Document:

EXHIBIT 10.3

 

 

 

FIRST LIEN GUARANTY AGREEMENT

 

made among

 

DIFFERENTIAL BRANDS GROUP INC.,

 

certain of its Subsidiaries

 

and

 

ARES CAPITAL CORPORATION

 

as Administrative Agent

 

Dated as of October 29, 2018

 

 

 

    	 	 	 

     

    

 

TABLE OF CONTENTS

 

	 	 	 	Page
	Section 1	 	defined terms	1
	 	 	 	 
	1.1	 	Definitions	1
	1.2	 	Other Definitional Provisions	4
	 	 	 	 
	Section 2	 	GUARANTEE	4
	 	 	 	 
	2.1	 	Guarantee of Guaranteed Obligations	4
	2.2	 	Limitation on Obligations Guaranteed	4
	2.3	 	Nature of Guarantee; Continuing Guarantee; Waivers of Defenses
Etc.	5
	2.4	 	Rights of Reimbursement, Contribution and Subrogation	7
	2.5	 	Payments	9
	2.6	 	Subordination of Other Obligations	9
	2.7	 	Financial Condition of Borrower and other Guarantors	9
	2.8	 	Bankruptcy, Etc	9
	2.9	 	Duration of Guarantee, Discharge of Guarantee Upon Sale of
Guarantor	10
	2.10	 	Reinstatement	10
	2.11	 	Keepwell	10
	 	 	 	 
	Section 3	 	REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE GUARANTORS	11
	 	 	 
	3.1	 	Representations and Warranties	11
	3.2	 	Covenants	11
	 	 	 	 
	Section 4	 	POWER OF ATTORNEY AND FURTHER ASSURANCES	11
	 	 	 	 
	4.1	 	First Lien Administrative Agent’s Appointment as Attorney-in-Fact,
Etc.	11
	4.2	 	Further Assurances	11
	 	 	 	 
	Section 5	 	MISCELLANEOUS	12
	 	 	 	 
	5.1	 	Amendments in Writing	12
	5.2	 	Notices	12
	5.3	 	No Waiver by Course of Conduct; Cumulative Remedies	12
	5.4	 	Enforcement Expenses; Indemnification.	12
	5.5	 	Successors and Assigns	12
	5.6	 	Set-Off	13
	5.7	 	Counterparts	13
	5.8	 	Severability	13
	5.9	 	Section Headings	13
	5.10	 	Integration, Conflict	13
	5.11	 	GOVERNING LAW	13
	5.12	 	Submission to Jurisdiction; Waivers	14
	5.13	 	Acknowledgments	14
	5.14	 	Additional Guarantors	15
	5.15	 	Releases	15
	5.16	 	WAIVER OF JURY TRIAL	15
	 	 	 	 
	Annex I-Joinder Agreement	Annex-I

			

 

    	 	i	 

     

    

 

FIRST LIEN GUARANTY AGREEMENT

 

FIRST LIEN GUARANTY
AGREEMENT dated as of October 29, 2018, among each of the signatories hereto designated as
a Guarantor on the signature pages hereto (together with any other entity that may become a party hereto as a Guarantor as provided
herein, (each a “Guarantor” and collectively, the “Guarantors”)) and Ares Capital Corporation
as Administrative Agent, (in such capacity and together with its permitted successors and assigns in such capacity, the “First
Lien Administrative Agent”) for (i) the banks and other financial institutions or entities (the “Lenders”)
from time to time parties to the First Lien Credit Agreement, dated as of October 29, 2018
(as amended, restated, supplemented or otherwise modified or replaced from time to time, the “Credit Agreement”),
among DIFFERENTIAL BRANDS GROUP INC., a Delaware corporation (the “Borrower”), the Lenders, the Revolving Agent,
the First Lien Administrative Agent and the Collateral Agent, and (ii) the other Guaranteed Parties (as defined below).

 

WITNESSETH:

 

WHEREAS, pursuant to
the Credit Agreement, the Lenders have severally agreed to make extensions of credit to the Borrower upon the terms and subject
to the conditions set forth therein;

 

WHEREAS, the Borrower
is a member of an affiliated group of companies that includes each other Guarantor;

 

WHEREAS, the proceeds
of the extensions of credit under the Credit Agreement will be used in part to enable the Borrower to make valuable transfers to
one or more of the other Guarantors in connection with the operation of their respective businesses;

 

WHEREAS, the Borrower
and the other Guarantors are engaged in related businesses, and each Guarantor will derive substantial direct and indirect benefit
from the making of the extensions of credit under the Credit Agreement; and

 

WHEREAS, it is a condition
precedent to the obligation of the Lenders to make their respective extensions of credit to the Borrower under the Credit Agreement
that the Guarantors shall have executed and delivered this Guaranty to the First Lien Administrative Agent for the benefit of the
Guaranteed Parties.

 

NOW, THEREFORE, in
consideration of the premises and to induce the First Lien Administrative Agent and the Lenders to enter into the Credit Agreement
and to induce the Lenders and Issuing Banks to make their respective extensions of credit to the Borrower thereunder and for other
good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, each Guarantor hereby agrees with
the First Lien Administrative Agent, for the benefit of the Guaranteed Parties, as follows:

 

Section
1          defined terms

 

1.1           Definitions.
(a) Unless otherwise defined herein, all terms defined in the Credit Agreement and used herein shall have the meanings given to
them in the Credit Agreement.

 

    	 	 	 

     

    

 

(b)          The
following terms shall have the following meanings:

 

“Agreement”
shall mean this First Lien Guaranty Agreement, as the same may be amended, restated, amended and restated, supplemented or otherwise
modified from time to time.

 

“Bankruptcy
Case” means a case under the Bankruptcy Code or any other bankruptcy Law.

 

“Bankruptcy
Code” means Title 11 of the United States Code entitled “Bankruptcy,” as now and hereafter in effect, or
any successor statute.

 

“Bankruptcy
Proceeding” means:

 

(a)          any
voluntary or involuntary case or proceeding under the Bankruptcy Code with respect to any Guarantor;

 

(b)          any
other voluntary or involuntary insolvency, reorganization or Bankruptcy Case or proceeding, or any receivership, liquidation, reorganization
or other similar case or proceeding with respect to any Guarantor or with respect to a material portion of their respective assets;

 

(c)          any
liquidation, dissolution, reorganization or winding up of any Guarantor whether voluntary or involuntary and whether or not involving
insolvency or bankruptcy; or

 

(d)          any
assignment for the benefit of creditors or any other marshaling of assets and liabilities of any Guarantor.

 

“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.

 

“Corresponding
Obligations” shall have the meaning set forth in Section 4.3.

 

“Discharge of
the Guaranteed Obligations” shall mean and shall have occurred upon termination of the Commitments and payment in full
of all Obligations (other than contingent indemnification obligations) and the expiration or termination of all Letters of Credit
(other than Letters of Credit which have been cash collateralized or as to which other arrangements satisfactory to the Collateral
Agent and the Issuing Banks shall have been made).

 

    	 	2	 

     

    

 

“Excluded Swap
Obligation” means, with respect to any Guarantor, (x) as it relates to all or a portion of the Guarantee of such
Guarantor, any Swap Obligation if, and to the extent that, such Swap Obligation (or any Guarantee thereof) is or becomes illegal
under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission (or the application
or official interpretation of any thereof) by virtue of such Guarantor’s failure for any reason to constitute an “eligible
contract participant” as defined in the Commodity Exchange Act and the regulations thereunder at the time the Guarantee of
such Guarantor becomes effective with respect to such Swap Obligation or (y) as it relates to all or a portion of the grant
by such Guarantor of a security interest, any Swap Obligation if, and to the extent that, such Swap Obligation (or such security
interest in respect thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity
Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Guarantor’s failure
for any reason to constitute an “eligible contract participant” as defined in the Commodity Exchange Act and the regulations
thereunder at the time the security interest of such Guarantor becomes effective with respect to such Swap Obligation. If a Swap
Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion of such
Swap Obligation that is attributable to swaps for which such Guarantee or security interest is or becomes illegal.

 

“Guaranteed
Obligations” shall mean (i) the Obligations, (ii) each guarantee of the Obligations and (iii) whether or not constituting
Obligations, the unpaid principal of and interest on (including, without limitation, interest accruing after the filing of any
petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding relating to the Borrower or any
other Guarantor, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding) and all other
obligations and liabilities of the Borrower or any other Guarantor to any First Lien Administrative Agent, any Lender which arise
under or in connection with any Loan Document; provided, however, that Guaranteed Obligations shall not include any Excluded Swap
Obligations.

 

“Guaranteed
Parties” shall mean the Secured Parties.

 

“Guaranty”
shall mean this Guaranty as the same may be amended, restated, supplemented or otherwise modified from time to time.

 

“Obligee Guarantor”
shall have the meaning set forth in Section 2.6.

 

“Parallel Debt”
shall have the meaning set forth in Section 4.3.

 

“Qualified ECP
Guarantor” means, in respect of any Swap Obligations, each Loan Party that has total assets exceeding $10,000,000 at
the time the relevant Guarantee or grant of the relevant security interest becomes effective with respect to such Swap Obligation
or such other person as constitutes an “eligible contract participant” under the Commodity Exchange Act or any regulations
promulgated thereunder and can cause another person to qualify as an “eligible contract participant” at such time by
entering into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

 

“Restricted
Obligations” shall have the meaning set forth in Section 2.12.

 

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

 

“Voidable Transfer”
shall have the meaning set forth in Section 2.10.

 

    	 	3	 

     

    

 

1.2          Other Definitional
Provisions. (a) The words “hereof,” “herein”, “hereto” and “hereunder” and
words of similar import when used in this Guaranty shall refer to this Guaranty as a whole and not to any particular provision
of this Guaranty, and Section, Schedule, Exhibit and Annex references, are to this Guaranty unless otherwise specified. References
to any Schedule, Exhibit or Annex shall mean such Schedule, Exhibit or Annex as amended, amended and restated or supplemented or
otherwise modified from time to time in accordance with this Guaranty.

 

(b)          The
meanings given to terms defined herein shall be equally applicable to both the singular
and plural forms of such terms.

 

(c)          The
expressions “payment in full,” “paid in
full” and any other similar terms or phrases when used herein shall mean payment
in cash in immediately available funds.

 

(d)          The
use herein of the word “include” or “including”, when following
any general statement, term or matter, shall not be construed to limit such statement, term or matter to the specific items or
matters set forth immediately following such word or to similar items or matters, whether or not non-limiting language (such as
“without limitation” or “but not limited
to” or words of similar import) is used with reference thereto, but rather shall be deemed to refer to all other items
or matters that fall within the broadest possible scope of such general statement, term or matter.

 

Section
2         GUARANTEE

 

2.1          Guarantee
of Guaranteed Obligations. Subject to Section 2.2, each of the Guarantors hereby, jointly and severally, absolutely,
unconditionally and irrevocably, guarantees, as primary obligor and not merely as surety, to the First Lien Administrative
Agent, for the benefit of the Guaranteed Parties and their respective successors, indorsees, transferees and assigns, the
prompt and complete payment and performance by each other Guarantor, including the Borrower, when due (whether at the stated
maturity, by acceleration or otherwise) of the Guaranteed Obligations. Each Guarantor shall be liable under its guarantee set
forth in this Section 2.1, without any limitation as to amount but at all times subject to Section 2.2, for all
present and future Guaranteed Obligations, including specifically all future increases in the outstanding amount of the Loans
or other Guaranteed Obligations and other future increases in the Guaranteed Obligations, whether or not any such increase is
committed, contemplated or provided for by the Loan Documents, on the Closing Date. Without limiting the generality of the
foregoing, each Guarantor’s liability shall extend to all Guaranteed Obligations that would be owed by any other
obligor on the Guaranteed Obligations but for the fact that they are unenforceable or not allowable due to the existence of a
Bankruptcy Proceeding involving such Loan Party.

 

2.2          Limitation on Obligations
Guaranteed. (a) Notwithstanding any other provision hereof, the right of recovery against each Guarantor under Section 2
hereof shall not exceed $1.00 less than the lowest amount which would render such Guarantor’s obligations under Section 2
hereof void or voidable under applicable law, including, without limitation, the Uniform Fraudulent Conveyance Act, Uniform Fraudulent
Transfer Act or any similar foreign, federal or state law to the extent applicable to the guaranty set forth herein and the Guaranteed
Obligations. To effectuate the foregoing, the First Lien Administrative Agent and the Guarantors hereby irrevocably agree that
the Guaranteed Obligations of each Guarantor in respect of the guarantee set forth in Section 2 hereof at any time shall be
limited to the maximum amount as will result in the Guaranteed Obligations of such Guarantor with respect thereto hereof not constituting
a fraudulent transfer or conveyance after giving full effect to the liability under such guarantee set forth in Section 2
hereof and its related contribution rights but before taking into account any liabilities under any other guarantee by such Guarantor.
For purposes of the foregoing, all guarantees of such Guarantor other than the guarantee under Section 2 hereof will be deemed
to be enforceable and payable after the guaranty under Section 2 hereof. To the fullest extent permitted by applicable law,
this Section 2.2(a) shall be for the benefit solely of creditors and representatives of creditors of each Guarantor and not
for the benefit of such Guarantor or the holders of any Equity Interest in such Guarantor.

 

    	 	4	 

     

    

 

(b)          Each
Guarantor agrees that Obligations may at any time and from time to time be incurred or permitted
in an amount exceeding the maximum liability of such Guarantor under Section 2.2(a)
without impairing the guarantee contained in this Section 2 or affecting the
rights and remedies of any Guaranteed Party hereunder.

 

2.3          Nature of Guarantee;
Continuing Guarantee; Waivers of Defenses Etc. (a) Each Guarantor understands and agrees that the guarantee contained in this
Section 2 shall be construed as a continuing guarantee of payment and performance and not merely of collectability. Each Guarantor
waives diligence, presentment, protest, marshaling, demand for payment, notice of dishonor, notice of default and notice of nonpayment
to or upon the Borrower or any of the other Guarantors with respect to the Guaranteed Obligations. Without limiting the generality
of the foregoing, this Guaranty and the obligations of each Guarantor hereunder shall be valid and enforceable and shall extend
to the ultimate balance of the Guaranteed Obligations, without any reduction, limitation, impairment, set-off, defense, counterclaim,
discharge or termination for any reason (other than a Discharge of the Guaranteed Obligations). If any Guarantor is a natural person,
it is expressly agreed that this guarantee shall survive the death of such guarantor and shall continue in effect.

 

(b)          Each
Guarantor agrees that the Guaranteed Obligations of
each Guarantor hereunder are independent of the Guaranteed
Obligations of each other Guarantor and of any other guarantee of the Guaranteed
Obligations and when making any demand hereunder or otherwise pursuing its rights
and remedies hereunder against any Guarantor, any
Guaranteed Party may, but shall be under no obligation to, make a similar demand
on or otherwise pursue such rights and remedies as it may have against the Borrower and
any other Guarantor or any other Person or against any collateral security or other guarantee
for the Guaranteed Obligations or any right of offset with respect thereto, and any failure
by any Guaranteed Party to make any such demand,
to pursue such other rights or remedies or to collect any payments from the Borrower and
any other Guarantor or any other Person or to realize upon any such collateral security
or guarantee or to exercise any such right of offset, or any release of the Borrower and
any other Guarantor or any other Person or any such collateral security, guarantee or right
of offset, shall not relieve any Guarantor of any obligation or liability hereunder,
and shall not impair or affect the rights and remedies, whether express, implied or available as a matter of law, of any Guaranteed
Party against any Guarantor. For the purposes hereof
“demand” shall include the commencement and continuance of any legal
proceedings.

 

    	 	5	 

     

    

 

(c)          Except
to the extent the Discharge of the Guaranteed Obligations has occurred no payment made by the Borrower,
any of the other Guarantors, any other guarantor or
any other Person or received or collected by any Guaranteed Party from the Borrower
and any of the other Guarantors, any other guarantor
or any other Person by virtue of any action or proceeding or any set-off or appropriation or application at any time or
from time to time in reduction of or in payment of the Guaranteed Obligations shall be deemed
to modify, reduce, release or otherwise affect the liability of any Guarantor hereunder which
shall, notwithstanding any such payment remain liable for the Guaranteed Obligations until
the Discharge of the Guaranteed Obligations.

 

(d)          Without
limiting the generality of the foregoing, each Guarantor agrees that until the Discharge
of the Guaranteed Obligations, its obligations under and in respect of the guarantee contained in this Section 2
and any security interest, if any, securing the Guaranteed Obligations, shall not
be affected by, and shall remain in full force and effect without regard to, and hereby waives all, rights, claims or defenses
that it might otherwise have (now or in the future) with respect to each of the following (whether or not such Guarantor
has knowledge thereof):

 

(i)          the
validity or enforceability of the Credit Agreement or any other Loan
Document, any of the Guaranteed Obligations or any guarantee or right of offset with
respect thereto at any time or from time to time held by any Guaranteed Party;

 

(ii)         any
renewal, extension or acceleration of, or any increase in the amount of the Guaranteed Obligations,
or any amendment, supplement, modification or waiver of, or any consent to departure from, the Loan Documents;

 

(iii)        any
failure or omission to assert or enforce or agreement or election not to assert or enforce, delay in enforcement, or the stay or
enjoining, by order of court, by operation of law or otherwise, of the exercise or enforcement of, any claim or demand
or any right, power or remedy (whether arising under any Loan Documents, at law,
in equity or otherwise) with respect to the Guaranteed Obligations or any agreement relating
thereto, or with respect to any other guaranty of or security for the payment of the Guaranteed
Obligations;

 

(iv)        any
change, reorganization or termination of the corporate structure or existence of Borrower or any other Guarantor or any of their
Subsidiaries and any corresponding restructuring of the Guaranteed Obligations;

 

(v)         any
settlement, compromise, release, or discharge of, or acceptance or refusal of any offer of payment or performance with respect
to, or any substitutions for, the Guaranteed Obligations or any subordination of the Guaranteed
Obligations to any other obligations;

 

(vi)        the
validity, perfection, non-perfection or lapse in perfection, priority or avoidance of any security interest or lien, the release
of any or all collateral securing, or purporting to secure, the Guaranteed Obligations or
any other impairment of such collateral;

 

    	 	6	 

     

    

 

(vii)       any
exercise of remedies with respect to any security for the Guaranteed Obligations (including,
without limitation, any collateral, including the Collateral
securing or purporting to secure any of the Guaranteed Obligations) at such time
and in such order and in such manner as the First Lien Administrative Agent and the Guaranteed
Parties may decide and whether or not every aspect thereof is commercially reasonable and whether or not such action constitutes
an election of remedies and even if such action operates to impair or extinguish any right of reimbursement or subrogation or other
right or remedy that any Guarantor would otherwise have and without limiting the generality
of the foregoing or any other provisions hereof, each Guarantor
hereby expressly waives any and all benefits which might otherwise be available to such Guarantor
under applicable law; and

 

(viii)      any
other circumstance whatsoever which may or might in any manner or to any extent vary the risk of any Guarantor
as an obligor in respect of the Guaranteed Obligations or which constitutes, or might
be construed to constitute, an equitable or legal discharge of the Borrower or any other
Guarantor for the Guaranteed Obligations, or of such
Guarantor under the guarantee contained in this Section 2
or of any security interest granted by any Guarantor, whether in a Bankruptcy
Proceeding or in any other instance.

