereof in the case of a Letter of Credit denominated
in an Alternative Currency) (the “Unreimbursed Amount”), and the amount of such Dollar Tranche Lender’s
Applicable Percentage thereof. In such event, the Borrowers shall be deemed to have requested a Committed Borrowing of Base Rate
Revolving Loans to be disbursed on the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum
and multiples specified in Section 2.02 for the principal amount of Base Rate Revolving Loans, but subject to the
amount of the unutilized portion of the Aggregate Revolving Commitments and the conditions set forth in Section 4.02
(other than the delivery of a Committed Loan Notice). Any notice given by an L/C Issuer or the Administrative Agent pursuant to
this Section 2.03(b)(v) may be given by telephone if promptly confirmed in writing; provided that the
lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

 

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(vi)            Each
Dollar Tranche Lender shall upon any notice pursuant to Section 2.03(b)(v) make funds available to the Administrative
Agent (and the Administrative Agent may apply Cash Collateral that has been provided for such purpose) for the account of the
applicable L/C Issuer, in Dollars, at the Administrative Agent’s Office for Dollar-denominated payments in an amount equal
to its Applicable Percentage of the Dollar Equivalent of the Unreimbursed Amount not later than 1:00 p.m. on the Business
Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.03(b)(vii),
each Dollar Tranche Lender that so makes funds available shall be deemed to have made a Base Rate Revolving Loan to the Borrowers
in such amount. The Administrative Agent shall remit the funds so received to the applicable L/C Issuer in Dollars and such funds
shall be applied to reimburse the L/C Issuer for the applicable draw under the applicable Letter of Credit.

 

(vii)            With
respect to any Unreimbursed Amount that is not fully refinanced by a Committed Borrowing of Base Rate Revolving Loans because
the conditions set forth in Section 4.02 cannot be satisfied or for any other reason, the Borrowers shall be deemed
to have incurred from the applicable L/C Issuer an L/C Borrowing in the amount of the Unreimbursed Amount that is not so refinanced,
which L/C Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the Default Rate. In
such event, each Dollar Tranche Lender’s payment to the Administrative Agent for the account of the applicable L/C Issuer
pursuant to Section 2.03(b)(vi) shall be deemed payment in respect of its participation in such L/C Borrowing
and shall constitute an L/C Advance from such Dollar Tranche Lender in satisfaction of its participation obligation under this
Section 2.03.

 

(viii)          Until
each Dollar Tranche Lender funds its Revolving Loan or L/C Advance pursuant to this Section 2.03(b) to reimburse
the applicable L/C Issuer for any amount drawn under any Letter of Credit issued by it, interest in respect of such Dollar Tranche
Lender’s Applicable Percentage of such amount shall be solely for the account of such L/C Issuer.

 

(ix)            Each
Dollar Tranche Lender’s obligation to make Revolving Loans or L/C Advances to reimburse the applicable L/C Issuer for amounts
drawn under Letters of Credit issued by it, as contemplated by this Section 2.03(b), 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 such L/C Issuer, the Credit Parties, any Subsidiary 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 Dollar Tranche Lender’s obligation to make Revolving
Loans pursuant to this Section 2.03(b) is subject to the conditions set forth in Section 4.02 (other
than delivery by the Parent Borrower of a Committed Loan Notice). No such making of an L/C Advance shall relieve or otherwise
impair the obligation of the Borrowers to reimburse the applicable L/C Issuer for the amount of any payment made by such L/C Issuer
under any Letter of Credit issued by it, together with interest as provided herein.

 

(x)            If
any Dollar Tranche Lender fails to make available to the Administrative Agent for the account of the applicable L/C Issuer any
amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.03(b) by the
time specified in Section 2.03(b)(vi), then, without limiting the other provisions of this Agreement, such 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 such
L/C Issuer at a rate per annum equal to the applicable Overnight Rate from time to time in effect, plus any administrative, processing
or similar fees customarily charged by such L/C Issuer in connection with the foregoing. If such Lender pays such amount (with
interest and fees as aforesaid), the amount so paid (excluding such interest and fees) shall constitute such Lender’s Revolving
Loan included in the relevant Committed Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be.
A certificate of the applicable L/C Issuer submitted to any Dollar Tranche Lender (through the Administrative Agent) with respect
to any amounts owing under this clause (x) shall be conclusive absent manifest error.

 

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(c)            Repayment
of Participations.

 

(i)            At
any time after an L/C Issuer has made a payment under any Letter of Credit issued by it and has received from any Dollar Tranche
Lender such Lender’s L/C Advance in respect of such payment in accordance with Section 2.03(b), if the Administrative
Agent receives for the account of such L/C Issuer any payment in respect of the related Unreimbursed Amount or interest thereon
(whether directly from a Borrower or otherwise, including proceeds of Cash Collateral applied thereto by the Administrative Agent),
the Administrative Agent will distribute to such Dollar Tranche Lender its Applicable Percentage thereof (appropriately adjusted,
in the case of interest payments, to reflect the period of time during which such Lender’s L/C Advance was outstanding)
in Dollars and in the same funds as those received by the Administrative Agent.

 

(ii)            If
any payment received by the Administrative Agent for the account of an L/C Issuer pursuant to Section 2.03(b)(v) is
required to be returned under any of the circumstances described in Section 10.05 (including pursuant to any settlement
entered into by an L/C Issuer in its discretion), each Dollar Tranche Lender shall pay to the Administrative Agent for the account
of such L/C Issuer its Applicable Percentage thereof on demand of the Administrative Agent, plus interest thereon from the date
of such demand to the date such amount is returned by such Lender, at a rate per annum equal to the applicable Overnight Rate
from time to time in effect. The obligations of the Dollar Tranche Lenders under this clause (c)(ii) shall survive the payment
in full of the Obligations and the termination of this Agreement.

 

(d)            Obligations
Absolute. The obligation of the Borrowers to reimburse the applicable L/C Issuer for each drawing under each Letter of Credit
issued by it and to repay each L/C Borrowing shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance
with the terms of this Agreement under all circumstances, including the following:

 

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

 

(ii)            the
existence of any claim, counterclaim, setoff, defense or other right that the Borrowers 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 applicable 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 therein 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;

 

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

 

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

 

(vi)            any
payment made by the applicable 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)            any
payment by the applicable L/C Issuer under such Letter of Credit against presentation of a draft or certificate that does not
strictly comply with the terms of such Letter of Credit; or any payment made by the applicable 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;

 

(viii)           any
adverse change in the relevant exchange rates or in the availability of the relevant Alternative Currency to the Borrowers or
any Subsidiary or in the relevant currency markets generally; or

 

(ix)            any
other circumstance or happening whatsoever, whether or not similar to any of the foregoing, including any other circumstance that
might otherwise constitute a defense available to, or a discharge of, the Borrowers or any Subsidiary.

 

The Parent
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 Parent Borrower’s instructions or other irregularity, the Parent Borrower will
promptly notify the applicable L/C Issuer. The Borrowers shall be conclusively deemed to have waived any such claim against the
applicable L/C Issuer and its correspondents unless such notice is given as aforesaid.

 

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(e)            Role
of L/C Issuer. Each Dollar Tranche Lender and the Borrowers agree that, in paying any drawing under a Letter of Credit, the
applicable L/C Issuer shall not have any responsibility to obtain any document (other than any sight draft, certificates and documents
expressly required by such Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or
the authority of the Person executing or delivering any such document. None of the L/C Issuers, the Administrative Agent, any
of their respective Related Parties nor any correspondent, participant or assignee of any L/C Issuer shall be liable to any Dollar
Tranche Lender for (i) any action taken or omitted in connection herewith at the request or with the approval of the Dollar
Tranche Lenders or the Tranche Required Lenders, as applicable; (ii) any action taken or omitted in the absence of gross
negligence or willful misconduct; or (iii) the due execution, effectiveness, validity or enforceability of any document or
instrument related to any Letter of Credit or Issuer Document. The Borrowers hereby assume all risks of the acts or omissions
of any beneficiary or transferee with respect to its use of any Letter of Credit; provided, however, that this assumption
is not intended to, and shall not, preclude a Borrower from pursuing such rights and remedies as it may have against the beneficiary
or transferee at law or under any other agreement. None of the L/C Issuers, the Administrative Agent, any of their respective
Related Parties nor any correspondent, participant or assignee of any L/C Issuer shall be liable or responsible for any of the
matters described in clauses (i) through (v) of Section 2.03(d); provided, however, that
anything in such clauses to the contrary notwithstanding, the Borrowers may have a claim against an L/C Issuer, and an L/C Issuer
may be liable to the Borrowers, to the extent, but only to the extent, of any direct, as opposed to consequential or exemplary,
damages suffered by a Borrower that such Borrower proves were caused by such L/C Issuer’s willful misconduct or gross negligence
or such L/C Issuer’s willful failure to pay under any Letter of Credit issued by it after the presentation to it by the
beneficiary of a sight draft and certificate(s) strictly complying with the terms and conditions of such Letter of Credit,
except where any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms have enjoined or restrained,
or purported to enjoin or restrain, such L/C Issuer from making such payment, or such L/C Issuer’s payment under any Letter
of Credit issued by it without presentation to it of a draft, certificates and/or other documents that substantially comply with
the terms and conditions of such Letter of Credit. In furtherance and not in limitation of the foregoing, any L/C Issuer may accept
documents that appear on their face to be in order, without responsibility for further investigation, regardless of any notice
or information to the contrary, and such L/C Issuer shall not be responsible for the validity or sufficiency of any instrument
transferring or assigning or purporting to transfer or assign a Letter of Credit or the rights or benefits thereunder or proceeds
thereof, in whole or in part, which may prove to be invalid or ineffective for any reason. Any L/C Issuer may send a Letter of
Credit or conduct any communication to or from the beneficiary via the Society for Worldwide Interbank Financial Telecommunication
(“SWIFT”) message or overnight courier, or any other commercially reasonable means of communicating with a beneficiary.

 

(f)            Applicability
of ISP and UCP; Limitation of Liability. Unless otherwise expressly agreed by the applicable L/C Issuer and the Parent Borrower
when a Letter of Credit is issued by any L/C Issuer (including any such agreement applicable to an Existing Letter of Credit),
the rules of the ISP shall apply to such Letter of Credit. Notwithstanding the foregoing, no L/C Issuer shall be responsible
to the Borrowers for, and no L/C Issuer’s rights and remedies against the Borrowers shall be impaired by, any action or
inaction of such 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 such L/C Issuer or the beneficiary
is located, the practice stated in the ISP or UCP, as applicable, or in the decisions, opinions, practice statements, or official
commentary of the ICC Banking Commission, the Bankers Association for Finance and Trade - International Financial Services Association
(BAFT-IFSA), or the Institute of International Banking Law & Practice, whether or not any Letter of Credit chooses such
law or practice.

 

(g)            Letter
of Credit Fees. The Borrowers shall pay to the Administrative Agent for the account of each Dollar Tranche Lender in accordance
with its Applicable Percentage in Dollars a Letter of Credit fee (the “Letter of Credit Fee”) for each Letter
of Credit equal to the Applicable Rate times the Dollar Equivalent of the daily amount available to be drawn under such
Letter of Credit; provided, however, any Letter of Credit Fees otherwise payable for the account of a Defaulting
Lender with respect to any Letter of Credit as to which such Defaulting Lender has not provided Cash Collateral reasonably satisfactory
to the applicable L/C Issuer pursuant to Section 2.03(a)(iii) shall be payable, to the maximum extent permitted
by applicable Law, to the other Dollar Tranche Lenders in accordance with the upward adjustments, if any, in their respective
Applicable Percentages allocable to such Letter of Credit pursuant to Section 2.18(a)(iv), with the balance of such
fee, if any, retained by the Borrowers, if they have provided Cash Collateral in respect of such Defaulting Lender’s Fronting
Exposure, or if the Borrowers have not provided Cash Collateral in respect of such Fronting Exposure, payable to such L/C Issuer
for its own account. 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 1.09. Letter of Credit Fees shall be (i) computed
on a quarterly basis in arrears and (ii) due and payable on the first Business Day after the end of each calendar quarter,
commencing with the first such date to occur after the issuance of such Letter of Credit, on the expiry date of such Letter of
Credit and thereafter on demand. 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 Tranche Required Lenders, while any Event of Default exists, all Letter of Credit Fees shall accrue at the Default Rate.

 

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(h)            Fronting
Fee and Documentary and Processing Charges Payable to L/C Issuer. The Borrowers shall pay directly to each L/C Issuer for
its own account, in Dollars, a fronting fee with respect to each Letter of Credit issued by such L/C Issuer, equal to the greater
of (i) a rate per annum equal to 0.125% computed on the daily amount available to be drawn under such Letter of Credit and
(ii) $500 per annum. The amount of such fronting fees shall be determined on a quarterly basis in arrears, and due and payable
on the first Business Day after the end of each calendar quarter, commencing with the first such date to occur after the issuance
of such Letter of Credit, on the expiry date with respect to such Letter of Credit 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 1.09. In addition, the Borrowers shall pay directly to the applicable 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 such L/C Issuer relating to letters of credit issued by it as from time to time in effect. Such customary fees and standard
costs and charges are due and payable on demand and are nonrefundable.

 

(i)            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.

 

(j)            Letters
of Credit Issued for Other Credit Parties or Subsidiaries. Notwithstanding that a Letter of Credit issued or outstanding hereunder
is in support of any obligations of, or is for the account of, another Credit Party or a Subsidiary, the Borrowers shall be obligated
to reimburse the applicable L/C Issuer hereunder for any and all drawings under such Letter of Credit. The Borrowers hereby acknowledge
that the issuance of Letters of Credit for the account of other Credit Parties or Subsidiaries inures to the benefit of the Borrowers,
and that the Borrowers’ business derives substantial benefits from the businesses of such Credit Parties and Subsidiaries.

 

(k)            L/C
Issuer Reports to the Administrative Agent. Unless otherwise agreed by the Administrative Agent, each L/C Issuer shall, in
addition to its notification obligations set forth elsewhere in this Section 2.03, provide the Administrative Agent
a Letter of Credit Report, as set forth below:

 

(i)            reasonably
prior to the time that such L/C Issuer issues, amends, renews, increases or extends a Letter of Credit, the date of such issuance,
amendment, renewal, increase or extension and the stated amount of the applicable Letters of Credit after giving effect to such
issuance, amendment, renewal or extension (and whether the amounts thereof shall have changed);

 

(ii)          on
each Business Day on which such L/C Issuer makes a payment pursuant to a Letter of Credit, the date and amount of such payment;

 

(iii)         on
any Business Day on which a Borrower fails to reimburse a payment made pursuant to a Letter of Credit required to be reimbursed
to such L/C Issuer on such day, the date of such failure and the amount of such payment;

 

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(iv)            on
any other Business Day, such other information as the Administrative Agent shall reasonably request as to the Letters of Credit
issued by such L/C Issuer; and

 

(v)            for
so long as any Letter of Credit issued by an L/C Issuer is outstanding, such L/C Issuer shall deliver to the Administrative Agent
(A) on the last Business Day of each calendar month, (B) at all other times a Letter of Credit Report is required to
be delivered pursuant to this Agreement, and (C) on each date that (1) an L/C Credit Extension occurs or (2) there
is any expiration, cancellation and/or disbursement, in each case, with respect to any such Letter of Credit, a Letter of Credit
Report appropriately completed with the information for every outstanding Letter of Credit issued by such L/C Issuer.

 

2.04         [Intentionally
Omitted].

 

2.05         Negotiated
Rate Loans.

 

(a)            Negotiated
Rate Loans. Subject to the terms and conditions set forth herein, each Revolving Lender, severally and for itself alone, may
(but is not obligated to) make one or more loans (which loans may be made in Dollars or in any other currency) (each such loan,
a “Negotiated Rate Loan”) to the Borrowers from time to time on any Business Day during the Availability Period
in an aggregate Outstanding Amount not to exceed at any time (i) the Negotiated Rate Sublimit and (ii) with respect
to Negotiated Rate Loans made in a currency other than Dollars, together with the aggregate Outstanding Amount of all other Loans
denominated in a currency other than Dollars, the Alternative Currency Sublimit, notwithstanding the fact that such Negotiated
Rate Loans, when aggregated with the Applicable Percentage of the Outstanding Amount of Revolving Loans and L/C Obligations of
such Lender may exceed the amount of such Lender’s Revolving Commitment; provided that Total Revolving Outstandings
shall not exceed the Aggregate Revolving Commitments; and, provided, further, that Negotiated Rate Loans shall be
available to the Borrowers for periods of one (1) day to one hundred eighty (180) days, so long as two of the three Debt
Ratings from S&P, Moody’s and Fitch are BBB- or better (Baa3 or better in the case of Moody’s). It is understood
that should a Revolving Lender make a Negotiated Rate Loan, it shall not relieve such Lender from its obligation to make its pro
rata share of any future Revolving Loan even if after making such Revolving Loan the aggregate Outstanding Amount of Revolving
Loans and L/C Obligations of such Lender, together with the Outstanding Amount of its Negotiated Rate Loans, exceeds the amount
of such Lender’s Revolving Commitment.

 

(b)            Procedure
for Negotiated Rate Loans. The Parent Borrower may, from time to time, approach one or more of the Revolving Lenders to determine
whether such Lender or Lenders will make one or more Negotiated Rate Loans. The Parent Borrower (for itself or acting as agent
on behalf of any other Borrower) and any Revolving Lender or Revolving Lenders shall, if each of them in their sole discretion
elects to do so, agree to enter into one or more Negotiated Rate Loans as part of such proposed Negotiated Rate Borrowing on mutually
agreed-upon terms, including the Interest Period with respect thereto, and notify the Administrative Agent by delivering a written
Negotiated Rate Loan Notice from the Parent Borrower and the Revolving Lender or Revolving Lenders proposing to make Negotiated
Rate Loans (i) with respect to Negotiated Rate Loans made in Dollars, before 12:00 Noon on the date of the funding of such
Negotiated Rate Loan, which shall be a Business Day (the “Negotiated Rate Funding Date”) and (ii) with
respect to Negotiated Rate Loans made in a currency other than Dollars, two (2) Business Days prior to the Negotiated Rate
Funding Date. Such Negotiated Rate Loan Notice shall specify the Borrower that is requesting a Negotiated Rate Loan, the amount
of each Negotiated Rate Loan that such Revolving Lender or Revolving Lenders will make as part of such proposed Negotiated Rate
Borrowing, the Negotiated Rate Funding Date, the currency of the Negotiated Rate Loan requested, the date or dates of maturity
thereof, which date or dates may not occur after the Revolving Maturity Date, the rate or rates of interest applicable thereto
and all other terms thereof. Each Negotiated Rate Loan shall be made pursuant to a Negotiated Rate Loan Notice. In lieu of delivering
the written Negotiated Rate Loan Notice described above, the Parent Borrower may give the Administrative Agent telephonic notice
of any Negotiated Rate Borrowing by the time required under this clause (b), provided that such telephonic notice
shall be confirmed by delivery of a written Negotiated Rate Loan Notice to the Administrative Agent by no later than 2:00 p.m. on
the date of such telephonic notice.

 

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(c)            Funding
of Negotiated Rate Loans in Dollars. No later than 2:00 p.m. on the Negotiated Rate Funding Date, each applicable
Revolving Lender will make available to the Administrative Agent in Dollars and immediately available funds at the Administrative
Agent’s Office the Negotiated Rate Loan, if any, to be made by such Lender as part of the Negotiated Rate Borrowing to be
made on such date in the manner provided above. Upon receipt by the Administrative Agent of all such funds, the Administrative
Agent shall disburse to the relevant Borrower on such date such Negotiated Rate Loan in like funds to such Borrower’s account
(or the account of the Parent Borrower as agent for the relevant Borrower to the extent such funds are in respect of Negotiated
Rate Loans made to such other Borrower) specified in the relevant Negotiated Rate Loan Notice. The Administrative Agent may, but
shall not be required to, advance on behalf of any Revolving Lender such Revolving Lender’s Negotiated Rate Loan on the
date a Negotiated Rate Loan is made unless such Revolving Lender shall have notified the Administrative Agent prior to such date
that it does not intend to make available such Negotiated Rate Loan on such date. If the Administrative Agent makes such advance,
the Administrative Agent shall be entitled to recover such amount on demand from the Revolving Lender on whose behalf such advance
was made, and if such Revolving Lender does not pay the Administrative Agent the amount of such advance on demand, the Borrowers
shall promptly repay such amount to the Administrative Agent. Until such amount is repaid to the Administrative Agent by such
Revolving Lender or the Borrowers, such advance shall be deemed for all purposes to be a Negotiated Rate Loan made by the Administrative
Agent. In such event, if a Revolving Lender has not in fact made its share of the applicable Negotiated Rate Loan available to
the Administrative Agent, then the applicable Revolving Lender and the Borrowers 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 applicable 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 Revolving Lender, the Overnight Rate and (B) in the case of
a payment to be made by the Borrowers, the interest rate applicable to Base Rate Loans. If the Borrowers and such Revolving Lender
shall pay such interest to the Administrative Agent for the same or an overlapping period, the Administrative Agent shall promptly
remit to the Borrowers the amount of such interest paid by the Borrowers for such period. Any payment by the Borrowers shall be
without prejudice to any claim the Borrowers may have against a Revolving Lender that shall have failed to make such payment to
the Administrative Agent.

 

(d)            Funding
of Negotiated Rate Loans in Currencies other than Dollars. No later than (i) 2:00 p.m. on the Negotiated Rate
Funding Date, each applicable Revolving Lender will make available directly to the relevant Borrower such Negotiated Rate Loans
in the applicable currency either by (A) crediting the account of the relevant Borrower on the books of such Revolving Lender
with the amount of such funds or (B) wire transfer of such funds, in each case in accordance with instructions provided to
(and reasonably acceptable to) such Revolving Lender by the Parent Borrower and (ii) promptly following receipt thereof,
the relevant Borrower or Parent Borrower shall provide the Administrative Agent written notice of receipt of the proceeds of such
Negotiated Rate Loan.

 

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2.06         Prepayments.

 

(a)            The
Borrowers may, upon notice by the Parent Borrower 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 Revolving Loans in whole or in part without
premium or penalty; provided that (i) such notice must be in a form reasonably acceptable to the Administrative Agent
and be received by the Administrative Agent not later than 11:00 a.m. (A) two (2) Business Days (or such shorter
period as the Administrative Agent shall agree) prior to any date of prepayment of Eurocurrency Rate Loans denominated in Dollars
or Canadian Dollars, (B) four (4) Business Days (or five (5) Business Days, in the case of prepayment of Loans
denominated in Special Notice Currencies or Australian Dollars) (or such shorter period as the Administrative Agent shall agree)
prior to any date of prepayment of Eurocurrency Rate Loans denominated in Alternative Currencies (other than Canadian Dollars)
and (C) on the date of prepayment of Base Rate Loans, Canadian Prime Rate Loans and Daily Floating Rate Loans; (ii) any
prepayment of Eurocurrency Rate Loans denominated in Dollars shall be in a principal amount of $100,000 or a whole multiple of
$100,000 in excess thereof; (iii) any prepayment of Eurocurrency Rate Loans denominated in Alternative Currencies shall be
in a minimum principal amount the Dollar Equivalent of which is $500,000 or a whole multiple of $100,000 in excess thereof; and
(iv) any prepayment of Base Rate Loans, Canadian Prime Rate Loans or Daily Floating Rate Loans shall be in a principal amount
of $500,000 or CAD500,000, as applicable, or a whole multiple of $100,000 or CAD100,000, as applicable, in excess thereof or,
in each case, if less, the entire principal amount thereof then outstanding. Each such notice shall specify the date and amount
of such prepayment, and the Type(s), Tranche and currency of Revolving Loans to be prepaid and, if Eurocurrency Rate Loans are
to be prepaid, the Interest Period(s) of such Loans. The Administrative Agent will promptly notify each Appropriate Lender
of its receipt of each such notice, and of the amount of such Lender’s Applicable Percentage of such prepayment. If such
notice is given by the Parent Borrower, the Borrowers shall make such prepayment and the payment amount specified in such notice
shall be due and payable on the date specified therein; provided, however, that a notice of voluntary prepayment
may state that such notice is conditioned upon an event, such as the effectiveness of other credit facilities, the receipt of
the proceeds from the issuance of Equity Interests or other Indebtedness or the receipt of the proceeds from a Disposition, in
which case such notice of prepayment may be revoked by the Parent Borrower if such condition is not satisfied. Any prepayment
of a Eurocurrency Rate Loan shall be accompanied by all accrued interest on the amount prepaid, together with any additional amounts
required pursuant to Section 3.05. Subject to Section 2.18, each prepayment made pursuant to this clause
(a) shall be made ratably among the Appropriate Lenders in accordance with their respective Applicable Percentages.

 

(b)            [intentionally
omitted].

 

(c)            The
Borrowers may, upon notice by the Parent Borrower to the Administrative Agent, at any time or from time to time voluntarily prepay
Negotiated Rate Loans in whole or in part without premium or penalty (unless the relevant Borrower and the applicable Lender have
otherwise agreed, in which case such Negotiated Rate Loan may be prepaid in accordance with such agreement); provided that
(i) such notice must be received by the Administrative Agent not later than 11:00 a.m. on the requested date of
prepayment of such Negotiated Rate Loans; (ii) the Revolving Lender or Revolving Lenders making the Negotiated Rate Loans
to be prepaid have consented to such prepayment; and (iii) unless agreed to by the applicable Revolving Lender or Revolving
Lenders and the Administrative Agent (such consent not to be unreasonably withheld), any prepayment of Negotiated Rate Loans shall
be in a principal amount of $500,000 or a whole multiple of $100,000 in excess thereof or, if less, the entire principal amount
thereof then outstanding. Each such notice shall specify the date and amount of such prepayment. The Administrative Agent will
promptly notify each applicable Revolving Lender of its receipt of each such notice, and of the amount of such Revolving Lender’s
Applicable Percentage of such prepayment. If such notice is given by the Parent Borrower, the Borrowers shall make such prepayment
and the payment amount specified in such notice shall be due and payable on the date specified therein; provided, however,
that a notice of voluntary prepayment may state that such notice is conditioned upon an event, such as the effectiveness of other
credit facilities, the receipt of the proceeds from the issuance of Equity Interests or other Indebtedness or the receipt of the
proceeds from a Disposition, in which case such notice of prepayment may be revoked by the Parent Borrower if such condition is
not satisfied. Any prepayment of a Negotiated Rate Loan shall be accompanied by all accrued interest on the amount prepaid, together
with any additional amounts as may be agreed to by the relevant Borrower and the Revolving Lender or Revolving Lenders making
such Negotiated Rate Loans.

 

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(d)            If
the Administrative Agent notifies the Parent Borrower at any time that (i) the Total Revolving Outstandings at such time
exceed an amount equal to one hundred and five percent (105%) of the Aggregate Revolving Commitments then in effect, (ii) the
L/C Obligations at such time exceed the Letter of Credit Sublimit then in effect, (iii) the Negotiated Rate Loans outstanding
at such time exceed the Negotiated Rate Sublimit then in effect, or (iv) the aggregate Outstanding Amount of all Loans denominated
in a currency other than Dollars at such time exceeds an amount equal to one hundred and five percent (105%) of the Alternative
Currency Sublimit then in effect, the Borrowers shall immediately (or within five (5) Business Days in the case of the Alternative
Currency Sublimit) prepay the applicable Loans and/or Cash Collateralize the L/C Obligations in an aggregate amount equal to such
excess; provided, however, that, subject to the provisions of Section 2.17(a)(iv), the Borrowers shall
not be required to Cash Collateralize the L/C Obligations pursuant to this Section 2.06(d) unless after the prepayment
in full of the Revolving Loans and the Negotiated Rate Loans, the Total Revolving Outstandings exceed the Aggregate Revolving
Commitments then in effect.

 

(e)            The
Borrowers may, upon notice by the Parent Borrower to the Administrative Agent, at any time or from time to time, voluntarily prepay
Loans under an Incremental Term Loan Facility in whole or in part as agreed by the Borrower and the Appropriate Lenders in the
Incremental Term Loan Facility Documents with respect to the applicable Incremental Term Loan Facility; provided that such
notice must be received by the Administrative Agent not later than 11:00 a.m. (A) three (3) Business Days
(or such shorter period as the Administrative Agent shall agree) prior to any date of prepayment of Eurocurrency Rate Loans denominated
in Dollars, (B) four (4) Business Days (or such shorter period as the Administrative Agent shall agree) prior to any
date of prepayment of Eurocurrency Rate Loans denominated in Canadian Dollars and (C) on the date of prepayment of Base Rate
Loans or Canadian Prime Rate Loans.

 

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2.07         Termination
or Reduction of Revolving Commitments.

