Document:

Exhibit 10.1

 

 

	
January 3, 2019
    	

    

 

Mark Mallon

89 Bickenhall Street

London, UK W1U6BS

 

Re: Offer of Employment

 

Dear Mark:

 

On behalf of all my colleagues at Ironwood, I am delighted to provide you with the terms and conditions of your anticipated employment by Ironwood Pharmaceuticals, Inc., a Delaware corporation (the “Company” or “Ironwood”). This offer and the terms of your employment with the Company (including compensation, benefits and equity awards) are subject to and conditioned upon the approval of the Company’s Board of Directors (the “Board”) in all respects.

 

1.                                      Position.  Your initial position will be that of Executive Senior Advisor, reporting to the Chair of the Governance and Nominating Committee of the Board (the “GNC Chair”). You will be responsible for performing executive level duties and responsibilities as the GNC Chair may assign. As a full-time employee of the Company, you will be expected to devote your full-time business time and energies to the business and affairs of the Company.  It is understood and agreed that the Board will elevate you to the position of the Company’s Chief Executive Officer (“CEO”) when the Company’s current CEO (the “Existing CEO”) departs from that role and the anticipated separation of the Company’s soluble guanylate cyclase business is completed (the “Separation”), subject to your satisfactory performance of your role as Executive Senior Advisor as determined by the Board in its reasonable good faith discretion. If you become CEO of the Company, and subject to Board approval, you will also serve as a member of the Board.  In the event you are not selected as the Company’s CEO at the time the Existing CEO ceases serving in that role and the Separation is completed, and provided you are not otherwise terminated by the Company for “Cause” (as defined in the Executive Severance Agreement which is being provided to you along with this offer letter), such failure to promote you to the CEO role shall be a “Good Reason” condition under the Executive Severance Agreement.  Following the execution date of this offer letter, the Company will issue a press release stating that the Board intends to promote you to the position of CEO of the Company in connection with the completion of the Separation, and that you will serve as the Executive Senior Advisor in the interim.

 

2.                                      Starting Date/Nature of Relationship.  Your employment will start on January 4, 2019, unless a later date is agreed to by the Company (the “Start Date”) which you acknowledge is more than ten (10) business days after you first received this offer letter and the Restrictive Covenants Agreement (as defined below), subject to approval of the Board.  No provision of this offer letter shall be construed to create an express or implied employment contract for a specific period of time.  Either you or the Company may terminate the employment relationship at any time and for any reason.

 

 

3.                                      Compensation.

 

(a)                                 Your initial base salary for this exempt position will be paid bi-weekly, equal to $750,000.00 per year. For the avoidance of doubt, you will not be eligible for an increase in your base salary in 2019 as part of the Company’s 2018 performance review cycle.

 

(b)                                 As soon as practicable after the Start Date, you will be granted an option to purchase shares of Class A Common Stock of the Company (“Shares”) pursuant to the terms and conditions of the Company’s standard form of option agreement with an aggregate Black-Scholes value equal to $1,000,000.00 at the time of such grant, as determined by the Company in its sole discretion (rounded down to the nearest whole number of options) (the “Initial Option”). The exercise price of the Initial Option shall be the fair market value of the Company’s Class A Common Stock at the time of grant of the Initial Option. The Initial Option will be subject to vesting based on your continued employment by the Company on each vest date: 25% shall vest one year from the Start Date, with the balance vesting equally on a monthly basis over the subsequent three years.

 

(c)                                  As soon as practicable after the Start Date, you will also be granted Restricted Stock Units (“RSUs”) pursuant to the terms and conditions of the Company’s standard form of RSU agreement with an aggregate value of $1,000,000.00 at the time of such grant, utilizing the average closing prices of the Shares over the 20 trading days immediately preceding the date of grant to determine the number of RSUs to be granted, as determined by the Company in its sole discretion (rounded down to the nearest whole number of RSUs). Each such RSU shall represent the right to receive one Share that will be issued to you in accordance with the following vesting schedule, subject to your continued employment by the Company on each vest date: 25% shall vest on each approximate anniversary of the grant date over four years.

 

For the avoidance of doubt, you will not be eligible for an equity award in 2019 as part of the Company’s 2018 performance review cycle.

 

(d)                                 If you become the Company’s CEO, as soon as practicable after the date you begin in the CEO role, you will be granted an option to purchase Shares pursuant to the terms and conditions of the Company’s standard form of option agreement with an aggregate Black-Scholes value equal to $2,500,000.00 at the time of such grant, as determined by the Company in its sole discretion (rounded down to the nearest whole number of options) (the “Additional Option”). The exercise price of the Additional Option shall be the fair market value of the Company’s Class A Common Stock at the time of grant of the Additional Option. The Additional Option will be subject to vesting based on your continued employment by the Company on each vest date: 25% shall vest one year from the Start Date, with the balance vesting equally on a monthly basis over the subsequent three years.

 

 

If you become the Company’s CEO, as soon as practicable after the date you begin in the CEO role, you will also be granted RSUs, pursuant to the terms and conditions of the Company’s standard form of RSU agreement with an aggregate value of $2,500,000.00 at the time of such grant, utilizing the average closing prices of the Shares over the 20 trading days immediately preceding the date of grant to determine the number of RSUs to be granted, as determined by the Company in its sole discretion (rounded down to the nearest whole number of RSUs).  Each such RSU shall represent the right to receive one Share that will be issued to you in accordance with the following vesting schedule, subject to your continued employment by the Company on each vest date: 25% shall vest on each approximate anniversary of the grant date over four years.

 

Notwithstanding anything herein to the contrary, in no event will you be entitled to receive grants of more than 1,000,000 Shares (or RSUs or Options for Shares) in any fiscal year in the aggregate, and any grants hereunder shall be reduced by any amount as is necessary to comply with this limitation.

 

(e)                                  You will be eligible for a target bonus of 75% of your base salary, based on achievement of goals developed by the Board after consultation with you, and the Company’s achievement of its corporate goals. These goals, and the terms of the target bonus, will be communicated to you at a later date.  For the avoidance of doubt, you will not be eligible for a bonus in 2019 as part of the Company’s 2018 performance review cycle.

 

(f)                                   You will receive a one-time bonus of $880,000.00 (less applicable taxes) on the Company’s next regular payroll date following your Start Date. This bonus is treated as taxable income.  If you terminate your employment for any reason on or before the first anniversary of your Start Date, or the Company terminates your employment within such period for Cause (as defined in the Executive Severance Agreement), this one-time bonus must be fully repaid to the Company within 30 days of termination or at such later time as the Company may permit in its sole discretion. If you terminate your employment for any reason after the first anniversary of your Start Date but on or before the second anniversary of your Start Date, or the Company terminates your employment within such period for Cause (as defined in the Executive Severance Agreement), fifty percent (50%) of this one-time bonus must be repaid to the Company within 30 days of termination or at such later time as the Company may permit in its sole discretion. The Company retains the right to reconcile any final amount of pay owed to you to recoup this payment, if necessary and consistent with applicable law.

 

(g)                                  You will be eligible for relocation services under the Company’s relocation program through MoveTrek in order to support your relocation to the Boston/Cambridge area. Notwithstanding anything to the contrary under the Company’s relocation program, you will be entitled to Temporary Living benefits for up to six (6) months immediately following the Start Date. If you terminate your

 

 

employment for any reason within twelve (12) months following the payment date of your last relocation reimbursement, or the Company terminates your employment within such period for Cause (as defined in the Executive Severance Agreement), the full amount of all relocation reimbursements must be fully repaid to the Company within 30 days of termination or at such later time as the Company may permit in its sole discretion.  The Company retains the right to reconcile any final amount of pay owed to you to recoup this payment, if necessary and consistent with applicable law.

 

4.                                      Separation Benefits.  You will be eligible for benefits in the event of your separation from the Company in accordance with the terms of the Executive Severance Agreement.

 

5.                                      Other Benefits.  You will be entitled as an employee of the Company to receive such benefits as are generally provided to its employees in accordance with Company policy as in effect from time to time.  The Company retains the right to change, add or cease any particular benefit.  Current benefits include: medical and dental insurance, disability and life insurance, 401k plan, flexible spending plan, vacation, and holidays. Details about these benefit plans will be made available for your review.

 

6.                                      Restrictive Covenants Agreement.  The Company considers the protection of its confidential information and proprietary materials to be very important. Therefore, as a condition of your employment, you and the Company will become parties to a Proprietary Information and Intellectual Property and Noncompetition Agreement (the “Restrictive Covenants Agreement”) which you acknowledge and agree was provided to you along with this offer letter at least ten (10) business days before the commencement of your employment. Given the nature of your position, and notwithstanding anything to the contrary in the Restrictive Covenants Agreement, you and the Company acknowledge and mutually agree that the Restrictive Covenants Agreement is hereby amended such that in the event (i) you resign from your employment or the Company terminates your employment for Cause (as defined in the Restrictive Covenants Agreement), (ii) you do not enter into a Separation Agreement (as defined in the Executive Severance Agreement), and (iii) the Company does not waive the post-employment noncompetition restrictions in Paragraph 5(a) of the Restrictive Covenants Agreement, then, in lieu of any garden leave pay obligations, the Company will provide you with an extended exercise period from the date your employment ends (the “Separation Date”) to the one year anniversary of the Separation Date in which you may exercise outstanding unexercised stock options granted pursuant to the Company’s equity incentive plans that have vested as of the Separation Date, provided if the original expiration date of a stock option is an earlier date, such original expiration date shall continue to apply. If you hold any “incentive stock options,” the extension of the exercise period may convert such incentive stock options to non-qualified options. The Restrictive Covenants Agreement shall otherwise be in full force and effect in accordance with its terms. You acknowledge and agree that you had a right to consult with counsel prior to signing the Restrictive Covenants Agreement.

 

 

7.                                      General.

 

(a)                                 This offer letter, the Restrictive Covenants Agreement and the Executive Severance Agreement constitute our entire agreement as to the terms of your employment by the Company and will supersede any prior agreements or understanding, whether in writing or oral.

 

(b)                                 As required by law, this offer is subject to satisfactory proof of right to work in the United States.

 

(c)                                  This letter shall be governed by the laws of the Commonwealth of Massachusetts, without application of its principles of conflict laws.

 

In addition, by accepting this offer, you represent and warrant to the Company that from and after your Start Date (which will be determined at a later date), you will not be subject to any noncompetition or other agreement prohibiting you from performing services for the Company to the full extent contemplated by this letter.  In addition, should you become legally prohibited from performing services for the Company to the full extent contemplated by this letter, or should the Company reasonably believe that you are legally prohibited from performing services to the full extent contemplated by this letter, the Company shall have the right to rescind your offer and/or immediately terminate your employment.

 

The Company reserves the right to modify, rescind or revoke this offer or the terms of your employment with the Company at any time for any reason.

 

[Remainder of page intentionally left blank]

 

 

We at Ironwood are very excited at the prospect of your joining our team, and we look forward to working together with you to build a great entrepreneurial pharmaceutical company.

 

Sincerely,

 

 

	
IRONWOOD   PHARMACEUTICALS, INC.
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
/s/ Julie McHugh
    	
 
    
	
Julie McHugh
    	
 
    
	
Chair, Governance and   Nominating Committee of the Board of Directors
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
ACCEPTED this 3rd day of January, 2019:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
/s/ Mark Mallon
    	
 
    
	
Mark   MallonExhibit 10.1

 

Execution Version

 

CREDIT AGREEMENT

 

Dated as of December 31, 2018

 

among

 

HURCO COMPANIES, INC.

 

and

 

HURCO B.V.,

 

as the Borrowers

 

CERTAIN SUBSIDIARIES PARTY HERETO,

as the Guarantors

 

and

 

BANK OF AMERICA, N.A.,

as the Lender

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	Article I DEFINITIONS AND ACCOUNTING TERMS	1
	 	 
	1.01	Defined Terms	1
	1.02	Other Interpretive Provisions	20
	1.03	Accounting Terms	21
	1.04	Rounding	22
	1.05	Times of Day	22
	1.06	Letter of Credit Amounts	22
	1.07	UCC Terms	22
	1.08	Exchange Rates; Currency Equivalents	22
	1.09	Additional Alternative Currencies	23
	1.10	Change of Currency	23
	1.11	Dutch Terms	24
	 	 	 
	Article II COMMITMENTS AND CREDIT EXTENSIONS	25
	 	 
	2.01	Loans	25
	2.02	Borrowings, Conversions and Continuations of Loans	26
	2.03	Letters of Credit	27
	2.04	Reserved	32
	2.05	Prepayments	33
	2.06	Termination, Increase or Reduction of Commitments	34
	2.07	Repayment of Loans	34
	2.08	Interest and Default Rate	34
	2.09	Fees	35
	2.10	Computation of Interest and Fees	35
	2.11	Payments Generally	36
	2.12	Cash Collateral	36
	2.13	The Netherlands Borrower	37
	 	 	 
	Article III TAXES, YIELD PROTECTION AND ILLEGALITY	37
	 	 
	3.01	Taxes	37
	3.02	Illegality	38
	3.03	Inability to Determine Rates	39
	3.04	Increased Costs; Reserves on Eurocurrency Rate Loans	39
	3.05	Compensation for Losses	41
	3.06	Survival	42
	 	 	 
	Article IV CONDITIONS PRECEDENT TO CREDIT EXTENSIONS	42
	 	 
	4.01	Conditions of Initial Credit Extension	42
	4.02	Conditions to all Credit Extensions	42
	 	 	 
	Article V REPRESENTATIONS AND WARRANTIES	43
	 	 
	5.01	Organization; Powers	43
	5.02	Authorization; Enforceability	43
	5.03	Governmental Approvals; No Conflicts	44

 

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	5.04	Financial Condition; No Material Adverse Change	44
	5.05	Properties	44
	5.06	Litigation and Environmental Matters	44
	5.07	Compliance with Laws and Agreements	45
	5.08	Investment Company Status	45
	5.09	Taxes	45
	5.10	ERISA	45
	5.11	Disclosure	46

                                  

	5.12	Subsidiaries	46
	5.13	Regulation U	46
	5.14	Sanctions Concerns and Anti-Corruption Laws	46
	5.15	EEA Financial Institutions	46
	5.16	Representations as to Netherlands Borrower	46
	 	 	 
	Article VI AFFIRMATIVE COVENANTS	48
	 	 
	6.01	Financial Statements; Ratings Change and Other Information	48
	6.02	Notices of Material Events	49
	6.03	Existence; Conduct of Business	50
	6.04	Payment of Obligations	50
	6.05	Maintenance of Properties; Insurance	50
	6.06	Books and Records; Inspection Rights	50
	6.07	Compliance with Laws	50
	6.08	Use of Proceeds and Letters of Credit	51
	6.09	Subsidiary Guarantors	51
	6.10	Further Assurances	51
	6.11	Banking Relationship	51
	6.12	Anti-Corruption Laws	51
	 	 	 
	Article VII NEGATIVE COVENANTS	51
	 	 
	7.01	Indebtedness	52
	7.02	Liens	53
	7.03	Fundamental Changes	54
	7.04	Investments, Loans, Advances, Guarantees and Acquisitions	54
	7.05	Restricted Payments	56
	7.06	Transactions with Affiliates	56
	7.07	Restrictive Agreements	56
	7.08	Minimum Working Capital	57
	7.09	Minimum Tangible Net Worth	57
	7.10	Sale and Leaseback Transactions	57
	7.11	Use of Proceeds	57
	7.12	Sanctions	57
	7.13	Anti-Corruption Laws	57
	 	 	 
	Article VIII EVENTS OF DEFAULT AND REMEDIES	58
	 	 
	8.01	Events of Default	58
	8.02	Remedies upon Event of Default	59
	8.03	Application of Funds	60

 

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	Article IX CONTINUING GUARANTY	60
	 	 
	9.01	Guaranty	60
	9.02	Rights of Lender	61
	9.03	Certain Waivers	61
	9.04	Obligations Independent	61
	9.05	Subrogation	61
	9.06	Termination; Reinstatement	62
	9.07	Stay of Acceleration	62
	9.08	Condition of Borrower	62
	9.09	Appointment of Company	62
	9.10	Right of Contribution	62
	9.11	Keepwell	63
	 	 	 
	Article X MISCELLANEOUS	63
	 	 
	10.01	Amendments, Etc	63
	10.02	Notices; Effectiveness; Electronic Communications	63
	10.03	No Waiver; Cumulative Remedies; Enforcement	64
	10.04	Expenses; Indemnity; Damage Waiver	64
	10.05	Payments Set Aside	66
	10.06	Successors and Assigns	66
	10.07	Treatment of Certain Information; Confidentiality	66
	10.08	Right of Setoff	67
	10.09	Interest Rate Limitation	67
	10.10	Counterparts; Integration; Effectiveness	68
	10.11	Survival of Representations and Warranties	68
	10.12	Severability	68
	10.13	Governing Law; Jurisdiction; Etc	68
	10.14	Waiver of Jury Trial	70
	10.15	[Reserved]	70
	10.16	No Advisory or Fiduciary Responsibility	70
	10.17	Electronic Execution	70
	10.18	USA PATRIOT Act Notice	71
	10.19	Judgment Currency	71

 

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	Schedule 1.01(a)	Inactive Subsidiaries
	Schedule 1.01(b)	Certain Addresses for Notices
	Schedule 5.19(a)	Subsidiaries, Joint Ventures, Partnerships and Other Equity Investments
	Schedule 5.19(b)	Loan Parties
	Schedule 7.01	Existing Indebtedness
	Schedule 7.02	Existing Liens
	Schedule 7.04	Existing Investments
	Schedule 7.07	Restrictive Agreements
	 	 
	EXHIBITS	 
	 	 
	Exhibit A	Form of Compliance Certificate
	Exhibit B	Form of Joinder Agreement
	Exhibit C	Form of Loan Notice
	Exhibit D	Form of Notice of Loan Prepayment

 

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CREDIT AGREEMENT

 

This CREDIT AGREEMENT
is entered into as of December 31, 2018, among HURCO COMPANIES, INC., an Indiana corporation (the “Company”),
the Guarantors (defined herein), HURCO B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid)
incorporated under the laws of the Netherlands, with its seat (zetel) in Amsterdam, the Netherlands, with its registered
office at Prins Bernhardplein 200, 1097 JB Amsterdam, the Netherlands and registered with the Dutch Chamber of Commerce (Kamer
van Koophandel) under number 34114350, (the “Netherlands Borrower” and, together with the Company, the “Borrowers”
and each a “Borrower”), and BANK OF AMERICA, N.A., as the Lender.

 

PRELIMINARY STATEMENTS:

 

WHEREAS, the
Loan Parties (as hereinafter defined) have requested that the Lender make loans and other financial accommodations to the Loan
Parties.

 

WHEREAS, the
Lender has agreed to make such loans and other financial accommodations to the Loan Parties on the terms and subject to the conditions
set forth herein.

 

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

 

Article
I

DEFINITIONS AND ACCOUNTING TERMS

 

1.01        Defined
Terms.

 

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

 

“Acquisition”
means any transaction, or any series of related transactions, consummated on or after the Closing Date, by which the Company or
any of its Subsidiaries (i) acquires any going business or all or substantially all of the assets of any other Person, or division
thereof, whether through purchase of assets, merger or otherwise or (ii) directly or indirectly acquires (in one transaction or
as the most recent transaction in a series of transactions) at least a majority (in number of votes) of the Equity Interests of
another Person which have ordinary voting power for the election of directors (other than securities having such power only by
reason of the happening of a contingency) or a majority (by percentage or voting power) of the outstanding Equity Interests of
a partnership or limited liability company.

 

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

 

“Agreement”
means this Credit Agreement.

 

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

 

“Alternative
Currency” means each of the following currencies: Euro and Sterling, together with each other currency (other than Dollars)
that is approved in accordance with Section 1.09; provided that for each Alternative Currency, such requested currency
is an Eligible Currency.

 

     

     

    

 

“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 Lender 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 the Commitments and $20,000,000. The Alternative Currency Sublimit
is part of, and not in addition to, the Commitments.

 

“Applicable
Rate” means, for any day, the following rates per annum:

 

(a)          with
respect to Eurocurrency Rate Loans and Letter of Credit Fees, 0.75%; and

 

(b)          with
respect to Base Rate Loans, 0.00.

 

“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 Lender to be necessary for timely settlement on the relevant
date in accordance with normal banking procedures in the place of payment.

 

“Audited Financial
Statements” means the audited consolidated balance sheet of the Company and its Subsidiaries for the fiscal year ended
October 31, 2017, and the related consolidated statements of income or operations, shareholders’ equity and cash flows for
such fiscal year of the Company and its Subsidiaries, including the notes thereto.

 

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

 

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

 

“Base Rate”
means for any day a fluctuating rate of interest per annum equal to the highest of (a) the Federal Funds Rate plus one-half of
one percent (0.50%), (b) the rate of interest in effect for such day as publicly announced from time to time by Bank of America
as its “prime rate,” and (c) the Eurocurrency Rate plus one percent (1.00%); and if the Base Rate shall be less than
zero, such rate shall be deemed zero for purposes of this Agreement. The “prime rate” is a rate set by Bank of America
based upon various factors including Bank of America’s costs and desired return, general economic conditions and other factors,
and is used as a reference point for pricing some loans, which may be priced at, above, or below such announced rate. Any change
in such prime rate announced by Bank of America shall take effect at the opening of business on the day specified in the public
announcement of such change.

 

“Base Rate
Loan” means a Loan that bears interest based on the Base Rate. All Base Rate Loans are only available to the Company
and Loans denominated in Dollars.

 

“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”.

 

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

 

“Borrowing”
means a Revolving Borrowing.

 

“Business
Day” means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under
the Laws of, or are in fact closed in, the state where the Lender’s Office is located and:

 

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

 

(b)          if
such day relates to any interest rate settings as to a Eurocurrency 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;

 

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

 

(d)          if
such day relates to any fundings, disbursements, settlements and payments in a currency other than Dollars or Euro in respect of
a Eurocurrency Rate Loan denominated in a currency other than Dollars or Euro, or any other dealings in any currency other than
Dollars or Euro to be carried out pursuant to this Agreement in respect of any such Eurocurrency 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.

 

“Capital Lease
Obligations” of any Person means the obligations of such Person to pay rent or other amounts under any lease of (or other
arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to
be classified and accounted for as capital leases on a balance sheet of such Person under GAAP, and the amount of such obligations
shall be the capitalized amount thereof determined in accordance with GAAP.

 

“Cash Collateralize”
means, to pledge and deposit with or deliver to the Lender, as collateral for L/C Obligations or the Obligations, (a) cash or deposit
account balances, (b) backstop letters of credit entered into on terms, from issuers and in amounts satisfactory to the Lender,
and/or (c) if the Lender shall agree, in its sole discretion, other credit support, in each case, in Dollars and pursuant to documentation
in form and substance satisfactory to the Lender.

 

“Cash Collateral”
shall have a meaning correlative to the foregoing and shall include the proceeds of such cash collateral and other credit support.

 

    	3

     

    

 

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

 

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

 

“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 twenty-five percent
(25%) or more of the Equity Interests of the Company entitled to vote for members of the board of directors or equivalent governing
body of the Company 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);

 

(b)          during
any period of twelve (12) consecutive months, a majority of the members of the board of directors or other equivalent governing
body of the Company 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; or

 

(c)          the
Company ceases to own and control 100% of the Equity Interests of the Netherlands Borrower.

 

“Closing Date”
means the date of this Agreement.

 

“Code”
means the Internal Revenue Code of 1986.

 

“Commitment”
means the Revolving Commitment.

 

    	4

     

    

 

“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.

 

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

 

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

 

“Consolidated
Current Assets” means, with respect to any Person at any date, the total Consolidated current assets of such Person at
such date.

 

“Consolidated
Current Liabilities” means, with respect to any Person at any date, all liabilities of such Person and its Subsidiaries
at such date that should be classified as current liabilities on a Consolidated balance sheet of such Person; provided,
however, that “Consolidated Current Liabilities” shall exclude the principal amount of the Loans then outstanding.