 

(e)          In
addition each Guarantor further waives any and all other defenses, set- offs or counterclaims
(other than a defense of payment or performance in full hereunder or the Discharge of the Guaranteed Obligations) which may at
any time be available to or be asserted by it, the Borrower or any other Guarantor
or person against any Guaranteed Party, including, without
limitation, failure of consideration, breach of warranty, statute of frauds, statute of limitations, accord and satisfaction
and usury.

 

2.4          Rights of Reimbursement,
Contribution and Subrogation. In case any payment is made on account of the Guaranteed Obligations by any Guarantor or is received
or collected on account of the Guaranteed Obligations from any Guarantor or its property:

 

(a)          If
such payment is made by a Guarantor (including the Borrower)
or from its property in respect of the Guaranteed Obligations of another Guarantor,
such Guarantor shall be entitled, subject to and upon (but not before) a Discharge
of the Guaranteed Obligations, (A) to demand and enforce reimbursement for the
full amount of such payment from such other Guarantor, and (B) to demand
and enforce contribution in respect of such payment from each other Guarantor which
has not paid its fair share of such payment, as necessary to ensure that (after giving effect to any enforcement of reimbursement
rights provided hereby) each Guarantor pays its fair share of the unreimbursed portion of
such payment. For this purpose, the fair share of each Guarantor as to any unreimbursed
payment shall be determined based on an equitable apportionment of such unreimbursed payment among all Guarantors
(other than the Guarantor whose primary obligations were so guaranteed by the other
Guarantors) based on the relative value of their assets and any other equitable considerations
deemed appropriate by the court. For purposes of the foregoing, all guarantees of such Guarantor
other than the guarantee under Section 2 hereof will be deemed to be enforceable
and payable after the guaranty under Section 2 hereof.

 

    	 	7	 

     

    

 

(b)          If
and whenever any right of reimbursement or contribution becomes enforceable by any Guarantor (including
the Borrower) against any other Guarantor (including
the Borrower) whether under Section 2.4(a) or
otherwise, such Guarantor shall be entitled, subject to and upon (but not before) a Discharge
of the Guaranteed Obligations, to be subrogated (equally and ratably with all other Guarantors
entitled to reimbursement or contribution from any other Guarantor as set forth in
this Section 2.4) to any security interest that may then be held by the First
Lien Administrative Agent upon any collateral securing or purporting to secure any of the Guaranteed
Obligations. Any right of subrogation of any Guarantor (including the Borrower)
shall be enforceable solely after a Discharge of the Guaranteed Obligations and solely against
the Guarantors, and not against the Guaranteed Parties,
and neither the First Lien Administrative Agent nor any other Guaranteed
Party shall have any duty whatsoever to warrant, ensure or protect any such right of subrogation or to obtain, perfect,
maintain, hold, enforce or retain any collateral securing or purporting to secure any of the Guaranteed
Obligations for any purpose related to any such right of subrogation. If subrogation is demanded by any Guarantor,
then, upon Discharge of the Guaranteed Obligations, the First
Lien Administrative Agent shall deliver to the Guarantors making such demand,
or to a representative of such Guarantors or of the Guarantors
generally, such instruments or documents necessary or desirable to evidence the transfer
by subrogation to such Guarantor of an interest in the Obligations resulting from such payment.

 

(c)          All
rights and claims arising under this Section 2.4 or based upon or relating to any other
right of reimbursement, indemnification, contribution or subrogation that may at any time arise or exist in favor of any Guarantor
(including the Borrower) as to any payment on account of either (x) the Guaranteed
Obligations or (y) any other obligation that is secured by any collateral that also secures or purports to secure any of
the Guaranteed Obligations, in each case made by it or received or collected from its property
shall be fully subordinated to the Guaranteed Obligations in all respects prior to the Discharge
of the Guaranteed Obligations. Until Discharge of the Guaranteed Obligations, no
Guarantor may demand or receive any collateral security,
payment or distribution whatsoever (whether in cash, property or securities or otherwise) on account of any such right or claim
provided however that except during the continuance of an Event of Default, each Guarantor may receive regularly scheduled payments
of principal and interest on the Subordinated Obligations (as defined below) from any other Loan Party. If any such payment or
distribution is made or becomes available to any Guarantor in any Bankruptcy Case, receivership,
or Bankruptcy Proceeding, such payment or distribution shall be delivered by the person making such payment or distribution directly
to the First Lien Administrative Agent, for application to the payment of the Guaranteed
Obligations. If any such payment or distribution is received by any Guarantor after the
occurrence and during the continuance of an Event of Default, it shall be held by such Guarantor
in trust, as trustee of an express trust for the benefit of the Guaranteed Parties,
and shall forthwith be transferred and delivered by such Guarantor to the First
Lien Administrative Agent, in the exact form received and, if necessary, duly endorsed.

 

(d)          The
obligations of the Guarantors under this Guaranty and
the other Loan Documents, including their liability for the Guaranteed Obligations and the
enforceability of the security interests granted thereby, are not contingent upon the validity, legality, enforceability, collectability
or sufficiency of any right of reimbursement, contribution or subrogation arising under this Section 2.4
or otherwise. The invalidity, insufficiency, unenforceability or uncollectability of any such right shall not in any respect
diminish, affect or impair any such obligation or any other claim, interest, right or remedy at any time held by any Guaranteed
Party against any Guarantor or its property. The Guaranteed
Parties make no representations or warranties in respect of any such right and shall have no duty to assure, protect, enforce
or ensure any such right or otherwise relating to any such right.

 

    	 	8	 

     

    

 

2.5           Payments. Each
Guarantor hereby guarantees that payments hereunder will be paid to the First Lien Administrative Agent without set-off or counterclaim
(other than any amounts required to be withheld or deducted under applicable law) in Dollars in immediately available funds at
the office of the First Lien Administrative Agent as specified in the Credit Agreement.

 

2.6           Subordination of
Other Obligations. Any Indebtedness of the Borrower or any other Guarantor now or hereafter held by any other Guarantor (the
“Obligee Guarantor”), whether as original creditor, assignee, or by way of subrogation, restitution or otherwise
(the “Subordinated Obligations”), is hereby subordinated in right of payment to the Guaranteed Obligations,
and any such Indebtedness collected or received by the Obligee Guarantor after an Event of Default has occurred and while such
Event of Default is continuing shall be held in trust for the First Lien Administrative Agent on behalf of the Guaranteed Parties
and, following the request of the First Lien Administrative Agent, shall forthwith be paid over to the First Lien Administrative
Agent for the benefit of the Guaranteed Parties to be credited and applied against the Guaranteed Obligations but without otherwise
affecting, impairing or limiting in any manner the liability of the Obligee Guarantor under any other provision hereof.

 

2.7          Financial Condition
of Borrower and other Guarantors. Any Credit Event may be made to the Borrower or continued from time to time, without notice
to or authorization from any Guarantor regardless of the financial or other condition of Borrower or any other Guarantor at the
time of any such grant or continuation. No Guaranteed Party shall have any obligation to disclose or discuss with any Guarantor
its assessment, or any Guarantor’s assessment, of the financial condition of the Borrower or any other Guarantor. Each Guarantor
has adequate means to obtain information from the Borrower and each other Guarantor on a continuing basis concerning the financial
condition of the Borrower and each other Guarantor and its ability to perform its obligations under the Loan Documents, and each
Guarantor assumes the responsibility for being and keeping informed of the financial condition of the Borrower and each other Loan
Party and each other Guarantor and of all circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations. Each
Guarantor hereby waives and relinquishes any duty on the part of any Guaranteed Party to disclose any matter, fact or thing relating
to the business, operations or condition of the Borrower or any other Guarantor now known or hereafter known by any Guaranteed
Party.

 

2.8           Bankruptcy, Etc.
The obligations of the Guarantors hereunder shall not be reduced, limited, impaired, discharged, deferred, suspended or terminated
by any case or Bankruptcy Proceeding, voluntary or involuntary, involving the Borrower or any other Guarantor or by any defense
which the Borrower or any Guarantor may have by reason of the order, decree or decision of any court or administrative body resulting
from any such proceeding. To the fullest extent permitted by law, the Guarantors will permit any trustee in bankruptcy, receiver,
debtor in possession, assignee for the benefit of creditors or similar person to pay the First Lien Administrative Agent, or allow
the claim of the First Lien Administrative Agent in respect of, any interest, fees, costs, expenses or other Guaranteed Obligations
accruing or arising after the date on which such case or proceeding is commenced.

 

    	 	9	 

     

    

 

2.9          Duration of Guarantee,
Discharge of Guarantee Upon Sale of Guarantor. (a) Except as provided in Section 2.9(b) below and Section 9.20
of the Credit Agreement, and subject to Section 2.10 below, the guarantee contained in this Section 2 shall remain in
full force and effect until the Discharge of the Guaranteed Obligations.

 

(b)          If
(i) all of the Equity Interests of any Guarantor
or any of its successors in interest hereunder shall be sold or otherwise disposed
of (including by merger or consolidation) in accordance with the terms and conditions of the Loan Documents to a Person that is
not an Affiliate of the Borrower or any other Guarantor
or (ii) a Guarantor is no longer a Subsidiary
Loan Party, as applicable, in accordance with the Credit Agreement, then in the case of
each of clauses (i) and (ii), the guaranty
of such Guarantor or such successor in interest, as the case may, hereunder
shall automatically be discharged and released without any further action by any Guaranteed
Party or other Person effective as of the time of such sale, disposition or other transaction.

 

2.10         Reinstatement.
If at any time payment of any of the Guaranteed Obligations or any portion thereof is rescinded,
disgorged or must otherwise be restored or returned by any Guaranteed Party upon the insolvency,
bankruptcy, dissolution, liquidation or reorganization of the Borrower or any Guarantor,
or upon or as a result of the appointment of a receiver, intervenor or conservator of, or trustee or similar officer for, the Borrower
or any other Guarantor or any substantial part of its property, or otherwise, or
if any Guaranteed Party repays, restores, or returns, in whole or in part, any payment or
property previously paid or transferred to the Guaranteed Party in full or partial satisfaction
of any Guaranteed Obligation, because the payment or transfer or the incurrence of the obligation
is so satisfied, is declared to be void, voidable, or otherwise recoverable under any state or federal law (collectively a “Voidable
Transfer”), or because such Guaranteed Party elects to do so on the reasonable
advice of its counsel in connection with an assertion that the payment, transfer, or incurrence is a Voidable
Transfer, then, as to any such Voidable Transfer, and as to all reasonable costs,
expenses and attorney’s fees of the Guaranteed Party related thereto, the liability
of each Guarantor hereunder will automatically and immediately be revived, reinstated, and
restored and will exist as though the Voidable Transfer had never been made.

 

2.11         Keepwell. Each
Qualified ECP Guarantor hereby jointly and severally absolutely, unconditionally and irrevocably undertakes to provide such funds
or other support as may be needed from time to time by each other Loan Party to honor all of its obligations under this Guaranty
in respect of Swap Obligations (provided, however, that each Qualified ECP Guarantor shall only be liable under this Section 2.11
for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this Section 2.11,
or otherwise under this Guaranty, as it relates to such Loan Party, voidable under applicable law relating to fraudulent conveyance
or fraudulent transfer, and not for any greater amount). The obligations of each Qualified ECP Guarantor under this Section shall
remain in full force and effect until a Discharge of the Guaranteed Obligations. Each Qualified ECP Guarantor intends that this
Section 2.11 constitute, and this Section 2.11 shall be deemed to constitute, a “keepwell, support, or other agreement”
for the benefit of each other Loan Party for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

 

    	 	10	 

     

    

 

Section
3          REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE GUARANTORS.

 

3.1           Representations
and Warranties. Each Guarantor represents and warrants to the Guaranteed Parties on the Closing Date and on the date of each
Credit Event that the representations and warranties set forth in Section 3 of the Credit Agreement as they relate to such
Guarantor or to the Loan Documents to which such Guarantor is a party, each of which is incorporated herein by reference, are true
and correct in all material respects, except for representations and warranties that are qualified as to “materiality”,
“Material Adverse Effect” or similar language, in which case such representations and warranties shall be true and
correct (after giving effect to any such qualification therein) in all respects as of such date, in each case unless expressly
stated to relate to a specific earlier date, in which case such representations and warranties shall be true and correct in all
material respects as of such earlier date, and the Guaranteed Parties shall be entitled to rely on each of such representations
and warranties as if they were fully set forth herein, provided that each such reference in each such representation and warranty
to any Borrower’s knowledge shall, for the purposes of this Section 3.1, be deemed to be a reference to such Guarantor’s
knowledge.

 

3.2          Covenants. Each
Guarantor covenants and agrees with the Guaranteed Parties that, from and after the date of this Guaranty until the Discharge of
the Guaranteed Obligations, such Guarantor shall take, or shall refrain from taking, as the case may be, each action that is necessary
to be taken or not taken, as the case may be, so that no Default or Event of Default is caused by the failure to take such action
or to refrain from taking such action by such Guarantor or any of its Subsidiaries.

 

Section
4         POWER OF ATTORNEY AND FURTHER ASSURANCES

 

4.1          First Lien Administrative
Agent’s Appointment as Attorney-in-Fact, Etc. Each Guarantor hereby irrevocably constitutes and appoints the First Lien
Administrative Agent and any officer or agent thereof, with full power of substitution, as its true and lawful attorney-in-fact
with full irrevocable power and authority in the place and stead of such Guarantor and in the name of such Guarantor or in its
own name, for the purpose of carrying out the terms of this Agreement, to take any and all appropriate action and to execute any
and all documents and instruments which may be necessary or desirable to accomplish the purposes of this Agreement.

 

4.2          Further Assurances.
Each Guarantor agrees that from time to time, at the expense of such Guarantor, it shall use commercially reasonable efforts to
promptly execute and deliver such further instruments and documents and take such further commercially reasonable actions that
may be necessary, or that the First Lien Administrative Agent may reasonably request, in order to ensure that the Guaranteed Parties
receive the intended benefits hereof or to enable the First Lien Administrative Agent to exercise and enforce its rights and remedies
hereunder.

 

    	 	11	 

     

    

 

Section
5         MISCELLANEOUS

 

5.1          Amendments in Writing.
None of the terms or provisions of this Guaranty may be waived, amended, supplemented or otherwise modified except by a written
instrument executed by each affected Guarantor and the First Lien Administrative Agent, provided that any provision of this
Guaranty imposing obligations on any Guarantor may be waived by the First Lien Administrative Agent in a written instrument executed
by such First Lien Administrative Agent in accordance with Section 9.09 of the Credit Agreement.

 

5.2          Notices. All
notices, requests and demands to or upon the First Lien Administrative Agent or any Guarantor hereunder shall be effected in the
manner provided for in Section 9.01 of the Credit Agreement.

 

5.3          No Waiver by Course
of Conduct; Cumulative Remedies. No Guaranteed Party shall by any act (except by a written instrument pursuant to Section 5.1),
delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to have acquiesced in any Default
or Event of Default. No failure to exercise, nor any delay in exercising, on the part of any Guaranteed Party, any right, power
or privilege hereunder shall operate as a waiver thereof. No single or partial exercise of any right, power or privilege hereunder
shall preclude any other or further exercise thereof or the exercise of any other right, power or privilege. A waiver by any Guaranteed
Party of any right or remedy hereunder on any one occasion shall not be construed as a bar to any right or remedy which such Guaranteed
Party would otherwise have on any future occasion. The rights and remedies herein provided are cumulative, may be exercised singly
or concurrently and are not exclusive of any other rights or remedies provided by law.

 

5.4          Enforcement Expenses;
Indemnification. (a) Each Guarantor agrees to (i) pay or reimburse each Guaranteed Party for all its costs and expenses
incurred under this Agreement and (ii) to indemnify the Guaranteed Parties, in each case solely to the extent such Guarantor
is obligated to do so pursuant to Section 9.05 of the Credit Agreement or to the extent that the Borrower is obligated to
do so pursuant to Section 9.05 of the Credit Agreement and the Borrower fails to do so.

 

5.5          Successors and Assigns.
This Guaranty shall be binding upon the successors and assigns of each Guarantor and shall inure to the benefit of the Guaranteed
Parties and their successors and permitted assigns; provided that no Guarantor may assign, transfer or delegate any of its
rights or obligations under this Guaranty without the prior written consent of the First Lien Administrative Agent unless permitted
by the Credit Agreement and any such assignment, transfer or delegation without such consent shall be null and void.

 

    	 	12	 

     

    

 

5.6          Set-Off. Each
Guarantor hereby irrevocably authorizes each Guaranteed Party at any time and from time to time while an Event of Default shall
have occurred and be continuing, without further notice to such Guarantor or any other Guarantor, any such notice being expressly
waived by each Guarantor, to set-off and appropriate and apply any and all deposits (general or special, time or demand, provisional
or final), in any currency, and any other credits, indebtedness or claims, in any currency, in each case whether direct or indirect,
absolute or contingent, matured or unmatured, at any time held or owing by such party to or for the credit or the account of such
Guarantor, or any part thereof in such amounts as such Guaranteed Party may elect, against and on account of the obligations and
liabilities of such Guarantor to such Guaranteed Party hereunder and claims of every nature and description of such Guaranteed
Party against such Guarantor, in any currency, whether arising hereunder, under the Credit Agreement, any other Loan Document or
otherwise, as such Guaranteed Party may elect, whether or not any Guaranteed Party has made any demand for payment and although
such obligations, liabilities and claims may be contingent or unmatured, provided that, if such Guaranteed Party is a Lender, it
complies with Section 9.06 of the Credit Agreement. Each Guaranteed Party exercising any right of set-off shall notify such
Guarantor promptly of any such set-off and the application made by such Guaranteed Party of the proceeds thereof, provided
that the failure to give such notice shall not affect the validity of such set-off and application. The rights of each Guaranteed
Party under this Section are in addition to other rights and remedies (including, without limitation, other rights of set-off)
which such Guaranteed Party may have.