 

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

 

(b)            The
Parent Borrower may, upon notice to the Administrative Agent, terminate the Aggregate Revolving Commitments, or from time to time
permanently reduce the Aggregate Revolving Commitments; provided that (i) any such notice shall be received by the
Administrative Agent not later than 12:00 Noon five (5) Business Days prior to the date of termination or reduction, (ii) any
such partial reduction shall be in an aggregate amount of $5,000,000 or any whole multiple of $1,000,000 in excess thereof, (iii) the
Parent Borrower shall not terminate or reduce the Aggregate Revolving Commitments if, after giving effect thereto and to any concurrent
prepayments hereunder, (A) the Total Revolving Outstandings would exceed the Aggregate Revolving Commitments, (B) the
Outstanding Amount of all Letters of Credit would exceed the Letter of Credit Sublimit, (C) the Outstanding Amount of all
Negotiated Rate Loans would exceed the Negotiated Rate Sublimit or (D) the Outstanding Amount of all Loans denominated in
a currency other than Dollars exceeds an amount equal to one hundred and five percent (105%) of the Alternative Currency Sublimit.
Each notice of termination shall specify such election to terminate and the effective date thereof. The Administrative Agent will
promptly notify the Revolving Lenders of any such notice of termination or reduction of the Aggregate Revolving Commitments. Any
reduction of the Aggregate Revolving Commitments shall be applied to the Revolving Commitment of each Revolving Lender according
to its Applicable Percentage. If, after giving effect to any reduction or termination of the Aggregate Revolving Commitments,
(x) the Alternative Currency Sublimit exceeds the aggregate amount of Alternative Currency Commitments and Multicurrency
Revolving Commitments of all Revolving Lenders at such time, then the Alternative Currency Sublimit shall automatically be reduced
by the amount of such excess or (y) the Letter of Credit Sublimit exceeds the aggregate amount of Dollar Tranche Commitments
of all Dollar Tranche Lenders at such time, then the Letter of Credit Sublimit shall be automatically reduced by the amount of
such excess. All fees accrued until the effective date of any termination of the Aggregate Revolving Commitments shall be paid
on the effective date of such termination. A notice delivered by the Parent Borrower pursuant to this Section 2.07
may state that such notice is conditioned upon an event, such as the effectiveness of other credit facilities, the receipt of
proceeds from the issuance of Equity Interests or other Indebtedness or the receipt of proceeds from a Disposition, in which case
such notice may be revoked by the Parent Borrower (by notice to the Administrative Agent on or prior to the specified effective
date) if such condition is not satisfied.

 

2.08         Repayment.

 

(a)            The
Borrowers shall repay to the Revolving Lenders on the Revolving Maturity Date, unless accelerated sooner pursuant to Section 8.02,
the entire outstanding principal balance of all Revolving Loans, Negotiated Rate Loans and all L/C Obligations, together with
accrued but unpaid interest, fees and all other sums with respect thereto.

 

(b)            The
Borrower shall repay to the Term Lenders holding Term Loans of any Incremental Term Loan Facility on the Maturity Date for such
Incremental Term Loan Facility the aggregate principal amount of all Term Loans of such Incremental Term Loan Facility outstanding
on such date, unless accelerated sooner pursuant to Section 8.02, together with accrued but unpaid interest, fees
and all other sums with respect thereto.

 

2.09         Interest.

 

(a)            Applicable
Interest. Subject to the provisions of subsection (b) below, (i) each Eurocurrency Rate Loan shall bear interest
on the outstanding principal amount thereof for each Interest Period applicable thereto at a rate per annum equal to the Eurocurrency
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; (iii) each
Daily Floating Rate Loan shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at
a rate per annum equal to the LIBOR Daily Floating Rate plus the Applicable Rate; (iv) each Canadian Prime Rate Loan shall
bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the
Canadian Prime Rate plus the Applicable Rate; and (v) each Negotiated Rate Loan shall bear interest on the outstanding principal
amount thereof for each Interest Period at a rate per annum equal to the amount agreed to between the relevant Borrower and the
Revolving Lender as set forth in the Negotiated Rate Loan Notice.

 

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(b)            Default
Interest.

 

(i)            If
any amount of principal of any Loan is not paid when due, 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.

 

(ii)            If
any amount (other than principal of any Loan) payable by any 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.

 

(iii)            Upon
the request of the Required Lenders, while any Event of Default exists, (x) the Borrowers shall pay interest on the principal
amount of all outstanding Obligations hereunder at a fluctuating interest rate per annum at all times equal to the Default Rate
to the fullest extent permitted by applicable Laws and (y) any adjustment to the Applicable Rate pursuant to the Sustainability
Metric Pricing Grid shall cease to apply.

 

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

 

(c)            Interest
Payment Date. 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.

 

(d)            Interest
Act (Canada). For the purposes of the Interest Act (Canada), (i) whenever a rate of interest or fee rate hereunder is
calculated on the basis of a year (the “deemed year”) that contains fewer days than the actual number of days
in the calendar year of calculation, such rate of interest or fee rate shall be expressed as a yearly rate by multiplying such
rate of interest or fee rate by the actual number of days in the calendar year of calculation and dividing it by the number of
days in the deemed year, (ii) the principle of deemed reinvestment of interest shall not apply to any interest calculation
hereunder and (iii) the rates of interest stipulated herein are intended to be nominal rates and not effective rates or yields.

 

2.10         Fees.

 

In addition to certain
fees described in subsections (g) and (h) of Section 2.03:

 

(a)            Facility
Fee. The Borrowers shall pay to the Administrative Agent for the account of each Revolving Lender in accordance with its Applicable
Percentage of the Aggregate Revolving Commitments, a facility fee in Dollars equal to the Facility Fee Rate times the actual
daily amount of the Aggregate Revolving Commitments (or, if the Aggregate Revolving Commitments have terminated, on the aggregate
Outstanding Amount of all Revolving Loans, Negotiated Rate Loans and L/C Obligations), regardless of usage, subject to adjustment
as provided in Section 2.18. The facility fee shall accrue at all times during the Availability Period (and thereafter
so long as any Revolving Loans, Negotiated Rate Loans or L/C Obligations remain outstanding), 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 (calculated
on a 360-day basis) on the last Business Day of each calendar quarter, commencing with the first such date to occur after the
Closing Date, and on the Revolving Maturity Date (and, if applicable, thereafter on demand). The facility fee shall be calculated
quarterly in arrears, and if there is any change in the Facility Fee Rate during any quarter, the actual daily amount shall be
computed and multiplied by the Facility Fee Rate separately for each period during such quarter that such Facility Fee Rate was
in effect.

 

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(b)            Other
Fees.

 

(i)            The
Borrowers shall pay to the Bookrunners and the Administrative Agent for their own respective accounts, in Dollars, fees in the
amounts and at the times specified in the Fee Letters. Such fees shall be fully earned when paid and shall not be refundable for
any reason whatsoever, absent manifest error.

 

(ii)            The
Borrowers shall pay to the Lenders, in Dollars, 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,
absent manifest error.

 

2.11         Computation
of Interest and Fees.

 

All
computations of interest for Base Rate Loans (including Base Rate Loans determined by reference to the Eurocurrency Rate), Canadian
Prime Rate Loans and Loans determined by reference to the CDOR 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 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), or, in the case of interest in respect of Loans denominated in Alternative Currencies as to which market practice
differs from the foregoing, in accordance with such market practice. 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 2.13(a), bear interest
for one 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.

 

2.12         Evidence
of Debt.

 

(a)            The
Credit Extensions made by each Lender shall be evidenced by one or more accounts or records maintained by such Lender and by the
Administrative Agent in the ordinary course of business. Subject to the entries in the Register, which shall be controlling, the
accounts or records maintained by the Administrative Agent and each Lender shall be conclusive absent manifest error of the amount
of the Credit Extensions made by the Lenders to the Borrowers 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 Borrowers 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 accounts and records of the Administrative Agent in respect of such matters, the accounts and records of the Administrative
Agent shall control in the absence of manifest error. Upon the request of any Lender made through the Administrative Agent, the
Borrowers 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, currency and maturity of its Loans and payments with respect thereto.

 

(b)            In
addition to the accounts and records referred to in subsection (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. 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.

 

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2.13         Payments
Generally; Administrative Agent’s Clawback.

 

(a)            General.
All payments to be made by the Borrowers shall be made without condition or deduction for any counterclaim, defense, recoupment
or setoff. Except as otherwise expressly provided herein and except with respect to principal of and interest on Loans denominated
in an Alternative Currency, all payments by the Borrowers hereunder shall be made to the Administrative Agent, for the account
of the Appropriate Lenders to which such payment is owed, at the applicable Administrative Agent’s Office in Dollars and
in Same Day Funds not later than 2:00 p.m. on the date specified herein. Except as otherwise expressly provided herein,
all payments by the Borrowers hereunder with respect to principal of and interest on Loans denominated in an Alternative Currency
shall be made to the Administrative Agent, for the account of the Appropriate Lenders to which such payment is owed, at the applicable
Administrative Agent’s Office in such Alternative Currency and in Same Day Funds not later than the Applicable Time specified
by the Administrative Agent on the dates specified herein. Without limiting the generality of the foregoing, the Administrative
Agent may require that any payments due under this Agreement be made in the United States. If, for any reason, the Borrowers are
prohibited by any Law from making any required payment hereunder in an Alternative Currency, the Borrowers shall make such payment
in Dollars in an amount equal to the Dollar Equivalent of the Alternative Currency payment amount. The Administrative Agent will
promptly distribute to each Lender its Applicable Percentage of such payment in like funds as received by wire transfer to such
Lender’s Lending Office. All payments received by the Administrative Agent (i) after 2:00 p.m., in the case of
payments in Dollars, or (ii) after the Applicable Time specified by the Administrative Agent in the case of payments in an
Alternative Currency, shall in each case be deemed received on the next succeeding Business Day and any applicable interest or
fee shall continue to accrue. If any payment to be made by any Borrower shall come due on a date other than a Business Day, such
due date shall be extended to 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 Eurocurrency Rate Loans (or, in the case of any Borrowing of Base Rate Loans, Canadian
Prime Rate Loans or Daily Floating Rate Loans, prior to 2:00 p.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, Canadian Prime Rate Loans or Daily Floating 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 relevant 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 Borrowers severally agree to pay to the Administrative
Agent forthwith on demand (without duplication) such corresponding amount in Same Day Funds with interest thereon, for each day
from and including the date such amount is made available to the relevant 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 Overnight Rate 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 Borrowers, the interest rate applicable to the Loans constituting such Borrowing. If the Borrowers
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 Borrowers the amount of such interest paid by the Borrowers for such period. In the event the
Borrowers pay such amount to the Administrative Agent, then such amount shall reduce the principal amount of such Borrowing. 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 Borrowers shall be without prejudice to any claim the Borrowers
may have against a Lender that shall have failed to make such payment to the Administrative Agent.

 

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(ii)            Payments
by the Borrowers; Presumptions by Administrative Agent. Unless the Administrative Agent shall have received notice from the
Parent Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the applicable Lenders
or any L/C Issuer hereunder that the Borrowers will not make such payment, the Administrative Agent may assume that the Borrowers
have made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Appropriate
Lenders or the applicable L/C Issuer, as the case may be, the amount due. In such event, if the Borrowers have not in fact made
such payment, then each of the Appropriate Lenders or the applicable L/C Issuer, as the case may be, severally agrees to repay
to the Administrative Agent forthwith on demand the amount so distributed to such Lender or such L/C Issuer, in Same Day 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 Overnight Rate.

 

A notice of the Administrative
Agent to any Lender or the Borrowers with respect to any amount owing under this subsection (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
relevant 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 promptly return such funds
(in like funds as received from such Lender) to such Lender, without interest.

 

(d)            Obligations
of Lenders Several. The obligations of the Lenders hereunder to make Revolving Loans, to fund participations in Letters of
Credit, to make payments pursuant to Section 10.04(c), and to make Loans under any Incremental Term Loan Facility
are several and not joint. The failure of any Appropriate Lender to make any Revolving Loan, to fund any such participation, to
make any payment under Section 10.04(c) on any date required hereunder, or to make any Term Loan 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 Revolving Loan, to purchase its participation, to make its payment under Section 10.04(c),
or to make its Term Loan.

 

(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.

 

2.14         Sharing
of Payments by Lenders.

 

If any Lender shall,
by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any
of the Revolving Loans or Term Loans made by it or the participations in L/C Obligations resulting in such Lender’s receiving
payment of a proportion of the aggregate amount of such Revolving Loans, Term Loans or participations and accrued interest thereon
greater than its pro rata share thereof as provided herein, then 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 Revolving Loans, Term
Loans and subparticipations in L/C Obligations 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 principal
of and accrued interest on their respective Revolving Loans, Term Loans or such other amounts owing them, as applicable, provided
that:

 

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

 

(ii)            the
provisions of this Section 2.14 shall not be construed to apply to (x) any payment made by or on behalf of any
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 or Disqualified Institution), (y) the application of Cash Collateral provided for in
Section 2.17 or (z) any payment obtained by a Lender as consideration for the assignment of or sale of a participation
in any of its Loans or subparticipations in L/C Obligations to any assignee or participant, other than an assignment to the Borrowers
or any Subsidiary thereof (as to which the provisions of this Section 2.14 shall apply).

 

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

 

2.15            Extension
of Revolving Maturity Date.

 

(a)            Requests
for Extension. The Parent Borrower may, by notice to the Administrative Agent (who shall promptly notify the Lenders) not
earlier than ninety (90) days and not later than thirty (30) days prior to (i) the Initial Revolving Maturity Date elect
that the Revolving Lenders extend the Revolving Maturity Date for an additional six (6) months from the Initial Revolving
Maturity Date (such new Maturity Date, the “First Extended Maturity Date”) and (ii) the First Extended
Maturity Date elect that the Revolving Lenders extend the Revolving Maturity Date for an additional six (6) months from the
First Extended Maturity Date.

 

(b)            Confirmation
by Administrative Agent. The Administrative Agent shall confirm receipt of the Parent Borrower’s notice delivered pursuant
to Section 2.15(a) no later than the date that is fifteen (15) days prior to the Initial Revolving Maturity Date
or the First Extended Maturity Date, as applicable (or, in each case, if such date is not a Business Day, on the next preceding
Business Day).

 

(c)            Extension
of Revolving Maturity Date. If (and only if) the conditions precedent set forth in Section 2.15(d) have been
met, then, effective as of the Initial Revolving Maturity Date or the First Extended Maturity Date, as applicable, the Revolving
Maturity Date shall be extended to the date falling six months after the Initial Revolving Maturity Date or the First Extended
Maturity Date, as applicable (except that, in each case, if such date is not a Business Day, such Maturity Date as so extended
shall be the next preceding Business Day); provided that the Revolving Maturity Date shall not be extended beyond the first
anniversary of the Initial Revolving Maturity Date.

 

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(d)            Conditions
to Effectiveness of Extensions. As a condition precedent to each extension of the Revolving Maturity Date, on or prior to
the Initial Revolving Maturity Date or the First Extended Maturity Date, as applicable, (i) the Parent Borrower shall deliver
to the Administrative Agent a certificate of the Parent Borrower dated as of the Initial Revolving Maturity Date or the First
Extended Maturity Date, as applicable, signed by a Responsible Officer (x) certifying and attaching the resolutions adopted
by each of the Credit Parties approving or consenting to such extension and (y) certifying that (1) the representations
and warranties contained in Article V and in the other Loan Documents are true and correct in all material respects
(or, in the case of Section 5.22 or any representation and warranty that is qualified by materiality, in all respects)
on and as of the Initial Revolving Maturity Date or the First Extended Maturity Date, as applicable (other than the representations
in Section 5.05(c) and Section 5.18, which shall be made only as of the Closing Date), except to
the extent that such representations and warranties specifically refer to an earlier date, in which case they were true and correct
in all material respects (or, if qualified by materiality, in all respects) as of such earlier date, and except that for purposes
of this Section 2.15, the representations and warranties contained in subsections (a) and (b) of Section 5.05
shall be deemed to refer to the most recent statements furnished pursuant to subsections (a) and (b), respectively,
of Section 6.01 and (2) as of the Initial Revolving Maturity Date or the First Extended Maturity Date, as applicable,
and immediately after giving effect to such extension, no Default exists and (ii) the Borrowers shall pay to the Revolving
Lenders on the Initial Revolving Maturity Date or the First Extended Maturity Date, as applicable, a fee (to be shared among the
Revolving Lenders based upon their Applicable Percentages of the Aggregate Revolving Commitments) equal to the product of (x) 0.0625%
multiplied by (y) the then Aggregate Revolving Commitments.

 

(e)            Conflicting
Provisions. This Section 2.15 shall supersede any provisions in Section 10.01 to the contrary.

 

2.16         Increase
in Revolving Commitments; Addition of Incremental Term Loan Facilities.

 

(a)            Request
for Increase. At any time prior to the then applicable Maturity Date, upon written notice to the Administrative Agent by the
Parent Borrower, the Borrowers shall have the right to increase the aggregate amount of the Facilities to an amount not exceeding
$3,750,000,000 by requesting an increase in the Aggregate Revolving Commitments (by increasing one or more Tranches of the Revolving
Credit Facility) (each such increase, an “Incremental Revolving Increase”), or establishing a new (or increase
an existing) tranche of pari passu term loans (each an “Incremental Term Loan Facility”; each Incremental Revolving
Increase and Incremental Term Loan Facility are collectively referred to as “Incremental Facilities”); provided
that (i) no Default has occurred and is continuing, (ii) each Incremental Facility must be in a minimum amount of
$10,000,000 and in integral multiples of $5,000,000 in excess thereof (or such other amounts as are agreed to by the Parent Borrower
and the Administrative Agent), (iii) all Incremental Revolving Increases shall be on the same terms as the Revolving Credit
Facility, (iv) all incremental commitments and loans provided as part of an Incremental Term Loan Facility shall, subject
to clause (iii) of the second proviso to Section 10.01, be on terms agreed to by the Parent Borrower and the
Lenders providing such Incremental Term Loan Facility, provided, that (x) the final maturity date of an Incremental
Term Loan Facility may not be earlier than the latest maturity date (including any available extension option) of any then existing
Facility and (y) if the terms of such Incremental Term Loan Facility (other than final maturity) are not the same as the
terms of a then existing Incremental Term Loan Facility, such new Incremental Term Loan Facility shall be on terms reasonably
acceptable to the Administrative Agent, and (v) the conditions to the making of a Credit Extension set forth in clause (e) of
this Section 2.16 shall be satisfied or waived. At the time of sending such notice, the Parent Borrower (in consultation
with the Administrative Agent) shall specify the Lenders to be approached to provide all or a portion of such increase (subject
in each case to any requisite consents required under Section 10.06), the time period within which each such Lender
is requested to respond (which shall in no event be less than ten (10) Business Days from the date of delivery of such notice
to such Lenders) and, with respect to any Incremental Revolving Increase, shall identify the applicable Tranche or Tranches to
be increased.

 

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(b)            Lender
Elections to Increase. Each applicable Lender shall notify the Administrative Agent within the time period specified in Section 2.16(a) whether
or not it agrees to participate in the requested Incremental Facility and, if so, whether by an amount equal to, greater than,
or less than the portion of the requested Incremental Facility offered to it. Any Lender not responding within such time period
shall be deemed to have declined to participate in the requested Incremental Facility. Neither the Arrangers, the Bookrunners
nor the Administrative Agent shall have any responsibility for arranging any such Incremental Facility without their prior written
consent, and no Lender shall be required to increase its Revolving Commitment or make term loans under the Incremental Facility,
as applicable, to facilitate such Incremental Facility.

 

(c)            Notification
by Administrative Agent; Additional Lenders. The Administrative Agent shall notify the Parent Borrower and each applicable
Lender of the Lenders’ responses to each request made hereunder. Subject to the approval of the Administrative Agent (which
approval shall not be unreasonably withheld or delayed) and, in the case of an Incremental Revolving Increase of the Dollar Tranche
Commitments, each L/C Issuer, the Parent Borrower may also invite additional Eligible Assignees to become Lenders pursuant to
a joinder agreement in form and substance reasonably satisfactory to the Administrative Agent and its counsel (a “New
Lender Joinder Agreement”).

 

(d)            Effective
Date and Allocations. The Administrative Agent and the Parent Borrower shall determine the effective date (the “Increase
Effective Date”) and the final allocation of each Incremental Facility. The Administrative Agent shall promptly notify
the Parent Borrower and the applicable Lenders of the final allocation of such Incremental Facility and the Increase Effective
Date.

 

(e)            Conditions
to Effectiveness of Incremental Facility. As a condition precedent to each Incremental Facility:

 

(i)            the
Parent Borrower shall deliver to the Administrative Agent a certificate of the Parent Borrower dated as of the Increase Effective
Date signed by a Responsible Officer (x) certifying and attaching the resolutions adopted by each of the Credit Parties approving
or consenting to such Incremental Facility, and (y) certifying that (1) the representations and warranties contained
in Article V and in the other Loan Documents are true and correct in all material respects (or, in the case of Section 5.22
or any representation and warranty that is qualified by materiality, in all respects) on and as of the Increase Effective
Date (other than the representations in Section 5.05(c) and Section 5.18, which shall be made only
as of the Closing Date), except to the extent that such representations and warranties specifically refer to an earlier date,
in which case they were true and correct in all material respects (or, in the case of Section 5.22 or any representation
and warranty that is qualified by materiality, in all respects) as of such earlier date, and except that for purposes of this
Section 2.16, the representations and warranties contained in subsections (a) and (b) of Section 5.05
shall be deemed to refer to the most recent statements furnished pursuant to subsections (a) and (b), respectively,
of Section 6.01, and (2) as of the Increase Effective Date, and immediately after giving effect to such Incremental
Facility, no Default exists;

 

(ii)            the
Administrative Agent shall have received (x) a New Lender Joinder Agreement duly executed by the Borrowers and each Eligible
Assignee, if any, that is becoming a Lender in connection with such Incremental Facility, which New Lender Joinder Agreement shall
be acknowledged and consented to in writing by the Administrative Agent and (y) written confirmation from each existing Lender,
if any, participating in such Incremental Facility of the amount by which its Commitments and/or Loans will be increased;

 

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(iii)            upon
the reasonable request of any Lender made at least ten (10) days prior to the applicable Increase Effective Date, the Borrowers
shall have provided to such Lender the documentation and other information so requested in connection with applicable “know
your customer” rules and regulations, Anti-Money Laundering Law, including the Patriot Act and the Beneficial Ownership
Regulation, and the Canadian AML Acts, in each case at least five (5) days prior to the applicable Increase Effective Date;

 

(iv)            if
any Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, such Borrower shall
deliver to each Lender that is proposing to participate in such Incremental Facility and so requests, in a form acceptable to
such Lender, a Beneficial Ownership Certification in relation to such Borrower at least five days prior to the applicable Increase
Effective Date;

 

(v)            the
Borrowers shall provide a Note to any new Lender joining on the Increase Effective Date, if requested;

 

(vi)            if
requested by the Administrative Agent or any Lender participating in such Incremental Facility, the Administrative Agent shall
have received a favorable opinion of counsel (which counsel shall be reasonably acceptable to Administrative Agent), addressed
to Administrative Agent and each Lender, as to such customary matters concerning the increase in the aggregate amount of the Facilities
as Administrative Agent may reasonably request;

 

(vii)            the
Borrowers shall pay such fees to the Administrative Agent, for the benefit of the Lenders providing such Incremental Facility,
as determined by the Borrowers and the Lenders providing such Incremental Facility at the time of such Incremental Facility;

 

(viii)            such
other assurances, certificates, documents, consents or opinions as the Administrative Agent or the Lenders providing such Incremental
Facility reasonably may require; and

 

(ix)            such
other conditions of the Lenders providing such Incremental Facility shall be satisfied or waived.

 

(f)            Settlement
Procedures. On each Increase Effective Date, promptly following fulfillment of the conditions set forth in clause (e) of
this Section 2.16, the Administrative Agent shall notify the Lenders of the occurrence of the Incremental Facility
effected on such Increase Effective Date and:

 

(i)            in
connection with any Incremental Revolving Increase, the Borrowers shall prepay any Revolving Loans outstanding on the 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 Percentages arising from any non-ratable increase in the Revolving
Commitments under this Section 2.16; and

 

(ii)            in
connection with any Incremental Term Loan Facility, each participating Lender shall, upon satisfaction or waiver of the applicable
conditions set forth in Section 4.02, make a term loan to the applicable Borrower or Borrowers equal to its allocated
portion of such Incremental Facility.

 

(g)            Conflicting
Provisions. This Section 2.16 shall supersede any provisions in Sections 2.14 or 10.01 to the
contrary.

 

(h)            Amendments.
If any amendment to this Agreement is reasonably requested to give effect to or to evidence any addition of Incremental Term Loan
Facilities pursuant to and in accordance with this Section 2.16, then such amendment shall be effective if executed
by the Credit Parties, each Lender providing such Incremental Term Loan Facility and the Administrative Agent.

 

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2.17         Cash
Collateral.

 

(a)            Certain
Credit Support Events.

 

(i)            (A) Upon
the request of the Administrative Agent or any L/C Issuer (x) if such L/C Issuer has honored any full or partial drawing
request under any Letter of Credit issued by it and such drawing has resulted in an L/C Borrowing, or (y) if, as of the Letter
of Credit Expiration Date, any L/C Obligation (other than in respect of an Extended Letter of Credit) for any reason remains outstanding
or (B) upon the request of the Administrative Agent pursuant to Section 8.02, the Borrowers shall, in each case,
promptly, and in any event, no later than three (3) Business Days after receipt of such request, Cash Collateralize the then
Outstanding Amount of all L/C Obligations.

 

(ii)            If
at any time that there shall exist a Defaulting Lender, promptly upon the request of the Administrative Agent or any L/C Issuer,
the Borrowers shall deliver to the Administrative Agent Cash Collateral in an amount sufficient to cover all Fronting Exposure
(after giving effect to Section 2.18(a)(iv) and any Cash Collateral provided by such Defaulting Lender).

 

(iii)            In
addition, if the Administrative Agent notifies the Parent Borrower at any time that the Outstanding Amount of all L/C Obligations
at such time exceeds one hundred and five percent (105%) of the Letter of Credit Sublimit then in effect, then, within five (5) Business
Days after receipt of such notice, the Borrowers shall Cash Collateralize the L/C Obligations in an amount equal to the amount
by which the Outstanding Amount of all L/C Obligations exceeds the Letter of Credit Sublimit; provided that Cash Collateral
provided pursuant to this Section 2.17(a)(iii) shall be refunded to the relevant Borrower when the Outstanding
Amount of all L/C Obligations is less than one hundred and five percent (105%) of the Letter of Credit Sublimit then in effect.

 

(iv)            The
Administrative Agent may, at any time and from time to time after the initial deposit of Cash Collateral, request that additional
Cash Collateral be provided as required in the reasonable judgment of the Administrative Agent in order to protect against the
results of exchange rate fluctuations.

 

(b)            Grant
of Security Interest. All Cash Collateral (other than credit support not constituting funds subject to deposit) shall be maintained
in blocked, interest bearing deposit accounts at Bank of America. Each of the Borrowers, and to the extent provided by any Lender,
such Lender, hereby grants to (and subjects to the control of) the Administrative Agent, for the benefit of the Administrative
Agent, the L/C Issuers and the Revolving Lenders, and agrees to maintain, a first priority security interest 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 2.17(c).
If at any time the Administrative Agent reasonably determines that Cash Collateral is subject to any right or claim of any Person
other than the Administrative Agent as herein provided, or that the total amount of such Cash Collateral is less than the applicable
Fronting Exposure and other obligations secured thereby, the Borrowers or the relevant Defaulting Lender will, promptly upon demand
by the Administrative Agent, pay or provide to the Administrative Agent additional Cash Collateral in an aggregate amount equal
to the excess of (x) the aggregate amount of such applicable Fronting Exposure and obligations, over (y) the total amount
of funds or other credit support, if any, then held as Cash Collateral that the Administrative Agent reasonably determines to
be free and clear of any such right and claim.

 

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(c)            Application.
Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under or applied pursuant to any
of this Section 2.17 or Sections 2.02, 2.03, 2.04, 2.06, 2.18 or 8.02 in
respect of Letters of Credit shall be held and applied to the satisfaction of the specific L/C Obligations (including, as to Cash
Collateral provided by 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 other obligations shall be released
promptly (and in any event within two (2) Business Days), together with all interest, if any, that has accrued on such amount,
following (i) the elimination of the applicable Fronting Exposure or other obligations giving rise thereto (including by
(x) the cure or waiver of the relevant Event of Default in respect of Cash Collateral provided pursuant to Section 8.02
and (y) the termination of Defaulting Lender status of the applicable Lender (or, as appropriate, its assignee following
compliance with Section 10.06(b)), (ii) as provided in Section 2.17(a)(iii) (solely to the extent
described therein) or (iii) the Administrative Agent’s good faith determination that there exists excess Cash Collateral;
provided, however, (x) that Cash Collateral furnished by or on behalf of the Borrowers (including any interest
thereon) shall not be released during the continuance of a Default or an Event of Default (and following application as provided
in this Section 2.17 may be otherwise applied in accordance with Section 8.03 during the continuance of
an Event of Default), and (y) the Person providing Cash Collateral and the L/C Issuers may agree that Cash Collateral (including
any interest thereon) shall not be released but instead held to support future anticipated Fronting Exposure or other obligations.

 

2.18            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. That Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect
to this Agreement shall be restricted as set forth in Section 10.01.