 

“Contingent
Obligation” of a Person means any agreement, undertaking or arrangement by which such Person assumes, guarantees, endorses,
contingently agrees to purchase or provide funds for the payment of, or otherwise becomes or is contingently liable upon, the obligation
or liability of any other Person, or agrees to maintain the net worth or working capital or other financial condition of any other
Person, or otherwise assures any creditor of such other Person against loss, including, without limitation, any comfort letter,
operating agreement, take-or-pay contract or the obligations of any such Person as general partner of a partnership with respect
to the liabilities of the partnership.

 

“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.

 

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

 

“CRR”
means the Council Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements
for credit institutions and investment firms and amending Regulation (EU) No 648/2012.

 

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

 

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

 

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

 

“Designated
Lender” shall have the meaning set forth in Section 3.02(b).

 

    	5

     

    

 

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

 

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

 

“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 Alternative Currency, the equivalent amount thereof in Dollars as determined by the Lender 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 Alternative Currency.

 

“Domestic
Subsidiary” means any Subsidiary that is organized under the laws of any political subdivision of the United States.

 

“Eligible
Currency” means any lawful currency other than Dollars that is readily available, freely transferable and convertible
into Dollars in the international interbank market available to the Lender in such market and as to which a Dollar Equivalent may
be readily calculated. If, after the designation by the Lender of any currency as an Alternative Currency, any change in currency
controls or exchange regulations or any change in the national or international financial, political or economic conditions are
imposed in the country in which such currency is issued, result in, in the reasonable opinion of the Lender (in the case of any
Loans or Letters of Credit to be denominated in an Alternative Currency), (a) such currency no longer being readily available,
freely transferable and convertible into Dollars, (b) a Dollar Equivalent is no longer readily calculable with respect to such
currency, (c) providing such currency is impracticable for the Lender or (d) no longer a currency in which the Lender is willing
to make such Credit Extensions (each of (a), (b), (c), and (d) a “Disqualifying Event”), then the Lender shall
promptly notify the Company, and such country’s currency shall no longer be an Alternative Currency until such time as the
Disqualifying Event(s) no longer exist. Within, five (5) Business Days after receipt of such notice from the Lender, the Borrowers
shall repay all Loans in such currency to which the Disqualifying Event applies or convert such Loans into the Dollar Equivalent
of Loans in Dollars, subject to the other terms contained herein.

 

“Environmental
Laws” means all laws, rules, regulations, codes, ordinances, orders, decrees, judgments, injunctions, notices or binding
agreements issued, promulgated or entered into by any Governmental Authority, relating in any way to the environment, preservation
or reclamation of natural resources, the management, release or threatened release of any Hazardous Material or to health and safety
matters.

 

“Environmental
Liability” means any liability, contingent or otherwise (including any liability for damages, costs of environmental
remediation, fines, penalties or indemnities), of the Borrower or any Subsidiary directly or indirectly resulting from or based
upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal
of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials
into the environment or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed
with respect to any of the foregoing.

 

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

 

    	6

     

    

 

“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 Company 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) the withdrawal of the Company or any ERISA Affiliate from a Pension
Plan subject to Section 4063 of ERISA during a plan year in which such entity was a “substantial employer” as defined
in Section 4001(a)(2) of ERISA or a cessation of operations that is treated as such a withdrawal under Section 4062(e) of ERISA;
(c) a complete or partial withdrawal by the Company 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 a Pension Plan amendment as a termination
under Section 4041 or 4041A of ERISA; (e) the institution by the PBGC of proceedings to terminate a Pension Plan; (f) any event
or condition which constitutes grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer,
any Pension Plan; (g) the determination that any Pension Plan is considered an at-risk plan or a plan in endangered or critical
status within the meaning of Sections 430, 431 and 432 of the Code or Sections 303, 304 and 305 of ERISA; (h) the imposition of
any liability under Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon the
Company or any ERISA Affiliate or (i) a failure by the Company or any ERISA Affiliate to meet all applicable requirements under
the Pension Funding Rules in respect of a Pension Plan, whether or not waived, or the failure by the Company or any ERISA Affiliate
to make any required contribution to a Multiemployer Plan.

 

“Euro”
and “€” mean the single currency of the Participating Member States.

 

“Eurocurrency
Rate” means:

 

(a)          for
any Interest Period, with respect to any Credit Extension:

 

(i)          denominated
in a LIBOR Quoted Currency, the rate per annum equal to the London Interbank Offered Rate (“LIBOR”), or a comparable
or successor rate which rate is approved by the Lender, as published on the applicable Bloomberg screen page (or such other commercially
available source providing such quotations as may be designated by the Lender from time to time) (in such case, the “LIBOR
Rate”) 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; and

 

(ii)         with
respect to any Credit Extension 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 Lender and the relevant Lenders pursuant
to Section 1.09(a); and

 

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

 

    	7

     

    

 

provided that (i) to the
extent a comparable or successor rate is approved by the Lender in connection with any rate set forth in this definition, the approved
rate shall be applied in a manner consistent with market practice; provided, further that to the extent such market
practice is not administratively feasible for the Lender, such approved rate shall be applied in a manner as otherwise reasonably
determined by the Lender and (ii) if the Eurocurrency Rate shall be less than zero, such rate shall be deemed zero for purposes
of this Agreement.

 

“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 or made to the Netherlands Borrower must be Eurocurrency Rate Loans.

 

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

 

“Excluded
Swap Obligation” means, with respect to any Loan Party, any Swap Obligation if, and to the extent that, all or a portion
of the Guaranty of such Loan Party of, or the grant by such Loan Party of a Lien to secure, such Swap Obligation (or any Guarantee
thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading
Commission (or the application or official interpretation thereof) by virtue of such Loan Party’s failure for any reason
to constitute an “eligible contract participant” as defined in the Commodity Exchange Act (determined after giving
effect to Section 9.11 and any other “keepwell, support or other agreement” for the benefit of such Loan Party
and any and all guarantees of such Loan Party’s Swap Obligations by other Loan Parties) at the time the Guaranty of such
Loan Party, or grant by such Loan Party of a Lien, becomes effective with respect to such Swap Obligation. If a Swap Obligation
arises under a Master Agreement governing more than one Swap Contract, such exclusion shall apply only to the portion of such Swap
Obligation that is attributable to Swap Contracts for which such Guaranty or Lien is or becomes excluded in accordance with the
first sentence of this definition.

 

“Facility
Office” means the office designated by the Lender through which the Lender will perform its obligations under this Agreement.

 

“Facility
Termination Date” means the date as of which all of the following shall have occurred: (a) the Commitments have terminated,
(b) all Obligations arising under the Loan Documents have been paid in full (other than contingent indemnification obligations),
and (c) all Letters of Credit have terminated or expired (other than Letters of Credit as to which other arrangements with respect
thereto satisfactory to the Lender shall have been made).

 

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

 

“Federal Funds
Rate” means, for any day, the rate per annum equal to the weighted average of the rates on overnight federal funds transactions
with members of the Federal Reserve System, as published by the Federal Reserve Bank of New York on the Business Day next succeeding
such day; provided that (a) if such day is not a Business Day, the Federal Funds Rate for such day shall be such rate on such transactions
on the next preceding Business Day as so published on the next succeeding Business Day, and (b) if no such rate is so published
on such next succeeding Business Day, the Federal Funds Rate for such day shall be the average rate (rounded upward, if necessary,
to a whole multiple of 1/100 of 1%) charged to Bank of America on such day on such transactions as determined by the Lender.

 

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

 

    	8

     

    

 

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

 

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

 

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

 

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

 

“Guarantee”
of or by any Person (the “guarantor”) means any obligation, contingent or otherwise, of the guarantor guaranteeing
or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary obligor”)
in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase
or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to
advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property, securities
or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to maintain
working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable
the primary obligor to pay such Indebtedness or other obligation or (d) as an account party in respect of any letter of credit
or letter of guaranty issued to support such Indebtedness or obligation; provided that the term Guarantee shall not include
endorsements for collection or deposit in the ordinary course of business. The amount of any Guarantee made by any guarantor shall
be deemed to be the lower of (a) an amount equal to the stated or determinable amount of the primary obligation in respect of which
such Guarantee is made and (b) the maximum amount for which such guarantor may be liable pursuant to the terms of the instrument
embodying such Guarantee, unless (in the case of a primary obligation that is not Indebtedness) such primary obligation and the
maximum amount for which such guarantor may be liable are not stated or determinable, in which case the amount of such Guarantee
shall be such guarantor’s maximum reasonably anticipated liability in respect thereof as determined by the Company in good
faith.

 

“Guaranteed
Obligations” has the meaning set forth in Section 9.01.

 

“Guarantors”
means, collectively, (a) each Domestic Subsidiary of the Company identified as a “Guarantor” on the signature pages
hereto, (b) each Person that joins as a Guarantor pursuant to Section 6.09 or otherwise, (c) with respect to (i) Obligations
under any Swap Contract, (ii) Obligations under any Cash Management Agreement and (iii) any Swap Obligation of a Specified Loan
Party (determined before giving effect to Sections 9.01 and 9.11) under the Guaranty, the Company, and (d) the successors
and permitted assigns of the foregoing.

 

“Guaranty”
means, collectively, the Guarantee made by the Guarantors under Article IX in favor of the holders of the Obligations, together
with each other guaranty delivered pursuant to Section 6.12.

 

    	9

     

    

 

“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(c).

 

“Hurco Deferred
Compensation Plan” means, collectively, the unfunded plan adopted by the Company for the purpose of providing deferred
compensation for a select group of management personnel or other employees of the Company, as evidenced by the CORPORATE plan for
Retirement Select Plan and Basic Plan Document effective as of July 1, 1996, as amended, and the Hurco Companies, Inc. Deferred
Compensation Plan II effective January 1, 2005, as amended, and the related trust agreements.

 

“Inactive
Subsidiary” means a Subsidiary of the Company not actively engaged in business, and which has assets with a book value
less than or equal to $10,000. Schedule 1.01(a) lists all Inactive Subsidiaries existing on the Closing Date. Notwithstanding
anything to the contrary, so long as Hurco Technology, Inc., an Indiana corporation, holds only patents and other intellectual
property and has total annual revenues of not greater than $500,000, all of which is derived from licensing of that intellectual
property, it shall be deemed an Inactive Subsidiary.

 

“Indebtedness”
of a Person means, without duplication, such Person’s (i) obligations for borrowed money (including without limitation, with
respect to the Borrowers, all reimbursement obligations for LC Exposure and all obligations owing under Swap Contracts), (ii) obligations
representing the deferred purchase price of property or services (other than accounts payable arising in the ordinary course of
such Person’s business payable on terms customary in the trade), (iii) obligations, whether or not assumed, secured by Liens
or payable out of the proceeds or production from property now or hereafter owned or acquired by such Person, (iv) obligations
which are evidenced by notes, acceptances, or other instruments, (v) obligations of such Person to purchase securities or other
property arising out of or in connection with the sale of the same or substantially similar securities or property, (vi) Capital
Lease Obligations, (vii) all obligations of such Person to purchase goods, property, or services where payment therefor is required,
regardless of whether delivery of such goods or property or the performance of such services is ever made or tendered (generally
referred to as “take or pay contracts”), (viii) all liabilities of such person in respect of unfunded liabilities under
any Plan of such Person or of any ERISA Affiliate, (ix) any other obligation for borrowed money or other financial accommodation
which in accordance with GAAP would be shown as a liability on the consolidated balance sheet of such Person, including without
limitation all obligations of others similar in character to those described in clauses (i) through (viii) of this definition for
which such Person is contingently liable, as guarantor, surety, accommodation party, partner or in any other capacity, or in respect
of which obligations such person assures a creditor against loss or agrees to take any action to prevent any such loss (other than
endorsements of negotiable instruments for collection in the ordinary course of business), including without limitation all reimbursement
obligations of such Person in respect of letters of credit, surety bonds, or similar obligations, and all obligations of such Person
to advance funds to, or to purchase assets, property or services from, any other Person in order to maintain the financial condition
of such other Person, and (x) all Off-Balance Sheet Liabilities of such Person. The Indebtedness of any Person shall include the
Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent such Person
is liable therefor as a result of such Person’s ownership interest in or other relationship with such entity, except to the
extent the terms of such Indebtedness provide that such Person is not liable therefor.

 

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

 

    	10

     

    

 

“Information”
has the meaning specified in Section 10.07.

 

“Interest
Payment Date” means, (a) as to any Eurocurrency Rate Loan, the last day of each Interest Period applicable to such Loan
and the Maturity Date; provided, however, that if any Interest Period for a Eurocurrency Rate Loan exceeds three
(3) months, the respective dates that fall every three (3) months after the beginning of such Interest Period shall also be Interest
Payment Dates; and (b) as to any Base Rate Loan, the last Business Day of each March, June, September and December and the Maturity
Date.

 

“Interest
Period” means, 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 (1), two (2), three (3) or six (6) months thereafter
(in each case, subject to availability for the interest rate applicable to the relevant currency), as selected by the applicable
Borrower in its Loan Notice; provided that:

 

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

 

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

 

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

 

“IRS”
means the United States Internal Revenue Service.

 

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

 

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

 

“Joinder Agreement”
means a joinder agreement substantially in the form of Exhibit B executed and delivered in accordance with the provisions
of Section 6.09.

 

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

 

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

 

“L/C 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.

 

    	11

     

    

 

“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. For purposes of computing the amount available to be drawn under any Letter of Credit,
the amount of such Letter of Credit shall be determined in accordance with Section 1.06. For all purposes of this Agreement,
if on any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason
of the operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding” in the amount so
remaining available to be drawn.

 

“Legal Reservations”
means matters which are set out as qualifications or reservations as to matters of law of general application in the legal opinions
delivered to the Lender.

 

“Lender”
means Bank of America, N.A. (or any of its designated branch offices or affiliates) and its successors and assigns. The term “Lender”
shall include any Designated Lender.

 

“Lender’s
Office” means, with respect to any currency, the Lender’s address and, as appropriate, account as set forth on
Schedule 1.01(b) with respect to such currency, or such other address or account with respect to such currency as the Lender
may from time to time notify the Company; which office may include any Affiliate of the Lender or any domestic or foreign branch
of the Lender or such Affiliate.

 

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

 

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

 

“Letter of
Credit Expiration Date” means the day that is seven (7) days prior to the 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 (a) $10,000,000 and (b) the Revolving Commitment. The Letter
of Credit Sublimit is part of, and not in addition to, the Revolving Commitment.

 

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

 

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

 

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

 

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

 

“Loan Documents”
means, collectively, (a) this Agreement, (b) the Guaranty, (c) each Issuer Document, (d) each Joinder Agreement, and (e) any agreement
creating or perfecting rights in Cash Collateral pursuant to the provisions of Section 2.12 (but specifically excluding
any Swap Contract or any Cash Management Agreement).

 

    	12

     

    

 

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

 

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

 

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

 

“Mandatory
Cost” means any amount incurred periodically by the Lender during the term of this Agreement which constitutes fees,
costs or charges imposed on lenders generally in the jurisdiction in which the Lender is domiciled, subject to regulation, or has
its Facility Office by any Governmental Authority.

 

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

 

“Material
Adverse Effect” means a material adverse effect on (a) the business, assets, operations, or financial condition of the
Company and the Subsidiaries taken as a whole, (b) the ability of any Loan Party to perform any of its obligations under this Agreement
or (c) the rights of or benefits available to the Lender under this Agreement or any other Loan Document.

 

“Material
Indebtedness” means Indebtedness (other than the Loans and Letters of Credit) or obligations in respect of one or more
Swap Contracts of any one or more of the Company and its Subsidiaries in an aggregate principal amount exceeding $1,000,000. For
purposes of determining Material Indebtedness, the “principal amount” of the obligations of the Company or any Subsidiary
in respect of any Swap Agreement at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that
the Company or such Subsidiary would be required to pay if such Swap Contract were terminated at such time.

 

“Maturity
Date” means December 31, 2020; provided, however, that if such date is not a Business Day, the Maturity
Date shall be the next preceding Business Day.

 

“Minimum Collateral
Amount” means, at any time, with respect to Cash Collateral consisting of cash or deposit account balances provided in
accordance with the provisions of Section 2.12(a)(i) or (a)(ii), an amount equal to 102% of the Outstanding Amount
of all L/C Obligations, and (d) otherwise, an amount determined by Lender.

 

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

 

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

 

    	13

     

    

 

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

 

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

 

“Netherlands
Borrower Sublimit” means an amount equal to the lesser of the Commitments and $20,000,000. The Netherlands Borrower Sublimit
is part of, and not in addition to, the Commitments.

 

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

 

“Non-LIBOR
Quoted Currency” means any currency other than a LIBOR Quoted Currency.

 

“Non-Public
Lender” means (i) until the publication of an interpretation of “public” as referred to in the CRR by the
competent authority/ies: an entity which (x) assumes existing rights and/or obligations vis-à-vis the Netherlands Borrower,
the value of which is at least EUR 100,000 (or its equivalent in another currency), (y) provides repayable funds for an initial
amount of at least EUR 100,000 (or its equivalent in another currency) or (z) otherwise qualifies as not forming part of the public;
and (ii) as soon as the interpretation of the term “public” as referred to in the CRR has been published by the relevant
authority/ies: an entity which is not considered to form part of the public on the basis of such interpretation.

 

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

 

“Obligations”
means with respect to each Loan Party (i) all advances to, and debts, liabilities, obligations, covenants and duties of, any Loan
Party arising under any Loan Document or otherwise with respect to any Loan or Letter of Credit, and (ii) all obligations of any
Loan Party or any Subsidiary owing to the Lender (or its Affiliates) in respect of Cash Management Agreements or Swap Contracts,
in each case identified in clauses (i) and (ii) whether direct or indirect (including those acquired by assumption), absolute or
contingent, due or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement
by or against any Loan Party or any Affiliate thereof of any proceeding under any Debtor Relief Laws naming such Person as the
debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding; provided,
however, that the “Obligations” of a Loan Party shall exclude any Excluded Swap Obligations with respect to
such Loan Party.

 

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

 

“Off-Balance
Sheet Liability” of a Person means (a) any repurchase obligation or liability of such Person with respect to accounts
or notes receivable sold by such Person, (b) any liability under any Sale and Leaseback Transaction other than Capital Lease Obligations,
(c) any liability under any so-called “synthetic lease” arrangement or transaction entered into by such Person, or
(d) any obligation arising with respect to any other transaction which is the functional equivalent of or takes the place of borrowing
but which does not constitute a liability on the balance sheets of such Person.

 

    	14

     

    

 

“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 or limited liability company agreement
(or equivalent or comparable documents with respect to any non-U.S. jurisdiction); (c) with respect to any partnership, joint venture,
trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation or organization
(or equivalent or comparable documents with respect to any non-U.S. jurisdiction) and (d) with respect to all entities, any agreement,
instrument, filing or notice with respect thereto filed in connection with its formation or organization with the applicable Governmental
Authority in the jurisdiction of its formation or organization (or equivalent or comparable documents with respect to any non-U.S.
jurisdiction).

 

“Outstanding
Amount” means (a) with respect to Revolving Loans on any date, the Dollar Equivalent amount of the aggregate outstanding
principal amount thereof after giving effect to any borrowings and prepayments or repayments of Revolving Loans occurring on such
date; and (b) with respect to any L/C Obligations on any date, the Dollar Equivalent amount 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 the Borrowers of
Unreimbursed Amounts.

 

“Participating
Member State” means any member state of the European Union that adopts or has adopted the Euro as its lawful currency
in accordance with legislation of the European Union relating to Economic and Monetary Union.

 

“PBGC”
means the Pension Benefit Guaranty Corporation.

 

“Pension Act”
means the Pension Protection Act of 2006.

 

“Pension Funding
Rules” means the rules of the Code and ERISA regarding minimum required contributions (including any installment payment
thereof) to Pension Plans and set forth in, with respect to plan years ending prior to the effective date of the Pension Act, Section
412 of the Code and Section 302 of ERISA, each as in effect prior to the Pension Act and, thereafter, Section 412, 430, 431, 432
and 436 of the Code and Sections 302, 303, 304 and 305 of ERISA.

 

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

 

“Permitted
Encumbrances” means:

 

(a)          Liens
imposed by law for Taxes that are not yet due or are being contested in compliance with Section 6.04;

 

(b)          carriers’,
warehousemen’s, mechanics’, materialmen’s, repairmen’s and other like Liens imposed by law, arising in
the ordinary course of business and securing obligations that are not overdue by more than 60 days or are being contested in compliance
with Section 6.04;

 

(c)          pledges
and deposits made in the ordinary course of business in compliance with workers’ compensation, unemployment insurance and
other social security laws or regulations;

 

    	15

     

    

 

(d)          deposits
to secure the performance of bids, trade contracts, leases, statutory obligations, surety and appeal bonds, performance bonds and
other obligations of a like nature, in each case in the ordinary course of business;

 

(e)          judgment
liens in respect of judgments that do not constitute an Event of Default under Section 8.01(h);

 

(f)          easements,
zoning restrictions, rights-of-way and similar encumbrances on real property imposed by law or arising in the ordinary course of
business that do not secure any monetary obligations and do not materially detract from the value of the affected property or interfere
with the ordinary conduct of business of the Company or any Subsidiary;

 

(g)          the
interest or title of a lessor under any lease (including without limitation Capital Lease Obligations) otherwise permitted under
this Agreement with respect to the property subject to such lease;

 

(h)          Liens
of a collecting bank arising in the ordinary course of business under Section 4-208 of the Uniform Commercial Code in effect in
the relevant jurisdiction covering only the items being collected upon; and

 

(i)          any
Lien, right of pledge or set-off arising under the applicable general banking terms and conditions (algemene bankvoorwaarden) of
the relevant account bank or under other terms and conditions of such bank

 

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

 

“Permitted
Investments” means:

 

(a)          direct
obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the United States (or
by any agency thereof to the extent such obligations are backed by the full faith and credit of the United States), in each case
maturing within one year from the date of acquisition thereof;

 

(b)          investments
in commercial paper maturing within 270 days from the date of acquisition thereof and having, at such date of acquisition, the
highest credit rating obtainable from S&P or from Moody’s;

 

(c)          investments
in certificates of deposit, banker’s acceptances and time deposits maturing within 180 days from the date of acquisition
thereof issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, any domestic office of
any commercial bank organized under the laws of the United States or any State thereof which has a combined capital and surplus
and undivided profits of not less than $500,000,000;

 

(d)          fully
collateralized repurchase agreements with a term of not more than 30 days for securities described in clause (a) above and entered
into with a financial institution satisfying the criteria described in clause (c) above;

 

(e)          money
market funds that (i) comply with the criteria set forth in Securities and Exchange Commission Rule 2a-7 under the Investment Company
Act of 1940, (ii) are rated AAA by S&P and Aaa by Moody’s and (iii) have portfolio assets of at least $5,000,000,000;
and

 

    	16

     

    

 

(f)          any
joint and several liability (hoofdelijke aansprakelijkheid) under any fiscal unity for VAT, Dutch corporate income tax or other
purposes.

 

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

 

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

 

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

 

“Rate Determination
Date” means two (2) Business Days prior to the commencement of such 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 Lender); provided that
to the extent such market practice is not administratively feasible for the Lender, then “Rate Determination Date”
means such other day as otherwise reasonably determined by the Lender.