 

5.7          Counterparts.
This Guaranty may be executed in two or more counterparts, each of which shall constitute an original but all of which, when taken
together, shall constitute but one contract. Delivery of an executed counterpart to this Guaranty by facsimile or other electronic
transmission (e.g. “pdf” or “tif” format) shall be effective as delivery of a manually executed counterpart
hereof.

 

5.8          Severability.
Any provision of this Guaranty which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition
or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
The parties hereto shall endeavor in good-faith negotiations to replace any invalid, illegal or unenforceable provisions with valid
provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.

 

5.9          Section Headings.
The section headings and Table of Contents used in this Guaranty are for convenience of reference only, are not part of this Agreement
and are not to affect the construction hereof or be taken in consideration in the interpretation hereof.

 

5.10        Integration, Conflict.
This Guaranty represents the entire agreement of the Guarantors, the First Lien Administrative Agent and the other Guaranteed Parties
with respect to the subject matter hereof, and supersedes any and all previous agreements and understandings, oral or written,
relating to the subject matter hereof. There are no promises, undertakings, representations or warranties by the First Lien Administrative
Agent or any other Guaranteed Party relative to the subject matter hereof not expressly set forth or referred to herein.

 

5.11        GOVERNING LAW.
THIS GUARANTY AND ANY DISPUTE, CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO THIS GUARANTY (WHETHER ARISING IN CONTRACT,
TORT OR OTHERWISE) SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS
OF LAW RULES THAT WOULD RESULT IN THE APPLICATION OF A DIFFERENT GOVERNING LAW. 

 

    	 	13	 

     

    

 

5.12         Submission to Jurisdiction;
Waivers. Each Guarantor hereby irrevocably and unconditionally:

 

(a)          submits
for itself and its property in any legal action or proceeding relating to this Guaranty (whether
arising in contract, tort or otherwise) to which it is a party, or for recognition and enforcement of any judgment in respect thereof,
to the exclusive general jurisdiction of the courts of the State of New York sitting in the Borough of Manhattan, and of the United
States of America for the Southern District of New York sitting in the Borough of Manhattan, and appellate courts from any thereof;

 

(b)          agrees
that all claims in respect of any such action or proceeding shall be heard and determined in such New York state court or, to
the fullest extent permitted by applicable law, in such federal court;

 

(c)          agrees
that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on
the judgment or in any other manner provided by law and that nothing in this Guaranty shall
affect any right that any Guaranteed Party may otherwise have to bring any action or proceeding
relating to this Guaranty against the Guarantor or
any of its assets in the courts of any jurisdiction;

 

(d)          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 Guaranty
in any court referred to in paragraph (a) of this section (and irrevocably waives to the
fullest extent permitted by applicable law the defense of an inconvenient forum to the maintenance of such action or proceeding
in any such court);

 

(e)          consents
to service of process in the manner provided in Section 9.17 of the Credit Agreement (and
agrees that nothing in this Guaranty will affect the right of any party hereto
to serve process in any other manner permitted by applicable law); and

 

(f)          waives,
to the maximum extent not prohibited by law, any right it may have to claim or recover any special, exemplary, punitive or consequential
damages.

 

5.13        Acknowledgments.
Each Guarantor hereby acknowledges that:

 

(a)          in
connection with all aspects of each transaction contemplated hereby, it has consulted its own legal advisors to the extent it has
deemed appropriate;

 

(b)          no
Guaranteed Party has any fiduciary relationship with or duty to any Guarantor
arising out of or in connection with this Guaranty or any of the other Loan Documents,
and the relationship between the Guarantors, on the one hand, and the Guaranteed
Parties, on the other hand, in connection herewith or therewith is solely that of debtor and creditor; and

 

(c)          no
joint venture is created hereby or by the other Loan Documents or otherwise exists by virtue of the transactions contemplated hereby
among the parties hereto.

 

    	 	14	 

     

    

 

5.14         Additional Guarantors.
Each Subsidiary of the Borrower that is required to become a party to this Agreement pursuant to Section 5.11 of the Credit
Agreement shall become a Guarantor as required by the Credit Agreement for all purposes of this Agreement upon execution and delivery
by such Subsidiary of a Joinder Agreement in the form of Annex 1 hereto.

 

5.15         Releases. At
such time as there has been a Discharge of the Guaranteed Obligations, this Agreement and all obligations (other than those expressly
stated to survive such termination) of the First Lien Administrative Agent and each Guarantor hereunder shall automatically terminate,
all without delivery of any instrument or performance of any act by any party. At the request and sole expense of any Guarantor
following any such termination, the First Lien Administrative Agent shall promptly execute and deliver to such Guarantor such documents
as such Guarantor shall reasonably request to evidence such termination.

 

5.16         WAIVER OF JURY TRIAL.
EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL
BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS GUARANTY OR THE TRANSACTIONS CONTEMPLATED
HEREBY (WHETHER BASED ON CONTRACT, TORT, BREACH OF DUTY, COMMON LAW, STATUTE OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES
THAT NO REPRESENTATIVE, FIRST LIEN ADMINISTRATIVE 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 GUARANTY BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS
IN THIS SECTION. EACH PARTY HERETO FURTHER REPRESENTS AND WARRANTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL AND
THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.

 

[This Space Intentionally
Left Blank]

 

    	 	15	 

     

    

 

IN WITNESS WHEREOF, each of the undersigned
has caused this First Lien Guaranty Agreement to be duly executed and delivered as of the date first above written.

 

	 	GUARANTORS:
	 	 	 
	 	DIFFERENTIAL BRANDS GROUP INC.
	 	 	 
	 	By:	/s/ Lori Nembirkow
	 	Name:	Lori Nembirkow
	 	Title:	Secretary
	 	 	 
	 	DBG HOLDINGS SUBSIDIARY INC.
	 	 	 
	 	By:	/s/ Lori Nembirkow
	 	Name:	Lori Nembirkow
	 	Title:	Secretary
	 	 	 
	 	DBG SUBSIDIARY INC.
	 	 	 
	 	By:	/s/ Lori Nembirkow
	 	Name:	Lori Nembirkow
	 	Title:	Secretary  
	 	 	 
	 	HUDSON CLOTHING HOLDINGS, INC.
	 	 	 
	 	By:	/s/ Lori Nembirkow
	 	Name:	Lori Nembirkow
	 	Title:	Secretary
	 	 	 
	 	HUDSON CLOTHING, LLC
	 	 	 
	 	By:	/s/ Lori Nembirkow
	 	Name:	Lori Nembirkow
	 	Title:	Secretary

 

Signature
Page to Guaranty Agreement

 

    	 	 	 

     

    

 

	 	DFBG SWIMS, LLC
	 	 	 
	 	By:	/s/ Lori Nembirkow
	 	Name:	 Lori Nembirkow
	 	Title:	Secretary
	 	 	 
	 	HC ACQUISITION HOLDINGS, INC.
	 	 	 
	 	By:	 /s/ Lori Nembirkow
	 	Name:	 Lori Nembirkow
	 	Title:	 Secretary
	 	 
	 	RG PARENT LLC
	 	 	 
	 	By:	/s/ Lori Nembirkow
	 	Name:	Lori Nembirkow
	 	Title:	Secretary
	 	 	 
	 	ROBERT GRAHAM HOLDINGS, LLC
	 	 	 
	 	By:	/s/ Lori Nembirkow
	 	Name:	Lori Nembirkow
	 	Title:	Secretary
	 	 	 
	 	ROBERT GRAHAM DESIGNS, LLC
	 	 	 
	 	By:	/s/ Lori Nembirkow
	 	Name:	Lori Nembirkow
	 	Title:	Secretary
	 	 	 
	 	ROBERT GRAHAM RETAIL LLC 
	 	 	 
	 	By:	/s/ Lori Nembirkow
	 	Name:	Lori Nembirkow
	 	Title:	Secretary

 

Signature
Page to Guaranty Agreement

 

    	 	 	 

     

    

 

	 	RGH GROUP LLC
	 	 	 
	 	By:	/s/ Lori Nembirkow
	 	Name:	Lori Nembirkow
	 	Title:	Secretary
	 	 	 
	 	MARCO BRUNELLI IP, LLC
	 	 	 
	 	By:	/s/ Lori Nembirkow
	 	Name:	Lori Nembirkow
	 	Title:	Secretary
	 	 	 
	 	CENTRIC BRANDS HOLDING LLC
	 	 	 
	 	By:	/s/ Lori Nembirkow
	 	Name:	Lori Nembirkow
	 	Title:	Secretary
	 	 	 
	 	AMERICAN MARKETING ENTERPRISES INC.
	 	 	 
	 	By:	/s/ Lori Nembirkow
	 	Name:	Lori Nembirkow
	 	Title:	Secretary
	 	 	 
	 	BRIEFLY STATED HOLDINGS INC.
	 	 	 
	 	By:	/s/ Lori Nembirkow
	 	Name:	Lori Nembirkow
	 	Title:	Secretary
	 	 	 
	 	BRIEFLY STATED INC.
	 	 	 
	 	By:	/s/ Lori Nembirkow
	 	Name:	Lori Nembirkow
	 	Title:	Secretary

 

Signature
Page to Guaranty Agreement

 

    	 	 	 

     

    

 

	 	GBG JEWELRY INC.
	 	 	 
	 	By:	/s/ Lori Nembirkow
	 	Name:	Lori Nembirkow
	 	Title:	Secretary
	 	 	 
	 	KHQ INVESTMENT LLC
	 	 	 
	 	By:	/s/ Lori Nembirkow
	 	Name:	Lori Nembirkow
	 	Title:	Secretary
	 	 	 
	 	KHQ ATHLETICS LLC
	 	 	 
	 	By:	/s/ Lori Nembirkow
	 	Name:	Lori Nembirkow
	 	Title:	Secretary
	 	 	 
	 	ROSETTI HANDBAGS AND ACCESSORIES, LTD.
	 	 	 
	 	By:	/s/ Lori Nembirkow
	 	Name:	Lori Nembirkow
	 	Title:	Secretary
	 	 	 
	 	GBG ACCESSORIES GROUP LLC
	 	 	 
	 	By:	/s/ Lori Nembirkow
	 	Name:	Lori Nembirkow
	 	Title:	Secretary
	 	 	 
	 	GBG SOCKS LLC
	 	 	 
	 	By:	/s/ Lori Nembirkow
	 	Name:	Lori Nembirkow
	 	Title:	Secretary

 

Signature
Page to Guaranty Agreement

 

    	 	 	 

     

    

 

	 	VZI INVESTMENT CORP.
	 	 	 
	 	By:	/s/ Lori Nembirkow
	 	Name:	Lori Nembirkow
	 	Title:	Secretary
	 	 	 
	 	GBG-BCBG LLC
	 	 	 
	 	By:	/s/ Lori Nembirkow
	 	Name:	Lori Nembirkow
	 	Title:	Secretary
	 	 	 
	 	GBG-BCBG RETAIL LLC
	 	 	 
	 	By:	/s/ Lori Nembirkow
	 	Name:	Lori Nembirkow
	 	Title:	Secretary
	 	 	 
	 	GBG DENIM USA, LLC
	 	 	 
	 	By:	/s/ Lori Nembirkow
	 	Name:	Lori Nembirkow
	 	Title:	Secretary
	 	 	 
	 	GBG BEAUTY LLC
	 	 	 
	 	By:	/s/ Lori Nembirkow
	 	Name:	Lori Nembirkow
	 	Title:	Secretary
	 	 	 
	 	ADDED EXTRAS LLC
	 	 	 
	 	By:	/s/ Lori Nembirkow
	 	Name:	Lori Nembirkow
	 	Title:	Secretary

 

Signature
Page to Guaranty Agreement

 

    	 	 	 

     

    

 

	 	LOTTA LUV BEAUTY LLC
	 	 	 
	 	By:	/s/ Lori Nembirkow
	 	Name:	Lori Nembirkow
	 	Title:	Secretary
	 	 	 
	 	GBG WEST LLC
	 	 	 
	 	By:	/s/ Lori Nembirkow
	 	Name:	Lori Nembirkow
	 	Title:	Secretary
	 	 	 
	 	F&T APPAREL LLC
	 	 	 
	 	By:	/s/ Lori Nembirkow
	 	Name:	Lori Nembirkow
	 	Title:	Secretary
	 	 	 
	 	GBG DENIM RETAIL LLC
	 	 	 
	 	By:	/s/ Lori Nembirkow
	 	Name:	Lori Nembirkow
	 	Title:	Secretary
	 	 	 
	 	INNOVO WEST SALES, INC.
	 	 	 
	 	By:	/s/ Lori Nembirkow
	 	Name:	Lori Nembirkow
	 	Title:	Secretary
	 	 	 
	 	CENTRIC BEBE LLC
	 	 	 
	 	By:	/s/ Lori Nembirkow
	 	Name:	Lori Nembirkow
	 	Title:	Secretary

 

Signature
Page to Guaranty Agreement

 

    	 	 	 

     

    

 

	 	ARES CAPITAL CORPORATION,
	 	as First Lien Administrative Agent
	 	 	 
	 	By:	/s/ Mitchell Goldstein
	 	Name: 	Mitchell Goldstein
	 	Title: 	Authorized Signatory

Signature
Page to Guaranty Agreement

 

    	 	 	 

     

    

 

Annex 1 to

First Lien Guaranty Agreement

 

JOINDER AGREEMENT,
dated as of ____________, 20____, made by ______________________, a _______________ corporation (the “Additional Guarantor”),
in favor of ARES CAPITAL CORPORATION as Administrative Agent (in such capacity, the “First Lien Administrative Agent”)
for (i) the banks and other financial institutions or entities (the “Lenders”) from time to time parties
to the Credit Agreement referred to below, and (ii) the other Guaranteed Parties (as defined in the First Lien Guaranty Agreement
(as hereinafter defined)). All capitalized terms not defined herein shall have the meaning ascribed to them in such Credit Agreement.

 

WITNESSETH:

 

WHEREAS, DIFFERENTIAL
BRANDS GROUP INC. (the “Borrower”), the Lenders, and the First Lien Administrative Agent have entered into that
certain First Lien Credit Agreement, dated as of October 29, 2018 (as amended, supplemented, replaced or otherwise modified from
time to time, the “Credit Agreement”);

 

WHEREAS, in connection
with the Credit Agreement, the Borrower and certain of its Affiliates (other than the Additional Guarantor) have entered into the
First Lien Guaranty Agreement, dated as of October 29, 2018 (as amended, supplemented replaced or otherwise modified from time
to time, the “First Lien Guaranty Agreement”) in favor of the First Lien Administrative Agent for the benefit
of the Guaranteed Parties;

 

WHEREAS, the Credit
Agreement requires the Additional Guarantor to become a party to the First Lien Guaranty Agreement; and

 

WHEREAS, the Additional
Guarantor has agreed to execute and deliver this Joinder Agreement in order to become a party to the First Lien Guaranty Agreement;

 

NOW, THEREFORE, IT
IS AGREED:

 

1.          First Lien Guaranty
Agreement.    By executing and delivering this Joinder Agreement, the Additional Guarantor, as provided in
Section 5.14 of the First Lien Guaranty Agreement, hereby becomes a party to the First Lien Guaranty Agreement as a Guarantor
thereunder with the same force and effect as if originally named therein as a Guarantor and, without limiting the generality of
the foregoing, hereby expressly assumes all obligations and liabilities of a Guarantor thereunder. The information set forth in
Annex 1-A hereto is hereby added to the information set forth in Schedules [_____________1
] to the Guarantee Agreement. The Additional Guarantor hereby represents and warrants that each of the representations
and warranties contained in Section 3 of the Credit Agreement as they relate to such Additional Guarantor or to the Loan
Documents to which such Additional Guarantor is a party, each of which is incorporated herein by reference, is true and correct
in all material respects on and as of the date hereof (after giving effect to this Joinder Agreement).

 

 

 

1
Refer to each Schedule which needs to be supplemented where a secured guaranty is involved.

 

    	 	Annex 1-1 	 

     

    

  

2.          [Limitations
of Guarantee. [●]]

 

3.          GOVERNING LAW.
THIS ASSUMPTION AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.

 

4.          Successors and
Assigns. This Joinder Agreement will be binding upon and inure to the benefit of the parties
hereto and their respective successors and assigns, except that the Additional Guarantor may not assign, transfer or delegate
any of its rights or obligations under this Assumption Agreement without the prior written consent of the First Lien Administrative
Agent, unless permitted by the Credit Agreement, and any such assignment, transfer or delegation without such consent shall be
null and void.

 

IN WITNESS WHEREOF,
the undersigned has caused this Joinder Agreement to be duly executed and delivered as of the date first above written.