 

(ii)            Reallocation
of Payments. Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account
of that Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article VIII or otherwise, and
including any amounts made available to the Administrative Agent by that Defaulting Lender pursuant to Section 10.08),
shall be applied at such time or times as may be determined by the Administrative Agent as follows: first, to the payment
of any amounts owing by that Defaulting Lender to the Administrative Agent hereunder; second, to the payment on a pro rata
basis of any amounts owing by such Defaulting Lender to the L/C Issuers hereunder; third, if so determined by the Administrative
Agent or requested by any L/C Issuer, to be held as Cash Collateral for future funding obligations of such Defaulting Lender of
any participation in any Letter of Credit; fourth, as the Parent 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 Parent
Borrower, to be held in a non-interest bearing deposit account and released in order to satisfy obligations of such Defaulting
Lender to fund Loans under this Agreement; sixth, to the payment of any amounts owing to the Lenders or the L/C Issuers
as a result of any judgment of a court of competent jurisdiction obtained by any Lender or any L/C Issuer against such Defaulting
Lender as a result of that 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 Borrowers as a result of any judgment of a court of competent
jurisdiction obtained by the Borrowers against such Defaulting Lender as a result of such Defaulting Lender’s breach of
its obligations under this Agreement; and eighth, to such Defaulting Lender or as otherwise directed by a court of competent
jurisdiction; provided that if (x) such payment is a payment of the principal amount of any Loans or L/C Borrowings
in respect of which such Defaulting Lender has not fully funded its appropriate share and (y) such Loans or L/C Borrowings
were made 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 Borrowings 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 Borrowings owed to, such Defaulting Lender. 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 2.18(a)(ii) shall be deemed paid to and redirected by that Defaulting
Lender, and each Lender irrevocably consents hereto.

 

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(iii)            Certain
Fees. Such Defaulting Lender (x) shall not be entitled to receive any facility fee on unfunded amounts pursuant to Section 2.10(a) for
any period during which that Lender is a Defaulting Lender except only to the extent allocable to the sum of (1) the aggregate
Outstanding Amount of the Revolving Loans funded by it, and (2) its Applicable Percentage of the stated amount of Letters
of Credit for which it has provided (or is deemed to have provided) Cash Collateral pursuant to Section 2.03(a)(iii),
Section 2.17 or Section 2.18(a)(ii), as applicable (and the Borrowers shall (A) be required to pay
to each L/C Issuer the amount of such facility fee allocable to its Fronting Exposure arising from such Defaulting Lender (solely
to the extent not Cash Collateralized by the Borrowers) and (B) not be required to pay the remaining amount of such facility
fee that otherwise would have been required to have been paid to such Defaulting Lender), and (y) shall be limited in its
right to receive Letter of Credit Fees as provided in Section 2.03(g).

 

(iv)            Reallocation
of Applicable Percentages to Reduce Fronting Exposure. During any period in which there is a Defaulting Lender, for purposes
of computing the amount of the obligation of each non-Defaulting Lender to acquire, refinance or fund participations in Letters
of Credit pursuant to Section 2.03, the “Applicable Percentage” of each non-Defaulting Lender shall be
computed without giving effect to the Revolving Commitment or Dollar Tranche Commitment, as applicable, of such Defaulting Lender;
provided that the aggregate obligation of each non-Defaulting Lender to acquire, refinance or fund participations in Letters
of Credit shall not exceed the positive difference, if any, of (1) the Dollar Tranche Commitment of such non-Defaulting Lender
minus (2) the aggregate Outstanding Amount of the Revolving Loans of such Lender. Subject to Section 10.23,
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.

 

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(v)            Cash
Collateral. If the reallocation described in clause (a)(iv) above cannot, or can only partially, be effected,
the Borrowers shall, without prejudice to any right or remedy available to it hereunder or under applicable Law, Cash Collateralize
the L/C Issuers’ Fronting Exposure in accordance with the procedures set forth in Section 2.17.

 

(b)            Defaulting
Lender Cure. If the Parent Borrower, the Administrative Agent, and, in the case of a Defaulting Lender that is a Revolving
Lender, each L/C Issuer agree in writing in their sole discretion that a Defaulting Lender should no longer be deemed to be a
Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in
such notice and subject to any conditions set forth therein (which may include arrangements with respect to any Cash Collateral),
such Lender will, to the extent applicable, purchase that portion of outstanding Loans and funded and unfunded participations
in Letters of Credit 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 to be held on a pro rata basis by the Revolving
Lenders in accordance with their Applicable Percentages of each Class of Loans (without giving effect to Section 2.18(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 Borrowers while such 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 such Lender’s having
been a Defaulting Lender.

 

2.19        Joint
and Several Liability.

 

(a)            Each
of the Borrowers is accepting joint and several liability hereunder in consideration of the financial accommodation to be provided
by the Lenders under this Agreement, for the mutual benefit, directly and indirectly, of each of the Borrowers and in consideration
of the undertakings of each of the Borrowers to accept joint and several liability for the obligations of each of them.

 

(b)            Each
of the Borrowers hereby irrevocably and unconditionally accepts, not merely as a surety but also as a co-debtor, joint and several
liability with the other Borrowers with respect to the payment and performance of all of the Obligations arising under this Agreement
and the other Loan Documents, it being the intention of the parties hereto that all of the Obligations shall be the joint and
several obligations of each of the Borrowers without preferences or distinction among them.

 

(c)            If
and to the extent that any of the Borrowers shall fail to make any payment with respect to any of the obligations hereunder as
and when due or to perform any of such obligations in accordance with the terms thereof, then in each such event, the other Borrowers
will make such payment with respect to, or perform, such obligation.

 

(d)            The
obligations of each Borrower under the provisions of this Section 2.19 constitute full recourse obligations of such
Borrower, enforceable against it to the full extent of its properties and assets, irrespective of the validity, regularity or
enforceability of this Agreement or any other circumstances whatsoever.

 

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(e)            Except
as otherwise expressly provided herein, each Borrower hereby waives notice of acceptance of its joint and several liability, notice
of occurrence of any Default or Event of Default (except to the extent notice is expressly required to be given pursuant to the
terms of this Agreement) or of any demand for any payment under this Agreement (except to the extent demand is expressly required
to be given pursuant to the terms of this Agreement), notice of any action at any time taken or omitted by the Lenders under or
in respect of any of the Obligations hereunder, any requirement of diligence and, generally, all demands, notices and other formalities
of every kind in connection with this Agreement. Each Borrower hereby assents to, and waives notice of, any extension or postponement
of the time for the payment of any of the Obligations hereunder, the acceptance of any partial payment thereon, any waiver, consent
or other action or acquiescence by the Lenders at any time or times in respect of any default by any Borrower in the performance
or satisfaction of any term, covenant, condition or provision of this Agreement, any and all other indulgences whatsoever by the
Lenders in respect of any of the Obligations hereunder, and the taking, addition, substitution or release, in whole or in part,
at any time or times, of any security for any of such Obligations or the addition, substitution or release, in whole or in part,
of any Borrower. Without limiting the generality of the foregoing, each Borrower assents to any other action or delay in acting
or any failure to act on the part of the Lenders, including, without limitation, any failure strictly or diligently to assert
any right or to pursue any remedy or to comply fully with applicable laws or regulations thereunder which might, but for the provisions
of this Section 2.19, afford grounds for terminating, discharging or relieving such Borrower, in whole or in part,
from any of its obligations under this Section 2.19, it being the intention of each Borrower that, so long as any
of the Obligations hereunder remain unsatisfied, the obligations of such Borrower under this Section 2.19 shall not
be discharged except by performance and then only to the extent of such performance. The obligations of each Borrower under this
Section 2.19 shall not be diminished or rendered unenforceable by any winding up, reorganization, arrangement, liquidation,
reconstruction or similar proceeding with respect to any reconstruction or similar proceeding with respect to any Borrower or
any Lender. The joint and several liability of the Borrowers hereunder shall continue in full force and effect notwithstanding
any absorption, merger, amalgamation or any other change whatsoever in the name, membership, constitution or place of formation
of any Borrower or any Lender.

 

(f)            The
provisions of this Section 2.19 are made for the benefit of the Administrative Agent, the L/C Issuers, the Lenders
and their respective successors and assigns, and may be enforced by any such Person from time to time against any of the Borrowers
as often as occasion therefor may arise and without requirement on the part of any Lender first to marshal any of its claims or
to exercise any of its rights against any of the other Borrowers or to exhaust any remedies available to it against any of the
other Borrowers or to resort to any other source or means of obtaining payment of any of the Obligations or to elect any other
remedy. The provisions of this Section 2.19 shall remain in effect until all of the Obligations hereunder shall have
been paid in full or otherwise fully satisfied. If at any time, any payment, or any part thereof, made in respect of any of the
Obligations, is rescinded or must otherwise be restored or returned by the Lenders upon the insolvency, bankruptcy or reorganization
of any of the Borrowers, or otherwise, the provisions of this Section 2.19 will forthwith be reinstated and in effect
as though such payment had not been made.

 

(g)            Notwithstanding
any provision to the contrary contained herein or in any other Loan Document, the obligations of each Borrower hereunder 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 or any comparable provisions of any applicable state law or any Debtor Relief Laws.

 

(h)            The
Borrowers hereby agree as among themselves that, in connection with payments made hereunder, each such Person shall have a right
of contribution from each other Borrower in accordance with applicable Laws. Such contribution rights shall be subordinate and
subject in right of payment to the Obligations until such time as the Obligations have been irrevocably paid in full and the Commitments
relating thereto shall have expired or been terminated, and none of the Borrowers shall exercise any such contribution rights
until the Obligations have been irrevocably paid in full and the Commitments relating thereto shall have expired or been terminated.

 

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(i)            Notwithstanding
anything in this Agreement or any other Loan Document to the contrary, no Foreign Borrower shall be liable for the Obligations
of the Parent Borrower or any Domestic Borrower.

 

2.20        Appointment
of Parent Borrower as Agent for Credit Parties.

 

Each of the Credit
Parties hereby appoints the Parent Borrower to act as its agent for all purposes under this Agreement and the other Loan Documents
(including, without limitation, with respect to all matters related to Borrowings and the repayment of Loans and Letters of Credit
as described in Article II hereof). Each of the Credit Parties acknowledges and agrees that (a) the Parent Borrower
may execute such documents as agent on behalf of such Credit Party (whether as Borrower or Guarantor) as the Parent Borrower deems
appropriate in its reasonable discretion and each Credit Party shall be bound by and obligated by all of the terms of any such
document executed by the Parent Borrower as agent on its behalf, (b) any notice or other communication delivered by the Administrative
Agent, any L/C Issuer and any Lender hereunder to the Parent Borrower shall be deemed to have been delivered to each of the Credit
Parties and (c) the Administrative Agent and each of the Lenders shall accept (and shall be permitted to rely on) any document
or agreement executed by the Parent Borrower as agent on behalf of the Credit Parties (or any of them). The Borrowers shall act
through the Parent Borrower (acting as agent for the Borrowers) for all purposes under this Agreement and the other Loan Documents.
Notwithstanding anything contained herein to the contrary, to the extent any provision in this Agreement requires any Credit Party
to interact in any manner with the Administrative Agent or the Lenders, such Credit Party shall do so through the Parent Borrower
(acting as agent for the Borrowers).

 

Article III.

 

TAXES,
YIELD PROTECTION AND ILLEGALITY

 

3.01        Taxes.

 

(a)            Payments
Free of Taxes. (i) Any and all payments by or on account of any obligation of the Borrowers hereunder or under any other
Loan Document shall be made free and clear of and without reduction or withholding for any Taxes, except as required by applicable
Laws. If any applicable Laws (as determined in the good faith discretion of the Administrative Agent or a Borrower, as applicable)
require the deduction or withholding of any Tax from any such payment by the Administrative Agent or any Borrower, then the Administrative
Agent or such Borrower shall be entitled to make such deduction or withholding, upon the basis of the information and documentation
to be delivered pursuant to subsection (e) below.

 

(i)            If
any Borrower or the Administrative Agent shall be required by the Code to withhold or deduct any Taxes, including both United
States Federal backup withholding and withholding taxes, from any payment, then (A) the Administrative Agent shall withhold
or make such deductions as are determined by the Administrative Agent to be required based upon the information and documentation
it has received pursuant to Section 3.01(e), (B) the Administrative Agent shall timely pay the full amount withheld
or deducted to the relevant Governmental Authority in accordance with the Code and (C) to the extent that the withholding
or deduction is made on account of Indemnified Taxes or Other Taxes, the sum payable by the Borrowers 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) of Indemnified Taxes or Other Taxes the Administrative Agent, the applicable
Lender or L/C Issuer, as the case may be, receives an amount equal to the sum it would have received had no such withholding or
deduction been made.

 

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(ii)            If
any Borrower or the Administrative Agent shall be required by any applicable Laws other than the Code to withhold or deduct any
Taxes from any payment, then (A) such Borrower or the Administrative Agent, as required by such Laws, shall withhold or make
such deductions as are determined by it to be required based upon the information and documentation it has received pursuant to
Section 3.01(e), (B) such Borrower or the Administrative Agent, to the extent required by such Laws, shall timely
pay the full amount withheld or deducted to the relevant Governmental Authority in accordance with such Laws, and (C) to
the extent that the withholding or deduction is made on account of Indemnified Taxes or Other Taxes, the sum payable by the applicable
Borrower 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) of Indemnified Taxes or Other Taxes the
Administrative Agent, the applicable Lender or L/C Issuer, as the case may be, receives an amount equal to the sum it would have
received had no such withholding or deduction been made.

 

(b)            Payment
of Other Taxes by the Borrowers. Without limiting the provisions of subsection (a) above, the Borrowers shall timely
pay any Other Taxes to the relevant Governmental Authority in accordance with applicable Law.

 

(c)            Tax
Indemnification.

 

(i)            Without
limiting the provisions of subsection (a) or (b) above, the Borrowers shall, and do hereby, indemnify the Administrative
Agent, each Lender and each L/C Issuer, and shall make payment in respect thereof, within ten (10) Business Days after written
demand therefor, for the full amount of any Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other Taxes imposed
or asserted on or attributable to amounts payable under this Section 3.01) paid by the Administrative Agent, such
Lender or such L/C Issuer, as the case may be, and any penalties, interest and reasonable expenses arising therefrom or with respect
thereto, to the extent such Indemnified Taxes or Other Taxes are payable in respect of any payments by or on account of any obligation
of the Borrowers hereunder or under any other Loan Document or otherwise with respect to any Loan Document or activities related
thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental
Authority. A certificate as to the amount of any such payment or liability delivered to the Parent Borrower by a Lender or an
L/C Issuer (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender
or an L/C Issuer, shall be conclusive absent manifest error. Each of the Borrowers shall, and does hereby, indemnify the Administrative
Agent, and shall make payment in respect thereof within ten (10) Business Days after demand therefor, for any amount which
a Lender or an L/C Issuer for any reason fails to pay indefeasibly to the Administrative Agent as required pursuant to Section 3.01(c)(ii) below.

 

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(ii)            Without
limiting the provisions of subsection (a) or (b) above, each Lender and L/C Issuer shall, and does hereby, indemnify
and shall make payment in respect thereof, within ten (10) Business Days after demand therefor, (x) the Administrative
Agent against any Indemnified Taxes attributable to such Lender or such L/C Issuer (but only to the extent that the Borrowers
have not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Borrowers
to do so), (y) the Administrative Agent and the Borrowers, as applicable, any Taxes attributable to such Lender’s or
such L/C Issuer’s failure to comply with the provisions of Section 10.06(d) relating to the maintenance
of a Participant Register and (z) the Administrative Agent and the Borrowers, as applicable, against any Excluded Taxes attributable
to such Lender or such L/C Issuer, in each case, that are payable or paid by the Administrative Agent or a Borrower 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 and L/C
Issuer hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender or
such L/C Issuer, as the case may be, under this Agreement or any other Loan Document against any amount due to the Administrative
Agent under this clause (ii). The agreements in this clause (ii) shall survive the resignation and/or replacement of the
Administrative Agent, any assignment of rights by, or the replacement of, a Lender or an L/C Issuer, the termination of the Facilities
and the repayment, satisfaction or discharge of all other Obligations.

 

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

 

(e)            Status
of Lenders.

 

(i)            Each
Recipient shall deliver to the Parent Borrower (with a copy to the Administrative Agent), at the time or times prescribed by applicable
Law or reasonably requested by the Parent Borrower or the Administrative Agent, such properly completed and executed documentation
prescribed by applicable Law or by the taxing authorities of any jurisdiction and such other reasonably requested information
as will permit the Borrowers or the Administrative Agent, as the case may be, to determine (A) whether or not payments made
by the Borrowers hereunder or under any other Loan Document are subject to Taxes, (B) if applicable, the required rate of
withholding or deduction, and (C) such Recipient’s entitlement to any available exemption from, or reduction of, applicable
Taxes in respect of all payments to be made to such Lender by the Borrowers pursuant to this Agreement or otherwise to establish
such Recipient’s status for withholding tax purposes in the applicable jurisdictions. Notwithstanding the previous sentence,
the completion, execution and submission of such documentation (other than such documentation set forth in Sections 3.01(e)(ii)(A) and
(ii)(B) below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission
would materially prejudice the legal or commercial position of such Lender.

 

(ii)            Without
limiting the generality of the foregoing, in the event that a Borrower is resident for tax purposes in the United States:

 

(A)            any
Recipient that is a “United States person” within the meaning of Section 7701(a)(30) of the Code shall deliver
to the Parent Borrower and the Administrative Agent executed copies of IRS Form W-9 or such other documentation or information
prescribed by applicable Law or reasonably requested by the Parent Borrower or the Administrative Agent as will enable the Borrowers
or the Administrative Agent, as the case may be, to determine that such Lender is not subject to backup withholding or information
reporting requirements; and

 

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(B)            each
Foreign Lender shall deliver to the Parent 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 request of the Parent Borrower or the Administrative Agent, but only if such Foreign Lender is legally
entitled to do so), whichever of the following is applicable:

 

(I)            duly
completed executed copies of IRS Form W-8BEN-E (or W-8BEN, as applicable) claiming eligibility for benefits of an income
tax treaty to which the United States is a party,

 

(II)            duly
completed executed copies of IRS Form W-8ECI,

 

(III)            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 G-1 to the effect that such Foreign Lender is not
(A) a “bank” within the meaning of Section 881(c)(3)(A) of the Code, (B) a “10 percent shareholder”
of a Borrower within the meaning of Section 881(c)(3)(B) of the Code, or (C) a “controlled foreign corporation”
described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and (y) duly
completed copies of IRS Form W-8BEN-E (or W-8BEN, as applicable),

 

(IV)            to
the extent a Foreign Lender is not the beneficial owner of payments made under any Loan Documents, 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 G-2 or Exhibit G-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 G-4 on behalf of each such direct and indirect
partner, or

 

(V)            any
other form prescribed by applicable Law as a basis for claiming exemption from or a reduction in withholding tax duly completed,
together with such supplementary documentation as may be prescribed by applicable Law to permit the Borrowers or the Administrative
Agent to determine the withholding or deduction required to be made; and

 

(VI)            each
Recipient shall deliver to the Administrative Agent and the Parent Borrower at the time or times prescribed by applicable Law
and at such time or times reasonably requested by the Parent Borrower or the Administrative Agent such documentation prescribed
by applicable Law or reasonably requested by the Administrative Agent or the Parent Borrower sufficient for the Administrative
Agent and the Borrowers to comply with their obligations under FATCA and to determine whether payments to such Recipient are subject
to withholding tax under FATCA or to determine the amount, if any, to deduct and withhold from such payment. Solely for purposes
of this clause (VI), “FATCA” shall include any amendments made to FATCA after the date of this Agreement.

 

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(iii)            Each
Recipient shall promptly (A) notify the Parent Borrower and the Administrative Agent of any change in circumstances that
would modify or render invalid any claimed exemption or reduction, and (B) take such steps as shall not be materially disadvantageous
to it, in the reasonable judgment of such Lender, and as may be reasonably necessary (including the re-designation of its Lending
Office) to avoid any requirement of applicable Law of any jurisdiction that any Borrower or the Administrative Agent make any
withholding or deduction for taxes from amounts payable to such Lender.

 

(iv)            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.

 

(f)            Treatment
of Certain Refunds. Unless required by applicable Law, at no time shall the Administrative Agent have any obligation to file
for or otherwise pursue on behalf of a Lender or an L/C Issuer, or have any obligation to pay to any Lender or L/C Issuer, any
refund of Taxes withheld or deducted from funds paid for the account of such Lender or the L/C Issuer, as the case may be. If
the Administrative Agent, any Lender or any L/C Issuer determines, in its sole discretion, that it has received a refund of any
Taxes or Other Taxes as to which it has been indemnified by the Borrowers or with respect to which a Borrower has paid additional
amounts pursuant to this Section 3.01, it shall pay to such Borrower an amount equal to such refund (but only to the
extent of indemnity payments made, or additional amounts paid, by such Borrower under this Section 3.01 with respect
to the Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses incurred by the Administrative Agent,
such Lender or such L/C Issuer, 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 such Borrower, upon the request of the Administrative Agent, such
Lender or such L/C Issuer, agrees to repay the amount paid over to such Borrower (plus any penalties, interest or other charges
imposed by the relevant Governmental Authority) to the Administrative Agent, such Lender or such L/C Issuer in the event the Administrative
Agent, such Lender or such L/C Issuer is required to repay such refund to such Governmental Authority. Notwithstanding anything
to the contrary in this subsection, in no event will the Administrative Agent or any Lender or L/C Issuer be required to pay any
amount to a Credit Party pursuant to this subsection the payment of which would place the Administrative Agent or such Lender
or L/C Issuer in a less favorable net after-Tax position than the Administrative Agent or such Lender or L/C Issuer 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 subsection shall not
be construed to require the Administrative Agent, any Lender or any L/C Issuer to make available its tax returns (or any other
information relating to its taxes that it deems confidential) to the Borrowers or any other Person.

 

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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
applicable Lending Office to perform any of its obligations hereunder or make, maintain or fund or charge interest with respect
to any Credit Extension or to determine or charge interest rates based upon the Eurocurrency Rate or the LIBOR Daily Floating
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 or any Alternative Currency in the applicable interbank market, then upon notice thereof by such
Lender to the Parent Borrower (through the Administrative Agent), (a) any obligation of such Lender to make or continue Eurocurrency
Rate Loans in the affected currency or currencies or, in the case of Eurocurrency Rate Loans denominated in Dollars, to convert
Base Rate Loans or Daily Floating Rate Loans to Eurocurrency Rate Loans, or, in the case of Daily Floating Rate Loans, to convert
Base Rate Loans or Eurocurrency Rate Loans in Dollars to Daily Floating Rate Loans shall be suspended, (b) 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 Eurocurrency 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 Eurocurrency Rate component of the
Base Rate, and (c) if such notice asserts the illegality of such Lender making or maintaining Canadian Prime Rate Loans the
interest rate on which is determined by reference to the CDOR Rate component of the Canadian Prime Rate, the interest rate on
such Canadian Prime Rate Loans of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative
Agent without reference to the CDOR Rate component of the Canadian Prime Rate, in each case until such Lender notifies the Administrative
Agent and the Parent Borrower that the circumstances giving rise to such determination no longer exist. Upon receipt of such notice,
(i) the Parent Borrower shall, upon demand from such Lender (with a copy to the Administrative Agent), prepay or, if applicable
and such Loans are denominated in Dollars, convert all Eurocurrency 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 Eurocurrency 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 Eurocurrency Rate Loans to such day, or immediately, if such Lender may
not lawfully continue to maintain such Eurocurrency Rate Loans and (ii) if such notice asserts the illegality of such Lender
determining or charging interest rates based upon the Eurocurrency Rate or CDOR Rate, the Administrative Agent shall during the
period of such suspension compute the Base Rate and/or the Canadian Prime Rate, as the case may be, applicable to such Lender
without reference to the Eurocurrency Rate or CDOR Rate, as applicable, 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 Eurocurrency
Rate or CDOR Rate, as applicable. Upon any such prepayment or conversion, the Borrowers shall also pay accrued interest on the
amount so prepaid or converted, together with any additional amounts required pursuant to Section 3.05.

 

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3.03        Inability
to Determine Rates.

 

(a)            If
in connection with any request for a Eurocurrency Rate Loan or a conversion to or continuation thereof or a request for or conversion
to a Daily Floating Rate Loan, (i) the Administrative Agent determines that (A) deposits (whether denominated in Dollars
or an Alternative Currency) are not being offered to banks in the applicable interbank market for such currency for the applicable
amount and Interest Period of such Eurocurrency Rate Loan or in Dollars for the applicable term with respect to any Daily Floating
Rate Loan, (B) (x) adequate and reasonable means do not exist for determining the Eurocurrency Rate for any requested
Interest Period with respect to a proposed Eurocurrency Rate Loan (whether in Dollars or an Alternative Currency) or in connection
with an existing or proposed Base Rate Loan, for determining the LIBOR Daily Floating Rate for any applicable term with respect
to an existing or proposed Daily Floating Rate Loan, or for determining the CDOR Rate for any applicable term in connection with
an existing or proposed Canadian Prime Rate Loan and (y) (1) in the case of a Loan denominated in Dollars, the circumstances
described in Section 3.03(c)(i) do not apply and (2) in the case of a Loan denominated in a currency other
than Dollars, the circumstances described in Section 3.03(f)(i) do not apply, or (C) a fundamental change
has occurred in the foreign exchange or interbank markets with respect to such Alternative Currency (including, without limitation,
changes in national or international financial, political or economic conditions or currency exchange rates or exchange controls)
(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 the Eurocurrency Rate for any requested Interest Period with respect to a proposed
Eurocurrency Rate Loan (whether denominated in Dollars or an Alternative Currency), or the LIBOR Daily Floating Rate with respect
to an existing or proposed Daily Floating Rate Loan, as the case may be, does not adequately and fairly reflect the cost to such
Lenders of funding such Loan, the Administrative Agent will promptly so notify the Parent Borrower and each Lender. Thereafter,
(x) the obligation of the Lenders to make or maintain Eurocurrency Rate Loans in the affected currencies or to make or maintain
Daily Floating Rate Loans, as applicable, shall be suspended (to the extent of the affected Eurocurrency Rate Loans, Daily Floating
Rate Loans or Interest Periods) and (y) in the event of a determination described in the preceding sentence with respect
to the Eurocurrency Rate component of the Base Rate or the CDOR Rate component of the Canadian Prime Rate, the utilization of
the Eurocurrency Rate component in determining the Base Rate or CDOR Rate component in determining the Canadian Prime Rate, as
applicable, 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 Section 3.03(a), until the Administrative Agent upon the instruction of the
Required Lenders) revokes such notice. Upon receipt of such notice, (i) the Parent Borrower may revoke any pending request
for a Borrowing of, conversion to or continuation of Eurocurrency Rate Loans in the affected currency or currencies (to the extent
of the affected Eurocurrency 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 denominated in Dollars in the Dollar Equivalent of the amount specified therein and
(ii) (A) any outstanding affected Eurocurrency Rate Loans denominated in Dollars will be deemed to have been converted
into Base Rate Loans at the end of the applicable Interest Period and (B) any outstanding affected Eurocurrency Rate Loans
denominated in an Alternative Currency, at the Parent Borrower’s election, shall either (1) be converted into a Borrowing
of Base Rate Loans denominated in Dollars in the Dollar Equivalent of the amount of such outstanding Eurocurrency Rate Loan at
the end of the applicable Interest Period or (2) be prepaid at the end of the applicable Interest Period in full; provided
that if no election is made by the Parent Borrower by the earlier of (x) the date that is three (3) Business Days
after receipt by the Parent Borrower of such notice and (y) the last day of the current Interest Period for the applicable
Eurocurrency Rate Loan, the Parent Borrower shall be deemed to have elected clause (1) above.

 

(b)            Notwithstanding
the foregoing, if the Administrative Agent has made the determination described in clause (i) of Section 3.03(a),
the Administrative Agent, in consultation with the Parent Borrower and the affected Lenders, 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 (i) of
the first sentence of Section 3.03(a), (ii) the Administrative Agent or the Required Lenders notify the Administrative
Agent and the Parent Borrower that such alternative interest rate does not adequately and fairly reflect the cost to such 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 Parent Borrower written notice thereof.

 

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

 

(i)            adequate
and reasonable means do not exist for ascertaining LIBOR with respect to Eurocurrency Rate Loans denominated in Dollars for any
Interest Period hereunder or any other tenors of LIBOR or with respect to Daily Floating Rate Loans for terms equal to one (1) month,
including, 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
with respect to deposits in Dollars, or used for determining the interest rate of loans denominated in Dollars, 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 for use in determining the interest rate of loans denominated in Dollars 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 interest periods of one (1) month and all other tenors of LIBOR are no longer representative with
respect to Daily Floating Rate Loans or all Interest Periods and other tenors of LIBOR are no longer representative with respect
to Eurocurrency Rate Loans denominated in Dollars; 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 with respect to deposits
in Dollars;

 

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 with respect to Eurocurrency Rate Loans denominated in Dollars, at the end of an Interest Period or on the relevant
interest payment date, as applicable, for interest calculated and with respect to Daily Floating Rate Loans, on the relevant interest
payment date 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;

 

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and in the case of
clause (iv) above, the Parent 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., New York City time, on the fifth (5th) Business Day after the Administrative
Agent shall have notified all Lenders and the Parent 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 Parent Borrower (and in the case of Daily Floating Rate Loans only, the Parent Borrower provides written consent)
and each Lender of such availability, then from and after with respect to Eurocurrency Rate Loans, the beginning of the Interest
Period, relevant interest payment date or payment period for interest calculated and with respect to Daily Floating Rate Loans,
the 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 Parent 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 zero, the LIBOR Successor Rate
will be deemed to be zero 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 Parent 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.”