 

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

 

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

 

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

 

“Responsible
Officer” means the chief executive officer, president, chief financial officer, treasurer, assistant treasurer or controller
of a Loan Party, solely for purposes of the delivery of incumbency certificates pursuant to Section 4.01, the secretary
or any assistant secretary of a Loan Party and, solely for purposes of notices given pursuant to Article II, any other officer
of the applicable Loan Party so designated by any of the foregoing officers in a notice to the Lender or any other officer or employee
of the applicable Loan Party designated in or pursuant to an agreement between the applicable Loan Party and the Lender. Any document
delivered hereunder that is signed by a Responsible Officer of a Loan Party shall be conclusively presumed to have been authorized
by all necessary corporate, partnership and/or other action on the part of such Loan Party and such Responsible Officer shall be
conclusively presumed to have acted on behalf of such Loan Party. To the extent requested by the Lender, each Responsible Officer
will provide an incumbency certificate and to the extent requested by the Lender, appropriate authorization documentation, in form
and substance satisfactory to the Lender.

 

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

 

    	17

     

    

 

“Revaluation
Date” means (a) with respect to any 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 Lender shall determine; and (b) with respect to
any Letter of Credit, each of the following: (i) each date of issuance, amendment and/or extension of a Letter of Credit denominated
in an Alternative Currency, (ii) each date of any payment by the Lender under any Letter of Credit denominated in an Alternative
Currency, and (iii) such additional dates as the Lender shall determine.

 

“Revolving
Borrowing” means a borrowing consisting of simultaneous Revolving Loans of the same Type and, in the case of Eurocurrency
Rate Loans, having the same Interest Period made by the Lender pursuant to Section 2.01.

 

“Revolving
Commitment” means the Lender’s obligation to (a) make Revolving Loans to the Borrowers pursuant to Section 2.01
and (b) issue Letters of Credit for the account of the Company pursuant to Section 2.03. The Revolving Commitment on the
Closing Date shall be $40,000,000.

 

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

 

“S&P”
means Standard & Poor’s Financial Services LLC, a subsidiary of The McGraw-Hill Companies, Inc., and any successor thereto.

 

“Sale and
Leaseback Transaction” means any sale or other transfer of property by any Person with the intent to lease such property
as lessee.

 

“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 Lender 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 United Nations
Security Council, the European Union, Her Majesty’s Treasury (“HMT”) or other relevant sanctions authority.

 

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

 

“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” means any Loan Party that is not then an “eligible contract participant” under the Commodity
Exchange Act (determined prior to giving effect to Section 9.11).

 

“Spot Rate”
for a currency means the rate determined by the Lender 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 Lender may obtain such spot rate from another financial institution designated by the Lender 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 Lender 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.

 

    	18

     

    

 

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

 

“Subordinated
Indebtedness” of a Person means any Indebtedness of such Person for borrowed money the payment of which is subordinated
to payment of the Obligations to the written satisfaction of the Lender.

 

“Subsidiary”
of a Person means a corporation, partnership, joint venture, limited liability company or other business entity of which a majority
of the Equity Interests which are ordinarily, in the absence of contingencies, entitled to vote for the election of directors (or
persons performing similar functions) is at the time beneficially owned, or the management of which is otherwise controlled, directly,
or indirectly through one or more intermediaries, or both, by such Person. Unless otherwise specified, all references herein to
a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of the Company.

 

“Substantial
Portion” means, with respect to the property of the Company and its Subsidiaries, property which (a) represents more
than 10% of the consolidated assets of the Borrower and its Subsidiaries as would be shown in the consolidated financial statements
of the Company and its Subsidiaries as at the beginning of the twelve-month period ending with the last day of the month preceding
the month in which such determination is made, or (b) is responsible for more than 10% of the consolidated net sales or of the
consolidated net income of the Company and its Subsidiaries as reflected in the financial statements referred to in clause (a)
above for such twelve-month period.

 

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

 

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

 

“Tangible
Net Worth” means, at any date, an amount equal to (a) the total common stockholder’s equity of the Company, minus
(b) the amount of all intangible items included therein, including, without limitation, goodwill, franchises, licenses, patents,
trademarks, tradenames, copyrights, service marks and brand names, all as determined in accordance with GAAP.

 

    	19

     

    

 

“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 Lender to be a suitable replacement) is open for the settlement of payments in Euro.

 

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

 

“Transactions”
means the execution, delivery and performance by the Loan Parties of this Agreement, the borrowing of Loans, the use of the proceeds
thereof and the issuance of Letters of Credit hereunder.

 

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

 

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

 

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

 

“Wholly-Owned
Subsidiary” of a Person means (a) any subsidiary all of the outstanding voting securities of which shall at the time
be owned or controlled, directly or indirectly, by such Person or one or more Wholly-Owned Subsidiaries of such Person, or by such
Person and one or more Wholly-Owned Subsidiaries of such Person, or (b) any partnership, limited liability company, association,
joint venture or similar business organization 100% of the ownership interests having ordinary voting power of which shall at the
time be so owned or controlled (other than in the case of Foreign Subsidiaries, director’s qualifying shares and/or other
nominal amounts of shares required to be held by Persons other than the Company and its Subsidiaries under applicable law).

 

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

 

“Working Capital”
means, for any Person at any date, its Consolidated Current Assets at such date minus its Consolidated Current Liabilities
at such date.

 

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:

 

    	20

     

    

 

(a)          The
definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may
require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes”
and “including” shall be deemed to be followed by the phrase “without limitation.” The word “will”
shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise,
(i) any definition of or reference to any agreement, instrument or other document (including the Loan Documents and any Organization
Document) shall be construed as referring to such agreement, instrument or other document as from time to time amended, amended
and restated, modified, extended, restated, replaced or supplemented from time to time (subject to any restrictions on such amendments,
supplements or modifications set forth herein or in any other Loan Document), (ii) any reference herein to any Person shall be
construed to include such Person’s successors and assigns, (iii) the words “hereto,” “herein,” “hereof”
and “hereunder,” and words of similar import when used in any Loan Document, shall be construed to refer to such Loan
Document in its entirety and not to any particular provision thereof, (iv) all references in a Loan Document to Articles, Sections,
Preliminary Statements, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Preliminary Statements,
Exhibits and Schedules to, the Loan Document in which such references appear, (v) any reference to any law shall include all statutory
and regulatory rules, regulations, orders and provisions consolidating, amending, replacing or interpreting such law and any reference
to any law or regulation shall, unless otherwise specified, refer to such law or regulation as amended, modified, extended, restated,
replaced or supplemented from time to time, and (vi) the words “asset” and “property” shall be construed
to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash,
securities, accounts and contract rights. Any and all references to “Borrower” regardless of whether preceded by the
term a, any, each of, all, and/or, or any other similar term shall be deemed to refer, as the context requires, to each and every
(and/or any one or all) parties constituting a Borrower, individually and/or in the aggregate.

 

(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.

 

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 Company and its Subsidiaries shall be deemed to be carried at 100% of the outstanding principal amount thereof,
and the effects of FASB ASC 825 on financial liabilities shall be disregarded.

 

(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 Company or Lender shall so request, the Lender and the Company shall negotiate in good faith
to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP; 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 Company shall provide to the Lender 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.

 

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1.04        Rounding.

 

Any financial ratios
required to be maintained by the Loan 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        Times
of Day.

 

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

 

1.06        Letter
of Credit Amounts.

 

Unless otherwise specified
herein, the amount of a Letter of Credit at any time shall be deemed to be the 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 shall be deemed to be the Dollar Equivalent of the maximum stated amount of such Letter of
Credit after giving effect to all such increases, whether or not such maximum stated amount is in effect at such time.

 

1.07        UCC
Terms.

 

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

 

1.08        Exchange
Rates; Currency Equivalents.

 

(a)          The
Lender shall determine the Spot Rates as of each Revaluation Date to be used for calculating Dollar Equivalent amounts of Credit
Extensions and Outstanding Amounts denominated in Alternative Currencies. Such Spot Rates shall become effective as of such Revaluation
Date and shall be the Spot Rates employed in converting any amounts between the applicable currencies until the next Revaluation
Date to occur. Except for purposes of financial statements delivered by Loan 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 such Dollar Equivalent amount as so determined by the Lender.

 

(b)          Wherever
in this Agreement in connection with a Borrowing, conversion, continuation or prepayment of a Eurocurrency 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 Borrowing, Eurocurrency 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 Lender.

 

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1.09        Additional
Alternative Currencies.

 

(a)          The
Company may from time to time request that 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 (i) such requested
currency is an Eligible Currency and (ii) such requested currency shall only be treated as a “LIBOR Quoted Currency”
to the extent that there is published LIBOR rate for such currency. In the case of any such request with respect to the making
of Eurocurrency Rate Loans, such request shall be subject to the approval of the 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 Lender.

 

(b)          Any
such request shall be made to the Lender 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 as may be agreed by the Lender in its sole discretion).

 

(c)          If
the Lender consents to making Eurocurrency Rate Loans or Letters of Credit in such requested currency and the Lender reasonably
determines that an appropriate interest rate is available to be used for such requested currency, the Lender shall so notify the
Company and 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 for purposes of any Borrowings of Eurocurrency Rate Loans or the issuance
of Letters of Credit, as applicable.

 

1.10        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.
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 Borrowing in the currency of
such member state is outstanding immediately prior to such date, such replacement shall take effect, with respect to such 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 Lender 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 Lender 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 the change in currency.

 

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1.11        Dutch
Terms

 

In this Agreement, in the context of a Loan
Party or assets located in the Netherlands, a reference in this Agreement to:

 

(a)          “the
Netherlands” means the European part of the Kingdom of the Netherlands and “Dutch” means in or of
the Netherlands;

 

(b)          “Dutch
Civil Code” means the Dutch Civil Code (Burgerlijk Wetboek).

 

(c)          a
“person” includes a natural person, a legal person (within the meaning of articles 2:1 to 2:3 (inclusive) of
the Dutch Civil Code), a general partnership (vennootschap onder firma), a limited partnership (commanditaire vennootschap)
or other partnership (maatschap) or other entity and any other temporary or permanent joint venture as well as similar entities
incorporated under the laws of any jurisdiction other than the Netherlands;

 

(d)          a
“director” means a statutair bestuurder;

 

(e)          a
“board of directors” means a bestuur;

 

(f)          a
“board of supervisory directors” means a raad van commissarissen;

 

(g)          a
“necessary action to authorise” includes, where applicable, without limitation:

 

(i)          a
resolution from the board of directors approving the terms of, and the transactions contemplated by this Agreement and resolving
that it execute, deliver and perform this Agreement and any other Applicable Foreign Obligor Documents;

 

(ii)         to
the extent required under Dutch law or the applicable articles of association, a resolution from the general meeting of the shareholders
approving the terms of, and the transactions contemplated by this Agreement and resolving that it execute, deliver and perform
this Agreement and any other Applicable Foreign Obligor Documents;

 

(iii)        to
the extent required under Dutch law or the applicable articles of association, a resolution from the board of supervisory directors
approving the resolutions of the board of directors and the terms of, and the transactions contemplated by this Agreement and resolving
that it execute, deliver and perform this Agreement and any other Applicable Foreign Obligor Documents;

 

(iv)        any
action required to comply with the Works Councils Act of the Netherlands (Wet op de ondernemingsraden) followed by obtaining
an unconditional positive advice (advies) from the competent works council(s); and

 

(v)         authorising
the Company to act as its agent in connection with the Applicable Foreign Obligor Documents.

 

(h)          A
“subsidiary” includes a dochtermaatschappij as defined in Article 2:24a of the Dutch Civil Code (Burgerlijk
Wetboek);

 

    	24

     

    

 

(i)          “security”,
a “security interest” or “lien” includes any mortgage (hypotheek), pledge (pandrecht),
retention of title arrangement (eigendomsvoorbehoud), privilege (voorrecht), right of retention (recht van retentie),
right to reclaim goods (recht van reclame), financial collateral arrangement (financiële zekerheidsovereenkomst)
and, in general, any right in rem (goederenrechtelijk recht), created for the purpose of granting security (goederenrechtelijk
zekerheidsrecht);

 

(j)          a
“winding-up”, “administration”, “reorganisation” or “dissolution”
(and any of those terms) includes a Dutch entity being declared bankrupt (failliet verklaard) or dissolved (ontbonden);

 

(k)          a
“moratorium” includes surseance van betaling and granted a moratorium includes surseance verleend;

 

(l)          “insolvency
proceedings” include:

 

(i)          bankruptcy
(faillissement), suspension of payments (surseance van betaling), emergency procedure (noodregeling) or any
other procedure having the effect that the entity to which it applies loses the free management or ability to dispose of its property
(irrespective of whether the procedure is provisional or final); and

 

(ii)         dissolution
(ontbinding) or any other procedure having the effect that the entity to which it applies ceases to exist;

 

(m)          any
“procedure” in relation to the suspension of payments, moratorium of any indebtedness, winding-up, administration
or reorganisation or analogous procedure or step includes a Dutch entity having filed a notice under Section 36 of the Dutch Tax
Collection Act (Invorderingswet 1990) or Section 60 of the Social Insurance Financing Act of the Netherlands (Wet Financiering
Sociale Verzekeringen) in conjunction with Section 36 of the Tax Collection Act (Invorderingswet 1990);

 

(n)          “Debtor
Relief Laws” includes the Dutch Bankruptcy Act (Faillissementswet);

 

(o)          an
“administrator” includes a bewindvoerder;

 

(p)          an
“attachment” includes a beslag; and

 

(q)          a
“merger” includes a juridische fusie.

 

Article
II

COMMITMENTS AND CREDIT EXTENSIONS

 

2.01        Loans.

 

Subject to the terms
and conditions set forth herein, the Lender agrees to make loans (each such loan, a “Revolving Loan”) to the
Borrowers, in Dollars or in one or more Alternative Currencies, from time to time, on any Business Day during the Availability
Period, in an aggregate amount not to exceed at any time outstanding the amount of the Revolving Commitment; provided, however,
that after giving effect to any Revolving Borrowing, (i) the Total Revolving Outstandings shall not exceed the Revolving Commitment,
(ii) the aggregate Outstanding Amount of all Loans made to the Netherlands Borrower shall not exceed the Netherlands Borrower Sublimit,
and (iii) the aggregate Outstanding Amount of all Loans denominated in Alternative Currencies shall not exceed the Alternative
Currency Sublimit. Within the limits of the Revolving Commitment, and subject to the other terms and conditions hereof, the Borrowers
may borrow Revolving Loans, prepay under Section 2.05, and reborrow under this Section 2.01. Revolving Loans may
be Base Rate Loans or Eurocurrency Rate Loans, as further provided herein; provided, however, any Revolving Borrowings
made on the Closing Date or any of the three (3) Business Days following the Closing Date shall be made as Base Rate Loans unless
the Company delivers a Funding Indemnity Letter not less than three (3) Business Days prior to the date of such Revolving Borrowing.

 

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2.02        Borrowings,
Conversions and Continuations of Loans.

 

(a)          Notice
of Borrowing.   Each Borrowing, each conversion of Loans from one Type to the other, and each continuation of Eurocurrency Rate
Loans shall be made upon the applicable Borrower’s irrevocable notice to the Lender, which may be given by (A) telephone
or (B) a Loan Notice; provided that any telephonic notice must be confirmed immediately by delivery to the Lender of a Loan
Notice. Each such notice must be received by the Lender not later than 11:00 a.m. (i) 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 of any conversion
of Eurocurrency Rate Loans denominated in Dollars to Base Rate Loans, (ii) four (4) Business Days (or five (5) Business Days in
the case of a Special Notice Currency) prior to the requested date of any Borrowing or continuation of Eurocurrency Rate Loans
denominated in Alternative Currencies, and (iii) on the requested date of any Borrowing of Base Rate Loans. Each Borrowing of,
conversion to or continuation of Eurocurrency Rate Loans shall be, unless otherwise agreed by Lender, in a principal amount of
the Dollar Equivalent of $1,000,000 or a whole multiple of the Dollar Equivalent of $100,000 in excess thereof (or such lesser
amounts as agreed by the Lender). Except as provided in Sections 2.03(c), each Borrowing of or conversion to Base Rate Loans
shall be, unless otherwise agreed by Lender, in a principal amount of $100,000 or a whole multiple of $10,000 in excess thereof
(or such lesser amounts as agreed by the Lender). Each Loan Notice (whether telephonic or written) shall specify (A) whether the
applicable Borrower is requesting a Borrowing, a conversion of Loans from one Type to the other, or a continuation of Loans, as
the case may be, (B) the requested date of the Borrowing, conversion or continuation, as the case may be (which shall be a Business
Day), (C) the principal amount of Loans to be borrowed, converted or continued, (D) the Type of Loans to be borrowed or to which
existing Loans are to be converted, (E) if applicable, the duration of the Interest Period with respect thereto, (F) the currency
of the Loans to be borrowed, and (G) the applicable Borrower. If a Borrower fails to specify a currency in a Loan Notice requesting
a Borrowing, then the Loans so requested shall be made in Dollars. If a Borrower fails to specify a Type of Loan in a Loan Notice
or if a Borrower fails to give a timely notice requesting a conversion or continuation, then the applicable Loans shall be made
as, or converted to, Base Rate Loans; provided, however, that in the case of a failure to timely request a continuation
of 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 (1) month. 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 a Borrower requests a Borrowing
of, conversion to, or continuation of Eurocurrency Rate Loans in any such Loan Notice, but fails to specify an Interest Period,
it will be deemed to have specified an Interest Period of one (1) month. Excepted as permitted pursuant to Section 2.02(c),
no Loan may be converted into or continued as a Loan denominated in a different currency, but instead must be repaid in the original
currency of such Loan and reborrowed in the other currency.

 

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(b)          Advances.
  Following receipt of a Loan Notice, upon satisfaction of the applicable conditions set forth in Section 4.02 (and, if such
Borrowing is the initial Credit Extension, Section 4.01), the Lender shall make the requested funds available to the applicable
Borrower either by (i) crediting the account of such 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 Lender
by such Borrower.

 

(c)          Eurocurrency
Rate Loans.   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 a Default, no Loans may be requested as, converted
to or continued as Eurocurrency Rate Loans without the consent of the Lender, and the Lender may demand that any or all of the
outstanding Eurocurrency Rate Loans denominated in Dollars be converted immediately to Base Rate Loans and 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)          Interest
Periods.   After giving effect to all Revolving Borrowings, all conversions of Revolving Loans from one Type to the other, and
all continuations of Revolving Loans as the same Type, there shall not be more than ten (10) Interest Periods in effect.

 

2.03        Letters
of Credit.

 

(a)          The
Letter of Credit Commitment.

 

(i)          Subject
to the terms and conditions set forth herein, the Lender agrees (A) 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 for the account of the Company or, in the
Lender’s sole and absolute discretion, any of its Subsidiaries, and to amend or extend Letters of Credit previously issued
by it, in accordance with Section 2.03(b), and (B) to honor drawings under the Letters of Credit; 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 Revolving Commitment and (y) the Outstanding Amount of the L/C Obligations not exceed the Letter of Credit Sublimit.
Each request by the Company for the issuance or amendment of a Letter of Credit shall be deemed to be a representation by the Company
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 Company’s ability to obtain Letters of Credit shall
be fully revolving, and accordingly the Company 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.

 

(ii)         The
Lender shall not be under any obligation to issue any Letter of Credit if:

 

(A)         subject
to Section 2.03(b)(iii), the expiry date of the requested Letter of Credit would occur more than twelve (12) months after
the date of issuance or last extension, unless the Lender has approved such expiry date; or

 

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(B)         the
expiry date of the requested Letter of Credit would occur after the Letter of Credit Expiration Date, unless Borrower provides
Cash Collateral at the time of issuance or the Lender has approved such expiry date.

 

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

 

(D)         the
issuance of the Letter of Credit would violate one or more policies of the Lender applicable to letters of credit generally;

 

(E)         except
as otherwise agreed by the Lender, the Letter of Credit is in an initial stated amount less than $100,000;

 

(F)         except
as otherwise agreed by the Lender, the Letter of Credit is to be denominated in a currency other than Dollars or an Alternative
Currency;

 

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

 

(H)         the
Lender does not as of the issuance date of the requested Letter of Credit issue Letters of Credit in the requested currency.

 

(iii)        The
Lender shall be under no obligation to amend any Letter of Credit if (A) the Lender 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 the Letter of Credit.

 

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(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 Company delivered to the Lender in the
form of a Letter of Credit Application, appropriately completed and signed by a Responsible Officer of the Company and/or such
Subsidiary, as required by the L/C Issuer. Such Letter of Credit Application may be sent by fax transmission, by United States
mail, by overnight courier, by electronic transmission using the system provided by the Lender, by personal delivery or by any
other means acceptable to the Lender. Such Letter of Credit Application must be received by the Lender not later than 11:00 a.m.
at least five (5) Business Days (or such later date and time as the Lender may agree in a particular instance in its 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 satisfactory to the Lender: (A) the proposed
issuance date of the requested Letter of Credit (which shall be a Business Day); (B) the amount and currency thereof and in the
absence of specification of currency shall be deemed a request for a Letter of Credit denominated in Dollars; (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; and (H) such other matters as the Lender may 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 satisfactory to the Lender (1) the Letter of Credit to be amended; (2) the proposed date of amendment thereof (which shall
be a Business Day); (3) the nature of the proposed amendment; and (4) such other matters as the Lender may require. Additionally,
the Company shall furnish to the Lender such other documents and information pertaining to such requested Letter of Credit issuance
or amendment, including any Issuer Documents, as the Lender may require.

 

(ii)         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 Lender will also deliver to the Company a true and complete copy of such Letter of Credit or amendment.

 

(iii)        If
the Company so requests in any applicable Letter of Credit Application, the Lender 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 the Lender 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 day (the “Non-Extension Notice Date”) in each such twelve (12) month period to be agreed upon
at the time such Letter of Credit is issued. Unless otherwise directed by the Lender, the Company shall not be required to make
a specific request to the Lender for any such extension. Once an Auto-Extension Letter of Credit has been issued, the Lender shall
permit the extension of such Letter of Credit at any time to an expiry date not later than the Letter of Credit Expiration Date;
provided, however, that the Lender shall not permit any such extension if (A) the Lender 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 from the Company that one or more of the applicable conditions specified in Section 4.02 is not then satisfied,
and directing the Lender not to permit such extension.

 

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(c)          Drawings
and Reimbursements. Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter
of Credit, the Lender shall notify the Company thereof. In the case of a Letter of Credit denominated in an Alternative Currency,
the Company shall reimburse the Lender in such Alternative Currency, unless (i) the Lender (at its option) shall have specified
in such notice that it will require reimbursement in Dollars, or (ii) in the absence of any such requirement for reimbursement
in Dollars, the Company shall have notified the Lender promptly following receipt of the notice of drawing that the Company will
reimburse the Lender 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 Lender shall notify the Company of the Dollar Equivalent of the amount of the drawing promptly
following the determination thereof. Not later than 11:00 a.m. on the date of any payment by the Lender under a Letter of Credit
to be reimbursed in Dollars, or the Applicable Time on the date of any payment by the Lender under a Letter of Credit to be reimbursed
in an Alternative Currency (each such date, an “Honor Date”), the Company shall reimburse the Lender in an amount
equal to the amount of such drawing and in the applicable currency. In the event that (A) a drawing denominated in an Alternative
Currency is to be reimbursed in Dollars pursuant to the second sentence in this Section 2.03(c) and (B) the Dollar amount
paid by the Company, whether on or after the Honor Date, shall not be adequate on the date of that payment to purchase in accordance
with normal banking procedures a sum denominated in the Alternative Currency equal to the drawing, the Company agrees, as a separate
and independent obligation, to indemnify the Lender for the loss resulting from its inability on that date to purchase the Alternative
Currency in the full amount of the drawing. If the Company fails to so reimburse the Lender by such time, the Company shall be
deemed to have requested a Revolving Borrowing of Base Rate Loans to be disbursed on the Honor Date in an amount equal to 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”), without regard to the minimum and multiples
specified in Section 2.02 for the principal amount of Base Rate Loans. Any notice given by the Lender pursuant to this Section
2.03(c) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation
shall not affect the conclusiveness or binding effect of such notice.