  

	 	[ADDITIONAL GUARANTOR]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

  

    	 	Annex 1-2 	 

     

    

 

Annex 1-AExhibit
10.4

 

EXECUTION VERSION

 

 

 

SECOND LIEN
CREDIT AGREEMENT 

 

Dated as of October 29, 2018,

 

Among

 

DIFFERENTIAL BRANDS GROUP INC.,

as Borrower,

 

THE LENDERS PARTY HERETO,

and

U.S. BANK NATIONAL ASSOCIATION,

as Administrative Agent and Collateral Agent

 

 

  

    	 

     

    

 

Table of Contents

 

	 	 	Page
	 	 	 
	 	Article I	 
	 	 	 
	 	Definitions	 
	 	 	 
	Section 1.01	Defined Terms	1
	Section 1.02	Terms Generally	69
	Section 1.03	Pro Forma Calculations	70
	Section 1.04	Currency Translation	70
	Section 1.05	[Reserved]	71
	Section 1.06	Limited Condition Acquisitions	71
	Section 1.07	Cashless Rolls	71
	 	 	 
	 	Article II	 
	 	 	 
	 	The Credits	 
	 	 	 
	Section 2.01	Commitments	72
	Section 2.02	Loans and Borrowings	72
	Section 2.03	Requests for Borrowings	73
	Section 2.04	[Reserved]	73
	Section 2.05	[Reserved.	73
	Section 2.06	[Reserved].	73
	Section 2.07	Interest Elections	73
	Section 2.08	Termination and Reduction of Commitments	74
	Section 2.09	Repayment of Loans; Evidence of Debt	74
	Section 2.10	Repayment of Loans	75
	Section 2.11	Prepayment of Loans	76
	Section 2.12	Fees	79
	Section 2.13	Interest	81
	Section 2.14	Alternate Rate of Interest	82
	Section 2.15	Increased Costs	83
	Section 2.16	Break Funding Payments	84
	Section 2.17	Taxes	84
	Section 2.18	Payments Generally; Pro Rata Treatment; Sharing of Set-offs	88
	Section 2.19	Mitigation Obligations; Replacement of Lenders	90
	Section 2.20	[Reserved]	91

 

    	i

     

    

 

	Section 2.21	Illegality	91
	Section 2.22	[Reserved]	91
	Section 2.23	Defaulting Lenders	92
	 	 	 
	 	Article III	 
	 	 	 
	 	Representations and Warranties	 
	 	 	 
	Section 3.01	Organization; Powers	93
	Section 3.02	Authorization	93
	Section 3.03	Enforceability	94
	Section 3.04	Governmental Approvals	94
	Section 3.05	Financial Statements	94
	Section 3.06	No Material Adverse Effect	95
	Section 3.07	Title to Properties; Possession Under Leases	95
	Section 3.08	Subsidiaries	96
	Section 3.09	Litigation; Commercial Tort Claims; Compliance with Laws	97
	Section 3.10	Federal Reserve Regulations	97
	Section 3.11	Investment Company Act	98
	Section 3.12	Use of Proceeds	98
	Section 3.13	Tax Returns	98
	Section 3.14	No Material Misstatements	98
	Section 3.15	Employee Benefit Plans	99
	Section 3.16	Environmental Matters	100
	Section 3.17	Security Documents	100
	Section 3.18	Location of Real Property	101
	Section 3.19	Solvency	102
	Section 3.20	Labor Matters	102
	Section 3.21	Insurance	102
	Section 3.22	[Reserved]	102
	Section 3.23	Material Agreements; No Violation	103
	Section 3.24	[Reserved]	103
	Section 3.25	PATRIOT Act, etc.	103
	Section 3.26	Sanctions Laws	103
	Section 3.27	Anti-Corruption Laws and Sanctions	104
	Section 3.28	Compliance With Collateral and Guarantee Requirement	104

 

    	ii

     

    

 

	 	Article IV	 
	 	 	 
	 	Conditions of Lending	 
	 	 	 
	Section 4.01	Closing Date	104
	 	 	 
	 	Article V	 
	 	 	 
	 	Affirmative Covenants	 
	 	 	 
	Section 5.01	Existence; Businesses and Properties	109
	Section 5.02	Insurance	109
	Section 5.03	Taxes	111
	Section 5.04	Financial Statements, Reports, etc.	111
	Section 5.05	Litigation and Other Notices	114
	Section 5.06	Compliance with Laws	115
	Section 5.07	Maintaining Records; Inspections	115
	Section 5.08	Payment of Obligations	116
	Section 5.09	Use of Proceeds	116
	Section 5.10	Compliance with Environmental Laws	116
	Section 5.11	Further Assurances; Additional Security	116
	Section 5.12	Fiscal Year; Accounting	118
	Section 5.13	[Reserved].	118
	Section 5.14	Lender Meetings	118
	Section 5.15	Securitization Matters	119
	Section 5.16	Compliance with Anti-Corruption Laws and Sanctions Laws.	119
	Section 5.17	Post-Closing Matters	119
	Section 5.18	[Reserved].	119
	Section 5.19	Board Observers	119
	Section 5.20	Compliance with Collateral and Guarantee Requirement	120
	 	 	 
	 	Article VI	 
	 	 	 
	 	Negative Covenants	 
	 	 	 
	Section 6.01	Indebtedness	120
	Section 6.02	Liens	124
	Section 6.03	Sale and Lease-Back Transactions	130
	Section 6.04	Investments, Loans and Advances	130
	Section 6.05	Mergers, Consolidations, Sales of Assets and Acquisitions	133

 

    	iii

     

    

 

	Section 6.06	Dividends and Distributions	136
	Section 6.07	Transactions with Affiliates	138
	Section 6.08	Business of the Borrower and the Subsidiaries	140
	Section 6.09	Limitation on Modifications and Payments of Indebtedness; Modifications of Certificate of Incorporation, By-Laws and
    Certain Other Agreements; etc.	140
	Section 6.10	Financial Maintenance Covenants	143
	Section 6.11	Limitations on Change in Fiscal Periods	145
	 	 	 
	 	Article VII	 
	 	 	 
	 	Events of Default	 
	 	 	 
	Section 7.01	Events of Default	145
	Section 7.02	Exclusion of Certain Subsidiaries	148
	 	 	 
	 	Article VIII	 
	 	 	 
	 	The Agents	 
	 	 	 
	Section 8.01	Appointment and Authority	149
	Section 8.02	Rights as a Lender	150
	Section 8.03	Exculpatory Provisions	151
	Section 8.04	Reliance by Administrative Agent	152
	Section 8.05	Delegation of Duties	152
	Section 8.06	Resignation of the Administrative Agent or Collateral Agent	153
	Section 8.07	Non-Reliance on Administrative Agent and Other Lenders	153
	Section 8.08	Notice of Default	153
	Section 8.09	Administrative Agent May File Proofs of Claim	154
	Section 8.10	Indemnification	154
	Section 8.11	Collateral Agreement	155
	Section 8.12	Withholding Tax	155
	Section 8.13	Certain ERISA Matters.	156
	Section 8.14	No Reliance on Collateral Agent’s Customer Identification Program.	157
	Section 8.15	No Other Duties, etc.	157
	Section 8.16	Credit Agreement Controls	157
	Section 8.17	Actions of the Collateral Agent	158
	Section 8.18	Regarding Collateral.	158

 

    	iv

     

    

 

	 	Article IX	 
	 	 	 
	 	Miscellaneous	 
	 	 	 
	Section 9.01	Notices	160
	Section 9.02	Survival of Agreement	162
	Section 9.03	Binding Effect	162
	Section 9.04	Successors and Assigns	162
	Section 9.05	Expenses; Indemnity	169
	Section 9.06	Right of Set-off	171
	Section 9.07	Payments Set Aside	172
	Section 9.08	Applicable Law	172
	Section 9.09	Waivers; Amendment	172
	Section 9.10	Interest Rate Limitation	175
	Section 9.11	[Reserved]	176
	Section 9.12	Entire Agreement	176
	Section 9.13	WAIVER OF JURY TRIAL	176
	Section 9.14	Severability	176
	Section 9.15	Counterparts	177
	Section 9.16	Headings	177
	Section 9.17	Jurisdiction; Consent to Service of Process	177
	Section 9.18	Confidentiality	178
	Section 9.19	Direct Website Communications	178
	Section 9.20	Release of Liens and Guarantees	180
	Section 9.21	Power of Attorney	181
	Section 9.22	PATRIOT Act Notice	181
	Section 9.23	No Advisory or Fiduciary Relationship	181
	Section 9.24	Acknowledgement and Consent to Bail-In of EEA Financial Institutions	182

 

    	v

     

    

 

Exhibits and Schedules

 

	Exhibit A 	Form of Assignment and Acceptance 
	Exhibit B 	[Reserved] 
	Exhibit C 	Form of Borrowing Request
	Exhibit D	Form of Collateral Agreement 
	Exhibit E	Form of Guaranty Agreement
	Exhibit F	Tax Compliance Certificates
	 	 
	Schedule A	Existing Letters of Credit
	Schedule B	Existing Earn Out Obligations
	Schedule C	Hudson Notes
	Schedule 1.01(b) 	Immaterial Subsidiaries 
	Schedule 1.01(g)	Loan Parties
	Schedule 2.01 	Commitments and Lenders 
	Schedule 3.01 	Organization and Good Standing 
	Schedule 3.04 	Governmental Approvals 
	Schedule 3.05(b)	Liabilities/Long-Term Obligations
	Schedule 3.07(b) 	Possession under Leases 
	Schedule 3.08(a) 	Subsidiaries
	Schedule 3.08(c) 	Subscriptions 
	Schedule 3.09	Litigation and Commercial Tort Claims
	Schedule 3.13 	Taxes
	Schedule 3.15 	Employee Benefit Plans 
	Schedule 3.16 	Environmental Matters 
	Schedule 3.18	Real Property
	Schedule 3.20 	Labor Matters 
	Schedule 3.21 	Insurance
	Schedule 3.23	Material Agreements
	Schedule 5.17	Post-Closing Matters
	Schedule 6.01 	Indebtedness
	Schedule 6.02(a) 	Liens 
	Schedule 6.04 	Investments; Intercompany Loans
	Schedule 6.07	Transactions with Affiliates
	Schedule 6.09(c)	Contractual Encumbrances and Restrictions
	Schedule 9.01(a)(i)	Loan Party Notice Information 
	Schedule 9.01(a)(ii)	Administrative Agent and Collateral Agent Notice Information

 

    	vi

     

    

 

This SECOND LIEN CREDIT
AGREEMENT, dated as of October 29, 2018, (as amended, restated, amended and restated, supplemented or otherwise modified from
time to time, this “Agreement”), is made by and among, DIFFERENTIAL BRANDS GROUP INC., a Delaware corporation
(the “Borrower”), the Lenders (as hereinafter defined) from time to time party hereto, U.S. BANK NATIONAL
ASSOCIATION, as administrative agent (together with any successor administrative agent appointed pursuant hereto, in such capacity,
the “Administrative Agent”) and collateral agent (together with any successor collateral agent appointed
pursuant hereto, in such capacity, the “Collateral Agent”) for all Lenders.

 

WHEREAS, pursuant
to the Acquisition Agreement, the Borrower will acquire (the “Closing Date Acquisition”) 100% of the
Equity Interests of Centric Brands Holding LLC, a Delaware limited liability company (the “Acquired Business”);

 

WHEREAS, the Borrower
has requested that the Lenders extend credit in the form of Loans on the Closing Date in an aggregate principal amount equal to
$668,000,000.  The proceeds of the Loans may be used on the Closing Date solely to fund consideration for the Closing Date
Acquisition and fees, costs and expenses incurred in connection with the Transactions;

 

WHEREAS, concurrently
herewith, the Borrower is entering into the First Lien Credit Agreement to incur (a) first lien term loans, the proceeds of which
will be used in accordance with the First Lien Credit Agreement to fund consideration for the Closing Date Acquisition and fees,
costs and expenses incurred in connection with the Transactions and (b) revolving loans, the proceeds of which will be used in
accordance with the First Lien Credit Agreement, on the Closing Date, to fund consideration for the Closing Date Acquisition, fees,
costs and expenses incurred in connection with the Transactions and to finance the payment of the license agreement consent fees
pursuant to the Acquisition Agreement;

 

WHEREAS, the Borrower
and each other Loan Party desire to secure all of the Obligations by granting to the Collateral Agent, for the benefit of the Secured
Parties, a security interest in and Lien upon substantially all of the property and assets of the Borrower and the other Loan Parties,
subject to the limitations described herein and in the Security Documents;

 

WHEREAS, the Lenders
are willing to extend such credit to the Borrower on the terms and subject to the conditions set forth herein; and

 

WHEREAS, the future
name of Borrower will be Centric Brands Inc. and this Agreement is being executed prior to such name change becoming effective.

 

NOW, THEREFORE,
in consideration of the above premises and the agreements hereinafter set forth, the parties hereto hereby agree as follows:

 

Article
I

Definitions

 

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

 

    	 	-1-	 

     

    

 

“ABR”
shall mean, for any day, a fluctuating interest rate per annum in effect from time to time, which rate per annum
shall at all times be equal to the highest of (a) the Federal Funds Rate plus 1/2 of 1%, (b) the Prime Rate
in effect on such date, (c) the Eurocurrency Base Rate (after giving effect to any Eurocurrency Base Rate “floor”)
(which rate shall be calculated based on an Interest Period of one month) plus 1.00% and (d) with respect to the
Loans, 2.50%; provided that, if the ABR determined based on the foregoing is less than zero, such rate shall be deemed
to be zero for the purposes of this Agreement. Any change in the ABR due to a change in the Prime Rate, the Federal Funds Rate
or the Eurocurrency Base Rate shall be effective as of the opening of business on the effective day of such change in the Prime
Rate, the Federal Funds Rate or the Eurocurrency Base Rate, respectively.

 

“ABR Borrowing”
shall mean a Borrowing comprised of ABR Loans.

 

“ABR Loan”
shall mean any Loan bearing interest at a rate determined by reference to the ABR in accordance with the provisions of Article II.

 

“Acquisition”
and “Acquisitions” shall mean, with respect to any Person, (a) the acquisition by such Person, in a single
transaction or in a series of related transactions, of all or substantially all of the property of another Person, or any division,
line of business or other business unit of another Person or (b) at least a majority of the voting Equity Interests of another
Person, in each case whether or not involving a merger or consolidation with such other Person and whether for cash, property,
services, assumption of Indebtedness, securities or otherwise; provided that the acquisition of assets and the assumption
of liabilities in connection with entering into licensing agreements in the ordinary course of business shall not be deemed an
“Acquisition”.

 

“Acquisition
Agreement” shall mean that certain Purchase and Sale Agreement, dated as of June 27, 2018, by and among the Borrower,
Global Brands Group Holdings Limited (“GBG”) and GBG USA Inc. (the “Seller”),
as amended, restated, amended and restated, supplemented or otherwise modified from time to time.

 

“Acquisition
Consideration” shall mean the purchase consideration paid by the Borrower and its Subsidiaries for any Permitted
Business Acquisition, whether paid in cash or by exchange of properties or otherwise and whether payable at or prior to the consummation
of such Permitted Business Acquisition or deferred for payment at any future time, whether or not any such future payment is subject
to the occurrence of any contingency, and includes any and all payments by Borrower or any Subsidiary representing the purchase
price and any assumptions of Indebtedness; provided that Acquisition Consideration shall exclude (a) any consideration
paid in the form of Equity Interests (other than Disqualified Stock) issued to the applicable seller, (b) any cash consideration
paid to the applicable seller that was financed with the proceeds of any issuance of (or contributions in respect of) Equity Interests
(other than Disqualified Stock) on or prior to the Closing Date (other than any proceeds from the Equity Contribution), (c) any
consideration paid in connection with the Existing Earn Out Obligations and (d) all fees, costs and expenses paid or payable in
connection with the structuring, negotiation, documentation or consummation of such Permitted Business Acquisition.

 

    	 	-2-	 

     

    

 

“Acquisition
Representations” shall mean the representations and warranties made by the Seller and GBG in the Acquisition Agreement
which are material to the interests to the Lenders, but solely to the extent that the Borrower has the right to terminate its obligations
under the Acquisition Agreement or not to consummate the transactions contemplated by the Acquisition Agreement as a result of
a breach of (or the inability to make) such representations or warranties.

 

“Additional
Amounts” shall have the meaning assigned to such term in definition of “Applicable Margin”.

 

“Additional
Mortgage” shall have the meaning assigned to such term in Section 5.11(c).

 

“Adjusted
Eurocurrency Rate” shall mean for any Interest Period with respect to a Eurocurrency Loan, a rate per annum
equal to the higher of (a) 1.50 % and (b) a rate per annum determined by the Administrative Agent pursuant to the following
formula:

 

	
        Adjusted 

Eurocurrency Rate =
	           Eurocurrency Base Rate           

1.00 - Eurocurrency Reserve Percentage

 

“Administrative
Agent” shall have the meaning assigned to such term in the preamble hereto.

 

“Administrative
Agent Fees” shall have the meaning assigned to such term in Section 2.12(a).

 

“Administrative
Questionnaire” shall mean an Administrative Questionnaire in a form supplied by the Administrative Agent and any
sub-agents.

 

“Advance
Ratio” shall mean, with respect to any Securitization Financing, the ratio of upfront cash compensation to deferred
payments.

 

“Affiliate”
shall mean, when used 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 provided, however,
that, for purposes of Section 6.07 and 9.04 the term “Affiliate” or “Affiliated
Lender” shall also include (i) any person that directly or indirectly owns 10% or more of any class of Equity Interests
of the person specified or that is an officer or director of the Person and (ii) any portfolio company of Tengram; provided
that for the avoidance of doubt, for purposes of this Agreement and the other Loan Documents, GSO, in its capacity as a Lender,
shall not be deemed an Affiliate of any Loan Party.

 

“Affiliated
Lender” shall mean any Affiliate of the Borrower other than the Borrower and its Subsidiaries.

 

“Affiliated
Lender Cap” shall have the meaning assigned to such term in Section 9.04(h)(iii).

 

    	 	-3-	 

     

    

 

“Agency Fee
Letter” shall mean that certain Fee Letter, dated as of the date hereof, by and among U.S. Bank National Association
and the Borrower.

 

“Agent Parties”
shall have the meaning assigned to such term in Section 9.19(c).

 

“Agreement”
shall have the meaning assigned to such term in the preamble hereto, as amended from time to time in accordance with the terms
hereof.

 

“AHYDO Payment”
shall mean any interest payment, mandatory prepayment or redemption pursuant to the terms of any Indebtedness in an amount that
is intended or designed to cause such Indebtedness not to be treated as an “applicable high yield discount obligation”
within the meaning of Section 163(i) of the Code.

 

“Anti-Corruption
Laws” shall mean all laws, rules, and regulations of any jurisdiction applicable to the Borrower or any of its Subsidiaries
concerning or relating to bribery or corruption, including, without limitation: (a) the FCPA; (b) the UK Bribery Act 2010; (c)
any activity prohibited by any resolution of the U.N. Security Council under Chapter VII of the U.N. Charter or the Organization
for Economic Cooperation and Development’s Good Practice Guidance on Internal Controls, Ethics, and Compliance; (d) any laws
implementing the principles described in the Convention on Combating Bribery of Foreign Public Officials in International Business
Transactions, signed in Paris on 17 December 1997, which entered into force on 15 February 1999, and the Convention’s Commentaries;
and (e) any other applicable anti-corruption or anti-bribery laws.

 

“Applicable
Margin” shall mean for any day the sum of (x) in cash, 7.00% per annum in the case of any Eurocurrency
Loan, and 6.00% per annum in the case of any ABR Loan and (y) in-kind (“PIK Interest”), 2.75%
per annum provided, that, that on and after December 31, 2019, the Applicable Margin (including the PIK Interest)
at all times following the date of the delivery of financial statements pursuant to Section 5.04(a) or Section
5.04(b) shall be determined in accordance with the percentages set forth in the table below, based upon the Consolidated
First Lien Leverage Ratio set forth in the most recent Compliance Certificate received by the Administrative Agent and the Lenders
pursuant to Section 5.04(e):

 

	Consolidated First Lien

 Leverage Ratio	 	Applicable
                                         Margin in
 cash for Loans that
 are Eurocurrency
 Loans
 (per
                                         annum)
	 	 	Applicable
                                         Margin
 in cash for Loans
 that are ABR
 Loans
 (per
                                         annum)
	 	 	PIK Interest
 for Loans	 
	Greater than 2.50 to 1.00	 	 	7.00	%	 	 	6.00	%	 	 	2.75	%
	Equal to or less than  2.50 to 1.00	 	 	8.00	%	 	 	7.00	%	 	 	1.25	%

 

provided,
further, that, until the Administrative Agent has received written notice from the Borrower of the occurrence of
the Renegotiation of Li & Fung Sourcing Agreement, the PIK Interest paid on any Interest Payment Date shall be increased by
0.25%.