 

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(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 Parent 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 with respect to Eurocurrency Rate
Loans, at the end of any Interest Period, relevant interest payment date or payment period for interest calculated, as applicable,
and with respect to Daily Floating Rate Loans, at the end of any 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 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 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., New York City time, on the fifth
(5th) Business Day after the Administrative Agent shall have posted such proposed amendment to all Lenders and the Parent Borrower
unless, prior to such time, Lenders comprising the Required Lenders have delivered to the Administrative Agent written notice
that such Required Lenders object to such amendment.

 

(e)            If,
with respect to Eurocurrency Rate Loans, at the end of any Interest Period, relevant interest payment date or payment period for
interest calculated, and with respect to Daily Floating Rate Loans, at the end of any 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 Parent Borrower and each Lender. Thereafter,
(x) the obligation of the Lenders to make or maintain Loans based on LIBOR shall be suspended, (to the extent of the affected
Loans, Interest Periods, interest payment dates or payment periods), and (y) the Eurocurrency 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 Parent Borrower may revoke any pending request for a Borrowing of, conversion
to or continuation of Eurocurrency Rate Loans (to the extent of the affected Eurocurrency Rate Loans, Interest Periods, interest
payment dates or payment periods) or Daily Floating Rate Loans (to the extent of the affected Daily Floating Rate Loans, interest
payment dates or payment periods), as applicable, 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 (and, in the case of
a request for a loan denominated in a LIBOR Quoted Currency other than Dollars, such Base Rate Loans shall be the Dollar Equivalent
of the requested loan amount determined based on the applicable Spot Rate in effect two Business Days immediately prior to the
date of the requested funding).

 

(f)            Notwithstanding
anything to the contrary in this Agreement or any other Loan Documents, if the Administrative Agent determines (which determination
shall be conclusive absent manifest error), or the Parent Borrower or Required Lenders notify the Administrative Agent (with,
in the case of the Required Lenders, a copy to the Parent Borrower) that the Parent Borrower or Required Lenders (as applicable)
have determined, that:

 

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

 

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

 

(iii)            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 the Applicable Reference
Rate for an Applicable Currency,

 

then, reasonably promptly after such determination
by the Administrative Agent or receipt by the Administrative Agent of such notice, as applicable, the Administrative Agent and
the Parent Borrower may amend this Agreement solely for the purpose of replacing the Applicable Reference Rate for the Applicable
Currency in accordance with this Section 3.03 with another alternate benchmark rate giving due consideration to any
evolving or then existing convention for similar syndicated credit facilities syndicated in the U.S. and denominated in the Applicable
Currency for such alternative benchmarks and, in each case, including any mathematical or other adjustments to such benchmark
giving due consideration to any evolving or then existing convention for similar syndicated credit facilities syndicated in the
U.S. and denominated in the Applicable Currency for such benchmarks, each of which adjustments or methods for calculating such
adjustments shall be published on one or more information services as selected by the Administrative Agent from time to time in
its reasonable discretion and may be periodically updated (each, an “Adjustment;” and any such proposed rate,
a “Successor Rate”), and any such amendment shall become effective at 5:00 p.m. on the fifth (5th)
Business Day after the Administrative Agent shall have posted such proposed amendment to all Lenders and the Parent Borrower unless,
prior to such time, Lenders comprising the Required Lenders have delivered to the Administrative Agent written notice that such
Required Lenders object to such amendment. Such Successor Rate for the Applicable Currency 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 Successor Rate for such Applicable Currency shall be applied in a manner as otherwise reasonably determined by the
Administrative Agent.

 

If no Successor Rate
has been determined for the Applicable Currency and the circumstances under clause (i) above exist or the Applicable Scheduled
Unavailability Date has occurred (as applicable), the Administrative Agent will promptly so notify the Parent Borrower and each
Lender. Thereafter, (x) the obligation of the Lenders to make or maintain Eurocurrency Rate Loans in each such Applicable
Currency shall be suspended, (to the extent of the affected Eurocurrency Rate Loans or Interest Periods), and (y) if applicable,
the CDOR Rate component shall no longer be utilized in determining the Canadian Prime Rate. Upon receipt of such notice, (i) the
Parent Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of Eurocurrency Rate Loans in
each such affected Applicable Currency (to the extent of the affected Eurocurrency Rate Loans or Interest Periods) or, failing
that, will be deemed to have converted each such request into a request for a Borrowing of Base Rate Loans denominated in Dollars
in the Dollar Equivalent of the amount specified therein and (ii) any outstanding affected Eurocurrency Rate Loans denominated
in an Alternative Currency, at the Parent Borrower’s election, shall either (1) be converted into a Borrowing of Base
Rate Loans denominated in Dollars in the Dollar Equivalent of the amount of such outstanding Eurocurrency Rate Loan at the end
of the applicable Interest Period or (2) be prepaid at the end of the applicable Interest Period in full; provided
that if no election is made by the Parent Borrower by the earlier of (x) the date that is three (3) Business Days after
receipt by the Parent Borrower of such notice and (y) the last day of the current Interest Period for the applicable Eurocurrency
Rate Loan, the Parent Borrower shall be deemed to have elected clause (1) above.

 

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

 

In connection with
the implementation of a Successor Rate for any currency (other than Dollars), the Administrative Agent will have the right to
make Successor Rate Conforming Changes with respect to such currency from time to time and, notwithstanding anything to the contrary
herein or in any other Loan Document, any amendments implementing such 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 Successor Conforming Changes for the Applicable
Currency to the Lenders reasonably promptly after such amendment becomes effective.

 

3.04        Increased
Costs; Reserves on Eurocurrency Rate Loans and Daily Floating 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 any L/C Issuer;

 

(ii)            subject
any Lender or any L/C Issuer to any Taxes of any kind whatsoever with respect to this Agreement, any Letter of Credit, any participation
in a Letter of Credit or any Eurocurrency Rate Loan or Daily Floating Rate Loan made by it, or change the basis of taxation of
payments to such Lender or such L/C Issuer in respect thereof (other than (A) Indemnified Taxes, (B) Taxes described
in clauses (b) through (e) of the definition of Excluded Taxes and (C) Connection Income Taxes);

 

(iii)            impose
on any Lender or any L/C Issuer or the applicable interbank market any other condition, cost or expense (other than Taxes) affecting
this Agreement or Eurocurrency Rate Loans or Daily Floating 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 the interest
on which is determined by reference to the Eurocurrency Rate or LIBOR Daily Floating Rate (or of maintaining its obligation to
make any such Loan), or to increase the cost to such Lender or such 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 such L/C Issuer, the Borrowers will pay to such Lender or such L/C Issuer, as the case may
be, such additional amount or amounts as will compensate such Lender or such L/C Issuer, as the case may be, for such additional
costs incurred or reduction suffered.

 

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(b)            Capital
Requirements. If any Lender or any L/C Issuer determines that any Change in Law affecting such Lender or such L/C Issuer or
any Lending Office of such Lender or such Lender’s or such L/C Issuer’s holding company, if any, regarding capital
or liquidity ratios or requirements has or would have the effect of reducing the rate of return on such Lender’s or such
L/C Issuer’s capital or on the capital of such Lender’s or such L/C Issuer’s holding company, if any, as a consequence
of this Agreement, the Commitment of such Lender or the Loans made by, or participations in Letters of Credit held by, such Lender,
or the Letters of Credit issued by such L/C Issuer, to a level below that which such Lender or such L/C Issuer or such Lender’s
or such L/C Issuer’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s
or such L/C Issuer’s policies and the policies of such Lender’s or such L/C Issuer’s holding company with respect
to capital adequacy and liquidity), then from time to time the Borrowers will pay to such Lender or such L/C Issuer, as the case
may be, such additional amount or amounts as will compensate such Lender or such L/C Issuer or such Lender’s or such L/C
Issuer’s holding company for any such reduction suffered. The Borrowers shall not be required to pay such additional amounts
unless such amounts are the result of requirements imposed generally on lenders similar to such Lender or such L/C Issuer and
not the result of some specific reserve or similar requirement imposed on such Lender or such L/C Issuer as a result of such Lender’s
or such L/C Issuer’s special circumstances.

 

(c)            Certificates
for Reimbursement. A certificate of a Lender or an L/C Issuer setting forth in reasonable detail the basis for and calculation
of the amount or amounts necessary to compensate such Lender or such L/C Issuer or its holding company, as the case may be, as
specified in subsection (a) or (b) of this Section 3.04 and delivered to the Parent Borrower, in detail
sufficient to enable the Borrowers to verify the computation thereof, shall be conclusive absent manifest error. The Borrowers
shall pay such Lender or such L/C Issuer, as the case may be, the amount shown as due on any such certificate within ten (10) Business
Days after receipt thereof. Any amounts requested to be payable pursuant to this Section 3.04 shall be requested in
good faith (and not on an arbitrary and capricious basis) and consistent with similarly situated customers of the applicable Lender
after consideration of factors as such Lender then reasonably determines to be relevant.

 

(d)            Delay
in Requests. Failure or delay on the part of any Lender or any 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 such L/C Issuer’s right
to demand such compensation, provided that the Borrowers 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 three months prior to the date that such Lender or such L/C Issuer, as the case may be, notifies the Parent Borrower
of the Change in Law giving rise to such increased costs or reductions and of such Lender’s or such 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 three month period referred to above shall be extended to include the period of retroactive effect thereof).

 

(e)            Additional
Reserve Requirements. The Borrowers shall pay to each Lender, (i) so 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 Eurocurrency Rate Loan and/or Daily Floating 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 absent manifest error), and (ii) so long as such Lender shall be required to comply
with any reserve ratio requirement or analogous requirement of any other central banking or financial regulatory authority imposed
in respect of the maintenance of the Commitments or the funding of the Eurocurrency Rate Loans and/or Daily Floating Rate 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 absent manifest error), which in each case shall be due and payable on each date on which interest
is payable on such Loan, provided the Parent 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 or costs shall be due and payable ten
(10) Business Days from receipt of such notice.

 

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3.05         Compensation
for Losses.

 

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

 

(a)            any
continuation, conversion, payment or prepayment of any Eurocurrency 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 Borrowers (for a reason other than the failure of such Lender to make a Loan) to prepay, borrow, continue or convert
any Eurocurrency Rate Loan on the date or in the amount notified by the Parent Borrower;

 

(c)            any
failure by the Borrowers to make payment of any Loan or drawing under any Letter of Credit (or interest due thereon) denominated
in an Alternative Currency on its scheduled due date or any payment thereof in a different currency; or

 

(d)            any
assignment of a Eurocurrency Rate Loan on a day other than the last day of the Interest Period therefor as a result of a request
by the Parent Borrower pursuant to Section 10.13.

 

The Borrowers shall
also pay any customary administrative fees charged by such Lender in connection with the foregoing, including without limitation,
any loss or expense arising from the termination of any foreign exchange contract.

 

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

 

3.06         Mitigation
Obligations; Replacement of Lenders.

 

(a)            Designation
of a Different Lending Office. Each Lender may make any Credit Extension to the Borrowers through any Lending Office, provided
that the exercise of this option shall not affect the obligation of the Borrowers to repay the Credit Extension in accordance
with the terms of this Agreement. If any Lender requests compensation under Section 3.04, or the Borrowers are required
to pay any additional amount to any Lender, any L/C Issuer or any Governmental Authority for the account of any Lender or any
L/C Issuer pursuant to Section 3.01, or if any Lender gives a notice pursuant to Section 3.02, then such
Lender or such 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 such
L/C Issuer, as the case may be, to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender
or such L/C Issuer, as the case may be. The Borrowers hereby agree to pay all reasonable costs and expenses incurred by any Lender
or any L/C Issuer in connection with any such designation or assignment.

 

    	 	92	 

     

    

 

(b)            Replacement
of Lenders. If any Lender requests compensation under Section 3.04, or if the Borrowers are required to pay any
additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 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 Borrowers may replace such Lender in accordance with Section 10.13.

 

3.07        Survival.

 

All of the Borrowers’
obligations under this Article III shall survive termination of the Facilities, repayment of all other Obligations
hereunder and resignation of the Administrative Agent.

 

Article IV.

 

CONDITIONS
PRECEDENT TO CREDIT EXTENSIONS

 

4.01         Conditions
of Effectiveness.

 

The effectiveness
of this Agreement and the obligation of each L/C Issuer and of each Lender to make its initial Credit Extension hereunder are
subject to satisfaction or waiver of the following conditions precedent:

 

(a)            The
Administrative Agent’s receipt of the following, each of which shall be originals or telecopies or electronic copies (followed
promptly by originals) unless otherwise specified, each properly executed by a Responsible Officer of the signing Credit Party,
each dated the Closing Date (or, in the case of certificates of governmental officials, a recent date before the Closing Date)
and each in form and substance reasonably satisfactory to the Administrative Agent:

 

(i)             executed
counterparts of this Agreement, executed and delivered by the Administrative Agent, the Borrowers, the Guarantor and each Lender
listed on Schedule 2.01;

 

(ii)            a
Revolving Note executed by the Borrowers in favor of each Revolving Lender requesting a Revolving Note;

 

(iii)           such
certificates of resolutions or other action, incumbency certificates and/or other certificates of Responsible Officers of each
Credit Party as the Administrative Agent may reasonably require evidencing the identity, authority and capacity of each Responsible
Officer thereof authorized to act as a Responsible Officer in connection with this Agreement and the other Loan Documents;

 

(iv)           such
documents and certifications as the Administrative Agent may reasonably require to evidence that each Credit Party is duly organized
or formed, and that each Credit Party is validly existing, in good standing and qualified to engage in business in its state of
organization and in each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires
such qualification, except to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect;

 

    	 	93	 

     

    

 

(v)            (A) favorable
opinions of Latham & Watkins LLP, counsel to the Credit Parties, (B) favorable opinions of Osler, Hoskin &
Harcourt LLP, Ontario counsel to the Credit Parties, (C) favorable opinions of Cox & Palmer, Nova Scotia counsel
to the Credit Parties, and (D) favorable opinions of in-house counsel to Ventas, in each case, addressed to the Administrative
Agent, each Lender and each L/C Issuer;

 

(vi)           a
certificate signed by a Responsible Officer of the Parent Borrower certifying (A) that the conditions specified in Section 4.02 have
been satisfied; (B) that there has been no event or condition since the date of the Audited Financial Statements that has
had or would reasonably be expected to have, either individually or in the aggregate, a Material Adverse Effect (it being agreed,
for the avoidance of doubt, that no “Material Adverse Effect” shall be deemed to have occurred on the Closing Date
as a result of any event or condition having an effect on the business, assets, properties, operations or financial condition
of the Credit Parties and their Subsidiaries taken as a whole, that were reflected in any Form 10-Q filed by Ventas with
the SEC prior to the Closing Date), (C) the current Debt Ratings; and (D) that, as of the date of the Closing Date,
the Borrowers are in pro forma compliance with the financial covenants contained in Section 7.10 (and attaching the
computations in reasonable detail satisfactory to the Administrative Agent);

 

(vii)          an
executed copy of a Sustainability Metric Annual Certificate from the Parent Borrower, certifying the Sustainability Metric for
the fiscal year of the Parent Borrower ended December 31, 2020; and

 

(viii)         the
Audited Financial Statements and the unaudited financial statements of the Parent Borrower referred to in Section 5.05(a) and
(b);

 

(b)            Any
fees required to be paid by the Borrowers on or prior to the Closing Date pursuant to the Loan Documents and all expenses required
to be reimbursed by the Borrowers on or prior to the Closing Date pursuant to the Loan Documents shall have been paid, provided
that invoices for such expenses have been presented to the Parent Borrower a reasonable period of time (and in any event not
less than two (2) Business Days) prior to the Closing Date (including, unless waived by the Administrative Agent, all reasonable,
documented, out-of-pocket fees, charges and disbursements of counsel to the Administrative Agent (paid directly to such counsel
if requested by the Administrative Agent), plus such additional amounts of such fees, charges and disbursements as shall constitute
its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings
(provided that such estimate shall not thereafter preclude a final settling of accounts between the Borrowers and the Administrative
Agent)).

 

(c)            Upon
the reasonable request of any Lender made at least ten (10) days prior to the Closing Date, the Parent 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” rules and regulations, Anti-Money Laundering Law, including,
without limitation, the Patriot Act, and the Canadian AML Acts, in each case at least five (5) days prior to the Closing
Date.

 

(d)            The
Parent Borrower shall have delivered to each Lender that so requests, in a form reasonably acceptable to such Lender, a Beneficial
Ownership Certification in relation to the Guarantor and the Borrowers at least five (5) days prior to the Closing Date.

 

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(e)            Each
 “Swing Line Loan” (if any) outstanding under (and as defined in) the Existing Credit Agreement shall have been, or
concurrently with the Closing Date shall be, repaid to the applicable Swing Line Lender (as defined in the Existing Credit Agreement).

 

Without limiting the
generality of the provisions of the last paragraph of Section 9.03, 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, (i) this Agreement and each other document to which it is a party or which
it has reviewed or (ii) any 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.

 

4.02         Conditions
to All Credit Extensions.

 

The obligation of
each Lender to honor any Request for Credit Extension (other than a Committed Loan Notice requesting only a conversion of Loans
to the other Type, or a continuation of Eurocurrency Rate Loans) is subject to the following conditions precedent:

 

(a)            The
representations and warranties of the Credit Parties contained in Article V or any other Loan Document, or which are
contained in any document required to be furnished at any time under or in connection herewith or therewith, shall be true and
correct in all material respects (or, in the case of Section 5.22 or any representation and warranty that is qualified
by materiality, in all respects) on and as of the date of such Credit Extension (other than the representations in Section 5.05(c) and
Section 5.18, which shall be made only as of the Closing Date), except to the extent that such representations and
warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects (or, in
the case of Section 5.22 or any representation and warranty that is qualified by materiality, in all respects) as
of such earlier date, and except that for purposes of this Section 4.02, the representations and warranties contained
in subsections (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.

 

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

 

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

 

(d)            In
the case of a Credit Extension to be denominated in an Alternative Currency (or in a currency other than an Alternative Currency
pursuant to Section 2.05), there shall not have occurred any change in national or international financial, political
or economic conditions or currency exchange rates or exchange controls which, in the reasonable opinion of (i) the Administrative
Agent, the Tranche Required Lenders (in the case of any Revolving Loans to be denominated in an Alternative Currency), (ii) the
applicable Revolving Lenders (in the case of any Negotiated Rate Loans to be denominated in a currency other than Dollars) or
(iii) the L/C Issuer (in the case of any Letter of Credit to be denominated in an Alternative Currency), would make it impracticable
for such Committed Borrowing, Negotiated Rate Loan or L/C Credit Extension to be denominated in the relevant Alternative Currency
(or in such currency other than an Alternative Currency pursuant to Section 2.05).

 

Each Request for a
Credit Extension (other than a Committed Loan Notice requesting only a conversion of Loans to another Type or a continuation of
Eurocurrency Rate Loans) submitted by the Parent 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.

 

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Article V.

 

REPRESENTATIONS
AND WARRANTIES

 

The Credit Parties represent and warrant
to the Administrative Agent and the Lenders that:

 

5.01         Existence,
Qualification and Power.

 

Each Credit Party
and its Subsidiaries (a) is duly organized or formed, validly existing and 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 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 to do business and 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; except in each case referred to in clause (a) (solely as to Subsidiaries that are not a
Borrower), (b)(i) or (c), to the extent that failure to do so could not reasonably be expected to have a Material Adverse
Effect.

 

5.02         Authorization;
No Contravention.

 

The execution, delivery
and performance by each Credit Party of each Loan Document to which it is a party has been duly authorized by all necessary corporate
or other organizational action, and do not and will not (a) contravene the terms of such Credit Party’s Organization
Documents; (b) conflict with or result in any breach or contravention of, or the creation of any Lien under, or require any
payment to be made under (i) any Contractual Obligation to which such Credit Party is party or affecting such Credit Party
or the properties of such Credit Party or any of its Subsidiaries or (ii) any order, injunction, writ or decree of any Governmental
Authority or any arbitral award to which such Credit Party or its property is subject; or (c) violate any Law; except in
each case referred to in clause (b) or (c), as contemplated hereunder or to the extent such conflict, breach, contravention
or violation, or creation of any such Lien or required payment could not reasonably be expected to have a Material Adverse Effect.

 

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 the execution, delivery or performance by, or enforcement against, the Credit Parties
of this Agreement or any other Loan Document, except for such approvals, consents, exemptions, authorizations or other actions
or notices or filings which have already been completed or obtained.

 

5.04         Binding
Effect.

 

This Agreement has
been, and each other Loan Document, when delivered hereunder, will have been, duly executed and delivered by the Credit Parties
party thereto. This Agreement constitutes, and each other Loan Document when so delivered will constitute, a legal, valid and
binding obligation of the Credit Parties party thereto, enforceable against such Credit Parties in accordance with its terms,
except as such enforcement may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, or other similar laws,
now or hereafter in effect, relating to or affecting the enforcement of creditors’ rights generally and except that the
remedy of specific performance and other equitable remedies are subject to judicial discretion.

 

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5.05         Financial
Statements; No Material Adverse Effect.

 

(a)            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 the Consolidated Group
as of the date thereof and its results of operations for the period covered thereby in accordance with GAAP consistently applied
throughout the period covered thereby, except as otherwise expressly noted therein; and (iii) show all material indebtedness
and other material liabilities, direct or contingent, of the Guarantor and its Subsidiaries as of the date thereof, including
liabilities for taxes, material commitments and material Indebtedness, in each case, to the extent required by GAAP.

 

(b)            The
unaudited consolidated balance sheet of the Consolidated Group dated September 30, 2020 and the related unaudited consolidated
statements of income or operations, equity and cash flows for the fiscal quarter ended on such date (i) were prepared in
accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein or
as otherwise permitted pursuant to Section 1.03, (ii) fairly present the financial condition of the Consolidated
Group as of the date thereof and its results of operations 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 and (iii) show all material indebtedness and other
material liabilities, direct or contingent, of the Guarantor and its Subsidiaries as of the date thereof, including liabilities
for taxes, material commitments and material Indebtedness, in each case, to the extent required by GAAP.

 

(c)            Since
the date of the Audited Financial Statements, there has been no event or condition, 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, investigations or disputes pending or, to the knowledge of the Credit Parties, threatened or contemplated,
(collectively, “Claims”) at law, in equity, in arbitration or before any Governmental Authority, by or against a Credit
Party or any Subsidiary or against any of their properties or revenues that (a) affect or pertain to this Agreement or any
other Loan Document, or any of the transactions contemplated hereby, or (b) as to which there is a reasonable possibility
of an adverse determination, and, if so adversely determined, either individually or in the aggregate, could reasonably be expected
to have a Material Adverse Effect.

 

5.07         [Reserved].

 

5.08         Ownership
of Property and Valid Leasehold Interests; Liens.

 

(a)            Each
of the Credit Parties and each Subsidiary 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 or valid leasehold
interests as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

(b)            The
property of the Credit Parties and their Subsidiaries is subject to no Liens, other than Liens permitted by Section 7.01.

 

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5.09         Environmental
Compliance.

 

There are no existing
violations of Environmental Laws or claims alleging potential liability or responsibility for the violation of any Environmental
Law that could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

5.10         Insurance.

 

The Credit Parties
and their Subsidiaries maintain or require the tenants or managers of their owned properties to maintain insurance with respect
to their owned properties with insurance companies, in such amounts, with such deductibles and covering such risks as are customarily
carried under similar circumstances by companies engaged in similar businesses and owning similar properties in localities where
the Credit Parties or the applicable Subsidiary operates.

 

5.11         Taxes.

 

The Credit Parties
and their Subsidiaries have filed all Federal and other material tax returns and reports required to be filed, and have paid all
Federal 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 with respect thereto, to the extent required by GAAP, are maintained on the books of
the applicable Person, or except where the failure to take any of the foregoing actions could not reasonably be expected to cause,
individually or in the aggregate, a Material Adverse Effect. To the knowledge of the Credit Parties, there is no proposed tax
assessment against any Credit Party or any Subsidiary that would, if made, have a Material Adverse Effect.

 

5.12         ERISA
Compliance.

 

(a)            Except
as has resulted in, or would not reasonably be expected to have, a Material Adverse Effect:

 

(i)            Each
Plan is in compliance with the applicable provisions of ERISA, the Code and other Federal or state Laws. Each Plan that is intended
to qualify under Section 401(a) of the Code has received a favorable determination or opinion letter from the IRS or
an application for such a letter is currently being processed by the IRS with respect thereto and, to the knowledge of the Parent
Borrower, nothing has occurred that could reasonably be expected to prevent, or cause the loss of, such qualification. The Parent
Borrower and each ERISA Affiliate have made all required contributions to each Plan subject to Section 412 of the Code, and
no application for a funding waiver or an extension of any amortization period pursuant to Section 412 of the Code has been
made with respect to any Plan.

 

(ii)            There
are no pending or, to the knowledge of the Parent Borrower, threatened claims, actions or lawsuits, or action by any Governmental
Authority, with respect to any Plan. There has been no prohibited transaction or violation of the fiduciary responsibility rules with
respect to any Plan.

 

(iii)            (A) No
ERISA Event has occurred or is reasonably expected to occur; (B) no Pension Plan has any Unfunded Pension Liability; (C) neither
the Parent Borrower nor any ERISA Affiliate has incurred, or reasonably expects to incur, any liability under Title IV of
ERISA with respect to any Pension Plan (other than premiums due and not delinquent under Section 4007 of ERISA); (D) neither
the Parent Borrower nor any ERISA Affiliate has incurred, or reasonably expects to incur, any liability (and no event has occurred
that, with the giving of notice under Section 4219 of ERISA, would result in such liability) under Sections 4201 or
4243 of ERISA with respect to a Multiemployer Plan; and (E) neither the Parent Borrower nor any ERISA Affiliate has engaged
in a transaction that could be subject to Sections 4069 or 4212(c) of ERISA.

 

    	 	98	 

     

    

 

(b)            No
Credit Party or any Subsidiary has any liability or contingent liability in respect of a Canadian Defined Benefit Pension Plan.

 

(c)            Each
Canadian Pension Plan is in compliance in all material respects with the applicable provisions of all Laws, except for such non-compliance
as could not reasonably be expected to have a Material Adverse Effect. Each Canadian Pension Plan has been registered with the
Canadian Revenue Agency and, to the knowledge of the Credit Parties, no event has occurred which would prevent, or cause the loss
of, such registration. Each Credit Party and each Subsidiary have made all required contributions to each Canadian Pension Plan,
except where the failure to do so could not reasonably be expected to have a Material Adverse Effect.

 

(d)            There
are no pending or, to the knowledge of any Borrower, threatened claims, actions or lawsuits, or action by any Governmental Authority,
with respect to any Canadian Pension Plan that could reasonably be expected to have a Material Adverse Effect. To the knowledge
of the Credit Parties, there has been no violation of fiduciary duty with respect to any Canadian Pension Plan that has resulted
or could reasonably be expected to result in a Material Adverse Effect.

 

(e)            Neither
any Borrower nor any Guarantor is or will be using “plan assets” (within the meaning of 29 CFR § 2510.3-101,
as modified by Section 3(42) of ERISA) of one or more Benefit Plans in connection with the Loans or the Commitments.

 

5.13         Margin
Regulations; Investment Company Act; REIT Status.

 

(a)            No
Credit Party is engaged nor will any Credit Party engage, principally or as one of its important activities, in the business of
purchasing or carrying margin stock (within the meaning of Regulation U issued by the FRB), or extending credit for the purpose
of purchasing or carrying margin stock.

 

(b)            No
Credit Party is, nor is any Credit Party required to be, registered as an “investment company” under the Investment
Company Act of 1940.

 

(c)            The
Guarantor qualifies as a REIT.

 

5.14         Disclosure.

 

No report, financial
statement, certificate or other information, in each case, furnished in writing by or on behalf of any Credit Party or any Subsidiary
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, as of the date of delivery of such report, financial statement, certificate or other information, any
material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading; provided that, with respect to projected financial information,
the Credit Parties represent only that such information was prepared in good faith based upon assumptions believed to be reasonable
at the time (it being understood that actual results may differ materially from projections).

 

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5.15         Compliance
with Laws.

 

Each of the Credit
Parties and each Subsidiary is in compliance in all material respects with the requirements of all 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 result in a Material
Adverse Effect.

 

5.16         Sanctions
Concerns.

 

No Credit Party, nor
any Subsidiary, nor, to the knowledge of the chief executive officer, chief financial officer or general counsel of the Guarantor,
any director, officer or employee thereof is an individual or entity that is (a) currently the subject or target of any Sanctions,
(b) included on OFAC’s List of Specially Designated Nationals, HMT’s Consolidated List of Financial Sanctions
Targets, the Investment Ban List or the Canadian Sanctions List or (c) with respect to any Credit Party or Subsidiary, located,
organized or resident in a Designated Jurisdiction and with respect to any individual, resident in any Designated Jurisdiction.