 

(d)          Obligations
Absolute. The obligation of the Company to reimburse the Lender for each drawing under each Letter of Credit 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;

 

(ii)         the
existence of any claim, counterclaim, setoff, defense or other right that the Company 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 Lender or any other Person, whether in connection with this Agreement or by such Letter of Credit, the transactions
contemplated hereby or any agreement or instrument relating thereto, or any unrelated transaction;

 

(iii)        any
draft, demand, endorsement, certificate or other document presented under or in connection with 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;

 

    	30

     

    

 

(iv)        waiver
by the Lender of any requirement that exists for the Lender’s protection and not the protection of the Company or any waiver
by the Lender which does not in fact materially prejudice the Company;

 

(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 Lender in respect of an otherwise complying item presented after the date specified as the expiration date
of, or the date by which documents must be received under, such Letter of Credit if presentation after such date is authorized
by the UCC or the ISP, as applicable;

 

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

 

(viii)      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 Company or any of its Subsidiaries; or

 

(ix)         any
adverse change in the relevant exchange rates or in the availability of the relevant Alternative Currency to the Company or any
Subsidiary or in the relevant currency markets generally.

 

The Company
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 Company’s instructions or other irregularity, the Company will immediately notify the
Lender. The Company shall be conclusively deemed to have waived any such claim against the Lender and its correspondents unless
such notice is given as aforesaid.

 

(e)          Role
of the Lender.   The Lender and the Company agree that, in paying any drawing under a Letter of Credit, the Lender shall not
have any responsibility to obtain any document (other than any sight or time draft, certificates and documents expressly required
by the 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. The Company hereby assumes all risks of the acts or omissions of any beneficiary
or transferee with respect to its use of any Letter of Credit; provided, however, that this assumption is not intended
to, and shall not, preclude the Company’s pursuing such rights and remedies as it may have against the beneficiary or transferee
at law or under any other agreement. None of the Lender, any of its Related Parties nor any correspondent, participant or assignee
of the Lender shall be liable or responsible for any of the matters described in Section 2.03(d). In furtherance and not
in limitation of the foregoing, the Lender 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 the Lender shall not be responsible for
the validity or sufficiency of any instrument transferring, endorsing or assigning or purporting to transfer, endorse or assign
a Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid
or ineffective for any reason. The Lender 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.

 

    	31

     

    

 

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

 

(g)          Letter
of Credit Fees.   The Company shall pay to the Lender 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. For purposes of computing the daily amount available to be drawn under any Letter of Credit, the amount
of such Letter of Credit shall be determined in accordance with Section 1.06. Letter of Credit Fees shall be (A) due and
payable on the first Business Day following each fiscal quarter end, commencing with the first such date to occur after the issuance
of such Letter of Credit, on the Letter of Credit Expiration Date and thereafter on demand and (B) computed on a quarterly basis
in arrears. If there is any change in the Applicable Rate during any quarter, the daily amount available to be drawn under each
Letter of Credit shall be computed and multiplied by the Applicable Rate separately for each period during such quarter that such
Applicable Rate was in effect.

 

(h)          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.

 

(i)          Letters
of Credit Issued for Subsidiaries.   Notwithstanding that a Letter of Credit issued or outstanding hereunder is in support of
any obligations of, or is for the account of, a Subsidiary, the Company shall be obligated to reimburse the Lender hereunder for
any and all drawings under such Letter of Credit. The Company hereby acknowledges that the issuance of Letters of Credit for the
account of Subsidiaries inures to the benefit of the Company, and that the Company’s business derives substantial benefits
from the businesses of such Subsidiaries.

 

2.04        Reserved.

 

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2.05        Prepayments.

 

(a)          Optional.
  A Borrower may, upon notice to the Lender pursuant to delivery to the Lender of a Notice of Loan Prepayment, at any time or from
time to time voluntarily prepay Loans in whole or in part without premium or penalty subject to Section 3.05; provided
that, unless otherwise agreed by the Lender (A) such notice must be received by Lender not later than 11:00 a.m. (1) three (3)
Business Days prior to any date of prepayment of Eurocurrency Rate Loans denominated in Dollars, (2) four (4) Business Days (or
five (5), in the case of prepayment of Loans denominated in Special Notice Currencies) prior to any date of prepayment of Eurocurrency
Rate Loans denominated in Alternative Currencies, and (3) on the date of prepayment of Base Rate Loans; (B) any prepayment of Eurocurrency
Rate Loans denominated in Dollars shall be in a principal amount of $1,000,000 or a whole multiple of $100,000 in excess thereof
(or such lesser amounts as agreed by the Lender); (C) any prepayment of Eurocurrency Rate Loans denominated in Alternative Currencies
shall be in a minimum principal amount of $1,000,000 or a whole multiple of $100,000 in excess thereof (or such lesser amounts
as agreed by the Lender); and (D) any prepayment of Base Rate Loans shall be in a principal amount of $100,000 or a whole multiple
of $10,000 in excess thereof (or such lesser amounts as agreed by the Lender) or, in each case, if less, the entire principal amount
thereof then outstanding. Each such notice shall specify the date, the currency and amount of such prepayment and the Type(s) of
Loans to be prepaid and, if Eurocurrency Rate Loans are to be prepaid, the Interest Period(s) of such Loans. If such notice is
given by a Borrower, such Borrower shall make such prepayment and the payment amount specified in such notice shall be due and
payable on the date specified therein. Any prepayment of a 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.

 

(b)          Mandatory.

 

(i)          If
for any reason the Total Revolving Outstandings at any time exceed the Revolving Commitment at such time, the Borrowers shall immediately
prepay Revolving Loans (together with all accrued but unpaid interest thereon) and/or the Company shall immediately Cash Collateralize
the L/C Obligations in an aggregate amount equal to such excess; provided, however, that the Company shall not be
required to Cash Collateralize the L/C Obligations pursuant to this Section 2.05(b) unless, after the prepayment of the
Revolving Loans, the Total Revolving Outstandings exceed the Revolving Commitment at such time.

 

(ii)         Application
of Other Payments. Prepayments made pursuant to this Section 2.05(b), first, shall be applied to the outstanding
Revolving Loans, and, second, shall be used to Cash Collateralize the remaining L/C Obligations. Upon the drawing of any
Letter of Credit that has been Cash Collateralized, the funds held as Cash Collateral shall be applied (without any further action
by or notice to or from the Company or any other Loan Party that has provided Cash Collateral) to reimburse the Lender.

 

(iii)        Alternative
Currencies. If the Lender notifies the Company at any time that the Outstanding Amount of all Loans and L/C Obligations denominated
in Alternative Currencies at such time exceeds an amount equal to 105% of the Alternative Currency Sublimit then in effect, then,
within two (2) Business Days after receipt of such notice, the Borrowers shall prepay Loans and/or the Company shall Cash Collateralize
Letters of Credit in an aggregate amount sufficient to reduce such Outstanding Amount as of such date of payment to an amount not
to exceed 100% of the Alternative Currency Sublimit then in effect.

 

(iv)        Netherlands
Borrower Sublimit. If the Lender notifies the Company at any time that the Outstanding Amount of all Loans owing by the Netherlands
Borrower at such time exceeds an amount equal to 105% of the Netherlands Borrower Sublimit then in effect, then, within two (2)
Business Days after receipt of such notice, the Netherlands Borrower shall prepay Loans in an aggregate amount sufficient to reduce
such Outstanding Amount as of such date of payment to an amount not to exceed 100% of the Netherlands Borrower Sublimit then in
effect.

 

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

 

2.06        Termination,
Increase or Reduction of Commitments.

 

(a)          Optional.
The Company may, upon notice to the Lender, terminate the Revolving Commitment or the Letter of Credit Sublimit, or from time to
time permanently reduce the Revolving Commitment or the Letter of Credit Sublimit; provided that (i) any such notice shall
be received by the Lender not later than 11:00 a.m. five (5) Business Days prior to the date of termination or reduction, (ii)
any such partial reduction shall be in an aggregate amount of $10,000,000 or any whole multiple of $1,000,000 in excess thereof
and (iii) the Company shall not terminate or reduce (A) the Revolving Commitment if, after giving effect thereto and to any concurrent
prepayments hereunder, the Total Revolving Outstandings would exceed the Revolving Commitment or (B) the Letter of Credit Sublimit
if, after giving effect thereto, the Outstanding Amount of L/C Obligations not fully Cash Collateralized hereunder would exceed
the Letter of Credit Sublimit.

 

(b)          Incremental
Increase.  The Borrowers may, upon notice to the Lender, request that the Revolving Commitment be increased, on a one
time basis, by an amount not to exceed $10,000,000 (the “Incremental Facility Amount”).  Such notice shall
set forth the amount of the requested increase (which shall be a minimum amount of $5,000,000 and minimum increments of $1,000,000). 
The Lender shall, by notice to the Borrowers, either agree to increase the Revolving Commitment or decline to increase the Revolving
Commitment, in either case, in its sole discretion.  In the event the Incremental Facility Amount is approved by the Lender,
it will be subject to the execution and delivery of such definitive agreements and other documentation as deemed reasonably necessary
by the Lender to effectuate such increase.  The Incremental Facility Amount is uncommitted as of the Closing Date.

 

(c)          Payment
of Fees. All fees in respect of the Revolving Commitment accrued until the effective date of any termination of the Revolving
Commitment shall be paid on the effective date of such termination.

 

2.07        Repayment
of Loans.

 

Each Borrower shall
repay to the Lender on the Maturity Date the aggregate principal amount of all Revolving Loans made to such Borrower that are outstanding
on such date.

 

2.08        Interest
and Default Rate.

 

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

 

    	34

     

    

 

(b)          Default
Rate.

 

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

 

(ii)         If
any amount (other than principal of any Loan) payable by a 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 Lender
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 Lender, while any Event of Default exists (including a payment default), all outstanding Obligations hereunder
may accrue at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable
Laws.

 

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

 

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

 

2.09        Fees.

 

In addition
to certain fees described in subsection (g) of Section 2.03:

 

(a)          [Reserved]

 

(b)          Other
Fees.

 

The Company
shall pay to the Lender, 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.

 

2.10        Computation
of Interest and Fees.

 

All computations of
interest for Base Rate Loans (including Base Rate Loans determined by reference to the Eurocurrency 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
2.11, bear interest for one (1) day. Each determination by the Lender of an interest rate or fee hereunder shall be conclusive
and binding for all purposes, absent manifest error.

 

    	35

     

    

 

2.11        Payments
Generally.

 

All payments to be
made by the Borrowers shall be made free and clear of and without condition or deduction for any counterclaim, defense, recoupment
or setoff. Except as otherwise expressly provided herein 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 Lender at the Lender’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 and interest on Loans denominated in an Alternative Currency
shall be made to the Lender at the Lender’s Office in such Alternative Currency and in Same Day Funds not later than the
Applicable Time specified by the Lender on the dates specified herein. Without limiting the generality of the foregoing, the Lender
may require that any payments due under this Agreement be made in the United States. If, for any reason, any Borrower is prohibited
by any Law from making any required payment hereunder in an Alternative Currency, such Borrower shall make such payment in Dollars
in the Dollar Equivalent of the Alternative Currency payment amount. All payments received by the Lender (i) after 2:00 p.m., in
the case of payments in Dollars, or (ii) after the Applicable Time specified by the Lender, 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. Subject to Section 2.07(a) and as otherwise specifically provided for in this Agreement, if any payment to be
made by a Borrower shall come due on a day other than a Business Day, payment shall be made on the next following Business Day,
and such extension of time shall be reflected in computing interest or fees, as the case may be.

 

2.12        Cash
Collateral.

 

(a)          Certain
Credit Support Events.   If (i) as of the Letter of Credit Expiration Date, any L/C Obligation for any reason remains outstanding,
or (ii) the Company shall be required to provide Cash Collateral pursuant to the terms hereof, the Company shall immediately following
any request by the Lender, provide Cash Collateral in an amount not less than the applicable Minimum Collateral Amount. Additionally,
if the Lender notifies the Company at any time that the Outstanding Amount of all L/C Obligations at such time exceeds 105% of
the Letter of Credit Sublimit then in effect, then within two (2) Business Days after receipt of such notice, the Company shall
provide Cash Collateral for the Outstanding Amount of the L/C Obligations in an amount not less than the amount by which the Outstanding
Amount of all L/C Obligations exceeds the Letter of Credit Sublimit.

 

(b)          Grant
of Security Interest.   The Company hereby grants to (and subjects to the control of) the Lender 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 2.12(c). If at any time the Lender determines that Cash Collateral is subject to any right or
claim of any Person other than the Lender, or that the total amount of such Cash Collateral is less than the Minimum Collateral
Amount, the Company will, promptly upon demand by the Lender, pay or provide to the Lender additional Cash Collateral in an amount
sufficient to eliminate such deficiency. All Cash Collateral (other than credit support not constituting funds subject to deposit)
shall be maintained in one or more blocked, non-interest bearing deposit accounts at Bank of America. The Company shall pay on
demand therefor from time to time all customary account opening, activity and other administrative fees and charges in connection
with the maintenance and disbursement of Cash Collateral.

 

    	36

     

    

 

(c)          Application.
  Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under any of this Section 2.12
or Sections 2.03, 2.05 or 8.02 in respect of Letters of Credit shall be held and applied to the satisfaction
of the specific L/C Obligations 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 secure obligations shall be released promptly following the determination
by the Lender that there exists excess Cash Collateral; provided, however, (i) any such release shall be without
prejudice to, and any disbursement or other transfer of Cash Collateral shall be and remain subject to, any other Lien conferred
under the Loan Documents and the other applicable provisions of the Loan Documents, and (ii) the Person providing Cash Collateral
and the Lender may agree that Cash Collateral shall not be released but instead held to support future anticipated obligations.

 

2.13        The
Netherlands Borrower.

 

(a)          Obligations.
  Notwithstanding anything contained to the contrary herein or in any Loan Document, (i) the Netherlands Borrower shall not be obligated
with respect to any Obligations of the Company hereunder, (ii) the Obligations owed by the Netherlands Borrower hereunder shall
be several and not joint with the Obligations of the Company and (iii) the Netherlands Borrower shall not be obligated as a Guarantor
under Article IX with respect to the Obligations of the Company or any Domestic Subsidiary.

 

(b)          Appointment.
  The Netherlands Borrower hereby irrevocably appoints the Company to act as its agent for all purposes of this Agreement and the
other Loan Documents and agrees that (i) the Company may execute such documents on behalf of the Netherlands Borrower as the Company
deems appropriate in its sole discretion and the Netherlands Borrower shall be obligated by all of the terms of any such document
executed on its behalf (ii) any notice or communication delivered by the Lender to the Company shall be deemed delivered to the
Netherlands Borrower and (iii) the Lender may accept, and be permitted to rely on, any document, instrument or agreement executed
by the Company on behalf of the Netherlands Borrower.

 

Article
III

TAXES, YIELD PROTECTION AND ILLEGALITY

 

3.01        Taxes.

 

If any payments to
the Lender under this Agreement are made from outside the United States, the applicable Borrower will not deduct any foreign taxes
from any payments it makes to the Lender. If any such taxes are imposed on any payments made by a Borrower (including payments
under this paragraph), such Borrower will pay the taxes and will also pay to the Lender, at the time interest is paid, any additional
amount which the Lender specifies as necessary to preserve the after-tax yield the Lender would have received if such taxes had
not been imposed. As soon as practicable after any payment of taxes by any Loan Party to a Governmental Authority, as provided
in this Section 3.01, the Company will deliver to the Lender the original or a certified copy of a receipt issued by such
Governmental Authority evidencing such payment, a copy of any return reporting such payment or other evidence of such payment reasonably
satisfactory to the Lender.

 

    	37

     

    

 

The Company will confirm
that the applicable Borrower has paid the taxes by giving the Lender official tax receipts (or notarized copies) within thirty
(30) days after the due date.

 

3.02        Illegality.

 

(a)          If
Lender determines that any Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for Lender
or its applicable Lending Office to perform any of its obligations hereunder or to 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 any Governmental
Authority has imposed material restrictions on the authority of Lender to purchase or sell, or to take deposits of, Dollars or
any Alternative Currency in the applicable interbank market, then, on notice thereof by Lender to the Company, (i) any obligation
of Lender to issue, make, maintain, fund or charge interest with respect to any such Credit Extension or continue Eurocurrency
Rate Loans in the affected currency or currencies or, in the case of Eurocurrency Rate Loans in Dollars, to convert Base Rate Loans
to Eurocurrency Rate Loans shall be suspended, and (ii) if such notice asserts the illegality of 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 Lender shall, if necessary to avoid such illegality, be determined by Lender without reference
to the Eurocurrency Rate component of the Base Rate, in each case until Lender notifies the Company that the circumstances giving
rise to such determination no longer exist. Upon receipt of such notice, (i) the Borrowers shall, upon demand from Lender, prepay
or, if applicable and such Loans are denominated in Dollars, convert all Eurocurrency Rate Loans of Lender to Base Rate Loans (the
interest rate on which Base Rate Loans of Lender shall, if necessary to avoid such illegality, be determined by Lender without
reference to the Eurocurrency Rate component of the Base Rate), either on the last day of the Interest Period therefor, if Lender
may lawfully continue to maintain such Eurocurrency Rate Loans to such day, or immediately, if Lender may not lawfully continue
to maintain such Eurocurrency Rate Loans and (ii) if such notice asserts the illegality of Lender determining or charging interest
rates based upon the Eurocurrency Rate, the Lender shall during the period of such suspension compute the Base Rate applicable
to Lender without reference to the Eurocurrency Rate component thereof until the Company is advised in writing by Lender that it
is no longer illegal for Lender to determine or charge interest rates based upon the Eurocurrency Rate. Upon any such prepayment
or conversion, the applicable Borrower shall also pay accrued interest on the amount so prepaid or converted.

 

(b)          If,
in any applicable jurisdiction, Lender or any Designated Lender determines that any Law has made it unlawful, or that any Governmental
Authority has asserted that it is unlawful, for Lender or its applicable Designated Lender to (i) perform any of its obligations
hereunder or under any other Loan Document, (ii) to fund or maintain its participation in any Loan or Letter of Credit or (iii)
issue, make, maintain, fund or charge interest or fees with respect to any Credit Extension to the Netherlands Borrower, Lender
shall promptly notify Company, and until such notice by Lender is revoked, any obligation of Lender to issue, make, maintain, fund
or charge interest or fees with respect to any such Credit Extension shall be suspended, and to the extent required by applicable
Law, cancelled. Upon receipt of such notice, the Loan Parties shall, (A) repay the affected outstanding Obligations), (B) to the
extent applicable, Cash Collateralize that portion of applicable L/C Obligations comprised of the aggregate undrawn amount of Letters
of Credit to the extent not otherwise Cash Collateralized and (C) take all reasonable actions requested by Lender to mitigate or
avoid such illegality.

 

    	38

     

    

 

(c)          The
Lender may at its option make any Credit Extension to any Borrower by causing any domestic or foreign branch or Affiliate of Lender
(a “Designated Lender”) to make such Credit Extension; provided that any exercise of such option shall
not affect the obligation of the relevant Borrower to repay such Credit Extension in accordance with the terms of this Agreement;
provided, however, if the Lender determines that any Law has made it unlawful, or that any Governmental Authority
has asserted that it is unlawful, for the Lender or its applicable Designated Lender to (i) perform any of its obligations hereunder
or under any other Loan Document, (ii) to fund or maintain its participation in any Loan or (iii) issue, make, maintain, fund or
charge interest or fees with respect to any Credit Extension to the Netherlands Borrower then, on notice thereof by the Lender
to the Company, and until such notice by the Lender is revoked, any obligation of the Lender or its Designated Lender to issue,
make, maintain, fund or charge interest or fees with respect to any such Credit Extension shall be suspended, and to the extent
required by applicable Law, cancelled. Upon receipt of such notice, the Loan Parties shall, take all reasonable actions requested
by the Lender to mitigate or avoid such illegality. Any Designated Lender shall be considered a Lender.

 

3.03        Inability
to Determine Rates.

 

If in connection with
any request for a Eurocurrency Rate Loan or a conversion to or continuation thereof, the Lender determines that (a) deposits (whether
in Dollars or an Alternative Currency) are not being offered to banks in the applicable offshore interbank market for such currency
for the applicable amount and Interest Period of such Eurocurrency Rate Loan, (b) 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
denominated in Dollars or an Alternative Currency) or in connection with an existing or proposed Base Rate Loan, (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) or (d) the Eurocurrency Rate for any requested Interest Period with respect to a proposed Eurocurrency Rate Loan does
not adequately and fairly reflect the cost to the Lender of funding such Eurocurrency Rate Loan, the Lender will promptly so notify
the Company. Thereafter, (i) the obligation of the Lender to make or maintain Eurocurrency Rate Loans in the affected currency
or currencies shall be suspended (to the extent of the affected Eurocurrency Rate Loans or Interest Periods), and (ii) in the event
of a determination described in the preceding sentence with respect to the Eurocurrency Rate component of the Base Rate, the utilization
of the Eurocurrency Rate component in determining the Base Rate shall be suspended, in each case until the Lender revokes such
notice. Upon receipt of such notice, the Borrowers 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 in the
amount specified therein. Notwithstanding the foregoing, in the case of such pending request, the Lender, in consultation with
the Company, may establish an alternative interest rate for funding Loans in the applicable currency and amount, and with the same
Interest Period as the Loan requested to be made, converted or continued, as the case may be in which case, such alternative rate
of interest shall apply with respect to such Loans.

 

3.04        Increased
Costs; Reserves on Eurocurrency 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, the Lender (except any reserve requirement contemplated
by Section 3.04(e));

 

    	39

     

    

 

(ii)         subject
the Lender to any taxes on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves,
other liabilities or capital attributable thereto; or

 

(iii)        impose
on the Lender or the London interbank market any other condition, cost or expense affecting this Agreement or Eurocurrency Rate
Loans made by the Lender or any Letter of Credit;

 

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

 

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

 

(c)          Mandatory
Costs.   If Lender incurs any Mandatory Costs attributable to the Obligations hereunder, then from time to time the Company will
pay (or cause to be paid) to the Lender such Mandatory Costs. Such amount shall be expressed as a percentage rate per annum and
shall be payable on the full amount of the applicable Obligations.

 

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

 

    	40

     

    

 

(e)          Reserves
on Eurocurrency Rate Loans.   The applicable Borrower shall pay to the Lender, (i) as long as the 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 equal
to the actual costs of such reserves allocated to such Loan by the Lender (as determined by the Lender in good faith, which determination
shall be conclusive), and (ii) as long as the 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 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 the Lender (as determined by the
Lender in good faith, which determination shall be conclusive), which in each case shall be due and payable on each date on which
interest is payable on such Loan, provided the Company shall have received at least ten (10) days’ prior notice of such additional
interest or costs from the Lender. If the Lender fails to give notice ten (10) days prior to the relevant Interest Payment Date,
such additional interest shall be due and payable ten (10) days from receipt of such notice.

 

(f)          Delay
in Requests.   Failure or delay on the part of the Lender to demand compensation pursuant to the foregoing provisions of this
Section 3.04 shall not constitute a waiver of the Lender’s right to demand such compensation, provided that no Borrower
shall be required to compensate the Lender pursuant to the foregoing provisions of this Section for any increased costs incurred
or reductions suffered more than nine (9) months prior to the date that the Lender notifies the Company of the Change in Law giving
rise to such increased costs or reductions and of the Lender’s intention to claim compensation therefor (except that, if
the Change in Law giving rise to such increased costs or reductions is retroactive, then the nine (9) month period referred to
above shall be extended to include the period of retroactive effect thereof).

 

3.05        Compensation
for Losses.

 

Upon demand of the
Lender from time to time, each Borrower shall promptly compensate the Lender for and hold the Lender harmless from any loss, cost
or expense incurred by it as a result of:

 

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

 

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

 

(c)          any
failure by a Borrower 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;

 

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

 

For purposes of calculating amounts
payable by a Borrower to the Lender under this Section 3.05, the 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 offshore 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.