 

    	 	-4-	 

     

    

 

Each change in the Applicable
Margin shall be effective on and after the date of delivery to the Administrative Agent and the Lenders of financial statements
pursuant to Section 5.04(a) and 5.04(b) and a Compliance Certificate pursuant to Section 5.04(e)
evidencing the related change in the Consolidated First Lien Leverage Ratio as of the first Business Day following such delivery.
At any time the Borrower has not submitted to the Administrative Agent and the Lenders the applicable information as and when required
under Section 5.01(e), the Applicable Margin shall be determined as if the Consolidated First Lien Leverage Ratio
were in excess of 2.50 to 1.00 as of the first Business Day following the date on which such delivery should have been made (without
constituting a waiver of any Default or Event of Default caused by the failure to timely deliver such financial statements and
Compliance Certificate) and continuing until the date on which such financial statements and Compliance Certificate are delivered
to the Administrative Agent and the Lenders.

 

Notwithstanding anything
to the contrary set forth in this Agreement if (i) the Consolidated First Lien Leverage Ratio used to determine the Applicable
Margin for any period is incorrect as a result of any error, misstatement or misrepresentation contained in any financial statement
or certificate delivered pursuant to Section 5.04(a) or Section 5.04(b), and (ii) as a result
thereof, the Applicable Margin paid to the Lenders at any time pursuant to this Agreement is lower than the Applicable Margin that
would have been payable to the Lenders had the Applicable Margin been calculated on the basis of the correct Consolidated First
Lien Leverage Ratio, the Applicable Margin in respect of such period will be adjusted upwards automatically and retroactively,
and the Borrower shall pay to each Lender such additional amounts (“Additional Amounts”) as are necessary
so that after receipt of such amounts such Lender receives an amount equal to the amount it would have received had the Applicable
Margin been calculated during such period on the basis of the correct Consolidated First Lien Leverage Ratio for such period. Additional
Amounts shall be payable 10 days following delivery by the Administrative Agent to the Borrower of a notice setting forth in reasonable
detail the Administrative Agent’s calculation of the amount of any Additional Amounts owed to the Lenders (provided such
10 day period for payment shall not apply in the case the Borrower notifies the Administrative Agent that there is an error or
a dispute regarding such calculation or Additional Amounts and in which case such Additional Amounts owed by the Loan Parties (if
any) shall be paid promptly once such Additional Amount calculation is agreed). The payment of Additional Amounts shall be in addition
to, and not in limitation of, any other amounts payable by the Borrower pursuant to Section 2.12 and Section
2.13. Additional Amounts shall constitute “Obligations”. The agreements in this paragraph shall
survive the payment of the Loans and all other Obligations payable under this Agreement and the termination of the Commitments.

 

“Applicable
Percentage” shall mean, in respect of the Loans, with respect to any Lender at any time, the percentage (carried
out to the ninth decimal place) of the Loans represented by (i) such Lender’s Commitment at such time and (ii) after
the termination of such Lender’s Commitment, the principal amount of such Lender’s Loans at such time. The initial
Applicable Percentage of each Lender is set forth opposite the name of such Lender on Schedule 2.01 or in the
Assignment and Acceptance pursuant to which such Lender becomes a party hereto, as applicable.

 

    	 	-5-	 

     

    

 

“Approved
Fund” shall have the meaning assigned to such term in Section 9.04(b).

 

“Ares”
shall mean Ares Capital Management LLC and/or its managed funds or Affiliates.

 

“Asset Sale”
shall mean any loss, damage, destruction or condemnation of, or any sale, assignment, conveyance, exclusive or perpetual license,
transfer or other Disposition (including any sale and leaseback of assets and any mortgage, lease or sublease of real property
(including by allocation of assets by division or allocation of assets to any series of a limited liability company)) to any person
of any asset or assets of any of the Borrower or any Subsidiary.

 

“Assignee”
shall have the meaning assigned to such term in Section 9.04(b).

 

“Assignment
and Acceptance” shall mean an assignment and acceptance entered into by a Lender and an assignee, and acknowledged
by the Administrative Agent and accepted by the Borrower (if required by Section 9.04), in the form of Exhibit A.

 

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

 

“Bail-In
Legislation” shall mean, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of
the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to
time which is described in the EU Bail-In Legislation Schedule.

 

“Beneficial
Ownership Certification” shall mean a certification regarding beneficial ownership as required by the Beneficial
Ownership Regulation.

 

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

 

“Benefit
Plan” shall mean any (a) “employee benefit plan” (as defined in Section 3(3) of ERISA) that is subject
to Title I of ERISA, or (b) “plan” as defined in and subject to Section 4975 of the Code.

 

“Board”
shall mean the Board of Governors of the Federal Reserve System of the United States of America, or any successor thereto.

 

“Board of
Directors” shall mean, as to any person, the board of directors or managers, as applicable, of such person (or, if
such person is a partnership, the board of directors or other governing body of the general partner of such person) or any duly
authorized committee thereof.

 

    	 	-6-	 

     

    

 

“Bona Fide
Debt Fund” shall mean, with respect to any Company Competitor or any Affiliate thereof, any debt fund, investment
vehicle, regulated bank entity or unregulated lending entity (in each case, other than any Disqualified Institution) that is primarily
(i) engaged in or advises funds or other investment vehicles that are engaged in making, purchasing, holding or otherwise
investing in commercial loans, commitments and similar extensions of credit in the ordinary course of business and (ii) managed,
sponsored or advised by any Person that is controlling, controlled by or under common control with the relevant Company Competitor
or Affiliate thereof, but only to the extent that no personnel involved with the investment in the relevant Company Competitor
(other than a limited number of senior employees in connection with the relevant Person’s internal legal, compliance, risk
management and/or credit practices) (A) directly or indirectly makes (or has the right to make or participate with others in making)
investment decisions on behalf of such debt fund, investment vehicle, regulated bank entity or unregulated entity or (B) has access
to any information (other than information that is publicly available) relating to the Borrower, the Acquired Business or any entity
that forms a part of any of their respective businesses (including any of their respective subsidiaries); it being understood and
agreed that the term “Bona Fide Debt Fund” shall not include any Person that is separately identified
to the Administrative Agent (for further distribution to the Required Lenders) in accordance with clause (a) of the
definition of “Disqualified Institution” or any Affiliate of any such Person that is reasonably identifiable
as an Affiliate of such Person on the basis of such Affiliate’s name.

 

“Borrower”
shall have the meaning assigned to such term in the preamble hereto.

 

“Borrower
Notice” shall have the meaning assigned to such term in Section 5.11(c).

 

“Borrowing”
shall mean a group of Loans of a single Type and currency and made on a single date to a single Borrower and, in the case of Eurocurrency
Loans, as to which a single Interest Period is in effect

 

“Borrowing
Minimum” shall mean $5,000,000.

 

“Borrowing
Multiple” shall mean $1,000,000.

 

“Borrowing
Request” shall mean a request by the Borrower in accordance with the terms of 2.04 and substantially
in the form of Exhibit C. Each such written Borrowing Request shall specify the following information:

 

(i)          the
aggregate amount of the requested Borrowing;

 

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

 

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

 

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

 

(v)         the
location and number of the Borrower’s account(s) to which funds are to be disbursed.

 

    	 	-7-	 

     

    

 

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

 

“Capital
Expenditures” shall mean, for any person in respect of any period, without duplication, the aggregate of all expenditures
incurred for any purchase or other acquisition of any asset, including capitalized leasehold improvements, which would be classified
as a fixed or capital asset on a consolidated balance sheet of such person prepared in accordance with GAAP or are included as
“additions to property, plant or equipment” reflected in the statement of cash flows of such Person; provided,
however, that Capital Expenditures shall not include:

 

(a)         expenditures
with funds that would have constituted Net Proceeds under clause (a) of the definition of the term “Net
Proceeds” but for the application of the first proviso to such clause (a);

 

(b)         expenditures
with proceeds of insurance settlements, condemnation awards and other settlements in respect of lost, destroyed, damaged or condemned
assets, equipment or other property to the extent such expenditures are made to replace or repair such lost, destroyed, damaged
or condemned assets, equipment or other property or otherwise to acquire, maintain, develop, construct, improve, upgrade or repair
assets or properties useful in the business of the Borrower and the Subsidiaries to the extent permitted hereunder;

 

(c)         interest
capitalized during such period;

 

(d)         expenditures
that are accounted for as capital expenditures of such person and that actually are paid for by a third party (excluding the Borrower
or any Subsidiary, but including any landlord or other owner of real property leased in connection with such leasehold or property
improvements made by such party) and for which neither Borrower nor any of its Subsidiaries has provided or is required to provide
(or incur or is otherwise liable for (directly or indirectly)) any consideration or obligation to such third party (or any other
person directed by such third person) (whether before, during or after such period);

 

(e)         the
book value of any asset owned by such person prior to or during such period to the extent that such book value is included as a
capital expenditure during such period as a result of such person reusing or beginning to reuse such asset during such period without
a corresponding expenditure actually having been made in such period; provided, that (i) any expenditure necessary
in order to permit such asset to be reused shall be included as a Capital Expenditure during the period that such expenditure actually
is made and (ii) such book value shall have been included in Capital Expenditures when such asset was originally acquired;

 

    	 	-8-	 

     

    

 

(f)          the
purchase price of equipment purchased during such period to the extent that the consideration therefor consists of any combination
of (i) used or surplus equipment traded in at the time of such purchase and (ii) the proceeds of a concurrent sale of used or surplus
equipment;

 

(g)         the
Closing Date Acquisition, Investments in respect of a Permitted Business Acquisition or any other investment other than to the
extent constituting a Capital Expenditure; or

 

(h)         capital
expenditures to the extent made or financed with the cash and Cash Equivalent proceeds of issuances of Equity Interests (other
than Disqualified Stock) or paid for with Equity Interests (other than Disqualified Stock).

 

“Capital
Lease” shall mean, with respect to any person, any lease of, or other arrangement conveying the right to use, any
property by such Person as lessee that are required to be accounted for as a capital lease on a balance sheet of such person prepared
in accordance with GAAP.

 

“Capital
Lease Obligations” shall mean, with respect to any person, the obligations of such person to pay rent or other amounts
under any Capital Lease, and, for purposes hereof, the amount of such obligations at any time shall be the capitalized amount thereof
that would appear on the balance sheet of such person at such time determined in accordance with GAAP.

 

“Cash Equivalents”
shall mean:

 

(a)          U.S.
Dollars, Sterling, or Euros or, in the case of any Foreign Subsidiary, such local currencies held by it from time to time in the
ordinary course of business;

 

(b)          securities
issued or directly and fully guaranteed or insured by the government of, or any agency or instrumentality thereof, the United States
of America or any member state of the European Union, in each case, with maturities not exceeding two years after the date of acquisition;

 

(c)          in
the case of any Foreign Subsidiary, securities issued or directly and fully guaranteed or insured by the government of, or any
agency or instrumentality thereof, in each case with maturities not exceeding 365 days after the date of acquisition and held
by it from time to time in the ordinary course of business;

 

(d)          certificates
of deposit, time deposits and eurodollar time deposits with maturities of one year or less from the date of acquisition, bankers’
acceptances, in each case with maturities not exceeding one year and overnight bank deposits and demand deposits (in their respective
local currencies), in each case with any commercial bank having capital and surplus in excess of $500,000,000 or the foreign currency
equivalent thereof and whose long-term debt is rated “AA-” or “Aa3” or the equivalent thereof by
Moody’s or S&P, respectively (or, in the case of an obligor domiciled outside of the United States, reasonably equivalent
ratings of another internationally recognized credit rating agency);

 

    	 	-9-	 

     

    

 

(e)          repurchase
obligations for underlying securities of the types described in clauses (b) and (c) above entered
into with any financial institution meeting the qualifications specified in clause (d) above;

 

(f)          commercial
paper issued by a corporation (other than an Affiliated Lender) rated at least “P-1” or “A-1” or
the equivalent thereof by Moody’s or S&P (or, in the case of an obligor domiciled outside of the United States, reasonably
equivalent ratings of another internationally recognized credit rating agency) and in each case maturing within one year after
the date of acquisition;

 

(g)          readily
marketable direct obligations issued by any state of the United States of America or any political subdivision thereof having one
of the two highest rating categories obtainable from either Moody’s or S&P in each case with maturities not exceeding
two years from the date of acquisition;

 

(h)          Indebtedness
issued by persons with a rating of “A” or higher from S&P or “A-2” or higher from Moody’s
(or, in the case of an obligor domiciled outside of the United States, reasonably equivalent ratings of another internationally
recognized credit rating agency) in each case with maturities not exceeding two years from the date of acquisition; and

 

(i)          investment
funds investing at least 95% of their assets in securities of the types described in clauses (a) through (g)
above.

 

“Cash Interest
Expense” shall mean, with respect to any person on a consolidated basis for any period, Interest Expense for such
period, less, without duplication, the sum of (a) pay-in-kind Interest Expense or other noncash
Interest Expense (including as a result of the effects of purchase accounting), (b) to the extent included in Interest Expense,
the amortization of any financing fees paid by, or on behalf of, the Borrower or any Subsidiary, including such fees paid in connection
with the Transactions, (c) the amortization of debt discounts, if any, or fees in respect of Swap Agreements and (d) cash
interest income of the Borrower and the Subsidiaries for such period; provided, that Cash Interest Expense shall
exclude any other financing fees paid in connection with the Transactions and any other one-time financing fees (including arrangement,
amendment and consent fees), debt issuance costs, commissions, expenses and the amortization thereof.

 

“CFC”
shall mean a “controlled foreign corporation” pursuant to Section 957 of the Code.

 

A “Change
in Control” shall be deemed to occur if:

 

(a)          a
“change of control” or other similar provision shall occur under or with respect to any Material Indebtedness;
or

 

    	 	-10-	 

     

    

 

(b)          any
“person” or “group” (as such terms are used in Sections 13(d) and 14(d)
of the Exchange Act(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)) other than the Permitted Holders, is or
becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly
or indirectly, of more than 35% (on a fully diluted basis) of the issued and outstanding Voting Stock of the Borrower aggregate
ordinary voting power of the Borrower. It is understood that, for purposes of this definition, (x) no person shall be deemed to
have beneficial ownership of Equity Interests solely by virtue of a stock purchase agreement, merger agreement, or similar agreement
(or voting agreement entered into in connection with a stock purchase agreement, merger agreement or similar agreement) until the
consummation of the transfer of the applicable Equity Interests to such person and (y) the issuance of Equity Interests to GSO
and Ares and their Affiliates in connection with the consummation of the Transactions on or about the Closing Date shall not be
a Change of Control.

 

“Change in
Law” shall mean the occurrence, after the date of this Agreement or, if later, the date on which the applicable Lender
becomes a Lender hereunder, of any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty,
(b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application
thereof by any Governmental Authority or (c) the making or issuance of any request, rule, guideline or directive (whether
or not having the force of law) by any Governmental Authority; provided that, notwithstanding anything herein to
the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives
thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank
for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or 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.

 

“Charge”
shall mean any fee, loss, charge, expense, cost, accrual or reserve of any kind (in each case, if applicable, as defined under
GAAP).

 

“Closing
Date” shall mean October 29, 2018.

 

“Closing
Date Acquisition” shall have the meaning assigned to such term in the preamble hereto.

 

“Closing
Date Subordinated Convertible Note” shall mean, collectively, each subordinated convertible promissory note, dated
as of the Closing Date, issued by the Borrower for the benefit of the parties listed therein and identified to the Administrative
Agent, as investors, as the same may be amended, amended and restated, restated, supplemented or otherwise modified in accordance
with the terms hereof.

 

“Code”
shall mean the Internal Revenue Code of 1986, as amended from time to time.

 

“Collateral”
shall mean all “Collateral” and “Mortgaged Property” referred to in the Security
Documents (including the Mortgaged Properties) and all other property that is or is intended to be subject to any Lien in favor
of the Collateral Agent for the benefit of the Lenders but in all cases excluding any Excluded Assets.

 

“Collateral
Access Agreement” shall mean a landlord waiver or other agreement, in a form as shall be reasonably satisfactory
to the Collateral Agent, between the Collateral Agent and any third party (including any bailee, consignee, customs broker or other
similar Person) in possession of any Collateral or any landlord of any premises where any Collateral is located, as such landlord
waiver or other agreement may be amended, restated, amended and restated, supplemented or otherwise modified from time to time.

 

    	 	-11-	 

     

    

 

“Collateral
Agent” shall have the meaning assigned to such term in the preamble hereto.

 

“Collateral
Agent Fees” shall have the meaning assigned to such term in Section 2.12(b).

 

“Collateral
Agreement” shall mean the Collateral Agreement, substantially in the form of Exhibit D, among
the Borrower, each Subsidiary Loan Party and the Collateral Agent, as the same may be amended, restated, amended and restated,
supplemented or otherwise modified from time to time.