 

5.17         Use
of Proceeds.

 

The proceeds of the
Loans hereunder will be used solely for the purposes specified in Section 6.11. No proceeds of the Loans hereunder
will be used for the acquisition of another Person unless the board of directors (or other comparable governing body) or stockholders
(or other equity owners), as appropriate, of such other Person has approved such acquisition.

 

5.18         Solvency.

 

Immediately after
giving effect to the initial Credit Extensions made on the Closing Date, (a) the fair value of the assets of the Credit Parties,
taken as a whole, will exceed their debts and liabilities, subordinated, contingent or otherwise; (b) the present fair saleable
value of the property of the Credit Parties, taken as a whole, will be greater than the amount that will be required to pay the
probable liability of their debts and other liabilities, subordinated, contingent or otherwise, as such debts and other liabilities
become absolute and mature; and (c) after giving effect to rights of contribution among the Borrowers, no Credit Party will
have unreasonably small capital with which to conduct the business in which it is engaged as such business is now conducted and
is proposed to be conducted following the Closing Date.

 

5.19         Taxpayer
Identification Number.

 

Each Credit Party’s
true and correct U.S. taxpayer identification number, if any, is set forth on Schedule 5.19.

 

5.20         Affected
Financial Institutions.

 

No Credit Party is
an Affected Financial Institution.

 

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5.21         Anti-Money
Laundering; Anti-Corruption Laws.

 

(a)            Each
Credit Party, its Subsidiaries and, to the knowledge of the chief executive officer, chief financial officer or general counsel
of the Guarantor, each director, officer or employee thereof are in compliance in all material respects with any applicable Anti-Money
Laundering Law and the Canadian AML Acts, except in such instances in which the failure to comply therewith could not reasonably
be expected to have a Material Adverse Effect.

 

(b)            To
the knowledge of the chief executive officer, chief financial officer or general counsel of the Guarantor, for the past two years,
each Credit Party and its Subsidiaries have conducted their businesses in compliance in all material respects with the United
States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010, the Corruption of Foreign Public Officials Act (Canada)
and other similar anti-corruption legislation in other jurisdictions to the extent applicable to, and binding on, the Credit Parties,
and the Guarantor has instituted and maintains policies and procedures required, in its reasonable judgment, to comply in all
material respects with such laws.

 

5.22         Beneficial
Ownership.

 

As of the Closing
Date and each Increase Effective Date, the information included in each Beneficial Ownership Certification delivered to the Administrative
Agent and/or any Lender in connection with this Agreement or pursuant to Section 2.16(e)(iv), as applicable, is true
and correct in all respects.

 

Article VI.

 

AFFIRMATIVE
COVENANTS

 

So long as any Lender
shall have any Commitment hereunder, any Loan or other Obligation hereunder shall remain unpaid or unsatisfied, or any Letter
of Credit shall remain outstanding, each Credit Party shall (or, solely in the case of the covenant set forth in Section 6.12,
the Guarantor shall), and shall (except in the case of the covenants set forth in Sections 6.01, 6.02, 6.03
and 6.12) cause each Subsidiary to:

 

6.01         Financial
Statements.

 

Deliver to the Administrative
Agent (for distribution to each Lender):

 

(a)            as
soon as available, but in any event within five (5) Business Days following the date the Guarantor is required to file its
Form 10-K with the SEC (without giving effect to any extension of such due date, whether obtained by filing the notification
permitted by Rule 12b-25 or any successor provision thereto or otherwise) (commencing with the fiscal year ended December 31,
2020), a consolidated balance sheet of the Consolidated Group as at the end of such fiscal year, and the related consolidated
statements of income or operations, 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, such consolidated statements
to be audited and accompanied by a report and opinion of an independent certified public accountant of nationally recognized standing,
which report and opinion shall be prepared in accordance with generally accepted auditing standards and applicable securities
laws; and

 

(b)            as
soon as available, but in any event within five (5) Business Days following the date the Guarantor is required to file its
Form 10-Q with the SEC (without giving effect to any extension of such due date, whether obtained by filing the notification
permitted by Rule 12b-25 or any successor provision thereto or otherwise) (commencing with the fiscal quarter ending March 31,
2021), an unaudited consolidated balance sheet of the Consolidated Group as at the end of such fiscal quarter, and the related
unaudited consolidated statements of income or operations for such fiscal quarter and for the portion of the Guarantor’s
fiscal year then ended, and the related unaudited statements of stockholders’ equity and cash flows for the portion of the
Guarantor’s 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, as applicable, all in reasonable
detail, such consolidated statements to be certified by a Responsible Officer of the Guarantor as fairly presenting the financial
condition, results of operations, equity and cash flows of the Guarantor and its Subsidiaries in accordance with GAAP, subject
only to normal year-end audit adjustments and the absence of footnotes.

 

    	 	101	 

     

    

 

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

 

6.02         Certificates;
Other Information.

 

Deliver to the Administrative
Agent (for distribution to each Lender):

 

(a)            concurrently
with the delivery of the financial statements referred to in Sections 6.01(a) and (b) (commencing
with the delivery of the financial statements for the fiscal year ended December 31, 2020), a duly completed Compliance Certificate
signed by a Responsible Officer of the Guarantor;

 

(b)            promptly
after any request by the Administrative Agent, copies of any management letters submitted to the board of directors (or the audit
committee of the board of directors) of the Guarantor by independent accountants in connection with an audit of the accounts of
the Guarantor (which delivery may, unless the Administrative Agent, or a Lender requests executed originals, be by electronic
communication including fax or email and shall be deemed to be an original authentic counterpart thereof for all purposes);

 

(c)            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 the Guarantor, and copies of all annual, regular, periodic and special reports and registration statements
that the Guarantor may file or be required to file with the SEC under Section 13 or 15(d) of the Securities Exchange
Act of 1934, and not otherwise required to be delivered to the Administrative Agent pursuant hereto;

 

(d)            promptly,
and in any event within five (5) Business Days after receipt thereof by the Guarantor 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 by such agency regarding financial or other operational results of the Guarantor or any Subsidiary thereof;

 

(e)            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” rules and regulations and Anti-Money Laundering Law,
including the Patriot Act and the Beneficial Ownership Regulation, and the Canadian AML Acts; and

 

(f)            promptly,
such additional information regarding the business, financial or corporate affairs of the Guarantor or any Subsidiary, or compliance
with the terms of the Loan Documents, as the Administrative Agent may from time to time reasonably request.

 

    	 	102	 

     

    

 

Documents required
to be delivered pursuant to Section 6.01(a) or (b) or Section 6.02(c) (to the extent
any such documents are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered,
shall be deemed to have been delivered on the date (i) on which the Guarantor posts such documents, or provides a link thereto,
on the Guarantor’s website on the Internet at the website address listed on Schedule 10.02; or (ii) on
which such documents are posted on the Guarantor’s behalf on an Internet or intranet website, if any, to which each Lender
and the Administrative Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative
Agent); provided that: (i) the Parent Borrower shall deliver paper copies of such documents to the Administrative
Agent or any Lender that requests such paper copies until a written request to cease delivering paper copies is given by the Administrative
Agent or such Lender and (ii) the Parent Borrower shall notify the Administrative Agent (by telecopier or electronic mail),
which shall notify each Lender, of the posting of any such documents and, upon request, provide to the Administrative Agent by
electronic mail electronic versions (i.e., soft copies) of such documents. The Administrative Agent shall have no obligation
to request the delivery or to maintain copies of the documents referred to above, and in any event shall have no responsibility
to monitor compliance by the Parent Borrower with any such request for delivery, and each Lender shall be solely responsible for
requesting delivery to it or maintaining its copies of such documents.

 

The Credit Parties
hereby acknowledge that (a) the Administrative Agent and/or the Arrangers will make available to the Lenders and the L/C
Issuers materials and/or information provided by or on behalf of the Credit Parties hereunder (collectively, “Borrower
Materials”) by posting the Borrower Materials on IntraLinks, Syndtrak, ClearPar or a similar electronic transmission
system (the “Platform”) and (b) certain of the Lenders (each, a “Public Lender”) may
have personnel that do not wish to receive material non-public information with respect to the Credit Parties or their 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 Credit Parties hereby agree that so long as any Credit Party is the issuer
of any outstanding debt or equity securities that are registered or issued pursuant to a private offering or is actively contemplating
issuing any such securities (w) all Borrower Materials that are to be made available to Public Lenders shall be clearly and
conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently
on the first page thereof, (x) by marking Borrower Materials “PUBLIC,” the Credit Parties shall be deemed
to have authorized the Administrative Agent, the Arrangers, the L/C Issuers and the Lenders to treat such Borrower Materials as
not containing any material non-public information with respect to the Credit Parties or their 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 10.07) (y) all Borrower Materials marked “PUBLIC”
are permitted to be made available through a portion of the Platform designated “Public Investor;” and (z) the
Administrative Agent and the Arrangers shall treat any Borrower Materials that are not marked “PUBLIC” or that are
marked “PRIVATE” as being suitable only for posting on a portion of the Platform not designated “Public Investor.”
Notwithstanding the foregoing, the Credit Parties shall be under no obligation to mark any Borrower Materials “PUBLIC.”

 

6.03         Notices.

 

Promptly following
knowledge thereof by a Responsible Officer, notify the Administrative Agent (which shall notify each Lender) of:

 

(a)            the
occurrence of any Default;

 

(b)            any
matter that has resulted or could reasonably be expected to result in a Material Adverse Effect;

 

(c)            the
information set forth in Section 6.13 at the times required therein;

 

    	 	103	 

     

    

 

(d)            any
material change in accounting policies or financial reporting practices by the Guarantor or any Subsidiary; and

 

(e)            any
announcement by Moody’s, S&P or Fitch of any change or possible adverse change in a Debt Rating.

 

Each notice pursuant
to this Section 6.03 (other than Section 6.03(e)) shall be accompanied by a statement of a Responsible
Officer setting forth details of the occurrence referred to therein and stating what action the Credit Parties have taken and
propose 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 Taxes.

 

Pay and discharge
as the same shall become due and payable, all of its Federal and other material 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 with respect thereto, to the extent required by GAAP, are maintained on the books of
the applicable Person, in each case in this Section 6.04 except where the failure to do so could not reasonably be
expected to have a Material Adverse Effect.

 

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 not prohibited by Section 7.04, or to the extent that failure to do so could not reasonably
be expected to have a Material Adverse Effect;

 

(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

 

(c)            preserve
or renew all of its registered patents, trademarks, trade names and service marks, the non-preservation of that could reasonably
be expected to have a Material Adverse Effect.

 

6.06         Maintenance
of Properties.

 

(a)            Maintain,
preserve and protect, or make contractual or other provisions to cause to maintain, preserve or protect, all of its properties
and equipment necessary in the operation of its business in good working order and condition, ordinary wear and tear excepted,
in each case except where the failure to do so could not reasonably be expected to have a Material Adverse Effect; and

 

(b)            make,
or make contractual or other provisions to cause to be made, 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.

 

Maintain or use reasonable
efforts to cause the tenants under all leases to which it is a party as landlord or the manager of its properties to maintain
insurance with respect to its owned 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 (including with respect to any captive insurance subsidiary or self-insurance, a system or systems of self-insurance
and reinsurance which accords with the practices of similar businesses).

 

    	 	104	 

     

    

 

6.08         Compliance
with Laws.

 

Comply in all material
respects with the requirements of all Laws (including, without limitation, Environmental 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 Credit Party or Subsidiary, as the case may be.

 

6.10         Inspection
Rights.

 

Subject to (x) rights
of tenants, (y) applicable health and safety laws, and (z) except to the extent disclosure could reasonably be expected
to contravene attorney client privilege or similar protection or violate any confidentiality or privacy obligation or otherwise
contravene applicable law, permit representatives and independent contractors of the Administrative Agent and each Lender (in
each case of a Lender, coordinated through the Administrative Agent) 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 (provided that the Guarantor and Parent Borrower
shall have the right to participate in any such discussions), all at such reasonable times during normal business hours and as
often as may be reasonably desired, upon reasonable advance notice to the Parent Borrower; provided, however, that
(i) absent an Event of Default, the Credit Parties shall only be required to pay for one such visit and inspection in any
twelve (12) month period and (ii) 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 Borrowers at any time
during normal business hours and without advance notice.

 

6.11         Use
of Proceeds.

 

Use proceeds from
the Loans to refinance existing Indebtedness and for working capital, capital expenditures, and other general corporate purposes,
including Investments permitted by Section 7.02, dividends and distributions, and acquisitions and developments, not
in contravention of any of the Loan Documents or any applicable Law.

 

6.12         REIT
Status.

 

Maintain Ventas’
status as a REIT under the Code.

 

    	 	105	 

     

    

 

 

6.13            Employee
Benefits.

 

(a)            Comply
with the applicable provisions of ERISA and the Code with respect to each Plan, except where the failure to do so could not reasonably
be expected to have a Material Adverse Effect, and (b) furnish to the Administrative Agent (x) within five (5) Business
Days after any Responsible Officer or any ERISA Affiliate knows or has reason to know that an ERISA Event has occurred that, alone
or together with any other ERISA Event, could reasonably be expected to result in liability of the Parent Borrower or any of its
ERISA Affiliates in an aggregate amount exceeding the Threshold Amount or the imposition of a Lien, a statement setting forth
details as to such ERISA Event and the action, if any, that the Parent Borrower or ERISA Affiliate proposes to take with respect
thereto, and (y) upon request by the Administrative Agent, copies of (i) each Schedule B (Actuarial Information)
to the annual report (Form 5500 Series) filed by the Parent Borrower or any ERISA Affiliate with the IRS with respect to
each Pension Plan; (ii) the most recent actuarial valuation report for each Pension Plan; (iii) all notices received
by the Parent Borrower or any ERISA Affiliate from a Multiemployer Plan sponsor or any governmental agency concerning an ERISA
Event; and (iv) such other documents or governmental reports or filings relating to any Plan as the Administrative Agent
shall reasonably request and (c) (i) comply with the applicable provisions of Law with respect to each Canadian Pension
Plan, except where the failure to do so could not reasonably be expected to have a Material Adverse Effect, and (ii) furnish
to the Administrative Agent (x) within five (5) Business Days after any Responsible Officer or any Subsidiary knows
or has reason to know that an event has occurred in respect of a Canadian Pension Plan that, alone or together with any other
event relating to a Canadian Pension Plan, could reasonably be expected to result in liability of any Credit Party or any Subsidiary
in an aggregate amount exceeding the Threshold Amount or the imposition of a Lien (other than any Lien permitted under Section 7.01
hereof), a statement setting forth details as to such event and the action, if any, that the Credit Party or Subsidiary proposes
to take with respect thereto, and (y) upon request by the Administrative Agent, copies of (1) each annual information
return filed by the Borrower or any Subsidiary with any Governmental Authority with respect to each Canadian Pension Plan; (2) all
notices received by any Credit Party or any Subsidiary from any Governmental Authority concerning a breach of Law with respect
to any Canadian Pension Plan; and (3) such other documents or governmental reports or filings related to any Canadian Pension
Plan as the Administrative Agent shall reasonably request.

 

6.14            Anti-Corruption.

 

Conduct its businesses
in compliance in all material respects with the United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010,
the Corruption of Foreign Public Officials Act (Canada) and other similar anti-corruption legislation in other jurisdictions to
the extent applicable to, and binding on, the Credit Parties and maintain policies and procedures required, in its reasonable
judgment, to comply in all material respects with such laws.

 

Article VII.

 

NEGATIVE
COVENANTS

 

So long as any Lender
shall have any Commitment hereunder, any Loan or other Obligation hereunder shall remain unpaid or unsatisfied, or any Letter
of Credit shall remain outstanding, each Credit Party shall not, nor shall it permit any Subsidiary (except that Section 7.09
shall apply only to Wholly-Owned Subsidiaries) to, directly or indirectly:

 

    	 	106	 

     

    

 

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, other than
the following:

 

(a)            Liens
pursuant to any Loan Document;

 

(b)            Liens
securing Indebtedness permitted under Section 7.03;

 

(c)            Liens
for Taxes not yet due or that are being contested in good faith and by appropriate proceedings diligently conducted, if adequate
reserves with respect thereto, to the extent required by GAAP, are maintained on the books of the applicable Person;

 

(d)            carriers’,
warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens arising in the ordinary course
of business that are not overdue for a period of more than thirty (30) days or that are being contested in good faith and
by appropriate proceedings diligently conducted, if adequate reserves with respect thereto, to the extent required by GAAP, are
maintained on the books of the applicable Person;

 

(e)            pledges
or deposits or other Liens arising in the ordinary course of business in connection with workers’ compensation, unemployment
insurance and other social security legislation, or to secure statutory obligations, other than any Lien imposed by ERISA;

 

(f)            Liens
and rights of setoff of banks and securities intermediaries in respect of deposit accounts and securities accounts maintained
in the ordinary course of business;

 

(g)            the
interests of lessees and lessors under leases or subleases of, and the interest of managers or operators with respect to, real
or personal property made in the ordinary course of business;

 

(h)            Liens
on property where such Credit Party or Subsidiary is insured against such Liens by title insurance;

 

(i)            Liens
on property acquired by a Credit Party or any Subsidiary after the date hereof and that are in place at the time such properties
are so acquired and not created in contemplation of such acquisition;

 

(j)            Liens
securing assessments or charges payable to a property owner association or similar entity, which assessments are not yet due and
payable or that are being contested in good faith by appropriate proceedings diligently conducted, and for which adequate reserves
with respect thereto, to the extent required by GAAP, are maintained on the books of the applicable Person;

 

(k)            Liens
securing assessment bonds, so long as such Credit Party or Subsidiary is not in default under the terms thereof;

 

(l)            deposits
to secure the performance of bids, trade contracts and leases (other than Indebtedness), statutory obligations, surety bonds (other
than bonds related to judgments or litigation), performance bonds and other obligations of a like nature incurred in the ordinary
course of business;

 

(m)            easements,
rights-of-way, restrictions and other similar encumbrances affecting real property that, in the aggregate, are not substantial
in amount, and that 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;

 

    	 	107	 

     

    

 

(n)            Liens
securing judgments for the payment of money not constituting an Event of Default under Section 8.01(h) or securing
appeal or other surety bonds related to such judgments;

 

(o)            Liens
solely on any cash earnest money deposits made by a Credit Party or any Subsidiary in connection with any letter of intent or
purchase agreement;

 

(p)            assignments
to a reverse Section 1031 exchange trust;

 

(q)            licenses
of intellectual property granted in the ordinary course of business;

 

(r)            Liens
on assets of a Credit Party or any Subsidiary securing obligations under Swap Contracts;

 

(s)            precautionary
UCC filings in respect of operating leases; and

 

(t)            any
movable hypothec in favor of lessors, provided that such movable hypothec charges only the corporeal movable property of any of
the Credit Parties or of any Subsidiary thereof situated in premises located in the Province of Québec and leased to any
one of them and secures only the obligations under the relevant lease.

 

7.02            Investments.

 

Make or allow Investments
consisting of:

 

(a)            unimproved
land holdings and construction in progress to exceed, in the aggregate, for all Investments under this clause (a) at any
one time outstanding, thirty-five percent (35%) of Consolidated Gross Asset Value; and

 

(b)            Investments
in Joint Ventures to exceed, in the aggregate, for all Investments under this clause (b) at any one time outstanding, twenty-five
percent (25%) of Consolidated Gross Asset Value.

 

For purposes of this Section 7.02,
the aggregate Investment in Joint Ventures will be valued at book value as shown on the consolidated balance sheet of the Guarantor,
as determined in accordance with GAAP.

 

7.03            Indebtedness.

 

Create, incur, assume
or suffer to exist any Indebtedness, except:

 

(a)            Indebtedness
under the Loan Documents; and

 

(b)            other
Indebtedness; provided that (i) at the time of the incurrence of such Indebtedness and after giving effect thereto
(including any Liens associated therewith) no Event of Default has occurred and is continuing or would result therefrom and (ii) with
respect to obligations of a Credit Party in respect of Swap Contracts, such Swap Contracts shall be entered into in order to manage
existing or anticipated risk and not for speculative purposes.

 

    	 	108	 

     

    

 

7.04            Fundamental
Changes.

 

Merge, dissolve, liquidate,
consolidate with or into another Person, except that, so long as no Default exists or would result therefrom;

 

(a)            any
Person (other than the Parent Borrower) may merge with or into the Guarantor in a transaction in which the Guarantor shall be
the continuing or surviving Person;

 

(b)            any
Person (other than the Guarantor) may merge with or into, consolidate with or amalgamate with the Parent Borrower in a transaction
in which the Parent Borrower shall be the continuing or surviving Person;

 

(c)            any
Person may merge with or into, consolidate with or amalgamate with any Subsidiary (other than the Parent Borrower) in a transaction
in which the continuing or surviving Person shall be a Subsidiary;

 

(d)            any
Subsidiary (other than the Parent Borrower) may merge with or into, consolidate with or amalgamate with any Person in order to
consummate an Investment permitted by Section 7.02 or a Disposition;

 

(e)            any
Subsidiary (other than the Parent Borrower) may merge into the Guarantor or any other Subsidiary; and

 

(f)            any
Subsidiary may liquidate or dissolve if the Credit Parties determine in good faith that such liquidation or dissolution is in
the best interests of the Credit Parties and is not materially disadvantageous to the Lenders.

 

7.05            [Reserved].

 

7.06            Restricted
Payments.

 

Declare or make, directly
or indirectly, any Restricted Payment, or incur any obligation (contingent or otherwise) to do so, provided that:

 

(a)            the
Guarantor and each Subsidiary may declare or make, directly or indirectly, any Restricted Payment required to qualify and maintain
the Guarantor’s qualification as a REIT;

 

(b)            the
Guarantor and each Subsidiary may declare or make, directly or indirectly, any Restricted Payment required to avoid the payment
of Federal or state income or excise tax;

 

(c)            so
long as no Default shall have occurred and be continuing or would result therefrom, the Guarantor and each Subsidiary may purchase,
redeem, retire, acquire, cancel or terminate the Guarantor’s Equity Interests so long as after giving effect thereto the
Credit Parties are in compliance on a Pro Forma Basis with the requirements of Section 7.10(e);

 

(d)            any
Subsidiary may at any time make Restricted Payments to any member of the Consolidated Group and, solely to the extent distributions
to other holders of its Equity Interests are required by its Organization Documents, to such other holders of Equity Interests;

 

    	 	109	 

     

    

 

(e)            any
member of the Consolidated Group may at any time declare and make dividend payments or other distributions payable solely in the
common stock or other common Equity Interests in such Person;

 

(f)            so
long as no Default shall have occurred and be continuing or would result therefrom, the Guarantor and each Subsidiary may make
any payment on account of any return of capital to the Guarantor’s stockholders, partners or members (or the equivalent
Person thereof); and

 

(g)            the
Guarantor and each Subsidiary may declare or make, directly or indirectly, any Restricted Payment within sixty days after the
date of declaration thereof, if on the date of declaration of such payment, such payment would have been permitted pursuant to
another clause of this Section 7.06 and no Default under Section 8.01(a), (f) or (g) shall
have occurred and be continuing.

 

7.07            Change
in Nature of Business.

 

Engage in any material
line of business substantially different from those lines of business conducted by the Credit Parties and their Subsidiaries on
the date hereof or any business substantially related or incidental thereto.

 

7.08            Transactions
with Affiliates.

 

Enter into any transaction
of any kind with any Affiliate of a Credit Party, whether or not in the ordinary course of business, except:

 

(a)            transactions
on fair and reasonable terms substantially as favorable to the Credit Party or such Subsidiary as would be obtainable by the Credit
Party or such Subsidiary at the time in a comparable arm’s-length transaction with a Person other than an Affiliate;

 

(b)            payments
of compensation, perquisites and fringe benefits arising out of any employment or consulting relationship in the ordinary course
of business;

 

(c)            payments
of Restricted Payments permitted by this Agreement;

 

(d)            transactions
between or among the Guarantor, the Borrowers and any Wholly-Owned Subsidiary; or

 

(e)            transactions
in the ordinary course of business that comply with the requirements of the North American Securities Administrators Association’s
Statement of Policy of Real Estate Investment Trusts.

 

7.09            Sanctions;
Anti-Money Laundering; Anti-Corruption.

 

(a)            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, for the purpose of funding any activities of or business with any Person,
or in any Designated Jurisdiction, that, at the time of such funding, is the subject of Sanctions, in each case, except to the
extent permitted for a Person required to comply with Sanctions.

 

    	 	110	 

     

    

 

(b)            Knowingly
engage in any transaction, investment, undertaking or activity that conceals the identity, source or destination of the proceeds
from any category of prohibited offenses designated in any law, regulation or other binding measure by the Organisation for Economic
Cooperation and Development’s Financial Action Task Force on Money Laundering (solely to the extent such organization has
jurisdiction over the Credit Parties and such law, regulation or other measure is applicable to, and binding on, the Credit Parties)
or violate in any material respect these laws or any other applicable Anti-Money Laundering Law or the Canadian AML Acts, or knowingly
engage in these actions.

 

(c)            Use
the proceeds of any Credit Extension for any purpose which would breach in any material respect the United States Foreign Corrupt
Practices Act of 1977, the UK Bribery Act 2010, the Corruption of Foreign Public Officials Act (Canada) and other similar anti-corruption
legislation in other jurisdictions to the extent applicable to, and binding on, the Credit Parties.

 

7.10            Financial
Covenants.

 

(a)            Consolidated
Total Leverage Ratio. Permit the Consolidated Total Leverage Ratio to be greater than sixty percent (60%) as of the end of
any fiscal quarter. Notwithstanding the foregoing, the Credit Parties shall be permitted to increase the maximum Consolidated
Total Leverage Ratio to sixty five percent (65%) for any fiscal quarter in which a Significant Acquisition occurs and for the
three consecutive full fiscal quarters immediately thereafter; provided that in no event shall the Consolidated Total Leverage
Ratio exceed sixty five percent (65%) at any time or exceed sixty percent (60%) for more than four consecutive fiscal quarters
in any consecutive five fiscal quarter period.

 

(b)            Consolidated
Secured Debt Leverage Ratio. Permit the Consolidated Secured Debt Leverage Ratio to be greater than forty percent (40%) as
of the end of any fiscal quarter.

 

(c)            Consolidated
Fixed Charge Coverage Ratio. Permit the Consolidated Fixed Charge Coverage Ratio to be less than 1.50 to 1.00 as of the end
of any fiscal quarter.

 

(d)            Consolidated
Unsecured Leverage Ratio. Permit the Consolidated Unsecured Leverage Ratio to be greater than sixty percent (60%) as of the
end of any fiscal quarter. Notwithstanding the foregoing, the Credit Parties shall be permitted to increase the maximum Consolidated
Unsecured Leverage Ratio to sixty five percent (65%) for any fiscal quarter in which a Significant Acquisition occurs and for
the three consecutive full fiscal quarters immediately thereafter; provided that in no event shall the Consolidated Unsecured
Leverage Ratio exceed sixty five percent (65%) at any time or exceed sixty percent (60%) for more than four consecutive fiscal
quarters in any consecutive five fiscal quarter period.

 

(e)            Consolidated
Adjusted Net Worth. Permit the Consolidated Adjusted Net Worth to be, as of the end of any fiscal quarter, less than $13,448,207,250.00.

 

7.11            Canadian
Pension Plans.

 

Incur any liability
or contingent liability in respect of a Canadian Defined Benefit Pension Plan; provided, that a Credit Party or its Subsidiaries
may maintain, sponsor or contribute to a Canadian Defined Benefit Pension Plan or acquire an interest in any Person that maintains,
sponsors or contributes to a Canadian Defined Benefit Pension Plan, so long as the greater of the wind-up deficiency or solvency
deficiency in respect of all such Canadian Defined Benefit Plans, as identified in the last valuation report filed with the applicable
pension regulator in respect of each such Canadian Defined Benefit Plan, does not in the aggregate at such time exceed the Threshold
Amount.

 

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Article VIII.