 

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3.06        Survival.

 

All of the Borrowers’
obligations under this Article III shall survive termination of the Commitments, repayment of all other Obligations hereunder.

 

Article
IV

CONDITIONS PRECEDENT TO CREDIT EXTENSIONS

 

4.01        Conditions
of Initial Credit Extension.

 

The obligation of the
Lender to make its initial Credit Extension hereunder is subject to satisfaction of the following conditions precedent:

 

(a)          Execution
of Credit Agreement; Loan Documents.   The Lender shall have received (i) counterparts of this Agreement, executed by a Responsible
Officer of each Loan Party and (ii) counterparts of any other Loan Document, executed by a Responsible Officer of the applicable
Loan Party and a duly authorized officer of each other Person party thereto.

 

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

 

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

 

(d)          Existing
Indebtedness of the Loan Parties.   All of the existing Indebtedness for borrowed money of the Company and its Subsidiaries (other
than Indebtedness permitted to exist pursuant to Section 7.02) shall be repaid in full and all security interests related
thereto shall be terminated on or prior to the Closing Date.

 

(e)          Beneficial
Ownership.   Prior to the Closing Date, if a Loan Party qualifies as a “legal entity customer” under the Beneficial
Ownership Regulation, it shall deliver a Beneficial Ownership Certification in relation to such Loan Party.

 

(f)          Fees
and Expenses.   The Lender shall have received all fees and expenses, if any, owing pursuant to Section 2.09.

 

4.02        Conditions
to all Credit Extensions.

 

The obligation of the
Lender to honor any Request for Credit Extension (other than a 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:

 

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(a)          Representations
and Warranties.   The representations and warranties of each Loan Party contained in Article II, Article V or any
other Loan Document, or which are contained in any document furnished at any time under or in connection herewith or therewith,
shall (i) with respect to representations and warranties that contain a materiality qualification, be true and correct on and as
of the date of such Credit Extension and (ii) with respect to representations and warranties that do not contain a materiality
qualification, be true and correct in all material respects on and as of the date of such Credit Extension, and except that for
purposes of this Section 4.02, the representations and warranties contained in Sections 5.04(a)(i) and 5.04(a)(ii)
shall be deemed to refer to the most recent statements furnished pursuant to Sections 6.01(a) and 6.01(b), respectively.

 

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

 

(c)          Request
for Credit Extension.   The Lender shall have received a Request for Credit Extension in accordance with the requirements hereof.

 

(d)          Alternative
Currency.   In the case of a Credit Extension to be denominated in an Alternative Currency, such currency remains an Eligible
Currency.

 

(e)          Legal
Impediment.   There shall be no impediment, restriction, limitation or prohibition imposed under Law or by any Governmental Authority,
as to the proposed financing under this Agreement or the repayment thereof or as to rights created under any Loan Document or as
to application of the proceeds of the realization of any such rights.

 

Each Request for Credit Extension (other
than a Loan Notice requesting only a conversion of Loans to the other Type or a continuation of Eurocurrency Rate Loans) submitted
by a Borrower shall be deemed to be a representation and warranty that the conditions specified in Sections 4.02(a) and
(b) have been satisfied on and as of the date of the applicable Credit Extension.

 

Article
V

REPRESENTATIONS AND WARRANTIES

 

The Company represents
and warrants to the Lender, as of the date made or deemed made, that:

 

5.01        Organization;
Powers.

 

Each of the Company
and its Subsidiaries is duly organized, validly existing and (to the extent such concept is applicable) in good standing under
the laws of the jurisdiction of its organization, has all requisite power and authority to carry on its business as now conducted
and, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material
Adverse Effect, is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required.

 

5.02        Authorization;
Enforceability.

 

The Transactions are
within each Loan Party’s organization powers and have been duly authorized by all necessary organizational and, if required,
equity holder action. This Agreement has been duly executed and delivered by each Loan Party and constitutes a legal, valid and
binding obligation of the Loan Parties, enforceable in accordance with its terms, subject to applicable Debtor Relief Laws and
subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.

 

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5.03        Governmental
Approvals; No Conflicts.

 

The Transactions (a)
do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except
such as have been obtained or made and are in full force and effect, (b) will not violate any applicable law or regulation or the
Organization Documents of the Company or any of its Subsidiaries or any order of any Governmental Authority, (c) will not violate
or result in a default under any indenture, agreement or other instrument binding upon the Company or any of its Subsidiaries or
its assets, or give rise to a right thereunder to require any payment to be made by the Company or any of its Subsidiaries, and
(d) will not result in the creation or imposition of any Lien on any asset of the Company or any of its Subsidiaries.

 

5.04        Financial
Condition; No Material Adverse Change.

 

(a)          The
Company has heretofore furnished to the Lender its consolidated balance sheet and statements of income, stockholders equity and
cash flows (i) as of and for the fiscal year ended October 31, 2017, reported on by RSM US LLP, independent public accountants,
and (ii) as of and for the fiscal quarter and the portion of the fiscal year ended July 31, 2018, certified by a Financial Officer.
Such financial statements present fairly, in all material respects, the financial position and results of operations and cash flows
of the Company and its consolidated Subsidiaries as of such dates and for such periods in accordance with GAAP, subject to year-end
audit adjustments and the absence of footnotes in the case of the statements referred to in clause (ii) above.

 

(b)          Since
October 31, 2017, there has been no change in the business, assets, operations, prospects or condition, financial or otherwise,
of the Company and its Subsidiaries which would reasonably be expected to have a Material Adverse Effect.

 

5.05        Properties.

 

(a)          Each
of the Company and its Subsidiaries has good title to, or valid leasehold interests in, all its real and personal property material
to its business, except for such defects in title as could not, individually or in the aggregate, reasonably be expected to have
a Material Adverse Effect.

 

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

 

5.06        Litigation
and Environmental Matters.

 

(a)          There
are no actions, suits or proceedings by or before any arbitrator or Governmental Authority pending against or, to the knowledge
of the Company, threatened against or affecting the Company or any of its Subsidiaries (i) as to which there is a reasonable possibility
of an adverse determination and that, if adversely determined, could reasonably be expected, individually or in the aggregate,
to result in a Material Adverse Effect or (ii) that involve this Agreement or the Transactions.

 

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(b)          Except
with respect to any other matters that, individually or in the aggregate, could not reasonably be expected to result in a Material
Adverse Effect, neither the Company nor any of its Subsidiaries (i) has failed to comply with any Environmental Law or to obtain,
maintain or comply with any permit, license or other approval required under any Environmental Law, (ii) has become subject to
any Environmental Liability, (iii) has received notice of any claim with respect to any Environmental Liability or (iv) knows of
any basis for any Environmental Liability.

 

5.07        Compliance
with Laws and Agreements.

 

Each of the Company
and its Subsidiaries is in compliance with all laws, regulations and orders of any Governmental Authority applicable to it or its
property and all indentures, agreements and other instruments binding upon it or its property, except where the failure to do so,
individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. No Default has occurred
and is continuing. Neither the Company nor any Subsidiary is a party to any agreement or instrument or subject to any charter or
other corporate restriction which could reasonably be expected to have a Material Adverse Effect.

 

5.08        Investment
Company Status.

 

Neither the Company
nor any of its Subsidiaries is an “investment company” as defined in, or subject to regulation under, the Investment
Company Act of 1940.

 

5.09        Taxes.

 

Each of the Company
and its Subsidiaries has timely filed or caused to be filed all Tax returns and reports required to have been filed and has paid
or caused to be paid all Taxes required to have been paid by it, except (a) Taxes that are being contested in good faith by appropriate
proceedings and for which the Company or such Subsidiary, as applicable, has set aside on its books adequate reserves or (b) to
the extent that the failure to do so could not reasonably be expected to result in a Material Adverse Effect.

 

5.10        ERISA.

 

No ERISA Event has
occurred or is reasonably expected to occur that, when taken together with all other such ERISA Events for which liability is reasonably
expected to occur, could reasonably be expected to result in a Material Adverse Effect. The present value of all accumulated benefit
obligations under each Plan (based on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87)
did not, as of the date of the most recent financial statements reflecting such amounts, exceed by more than $1,000,000 the fair
market value of the assets of such Plan, and the present value of all accumulated benefit obligations of all underfunded Plans
(based on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date of the
most recent financial statements reflecting such amounts, exceed by more than $1,000,000 the fair market value of the assets of
all such underfunded Plans. As of the Closing Date the Borrowers are not and will not 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, the Letters of Credit or the Commitments.

 

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5.11        Disclosure.

 

The Company has disclosed
to the Lenders all agreements, instruments and corporate or other restrictions to which it or any of its Subsidiaries is subject,
and all other matters known to it, that, individually or in the aggregate, could reasonably be expected to result in a Material
Adverse Effect. None of the reports, financial statements, certificates or other information furnished by or on behalf of the Company
to the Lender in connection with the negotiation of this Agreement or delivered hereunder (as modified or supplemented by other
information so furnished) contains any material misstatement of fact or omits to state any material fact necessary to make the
statements therein, in the light of the circumstances under which they were made, not misleading; provided that, with respect
to projected financial information, the Company represents only that such information was prepared in good faith based upon assumptions
believed to be reasonable at the time. As of the Closing Date, the information included in the Beneficial Ownership Certification,
if applicable, is true and correct in all respects.

 

5.12        Subsidiaries.

 

Schedule 5.12
contains an accurate list of all Subsidiaries of the Company as of the Closing Date, setting forth their respective jurisdictions
of organization and the percentage of their respective Equity Interests owned by the Company or other Subsidiaries. All of the
issued and outstanding Equity Interests of such Subsidiaries have been (to the extent such concepts are relevant with respect to
such ownership interests) duly authorized and issued and are fully paid and non-assessable. Each Subsidiary of the Company has
and will have all requisite organizational power to own or lease the properties used in its business and to carry on its business
as now being conducted and as proposed to be conducted.

 

5.13        Regulation
U.

 

Margin stock (as defined
in Regulation U of the FRB) constitutes less than 25% of the value of those assets of the Company and its Subsidiaries which are
subject to any limitation on sale, pledge, or other restriction hereunder.

 

5.14        Sanctions
Concerns and Anti-Corruption Laws.

 

(a)          Sanctions
Concerns. No Loan Party, nor any Subsidiary, nor, to the knowledge of the Loan Parties and their Subsidiaries, any director,
officer, employee, agent, affiliate or representative thereof, is an individual or entity that is, or is owned or controlled by
any individual or entity that is (i) currently the subject or target of any Sanctions, (ii) included on OFAC’s List of Specially
Designated Nationals, HMT’s Consolidated List of Financial Sanctions Targets and the Investment Ban List, or any similar
list enforced by any other relevant sanctions authority or (iii) located, organized or resident in a Designated Jurisdiction.

 

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

 

5.15        EEA
Financial Institutions.

 

No Loan Party is an
EEA Financial Institution.

 

5.16        Representations
as to Netherlands Borrower.

 

(a)          The
Netherlands Borrower is subject to civil and commercial Laws with respect to its obligations under this Agreement and the other
Loan Documents to which it is a party (collectively, the “Applicable Foreign Obligor Documents”), and the execution,
delivery and performance by the Netherlands Borrower of the Applicable Foreign Obligor Documents constitute and will constitute
private and commercial acts and not public or governmental acts.

 

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Neither the
Netherlands Borrower nor any of its property has any immunity from jurisdiction of any court or from any legal process (whether
through service or notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) under the laws
of the jurisdiction in which the Netherlands Borrower is organized and existing in respect of its obligations under the Applicable
Foreign Obligor Documents.

 

(b)          The
Applicable Foreign Obligor Documents are in proper legal form under the Laws of the jurisdiction in which the Netherlands Borrower
is organized and existing for the enforcement thereof against the Netherlands Borrower under the Laws of such jurisdiction, and
to ensure the legality, validity, enforceability, priority or admissibility in evidence of the Applicable Foreign Obligor Documents.
It is not necessary to ensure the legality, validity, enforceability, priority or admissibility in evidence of the Applicable Foreign
Obligor Documents that the Applicable Foreign Obligor Documents be filed, registered or recorded with, or executed or notarized
before, any court or other authority in the jurisdiction in which the Netherlands Borrower is organized and existing or that any
registration charge or stamp or similar tax be paid on or in respect of the Applicable Foreign Obligor Documents or any other document,
except for (i) any such filing, registration, recording, execution or notarization as has been made or is not required to be made
until the Applicable Foreign Obligor Document or any other document is sought to be enforced and (ii) any charge or tax as has
been timely paid.

 

(c)          There
is no tax, levy, impost, duty, fee, assessment or other governmental charge, or any deduction or withholding, imposed by any Governmental
Authority in or of the jurisdiction in which the Netherlands Borrower is organized and existing either (i) on or by virtue of the
execution or delivery of the Applicable Foreign Obligor Documents or (ii) on any payment to be made by the Netherlands Borrower
pursuant to the Applicable Foreign Obligor Documents, except as has been disclosed to the Lender. It is not required under the
Laws of the jurisdiction in which the Netherlands Borrower is incorporated or resident or at the address specified for the Netherlands
Borrower on Schedule 1.01(b) to make any deduction for or on account of Tax from any payment it may make under any Loan
Documents.

 

(d)          The
execution, delivery and performance of the Applicable Foreign Obligor Documents executed by the Netherlands Borrower are, under
applicable foreign exchange control regulations of the jurisdiction in which the Netherlands Borrower is organized and existing,
not subject to any notification or authorization except (i) such as have been made or obtained or (ii) such as cannot be made or
obtained until a later date (provided that any notification or authorization described in clause (ii) shall be made or obtained
as soon as is reasonably practicable).

 

(e)          The
choice of the law of the State of New York as the governing law of the Loan Documents will be recognized and enforced in the Netherlands
Borrower’s jurisdiction of incorporation and, subject to the Legal Reservations, any judgment obtained in New York in relation
to a Loan Document will be recognized and enforced in the Netherlands Borrower’s jurisdiction of incorporation.

 

(f)          Under
the Laws of the jurisdiction in which the Netherlands Borrower is incorporated it is not necessary that the Loan Documents be filed,
recorded or enrolled with any court or other authority in that jurisdiction or that any stamp, registration or similar tax be paid
on or in relation to the Loan Documents or the transactions contemplated by the Loan Documents.

 

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Article
VI

AFFIRMATIVE COVENANTS

 

Each of the Loan Parties
hereby covenants and agrees that on the Closing Date and thereafter until the Facility Termination Date, the Company covenants
and agrees with the Lender that:

 

6.01        Financial
Statements; Ratings Change and Other Information.

 

The Company will furnish
to the Lender:

 

(a)          within
90 days after the end of each fiscal year of the Company, (i) its audited consolidated balance sheet and related statements of
operations, stockholders’ equity and cash flows as of the end of and for such year, setting forth in each case in comparative
form the figures for the previous fiscal year, all reported on by RSM US LLP or other independent public accountants of recognized
national standing (without a “going concern” or like qualification, commentary or exception and without any qualification
or exception arising out of the scope of such audit) to the effect that such consolidated financial statements present fairly in
all material respects the financial condition and results of operations of the Company and its consolidated Subsidiaries on a consolidated
basis in accordance with GAAP consistently applied (except that consolidated balance sheets and related statements of operations
and retained earnings need not be provided for Inactive Subsidiaries or Subsidiaries whose only asset is the Equity Interests of
another Subsidiary of the Company and consolidating statements need not be certified by such accountants) and (ii) a consolidating
balance sheet and related statements of operations, stockholders’ equity and cash flows for Company and the Subsidiaries
as of the end of and for such year, setting forth in each case in comparative form the figures for the previous fiscal year;

 

(b)          within
45 days after the end of each of the first three fiscal quarters of each fiscal year of the Company, consolidated and consolidating
balance sheets of the Company and Subsidiaries and related statements of operations, stockholders’ equity and cash flows
as of the end of and for such fiscal quarter and the then elapsed portion of the fiscal year, setting forth in each case in comparative
form the figures for the corresponding period or periods of (or, in the case of the balance sheet, as of the end of) the previous
fiscal year, all certified by one of its Financial Officers as presenting fairly in all material respects the financial condition
and results of operations of the Company and its consolidated Subsidiaries on a consolidated basis or consolidating basis, as applicable
in accordance with GAAP consistently applied, subject to normal year-end audit adjustments and the absence of footnotes (except
that consolidated balance sheets and related statements of operations and retained earnings need not be provided for Inactive Subsidiaries
or Subsidiaries whose only asset is the Equity Interests of another Subsidiary of the Company and consolidating statements need
not be certified by such accountants);

 

(c)          concurrently
with any delivery of financial statements under clause (a) or (b) above, a Compliance Certificate of a Financial Officer of the
Company (i) certifying as to whether a Default has occurred and, if a Default has occurred, specifying the details thereof and
any action taken or proposed to be taken with respect thereto, (ii) setting forth reasonably detailed calculations demonstrating
compliance with Sections 7.08 and 7.09 and (iii) stating whether any change in GAAP or in the application thereof
has occurred since the date of the audited financial statements referred to in Section 5.04 and, if any such change has
occurred, specifying the effect of such change on the financial statements accompanying such certificate;

 

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(d)          [reserved];

 

(e)          promptly
after the same become publicly available, copies of all periodic and other reports, proxy statements and other materials filed
by the Company or any Subsidiary with the Securities and Exchange Commission, or any Governmental Authority succeeding to any or
all of the functions of said Commission, or with any national securities exchange, or distributed by the Company to its shareholders
generally, as the case may be;

 

(f)          within
45 days of the end of each fiscal year of the Company, an annual operating and cash flow budget prepared in a manner consistent
with the budgets delivered by Borrower to the Lender prior to the Closing Date or otherwise in a manner reasonably satisfactory
to the Lender;

 

(g)          promptly
following any request therefor, information and documentation reasonably requested by the Lender for purposes of compliance with
applicable “know your customer” requirements under the PATRIOT Act, the Beneficial Ownership Regulation or other applicable
anti-money laundering laws; and

 

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

 

Documents required to be delivered pursuant to Section 6.01(a)
or (b) or Section 6.02(e) (to the extent any such documents are included in materials otherwise filed with the
SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (a) on which
the Borrower posts such documents, or provides a link thereto on the Borrower’s website on the Internet, as listed on Schedule
1.01(b); or (b) on which such documents are posted on the Borrower’s behalf on an Internet or intranet website,
if any, to which the Lender has access (whether a commercial, third-party website or whether sponsored by the Lender); provided
that: (i) the Borrower shall deliver paper copies of such documents to the Lender upon its request to the Borrower to deliver
such paper copies until a written request to cease delivering paper copies is given by the Lender and (ii) the Borrower shall
notify the Lender (by fax transmission or e-mail transmission) of the posting of any such documents and provide to the Lender by
e-mail electronic versions (i.e., soft copies) of such documents.

 

6.02        Notices
of Material Events.

 

The Company will furnish
to the Lender prompt written notice of the following:

 

(a)          the
occurrence of any Default;

 

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

 

(c)          the
occurrence of any ERISA Event that, alone or together with any other ERISA Events that have occurred, could reasonably be expected
to result in liability of the Company and its Subsidiaries in an aggregate amount exceeding $1,000,000;

 

(d)          any
claim to the effect that the Company or any of its Subsidiaries has become subject to any Environmental Liability or any allegation
that the Company or any of its Subsidiaries has violated any Environmental Law which could reasonably be expected to have a Material
Adverse Effect; and

 

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

 

Each notice delivered
under this Section shall be accompanied by a statement of a Responsible Officer of the Company setting forth the details of the
event or development requiring such notice and any action taken or proposed to be taken with respect thereto.

 

6.03        Existence;
Conduct of Business.

 

The Borrower will,
and will cause each of its Subsidiaries to, do or cause to be done all things necessary to preserve, renew and keep in full force
and effect its legal existence and the rights, licenses, permits, privileges and franchises material to the conduct of its business;
provided that the foregoing shall not prohibit any merger, consolidation, liquidation or dissolution permitted under Section
7.03. The Company will, and will cause each Subsidiary to, carry on and conduct its business in substantially the same manner
and in substantially the same fields of enterprise as it is presently conducted.

 

6.04        Payment
of Obligations.

 

The Company will, and
will cause each of its Subsidiaries to, pay its obligations, including Tax liabilities, that, if not paid, could result in a Material
Adverse Effect before the same shall become delinquent or in default, except where (a) the validity or amount thereof is being
contested in good faith by appropriate proceedings, and (b) the Company or such Subsidiary has set aside on its books adequate
reserves with respect thereto in accordance with GAAP.

 

6.05        Maintenance
of Properties; Insurance.

 

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

 

6.06        Books
and Records; Inspection Rights.

 

The Company will, and
will cause each of its Subsidiaries to, keep proper books of record and account in which full, true and correct entries are made
of all dealings and transactions in relation to its business and activities. The Company will, and will cause each of its Subsidiaries
to, permit any representatives designated by the Lender, upon reasonable prior notice, to visit and inspect its properties, to
examine and make extracts from its books and records, and to discuss its affairs, finances and condition with its officers and
independent accountants, all at such reasonable times during normal business hours and as often as reasonably requested. The Lender
shall use commercially reasonable efforts to conduct such activities in a manner designed to minimize disruptions to the Company’s
and its Subsidiaries’ ongoing business operations.

 

6.07        Compliance
with Laws.

 

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

 

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6.08        Use
of Proceeds and Letters of Credit.

 

The proceeds of the
Loans will be used for general corporate purposes. No part of the proceeds of any Loan will be used, whether directly or indirectly,
for any purpose that entails a violation of any of the Regulations of the FRB, including Regulations T, U and X. Letters of Credit
will be issued for the Company’s general corporate purposes.

 

6.09        Subsidiary
Guarantors.

 

The Company will promptly,
but not more than 10 days after such event, cause each Domestic Subsidiary which is acquired or created or which ceases to be an
Inactive Subsidiary after the Closing Date to execute and deliver to the Lender a Joinder Agreement. In connection with the foregoing,
the Company shall deliver to the Lender, with respect to each new Guarantor to the extent applicable, substantially the same documentation
required pursuant to Sections 4.01 and such other documents or agreements as the Lender may reasonably request. The Company
shall notify the Lender, within 10 days after the occurrence thereof, of any Person becoming a Subsidiary.

 

6.10        Further
Assurances.

 

The Company will, and
will cause each other Loan Party to, execute and deliver within 30 days after request therefor by the Lender, all further instruments
and documents and take all further action that may be necessary or desirable, or that the Lender may reasonably request, in order
to give effect to, and to aid in the exercise and enforcement of the rights and remedies of the Lender under, this Agreement and
the other Loan Documents. In addition, the Company agrees to deliver to the Lender within 30 days after the acquisition or creation
of any Subsidiary not listed in Schedule 5.12 hereto, supplements to Schedule 5.12 such that such Schedule, together
with such supplements, shall at all times accurately reflect the information provided for thereon.

 

6.11        Banking
Relationship.

 

The Company will use,
and cause its Domestic Subsidiaries to use, and, to the extent reasonably practical and not cost prohibitive for its Foreign Subsidiaries,
cause such Foreign Subsidiaries to use, the Lender as its primary bank of account, cash management and related account services,
in each case, subject to restrictions under applicable laws.

 

6.12        Anti-Corruption
Laws.

 

The Company will, and
will cause each Subsidiary to conduct its business in compliance with the United States Foreign Corrupt Practices Act of 1977,
the UK Bribery Act 2010 and other similar anti-corruption legislation in other jurisdictions and maintain policies and procedures
designed to promote and achieve compliance with such laws.

 

Article
VII

NEGATIVE COVENANTS

 

The Company hereby
covenants and agrees that on the Closing Date and thereafter until the Facility Termination Date that:

 

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7.01        Indebtedness.