 

“Collateral
and Guarantee Requirement” shall mean, at any time, subject to (x) the applicable limitations set forth in this
Agreement (including, without limitation, the Funding Conditions Provision) and any other Loan Documents and (y) the time
periods (and extensions thereof) set forth in Section 5.11, the requirement that:

 

(a)          the
Administrative Agent and the Lenders shall have received (i) from the Borrower and each other Subsidiary Loan Party a counterpart
of the Collateral Agreement, duly executed and delivered on behalf of each such person party thereto, (ii) from the Borrower
and each other Loan Party a counterpart of the Guaranty Agreement, duly executed and delivered on behalf of each such person party
thereto;

 

(b)          other
than with respect to Excluded Assets, all outstanding Equity Interests directly owned by any Loan Party, and all Indebtedness owing
to any Loan Party (other than intercompany indebtedness, which is governed by clause (c) below) shall have been
pledged pursuant to the Collateral Agreement (or other applicable Security Document) and, the Collateral Agent (or a bailee for
the Collateral Agent pursuant to the First-Second Intercreditor Agreement) shall have received certificates or other instruments
representing or evidencing such Equity Interests and any notes or other instruments representing such Indebtedness in excess of
$5,000,000, together with stock powers, note powers or other instruments of transfer with respect thereto endorsed in blank;

 

(c)          other
than with respect to Excluded Assets, (i) all Indebtedness of the Borrower and each Subsidiary (other than any Indebtedness in
an initial aggregate principal amount not exceeding $5,000,000 that is owing to any Loan Party shall be evidenced by a promissory
note, a master intercompany note or an instrument in form reasonably satisfactory to the Lenders and shall have been pledged pursuant
to the Collateral Agreement (or other applicable Security Document), and (ii) the Collateral Agent (or a bailee for the Collateral
Agent pursuant to the First-Second Intercreditor Agreement) shall have received all such promissory notes or instruments, together
with note powers or other instruments of transfer with respect thereto endorsed in blank (other than with respect to any such intercompany
debt the perfection of the pledge of which is not achieved by delivery to the Collateral Agent);

 

    	 	-12-	 

     

    

 

(d)          other
than with respect to Excluded Assets and except as otherwise contemplated by any Security Document or elsewhere in this definition
of Collateral and Guarantee Requirement (including with regard to deposit accounts), all documents and instruments, (including,
in the United States of America, filings of Uniform Commercial Code financing statements and filings with the United States Copyright
Office and the United States Patent and Trademark Office) and all other actions required by law or reasonably requested by the
Lenders, as applicable to be filed, registered or recorded to create the Liens intended to be created by the Security Documents
(in each case, including any supplements thereto) and perfect such Liens to the extent required by, and with the priority required
by, the Security Documents shall have been filed, registered or recorded or delivered to the Administrative Agent or Collateral
Agent, as requested, for filing, registration or the recording or taken concurrently with, or promptly following, the execution
and delivery of each such Security Document;

 

(e)          except
as set forth pursuant to any Security Document, each Loan Party shall have obtained all consents and approvals required to be obtained
by it in connection with (i) the execution and delivery of all Security Documents (or supplements thereto) to which it is a party
and the granting by it of the Liens thereunder and (ii) the performance of its obligations thereunder (including the use of commercially
reasonable efforts to obtain written consent, in each case, in form and substance reasonable satisfactory to the Lenders, of each
licensor of any material Intellectual Property to the security interest of the Collateral Agent and the rights of the Collateral
Agent under the Security Documents);

 

(f)          subject
to Section 5.11(g), in the case of any person that (i) becomes a Loan Party after the Closing Date, the
Administrative Agent shall have received from such Loan Party, (A) a supplement or joinder to each of the Guaranty Agreement and
the Collateral Agreement, in the form specified therein, duly executed and delivered on behalf of such person, (B) such other Security
Documents as may be required to be delivered pursuant to Section 5.11, and (C) evidence that any other requirements
of Section 5.11 shall have been complied with and (ii) becomes such a Subsidiary Loan Party, the Administrative
Agent shall have received from the parent of such Subsidiary Loan Party, (A) supplements to the applicable Security Documents pursuant
to which it shall have pledged the Equity Interests in the other Subsidiaries owned by it (other than Excluded Equity Interests),
or other Security Documents, effecting the pledge of such Equity Interests in favor of the Collateral Agent, subject to the same
exceptions and limitations as set forth in paragraph (c) above and clause (i)(B) above, (B) certificates
and instruments representing or evidencing such Equity Interests, subject to the same exceptions and limitations as set forth in
paragraph (c) above and (C) a joinder agreement to the First-Second Intercreditor Agreement in a form reasonably
satisfactory to the Administrative Agent;

 

    	 	-13-	 

     

    

 

(g)          other
than with respect to Excluded Accounts, within 60 days after the Closing Date (with respect to each deposit account or securities
account existing on the Closing Date) or 60 days after the acquisition or establishment of any deposit account or securities account
(other than Excluded Accounts) after the Closing Date (or, in each case, such longer time as may be agreed to by the Collateral
Agent in its reasonable discretion), the Loan Parties shall, with respect to such deposit account or securities account (other
than Excluded Accounts) of the Loan Parties, use commercially reasonable efforts to deliver to the Collateral Agent a Control Agreement
with respect to such deposit account or securities account.  From and after the date that is 60 days following the Closing
Date or, with respect to any deposit account or securities account (other than Excluded Accounts) acquired or established after
the Closing Date, 60 days following the date of such acquisition or establishment (or, in each case, such longer time as may be
agreed to by the Collateral Agent in its reasonable discretion), except as otherwise provided under this Agreement, the Loan Parties
shall not maintain, and shall not permit any of their Subsidiaries to maintain, cash, Cash Equivalents or other amounts in any
deposit account or securities account (other than amounts in respect of minimum liquidity, charges for returned items and customary
fees and expenses incurred in connection with such accounts or in the ordinary course of its business and amounts required to be
maintained or deposited into Excluded Accounts in order to comply with applicable laws or contractual obligations not created in
avoidance of this clause (g)), unless to the extent such Subsidiary is a Loan Party and such assets in the applicable
deposit or securities account are Collateral, the Collateral Agent shall have received a Control Agreement in respect of each such
deposit account or securities account of a Loan Party (other than Excluded Accounts); and

 

(h)          with
respect to any Securitization Financing the Secured Parties shall have received a pledge of the Loan Parties’ Equity Interests
in the Securitization Subsidiary party to such Securitization Financing and notes receivable owing from a Securitization Subsidiary
to any Loan Party.

 

The foregoing definition
shall not require the creation or perfection of pledges of or security interests in particular assets if and for so long as the
Collateral Agent and the Borrower reasonably agree in writing (which may be in the form of electronic mail) that the cost of creating
or perfecting such pledges or security interests in such assets shall be excessive in view of the benefits to be obtained by the
Secured Parties therefrom.

 

Notwithstanding the foregoing
provisions of this definition or anything in this Agreement or any other Loan Document to the contrary, (a) with respect to leases
of real property entered into by any Loan Party, such Loan Party shall not be required to take any action with respect to creation
or perfection of security interests with respect to such leases provided that each Loan Party, as applicable, shall
use commercially reasonable efforts to deliver within (x) 90 days after the Closing Date or (y) 90 days after the request by the
Collateral Agent therefore, Collateral Access Agreements in respect of the Headquarters and the Warehouses, (b) Liens required
to be granted from time to time pursuant to the Collateral and Guarantee Requirement shall be subject to exceptions and limitations
set forth in the Security Documents and, to the extent appropriate in the applicable jurisdiction, as agreed between the Collateral
Agent and the Borrower, (c) the Collateral shall not include any Excluded Assets, (d) share certificates of Immaterial Subsidiaries
and any other person that is only minority owned by the Loan Parties shall not be required to be delivered, (e) no perfection actions
shall be required with respect to (i) motor vehicles and other assets and personal property subject to certificates of title except
to the extent perfection is accomplished by the filing of a UCC financing statement or equivalent under applicable Law and letter
of credit rights, except to the extent constituting a supporting obligation for other Collateral as to which perfection is accomplished
by the filing of a UCC financing statement or equivalent under applicable Law (it being understood that no actions shall be required
to perfect a security interest in assets subject to certificates of title or letter of credit rights, other than the filing of
a UCC financing statement or equivalent under applicable Law) and (ii) commercial tort claims with an individual value of less
than $5,000,000 and (f) no actions in any non-U.S. jurisdiction or required by the Laws of any non-U.S. jurisdiction shall be required
to be taken to create any security interests in assets located or titled outside of the U.S. or to perfect or make enforceable
any security interests in any assets (it being understood that there shall be no Security Document (or other security agreements
or pledge agreements) or other perfection instruments governed under the laws of any non U.S. jurisdiction).

 

    	 	-14-	 

     

    

 

“Commitment
Letter” shall mean that certain Commitment Letter dated as of June 27, 2018, by and among GSO and the Borrower.

 

“Commitments”
shall mean, with respect to each Lender, the commitment, if any, of such Lender to make Loans hereunder on the Closing Date, expressed
as an amount representing the maximum aggregate permitted principal amount of the Loans to be made by such Lender. The amount of
each Lender’s Commitment is set forth on Schedule 2.01, or in the Assignment and Acceptance pursuant to
which such Lender shall have assumed its Commitment, as applicable. The aggregate amount of the Lenders’ Commitments as of
the Closing Date (immediately prior to termination on such date pursuant to Section 2.08) is $668,000,000.

 

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

 

“Communications”
shall have the meaning assigned to such term in Section 9.19(a).

 

“Company
Competitor” shall mean any person that is a competitor of the Borrower and/or any of its Subsidiaries and identified
in writing to the Administrative Agent and the Lenders by the Borrower.

 

“Compliance
Certificate” shall have the meaning assigned to such term in Section 5.04(e).

 

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

 

“Consolidated
First Lien Debt” shall mean, as of any date of determination, the aggregate principal amount of Consolidated Total
Debt of the Borrower and its Subsidiaries outstanding at such date that consists of, without duplication, Indebtedness that in
each case is then secured by Liens on property or assets of the Borrower and its Subsidiaries (other than property or assets held
in a defeasance or similar trust or arrangement for the benefit of the Indebtedness secured thereby) and both such Consolidated
Total Debt and the Liens securing the same are not subordinated to the obligations under the First Lien Credit Agreement, or the
Liens securing the same, respectively.

 

    	 	-15-	 

     

    

 

“Consolidated
First Lien Leverage Ratio” shall mean, as of any date of determination, the ratio of (a) Consolidated First
Lien Debt as of such date (provided that solely for purposes of Section 6.10, Consolidated First
Lien Debt (i) shall be calculated net of Unrestricted Cash and (ii) Indebtedness under the Revolving Credit Facility (as defined
in the First Lien Credit Agreement) will be deemed to be (A) until the one year anniversary of the Closing Date, the average monthly
balance drawn on the Revolving Credit Facility (as defined in the First Lien Credit Agreement) for the period of months completed
since the Closing Date commencing with the first full fiscal month completed after the Closing Date and (B) thereafter, the average
monthly drawn balance under the Revolving Credit Facility (as defined in the First Lien Credit Agreement) over the twelve month
period most recently ended prior to such date of determination), determined on a consolidated basis in accordance with GAAP to
(b) Net Receivables Financing Profit for such Test Period; provided, that Net Receivables Financing Profit shall
be determined for the relevant Test Period on a Pro Forma Basis.

 

“Consolidated
Fixed Charge Coverage Ratio” shall mean, with respect to any person, as of any date of determination, the ratio of
(a) Net Receivables Financing Profit for the applicable Test Period calculated on a Pro Forma Basis minus Unfinanced
Capital Expenditures made by such person or its Subsidiaries for such Test Period to (b) Consolidated Fixed Charges actually paid
in cash for such Test Period.

 

“Consolidated
Fixed Charges” shall mean, with respect to the Borrower and the Subsidiaries on a consolidated basis for any period,
the sum, without duplication (in each case eliminating all offsetting debits and credits between Borrower and its
Subsidiaries and all other items required to be eliminated in the course of the preparation of consolidated financial statements
of Borrower and its Subsidiaries in accordance with GAAP), of:

 

(a)          the
consolidated interest expense (net of interest income) to the extent it relates to Indebtedness of the Borrower and the Subsidiaries
for such period, and to the extent such expense was deducted in computing Consolidated Net Income, whether paid or accrued, non-cash
interest payments, the interest component of any deferred payment obligations, interest component of all payments associated with
Capital Lease Obligations and all commissions, discounts and other fees and charges owed by the Borrower and its Subsidiaries in
respect of letter of credit or bankers’ acceptance financings and net of the effect of all payments made or received pursuant
to obligations under any Swap Agreement and excluding for the purposes of calculating the Consolidated Fixed Charge Coverage Ratio,
any non-cash interest expense, the amortization or write-off of deferred financing fees or expenses of any bridge or other financing
fees in connection with the Transactions and any other one-time financing fees (including arrangement, amendment and consent fees),
debt issuance costs, commissions, expenses and the amortization thereof; plus

 

    	 	-16-	 

     

    

 

(b)          provision
for cash income taxes made by Borrower and its Subsidiaries on a consolidated basis in respect of such period; plus

 

(c)          to
the extent payable in cash, any interest expense (but excluding interest expense in connection with any Securitization Financing,
factoring, credit insurance or similar receivables financing or any vendor financing, but, for the avoidance of doubt, without
duplication for any such expense that is reflected as a deduction to Consolidated Net Income of the Borrower and its Subsidiaries,
whether classified as interest or like expense or as an operating expense) on Indebtedness of another person that is Guaranteed
by the Borrower and the Subsidiaries or secured by a Lien on assets of the Borrower and the Subsidiaries, whether or not such Guarantee
or Lien is called upon; plus

 

(d)          scheduled
payments made or payable during such period on account of principal of Indebtedness of the Borrower and its Subsidiaries (including
scheduled principal payments in respect of the Loans, but excluding any voluntary prepayments made or mandatory prepayments required,
in each case pursuant to Section 2.11), plus

 

(e)          charges
and expenses related to Permitted Credit Support Agreements,

 

in each case, on a consolidated
basis and in accordance with GAAP; plus

 

For purposes of determining
Consolidated Fixed Charges for any period that includes the quarterly periods ending December 31, 2017, March 31, 2018, June 30,
2018 and September 30, 2018, the Consolidated Fixed Charges for such quarterly periods shall be $30,000,000, $30,000,000, $30,000,000
and $30,000,000, respectively.

 

“Consolidated
Net Income” shall mean, with respect to any person for any period, the aggregate of the Net Income of such person
and its subsidiaries for such period, on a consolidated basis, plus the amount that the provision for taxes exceeds
cash taxes paid by such person and its Subsidiaries in such period; provided, however, that, without duplication,

 

(a)          (i)
the income or loss of any Person accrued prior to the date on which such Person becomes a Subsidiary of such Person or is merged
into or consolidated with such Person’s assets are acquired by such Person or any Subsidiary of such Person, and (ii) the
income or gain subsequent to the date on which such Person ceases to be a Subsidiary of such Person following the Disposition of
Equity Interests in such Subsidiary (or its assets), shall in each case under this clause (a) be excluded;

 

(b)          any
increase in amortization or depreciation or any one-time non-cash Charges resulting from purchase accounting in connection with
(i) the Transaction and (ii) any Acquisition that is consummated on or after the Closing Date shall be excluded;

 

(c)          the
cumulative effect of a change in accounting principles and changes as a result of the adoption or modification or interpretation
of accounting policies required by such person’s auditors during such period shall be excluded;

 

    	 	-17-	 

     

    

 

(d)          any
net after-tax gains or losses on disposal of discontinued operations shall be excluded;

 

(e)          any
net after-tax gains or losses (less all Charges relating thereto) attributable to any Disposition, other than in the ordinary course
of business (as determined in good faith by senior management or the Board of Directors of the Borrower) shall be excluded;

 

(f)          any
net after-tax gains or losses (less all Charges relating thereto) attributable to the early extinguishment of (i) indebtedness,
and (ii) Swap Agreements and other derivative instruments to the extent that such gains or losses have been realized by such person,
in each case, shall be excluded;

 

(g)          the
Net Income for such period of any person that is not a subsidiary of such person, or that is accounted for by the equity method
of accounting, shall be included only to the extent of the amount of dividends or distributions or other payments actually paid
in cash (or to the extent converted into cash) to the referent person or a subsidiary thereof in respect of such period;

 

(h)          the
Net Income for such period of any subsidiary of such person shall be excluded to the extent that the declaration or payment of
dividends or similar distributions by such subsidiary of its Net Income is not, at the date of determination, permitted without
any prior governmental approval (which has not been obtained) or, directly or indirectly, by the operation of the terms of its
Organizational Documents or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable
to such subsidiary or its equity holders, unless such restrictions with respect to the payment of dividends or similar distributions
have been legally waived; provided that the Consolidated Net Income of such person shall be increased by the amount
of dividends or other distributions or other payments actually paid in cash (or converted into cash) by any such subsidiary to
such person or a subsidiary of such person (subject to the provisions of this clause (h)), to the extent
not already included therein;

 

(i)          any
impairment or asset write-off or write-down (other than with respect to any Current Assets, but including any inventory acquired
in connection with the Transaction or any Acquisition), including impairment or asset write-offs or write-downs related to intangible
assets, goodwill, long-lived assets, investments in debt (including deferred financing costs) and equity securities recorded using
the equity method or as a result of a change in Law, in each case, in accordance with GAAP, and the amortization of intangibles
arising in accordance with GAAP shall be excluded;

 

(j)          any
non-cash Charges, incurred, realized or resulting from employee benefit plans or post-employment benefit plans, management equity
plan, pension plan long-term incentive plans or grants of stock appreciation or similar rights, stock options, restricted stock
or other rights or equity-based incentive programs to officers, directors and employees of such person or any of its Subsidiaries
shall be excluded;

 

    	 	-18-	 

     

    

 

(k)          any
one-time non-cash compensation Charges shall be excluded;

 

(l)           non-cash
gains, losses, income and expenses resulting from fair value accounting required by Statement of Financial Accounting Standards
No. 133 and related interpretations shall be excluded;

 

(m)          any
currency translation gains and losses unrealized from currency remeasurements of Indebtedness, and any unrealized net loss or gain
from any Swap Agreements for currency exchange risk, in each case, that are actually paid in cash, shall be excluded; and

 

(n)          any
gains or losses from Acquisitions shall be excluded.

 

“Consolidated
Total Assets” shall mean, as of any date, the total assets of the Borrower and the Subsidiaries, determined on a
consolidated basis in accordance with GAAP, as set forth on the consolidated balance sheet of the Borrower as of the last day of
the fiscal quarter most recently ended and Reported.

 

“Consolidated
Total Debt” shall mean, as of any date of determination, an amount equal to the sum of (without duplication)
the outstanding principal amount of all Indebtedness (other than (a) letters of credit, to the extent undrawn and (b) the Closing
Date Subordinated Convertible Note) consisting of Capital Lease Obligations, Indebtedness for borrowed money, the Hudson Notes,
Disqualified Stock and Indebtedness in respect of the deferred purchase price of property or services of the Borrower and the Subsidiaries
determined on a consolidated basis on such date.

 

“Consolidated
Total Leverage Ratio” shall mean, as of any date of determination, the ratio of (a) Consolidated Total Debt
as of such date (provided that solely for purposes of Section 6.10, Consolidated Total Debt (i)
shall be calculated net of Unrestricted Cash and (ii) Indebtedness under the Revolving Credit Facility (as defined in the First
Lien Credit Agreement) will be deemed to be (A) until the one year anniversary of the Closing Date, the average monthly balance
drawn on the Revolving Credit Facility (as defined in the First Lien Credit Agreement) for the period of months completed since
the Closing Date commencing with the first full fiscal month completed after the Closing Date and (B) thereafter, the average monthly
drawn balance under the Revolving Credit Facility (as defined in the First Lien Credit Agreement) over the twelve month period
most recently ended prior to such date of determination) to (b) Net Receivables Financing Profit for such Test Period; provided,
that Net Receivables Financing Profit shall be determined for the relevant Test Period on a Pro Forma Basis.