 

EVENTS
OF DEFAULT AND REMEDIES

 

8.01            Events
of Default.

 

Any of the following
shall constitute an Event of Default:

 

(a)            Non-Payment.
The Credit Parties fail to pay (i) when and as required to be paid herein, and in the currency required hereunder, any amount
of principal of any Loan or any L/C Obligation, or (ii) within five (5) Business 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) Business Days after
the same becomes due, any other amount payable hereunder or under any other Loan Document; or

 

(b)            Specific
Covenants. The Credit Parties or any of their Subsidiaries fail to perform or observe any term, covenant or agreement contained
in any of (i) Section 6.03(b) or Section 6.05 (solely with respect to the Parent Borrower or
the Guarantor) or Article VII and such failure continues for five (5) Business Days, (ii) Section 6.02(e) and
such failure continues for ten (10) Business Days or (iii) Section 6.03(a) or Section 6.03(d) and
such failure continues for fifteen (15) Business Days; or

 

(c)            Other
Defaults. The Credit Parties or any of their Subsidiaries fail to perform or observe any other covenant or agreement (not
specified in subsection (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 after the first to occur of (i) the date upon which a Responsible Officer
of any Credit Party obtains knowledge of such failure or (ii) receipt by the Parent Borrower of written notice of such failure
from the Administrative Agent (which notice will be given at the request of any Lender); provided that if such failure
is of such a nature that can be cured but cannot with reasonable effort be completely cured within thirty (30) days, then such
thirty (30) day period shall be extended for such additional period of time (not exceeding ninety (90) additional days) as may
be reasonably necessary to cure such failure so long as the Credit Parties or their Subsidiaries, as applicable, commence such
cure within such thirty (30) day period and diligently prosecute same until completion; or

 

(d)            Representations
and Warranties. Any representation, warranty, certification or statement of fact made or deemed made by or on behalf of any
Credit Party herein, in any other Loan Document, or in any document delivered in connection herewith or therewith shall be incorrect
in any material respect when made or deemed made (or, in the case of Section 5.22 or any representation and warranty
that is qualified by materiality, shall be incorrect in any respect when made or deemed made) and, with respect to any representation,
warranty, certification or statement (other than Section 5.22) not known by such Credit Party at the time made or
deemed made to be incorrect, the defect causing such representation or warranty to be incorrect when made or deemed made is not
removed within thirty (30) days after the first to occur of (i) the date upon which a Responsible Officer of any Credit Party
obtains knowledge thereof or (ii) receipt by the Parent Borrower of written notice thereof from the Administrative Agent
(which notice will be given at the request of any Lender); or

 

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(e)            Cross-Default.
(i) Any Credit Party or any Subsidiary (x) fails (after giving effect to any notice or grace periods applicable thereto)
to make any required payment when due (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise)
in respect of any Material Recourse Indebtedness or (y) fails to observe or perform any other agreement or condition relating
to any such Material Recourse Indebtedness 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, with the giving of notice if required, such
Material Recourse Indebtedness pursuant to the terms thereof to be demanded or to become due or to require such Credit Party or
Subsidiary to repurchase, prepay, defease or redeem (automatically or otherwise) or make an offer to repurchase, prepay, defease
or redeem such Material Recourse Indebtedness pursuant to the terms thereof, prior to its stated maturity; 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 any Credit Party or any Subsidiary 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 any Credit Party or
any Subsidiary is an Affected Party (as so defined) and, in either event, the Swap Termination Value owed by a Credit Party
or such Subsidiary as a result thereof is greater than the Threshold Amount; provided that this clause (e) shall not
apply to (i) secured Indebtedness that becomes due and payable as a result of the voluntary sale or transfer of the property
or assets securing such Indebtedness, if such sale or transfer is permitted hereunder and under the documents providing for such
Indebtedness and such Indebtedness is assumed or repaid in full when required under the documents providing for such Indebtedness,
(ii) any redemption, repurchase, conversion or settlement with respect to any convertible debt security which is consummated
in accordance with the terms of such convertible debt security, unless such redemption, repurchase, conversion or settlement results
from a default thereunder or an event of the type that constitutes an Event of Default or (iii) any early payment requirement
or unwinding or termination with respect to any Swap Contract (A) not arising out of a default by any Credit Party and (B) to
the extent that such Swap Termination Value owed has been paid in full by such Credit Party when due; or

 

(f)            Insolvency
Proceedings, Etc. Any Credit Party or any Material Subsidiary institutes or consents to the institution of any proceeding
under any Debtor Relief Law, or makes an 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, undismissed 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 undischarged, 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 Credit Party or any Material Subsidiary 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 thirty (30) days after its issue or levy; or

 

(h)            Judgments.
There is entered against any Credit Party or any Material Subsidiary (i) a final non-appealable judgment or order that has
not been discharged for the payment of money in an aggregate amount exceeding the Threshold Amount (to the extent (x) not
covered by independent third-party insurance as to which the insurer does not dispute coverage or (y) for which the applicable
Credit Party or Material Subsidiary has not been indemnified), or (ii) any one or more non-monetary final non-appealable
judgments that have not been discharged and that have, or could 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 thirty (30) consecutive days during which a stay of enforcement of such judgment, by
reason of a pending appeal or otherwise, is not in effect; or

 

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(i)            ERISA.
(i) An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan that has resulted or could reasonably be expected
to result in liability of a Credit 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) any failure by any Credit Party or any Subsidiary to perform
its obligations under a Canadian Pension Plan if such failure has resulted or could reasonably be expected to result in liability
of a Credit Party or a Subsidiary in an aggregate amount in excess of the Threshold Amount; or

 

(j)            Invalidity
of Loan Documents. Any material provision of any Loan Document, 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 of the Obligations, ceases to be in full
force and effect; or any Credit Party or any other Person contests in any manner the validity or enforceability of any material
provision of any Loan Document; or any Credit Party denies that it has any or further liability or obligation under any Loan Document,
or purports to revoke, terminate or rescind any material provision of any Loan Document; or

 

(k)            Change
of Control. There occurs any Change of Control.

 

For purposes of clauses
(f), (g), and (h) above, no Event of Default shall be deemed to have occurred with respect to a Material Group unless the
type of event specified therein has occurred with respect to each Subsidiary that is a member of such Material Group.

 

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 Issuers 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 Credit Parties;

 

(c)            require
that the Credit Parties Cash Collateralize the L/C Obligations (in an amount equal to the then Outstanding Amount thereof); and

 

(d)            exercise
on behalf of itself, the Lenders and the L/C Issuers all rights and remedies available to it, the Lenders and the L/C Issuers
under the Loan Documents;

 

provided,
however, that upon the occurrence of an Event of Default with respect to any Credit Party pursuant to Section 8.01(f) or
(g) or the occurrence of an actual or deemed entry of an order for relief with respect to any Credit Party under the
Bankruptcy Code, the obligation of each Lender to make Loans and any obligation of the L/C Issuers 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 Credit Parties 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.

 

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8.03            Application
of Funds.

 

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),
any amounts received on account of the Obligations shall, subject to the provisions of Sections 2.17 and 2.18, be
applied by the Administrative Agent in the following order:

 

First,
to payment of that portion of the 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 Obligations constituting fees, indemnities, expenses and other amounts (other than principal,
interest and Letter of Credit Fees) payable to the Lenders and the L/C Issuers (including fees, charges and disbursements of counsel
to the respective Lenders and the L/C Issuers and amounts payable under Article III), ratably among them in proportion
to the amounts described in this clause Second payable to them;

 

Third,
to payment of that portion of the Obligations constituting accrued and unpaid Letter of Credit Fees and interest on the Loans
and L/C Borrowings and fees, premiums and scheduled periodic payments, and any interest accrued thereon, due under any Swap Contract
between a Credit Party and any Lender, or any Affiliate of a Lender, ratably among the Lenders (and, in the case of such Swap
Contracts, Affiliates of Lenders) and the L/C Issuers in proportion to the respective amounts described in this clause Third
payable to them;

 

Fourth,
to payment of that portion of the Obligations constituting unpaid principal of the Loans and L/C Borrowings, payment of breakage,
termination or other payments, and any interest accrued thereon, due under any Swap Contract between a Credit Party and any Lender,
or any Affiliate of a Lender and amounts owing under Treasury Management Agreements, ratably among the Lenders (and, in the case
of such Swap Contracts, Affiliates of Lenders), the Treasury Management Lenders and the L/C Issuers in proportion to the respective
amounts described in this clause Fourth held by them;

 

Fifth,
to the Administrative Agent for the account of the L/C Issuers, 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 Credit Parties pursuant
to Sections 2.03, 2.06(d) and/or 2.17; and

 

Last,
the balance, if any, after all of the Obligations have been indefeasibly paid in full, to the Credit Parties or as otherwise required
by Law.

 

Subject to Sections 2.03(c), 2.06(d) and
2.17, amounts used to Cash Collateralize the aggregate undrawn amount of Letters of Credit pursuant to clause Fifth
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 Obligations, if any, in the order set forth above. Excluded Swap Obligations with respect to any Guarantor shall not
be paid with amounts received from such Guarantor or such Guarantor’s assets, but appropriate adjustments shall be made
with respect to payments from the other Credit Parties to preserve the allocation to Obligations otherwise set forth above in
this Section.

 

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Article IX.

 

ADMINISTRATIVE
AGENT

 

9.01            Appointment
and Authority.

 

Each of the Lenders
and each of the L/C Issuers hereby irrevocably appoints 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. Except as otherwise expressly set forth herein, the provisions of this Article are
solely for the benefit of the Administrative Agent, the Lenders and the L/C Issuers, and none of the Credit Parties 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.

 

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 business with a Credit
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.

 

9.03            Exculpatory
Provisions.

 

The Administrative
Agent shall not have any duties or obligations except those expressly set forth herein and in the other Loan Documents, and its
duties hereunder shall be administrative in nature. Without limiting the generality of the foregoing, the Administrative Agent
or the Arrangers, as applicable, and their Related Parties:

 

(a)            shall
not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing;

 

(b)            shall
not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers
expressly contemplated hereby or by 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;

 

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(c)            shall
not have any duty or responsibility to disclose, and shall not be liable for the failure to disclose, to any Lender or any L/C
Issuer, any credit or other information concerning the business, prospects, operations, property, financial and other condition
or creditworthiness of any of the Credit Parties or any of their Affiliates, that is communicated to, obtained or in the possession
of, the Administrative Agent, any Arranger 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;

 

(d)            shall
not be liable for any action taken or not taken by it (i) with the consent or at the request of the Required Lenders (or
such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith
shall be necessary, under the circumstances as provided in Sections 10.01 and 8.02) or (ii) in the absence
of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction in a final, 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 Parent Borrower, a Lender or an L/C Issuer; and

 

(e)            shall
not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in
or in connection with this Agreement or any other Loan Document or in any other document delivered hereunder or thereunder or
in connection herewith or therewith, (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 (v) the
satisfaction of any condition set forth in Article IV or elsewhere herein, other than to confirm receipt of items
expressly required to be delivered to the Administrative Agent.

 

9.04            Reliance
by Administrative Agent.

 

The Administrative
Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent,
statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting
or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person.
The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made
by the proper Person, and shall not incur any liability for relying thereon. In determining compliance with any condition hereunder
to the making of a Loan, or the issuance, extension, renewal or increase of a Letter of Credit, that by its terms must be fulfilled
to the satisfaction of a Lender or an L/C Issuer, the Administrative Agent may presume that such condition is satisfactory to
such Lender or such L/C Issuer unless the Administrative Agent shall have received notice to the contrary from such Lender or
such 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 Credit 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.

 

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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 shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any
such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided
for herein as well as activities as the 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.

 

9.06            Resignation
of Administrative Agent.

 

The
Administrative Agent may at any time give notice of its resignation to the Lenders, the L/C Issuers and the Parent Borrower. Upon
receipt of any such notice of resignation, the Required Lenders shall have the right, subject to the approval (not to be unreasonably
withheld or delayed) of the Parent Borrower (unless an Event of Default has occurred and is continuing), to appoint a successor,
which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States;
provided that if any such potential successor is not classified as a “U.S. person” and a “financial institution”
within the meaning of Treasury Regulation Section 1.1441-1, then the Parent Borrower shall have the right to prohibit such
potential successor from becoming the Administrative Agent in its reasonable discretion. 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, then the retiring Administrative Agent may on behalf of the Lenders and the L/C Issuers
(and subject to the approval (not to be unreasonably withheld or delayed) of the Parent Borrower (unless an Event of Default has
occurred and is continuing)), appoint a successor Administrative Agent meeting the qualifications set forth above; provided
that if any such potential successor is not classified as a “U.S. person” and a “financial institution”
within the meaning of Treasury Regulation Section 1.1441-1, then the Parent Borrower shall have the right to prohibit such
potential successor from becoming the Administrative Agent in its reasonable discretion; provided, further that
if the Administrative Agent shall notify the Parent Borrower and the Lenders that no qualifying Person has accepted such appointment,
then such resignation shall nonetheless become effective in accordance with such notice and (1) 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 Issuers under any of the Loan
Documents, the retiring Administrative Agent shall continue to hold such collateral security on behalf of the Lenders or the L/C
Issuers until such time as a successor Administrative Agent is appointed hereunder) and (2) all payments, communications
and determinations provided to be made by, to or through the Administrative Agent (other than such amounts then owed to the retiring
Administrative Agent) shall instead be made by or to each Lender and each L/C Issuer directly, until such time as the Required
Lenders appoint a successor Administrative Agent as provided for above in this Section 9.06. Upon the acceptance of
a successor’s appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all
of the rights, powers, privileges and duties of the retiring (or retired) Administrative Agent (other than as provided
in Section 3.01(e) and other than such amounts then owed to the retiring (or retired) Administrative Agent),
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
Borrowers to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between
the Parent Borrower and such successor. After the retiring Administrative Agent’s resignation hereunder and under the other
Loan Documents, the provisions of this Article and Section 10.04 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 while the retiring Administrative Agent was acting as Administrative Agent.

 

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Any resignation by
Bank of America as Administrative Agent pursuant to this Section 9.06 shall also constitute its resignation as an
L/C Issuer. If Bank of America resigns as an L/C Issuer, it shall retain all rights, powers, privileges and duties of an L/C Issuer
hereunder with respect to all Letters of Credit issued by it and outstanding as of the effective date of its resignation as an
L/C Issuer and all L/C Obligations with respect thereto (including the right to require the Revolving Lenders to make Base Rate
Revolving Loans or fund risk participations in Unreimbursed Amounts pursuant to Section 2.03(b)). Upon the acceptance
of a successor’s appointment as Administrative Agent hereunder, (a) such successor shall succeed to and become vested
with all of the rights, powers, privileges and duties of Bank of America as a retiring L/C Issuer, (b) Bank of America shall
be discharged from all of its respective duties and obligations hereunder or under the other Loan Documents as a retiring L/C
Issuer, and (c) the successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit, if any,
issued by Bank of America and outstanding at the time of such succession or make other arrangement satisfactory to Bank of America
to effectively assume the obligations of Bank of America as a retiring L/C Issuer with respect to such Letters of Credit.

 

9.07            Non-Reliance
on Administrative Agent and Other Lenders.

 

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

 

9.08            No
Other Duties, Etc.

 

Anything herein to
the contrary notwithstanding, none of the Arrangers, Syndication Agent, Co-Documentation Agents or Senior Managing Agents 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, a Lender or an L/C Issuer hereunder.

 

9.09            Administrative
Agent May File Proofs of Claim.

 

In case of the pendency
of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial
proceeding under any Debtor Relief Law relative to a Credit 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 Borrowers) shall be entitled and empowered, by intervention
in such proceeding or otherwise:

 

(a)            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 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 Issuers and the Administrative Agent (including any claim for the reasonable compensation,
expenses, disbursements and advances of the Lenders, the L/C Issuers and the Administrative Agent and their respective agents
and counsel and all other amounts due the Lenders, the L/C Issuers and the Administrative Agent under Sections 2.03(g) and
(h), 2.10 and 10.04) allowed in such judicial proceeding; and

 

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

 

and any custodian, receiver, assignee,
trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender
and each 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 Issuers, 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 2.10 and 10.04.

 

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 any L/C Issuer any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of
any Lender or LC Issuer or to authorize the Administrative Agent to vote in respect of the claim of any Lender or L/C Issuer in
any such proceeding.

 

9.10            Collateral
and Guaranty Matters.

 

The Lenders and the
L/C Issuers irrevocably authorize the Administrative Agent:

 

(a)            to
release any Lien on any property granted to or held by the Administrative Agent under any Loan Document (i) upon termination
of the Facilities and payment in full of all Obligations (other than contingent indemnification obligations) and the expiration
or termination of all Letters of Credit, (ii) that is transferred or to be transferred as part of or in connection with any
Disposition, or (iii) as approved in accordance with Section 10.01; and

 

(b)            to
release the Guarantor from its obligations under the Guaranty as approved in Section 10.01.

 

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 the Guarantor from its obligations under the
Guaranty, pursuant to this Section 9.10.

 

Without limiting the
foregoing, none of such Lenders shall have or be deemed to have a fiduciary relationship with any other Lender. The Lenders are
not partners or co-venturers, and no Lender shall be liable for the acts or omissions of, or (except as otherwise set forth herein
in case of the Administrative Agent) authorized to act for, any other Lender. The Administrative Agent shall have the exclusive
right on behalf of the Lenders to enforce the payment of the principal of and interest on any Loan after the date such principal
or interest has become due and payable pursuant to the terms of this Agreement.

 

9.11            Certain
ERISA Matters.

 

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

 

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(i)            such
Lender is not using “plan assets” (within the meaning of 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

 

(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) sub-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 sub-clause (iv) in the
immediately preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender
party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases
being a Lender party hereto, for the benefit of, the Administrative Agent and each Arranger and their respective Affiliates, and
not, for the avoidance of doubt, to or for the benefit of any Borrower or any other Credit Party, that none of the Administrative
Agent or any Arranger or any of their respective Affiliates is a fiduciary with respect to the assets of such Lender 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).

 

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Article X.

 

MISCELLANEOUS

 

10.01      Amendments,
Etc.

 

Subject to Section 3.03,
clauses (ii) and (iii) of the third to last paragraph of this Section 10.01, and the last paragraph of this
Section 10.01, no amendment or waiver of any provision of this Agreement or any other Loan Document, and no consent
to any departure by the Credit Parties therefrom, shall be effective unless in writing signed 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) and the applicable
Credit Parties, 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

 

(a)            only
the written consent of each Lender directly affected thereby shall be required to the extent such amendment, waiver or consent
shall:

 

(i)            extend
the expiration date or increase the amount of the Commitment of any Lender (or reinstate any Commitment terminated pursuant to
Section 8.02);

 

(ii)           postpone
any date fixed by this Agreement or any other Loan Document for any payment or mandatory prepayment of principal, interest, fees
or other amounts due to the Lenders (or any of them) hereunder or under any other Loan Document;

 

(iii)          reduce
the principal of, or the rate of interest specified herein on, any Loan or L/C Borrowing, or (subject to clause (iii) of
the second proviso to this Section 10.01) any fees or other amounts payable hereunder (including pursuant to Section 2.06)
or under any other Loan Document; provided, however, that only the consent of the Required Lenders shall be necessary
to (A) amend the definition of “Default Rate” or to waive any obligation of the Borrowers to pay interest at
the Default Rate, and (B) waive any obligation of the Borrowers to pay Letter of Credit Fees at the Default Rate; or

 

(iv)          change
Section 2.14 or Section 8.03 in a manner that would alter the pro rata sharing of payments required thereby;

 

(b)            the
written consent of each Lender shall be required to the extent such amendment, waiver or consent shall:

 

(i)            change
any provision of this Section 10.01 or the definition of “Required Lenders” or any other provision hereof
specifying the number or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder or make any determination
or grant any consent hereunder, without the written consent of each Lender; or

 

(ii)           release
the Parent Borrower or Guarantor from any Loan Document or otherwise have the effect of releasing, all or substantially all of
the value of the Guarantees of the Obligations;

 

(c)            only
the written consent of each Lender under the applicable Facility shall be required to the extent such amendment, waiver or consent
shall change the definition of “Required Revolving Lenders”, “Tranche Required Lender” or “Required
Incremental Term Loan Facility Lenders”;

 

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(d)            only
the written consent of the Required Revolving Lenders shall be required to amend, waive or otherwise modify any of the conditions
precedent set forth in Section 4.02 with respect to any Credit Extension under the Revolving Credit Facility;

 

(e)            only
the written consent of each Lender directly affected thereby shall be required to the extent such amendment, waiver or consent
shall change any provision of Section 1.06 or the definition of “Alternative Currency”; and

 

(f)            only
the written consent of (i) the Required Revolving Lenders shall be required to the extent such amendment, waiver or consent
shall impose any greater restriction on the ability of any Revolving Lender to assign any of its rights or obligations hereunder
and (ii) the Required Incremental Term Loan Facility Lenders shall be required to the extent such amendment, waiver or consent
shall impose any greater restriction on the ability of any Term Lender participating in such Incremental Term Loan Facility to
assign any of its rights or obligations hereunder;

 

and
provided, further, that (i) no amendment, waiver or consent shall, unless in writing and signed by an L/C Issuer
in addition to the Lenders required above, affect the rights or duties of such L/C Issuer under this Agreement or any Issuer Document
relating to any Letter of Credit issued or to be issued by it; (ii) no amendment, waiver or consent shall, unless in writing
and signed by the Administrative Agent in addition to the Lenders required above, (x) affect the rights or duties of the
Administrative Agent under this Agreement or any other Loan Document or (y) amend or waive, or consent to any departure
from, the definitions of Adjustment, Applicable Reference Rate, Applicable Scheduled Unavailability Date, BBSY, CDOR Rate, EURIBOR, ISDA
Definitions, LIBOR, LIBOR Replacement Date, LIBOR Screen Rate, LIBOR Successor Rate, LIBOR Successor Rate Conforming Changes,
Screen Rate, Successor Rate, Successor Rate Conforming Changes, SOFR, Term SOFR, Related Adjustment, Pre-Adjustment Successor
Rate or Scheduled Unavailability Date or the provisions of Section 3.03; and (iii) the Fee Letters may only be
amended, and the rights or privileges thereunder may only be waived, in a writing executed by each of the parties thereto (and,
for the avoidance of doubt, no other parties shall have any right to approve or disapprove any such amendment, waiver or consent).

 

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 (x) the Commitment of any Defaulting Lender may not
be increased or extended or the maturity of any of its Loans may not be extended, the rate of interest on any of its Loans may
not be reduced and the principal amount of any of its Loans may not be forgiven, in each case without the consent of such Defaulting
Lender and (y) any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender that by
its terms affects any Defaulting Lender more adversely than other affected Lenders shall require the consent of such Defaulting
Lender;

 

(ii)           the
Administrative Agent and the Parent Borrower may, with the consent of the other (but without the consent of any other Person),
amend, modify or supplement any Loan Document to correct, amend or cure any ambiguity, inconsistency, omission, mistake or defect
or to correct any obvious error or any error or omission of an administrative or technical nature so long as such amendment, modification
or supplement does not impose additional obligations on any Lender; provided that the Administrative Agent shall promptly
give the Lenders notice of any such amendment, modification or supplement;

 

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(iii)          this
Agreement may be amended with the written consent of the Administrative Agent, the Parent Borrower and the Lenders and L/C Issuers
affected thereby to amend the definition of “Alternative Currency” or “Eurocurrency Rate” or Section 1.06
solely to add additional currency options and the applicable interest rate with respect thereto, in each case solely to the
extent permitted pursuant to Section 1.06; and

 

(iv)            this
Agreement may be amended and restated without the consent of any Lender (but with the consent of the Parent 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.

 

Notwithstanding the
fact that the consent of all of the Lenders is required in certain circumstances as set forth above, (x) each Lender is entitled
to vote as such Lender sees fit on any reorganization plan that affects the Loans or the Letters of Credit, and each Lender acknowledges
that the provisions of Section 1126(c) of the Bankruptcy Code supersede the unanimous consent provisions set forth herein
and (y) the Required Lenders may consent to allow the Borrowers to use cash collateral in the context of a bankruptcy or
insolvency proceeding.

 

In addition, notwithstanding
the foregoing, the Parent Borrower may, by written notice to the Administrative Agent from time to time, make one or more offers
(each, a “Loan Modification Offer”) to all the Lenders to make one or more amendments or modifications to (A) allow
the maturity of the Commitments or Loans of the Accepting Lenders (as defined below) to be extended, (B) modify the Applicable
Rate and/or fees payable with respect to the Loans and Commitments of the Accepting Lenders, (C) modify any covenants or
other provisions or add new covenants or provisions that are agreed between the Borrowers, the Administrative Agent and the Accepting
Lenders; provided that such modified or new covenants and provisions are applicable only during periods after the applicable
Maturity Date that is in effect on the effective date of such Permitted Amendment, and (D) any other amendment to a Loan
Document required to give effect to the Permitted Amendments described in clauses (A), (B) and (C) of this paragraph
(“Permitted Amendments”, and any amendment to this Agreement to implement Permitted Amendments, a “Loan
Modification Agreement”)  pursuant to procedures reasonably specified by the Administrative Agent and reasonably
acceptable to the Parent Borrower.  Such notice shall set forth (i) the terms and conditions of the requested Permitted
Amendments and (ii) the date on which such Permitted Amendments are requested to become effective.  Permitted Amendments
shall become effective only with respect to the Commitments and/or Loans of the Lenders that accept the applicable Loan Modification
Offer (such Lenders, the “Accepting Lenders”) and, in the case of any Accepting Lender, only with respect to
such Lender’s Commitments and/or Loans as to which such Lender’s acceptance has been made.  The Parent Borrower,
each other Credit Party and each Accepting Lender shall execute and deliver to the Administrative Agent a Loan Modification Agreement
and such other documentation as the Administrative Agent shall reasonably specify to evidence the acceptance of the Permitted
Amendments and the terms and conditions thereof, and the Credit Parties shall also deliver such resolutions, opinions and other
documents as reasonably requested by the Administrative Agent.  The Administrative Agent shall promptly notify each Lender
as to the effectiveness of each Loan Modification Agreement.  Each of the parties hereto hereby agrees that (1) upon
the effectiveness of any Loan Modification Agreement, this Agreement shall be deemed amended to the extent (but only to the extent)
necessary to reflect the existence and terms of the Permitted Amendments evidenced thereby and only with respect to the Commitments
and Loans of the Accepting Lenders as to which such Lenders’ acceptance has been made, (2) any applicable Lender who
is not an Accepting Lender may be replaced by the Borrowers in accordance with Section 10.13, and (3) the Administrative
Agent and the Borrowers shall be permitted to make any amendments or modifications to any Loan Documents necessary to allow any
borrowings, prepayments, participations in Letters of Credit and commitment reductions to be ratable across each Class of
Commitments the mechanics for which may be implemented through the applicable Loan Modification Agreement and may include technical
changes related to the borrowing and repayment procedures of the Lenders; provided that with the consent of the Accepting
Lenders such  prepayments and commitment reductions and reductions in participations in Letters of Credit may be applied
on a non-ratable basis to the class of non-Accepting Lenders.

 

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Notwithstanding anything
herein to the contrary, this Agreement may be amended in connection with any Incremental Term Loan Facility, as set forth in Section 2.16(h).

 

10.02      Notices;
Effectiveness; Electronic Communication.

 

(a)            Notices
Generally. Except in the case of notices and other communications expressly permitted to be given by telephone (and except
as provided in subsection (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 facsimile or electronic
mail 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 Credit Parties, the Administrative Agent or an L/C Issuer, to the address, facsimile number, electronic mail address or
telephone number specified for such Person on Schedule 10.02; and

 

(ii)            if
to any other Lender, to the address, telecopier number, electronic 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 Credit
Parties).

 

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 telecopier 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 subsection (b) below, shall be effective as provided in such subsection (b).

 

(b)            Electronic
Communications. Notices and other communications to the Lenders and the L/C Issuers hereunder may be delivered or furnished
by electronic communication (including e mail, FpML messaging, and Internet or intranet websites) pursuant to procedures approved
by the Administrative Agent, provided that the foregoing shall not apply to notices to any Lender or any L/C Issuer provided
pursuant to Article II if such Lender or such L/C Issuer, as applicable, has notified the Administrative Agent that
it is incapable of receiving notices under such Article by electronic communication. The Administrative Agent, any L/C Issuer
or the Parent Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic
communications pursuant to procedures approved by it, provided that approval of such procedures may be limited to particular
notices or communications.

 

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Unless the Administrative
Agent otherwise prescribes, (i) notices and other communications sent to an email address shall be deemed received upon the
sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested”
function, as available, return email or other written acknowledgement) and (ii) notices or communications posted to an Internet
or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its email address as described
in the foregoing clause (i) of notification that such notice or communication is available and identifying the website
address therefor, provided that for both clauses (i) and (ii), if such notice, email 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.

 

(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 Credit Parties, any Lender, any 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 any Credit 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, except to the extent that such losses, claims, damages, liabilities or expenses are determined by a court
of competent jurisdiction by a final and non-appealable judgment to have resulted from the gross negligence or willful misconduct
of such Agent Party; provided, however, that in no event shall any Agent Party have any liability to any Credit
Party, any Lender, any L/C Issuer or any other Person for indirect, special, incidental, consequential or punitive damages (as
opposed to direct or actual damages).

 

(d)            Change
of Address, Etc. Each of the Credit Parties, the Administrative Agent and each of the L/C Issuers may change its address,
telecopier number, email address or telephone number for notices and other communications hereunder by notice to the other parties
hereto. Each other Lender may change its address, telecopier number, electronic mail address or telephone number for notices and
other communications hereunder by notice to the Parent Borrower, the Administrative Agent, and, in the case of Revolving Lenders
and the L/C Issuers. In addition, each Lender agrees to notify the Administrative Agent from time to time to ensure that the Administrative
Agent has on record (i) an effective address, contact name, telephone number, telecopier number and electronic mail address
to which notices and other communications may be sent and (ii) accurate wire instructions for such Lender. Furthermore, each
Public Lender agrees to cause at least one individual at or on behalf of such Public Lender to at all times have selected the
 “Private Side Information” or similar designation on the content declaration screen of the Platform in order to enable
such Public Lender or its delegate, in accordance with such Public Lender’s compliance procedures and applicable Law, including
United States Federal 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 a Credit Party or its securities for purposes of United States Federal or state securities Laws.