 

The Company will not,
and will not permit any Subsidiary to, create, incur, assume or permit to exist any Indebtedness, except:

 

(a)          Indebtedness
owing to the Lender or its Affiliates;

 

(b)          Indebtedness
arising under Swap Contracts; provided that (i) such obligations are (or were) entered into by such Person in the ordinary
course of business for the purpose of directly mitigating risks associated with fluctuations in interest rates or foreign exchange
rates, and not for purposes of speculation or taking a “market view;”

 

(c)          Indebtedness
existing on the Closing Date and set forth in Schedule 7.01 and extensions, renewals and replacements of any such Indebtedness
that do not increase the outstanding principal amount thereof;

 

(d)          Indebtedness
of the Company to any Subsidiary and of any Subsidiary to the Company or any other Subsidiary;

 

(e)          Indebtedness
of the Company or any Subsidiary incurred to finance the acquisition, construction or improvement of any fixed or capital assets,
including Capital Lease Obligations and any Indebtedness assumed in connection with the acquisition of any such assets or secured
by a Lien on any such assets prior to the acquisition thereof, and extensions, renewals and replacements of any such Indebtedness
that do not increase the outstanding principal amount thereof; provided that (i) such Indebtedness is incurred prior to
or within 90 days after such acquisition or the completion of such construction or improvement and (ii) the aggregate principal
amount of Indebtedness permitted by this clause (e) shall not exceed $1,000,000 at any time outstanding;

 

(f)          product
warranty obligations incurred in the ordinary course of business;

 

(g)          Subordinated
Indebtedness in an aggregate principal amount not to exceed $10,000,000 at any time outstanding;

 

(h)          (i)
Indebtedness of Hurco GmbH in an aggregate principal amount not to exceed $12,000,000 associated with the mortgage and development
for the new Hurco GmbH facility in Germany, and (ii) any Guarantee thereof from the Company ;

 

(i)          any
joint and several liability (hoofdelijke aansprakelijkheid) under any fiscal unity for VAT, Dutch corporate income tax or other
purposes;

 

(j)          any
liability of the Netherlands Borrower with respect to Indebtedness permitted under this Section 7.01 that is incurred by
its Subsidiaries organized under the Laws of the Netherlands, which liability arises under a declaration of joint and several liability
(hoofdelijke aansprakelijkheid) as referred to in section 2:403 of the DCC (and any residual liability (overblijvende aansprakelijkheid)
under such declaration arising pursuant to section 2:404 (2) DCC);

 

(k)          Indebtedness
in an aggregate amount not to exceed Chinese Yuan 20,000,000 of Ningbo Hurco Machine Tool Co. Ltd. and/or Ningbo Hurco Trading
Co. Ltd which replaces the credit facility previously made available by JPMorgan Chase Bank or its Affiliate in favor of Ningbo
Hurco Machine Tool Co. Ltd. and an unsecured guaranty of payment from the Company or any Subsidiary of Ningbo Hurco Machine Tool
Co. Ltd. and/or Ningbo Hurco Trading Co. Ltd in favor of any such replacement lender;

 

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(l)          Indebtedness
in an aggregate amount not to exceed Taiwan Dollars 200,000,000 of Hurco Manufacturing Ltd., a private company organized under
the laws of Taiwan, which replaces the credit facility previously made available by JPMorgan Chase Bank or an Affiliate thereof
and an unsecured guaranty of payment of such Indebtedness from the Company or any Subsidiary of Hurco Manufacturing Ltd. in favor
of any such replacement lender; and

 

(m)          Indebtedness
(other than Indebtedness permitted above in this Section 7.01) in the aggregate outstanding amount not exceeding $10,000,000
at any time.

 

7.02        Liens.

 

The Company will not,
and will not permit any Subsidiary to, create, incur, assume or permit to exist any Lien on any property or asset now owned or
hereafter acquired by it, or assign or sell any income or revenues (including accounts receivable) or rights in respect of any
thereof, except:

 

(a)          Permitted
Encumbrances;

 

(b)          any
Lien on any property or asset of the Company or any Subsidiary existing on the Closing Date and set forth in Schedule 7.02;
provided that (i) such Lien shall not apply to any other property or asset of the Company or any Subsidiary and (ii) such
Lien shall secure only those obligations which it secures on the date hereof and extensions, renewals and replacements thereof
that do not increase the outstanding principal amount thereof;

 

(c)          Liens
on assets of Hurco GmbH securing Indebtedness incurred pursuant to Section 7.01(h)(i);

 

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

 

(e)          Liens
on fixed or capital assets acquired, constructed or improved by the Company or any Subsidiary; provided that (i) such security
interests secure Indebtedness permitted by Section 7.01(e), (ii) such security interests and the Indebtedness secured thereby
are incurred prior to or within 90 days after such acquisition or the completion of such construction or improvement, (iii) the
Indebtedness secured thereby does not exceed 100% of the cost of acquiring, constructing or improving such fixed or capital assets
and (iv) such security interests shall not apply to any other property or assets of the Company or any Subsidiary;

 

(f)          Liens
in favor of the Lender and its Affiliates;

 

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(g)          Liens
on assets of Ningbo Hurco Machine Tool Co. Ltd., Ningbo Hurco Trading Co. Ltd and/or their Subsidiaries securing Indebtedness incurred
pursuant to Section 7.01(k); and

 

(h)          Liens
on assets of Hurco Manufacturing Ltd. and/or its Subsidiaries securing Indebtedness incurred pursuant to Section 7.01(l).

 

7.03        Fundamental
Changes.

 

(a)          The
Company will not, and will not permit any Subsidiary to, merge into or consolidate with any other Person, or permit any other Person
to merge into or consolidate with it, or liquidate or dissolve, except that, if at the time thereof and immediately after giving
effect thereto no Default shall have occurred and be continuing (i) any Person may merge into the Company in a transaction in which
the Company is the surviving corporation, (ii) any Person may merge into any Subsidiary in a transaction in which the surviving
entity is a Subsidiary (and, if either such Subsidiary is a Loan Party, then the surviving entity shall also be a Loan Party) and
(iii) any Subsidiary (other than the Netherlands Borrower) may liquidate or dissolve if the Company determines in good faith that
such liquidation or dissolution is in the best interests of the Company and is not materially disadvantageous to the Lenders; provided
that any such merger involving a Person that is not a Wholly-Owned Subsidiary immediately prior to such merger shall not be permitted
unless also permitted by Section 7.04.

 

(b)          The
Company will not, nor will it permit any Subsidiary to, lease, sell or otherwise dispose of its property (other than cash) to any
other Person, except:

 

(i)          Sales
and leases of inventory in the ordinary course of business, and licensing of software, patents, and other assets in the ordinary
course of business.

 

(ii)         Leases,
sales or other dispositions of its property that, together with all other property of the Company and its Subsidiaries previously
leased, sold or disposed of (other than inventory in the ordinary course of business) as permitted by this Section during the twelve-month
period ending with the month in which any such lease, sale or other disposition occurs, do not constitute a Substantial Portion
of the property of the Company and its Subsidiaries.

 

(iii)        Sales
of the Company’s Equity Interests.

 

(c)          The
Company will, and will cause each Subsidiary to, carry on and conduct its business in substantially the same manner and in substantially
the same fields of enterprise as it is presently conducted and do all things necessary to remain duly incorporated or organized,
validly existing and (to the extent such concept applies to such entity) in good standing as a domestic corporation, partnership
or limited liability company in its jurisdiction of incorporation or organization, as the case may be, and maintain all requisite
authority to conduct its business in each jurisdiction in which its business is conducted.

 

7.04        Investments,
Loans, Advances, Guarantees and Acquisitions.

 

The Company will not,
and will not permit any of its Subsidiaries to, purchase, hold or acquire (including pursuant to any merger with any Person that
was not a Wholly-Owned Subsidiary prior to such merger) any Equity Interests, evidences of indebtedness or other securities (including
any option, warrant or other right to acquire any of the foregoing) of, make or permit to exist any loans or advances to, Guarantee
any obligations of, or make or permit to exist any investment or any other interest in, any other Person, or purchase or otherwise
acquire (in one transaction or a series of transactions) any assets of any other Person constituting a business unit, except:

 

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(a)          cash
investments under the Hurco Deferred Compensation Plan made pursuant to the related trust agreements;

 

(b)          investments
in existence on the Closing Date and described on Schedule 7.04;

 

(c)          Permitted
Investments;

 

(d)          Investments
by the Company existing on the Closing Date in the Equity Interests of its Subsidiaries;

 

(e)          loans
or advances made by the Company to any Subsidiary and made by any Subsidiary to the Company or any other Subsidiary;

 

(f)          Guarantees
constituting Indebtedness permitted by Section 7.01;

 

(g)          investments
made after the Closing Date comprised of capital contributions (whether in the form of cash, a note or other assets), up to $10,000,000
in the aggregate, to new or existing Subsidiaries;

 

(h)          the
Company or any Subsidiary may make any Acquisition so long as (i) the Company or such Subsidiary, as the case may be, shall be
the survivor of such Acquisition, (ii) the Acquisition is of or with a Person engaged in a line of business similar to the lines
of business presently engaged in by the Company, which include the manufacturing of machine tools, development of software for
machine tools and distribution of machine tools, or a line of business that reasonably would be considered an ordinary extension
of any such line of business presently engaged in by the Company, (iii) the Acquisition is consensual and not hostile or contested,
(iv) both immediately before and after giving effect to such Acquisition, no Default or Event of Default shall have occurred and
be continuing or would result therefrom and the representations and warranties contained in this Agreement and in the other Loan
Documents shall be true and correct in all material respects on and as of the date thereof (both before and after such Acquisition
is consummated), (v) as soon as available, and in any event not later than a date that provides the Lender a reasonable amount
of time prior to the proposed date of consummation of such Acquisition to complete its review, the Company shall have furnished
to the Lender such agreements, documents and information relating to the Acquisition, including without limitation pro forma covenant
calculations demonstrating covenant compliance as of the last day of the most recently ending fiscal quarter after taking into
account such Acquisition, and evidence of such authorizations and consents with respect to the Acquisition and the requirements
of the Loan Documents and the Lender in connection therewith, as the Lender may reasonably request, all in form, substance and
detail satisfactory to the Lender (collectively, the “Acquisition Documents”), (vi) neither the Company nor
any of its Subsidiaries shall, as a result of or in connection with such Acquisition, assume or incur any direct or contingent
liabilities (whether relating to environmental, tax, litigation, or other matters) that could reasonably be expected to have a
Material Adverse Effect, (vii) neither the Company nor any of its Subsidiaries shall, as a result of or in connection with such
Acquisition, assume or incur any direct or contingent liabilities (whether relating to environmental, tax, litigation, or other
matters) that could reasonably be expected to have a Material Adverse Effect, (viii) immediately before and after the consummation
of such Acquisition, the sum of the unused amount of the Commitment plus the Company’s cash on hand as demonstrated to the
Lender to its reasonable satisfaction shall be not less than $10,000,000, and (ix) concurrently with the consummation of such Acquisition
(or such later time as agreed by the Lender in its sole discretion), the Company and its Subsidiaries, including without limitation
each such Subsidiary acquired or created in connection with such Acquisition, shall comply with all of the requirements of this
Agreement and the other Loan Documents, including without limitation causing to be executed and/or delivered at such time all agreements
and other documents of the types required under Sections 4.01, 6.09 and 6.10 of this Agreement; and

 

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(i)       to
the extent constituting an investment, any liability of the Netherlands Borrower arising under a declaration of joint and several
liability (hoofdelijke aansprakelijkheid) as referred to in section 2:403 of the DCC (and any residual liability (overblijvende
aansprakelijkheid) under such declaration arising pursuant to section 2:404 (2) DCC).

 

7.05       Restricted
Payments.

 

The Company will not, and
will not permit any of its Subsidiaries to, declare, pay or make, or agree to declare, pay or make, directly or indirectly, any
Restricted Payment, except (a) the Company may declare and pay dividends with respect to its Equity Interests (i) payable solely
in additional shares of its common stock and (ii) payable in cash so long as (A) no Default or Event of Default shall have occurred
and be continuing or would result therefrom, and (B) immediately before and after giving effect to such Restricted Payment, the
sum of the unused amount of the Commitment plus the Company’s cash on hand as demonstrated to the Lender to its reasonable
satisfaction shall be not less than $10,000,000, (b) Subsidiaries may declare and pay dividends ratably with respect to their Equity
Interests, and (c) the Company may make Restricted Payments pursuant to and in accordance with stock option plans or other benefit
plans for management or employees of the Company and its Subsidiaries.

 

7.06       Transactions
with Affiliates.

 

The Company will not, and
will not permit any of its Subsidiaries to, sell, lease or otherwise transfer any property or assets to, or purchase, lease or
otherwise acquire any property or assets from, or otherwise engage in any other transactions with, any of its Affiliates, except
(a) in the ordinary course of business at prices and on terms and conditions not less favorable to the Company or such Subsidiary
than could be obtained on an arm’s-length basis from unrelated third parties, (b) transactions between or among the Company
and its Wholly-Owned Subsidiaries not involving any other Affiliate and (c) any Restricted Payment permitted by Section 7.05.

 

7.07       Restrictive
Agreements.

 

The Company will not, and
will not permit any of its Subsidiaries to, directly or indirectly, enter into, incur or permit to exist any agreement or other
arrangement that prohibits, restricts or imposes any condition upon (a) the ability of the Company or any Subsidiary to create,
incur or permit to exist any Lien upon any of its property or assets, or (b) with respect to any material agreement, including
any agreement governing Material Indebtedness, the ability of any Subsidiary to pay dividends or other distributions with respect
to any shares of its Equity Interests or to make or repay loans or advances to the Company or any other Subsidiary or to Guarantee
Indebtedness of the Company or any other Subsidiary; provided that (i) the foregoing shall not apply to restrictions and
conditions imposed by law or by this Agreement or other agreements evidencing Indebtedness on Schedule 7.01, (ii) the foregoing
shall not apply to restrictions and conditions existing on the date hereof identified on Schedule 7.07 (but shall apply
to any extension or renewal of, or any amendment or modification expanding the scope of, any such restriction or condition), (iii)
the foregoing shall not apply to customary restrictions and conditions contained in agreements relating to the sale of a Subsidiary
pending such sale, provided that such restrictions and conditions apply only to the Subsidiary that is to be sold and such sale
is permitted hereunder, (iv) clause (a) of the foregoing shall not apply to restrictions or conditions imposed by any agreement
relating to secured Indebtedness permitted by this Agreement if such restrictions or conditions apply only to the property or assets
securing such Indebtedness and (v) clause (a) of the foregoing shall not apply to customary provisions in leases restricting the
assignment thereof.

 

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7.08       Minimum
Working Capital.

 

The Company will not permit
its Working Capital as of the end of any fiscal quarter to be less than $125,000,000.

 

7.09       Minimum
Tangible Net Worth.

 

The Company will not permit
its Tangible Net Worth at any time to be less than $170,000,000.

 

7.10       Sale
and Leaseback Transactions. 

 

The Company will not, nor
will it permit any Subsidiary to, enter into or suffer to exist any Sale and Leaseback Transaction if the sum of the aggregate
amount of obligations of the Company and its Subsidiaries under the resulting leases under all such Sale and Leaseback Transactions
plus the aggregate principal amount of all Indebtedness secured by Liens permitted under Section 7.02(e) does not exceed
$10,000,000 at any time.

 

7.11       Use
of Proceeds.

 

The Company will not, and
will not permit any of its Subsidiaries to use the proceeds of any Credit Extension, whether directly or indirectly, and whether
immediately, incidentally or ultimately, to purchase or carry margin stock (within the meaning of Regulation U of the FRB) or to
extend credit to others for the purpose of purchasing or carrying margin stock or to refund indebtedness originally incurred for
such purpose.

 

7.12       Sanctions.

 

The Company will not, and
will not permit any of its Subsidiaries to, directly or indirectly, use any Credit Extension or the proceeds of any Credit Extension,
or lend, contribute or otherwise make available such Credit Extension or the proceeds of any Credit Extension to any Person, to
fund any activities of or business with any Person, or in any Designated Jurisdiction, that, at the time of such funding, is the
subject of Sanctions, or in any other manner that will result in a violation by any Person of Sanctions.

 

7.13       Anti-Corruption
Laws. 

 

The Company will not, and
will not permit any of its Subsidiaries to, directly or indirectly, use any Credit Extension or the proceeds of any Credit Extension
for any purpose which would breach the United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010 and other similar
anti-corruption legislation in other jurisdictions.

 

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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.
Any Loan Party fails 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 deposit any funds as Cash Collateral in respect of L/C Obligations, or (ii) within three (3)
days after the same becomes due, any interest on any Loan or on any L/C Obligation, or any fee due hereunder, or (iii) within five
(5) days after the same becomes due, any other amount payable hereunder or under any other Loan Document; or

 

(b)       Specific
Covenants. The Company shall fail to observe or perform any covenant, condition or agreement contained in Section 6.02,
6.03 (with respect to any Borrower’s existence) or 6.08 or in Article VII; or

 

(c)       Other
Defaults. The Company shall fail to observe or perform any covenant, condition or agreement contained in this Agreement (other
than those specified in clause (a) or (b) of this Section 8.01) or any other Loan Document, and such failure shall continue
unremedied for a period of 30 days after notice thereof from the Lender to the Company or after the Company otherwise becomes aware
of such breach; or

 

(d)       Representations
and Warranties. Any representation or warranty made or deemed made by or on behalf of the Company or any Subsidiary in or in
connection with this Agreement or any amendment or modification hereof or waiver hereunder, or in any report, certificate, financial
statement or other document furnished pursuant to or in connection with this Agreement or any amendment or modification hereof
or waiver hereunder, shall prove to have been materially incorrect when made or deemed made and the Company or such Subsidiary
fails to remedy such misrepresentation within five days following written notice thereof to the Company or after the Company otherwise
becomes aware of such misrepresentation; or

 

(e)       Cross-Default.
(i) The Company or any Subsidiary shall fail to make any payment (whether of principal or interest and regardless of amount) in
respect of any Material Indebtedness, when and as the same shall become due and payable; or (ii) any event or condition occurs
that results in any Material Indebtedness becoming due prior to its scheduled maturity or that enables or permits (with or without
the giving of notice, the lapse of time or both) the holder or holders of any Material Indebtedness or any trustee or agent on
its or their behalf to cause any Material Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance
thereof, prior to its scheduled maturity; provided that this Section 8.01(e) shall not apply to secured Indebtedness
that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness; or

 

(f)        Insolvency
Proceedings, Etc. The Company or any Subsidiary thereof 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 a substantial part of its property;
or any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed without the application
or consent of such Person and the appointment continues undischarged or unstayed for sixty (60) calendar days; or any proceeding
under any Debtor Relief Law relating to any such Person or to all or a substantial part of its property is instituted without the
consent of such Person and continues undismissed or unstayed for sixty (60) calendar days, or an order for relief is entered in
any such proceeding; or

 

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(g)       Inability
to Pay Debts. The Company or any Subsidiary shall become unable, admit in writing its inability or fail generally to pay its
debts as they become due; or

 

(h)       Judgments.
The Company or any of its Subsidiaries shall fail within 30 days to pay, bond or otherwise discharge one or more (i) final judgments
or orders for the payment of money in excess of $1,000,000 (or equivalent thereof in currencies other than Dollars) in the aggregate
(to the extent not covered by independent third-party insurance as to which the insurer is has been notified of the potential claim
and does not dispute coverage), or (ii) nonmonetary judgments or orders which, individually or in the aggregate, could reasonably
be expected to have a Material Adverse Effect, which judgment(s), in any such case, is/are not stayed on appeal or otherwise being
appropriately contested in good faith; or

 

(i)        ERISA.
An ERISA Event shall have occurred that, in the opinion of the Lender, when taken together with all other ERISA Events that have
occurred, could reasonably be expected to result in liability of the Company and its Subsidiaries in an aggregate amount exceeding
$1,000,000; or

 

(j)        Invalidity
of Loan Documents. Any Loan Document or any provisions thereof shall cease to be in full force or effect as to any Loan Party,
or any Loan Party or any Person acting for or on behalf of any Loan Party shall deny or disaffirm the any Loan Party’s obligations
under any Loan Document; or

 

(k)        Swap
Contracts. Nonpayment by the Company or any Subsidiary of any obligation under any Swap Contract when due or the breach by
the Company or any Subsidiary of any term, provision or condition contained in any Swap Contract; or

 

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

 

If a Default shall have
occurred under the Loan Documents, then such Default will continue to exist until it either is cured (to the extent specifically
permitted) in accordance with the Loan Documents or is otherwise expressly waived by Lender as determined in accordance with Section
10.01; and once an Event of Default occurs under the Loan Documents, then such Event of Default will continue to exist until
it is expressly waived by the Lender, as required hereunder in Section 10.01.

 

8.02       Remedies
upon Event of Default.

 

If any Event of Default
occurs and is continuing, the Lender may take any or all of the following actions:

 

(a)       declare
the Commitment of the Lender to make Loans and 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 Borrowers;

 

(c)       require
that the Company Cash Collateralize the L/C Obligations (in an amount equal to the Minimum Collateral Amount with respect thereto);
and

 

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(d)       exercise
all rights and remedies available to it under the Loan Documents or applicable Law or equity;

 

provided, however, that upon
the occurrence of an actual or deemed entry of an order for relief with respect to the Company under the Bankruptcy Code of the
United States, the obligation of the Lender to make Loans and 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 Company to Cash Collateralize the L/C Obligations as aforesaid shall automatically become effective, in each
case without further act of the Lender.

 

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) or if at any time
insufficient funds are received by and available to the Lender to pay fully all Obligations, any amounts received on account of
the Obligations shall, subject to the provisions of Section 2.12, be applied by the Lender in its sole discretion. Excluded
Swap Obligations with respect to any Loan Party shall not be paid with amounts received from such Loan Party or its assets.

 

Article
IX

CONTINUING GUARANTY

 

9.01       Guaranty.

 

Each Guarantor hereby absolutely
and unconditionally, jointly and severally guarantees to each holder of the Obligations, as primary obligor and as a guaranty of
payment and performance and not merely as a guaranty of collection, prompt payment when due, whether at stated maturity, by required
prepayment, upon acceleration, demand or otherwise, and at all times thereafter, of any and all of the Obligations, whether for
principal, interest, premiums, fees, indemnities, damages, costs, expenses or otherwise, arising hereunder or under any other Loan
Document, any Cash Management Agreement or any Swap Contract (including all renewals, extensions, amendments, refinancings and
other modifications thereof and all costs, attorneys’ fees and expenses incurred by the holders of the Obligations in connection
with the collection or enforcement thereof) (for each Guarantor, subject to the proviso in this sentence, its “Guaranteed
Obligations”); provided that (a) the Guaranteed Obligations of a Guarantor shall exclude any Excluded Swap Obligations
with respect to such Guarantor and (b) the liability of each Guarantor individually with respect to this Guaranty shall be limited
to an aggregate amount equal to the largest amount that would not render its obligations hereunder subject to avoidance under Section
548 of the Bankruptcy Code of the United States or any comparable provisions of any applicable state law. The Lender’s books
and records showing the amount of the Obligations shall be admissible in evidence in any action or proceeding, and shall be binding
upon each Guarantor, and conclusive for the purpose of establishing the amount of the Obligations. This Guaranty shall not be affected
by the genuineness, validity, regularity or enforceability of the Obligations or any instrument or agreement evidencing any Obligations,
or by the existence, validity, enforceability, perfection, non-perfection or extent of any collateral therefor, or by any fact
or circumstance relating to the Obligations which might otherwise constitute a defense to the obligations of the Guarantors, or
any of them, under this Guaranty, and each Guarantor hereby irrevocably waives any defenses it may now have or hereafter acquire
in any way relating to any or all of the foregoing.

 

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9.02       Rights
of Lender.