 

“Contractual
Obligation” shall mean, with respect to any person, any provision of any security issued by such person or of any
agreement, instrument or other undertaking to which such person is a party or by which it or any of its Property is bound.

 

“Control”
shall mean 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 ownership of voting securities, by contract or otherwise, and “Controlling”
and “Controlled” shall have meanings correlative thereto.

 

    	 	-19-	 

     

    

 

“Control
Agreement” shall mean, with respect to any deposit account, any securities account, commodity account, securities
entitlement or commodity contract, an agreement, in form and substance reasonably satisfactory to the Collateral Agent, among the
Collateral Agent, the financial institution or other person at which such account is maintained or with which such entitlement
or contract is carried and the Loan Party maintaining such account, effective to grant “control” (as
defined under the applicable UCC) over such account to the Collateral Agent; it being understood that unless specifically specified
in this Agreement, any reference to a Control Agreement shall mean a Control Agreement subject to springing dominion pursuant to
which the applicable Loan Party shall maintain control unless and until the notice of spring control has been given by the Collateral
Agent to the financial institution or other person at which such account is maintained or with which such entitlement or contract
is carried.

 

“Credit Event”
shall have the meaning assigned to such term in Article IV.

 

“Credit Extension”
shall mean the making of a Loan.

 

“Credit Facility”
shall mean the term facility represented by the Loans.

 

“Credit Servicers”
and “Credit Servicer” shall mean each of the Initial CIT Servicers and each other person designed by
the Borrower as a “Credit Servicer” pursuant to a Permitted Credit Support Arrangement from time to time.

 

“Credit Support
Assets” shall mean (a) the Receivables and other Collateral (as defined in the Permitted CIT Agreements as of the
date hereof) pledged or sold pursuant to the terms of the Permitted CIT Agreements and (b) in respect of any other Permitted Credit
Support Arrangement, the accounts receivable and supporting obligations and proceeds in respect thereof and other ancillary property
and rights related to such accounts receivable pledged or sold pursuant to the terms of such Permitted Credit Support Arrangement.

 

“Current
Assets” shall mean, with respect to the Borrower and the Subsidiaries on a consolidated basis at any date of determination,
all assets (other than cash and Cash Equivalents) that would, in accordance with GAAP, be classified on a consolidated balance
sheet of the Borrower and the Subsidiaries as current assets at such date of determination, other than amounts related to current
or deferred Taxes based on income or profits.

 

“Current
Liabilities” shall mean, with respect to the Borrower and the Subsidiaries on a consolidated basis at any date of
determination, all liabilities that would, in accordance with GAAP, be classified on a consolidated balance sheet of the Borrower
and the Subsidiaries as current liabilities at such date of determination, other than (a) the current portion of any long-term
Indebtedness, (b) accruals of Interest Expense (excluding Interest Expense that is due and unpaid), (c) accruals for current or
deferred Taxes based on income or profits, (d) accruals, if any, of transaction costs resulting from the Transactions, (e) accruals
of any costs or expenses related to (i) severance or termination of employees prior to the Closing Date or (ii) bonuses, pension
and other post-retirement benefit obligations, and (f) accruals relating to restructuring reserves for add-backs to EBITDA
included in clause (a)(iv) of the definition of such term.

 

    	 	-20-	 

     

    

 

“Customary
Intercreditor Agreement” shall mean to the extent executed in connection with the incurrence of secured Indebtedness
incurred by a Loan Party, the Liens on the Collateral securing which are intended to rank junior in priority to the Liens on the
Collateral securing the Obligations, at the option of the Borrower and the Administrative Agent acting together in good faith,
a customary intercreditor agreement in form and substance reasonably acceptable to the Administrative Agent, the Required Lenders
and the Borrower, which agreement shall provide that the Liens on the Collateral securing such Indebtedness shall rank junior in
priority to the Liens on the Collateral securing the Obligations.

 

“Debt Service”
shall mean, with respect to the Borrower and the Subsidiaries on a consolidated basis for any period, Cash Interest Expense for
such period plus scheduled principal amortization of Consolidated Total Debt for such period.

 

“Debtor Relief
Laws” shall mean Title 11 of the United States Code entitled “Bankruptcy” as now and hereafter in effect,
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 of America or other applicable jurisdictions from
time to time in effect and affecting the rights of creditors generally.

 

“Declined
Amounts” shall have the meaning as assigned in Section 2.11(e).

 

“Default”
shall mean any event or condition that upon notice, lapse of time or both would constitute an Event of Default.

 

“Defaulting
Lender” shall mean, subject to Section 2.23(b), any Lender that, as determined by the Required
Lenders, (a) has failed to perform any of its funding obligations hereunder, including in respect of its Loans, within three Business
Days of the date required to be funded by it hereunder, (b) has notified the Borrower or the Administrative Agent that it does
not intend to comply with its funding obligations or has made a public statement to that effect with respect to its funding obligations
hereunder or under other agreements in which it commits to extend credit, (c) has failed, within three Business Days after
request by the Administrative Agent or the Borrower to confirm in a manner satisfactory to the Administrative Agent and the Borrower
that it will comply with its funding obligations, or (d) has, or has a direct or indirect parent company that has, (i) become the
subject of a proceeding under any Debtor Relief Law, (ii) had a receiver, conservator, trustee, administrator, assignee for the
benefit of creditors or similar person charged with reorganization or liquidation of its business or a custodian appointed for
it, or (iii) taken any action in furtherance of, or indicated its consent to, approval of or acquiescence in any such proceeding
or appointment; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition
of any Equity Interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority.

 

“Defaulting
Lender Rate” shall mean (a) for the first 3 days from and after the date the relevant payment is due, the Prime Rate,
and (b) thereafter, the interest rate then applicable to Loans as if the Prime Rate were applicable thereto.

 

“Designated
Non-Cash Consideration” shall mean the fair market value (as reasonably determined by the Borrower and the Required
Lenders in good faith) of non-Cash consideration received by the Borrower or any of its Subsidiaries in connection with any sale
or Disposition pursuant to Section 6.05(s) that is designated as Designated Non-Cash Consideration pursuant to a
certificate of a Responsible Officer of the Borrower, setting forth the basis of such valuation (which amount will be reduced by
the amount of cash or Cash Equivalents received in connection with a subsequent sale or conversion of such Designated Non-Cash
Consideration to cash or Cash Equivalents).

 

    	 	-21-	 

     

    

 

“Discharge
of Senior Debt Obligations” shall have the meaning assigned to such term in the First-Second Lien Intercreditor Agreement.

 

“Disposition”
or “Dispose” shall mean the sale, lease, sublease, transfer, swap or other disposition of any property
of any person (including by allocation of assets by division or allocation of assets to any series of a limited liability company).

 

“Disqualified
Institution” shall mean:

 

(a)          any
person identified in writing to Lenders and the Administrative Agent on or before the Closing Date; and/or

 

(b)          any
Company Competitor; and/or

 

(c)          any
Affiliate of any person described in clauses (a) or (b) above that is reasonably identifiable as an
Affiliate of such person on the basis of such Affiliate’s name, other than, in the case of clause (b) above,
a Bona Fide Debt Fund;

 

it being understood and agreed that the
identification of any person as a Disqualified Institution after the Closing Date (i) shall not be effective until two days after
delivery to the Administrative Agent, (ii) shall not apply to retroactively disqualify any person that has previously acquired
an assignment or participation interest in any Loan, subject, in the case of assignments and participations made after the date
on which any such person is identified as a Disqualified Institution, to the provisions of Section 9.04(f), and (iii)
“Disqualified Institutions” shall exclude any person that the Borrower has designated as no longer being
a “Disqualified Institution” by written notice delivered to the Administrative Agent from time to time.

 

“Disqualified
Stock” shall mean, with respect to any person, any Equity Interests of such person that, by their terms (or by the
terms of any security into which such Equity Interests are convertible or for which such Equity Interests are redeemable or exchangeable),
or upon the happening of any event, (i) mature or are mandatorily redeemable, pursuant to a sinking fund obligation or otherwise
(other than as a result of a change of control or asset sale), (ii) are convertible or exchangeable other than at the option
of the issuer thereof for Indebtedness or Disqualified Stock or (iii) are redeemable at the option of the holder thereof (other
than upon the occurrence of a Change in Control (or similar event), sale or Disposition of all or substantially all of the assets
of the Borrower and its Subsidiaries, or the acceleration of the Loans, subject, in each case, to the prior payment in full in
cash of all Obligations), in whole or in part, in each case prior to 91 days after the Latest Maturity Date; provided,
however, that only the portion of the Equity Interests that so mature or are mandatorily redeemable, are so convertible
or exchangeable or are so redeemable at the option of the holder thereof prior to such date shall be deemed to be Disqualified
Stock; provided, further, that if such Equity Interests are issued to any employee or to any plan for
the benefit of employees of the Borrower or the Subsidiaries or by any such plan to such employees, such Equity Interests shall
not constitute Disqualified Stock solely because they may be required to be repurchased by the Borrower in order to satisfy applicable
statutory or regulatory obligations or as a result of such employee’s termination, death or disability; provided,
further, that any class of Equity Interests of such person that by its terms authorizes such person to satisfy its
obligations thereunder by delivery of Equity Interests that are not Disqualified Stock shall not be deemed to be Disqualified Stock.

 

    	 	-22-	 

     

    

 

“Dividends”
shall have the meaning assigned to such term in Section 6.06.

 

“Dollar,”
“U.S.$” and “$” shall mean lawful money of the United States of America.

 

“Domestic
Subsidiary” shall mean any Subsidiary that is not a Foreign Subsidiary.

 

“Earn Out
Obligations” shall mean, with respect to any Acquisition, all obligations of the Borrower or any Subsidiary to make
earn out or similar payments based on the achievement of specified financial results or other performance metrics over time pursuant
to the documentation relating to such Acquisition; provided, that Earn Out Obligations shall exclude any Existing
Earn Out Obligation.

 

“EBITDA”
shall mean, with respect to the Borrower and the Subsidiaries on a consolidated basis for any period, the Consolidated Net Income
of the Borrower and the Subsidiaries for such period, plus

 

(a)          the
sum of, in each case without duplication, the following amounts to the extent either deducted or otherwise excluded
in calculating Consolidated Net Income for such period or, if not otherwise reflected in the definition of “Consolidated
Net Income”, described in clauses (a)(iv), (a)(viii), (a)(xii), (a)(xiii) and (a)(xiv)
below):

 

(i)          federal,
state, local or other taxes paid and any provision for such taxes based on income, profits or capital of the Borrower and the Subsidiaries
for such period;

 

(ii)         Consolidated
Fixed Charges (but solely with regard to clauses (a) and (c) thereto) of the Borrower and the Subsidiaries
for such period;

 

(iii)        depreciation,
amortization (including amortization of goodwill and other intangibles but excluding amortization of prepaid cash expenses that
were paid in a prior period) and all non-cash Charges (excluding any such non-cash Charges to the extent that it represents an
accrual of or reserve for cash Charges in any future period or amortization of a prepaid cash expense that was paid in a prior
period) of the Borrower and the Subsidiaries for such period;

 

    	 	-23-	 

     

    

 

(iv)        (A)
the amount of any Charges attributable to the undertaking and/or implementation of IT systems in connection with the acquisition
and integration of the Closing Date Acquisition prior to December 31, 2020 (or such later date as the Administrative Agent (acting
at the direction of the Required Lenders) may agree) and (B) the amount of any business optimization Charges, integration Charges
and restructuring Charges (which, for the avoidance of doubt, shall include, Charges attributable to the undertaking and/or implementation
of cost savings initiatives, cost rationalization programs and/or operating expense reductions in connection with office and plant
closures, facility consolidations, start-up costs and pre-opening Charges, retention payments and special supplemental bonuses
payable, costs associated with recruiting management personnel, including sign-on and relocation expenses, exit costs, severance
payments, systems establishment costs (including establishing financial reporting, enterprise resource planning, and human resource
systems), Charges associated with establishing an off-shore operations, logistics and administrative support center, duplicative
employee costs related to transitioning of employees, re-branding Charges, inventory or systems optimization costs, any inventory
optimization program or excess pension Charges (including, with respect to any Test Period ending on or prior to the date that
is 18 months after the Closing Date, accounting, compliance, professional, legal and accounting Charges resulting from the Transactions);
provided, that (1) the aggregate total amount of all such Charges or other amounts that may be added back under clause (iv)(A)
shall not exceed $30,000,000 during the term of this Agreement and (2) the aggregate total amount of all such Charges or other
amounts that may be added back under clause (iv)(B) shall not exceed, when taken together with the amounts added
back pursuant to clauses (v), (vii)(B), (xix) and (xx) below, (A) with
respect to all Test Periods ending on or prior to December 31, 2019, $55,000,000 and (B) with respect to any Test Period ending
thereafter, 7.5% of EBITDA (or such larger percentage of EBITDA to the extent consented to from time to time by the Administrative
Agent (acting at the direction of the Required Lenders)) for the relevant Test Period (calculated prior to giving effect to such
addback);

 

(v)         any
net after-tax extraordinary, nonrecurring or unusual Charges; provided that the aggregate total amount of all such
net after-tax extraordinary, nonrecurring or unusual Charges or other amounts that may be added back pursuant to this clause
(v) shall not exceed, when taken together with the amounts added back pursuant to clause (iv)(B) above
and clauses (xix), (vii)(B) and (xx) below, (A) with respect to all Test Periods ending on or prior
to December 31, 2019, $55,000,000 and (B) with respect to any Test Period ending thereafter, 7.5% of EBITDA for the relevant Test
Period (calculated prior to giving effect to such addback);

 

(vi)        (A)
any Earn Out Obligation and (B) any Existing Earn Out Obligation, in each case, incurred, paid or accrued (including any adjustments
thereto) during such period, provided that the aggregate total amount that may be added back under clause (vi)(A)
shall not exceed $10,000,000 in any Test Period and in no event shall exceed $50,000,000 in the aggregate after the Closing Date;

 

    	 	-24-	 

     

    

 

(vii)       (A)
any Charges related to the Closing Date Acquisition including any Charges related to the Obligations and the consummation of the
Transactions (including, without limitation, any Charges related to licensing consent agreements and the assumption and satisfaction
of certain liabilities of GBG, the Seller or their affiliates unrelated to the continuing business of the Borrower) and (B) any
Charges related to any issuance of Equity Interests, conversion of debt, Acquisition, Disposition, Investment, Permitted Business
Acquisition, recapitalization or the incurrence, amendment, modification or repayment of Indebtedness permitted to be incurred
by this Agreement (in the case of factoring, securitization, credit insurance or similar financing solely to the extent such Charges
would be included in the definition of Consolidated Fixed Charges), in each case, whether or not successful, and any amendment
or other modification with respect to any of the foregoing, provided, that the aggregate total amount of all such
Charges or other amounts that may be added back under this clause (vii)(B) shall not exceed, when taken together
with the amounts added back pursuant to clauses (iv)(B) and (v) above and clauses (xix)
and (xx) below, (A) with respect to all Test Periods ending on or prior to December 31, 2019, $55,000,000 and (B)
with respect to any Test Period ending thereafter, 7.5% of EBITDA (or such larger percentage of EBITDA to the extent consented
to from time to time by the Administrative Agent (acting at the direction of the Required Lenders)) for the relevant Test Period
(calculated prior to giving effect to such addback);

 

(viii)      the
amount of any Charge that is actually reimbursed or reimbursable by one or more third parties pursuant to indemnification or reimbursement
provisions or similar agreements; provided that the Borrower shall deliver a certificate of a Responsible Officer
of the Borrower to the Administrative Agent certifying that any such Charge is reasonably expected to be reimbursed within the
next four fiscal quarters (it being understood that, to the extent any such amount is not actually reimbursed within such fiscal
quarters, such amount shall be deducted in calculating EBITDA for such fiscal quarters);

 

(ix)         any
Charge incurred in connection with the rollover, acceleration or payout of Equity Interests held by management of the Borrower
and/or any Subsidiary, to the extent that any such Charge is funded with Net Proceeds contributed to the Borrower (other than by
a Subsidiary thereof) as a capital contribution or as a result of the sale or issuance of Equity Interests (other than Disqualified
Stock) of the Borrower;

 

(x)          non-cash
gains and losses with respect to Swap Agreements and other derivative instruments;

 

(xi)         non-cash
currency translation gains and losses related to currency remeasurements of Indebtedness, and any net non-cash loss or gain resulting
from any Swap Agreement for currency exchange risk;

 

(xii)        without
duplication of any amount referred to in clause (viii) above, expenses incurred with respect to liability or
casualty events or business interruption (to the extent covered by insurance) and, without duplication, cash proceeds of business
interruption insurance actually received by the Borrower or any of its Subsidiaries;

 

    	 	-25-	 

     

    

 

(xiii)       cash
actually received (or any netting arrangement resulting in reduced cash expenditures) during such period so long as the non-cash
gain relating to the relevant cash receipt or netting arrangement was deducted in the calculation of EBITDA for any previous period
and not added back;

 

(xiv)      the
amount of any pro forma “run-rate” expected cost savings, operating expense reductions and synergies
(net of actual amounts realized) that are reasonably identifiable and factually supportable (in the good faith determination of
such person) related to (A) the Transactions and (B) after the Closing Date, any permitted Investment, Disposition, operating improvement,
restructuring, cost savings or similar initiative, cost rationalization program, tax and/or tariff mitigation program, and/or other
Specified Transaction; provided that such amounts under this clause (xiv) are realized or projected
in good faith to be realized within 18 months of the consummation of the applicable transaction; provided further
that the aggregate amount that is added back to EBITDA under this clause (xiv) shall not exceed, when taken together
with all adjustments referred to in the final sentence of the definition of “Pro Forma Basis”, (A) with
respect to all Test Periods ending on or prior to (i) December 31, 2018, 1.875% of EBITDA for the relevant Test Period (calculated
prior to giving effect to such addback), (ii) March 31, 2019, 3.75% of EBITDA for the relevant Test Period (calculated prior to
giving effect to such addback), (iii) June 30, 2019, 5.625% of EBITDA for the relevant Test Period (calculated prior to giving
effect to such addback) and (iv) September 30, 2019, 7.5% of EBITDA for the relevant Test Period (calculated prior to giving effect
to such addback) and (B) with respect to any Test Period ending thereafter, 5.0% of EBITDA (or such larger percentage of EBITDA
to the extent consented to from time to time by the Administrative Agent (acting at the direction of the Required Lenders)) for
the relevant Test Period (calculated prior to giving effect to such addback);