 

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(e)            Reliance
by Administrative Agent, L/C Issuers and Lenders. The Administrative Agent, the L/C Issuers and the Lenders shall be entitled
to rely and act upon any notices (including telephonic or electronic notices, Committed Loan Notices and Letter of Credit Applications)
purportedly given by or on behalf of the Borrowers 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 Borrowers shall indemnify the Administrative Agent, each 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 the Borrowers in accordance with Section 10.02.
All telephonic notices to and other telephonic communications with the Administrative Agent may be recorded by the Administrative
Agent, and each of the parties hereto hereby consents to such recording.

 

10.03      No
Waiver; Cumulative Remedies.

 

No failure by any
Lender, any 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 shall operate as a waiver thereof nor shall any single or partial exercise of any right, remedy,
power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power
or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies,
powers and privileges provided by law.

 

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 a Credit Party and its Subsidiaries or any of them shall be vested exclusively in, and all actions
and proceedings at law in connection with such enforcement shall be instituted and maintained exclusively by, the Administrative
Agent in accordance with Section 8.02 for the benefit of all of the Lenders and all of the L/C Issuers; 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) any L/C Issuer from exercising the rights and remedies that inure to its benefit (solely in its capacity as
an L/C Issuer) hereunder and under the other Loan Documents, (c) any Lender from enforcing payments of amounts payable to
such Lender pursuant to Sections 3.01, 3.04, 3.05 and 10.04 or from exercising setoff rights in accordance
with Section 10.08 (subject to the terms of Section 2.14), 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 Credit Party or
any Subsidiary 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 2.14, 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.

 

10.04      Expenses;
Indemnity; Damage Waiver.

 

(a)            Costs
and Expenses. The Borrowers shall pay (i) all reasonable and documented out-of-pocket expenses incurred by the Administrative
Agent and the Arrangers (including the reasonable fees, charges and disbursements of one counsel, and, if applicable, one local
counsel in each material jurisdiction, for the Administrative Agent), in connection with the syndication of the credit facilities
provided for herein, due diligence, 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 and documented out-of-pocket expenses incurred
by any L/C Issuer in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment
thereunder and (iii) all documented out-of-pocket expenses incurred by the Administrative Agent, any Lender or any L/C Issuer
(including the fees, charges and disbursements of counsel for the Administrative Agent, any Lender or any L/C Issuer; provided
that reimbursement for fees, charges and disbursements of additional counsel of the Lenders will be limited to one additional
counsel for all of the Lenders (and one additional counsel per specialty area and one local counsel per applicable jurisdiction),
plus additional counsel as necessary in the event of an actual or potential conflict of interest among the Lenders), 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 10.04, or (B) in connection with the Loans made or Letters of Credit issued hereunder,
including all such reasonable and documented out-of-pocket expenses incurred during any workout, restructuring or negotiations
in respect of such Loans or Letters of Credit.

 

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(b)            Indemnification
by the Borrowers. The Borrowers shall indemnify the Administrative Agent (and any sub-agent thereof), each Lender and each
L/C Issuer, the Agents and their Affiliates and each Related Party of any of the foregoing Persons (each such Person being called
an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, penalties,
liabilities and related expenses (including the reasonable and documented fees, charges and disbursements of any counsel for any
Indemnitee), incurred by any Indemnitee or asserted against any Indemnitee by any third party or by a Credit 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, the consummation of the transactions contemplated hereby or thereby (including, without limitation, each
Lender’s agreement to make Loans or the use or intended use of the proceeds thereof) 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), including any Indemnitee’s reliance on any
document (including this Agreement), amendment, approval, consent, information, notice, certificate, request, statement, disclosure
or authorization related to this Agreement executed using an Electronic Signature, or in the form of an Electronic Record, that
such Indemnitee reasonably believes is made by the Parent Borrower or any other Credit Party or any other party to this Agreement
or any of the other Loan Documents, (ii) any Loan or Letter of Credit or the use or proposed use of the proceeds therefrom
(including any refusal by any 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 or operated by a Credit Party or any Subsidiary, or any
Environmental Liability related in any way to a Credit Party or any Subsidiary, or (iv) any actual or prospective claim,
litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory,
whether brought by a third party or by a Credit 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, penalties, liabilities or related expenses (w) 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 or (x) result
from a claim brought by a Credit Party against an Indemnitee for breach in bad faith or a material breach of such Indemnitee’s
obligations hereunder or under any other Loan Document, if such Credit Party has obtained a final and non-appealable judgment
in its favor on such claim as determined by a court of competent jurisdiction or (y) result from any litigation in which
an Indemnitee and one or more Credit Parties are adverse to each other, and in which the Credit Parties prevail on their claims
and the Indemnitee does not prevail on its defenses or its counterclaims interposed in such litigation and such Credit Party has
obtained a final and non-appealable judgment in its favor on such claim as determined by a court of competent jurisdiction or
(z) arise from any claim, actions, suits, inquiries, litigation, investigation or proceeding that does not involve an act
or omission of any Credit Party or any Affiliate thereof and that is brought by an Indemnitee against any other Indemnitee (other
than any claim, actions, suits, inquiries, litigation, investigation or proceeding against any of the Agents in its capacity as
such)). Without limiting the provisions of Section 3.01(c), this Section 10.04(b) shall not apply
with respect to Taxes, other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim.

 

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(c)            Reimbursement
by Lenders. To the extent that the Borrowers for any reason fail to indefeasibly pay any amount required under subsection (a) or
(b) of this Section 10.04 to be paid by them to the Administrative Agent (or any sub-agent thereof), any L/C
Issuer or any Related Party of any of the foregoing and without relieving the Borrowers of their obligations with respect thereto,
each Lender severally agrees to pay to the Administrative Agent (or any such sub-agent), such L/C Issuer or such Related Party,
as the case may be, such Lender’s Applicable Percentage (determined as of the time that the applicable unreimbursed expense
or indemnity payment is sought) of such unpaid amount, provided that the unreimbursed expense or indemnified loss, claim,
damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent (or any
such sub-agent) or such L/C Issuer 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) or such L/C Issuer in connection with such capacity. The obligations of the Lenders
under this subsection (c) are subject to the provisions of Section 2.13(d).

 

(d)            Waiver
of Consequential Damages, Etc. To the fullest extent permitted by applicable law, no Credit Party shall assert, and each Credit
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
subsection (b) above shall be liable for any damages arising from the use by unintended recipients of any information
or other materials distributed by it through telecommunications, electronic or other information transmission systems in connection
with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby, except to the extent of such
Indemnitee’s gross negligence or willful misconduct as determined by a court of competent jurisdiction in a final, non-appealable
judgment.

 

(e)            Payments.
All amounts due under this Section 10.04 shall be payable not later than ten (10) Business Days after demand
therefor (accompanied by backup documentation to the extent available).

 

(f)            Survival.
The agreements in this Section 10.04 shall survive the resignation of the Administrative Agent or any L/C Issuer,
the replacement of any Lender, the termination of the Facilities and the repayment, satisfaction or discharge of all other Obligations.

 

10.05      Payments
Set Aside.

 

To the extent that
any payment by or on behalf of the Borrowers is made to the Administrative Agent, any L/C Issuer or any Lender, or the Administrative
Agent, any 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, such 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 each
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 applicable Overnight Rate from time to time in effect, in the applicable currency of
such recovery or payment. The obligations of the Lenders and the L/C Issuers under clause (b) of the preceding sentence
shall survive the payment in full of the Obligations and the termination of this Agreement.

 

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10.06      Successors
and Assigns.

 

(a)            Successors
and Assigns Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and assigns permitted hereby, except that the Borrowers may not assign or otherwise transfer any
of their rights or obligations hereunder (except in a transaction not prohibited by Section 7.04) 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 subsection (b) of this Section 10.06,
(ii) by way of participation in accordance with the provisions of subsection (d) of this Section 10.06,
or (iii) by way of pledge or assignment or grant of a security interest subject to the restrictions of subsection (f) of
this Section 10.06 (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 subsection (d) of this Section 10.06
and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent, the L/C Issuers
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 Eligible Assignees all or a portion of its rights and obligations
under this Agreement (including all or a portion of its Commitments and the Loans at the time owing to it, including for purposes
of this subsection (b), participations in L/C Obligations), in each case with respect to any Facility; provided that
(in each case with respect to any Facility) 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 under any Facility and/or
the Loans at the time owing to it (in each case with respect to any Facility) 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

 

(B)            in
any case not described in subsection (b)(i)(A) of this Section 10.06, the aggregate amount of the applicable
Commitment (which for this purpose includes Loans outstanding thereunder) or, if the applicable 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 a Facility unless each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing,
the Parent Borrower otherwise consents (each such consent not to be unreasonably withheld or delayed); provided, however,
that concurrent assignments to members of an Assignee Group and concurrent assignments from members of an Assignee Group to a
single assignee (or to an assignee and members of its Assignee Group) will be treated as a single assignment for purposes of determining
whether such minimum amount has been met.

 

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(ii)            Proportionate
Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all of the assigning Lender’s
rights and obligations under this Agreement with respect to the Loans or the Commitment assigned, except that this clause (ii) shall
not prohibit any Lender from assigning all or a portion of its rights and obligations among the Facilities on a non-pro rata basis.

 

(iii)            Required
Consents. No consent shall be required for any assignment except to the extent required by subsection (b)(i)(B) of
this Section 10.06 and, in addition:

 

(A)           the
consent of the Parent 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 Parent Borrower shall be deemed to have consented to any such
assignment unless it shall object thereto by written notice to the Administrative Agent within ten (10) 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 if such assignment
is to a Person that is not a Lender in respect of the applicable Facility, an Affiliate of such Lender or an Approved Fund with
respect to such Lender; and

 

(C)            the
consent of the L/C Issuers (such consent not to be unreasonably withheld or delayed) shall be required for any assignment of a
Revolving Commitment.

 

(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 no such processing
and recordation fee shall be required in the case of an assignment by a Lender to an Affiliate of such Lender and 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 a Credit Party. No such assignment shall be made to a Credit Party or any Affiliate or Subsidiary of a Credit
Party.

 

(vi)           No
Assignment to Natural Persons. No such assignment shall be made to a natural person (or to a holding company, investment vehicle
or trust for, or owned and operated for the primary benefit of, a natural person).

 

(vii)          No
Assignment to Defaulting Lenders or Disqualified Institutions. No such assignment shall be made to a 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 (vii) or to a Disqualified Institution.

 

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(viii)         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 subparticipations, or other
compensating actions, including funding, with the consent of the Parent 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 (x) pay and satisfy in full all payment liabilities then owed by such Defaulting
Lender to the Administrative Agent or any Lender hereunder (and interest accrued thereon) and (y) acquire (and fund as appropriate)
its full pro rata share of all Loans and participations in Letters of Credit in accordance with its Applicable Percentage. Notwithstanding
the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective
under applicable Law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed
to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs.

 

Subject
to acceptance and recording thereof by the Administrative Agent pursuant to subsection (c) of this Section 10.06,
from and after the effective date specified in each Assignment and Assumption, the Eligible 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 10.04 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 Borrowers
(at their 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 subsection 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 subsection (d) of this Section 10.06.

 

(c)            Register.
The Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the Borrowers (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 stated interest) 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 Borrowers, 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, notwithstanding notice to
the contrary. In addition, the Administrative Agent shall maintain on the Register information regarding the designation, and
revocation of designation, of any Lender as a Defaulting Lender. The Register shall be available for inspection by the Borrowers,
any L/C Issuer and any Lender (with respect to its own interest only), at any reasonable time and from time to time upon reasonable
prior notice.

 

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(d)            Participations.
Any Lender may at any time, without the consent of, or notice to, the Borrowers, any other Credit Party, any other Lender, any
L/C Issuer 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 a natural person), a Person that would not constitute
an Eligible Assignee, a Defaulting Lender, a Disqualified Institution, a Borrower or Affiliate or Subsidiary any of the Borrowers)
(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)
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
Borrowers, the Administrative Agent, the Lenders and the L/C Issuers 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 10.04(c) without regard to the existence of any participation.

 

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 10.01 that affects such Participant. Subject to subsection (e) of
this Section 10.06, the Borrowers agree 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 participating
Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to subsection (b) of
this Section 10.06. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 10.08
as though it were a Lender, provided such Participant agrees to be subject to Section 2.14 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 Borrowers, maintain a register on which
it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s
interest in the Loans or other obligations under 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 the Administrative Agent) shall have no responsibility for maintaining a Participant Register.

 

(e)            Limitations
upon Participant Rights. A Participant shall not be entitled to receive any greater payment under Section 3.01
or 3.04 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant,
unless the sale of the participation to such Participant is made with the Parent Borrower’s prior written consent.

 

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(f)            Certain
Pledges. Any Lender may at any time pledge, assign or grant a security interest in, all or any portion of its rights under
this Agreement (including under its Note, if any) to secure obligations of such Lender, including any pledge or assignment or
grant of a security interest to secure obligations to a Federal Reserve Bank or any other central banking authority; provided
that no such pledge or assignment or grant of a security interest shall release such Lender from any of its obligations hereunder
or substitute any such pledgee or assignee or grantee for such Lender as a party hereto.

 

(g)            Disqualified
Institutions.

 

(i)            The
Administrative Agent shall not be responsible or have any liability for, or have any duty to ascertain, inquire into, monitor
or enforce, compliance with the provisions hereof relating to Disqualified Institutions. Without limiting the generality of the
foregoing, the Administrative Agent shall ‎not (x) be obligated to ascertain, monitor or inquire as to whether any Lender
or Participant or prospective Lender or Participant is a Disqualified ‎Institution or (y) have any liability with respect
to or arising out of any assignment or participation of Loans, or disclosure of confidential information, to any ‎Disqualified
Institution.

 

(ii)            No
assignment or participation shall be made to any Person that was a Disqualified Institution as of the date (the “Trade
Date”) on which the assigning Lender entered into a binding agreement to sell and assign all or a portion of its rights
and obligations under this Agreement to such Person (unless the Parent Borrower has consented to such assignment in writing in
its sole and absolute discretion, in which case such Person will not be considered a Disqualified Institution for the purpose
of such assignment or participation). For the avoidance of doubt, with respect to any assignee that becomes a Disqualified Institution
after the applicable Trade Date (including as a result of the delivery of a notice pursuant to, and/or the expiration of the notice
period referred to in, the definition of “Disqualified Institution”), (x) such assignee shall not retroactively
be disqualified from becoming a Lender and (y) the execution by the Parent Borrower of an Assignment and Assumption with
respect to such assignee will not by itself result in such assignee no longer being considered a Disqualified Institution. Any
assignment in violation of this clause (g)(ii) shall not be void, but the other provisions of this clause (g) shall
apply.

 

(iii)           If
any assignment or participation is made to any Disqualified Institution without the Parent Borrower’s prior written consent
in violation of clause (ii) above, or if any Person becomes a Disqualified Institution after the applicable Trade Date, the
Borrowers may, at their sole expense and effort, upon notice to the applicable Disqualified Institution and the Administrative
Agent, (A) terminate any Revolving Commitment of such Disqualified Institution and repay all Obligations of the Borrowers
owing to such Disqualified Institution in connection with such Revolving Commitment (but only to the extent that no proceeds of
Revolving Loans are used to make such repayment), (B) in the case of outstanding Term Loans held by Disqualified Institutions,
purchase or prepay such Term Loans by paying the lesser of (x) the outstanding principal amount thereof and (y) the
amount that such Disqualified Institution paid to acquire such Term Loans, in each case plus accrued interest, accrued fees and
all other amounts (other than principal amounts) payable to it hereunder (but, in each case under this clause (B), only to the
extent that no proceeds of Revolving Loans are used to make such purchase or prepayment) and/or (C) require such Disqualified
Institution to assign, without recourse (in accordance with and subject to the restrictions contained in this Section 10.06),
all of its interest, rights and obligations under this Agreement to one or more Eligible Assignees at the lesser of (x) the
outstanding principal amount thereof and (y) the amount that such Disqualified Institution paid to acquire such interests,
rights and obligations, in each case plus accrued interest, accrued fees and all other amounts (other than principal amounts)
payable to it hereunder.

 

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(iv)           Notwithstanding
anything to the contrary contained in this Agreement, Disqualified Institutions (A) will not (x) have the right to receive
information, reports or other materials provided to Lenders by the Borrowers, any other Credit Party, the Administrative Agent
or any other Lender, (y) attend or participate in meetings attended by the Lenders or the Administrative Agent, or (z) access
the Platform or any other electronic site established for the Lenders or confidential communications from counsel to or financial
advisors of the Administrative Agent or the Lenders and (B) (x) for purposes of any consent to any amendment, waiver
or modification of, or any action under, and for the purpose of any direction to the Administrative Agent or any Lender to undertake
any action (or refrain from taking any action) under this Agreement or any other Loan Document, each Disqualified Institution
will be deemed to have consented in the same proportion as the Lenders that are not Disqualified Institutions consented to such
matter, and (y) for purposes of voting on any plan of reorganization or plan of liquidation pursuant to any Debtor Relief
Laws (a “Bankruptcy Plan”), each Disqualified Institution party hereto hereby agrees (1) not to vote on
such Bankruptcy Plan, (2) if such Disqualified Institution does vote on such Bankruptcy Plan notwithstanding the restriction
in the foregoing clause (1), such vote will be deemed not to be in good faith and shall be “designated” pursuant to
Section 1126(e) of the Bankruptcy Code (or any similar provision in any other Debtor Relief Laws), and such vote shall
not be counted in determining whether the applicable class has accepted or rejected such Bankruptcy Plan in accordance with Section 1126(c) of
the Bankruptcy Code (or any similar provision in any other Debtor Relief Laws) and (3) not to contest any request by any
party for a determination by the bankruptcy court (or other applicable court of competent jurisdiction) effectuating the foregoing
clause (2)

 

(v)            The
Administrative Agent shall have the right, and the Borrowers hereby expressly authorize the Administrative Agent, to (A) post
the list of Disqualified Institutions provided by the Parent Borrower and any updates thereto from time to time (collectively,
the “DQ List”) on the Platform, including that portion of the Platform that is designated for “public
side” Lenders and/or (B) provide the DQ List to each Lender requesting the same.

 

(h)            Resignation
as L/C Issuer after Assignment. Notwithstanding anything to the contrary contained herein, if at any time a Lender that is
an L/C Issuer assigns all of its Commitments and Loans pursuant to subsection (b) above, such Lender may, upon thirty
(30) days’ notice to the Parent Borrower and the Lenders, resign as an L/C Issuer. In the event of any such resignation
as an L/C Issuer, the Parent Borrower shall be entitled to appoint from among the Revolving Lenders (with the applicable Revolving
Lender’s consent) a successor L/C Issuer hereunder; provided, however, that no failure by the Parent Borrower
to appoint any such successor shall affect the resignation of such Lender as an L/C Issuer. If any Lender resigns as an L/C Issuer,
it shall retain all rights, powers, privileges and duties of an L/C Issuer hereunder with respect to all Letters of Credit issued
by it and outstanding as of the effective date of its resignation as an L/C Issuer and all L/C Obligations with respect thereto
(including the right to require the Revolving Lenders to make Base Rate Revolving Loans or fund risk participations in Unreimbursed
Amounts pursuant to Section 2.03(b)). Upon the appointment of a successor L/C Issuer, (a) such successor shall
succeed to and become vested with all of the rights, powers, privileges and duties of the retiring L/C Issuer, and (b) the
successor L/C Issuer shall issue letters of credit in substitution for the Letters of Credit, if any, issued by the resigning
L/C Issuer and outstanding at the time of such succession or make other arrangements reasonably satisfactory to the resigning
L/C Issuer to effectively assume the obligations of the resigning L/C Issuer with respect to such Letters of Credit.

 

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10.07      Treatment
of Certain Information; Confidentiality.

 

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 (a) on a need-to-know basis to its Affiliates and to its and its Affiliates’ respective
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), (b) to the extent requested by any Governmental
Authority purporting to have jurisdiction over it or its Affiliates (including any self-regulatory authority, such as the National
Association of Insurance Commissioners), (c) to the extent required by applicable Laws or regulations or by any subpoena
or similar legal process, (d) to any other party hereto, (e) 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, (f) subject to an agreement containing provisions substantially the same as those of this
Section 10.07, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any
of its rights or obligations under this Agreement or any Eligible Assignee invited to be a Lender pursuant to Section 2.16(c) or
(ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Borrowers
and their obligations, (g) with the consent of the Parent Borrower, (h) to the extent such Information (x) becomes
publicly available other than as a result of a breach of this Section 10.07, (y) becomes available to the Administrative
Agent, any Lender, any L/C Issuer or any of their respective Affiliates on a nonconfidential basis from a source other than a
Credit Party that the Administrative Agent, any such Lender or any such L/C Issuer reasonably believes is not bound by a duty
of confidentiality to the Credit Parties or (z) is independently discovered or developed by a party hereto without utilizing
any Information received from the Company or violating the terms of this Section 10.07, (i) to any rating agency
(provided such rating agencies are advised of the confidential nature of such information and agree to keep such information confidential)
or (j) as reasonably required by any Lender or other Person that would qualify as an Eligible Assignee hereunder (without
giving effect to the consent required under Section 10.06(b)(iii)) providing financing to such Lender (provided such
Lenders or such other Persons are advised of the confidential nature of such information and agree to keep such information confidential).
In addition, the Administrative Agent and the Lenders may disclose the existence of this Agreement and customary information about
this Agreement to market data collectors, similar service providers to the lending industry and service providers to the Agents
and the Lenders in connection with the administration of this Agreement, the other Loan Documents, and the Commitments.

 

For purposes of this
Section 10.07, “Information” means all information received from or on behalf of any Credit Parties
or any Subsidiary relating to a Credit Party 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
a Credit Party or any Subsidiary, provided that, in the case of information received from a Credit Party or any Subsidiary
after the date hereof, such information is clearly identified at the time of delivery as confidential. Any Person required to
maintain the confidentiality of Information as provided in this Section 10.07 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 or its other similarly situated customers’ confidential information.

 

Each of the Administrative
Agent, the Lenders and the L/C Issuers acknowledges that (a) the Information may include material non-public information
concerning a Credit Party or a Subsidiary, as the case may be, (b) it has developed compliance procedures regarding the use
of material non-public information and (c) it will handle such material non-public information in accordance with applicable
Law, including United States Federal and state securities Laws.

 

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10.08      Right
of Setoff.

 

If an Event of Default
shall have occurred and be continuing, each Lender, each L/C Issuer and each of their respective Affiliates is hereby authorized
at any time and from time to time 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, such L/C Issuer or any such Affiliate to or for the credit or the account of a Credit
Party against any and all of the Obligations of the Borrowers now or hereafter existing under this Agreement or any other Loan
Document to such Lender or such L/C Issuer, irrespective of whether or not such Lender or such L/C Issuer shall have made any
demand under this Agreement or any other Loan Document and although such obligations of the Borrowers may be contingent or unmatured
or are owed to a branch or office of such Lender or such L/C Issuer different from the branch or office holding such deposit or
obligated on such indebtedness; provided that in the event that any Defaulting Lender shall exercise any such right of
setoff, (x) all amounts so set off shall be paid over immediately to the Administrative Agent for further application in
accordance with the provisions of Section 2.18 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 and the Lenders, and (y) such Defaulting
Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Obligations owing to
such Defaulting Lender as to which it exercised such right of setoff. The rights of each Lender, each L/C Issuer and their respective
Affiliates under this Section 10.08 are in addition to other rights and remedies (including other rights of setoff)
that such Lender, such L/C Issuer or their respective Affiliates may have. Each Lender and each L/C Issuer agrees to notify the
Parent 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.

 

10.09      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 (including the Criminal Code (Canada)) (the “Maximum
Rate”). If the Administrative Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate,
the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded to the Borrowers.
In determining whether the interest contracted for, charged, or received by the Administrative Agent or a Lender exceeds the Maximum
Rate, such Person may, to the extent permitted by applicable Law, (a) characterize any payment that is not principal as an
expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize,
prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations
hereunder.

 

10.10      Counterparts;
Integration; Effectiveness.

 

This Agreement 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 and the other Loan Documents 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 by telecopy or other electronic imaging means (e.g. “pdf”
or “tif”) shall be effective as delivery of a manually executed counterpart of this Agreement.

 

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10.11      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.

 

10.12      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 10.12, 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 or any L/C Issuer, then such provisions shall be deemed to be in effect
only to the extent not so limited.

 

10.13      Replacement
of Lenders.

 

If any Lender requests
compensation under Section 3.04, or if a Borrower is required to pay any additional amount to any Lender or any Governmental
Authority for the account of any Lender pursuant to Section 3.01, or if any Lender is a Defaulting Lender or is or
becomes a Disqualified Institution, or if any Lender does not consent to any amendment or waiver of any provision hereof or of
any other Loan Document for which its consent is required under Section 10.01 that has been approved by the Required
Lenders, then the Borrowers may, at their sole expense and effort, upon notice to such Lender and the Administrative Agent, require
such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents
required by, Section 10.06), all of its interests, rights 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:

 

(a)            the
assignment fee specified in Section 10.06(b) shall have been paid to or waived by the Administrative Agent;

 

(b)            such
Lender shall have received payment of an amount equal to 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 Borrowers (in the case of all other amounts);

 

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(c)            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;

 

(d)            such
assignment does not conflict with applicable Laws; and

 

(e)            in
the case of an assignment resulting from a Lender’s refusal to consent to an amendment, waiver or consent, the applicable
assignee shall have consented to the applicable amendment, waiver or consent.

 

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 Borrowers to require such assignment and delegation cease to apply.

 

Each party hereto
agrees that (a) an assignment required pursuant to this Section 10.13 may be effected pursuant to an Assignment
and Assumption executed by the Parent Borrower, the Administrative Agent and the assignee and (b) the Lender required to
make such assignment need not be a party thereto in order for such assignment to be effective and shall be deemed to have consented
to and be bound by the terms thereof; provided that, following the effectiveness of any such assignment, the other parties to
such assignment agree to execute and deliver such documents necessary to evidence such assignment as reasonably requested by the
applicable Lender, provided, further that any such documents shall be without recourse to or warranty by the parties thereto.

 

Notwithstanding anything
in this Section 10.13 to the contrary, (i) any Lender that acts as an 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 such L/C Issuer
or the depositing of cash collateral into a cash collateral account in amounts and pursuant to arrangements reasonably satisfactory
to such L/C Issuer) have been made with respect to such outstanding Letter of Credit and (ii) the Lender that acts as the
Administrative Agent may not be replaced hereunder except in accordance with the terms of Section 9.06.

 

10.14      Governing
Law; Jurisdiction; Etc.

 

(a)            GOVERNING
LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK, WITHOUT REGARD
TO CONFLICTS OF LAWS PRINCIPLES THAT WOULD REQUIRE THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION.

 

(b)            SUBMISSION
TO JURISDICTION. EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE
JURISDICTION OF 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, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING
TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO
IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED
IN SUCH NEW YORK STATE 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 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 ANY L/C ISSUER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING
RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST A CREDIT PARTY OR ANY OF ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.

 

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(c)            WAIVER
OF VENUE. EACH PARTY HERETO 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 PARAGRAPH (B) OF THIS SECTION 10.14.
EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY 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 10.02.
NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE
LAW.

 

10.15      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 10.15.

 

10.16      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 Credit Parties acknowledge and agree, and acknowledge their Affiliates’
understanding, that: (i) (A) the arranging and other services regarding this Agreement provided by the Administrative
Agent, the Lenders and the Arrangers are arm’s-length commercial transactions between the Credit Parties and their Affiliates,
on the one hand, and the Administrative Agent, the Lenders and the Arrangers, on the other hand, (B) the Credit Parties have
consulted their own legal, accounting, regulatory and tax advisors to the extent they have deemed appropriate, and (C) the
Credit Parties are capable of evaluating, and understand and accept, the terms, risks and conditions of the transactions contemplated
hereby and by the other Loan Documents; (ii) (A) the Administrative Agent, each Lender and each Arranger 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 any Credit Party or any of its Affiliates, or any other Person and
(B) neither the Administrative Agent, any Lender nor any Arranger has any obligation to any Credit Party or any of its Affiliates
with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan
Documents; and (iii) the Administrative Agent, the Lenders and the Arrangers and their respective Affiliates may be engaged
in a broad range of transactions that involve interests that differ from those of the Credit Parties and their Affiliates, and
neither the Administrative Agent, any Lender nor any Arranger has any obligation to disclose any of such interests to the Credit
Parties or their Affiliates. Each Credit Party agrees that it will not claim that any of the Administrative Agent, the Lenders
or the Arrangers has rendered advisory services of any nature, or owes a fiduciary or similar duty, to any Credit Party, in connection
with any aspect of any transaction contemplated hereby.

 

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10.17      USA
Patriot Act and Canadian AML Acts Notice.

 

Each Lender that is
subject to the Patriot Act (as hereinafter defined) or any Canadian AML Act and the Administrative Agent (for itself and not on
behalf of any Lender) hereby notifies the Credit 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”) and the Canadian AML Acts, it
is required to obtain, verify and record information that identifies the Credit Parties, which information includes the name and
address of the Credit Parties, information concerning its direct and indirect holders of Equity Interests and other Persons exercising
Control over it, and other information that will allow such Lender or the Administrative Agent, as applicable, to identify the
Credit Parties in accordance with the Patriot Act and the Canadian AML Acts. The Parent Borrower shall, promptly following a request
by the Administrative Agent or any Lender, provide all documentation and other information that the Administrative Agent or such
Lender requests in order to comply with its ongoing obligations under applicable “know your customer” rules and
regulations, Anti-Money Laundering Law, including the Patriot Act and the Beneficial Ownership Regulation, and the Canadian AML
Acts.