 

Each Guarantor consents
and agrees that the holders of the Obligations may, at any time and from time to time, without notice or demand, and without affecting
the enforceability or continuing effectiveness hereof: (a) amend, extend, renew, compromise, discharge, accelerate or otherwise
change the time for payment or the terms of the Obligations or any part thereof; (b) take, hold, exchange, enforce, waive, release,
fail to perfect, sell, or otherwise dispose of any security for the payment of this Guaranty or any Obligations; (c) apply such
security and direct the order or manner of sale thereof as the Lender in its sole discretion may determine; and (d) release or
substitute one or more of any endorsers or other guarantors of any of the Obligations. Without limiting the generality of the foregoing,
each Guarantor consents to the taking of, or failure to take, any action which might in any manner or to any extent vary the risks
of such Guarantor under this Guaranty or which, but for this provision, might operate as a discharge of such Guarantor.

 

9.03       Certain
Waivers.

 

Each Guarantor waives (a)
any defense arising by reason of any disability or other defense of the Borrowers or any other guarantor, or the cessation from
any cause whatsoever (including any act or omission of any holder of the Obligations) of the liability of any Borrower or any other
Loan Party; (b) any defense based on any claim that such Guarantor’s obligations exceed or are more burdensome than those
of any Borrower or any other Loan Party; (c) the benefit of any statute of limitations affecting any Guarantor’s liability
hereunder; (d) any right to proceed against any Borrower or any other Loan Party, proceed against or exhaust any security for the
Obligations, or pursue any other remedy in the power of any holder of the Obligations whatsoever; (e) any benefit of and any right
to participate in any security now or hereafter held by any holder of the Obligations; and (f) to the fullest extent permitted
by law, any and all other defenses or benefits that may be derived from or afforded by applicable Law limiting the liability of
or exonerating guarantors or sureties. Each Guarantor expressly waives all setoffs and counterclaims and all presentments, demands
for payment or performance, notices of nonpayment or nonperformance, protests, notices of protest, notices of dishonor and all
other notices or demands of any kind or nature whatsoever with respect to the Obligations, and all notices of acceptance of this
Guaranty or of the existence, creation or incurrence of new or additional Obligations.

 

9.04       Obligations
Independent.

 

The obligations of each
Guarantor hereunder are those of primary obligor, and not merely as surety, and are independent of the Obligations and the obligations
of any other guarantor, and a separate action may be brought against each Guarantor to enforce this Guaranty whether or not any
Borrower or any other person or entity is joined as a party.

 

9.05       Subrogation.

 

No Guarantor shall exercise
any right of subrogation, contribution, indemnity, reimbursement or similar rights with respect to any payments it makes under
this Guaranty until all of the Obligations and any amounts payable under this Guaranty have been indefeasibly paid and performed
in full and the Commitments are terminated. If any amounts are paid to a Guarantor in violation of the foregoing limitation, then
such amounts shall be held in trust for the benefit of the holders of the Obligations and shall forthwith be paid to the holders
of the Obligations to reduce the amount of the Obligations, whether matured or unmatured.

 

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9.06       Termination;
Reinstatement.

 

This Guaranty is a continuing
and irrevocable guaranty of all Obligations now or hereafter existing and shall remain in full force and effect until the Facility
Termination Date. Notwithstanding the foregoing, this Guaranty shall continue in full force and effect or be revived, as the case
may be, if any payment by or on behalf of any Borrower or a Guarantor is made, or any of the holders of the Obligations exercises
its right of setoff, in respect of the Obligations and such payment or the proceeds of such setoff or any part thereof is subsequently
invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into
by any of the holders of the Obligations in their discretion) to be repaid to a trustee, receiver or any other party, in connection
with any proceeding under any Debtor Relief Laws or otherwise, all as if such payment had not been made or such setoff had not
occurred and whether or not the holders of the Obligations are in possession of or have released this Guaranty and regardless of
any prior revocation, rescission, termination or reduction. The obligations of each Guarantor under this paragraph shall survive
termination of this Guaranty.

 

9.07       Stay
of Acceleration.

 

If acceleration of the
time for payment of any of the Obligations is stayed, in connection with any case commenced by or against a Guarantor or any Borrower
under any Debtor Relief Laws, or otherwise, all such amounts shall nonetheless be payable by each Guarantor, jointly and severally,
immediately upon demand by the holders of the Obligations.

 

9.08       Condition
of Borrower.

 

Each Guarantor acknowledges
and agrees that it has the sole responsibility for, and has adequate means of, obtaining from the Borrowers and any other guarantor
such information concerning the financial condition, business and operations of the Borrowers and any such other guarantor as such
Guarantor requires, and that none of the holders of the Obligations has any duty, and such Guarantor is not relying on the holders
of the Obligations at any time, to disclose to it any information relating to the business, operations or financial condition of
the Borrowers or any other guarantor (each Guarantor waiving any duty on the part of the holders of the Obligations to disclose
such information and any defense relating to the failure to provide the same).

 

9.09       Appointment
of Company.

 

Each of the Loan Parties
hereby appoints the Company to act as its agent for all purposes of this Agreement, the other Loan Documents and all other documents
and electronic platforms entered into in connection herewith and agrees that (a) the Company may execute such documents and provided
such authorizations on behalf of such Loan Parties as the Company deems appropriate in its sole discretion and each Loan Party
shall be obligated by all of the terms of any such document and/or authorization executed on its behalf, (b) any notice or communication
delivered by the Lender to the Company shall be deemed delivered to each Loan Party and (c) the Lender may accept, and be permitted
to rely on, any document, authorization, instrument or agreement executed by the Company on behalf of each of the Loan Parties.

 

9.10       Right
of Contribution.

 

The Guarantors agree among
themselves that, in connection with payments made hereunder, each Guarantor shall have contribution rights against the other Guarantors
as permitted under applicable Law.

 

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9.11       Keepwell.

 

Each Loan Party that is
a Qualified ECP Guarantor at the time the Guaranty or the grant of any Lien under the Loan Documents, in each case, by any Specified
Loan Party becomes effective with respect to any Swap Obligation, hereby jointly and severally, absolutely, unconditionally and
irrevocably undertakes to provide such funds or other support to each Specified Loan Party with respect to such Swap Obligation
as may be needed by such Specified Loan Party from time to time to honor all of its obligations under the Loan Documents in respect
of such Swap Obligation (but, in each case, only up to the maximum amount of such liability that can be hereby incurred without
rendering such Qualified ECP Guarantor’s obligations and undertakings under this Article IX voidable under applicable
law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount). The obligations and undertakings
of each Qualified ECP Guarantor under this Section shall remain in full force and effect until the Secured Obligations have been
indefeasibly paid and performed in full. Each Loan Party intends this Section to constitute, and this Section shall be deemed to
constitute, a guarantee of the obligations of, and a “keepwell, support, or other agreement” for the benefit of, each
Specified Loan Party for all purposes of the Commodity Exchange Act.

 

Article
X

MISCELLANEOUS

 

10.01     Amendments,
Etc.

 

No amendment or waiver
of any provision of this Agreement or any other Loan Document, and no consent to any departure by any Loan Party therefrom, shall
be effective unless in writing signed by the Lender and the Loan Parties, and each such waiver or consent shall be effective only
in the specific instance and for the specific purpose for which given.

 

10.02     Notices;
Effectiveness; Electronic Communications.

 

(a)       Notices
Generally. Except in the case of notices and other communications expressly permitted to be given by telephone (and except
as provided in 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 fax transmission or e-mail transmission
as follows, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the
applicable telephone number, to the address, fax number, e-mail address or telephone number specified on Schedule 1.01(b).

 

Notices and other communications
sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received;
notices and other communications sent by fax transmission shall be deemed to have been given when sent (except that, if not given
during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next Business
Day for the recipient). Notices and other communications delivered through electronic communications to the extent provided in
subsection (b) below shall be effective as provided in such subsection (b).

 

(b)       Electronic
Communications. Notices and other communications to the Lender 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 Lender. The Lender
or the Company may each, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications
pursuant to procedures approved by it, provided that approval of such procedures may be limited to particular notices or
communications.

 

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Unless the Lender otherwise prescribes,
(i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement
from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other
written acknowledgement), and (ii) notices and other communications posted to an Internet or intranet website shall be deemed received
by the intended recipient upon the sender’s receipt of an acknowledgement by the intended recipient (such as by the “return
receipt requested” function, as available, return email address or other written acknowledgement) indicating 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)       Change
of Address, Etc. Each of the Company and the Lender may change its address, fax number or telephone number or e-mail address
for notices and other communications hereunder by notice to the other parties hereto.

 

(d)       Reliance
by Lender. The Lender shall be entitled to rely and act upon any notices (including, without limitation, telephonic or electronic
notices, Loan Notices, Letter of Credit Applications and Notice of Loan Prepayment) purportedly given by or on behalf of any Loan
Party even if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded or followed by
any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation
thereof. The Loan Parties shall indemnify the Lender and the Related Parties of each of them from all losses, costs, expenses and
liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of a Loan Party. All telephonic
notices to and other telephonic communications with the Lender may be recorded by the Lender, and each of the parties hereto hereby
consents to such recording.

 

10.03     No
Waiver; Cumulative Remedies; Enforcement.

 

No failure by the Lender
to exercise, and no delay by any such Person in exercising, any right, remedy, power or privilege hereunder or under any other
Loan Document shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege
hereunder or under any other Loan Document preclude any other or further exercise thereof or the exercise of any other right, remedy,
power or privilege. The rights, remedies, powers and privileges herein provided, and provided under each other Loan Document, are
cumulative and not exclusive of any rights, remedies, powers and privileges provided by law.

 

10.04     Expenses;
Indemnity; Damage Waiver.

 

(a)       Costs
and Expenses. The Loan Parties shall pay (i) all reasonable out-of-pocket expenses incurred by the Lender and its Affiliates
(including the reasonable fees, charges and disbursements of counsel for the Lender), in connection with the preparation, negotiation,
execution, delivery and administration of this Agreement and the other Loan Documents or any amendments, modifications or waivers
of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii)
all reasonable out-of-pocket expenses incurred by the Lender in connection with the issuance, amendment, renewal or extension of
any Letter of Credit or any demand for payment thereunder and (iii) all out-of-pocket expenses incurred by the Lender (including
the fees, charges and disbursements of any counsel for the Lender), 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, or (B) in connection
with Loans made or Letters of Credit issued hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring
or negotiations in respect of such Loans or Letters of Credit.

 

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(b)       Indemnification
by the Loan Parties. The Loan Parties shall indemnify the Lender and each Related Party (each such Person being called an “Indemnitee”)
against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses (including
the fees, charges and disbursements of any counsel for any Indemnitee), incurred by any Indemnitee or asserted against any Indemnitee
by any Person (including any Loan Party) arising out of, in connection with, or as a result of (i) the execution or delivery of
this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties
hereto of their respective obligations hereunder or thereunder or the consummation of the transactions contemplated hereby or thereby,
or the administration of this Agreement and the other Loan Documents (including in respect of any matters addressed in Section
3.01), (ii) any Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by the
Lender to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not
strictly comply with the terms of such Letter of Credit), (iii) any actual or alleged presence or release of Hazardous Materials
on or from any property owned or operated by a Loan Party or any of its Subsidiaries, or any Environmental Liability related in
any way to a Loan Party or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding
relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by any
Loan Party, and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any
Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (x) are determined by
a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct
of such Indemnitee or (y) result from a claim brought by any Loan Party against an Indemnitee for breach in bad faith of such Indemnitee’s
obligations hereunder or under any other Loan Document, if such Loan Party has obtained a final and nonappealable judgment in its
favor on such claim as determined by a court of competent jurisdiction.

 

(c)       Waiver
of Consequential Damages, Etc. To the fullest extent permitted by applicable Law, no Loan Party shall assert, and each Loan
Party hereby waives, and acknowledges that no other Person shall have, any claim against any Indemnitee, on any theory of liability,
for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection
with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the transactions
contemplated hereby or thereby, any Loan or Letter of Credit or the use of the proceeds thereof. No Indemnitee referred to in subsection
(b) above shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed
to such unintended recipients by such Indemnitee through telecommunications, electronic or other information transmission systems
in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby.

 

(d)       Payments.
All amounts due under this Section shall be payable not later than ten (10) Business Days after demand therefor.

 

(e)       Survival.
The agreements in this Section and the indemnity provisions of Section 10.02(d) shall survive the termination of the Commitments
and the repayment, satisfaction or discharge of all the other Obligations.

 

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10.05     Payments
Set Aside.

 

To the extent that any
payment by or on behalf of a Borrower is made to the Lender, or the 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 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 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.

 

10.06    Successors
and Assigns.

 

This Agreement is binding
on each Loan Party’s and the Lender’s successors and assignees. Each Loan Party agrees that it may not assign this
Agreement without the Lender’s prior consent. The Lender may sell participations in or assign this loan, and may exchange
information about the Loan Parties (including, without limitation, any information regarding any hazardous substances) with actual
or potential participants or assignees, provided with respect to a loan to the Netherlands Borrower that such participant or assignee
is a Non-Public Lender. If a participation is sold or the loan is assigned, the purchaser will have the right of set-off against
the Borrowers.

 

10.07     Treatment
of Certain Information; Confidentiality.

 

(a)       Treatment
of Certain Information. The Lender agrees to maintain the confidentiality of the Information (as defined below), except that
Information may be disclosed (i) to its Affiliates, its auditors and to its Related Parties (it being understood that the Persons
to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information
confidential), (ii) to the extent required or requested by any regulatory authority purporting to have jurisdiction over such Person
or its Related Parties (including any self-regulatory authority, such as the National Association of Insurance Commissioners),
(iii) to the extent required by applicable Laws or regulations or by any subpoena or similar legal process, (iv) to any other party
hereto, (v) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding
relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (vi) subject to an
agreement containing provisions substantially the same as those of this Section, to (A) any assignee of or participant in, or any
prospective assignee of or participant in, any of its rights and obligations under this Agreement or (B) any actual or prospective
party (or its Related Parties) to any swap, derivative or other transaction under which payments are to be made by reference to
any Loan Party and its obligations, this Agreement or payments hereunder, (vii) on a confidential basis to any rating agency in
connection with rating any Loan Party or its Subsidiaries or the credit facilities provided hereunder, (viii) with the consent
of the Company or to the extent such Information (1) becomes publicly available other than as a result of a breach of this Section
or (2) becomes available to the Lender or any of its Affiliates on a nonconfidential basis from a source other than the Company.
For purposes of this Section, “Information” means all information received from any Loan Party or any Subsidiary relating
to any Loan Party or any Subsidiary or any of their respective businesses, other than any such information that is available to
the Lender on a nonconfidential basis prior to disclosure by any Loan Party or any Subsidiary. Any Person required to maintain
the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so
if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord
to its own confidential information. In addition, the Lender may disclose the existence of this Agreement and information about
this Agreement to market data collectors, similar service providers to the lending industry and service providers the Lender in
connection with the administration of this Agreement, the other Loan Documents and the Commitments.

 

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(b)       Press
Releases. The Loan Parties and their Affiliates agree that they will not in the future issue any press releases or other public
disclosure using the name of the Lender or its Affiliates or referring to this Agreement or any of the Loan Documents without the
prior written consent of the Lender, unless (and only to the extent that) the Loan Parties or such Affiliate is required to do
so under law and then, in any event the Loan Parties or such Affiliate will consult with such Person before issuing such press
release or other public disclosure.

 

(c)       Customary
Advertising Material. The Loan Parties consent to the publication by the Lender of customary advertising material relating
to the transactions contemplated hereby using the name, product photographs, logo or trademark of the Loan Parties.

 

10.08     Right
of Setoff.

 

If an Event of Default
shall have occurred and be continuing, the Lender and each of its 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 the Lender or any such Affiliate to or for the credit or the account of the Company or any other Loan Party against any and
all of the obligations of the Company or such Loan Party now or hereafter existing under this Agreement or any other Loan Document
to the Lender or its Affiliates, irrespective of whether or not the Lender or Affiliate shall have made any demand under this Agreement
or any other Loan Document and although such obligations of the Company or such Loan Party may be contingent or unmatured, secured
or unsecured, or are owed to a branch, office or Affiliate of the Lender different from the branch, office or Affiliate holding
such deposit or obligated on such indebtedness. The rights of the Lender and its Affiliates under this Section are in addition
to other rights and remedies (including other rights of setoff) that the Lender or its Affiliates may have. The Lender agrees to
notify the Company 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 (the “Maximum Rate”). If the 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 applicable Borrower. In determining whether the interest contracted for,
charged, or received by the 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.

 

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10.10     Counterparts;
Integration; Effectiveness.

 

This Agreement and each
of the other Loan Documents may be executed in counterparts (and by different parties hereto in different counterparts), each of
which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement, the
other Loan Documents, and any separate letter agreements with respect to fees payable to the Lender, 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 Lender and when the Lender shall have received counterparts hereof that, when taken together,
bear the signatures of each of the other parties hereto. Delivery of an executed counterpart of a signature page of this Agreement
or any other Loan Document, or any certificate delivered thereunder, by fax transmission or e-mail transmission (e.g. “pdf”
or “tif”) shall be effective as delivery of a manually executed counterpart of this Agreement or such other Loan Document
or certificate. Without limiting the foregoing, to the extent a manually executed counterpart is not specifically required to be
delivered under the terms of any Loan Document, upon the request of any party, such fax transmission or e-mail transmission shall
be promptly followed by such manually executed counterpart.

 

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 Lender, regardless of any investigation made by the Lender or on its behalf and notwithstanding that
the Lender may have had notice or knowledge of any Default at the time of any Credit Extension, and shall continue in full force
until the Facility Termination Date.

 

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.

 

10.13     Governing
Law; Jurisdiction; Etc.

 

(a)       GOVERNING
LAW. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS (EXCEPT, AS TO ANY OTHER LOAN DOCUMENT, AS EXPRESSLY SET FORTH THEREIN) AND
ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING
TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT (EXCEPT, AS TO ANY OTHER LOAN DOCUMENT, AS EXPRESSLY SET FORTH THEREIN) AND THE TRANSACTIONS
CONTEMPLATED HEREBY AND THEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

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(b)       SUBMISSION
TO JURISDICTION. THE BORROWER AND EACH OTHER LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT IT WILL NOT COMMENCE ANY
ACTION, LITIGATION OR PROCEEDING OF ANY KIND OR DESCRIPTION, WHETHER IN LAW OR EQUITY, WHETHER IN CONTRACT OR IN TORT OR OTHERWISE,
AGAINST THE LENDER OR ANY RELATED PARTY IN ANY WAY RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS RELATING
HERETO OR THERETO, IN ANY FORUM OTHER THAN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES
DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, AND EACH OF THE PARTIES HERETO IRREVOCABLY
AND UNCONDITIONALLY SUBMITS TO THE JURISDICTION OF SUCH COURTS AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION, LITIGATION
OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN
SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION, LITIGATION OR PROCEEDING SHALL
BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING
IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT THE LENDER MAY OTHERWISE HAVE TO BRING ANY ACTION OR
PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST THE BORROWER OR ANY OTHER LOAN PARTY OR ITS PROPERTIES
IN THE COURTS OF ANY JURISDICTION.

 

(c)       WAIVER
OF VENUE. THE BORROWER AND EACH OTHER LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT
OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (B) OF THIS SECTION. THE BORROWER
AND EACH OTHER LOAN PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE
OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.

 

(d)       SERVICE
OF PROCESS. EACH PARTY HERETO (OTHER THAN THE NETHERLANDS BORROWER) 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.

 

(e)       SERVICE
OF PROCESS (NETHERLANDS BORROWER). WITHOUT PREJUDICE TO ANY OTHER MODE OF SERVICE ALLOWED UNDER ANY RELEVANT LAW, THE NETHERLANDS
BORROWER: (i) IRREVOCABLY APPOINTS THE COMPANY AS ITS AGENT FOR SERVICE OF PROCESS IN RELATION TO ANY PROCEEDINGS BEFORE THE COURTS
OF THE STATE OF NEW YORK IN CONNECTION WITH ANY LOAN DOCUMENT AND (ii) AGREES THAT FAILURE BY A PROCESS AGENT TO NOTIFY THE NETHERLANDS
BORROWER OF THE PROCESS WILL NOT INVALIDATE THE PROCEEDINGS CONCERNED. THE NETHERLANDS BORROWER EXPRESSLY AGREES AND CONSENTS TO
THE PROVISIONS OF THIS SECTION 10.13(e).

 

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10.14     Waiver
of Jury Trial.

 

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     [Reserved].

 

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), each Loan Party acknowledges and agrees, and acknowledges its Affiliates’ understanding,
that: (a) (i) the services regarding this Agreement provided by the Lender and any Affiliate thereof are arm’s-length commercial
transactions between the Company, each other Loan Party and their respective Affiliates, on the one hand, and the Lender and its
Affiliates, on the other hand, (ii) each of the Company and the other Loan Parties has consulted its own legal, accounting, regulatory
and tax advisors to the extent it has deemed appropriate, and (iii) the Company and each other Loan Party is capable of evaluating,
and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents;
(b) (i) the Lender and its Affiliates each is and has been acting solely as a principal and, except as expressly agreed in writing
by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary, for Company, any other
Loan Party or any of their respective Affiliates, or any other Person and (ii) neither the Lender nor any of its Affiliates has
any obligation to the Company, any other Loan Party or any of their respective Affiliates with respect to the transactions contemplated
hereby except those obligations expressly set forth herein and in the other Loan Documents; and (c) the Lender and its Affiliates
may be engaged in a broad range of transactions that involve interests that differ from those of the Company, the other Loan Parties
and their respective Affiliates, and neither the Lender nor any of its Affiliates has any obligation to disclose any of such interests
to the Company, any other Loan Party or any of their respective Affiliates. To the fullest extent permitted by law, each of the
Company and each other Loan Party hereby waives and releases any claims that it may have against the Lender or any of its Affiliates
with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transactions contemplated
hereby.

 

10.17     Electronic
Execution.

 

The words “delivery,”
“execute,” “execution,” “signed,” “signature,” and words of like import in any
Loan Document or any other document executed in connection herewith shall be deemed to include electronic signatures, the electronic
matching of assignment terms and contract formations on electronic platforms approved by the Lender, 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, the Lender is under no obligation to agree to accept electronic signatures
in any form or in any format unless expressly agreed to by the Lender pursuant to procedures approved by it; provided further
without limiting the foregoing, upon the request of the Lender, any electronic signature shall be promptly followed by such manually
executed counterpart.

 

    	70

     

    

 

10.18     USA
PATRIOT Act Notice.

 

The Lender hereby notifies
the Company and the other Loan Parties that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed
into law October 26, 2001)) (the “Act”), it is required to obtain, verify and record information that identifies
each Loan Party, which information includes the name and address of each Loan Party and other information that will allow the Lender
to identify each Loan Party in accordance with the Act. The Company and the Loan Parties agree to, promptly following a request
by the Lender, provide all such other documentation and information that the Lender requests in order to comply with its ongoing
obligations under applicable “know your customer” and anti-money laundering rules and regulations, including the Act.

 

10.19     Judgment
Currency.

 

If, for the purposes of
obtaining judgment in any court, it is necessary to convert a sum due hereunder or 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 Lender could
purchase the first currency with such other currency on the Business Day preceding that on which final judgment is given. The obligation
of each Borrower in respect of any such sum due from it to the 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 Lender of any sum adjudged to be so due in the Judgment Currency, the Lender
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 Lender from any Borrower in the Agreement Currency,
such Borrower agrees, as a separate obligation and notwithstanding any such judgment, to indemnify the Lender against such loss.
If the amount of the Agreement Currency so purchased is greater than the sum originally due to the Lender in such currency, the
Lender agrees to return the amount of any excess to such Borrower (or to any other Person who may be entitled thereto under applicable
law).

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK.]

 

    	71

     

    

 

	BORROWERS:	HURCO COMPANIES, INC.
	 	 	 
	 	By: 	/s/ Michael Doar

	 	Name: 	Michael Doar

	 	Title: 	Chief Executive Officer
	 	 	 
	 	HURCO B.V.
	 	 	 
	 	By: 	/s/ Sonja K. McClelland
	 	Name: 	Sonja K. McClelland
	 	Title: 	Managing Director A and Authorized Representative

 

     

     

    

 

	GUARANTORS:	HURCO INTERNATIONAL HOLDINGS, INC.
	 	 	 
	 	By:	/s/ Sonja K. McClelland
	 	Name:	Sonja K. McClelland
	 	Title:	Secretary/Treasurer
	 	 	 
	 	HURCO INTERNATIONAL, INC.
	 	 	 
	 	By:	/s/ Sonja K. McClelland
	 	Name:	Sonja K. McClelland
	 	Title:	Secretary/Treasurer
	 	 	 
	 	MILLTRONICS USA, INC.
	 	 	 
	 	By:	/s/ Sonja K. McClelland
	 	Name:	Sonja K. McClelland
	 	Title:	Secretary/Treasurer
	 	 	 
	 	MACHINERY SALES CO. LLC
	 	 	 
	 	By:	/s/ Sonja K. McClelland
	 	Name:	Sonja K. McClelland
	 	Title:	Manager
	 	 	 
	 	HURCO MIDWEST, LLC
	 	 	 
	 	By:	Hurco Companies, Inc., as Manager
	 	 	 
	 	By:	/s/ Sonja K. McClelland
	 	Name:	Sonja K. McClelland
	 	Title:	Secretary/Treasurer

 

     

     

    

 

	 	BANK OF AMERICA, N.A.,
	 	as Lender
	 	 	 
	 	By: 	/s/ Jonathan M. Phillips
	 	Name: 	Jonathan M. Phillips
	 	Title: 	Senior Vice President

 

     

     

    

 

SCHEDULE 1.01(a)

 

INACTIVE SUBSIDIARIES

 

		1.	IMS Technology, Inc., a Virginia corporation.

 

		2.	Autocon Technologies, Inc., an Indiana corporation.

 

		3.	Hurco Canada Ltd., a Canada company with limited liability.

 

		4.	Hurco Sweden AB, a Swedish company with limited liability.

 

     

     

    

 

SCHEDULE 1.01(b)

 

CERTAIN ADDRESSES FOR NOTICES

 

		1.	IF TO THE LOAN PARTIES:

 

Hurco Companies, Inc.

Attention: Chief Financial Officer & General Counsel

One Technology Way

Indianapolis, Indiana 42268 USA

Telephone: +1 (317) 298-2615

 

With copies to (which shall not constitute notice):

 

Hurco B.V.

c/o Intertrust (Netherlands) B.V.

Attention: NL-Hurco Global Solutions

Prins Bernhardplein 200

1097 JB Amsterdam, The Netherlands

 

Faegre Baker Daniels LLP

Attention: David Foster

600 East 96th Street, Suite 600

Indianapolis, Indiana 46240 USA

 

		2.	IF TO LENDER:

 

Lender Office:   

(For financial/loan activity – advances, pay down, interest/fee billing and payments, rollovers, rate-settings):

 

Bank of America, N.A.

9000 Southside Blvd., Bldg 100

Transaction Processing - FL9-100-04-24

Jacksonville, FL 32256

Phone: 888-400-9009

Email: creditservicesops-ratelocks@bankofamerica.com

 

Remittance Instructions: 

To: Bank of America, N.A

ABA: 026009593

ATTN: BLSF&O OPERATIONS

ACCOUNT#: 1365840632100

Bank to Bank Instructions:  LOAN WIRE ACCOUNT

Ref:  Hurco Companies, Inc.

 

     

     

    

 

LC Issuer’s Office:

(For fee payments due LC Issuer only and new LC requests
and amendments):

 

Trade Operations

Mail Code: PA6-580-02-30

1 Fleet Way

Scranton, PA 18507

FAX: 800-755-8743

EMAIL: scranton_standby_LC@bankofamerica.com

 

Remittance Instructions:

Bank of America, N.A. Charlotte, NC

ABA #: 026-009-593 New York, NY

Account #: 04535-883980

Attn: Scranton Standby            

Ref: Hurco Companies, Inc. & LC #     

 

Other Notices for Lender:

 

Jonathan M. Phillips

Senior Vice President

IL4-135-04-61

135 S. LaSalle Street

Chicago, Illinois 60603

Ph: 312-992-6360

Fax: 312-453-3263   

 

		3.	WEBSITE DELIVERY UNDER SECTION 6.01

 

Click the “About Hurco” link on the www.hurco.com
web page, then click the “Investors” tab, then click the “SEC Filings” tab.

https://offer.hurco.com/hurco-companies-inc.-investor-information-nasdaq-hurc?utm_source=Website&utm_medium=Nav&utm_campaign=investors

 

     

     

    

 

SCHEDULE 5.12

 

SUBSIDIARIES, JOINT VENTURES, PARTNERSHIPS
AND OTHER EQUITY INVESTMENTS

 

The Company directly owns Thirty-Five Percent
of the Equity Interests in Hurco Automation Ltd., a private company with limited liability incorporated under the laws of Taiwan.
The Company directly or indirectly owns One Hundred Percent of the Equity Interests in each of the following Subsidiaries:

 

		1.	Hurco International, Inc., an Indiana corporation.

 

		2.	Hurco Canada Ltd., a private company with limited liability incorporated under the laws of Canada.

 

		3.	IMS Technology, Inc., a Virginia corporation.

 

		4.	Autocon Technologies, Inc., an Indiana corporation.

 

		5.	Hurco Midwest LLC, an Indiana limited liability company.

 

		6.	Hurco International Holdings, Inc., an Indiana corporation.

 

		7.	Hurco Technology, Inc., an Indiana corporation.

 

		8.	Milltronics USA, Inc., an Indiana corporation.

 

		9.	Hurco Manufacturing Ltd., a private company with limited liability incorporated under the laws
of Taiwan.

 

		10.	Hurco (S.E. Asia) Pte. Ltd., a private company with limited liability incorporated under the laws
of Singapore.

 

		11.	Hurco B.V., a private company with limited liability incorporated under the laws of the Netherlands.

 

		12.	Hurco Asia B.V., a private company with limited liability incorporated under the laws of the Netherlands.

 

		13.	Hurco Holdings Ltd., a private company with limited liability incorporated under laws of the United
Kingdom.

 

		14.	Hurco Europe Ltd., a private company with limited liability incorporated under the laws of the
United Kingdom.

 

     

     

    

 

		15.	Hurco Sweden AB, a private company with limited liability incorporated under the laws of Sweden.

 

		16.	Hurco GmbH, a private company with limited liability incorporated under the laws of Germany.

 

		17.	Hurco S.a.r.l., a private company with limited liability incorporated under the laws of France.

 

		18.	Hurco S.r.l., a private company with limited liability incorporated under the laws of Italy.

 

		19.	LCM Precision Technology, S.r.l., a private company with limited liability incorporated under the
laws of Italy.

 

		20.	Hurco SP.zoo, a private company with limited liability incorporated under the laws of Poland.

 

		21.	Hurco South Africa (Pty) Ltd., a private company with limited liability incorporated under the
laws of South Africa.

 

		22.	Ningbo Hurco Machine Tool Co., Ltd., a private company with limited liability incorporated under
the laws of China.

 

		23.	Ningbo Hurco Trading Co., Ltd., a private company with limited liability incorporated under the
laws of China.

 

		24.	Hurco India Private Ltd., a private company with limited liability incorporated under the laws
of India.

 

     

     

    

 

SCHEDULE 7.01

 

EXISTING INDEBTEDNESS

 

		1.	Credit facility of Hurco GmbH and Hurco B.V. in a maximum principal amount of One Million Five
Hundred Thousand Euros obtained from Commerzebank AG Munich Branch or any Affiliate or successor thereof, which may include an
unsecured guaranty of payment by the Borrowers, and any modification, replacement or refinancing thereof so long as the maximum
principal amount does not exceed One Million Five Hundred Thousand Euros (the “GmbH Credit Facility”).

 

		2.	Letters of Credit between, among others, the Company and JPMorgan Chase Bank, N.A., in the aggregate
amount of $154,144 and maturing in April 2019 (the “US Chase LOC”).

 

		3.	Letters of Credit and bank guarantees between, among others, Hurco India Private Ltd. and JPMorgan
Chase Bank or an Affiliate thereof in the aggregate amount of INR 2,428,218 and with scheduled maturity dates through November
25, 2019 (the “India LOCs”).

 

		4.	Indebtedness of the Borrower’s wholly-owned Subsidiary, Ningbo Hurco Machine Tool Co. Ltd..,
to JPMorgan Chase Bank or an Affiliate thereof (the “Ningbo Hurco Indebtedness”) and an unsecured guaranty of payment
of the Ningbo Hurco Indebtedness from the Company or any Subsidiary of Ningbo Hurco Machine Tool Co. Ltd. in favor of JPMorgan
Chase Bank or an Affiliate thereof.

 

     

     

    

 

SCHEDULE 7.02

 

EXISTING OR PERMITTED LIENS

 

		1.	Liens consisting of cash collateral securing the US Chase LOC, including the Pledge Agreement between
the Company and JPMorgan Chase, N.A. of even date with this Agreement, and the Assignment of Deposit Account between the Company
and JPMorgan Chase, N.A. of even date with this Agreement.

 

		2.	Liens consisting of cash collateral securing the India LOCs, including any pledge agreements between
Hurco India Private Ltd. and any Affiliate of JPMorgan Chase, N.A. related thereto.

 

		3.	Liens on assets of Ningbo Hurco Machine Tool Co. Ltd. and/or Ningbo Hurco Trading Co. Ltd. securing
Indebtedness to such entities described on Schedule 7.01.

 

     

     

    

 

SCHEDULE 7.04

 

EXISTING INVESTMENTS

 

None.

 

     

     

    

 

SCHEDULE 7.07

 

RESTRICTIVE AGREEMENTS

 

None.

 

    	 	 	 

     

    

 

EXHIBIT A

 

[Form of] 

Compliance Certificate

 

Financial Statement Date: [________, ____]

 

		TO:	Bank of America, N.A., as lender (the “Lender”)

 

		RE:	Credit Agreement, dated as of December 31, 2018, by and
among, Hurco Companies, Inc., an Indiana corporation (the “Company”), the Guarantors, Hurco B.V., a limited
liability company organized under the laws of the Netherlands (the “Netherlands Borrower” and, together with
the Company, the “Borrowers” and each a “Borrower”), and the Lender (as amended, modified,
extended, restated, replaced, or supplemented from time to time, the “Credit Agreement”; capitalized terms
used herein and not otherwise defined shall have the meanings set forth in the Credit Agreement)

 

		DATE:	[Date]

 

 

 

The undersigned Responsible
Officer hereby certifies as of the date hereof that [he/she] is the [_____________________] of the Company, and that, as such,
[he/she] is authorized to execute and deliver this Certificate to the Lender on the behalf of the Company and the other Loan Parties,
and that:

 

[Use following paragraph 1 for fiscal year-end
financial statements]

 

1.       The
Company has delivered (i) the year-end audited financial statements required by Section 6.01(a) of the Credit Agreement for the
fiscal year of the Company ended as of the above date, together with the report and opinion of an independent certified public
accountant required by such section and (ii) the consolidating balance sheet of the Company and its Subsidiaries as at the end
of such fiscal year and the related consolidating statements of income or operations, shareholders’ equity and cash flows
for such fiscal year. Such consolidating statements are fairly stated in all material respects when considered in relation to the
consolidated financial statements of the Company and its Subsidiaries.

 

[Use following paragraph 1 for fiscal quarter-end
financial statements]

 

1.       The
Company has delivered the unaudited financial statements required by Section 6.01(b) of the Credit Agreement for the fiscal quarter
of the Company ended as of the above date. Such consolidated financial statements fairly present the financial condition, results
of operations, shareholders’ equity and cash flows of the Company and its Subsidiaries in accordance with GAAP as at such
date and for such period, subject only to normal year-end audit adjustments and the absence of footnotes and such consolidating
financial statements are fairly stated in all material respects when considered in relation to the consolidated financial statements
of the Company and its Subsidiaries.

 

2.       The
undersigned has reviewed and is familiar with the terms of the Credit Agreement and has made, or has caused to be made under [his/her]
supervision, a detailed review of the transactions and condition (financial or otherwise) of the Company and its Subsidiaries during
the accounting period covered by such financial statements.

 

3.       A
review of the activities of the Company and its Subsidiaries during such fiscal period has been made under the supervision of the
undersigned with a view to determining whether during such fiscal period the Company and each of the other Loan Parties performed
and observed all its obligations under the Loan Documents, and

 

     

     

    

 

[select one:]

 

[to the best knowledge
of the undersigned, during such fiscal period each of the Loan Parties performed and observed each covenant and condition of the
Loan Documents applicable to it, and no Default has occurred and is continuing.]

 

—or—

 

[to the best knowledge
of the undersigned, the following covenants or conditions have not been performed or observed and the following is a list of each
such Default and its nature and status:]

 

4.       The
representations and warranties of the Company and each other Loan Party contained in Article V of the Credit Agreement or any other
Loan Document, or which are contained in any document furnished at any time under or in connection therewith are (i) with respect
to representations and warranties that contain a materiality qualification, true and correct on and as of the date hereof and (ii)
with respect to representations and warranties that do not contain a materiality qualification, true and correct in all material
respects on and as of the date hereof, and except that for purposes of this Compliance Certificate, the representations and warranties
contained in subsections (a)(i) and (a)(ii) of Section 5.04 of the Credit Agreement shall be deemed to refer to the most recent
statements furnished pursuant to clauses (a) and (b), respectively, of Section 6.01 of the Credit Agreement, including the statements
in connection with which this Compliance Certificate is delivered.

 

5.       The
financial covenant analyses and information set forth on Schedule A attached hereto (i) are true and accurate on and as
of the date of this Certificate and (ii) demonstrate compliance with Section 7.08 and 7.09.

 

6.       Set
forth below is a summary of all material changes in GAAP and in the consistent application thereof occurring during the most recent
fiscal quarter ending prior to the date hereof, the effect on the financial covenants resulting therefrom, and a reconciliation
between calculation of the financial covenants before and after giving effect to such changes:

 

Delivery of an executed
counterpart of a signature page of this Certificate by fax transmission or other electronic mail transmission (e.g. “pdf”
or “tif”) shall be effective as delivery of a manually executed counterpart of this Certificate.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

     

     

    

 

	 	HURCO COMPANIES, INC.,
	 	an Indiana corporation
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

     

     

    

 

Schedule A

 

Financial Statement Date: [________, ____] (“Statement
Date”)

 

		1.	Minimum Working Capital

 

	 	a.	consolidated current assets of the Company	$__________
	 	 	 	 
	 	b.	all liabilities of the Company and its Subsidiaries that should be classified as current liabilities on a consolidated balance sheet of 

the Company1	$__________
	 	 	 	 
	 	c.	Working Capital = 1(a) – 1(b) = 	$__________2
	 	 	 	 
	 	 	In Compliance?	 ̈        Yes	 
	 	 	 	 	 
	 	 	 	 ̈        No	 

 

		2.	Minimum Tangible Net Worth

 

	 	a.	total common stockholder’s equity of the Company	$__________
	 	 	 	 
	 	b.	the amount of all intangible items included therein, including 

without limitation, goodwill, franchises, licenses, patents, trademarks,

tradenames, copyrights, service marks and brand names	$__________
	 	 	 	 
	 	c.	Tangible Net Worth = 1(a) – 1(b) =	$__________3
	 	 	 	 
	 	 	In Compliance?	 ̈        Yes	 
	 	 	 	 	 
	 	 	 	 ̈        No	 

 

 

1 Provided, however that the calculation shall exclude the principal
amount of the Loans then outstanding.

2 Minimum Working Capital permitted is $125,000,000.

3 Minimum Tangible Net Worth permitted is $170,000,000.

 

     

     

    

 

Exhibit 10.1 

 

EXHIBIT B

 

[Form of] 

Joinder Agreement

 

THIS JOINDER AGREEMENT
(this “Agreement”), dated as of [__________, ____], is by and among [_____________________, a ______________________]
(the “Subsidiary Guarantor”), Hurco Companies, Inc., a Indiana corporation (the “Company”),
and Bank of America, N.A., as lender (the “Lender”) under that certain Credit Agreement, dated as of December
31, 2018 (as amended, modified, extended, restated, replaced, or supplemented from time to time, the “Credit Agreement”),
by and among the Company, the Guarantors, Hurco B.V., a limited liability company organized under the laws of the Netherlands (the
“Netherlands Borrower” and, together with the Company, the “Borrowers” and each a “Borrower”)
and the Lender. Capitalized terms used herein but not otherwise defined shall have the meanings provided in the Credit Agreement.

 

The Subsidiary Guarantor
is an additional Loan Party, and, consequently, the Loan Parties are required by Section 6.09 of the Credit Agreement to cause
the Subsidiary Guarantor to become a “Guarantor” thereunder.

 

Accordingly, the Subsidiary
Guarantor and the Company hereby agree as follows with the Lender, for the benefit of the Secured Parties:

 

1.       The
Subsidiary Guarantor hereby acknowledges, agrees and confirms that, by its execution of this Agreement, the Subsidiary Guarantor
will be deemed to be a party to and a “Guarantor” under the Credit Agreement and shall have all of the obligations
of a Guarantor thereunder as if it had executed the Credit Agreement and the other Loan Documents as a Guarantor. The Subsidiary
Guarantor hereby ratifies, as of the date hereof, and agrees to be bound by, all representations and warranties, covenants and
other terms, conditions and provisions of the Credit Agreement and the other applicable Loan Documents. Without limiting the generality
of the foregoing terms of this Paragraph 1, the Subsidiary Guarantor hereby guarantees, jointly and severally together with
the other Guarantors, the prompt payment of the Guaranteed Obligations in accordance with Article IX of the Credit Agreement.

 

2.       Each
of the Subsidiary Guarantor and the Company hereby agree that all of the representations and warranties contained in Article V
of the Loan Agreement and each other Loan Document are true and correct as of the date hereof.

 

3.       The
Subsidiary Guarantor acknowledges and confirms that it has received a copy of the Credit Agreement and the schedules and exhibits
thereto and each Loan Document and the schedules and exhibits thereto.

 

4.       The
Company confirms that the Credit Agreement is, and upon the Subsidiary Guarantor becoming a Guarantor, shall continue to be, in
full force and effect. The parties hereto confirm and agree that immediately upon the Subsidiary Guarantor becoming a Guarantor
the term “Obligations,” as used in the Credit Agreement, shall include all obligations of the Subsidiary Guarantor
under the Credit Agreement and under each other Loan Document.

 

5.       Each
of the Company and the Subsidiary Guarantor agrees that at any time and from time to time, upon the written request of the Lender,
it will execute and deliver such further documents and do such further acts as the Lender may reasonably request in accordance
with the terms and conditions of the Credit Agreement and the other Loan Documents in order to effect the purposes of this Agreement.

 

     

     

    

 

6.       This
Agreement may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed
counterpart of a signature page of this Agreement by fax transmission or other electronic mail transmission (e.g. “pdf”
or “tif”) shall be effective as delivery of a manually executed counterpart of this Agreement.

 

7.       This
Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York. The terms of Sections 10.13
and 10.14 of the Credit Agreement are incorporated herein by reference, mutatis mutandis, and the parties hereto agree to such
terms.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

     

     

    

 

IN WITNESS WHEREOF, each
of the Company and the Subsidiary Guarantor has caused this Agreement to be duly executed by its authorized officer, and the Lender
has caused the same to be accepted by its authorized officer, as of the day and year first above written.

 

	SUBSIDIARY GUARANTOR:	[SUBSIDIARY GUARANTOR]
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

	COMPANY:	HURCO COMPANIES, INC.,
		a Indiana corporation
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

Acknowledged, accepted and agreed:

 

	BANK OF AMERICA, N.A.,	 
	as Lender	 
	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 

 

     

     

    

 

EXHIBIT C

 

[Form of] 

Loan Notice

 

		TO:	Bank of America, N.A., as lender (the “Lender”)

 

		RE:	Credit Agreement, dated as of December 31, 2018, by and among Hurco Companies, Inc., a Indiana
corporation (the “Company”), the Guarantors, Hurco B.V., a limited liability company organized under the laws
of the Netherlands (the “Netherlands Borrower” and, together with the Company, the “Borrowers”
and each a “Borrower”) and the Lender (as amended, modified, extended, restated, replaced, or supplemented from
time to time, the “Credit Agreement”; capitalized terms used herein and not otherwise defined shall have the
meanings set forth in the Credit Agreement)

 

		DATE:	[Date]

 

 

 

The undersigned hereby requests (select one):

 

 ̈
A Borrowing of Revolving Loans

 

 ̈
A [conversion] or [continuation] of Revolving Loans

 

---

 

1.        On
_______________ (the “Credit Extension Date”).

 

2.        In
the amount of [$]______________   [in the following currency: _______.]

 

3.        Comprised
of:     ̈    Base Rate Loans

 ̈
  Eurocurrency Rate Loans

 

4.        For
Eurocurrency Rate Loans: with an Interest Period of __ months.

 

5.        On
behalf of __________________ [insert name of applicable Borrower]

 

The Revolving Borrowing
requested herein complies with the proviso to the first sentence of Section 2.01 of the Credit Agreement.

 

The Company hereby represents
and warrants that the conditions specified in Section 4.02 of the Credit Agreement shall be satisfied on and as of the date of
the Credit Extension Date.

 

Delivery of an executed
counterpart of a signature page of this notice by fax transmission or other electronic mail transmission (e.g. “pdf”
or “tif”) shall be effective as delivery of a manually executed counterpart of this notice.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

     

     

    

 

	 	[hurco companies, inc.,
	 	a Indiana corporation 
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 ]
	 	 	 
	 	[HURCO B.V.,
	 	a limited liability company organized under the laws of the Netherlands
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 ]

 

     

     

    

 

EXHIBIT D

 

[Form of] 

Notice of Loan Prepayment

Date: [___________, _____]

 

		TO:	Bank of America, N.A., as lender (the “Lender”)

 

		RE:	Credit Agreement, dated as of December 31, 2018, by and among Hurco Companies, Inc., a Indiana
corporation (the “Company”), the Guarantors, Hurco B.V., a limited liability company organized under the laws
of the Netherlands (the “Netherlands Borrower” and, together with the Company, the “Borrowers”
and each a “Borrower”) and the Lender (as amended, modified, extended, restated, replaced, or supplemented from
time to time, the “Credit Agreement”; capitalized terms used herein and not otherwise defined shall have the
meanings set forth in the Credit Agreement)

 

		DATE:	[Date]

 

 

 

The Borrower hereby notifies
the Lender that on _____________4 pursuant to the terms of Section 2.05 (Prepayments) of the Credit Agreement,
the Borrower intends to prepay/repay the following Loans as more specifically set forth below:

 

 ̈
Optional prepayment of Revolving Loans in the following amount(s):

 

 ̈   Base Rate Loans: $__________5

 

 ̈   Eurocurrency
Rate Loans: $__________6

In the following Alternative Currency:
 _______

Applicable Interest Period: ________________

 

Delivery of an executed
counterpart of a signature page of this notice by fax transmission or other electronic mail transmission (e.g. “pdf”
or “tif”) shall be effective as delivery of a manually executed counterpart of this notice.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

 

 

4 Specify date of such prepayment.

5 Any prepayment of Base Rate Loans shall be in a principal
amount of $100,000 or a whole multiple of $10,000 in excess thereof (or such lesser amounts agreed by the Lender), or if less,
the entire principal amount thereof outstanding.

6 Any prepayment of Eurocurrency Rate Loans shall be
in a principal amount of $1,000,000 or a whole multiple of $100,000 in excess thereof (or such lesser amounts agreed by the Lender),
or if less, the entire principal amount thereof outstanding.

 

     

     

    

 

	 	[applicable BORROWEr],
	 	a [Jurisdiction and Type of Organization]
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:

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