 

10.18      Delivery
of Signature Page.

 

Each Lender to become
a party to this Agreement on the date hereof shall do so by delivering to the Administrative Agent a counterpart of this Agreement
duly executed by such Lender.

 

10.19      Judgment
Currency.

 

If, for the purposes
of obtaining judgment in any court, it is necessary to convert a sum due hereunder or under any other Loan Document in one currency
into another currency, the rate of exchange used shall be that at which in accordance with normal banking procedures the Administrative
Agent could purchase the first currency with such other currency on the Business Day preceding that on which final judgment is
given. The obligation of the Borrowers in respect of any such sum due from it to the Administrative Agent or any Lender hereunder
or under the other Loan Documents shall, notwithstanding any judgment in a currency (the “Judgment Currency”)
other than that in which such sum is denominated in accordance with the applicable provisions of this Agreement (the “Agreement
Currency”), be discharged only to the extent that on the Business Day following receipt by the Administrative Agent
or such Lender, as the case may be, of any sum adjudged to be so due in the Judgment Currency, the Administrative Agent or such
Lender, as the case may be, may in accordance with normal banking procedures purchase the Agreement Currency with the Judgment
Currency. If the amount of the Agreement Currency so purchased is less than the sum originally due to the Administrative Agent
or any Lender from the Borrowers in the Agreement Currency, the Borrowers agree, as a separate obligation and notwithstanding
any such judgment, to indemnify the Administrative Agent or such Lender, as the case may be, against such loss. If the amount
of the Agreement Currency so purchased is greater than the sum originally due to the Administrative Agent or any Lender in such
currency, the Administrative Agent or such Lender, as the case may be, agrees to return the amount of any excess to the Borrowers
(or to any other Person who may be entitled thereto under applicable law). All of the Borrowers’ obligations under this
Section 10.19 shall survive termination of the Facilities and repayment of all other Obligations hereunder.

 

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10.20      No
Novation.

 

(a)            As
of the Closing Date, the Commitments of certain Lenders under (and as defined in) the Existing Credit Agreement shall be terminated
by the Borrowers (such Lenders, the “Departing Lenders”). The remaining Lenders under (and as defined in) the
Existing Credit Agreement shall be Lenders under this Agreement with Commitments as set forth on Schedule 2.01. By its
execution and delivery of this Agreement, each Lender that was a Lender under (and as defined in) the Existing Credit Agreement
hereby consents to the execution and delivery of this Agreement and to the non-pro rata reduction of Commitments (under and as
defined in the Existing Credit Agreement) occurring on the Closing Date as a result of the termination of the Commitments of the
Departing Lenders, and the concurrent repayment in full of all loans and other obligations owing (whether or not due) to the Departing
Lenders. On the Closing Date, effective immediately following such termination and repayment, the Existing Credit Agreement shall
be amended, restated and superseded in its entirety by this Agreement. This Agreement amends, restates and supersedes the Existing
Credit Agreement in its entirety and is not intended to be or operate as a novation or an accord and satisfaction of the Existing
Credit Agreement or the obligations evidenced thereby or provided for thereunder. Without limiting the generality of the foregoing
(i) all Revolving Loans and Negotiated Rate Loans outstanding under the Existing Credit Agreement shall on the Closing Date
become Revolving Loans and Negotiated Rate Loans, as the case may be, hereunder, (ii) all Existing Letters of Credit shall
on the Closing Date become Letters of Credit hereunder and (iii) all other Obligations outstanding under the Existing Credit
Agreement shall on the Closing Date be Obligations under this Agreement. To the extent the Existing Credit Agreement provides
that certain terms survive the termination of the Existing Credit Agreement or survive the payment in full of principal, interest
and all other amounts payable thereunder, then such terms shall survive the amendment and restatement of the Existing Credit Agreement.

 

(b)            On
the Closing Date, the Original Revolving Note, if any, held by each Revolving Lender shall be deemed to be cancelled and, if such
Revolving Lender has requested a Revolving Note hereunder, amended and restated by the Revolving Note delivered hereunder on or
about the Closing Date (regardless of whether any Revolving Lender shall have delivered to the Borrowers for cancellation the
Original Revolving Note held by it).  Each Revolving Lender, whether or not requesting a Revolving Note hereunder, shall
use its commercially reasonable efforts to deliver the Original Revolving Note held by it to the Borrowers for cancellation and/or
amendment and restatement.  All amounts owing under, and evidenced by, the Original Revolving Notes as of the Closing Date
shall continue to be outstanding hereunder, and shall from and after the Closing Date, if requested by the Revolving Lender holding
such Original Revolving Note, be evidenced by the Revolving Notes, and shall in any event be evidenced by, and governed by the
terms of, this Agreement.  Each Revolving Lender hereby agrees to indemnify and hold harmless the Borrowers from and against
any and all liabilities, losses, damages, actions or claims that may be imposed on, incurred by or asserted against the Borrowers
arising out of such Revolving Lender’s failure to deliver the Original Revolving Note held by it to the Borrowers for cancellation,
subject to the condition that no Borrower shall make any payment to any Person claiming to be the holder of such Original Revolving
Note unless such Revolving Lender is first notified of such claim and is given the opportunity, at such Revolving Lender’s
sole cost and expense, to assert any defenses to such payment.

 

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10.21      Exiting
Lenders.

 

On the Closing Date,
the commitment of each lender that is a party to the Existing Credit Agreement but is not a party to this Agreement (an “Exiting
Lender”) will be terminated, all outstanding obligations owing to the Exiting Lenders will be repaid in full and each
Exiting Lender will cease to be a Lender under the Existing Credit Agreement and will not be a Lender under this Agreement.

 

10.22      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.

 

10.23      Acknowledgment
and Consent to Bail-In of Affected Financial Institutions.

 

Solely to the extent
any Lender or L/C Issuer that is an Affected 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.

 

10.24      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):

 

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

 

(b)            As
used in this Section 10.24, the following terms have the following meanings:

 

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

 

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

 

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

 

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

 

Article XI.

 

GUARANTY

 

11.01      The
Guaranty.

 

(a)            The
Guarantor hereby guarantees to the Administrative Agent and each of the holders of the Obligations, as hereinafter provided, as
primary obligor and not as surety, the prompt payment of the Obligations (the “Guaranteed Obligations”) in
full when due (whether at stated maturity, as a mandatory prepayment, by acceleration, as a mandatory Cash Collateralization or
otherwise) strictly in accordance with the terms thereof. The Guarantor hereby further agrees that if any of the Guaranteed Obligations
are not paid in full when due (whether at stated maturity, as a mandatory prepayment, by acceleration, as a mandatory Cash Collateralization
or otherwise), the Guarantor will promptly pay the same, without any demand or notice whatsoever, and that in the case of any
extension of time of payment or renewal of any of the Guaranteed Obligations, the same will be promptly paid in full when due
(whether at extended maturity, as a mandatory prepayment, by acceleration, as a mandatory Cash Collateralization or otherwise)
in accordance with the terms of such extension or renewal.

 

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(b)            Notwithstanding
any provision to the contrary contained herein, in any of the other Loan Documents or other documents relating to the Obligations,
the obligations of the Guarantor under this Agreement and the other Loan Documents shall be limited to an aggregate amount equal
to the largest amount that would not render such obligations subject to avoidance under the Debtor Relief Laws or any comparable
provisions of any applicable state law.

 

11.02      Obligations
Unconditional.

 

The obligations of
the Guarantor under Section 11.01 are absolute and unconditional, irrespective of the value, genuineness, validity,
regularity or enforceability of any of the Loan Documents or other documents relating to the Obligations, or any substitution,
compromise, release, impairment or exchange of any other guarantee of or security for any of the Guaranteed Obligations, and,
to the fullest extent permitted by applicable Laws, irrespective of any other circumstance whatsoever that might otherwise constitute
a legal or equitable discharge or defense of a surety or guarantor, it being the intent of this Section 11.02 that
the obligations of the Guarantor hereunder shall be absolute and unconditional under any and all circumstances. The Guarantor
agrees that it shall have no right of subrogation, indemnity, reimbursement or contribution against the Borrowers for amounts
paid under this Article XI until such time as the Obligations have been irrevocably paid in full and the Commitments
relating thereto have expired or been terminated. Without limiting the generality of the foregoing, it is agreed that, to the
fullest extent permitted by law, the occurrence of any one or more of the following shall not alter or impair the liability of
the Guarantor hereunder, which shall remain absolute and unconditional as described above:

 

(a)            at
any time or from time to time, without notice to the Guarantor, the time for any performance of or compliance with any of the
Guaranteed Obligations shall be extended, or such performance or compliance shall be waived;

 

(b)            any
of the acts mentioned in any of the provisions of any of the Loan Documents, or other documents relating to the Guaranteed Obligations
or any other agreement or instrument referred to therein shall be done or omitted;

 

(c)            the
maturity of any of the Guaranteed Obligations shall be accelerated, or any of the Obligations shall be modified, supplemented
or amended in any respect, or any right under any of the Loan Documents or other documents relating to the Guaranteed Obligations,
or any other agreement or instrument referred to therein shall be waived or any other guarantee of any of the Guaranteed Obligations
or any security therefor shall be released, impaired or exchanged in whole or in part or otherwise dealt with;

 

(d)            any
Lien granted to, or in favor of, the Administrative Agent or any of the holders of the Guaranteed Obligations as security for
any of the Guaranteed Obligations shall fail to attach or be perfected; or

 

(e)            any
of the Guaranteed Obligations shall be determined to be void or voidable (including for the benefit of any creditor of the Guarantor)
or shall be subordinated to the claims of any Person (including any creditor of the Guarantor).

 

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With respect to its
obligations hereunder, the Guarantor hereby expressly waives diligence, presentment, demand of payment, protest notice of acceptance
of the Guaranty given hereby and of Credit Extensions that may constitute Guaranteed Obligations, notices of amendments, waivers
and supplements to the Loan Documents and other documents relating to the Guaranteed Obligations, or the compromise, release or
exchange of collateral or security, and all notices whatsoever, and any requirement that the Administrative Agent or any holder
of the Guaranteed Obligations exhaust any right, power or remedy or proceed against any Person under any of the Loan Documents
or any other documents relating to the Guaranteed Obligations or any other agreement or instrument referred to therein, or against
any other Person under any other guarantee of, or security for, any of the Obligations.

 

11.03      Reinstatement.

 

Neither the Guarantor’s
obligations hereunder nor any remedy for the enforcement thereof shall be impaired, modified, changed or released in any manner
whatsoever by an impairment, modification, change, release or limitation of the liability of the Borrowers, by reason of any Borrower’s
bankruptcy or insolvency or by reason of the invalidity or unenforceability of all or any portion of the Guaranteed Obligations.
The obligations of the Guarantor under this Article XI shall be automatically reinstated if and to the extent that
for any reason any payment by or on behalf of any Person in respect of the Guaranteed Obligations is rescinded or must be otherwise
restored by any holder of any of the Obligations, whether as a result of any proceedings pursuant to any Debtor Relief Law or
otherwise, and the Guarantor agrees that it will indemnify the Administrative Agent and each holder of Guaranteed Obligations
on demand for all reasonable costs and expenses (including all reasonable fees, expenses and disbursements of counsel) incurred
by the Administrative Agent or such holder of Guaranteed Obligations in connection with such rescission or restoration, including
any such costs and expenses incurred in defending against any claim alleging that such payment constituted a preference, fraudulent
transfer or similar payment under any Debtor Relief Law.

 

11.04      Certain
Waivers.

 

The Guarantor acknowledges
and agrees that (a) the Guaranty given hereby may be enforced without the necessity of resorting to or otherwise exhausting
remedies in respect of any other security or collateral interests, and without the necessity at any time of having to take recourse
against the Borrowers hereunder or against any collateral securing the Guaranteed Obligations or otherwise, (b) it will not
assert any right to require the action first be taken against the Borrowers or any other Person or pursuit of any other remedy
or enforcement of any other right and (c) nothing contained herein shall prevent or limit action being taken against the
Borrowers hereunder, under the other Loan Documents or the other documents and agreements relating to the Guaranteed Obligations
or from foreclosing on any security or collateral interests relating hereto or thereto, or from exercising any other rights or
remedies available in respect thereof, if neither the Borrowers nor the Guarantor shall timely perform their obligations, and
the exercise of any such rights and completion of any such foreclosure proceedings shall not constitute a discharge of the Guarantor’s
obligations hereunder unless, as a result thereof, the Guaranteed Obligations shall have been paid in full and the Commitments
relating thereto shall have expired or been terminated, it being the purpose and intent that the Guarantor’s obligations
hereunder be absolute, irrevocable, independent and unconditional under all circumstances.

 

    	 	146	 

     

    

 

11.05      Remedies.

 

The Guarantor agrees
that, to the fullest extent permitted by law, as between the Guarantor, on the one hand, and the Administrative Agent and the
holders of the Guaranteed Obligations, on the other hand, the Guaranteed Obligations may be declared to be forthwith due and payable
as provided in Article VIII (and shall be deemed to have become automatically due and payable in the circumstances
provided in Article VIII) for purposes of Section 11.01, notwithstanding any stay, injunction or other
prohibition preventing such declaration (or preventing the Guaranteed Obligations from becoming automatically due and payable)
as against any other Person and that, in the event of such declaration (or the Guaranteed Obligations being deemed to have become
automatically due and payable), the Guaranteed Obligations (whether or not due and payable by any other Person) shall forthwith
become due and payable by the Guarantor for purposes of Section 11.01.

 

11.06      Guaranty
of Payment; Continuing Guaranty.

 

The guarantee in this
Article XI is a guaranty of payment and not of collection, and is a continuing guarantee, and shall apply to all Guaranteed
Obligations whenever arising.

 

11.07      Keepwell.

 

Each Credit Party
that is a Qualified ECP Guarantor at the time the Guaranty in this Article XI by any Credit Party that is not then an “eligible
contract participant” under the Commodity Exchange Act (a “Specified Loan Party”) becomes effective with
respect to any Obligation under any Swap Contract, 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 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 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 XI voidable under any applicable Debtor Relief Laws, and not for any greater
amount). The obligations and undertakings of each applicable Credit Party under this Section shall remain in full force and
effect until all of the Obligations have been irrevocably paid and performed in full. Each Credit Party intends this Section to
constitute, and this Section shall be deemed to constitute, a “keepwell, support, or other agreement” for the
benefit of each Credit Party that would otherwise not constitute an Eligible Contract Participant for any Obligation under any
Swap Contract for all purposes of the Commodity Exchange Act.

 

[Remainder of
Page Intentionally Left Blank]

 

    	 	147	 

     

    

 

Each of the parties
hereto has caused a counterpart of this Agreement to be duly executed as of the date first above written.

 

	BORROWERS:	VENTAS REALTY, LIMITED PARTNERSHIP
	 	 
	 	By:	Ventas, Inc., its General Partner
	 	 
	 	By: 	/s/
    Robert F. Probst
	 	 	Name: 	Robert F. Probst
	 	 	Title: 	Executive Vice President and Chief Financial
    Officer
	 	 
	 	VENTAS SSL ONTARIO II, INC.
	 	 
	 	By: 	/s/
    Christian N. Cummings
	 	 	Name: 	Christian N. Cummings
	 	 	Title: 	President
	 	 
	 	VENTAS SSL ONTARIO III, INC.
	 	 
	 	By:	/s/
    Christian N. Cummings
	 	 	Name: 	Christian N. Cummings
	 	 	Title: 	President
	 	 
	 	VENTAS CANADA FINANCE LIMITED
	 	 
	 	By: 	/s/
    Christian N. Cummings
	 	 	Name: 	Christian N. Cummings
	 	 	Title: 	President
	 	 
	 	VENTAS UK FINANCE, INC.
	 	 
	 	By: 	/s/
    Christian N. Cummings
	 	 	Name: 	Christian N. Cummings
	 	 	Title: 	President
	 	 
	 	VENTAS EURO FINANCE, LLC
	 	 
	 	By:	/s/
    Christian N. Cummings
	 	 	Name: 	Christian N. Cummings
	 	 	Title: 	President

 

Ventas Realty, Limited Partnership

Third Amended and Restated Credit and Guaranty
Agreement

 

     

     

    

 

	GUARANTOR:	VENTAS, INC.
	 	 
	 	By:	/s/ Robert F. Probst
	 	 	Name: 	Robert F. Probst
	 	 	Title: 	Executive Vice President and Chief Financial Officer

 

Ventas Realty, Limited Partnership

Third Amended and Restated Credit and Guaranty
Agreement

 

     

     

    

 

	ADMINISTRATIVE AGENT:	BANK OF AMERICA, N.A., as Administrative
    Agent
	 	 
	 	By:	/s/ Maurice Washington
	 	 	Name: 	Maurice Washington
	 	 	Title: 	Vice President

 

Ventas Realty, Limited Partnership

Third Amended and Restated Credit and Guaranty
Agreement

 

     

     

    

 

	LENDERS:	BANK OF AMERICA, N.A., as a Lender and an L/C Issuer

 

	 	By:	/s/ Yinghua Zhang
	 	 	Name: 	Yinghua Zhang
	 	 	Title: 	Director

 

Ventas Realty, Limited Partnership

Third Amended and Restated Credit and Guaranty
Agreement

 

     

     

    

 

		JPMORGAN CHASE BANK, N.A., as a Lender and an L/C Issuer
	 	 
	 	By:	/s/ Cody A. Canafax
	 	 	Name: 	Cody A. Canafax
	 	 	Title: 	Vice President

 

Ventas Realty, Limited Partnership

Third Amended and Restated Credit and Guaranty
Agreement

 

     

     

    

 

	 	CITIBANK, N.A., as a Lender
	 	 
	 	By:	/s/
    Tina Lin
	 	 	Name:	Tina Lin
	 	 	Title:	Vice President

 

Ventas Realty, Limited Partnership

Third Amended and Restated Credit and Guaranty
Agreement

 

     

     

    

 

	 	CREDIT AGRICOLE CORPORATE AND
    INVESTMENT BANK, as a Lender
	 	 
	 	By:	/s/
    Gary Herzog
	 	 	Name: 	Gary Herzog
	 	 	Title: 	Managing Director
	 	 
	 	By:	/s/
    Myra Luz Martinez
	 	 	Name: 	Myra Luz Martinez
	 	 	Title: 	Vice President

 

Ventas Realty, Limited Partnership

Third Amended and Restated Credit and Guaranty
Agreement

 

     

     

    

 

	 	MORGAN STANLEY BANK, N.A.,
    as a Lender
	 	 
	 	By: 	/s/
    Michael King
	 	 	Name: 	Michael King
	 	 	Title: 	Vice President

 

Ventas Realty, Limited Partnership

Third Amended and Restated Credit and Guaranty
Agreement

 

     

     

    

 

	 	MUFG BANK, LTD., as a Lender
	 	 
	 	By: 	/s/
    Reema Sharma
	 	 	Name: 	Reema Sharma
	 	 	Title: 	Authorized Signatory

 

Ventas Realty, Limited Partnership

Third Amended and Restated Credit and Guaranty
Agreement

 

     

     

    

 

	 	PNC BANK, NATIONAL ASSOCIATION,
    as a Lender
	 	 
	 	By: 	/s/
    Laura Auwerda
	 	 	Name: 	Laura Auwerda
	 	 	Title: 	Executive Vice President

 

Ventas Realty, Limited Partnership

Third Amended and Restated Credit and Guaranty
Agreement

 

     

     

    

 

	 	ROYAL BANK OF CANADA, as a
    Lender
	 	 
	 	By:	/s/
    Brian Gross
	 	 	Name:	Brian Gross
	 	 	Title:	Authorized Signatory

 

Ventas Realty, Limited Partnership

Third Amended and Restated Credit and Guaranty
Agreement

 

     

     

    

 

	 	TD BANK, N.A., as a Lender
	 	 
	 	By:	/s/
    Sean C Dunne
	 	 	Name:	Sean C Dunne
	 	 	Title:	Vice President

 

Ventas Realty, Limited Partnership

Third Amended and Restated Credit and Guaranty
Agreement

  

     

     

    

 

	 	THE TORONTO-DOMINION BANK,
    NEW YORK BRANCH, as a Lender
	 	 
	 	By:	/s/
    Brian MacFarlane
	 	 	Name:	Brian MacFarlane
	 	 	Title:	Authorized Signatory

 

Ventas Realty, Limited Partnership

Third Amended and Restated Credit and Guaranty
Agreement

 

     

     

    

 

	 	UBS AG, STAMFORD BRANCH, as
    a Lender
	 	 
	 	By: 	/s/
    Anthony Joseph
	 	 	Name: 	Anthony Joseph
	 	 	Title: 	Associate Director
	 	 
	 	By: 	/s/
    Houssem Daly
	 	 	Name: 	Houssem Daly
	 	 	Title: 	Associate Director

 

Ventas Realty, Limited Partnership

Third Amended and Restated Credit and Guaranty
Agreement

 

     

     

    

 

	 	WELLS FARGO BANK, N.A., as
    a Lender
	 	 
	 	By: 	/s/
    Andrea S Chen
	 	 	Name: 	Andrea S Chen
	 	 	Title: 	Managing Director

 

Ventas Realty, Limited Partnership

Third Amended and Restated Credit and Guaranty
Agreement

 

     

     

    

 

	 	THE BANK OF NOVA SCOTIA, as
    a Lender
	 	 
	 	By: 	/s/
    Arjun P. Talwalkar
	 	 	Name: 	Arjun P. Talwalkar
	 	 	Title: 	Director

 

Ventas Realty, Limited Partnership

Third Amended and Restated Credit and Guaranty
Agreement

 

     

     

    

 

	 	MIZUHO BANK, LTD., as a Lender
	 	 
	 	By: 	/s/
    Dona DeMagistris
	 	 	Name: 	Donna DeMagistris
	 	 	Title: 	Authorized Signatory

 

Ventas Realty, Limited Partnership

Third Amended and Restated Credit and Guaranty
Agreement

 

     

     

    

 

	 	SUMITOMO MITSUI BANKING CORPORATION,
    as a Lender
	 	 
	 	By:	/s/
    Michael Maguire
	 	 	Name: 	Michael Maguire
	 	 	Title: 	Managing Director

 

Ventas Realty, Limited Partnership

Third Amended and Restated Credit and Guaranty
Agreement

 

     

     

    

 

	 	BNP PARIBAS, as a Lender
	 	 
	 	By: 	/s/
    John T Bosco
	 	 	Name: 	John T Bosco
	 	 	Title: 	Managing Director
	 	 
	 	By: 	/s/
    Michael Pearce
	 	 	Name: 	Michael Pearce
	 	 	Title: 	Managing Director

 

Ventas Realty, Limited Partnership

Third Amended and Restated Credit and Guaranty
Agreement

 

     

     

    

 

	 	BANK OF MONTREAL, as a Lender
	 	 
	 	By: 	/s/
    Lloyd Baron
	 	 	Name: 	Lloyd Baron
	 	 	Title: 	Managing Director

 

Ventas Realty, Limited Partnership

Third Amended and Restated Credit and Guaranty
Agreement

 

     

     

    

 

	 	CAPITAL ONE, NATIONAL ASSOCIATION,
    as a Lender
	 	 
	 	By: 	/s/
    Danny Moore
	 	 	Name: 	Danny Moore
	 	 	Title: 	Authorized Signatory

 

Ventas Realty, Limited Partnership

Third Amended and Restated Credit and Guaranty
Agreement

 

     

     

    

 

	 	TRUIST BANK, f/k/a Branch Banking
    and Trust Company, as a Lender
	 	 
	 	By: 	/s/
    Ryan Almond
	 	 	Name: 	Ryan Almond
	 	 	Title: 	Director

 

Ventas Realty, Limited Partnership

Third Amended and Restated Credit and Guaranty
Agreement

 

     

     

    

 

	 	FIFTH THIRD BANK, NATIONAL
    ASSOCIATION, as a Lender
	 	 
	 	By: 	/s/
    James Beltz
	 	 	Name: 	James Beltz
	 	 	Title: 	Vice President

 

Ventas Realty, Limited Partnership

Third Amended and Restated Credit and Guaranty
Agreement

 

     

     

    

 

	 	THE HUNTINGTON NATIONAL BANK,
    as a Lender
	 	 
	 	By:	/s/
    Michael Kinnick
	 	 	Name: 	Michael Kinnick
	 	 	Title: 	Managing Director

 

Ventas Realty, Limited Partnership

Third Amended and Restated Credit and Guaranty
Agreement

 

     

     

    

 

	 	PEOPLE’S UNITED BANK,
    as a Lender
	 	 
	 	By:	/s/
    Samuel A. Bluso
	 	 	Name: 	Samuel A. Bluso
	 	 	Title: 	Managing Director

 

Ventas Realty, Limited Partnership

Third Amended and Restated Credit and Guaranty
Agreement

 

     

     

    

 

	 	THE BANK OF NEW YORK MELLON,
    as a Lender
	 	 
	 	By: 	/s/
    Sabrina Washington
	 	 	Name: 	Sabrina Washington
	 	 	Title: 	Director

 

Ventas Realty, Limited Partnership

Third Amended and Restated Credit and Guaranty
Agreement

 

     

     

    

 

	 	CITY NATIONAL BANK, as a Lender
	 	 
	 	By:	/s/
    Bob Besser
	 	 	Name: 	Bob Besser
	 	 	Title: 	Senior Vice President

 

Ventas Realty, Limited Partnership

Third Amended and Restated Credit and Guaranty
Agreement

 

     

     

    

 

	 	THE NORTHERN TRUST COMPANY,
    as a Lender
	 	 
	 	By: 	/s/
    Timothy S McDonald
	 	 	Name: 	Timothy S McDonald
	 	 	Title: 	Senior Vice President

 

Ventas Realty, Limited Partnership

Third Amended and Restated Credit and Guaranty
AgreementExhibit 10.1

  

WARRANT SURRENDER AGREEMENT

 

January 31, 2021

 

Leisure Acquisition Corp.

250 West 57th Street, Suite 415

New York, New York 10107

 

Re: Surrender of Warrants

 

Reference is made to
that certain Agreement and Plan of Merger, dated as of the date hereof (as it may be amended, restated or otherwise modified from
time to time, the “Merger Agreement”), by and among Leisure Acquisition Corp., a Delaware corporation (“LACQ”),
Ensysce Biosciences, Inc., a Delaware corporation (“Ensysce”), and EB Merger Sub, Inc., a Delaware corporation
and wholly owned subsidiary of LACQ (“Merger Sub”). Capitalized terms used but not otherwise defined herein
shall have the meanings ascribed to such terms in the Merger Agreement.

 

In consideration of
the foregoing and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and
conditional upon the Merger Agreement being legally binding, the undersigned hereby agree that:

 

On the Closing Date,
but in any event immediately prior to the Merger Effective Time, each of the undersigned shall (and, subject only to the consummation
of the Closing hereby does) irrevocably surrender, forfeit and consent to the termination and cancellation, in each case for no
consideration and without further right, obligation or liability of any kind or nature on the part of LACQ, the Company or Merger
Sub, of a number of LACQ Placement Warrants equal to the amount set forth opposite such entity’s name on Schedule I
hereto (collectively, the “Forfeited Warrants”). Effective as of the Merger Effective Time, the Forfeited Warrants
shall be automatically and immediately cancelled.

 

This Letter Agreement
shall terminate, and have no further force and effect, if the transactions contemplated by the Merger Agreement are not consummated
or the Merger Agreement is validly terminated in accordance with its terms prior to the Closing.

 

This Letter Agreement,
and all matters relating to the interpretation, construction, validity and enforcement of this Agreement, including all claims
(whether in tort or contract) or causes of action based upon, arising out of, or related to this Agreement or the transactions
contemplated hereby, shall be governed by, and construed in accordance with, the Laws of the State of Delaware, without giving
effect to principles or rules of conflict of laws (whether of the State of Delaware or any other jurisdiction) to the extent such
principles or rules would require or permit the application of Laws of another jurisdiction.

 

This Letter Agreement
may be executed in two or more counterparts (any of which may be delivered by electronic transmission), each of which shall constitute
an original, and all of which taken together shall constitute one and the same instrument.

 

[Signature Page Follows]

 

     

     

    

  

Please indicate your
agreement to the terms of this Letter Agreement by signing where indicated below.

 

	 	MLCP GLL FUNDING LLC
	 	 	 
	 	 	/s/ Daniel B. Silvers
	 	Name:	Daniel B. Silvers
	 	Title:	Authorized Signatory
	 	 	 
	 	HYDRA LAC, LLC
	 	 	 
	 	 	/s/ A. Lorne Weil
	 	Name:	A. Lorne Weil
	 	Title:	Authorized Signatory

 

	Accepted and Agreed:	 
	 	 
	Leisure acquisition corp.	 
	 	 	 
	By:	/s/ George Peng	 
	Name:	George Peng	 
	Title:	Chief Financial Officer	 

  

     

     

    

 

SCHEDULE I

 

	Holder	 	Number of Forfeited Warrants	 
	MLCP GLL Funding LLC	 	 	250,000	 
	Hydra LAC, LLC	 	 	250,000

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