 

(xv)       [reserved];

 

(xvi)      Charges
incurred under the Loan Documents, the First Lien Loan Documents or any Permitted Credit Support Arrangement (including in connection
with any amendment or other modification (or proposed amendment or modification) hereto or thereto) and Charges paid or reimbursed
to (or for the benefit of) the Administrative Agent, the Collateral Agent, any Lender, any other Secured Party or any “Secured
Party” (as defined in the First Lien Credit Agreement) under the First Lien Credit Facility or the Credit Servicer
or any other factor under any Permitted Credit Support Arrangement;

 

(xvii)     debt
discount, debt issuance costs and prepayment expense, and any other Charges, incurred in connection with the issuance of Indebtedness
permitted by the Loan Documents or the prepayment, repayment or retirement of existing Indebtedness or other obligations (including
any premiums or other expenses paid in connection with the early termination of an operating lease or other Contractual Obligation);

 

    	 	-26-	 

     

    

 

(xviii)    Charges
related to key man life insurance policies if the Administrative Agent is entitled to receive any of the proceeds thereof;

 

(xix)       Charges
from (or incurred in connection with) discontinued operations, divested joint ventures, brand separations resulting from carve-out
transactions, and other divested investments and other Charges related to the disposition, cessation or wind down of a brand, unit
or division; provided that the aggregate total amount that may be added back pursuant to this clause (xix)
shall not exceed, when taken together with the amounts added back pursuant to clauses (iv)(B), (v) and (vii)(B)
above and clause (xx) below, (A) with respect to all Test Periods ending on or prior to December 31, 2019, $55,000,000
and (B) with respect to any Test Period ending thereafter, 7.5% of EBITDA (or such larger percentage of EBITDA to the extent consented
to from time to time by the Administrative Agent (acting at the direction of the Required Lenders)) for the relevant Test Period
(calculated prior to giving effect to such addback); and

 

(xx)        any
Charge associated with any litigation and settlements thereof and/or payment of any actual or prospective legal settlement, fine,
judgment or order arising from, or related to, the Transactions (including, without limitation, the failure obtain consents to
licensing agreements); provided that the aggregate total amount of all such Charges or other amounts that may be
added back pursuant to this clause (xx) shall not exceed, when taken together with the amounts added back pursuant
to clauses (iv)(B), (v), (vii)(B) and (xix) above, (A) with respect to all Test
Periods ending on or prior to December 31, 2019, $55,000,000 and (B) with respect to any Test Period ending thereafter, 7.5% of
EBITDA (or such larger percentage of EBITDA to the extent consented to from time to time by the Administrative Agent (acting at
the direction of the Required Lenders)) for the relevant Test Period (calculated prior to giving effect to such addback); minus

 

(b)          the
sum of without duplication, those amounts which, have been included in calculating Consolidated Net Income for such
period:

 

(i)
non-cash items, gains or credits increasing such Consolidated Net Income for such period (excluding the recognition of deferred
revenue or any non-cash items which represent the reversal of any accrual of, or reserve for, anticipated cash charges in any prior
period and any items for which cash was received in any prior period);

 

(ii) any net
after-tax nonrecurring or unusual gains or income (including for the avoidance of doubt, cancellation of debt income in connection
with the Transactions or otherwise); and

 

(iii) any net
after-tax gains or income from (or incurred in connection with) discontinued operations, divested joint ventures and other divested
investments.

 

    	 	-27-	 

     

    

 

Notwithstanding the
preceding, the provision for taxes based on the income or profits of, the Consolidated Fixed Charges of, the depreciation and amortization
and other non cash expenses or non-cash items of and the restructuring charges or expenses of, a Subsidiary of the Borrower will
be added to (or subtracted from, in the case of non-cash items described in clause (b) above) Consolidated Net Income to compute
EBITDA, (A) in the same proportion that the Net Income of such Subsidiary was added to compute such Consolidated Net Income of
the Borrower and (B) only to the extent that a corresponding amount of the Net Income of such Subsidiary would be permitted at
the date of determination to be dividended or distributed to the Borrower by such Subsidiary without prior governmental approval
(that has not been obtained), and without direct or indirect restriction pursuant to the terms of its charter and all agreements,
instruments, judgments, decrees, orders, statutes, rules and governmental regulations applicable to that Subsidiary or its stockholders.

 

Notwithstanding the
foregoing, (A) EBITDA for the four fiscal period ended September 30, 2018 shall be $231,300,000 and for purposes of determining
EBITDA for any Test Period that includes the quarterly periods ending December 31, 2017, March 31, 2018, June 30, 2018 and September
30, 2018, EBITDA for such quarterly periods shall be $60,000,000, $46,200,000, $23,100,000 and $102,000,000, respectively. For
the avoidance of doubt, (x) EBITDA for the periods set forth in the immediately preceding sentence shall not be subject to further
adjustment for such historical periods pursuant to the other provisions of the definition of “EBITDA”
or the definition of “Pro Forma Basis” and (B) for purposes of determining EBITDA for any Test Period
that includes the quarterly period ending December 31, 2018, EBITDA for such period shall be an amount equal to the sum of (x)
the EBITDA of the Borrower and its Subsidiaries on a consolidated basis for the period from the Closing Date through December 31,
2018 and (y) the product of (i) the gross revenue of the Borrower and its consolidated Subsidiaries for the period from October
1, 2018 through the Closing Date times (ii) the Applicable EBITDA Margin (as defined below). For purposes of the foregoing sentence,
the “Applicable EBITDA Margin” shall be the actual profit margin of the Borrower over the time period
described in the foregoing clause (x).

 

Notwithstanding anything
to the contrary set forth herein, to the extent any Capital Expenditures are not included in Consolidated Fixed Charges, the amount
of any such Capital Expenditures in any Test Period shall reduce the combined cap on adjustments to EBITDA contained in clauses
(a)(iv), (v), (vii), (xix), and (xx) for such Test Period on a dollar for dollar basis.

 

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

 

    	 	-28-	 

     

    

 

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

 

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

 

“Eligible
Assignee” shall mean (a) any Lender, (b) any commercial bank, insurance company, or finance company, financial institution,
any fund that invests in loans or any other “accredited investor” (as defined in Regulation D of the
Securities Act), (c) any Affiliate of any Lender, (d) any Approved Fund of any Lender, (e) GSO and (f) to the extent permitted
under Section 9.04(g), any Affiliated Lender; provided that in any event, “Eligible Assignee”
shall not include (i) any natural person, (ii) any Disqualified Institution (provided that the list of Disqualified
Institutions (other than any “reasonably identifiable affiliate” (on the basis of such Affiliate’s
name) included in the definition of “Disqualified Institution” is permitted to be made available to any
Lender who specifically requests a copy thereof)) or (iii) except as permitted under Section 9.04(g), the Borrower
or any of its Affiliates.

 

“EMU Legislation”
shall mean the legislative measures of the European Union for the introduction of, changeover to or operation of the euro in one
or more member states.

 

“environment”
shall mean ambient and indoor air, surface water and groundwater (including potable water, navigable water and wetlands), the land
surface or subsurface strata, natural resources such as flora and fauna, the workplace or as otherwise defined in any Environmental
Law.

 

“Environmental
Laws” shall mean all applicable laws (including common law), rules, regulations, codes, ordinances, orders, decrees,
directives, judgments, injunctions, notices or binding agreements issued, promulgated or entered into by or with any Governmental
Authority, relating in any way to the environment, preservation or reclamation of natural resources, the generation, management,
Release or threatened Release of, or exposure to, any Hazardous Material or to health and safety matters (to the extent relating
to the environment or Hazardous Materials).

 

“Equity Contribution”
shall mean receipt by the Borrower of at least $80,000,000 in cash common or rollover Equity Interests from Lenders, investors
and members of management, of which at least (x) $25,000,000 shall be from Ares, (y) $25,000,000 shall be from Jason Rabin and
(x) $25,000,000 shall be from GSO.

 

“Equity Interests”
of any person shall mean any and all shares, interests, membership interests, rights to purchase or otherwise acquire, warrants,
options, participations or other equivalents of or interests in (however designated) equity or ownership of such person, including
any preferred stock, any limited or general partnership interest and any limited liability company membership interest, and any
securities or other rights or interests convertible into or exchangeable for any of the foregoing.

 

“ERISA”
shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations promulgated thereunder.

 

    	 	-29-	 

     

    

 

“ERISA Affiliate”
shall mean any trade or business (whether or not incorporated) that, together with the Borrower or a Subsidiary, is treated as
a single employer under Section 414(b) or (c) of the Code, or, solely for purposes of Section 302 or 303 of ERISA or
Section 412 or 430 of the Code, is treated as a single employer under Section 414 of the Code.

 

“ERISA Event”
shall mean (a) any Reportable Event; (b)the failure to meet the minimum funding standard of Sections 412 or 430 of the Code or
Sections 302 or 303 of ERISA with respect to any Plan, whether or not waived; (c) the filing pursuant to Section 412(c) of
the Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan;
(d) the failure to make by its due date a required contribution under Section 412(m) of the Code with respect to any Plan;
(e) the failure to make any required contribution to a Multiemployer Plan; (f) the incurrence by the Borrower, a Subsidiary or
any ERISA Affiliate of any liability under Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by the
Borrower, a Subsidiary or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to an intention, or
the institution by the PBGC of proceedings, to terminate any Plan or to appoint a trustee to administer any Plan; (g) the
incurrence by the Borrower, a Subsidiary or any ERISA Affiliate of any liability with respect to the withdrawal or partial withdrawal
from any Plan or Multiemployer Plan; or (h) the receipt by the Borrower, a Subsidiary or any ERISA Affiliate of any notice, or
the receipt by any Multiemployer Plan from the Borrower, a Subsidiary or any ERISA Affiliate of any notice, concerning the imposition
of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, (I) in “critical”
or “endangered” status under Section 432 of the Code or Section 305 of ERISA, (II) in “at
risk” status (as defined in Section 430 of the Code or Section 303 of ERISA) or (III) insolvent within the meaning
of Title IV of ERISA.

 

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

 

“euro”
or “€” shall mean the currency constituted by the Treaty on the European Union and as referred to
in the EMU Legislation.

 

“Eurocurrency
Base Rate” shall mean, for such Interest Period, the rate per annum equal to the ICE Benchmark Administration
LIBOR Rate (“LIBOR”), as published by Reuters (or other commercially available source providing quotations
of LIBOR as designated by the Administrative Agent from time to time) at approximately 11:00 a.m. (London time) two Business
Days prior to the commencement of such Interest Period, for Dollar deposits (for delivery on the first day of such Interest Period)
with a term equivalent to such Interest Period (such rate the, “LIBO Screen Rate”). If the LIBO Screen
Rate is not available at such time for any reason for such Interest Period (an “Impacted Interest Period”),
then the “Eurocurrency Base Rate” for such Interest Period shall be the Interpolated Rate. If such Interpolated
Rate is unavailable at such time for any reason, then LIBOR for such Interest Period shall be the rate per annum determined by
Administrative Agent to be the rate per annum equal to the offered quotation rate for first class banks in the London interbank
market for deposits (for delivery on the first day of the relevant period) in Dollars of amounts in same day funds comparable to
the principal amount of the applicable Eurocurrency Loan of 3 major London banks for which LIBOR is then being determined with
maturities comparable to such Interest Period as of approximately 11:00 a.m. London time, two (2) Business Days prior to the commencement
of such Interest Period, which determination shall be conclusive absent manifest error. Notwithstanding the foregoing, if the Eurocurrency
Base Rate determined based on the foregoing is less than zero, such rate shall be deemed to be zero for the purposes of this Agreement.

 

    	 	-30-	 

     

    

 

“Eurocurrency
Borrowing” shall mean a Borrowing comprised of Eurocurrency Loans.

 

“Eurocurrency
Loan” shall mean any Loan bearing interest at a rate determined by reference to the Adjusted Eurocurrency Rate in
accordance with the provisions of Article II.

 

“Eurocurrency
Reserve Percentage” shall mean, for any day during any Interest Period, the reserve percentage (expressed as a decimal,
carried out to five decimal places) in effect on such day, whether or not applicable to any Lender, under regulations issued from
time to time by the Board for determining the maximum reserve requirement (including any emergency, supplemental or other marginal
reserve requirement) with respect to Eurocurrency funding (currently referred to as “Eurocurrency Liabilities”).
The Adjusted Eurocurrency Rate for each outstanding Eurocurrency Loan shall be adjusted automatically as of the effective date
of any change in the Eurocurrency Reserve Percentage.

 

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

 

“Excess Amount
Prepayment Premium” shall have the meaning specified in Section 2.12(c).

 

“Excess Cash
Flow” shall mean, with respect to the Borrower and the Subsidiaries on a consolidated basis for any Excess Cash Flow
Period, Net Receivables Financing Profit for such Excess Cash Flow Period (which shall be calculated without giving effect to (a)(xiv)),
minus, the sum of the following, without duplication, and, in each case, to the extent paid in cash
(or committed to be paid in cash on or prior the date of any required prepayment pursuant to Section 2.11):

 

(a)          Debt
Service for such Excess Cash Flow Period, reduced by the aggregate principal amount of prepayments of Consolidated Total Debt (other
than prepayments of the Loans) that would otherwise constitute scheduled principal amortization during such Excess Cash Flow Period,
to the extent not financed, or intended to be financed, using the proceeds of, without duplication, the incurrence of Indebtedness
(other than revolving loans and securitization and/or factoring advances), the sale or issuance of any Equity Interests or any
Net Proceeds not otherwise required to prepay the Loans pursuant to Section 2.11 or the definition of the term
“Net Proceeds”;

 

(b)          the
amount of any voluntary prepayment or repurchases permitted hereunder of term Indebtedness (other than any Loans) during such Excess
Cash Flow Period, in each case to the extent not financed, or intended to be financed, using the proceeds of, without duplication,
the incurrence of Indebtedness (other than revolving loans and securitization and/or factoring advances), the sale or issuance
of any Equity Interests or any Net Proceeds not otherwise required to prepay the Loans pursuant to Section 2.11
or the definition of the term “Net Proceeds”, in each case, to the extent that the amount of such prepayment
is not already reflected in Debt Service;

 

    	 	-31-	 

     

    

 

(c)          (i)
Capital Expenditures by the Borrower and the Subsidiaries on a consolidated basis during such Excess Cash Flow Period that are
paid in cash and (ii) the aggregate consideration paid in cash during such Excess Cash Flow Period in respect of Permitted Business
Acquisitions or any other Investments permitted hereunder, in each case, to the extent not financed with the proceeds of, without
duplication, the incurrence of Indebtedness (other than revolving loans and factoring advances), the sale or issuance of any Equity
Interests or any Net Proceeds not otherwise required to prepay the Loans pursuant to Section 2.11 or the definition
of the term “Net Proceeds” (less any amounts received in respect thereof as a return of
capital);

 

(d)          cash
payments made in respect of (i) Earn Out Obligations or similar deferred or contingent purchase price obligations or (ii) Existing
Earn Out Obligations during such Excess Cash Flow Period to the extent not financed, or intended to be financed, using the proceeds
of, without duplication, the incurrence of Indebtedness (other than revolving loans and factoring advances), provided
that the aggregate total that may reduce Excess Cash Flow under clause (d)(i) shall not exceed $7,500,000 in any
Excess Cash Flow Period and in no event shall exceed $37,500,000 in the aggregate after the Closing Date;

 

(e)          the
amount of Dividends made pursuant to Section 6.06 (other than Section 6.06(d) and (g)),
Junior Indebtedness Payments made in cash pursuant to Section 6.09(b)(i), during such Excess Cash Flow Period, in
each case, to the extent not financed, or intended to be financed, using the proceeds of, without duplication, the incurrence of
Indebtedness (other than revolving loans and securitization and/or factoring advances);

 

(f)          cash
payments made in respect of the Transactions or any other Acquisition, including to satisfy any payment obligations owing under
the Acquisition Agreement or any other acquisition or purchase agreement, payments with respect to transition services, spin out
and set up costs, brand separations, licensing consent agreements and other Charges described in clause (iv) of the definition
of EBITDA (up to the amount of such cash payments actually made) and amounts required to be paid in connection with, or as a result,
of any working capital purchase price adjustments during such Excess Cash Flow Period, in each case, to the extent not financed,
or intended to be financed, using the proceeds of, without duplication, the incurrence of Indebtedness (other than revolving loans
and securitization and/or factoring advances) and other than any such cash payments made with the proceeds of amounts funded to
the Company and its Subsidiaries in connection with the Transactions;

 

(g)          Taxes
paid in cash by the Borrower and the Subsidiaries on a consolidated basis during such Excess Cash Flow Period or that will be paid
within six months after the close of such Excess Cash Flow Period and for which reserves have been established, including
tax expense measured by income or capital to the extent added back to Consolidated Net Income in the determination of Net Receivables
Financing Profit; provided, that any amount so deducted that will be paid after the close of such Excess Cash Flow
Period shall not be deducted again in a subsequent Excess Cash Flow Period;

 

    	 	-32-	 

     

    

 

(h)          an
amount equal to any increase in Working Capital of the Borrower and the Subsidiaries for such Excess Cash Flow Period;

 

(i)          cash
expenditures made in respect of Swap Agreements during such Excess Cash Flow Period, to the extent not reflected in the computation
of Net Receivables Financing Profit or Cash Interest Expense;

 

(j)          without
duplication of any exclusions to the calculation of Consolidated Net Income or Net Receivables Financing Profit, amounts paid in
cash during such Excess Cash Flow Period on account of (A) items that were accounted for as noncash reductions of Net Income in
determining Consolidated Net Income or as noncash reductions of Consolidated Net Income in determining Net Receivables Financing
Profit in a prior Excess Cash Flow Period and (B) reserves or accruals established in purchase accounting;

 

(k)          to
the extent not deducted in the computation of Net Proceeds in respect of any asset Disposition or condemnation giving rise thereto,
the amount of any mandatory prepayment of Indebtedness (other than Indebtedness created hereunder or under any other Loan Document),
together with any interest, premium or penalties required to be paid (and actually paid) in connection therewith to the extent
that the income or gain realized from the transaction giving rise to such Net Proceeds exceeds the aggregate amount of all such
mandatory prepayments and Capital Expenditures made with such Net Proceeds;

 

(l)          all
amounts increasing Net Receivables Financing Profit in accordance with the definition of “Pro Forma Basis”
or otherwise in accordance with any provision of the Loan Documents that required Net Receivables Financing Profit to be calculated
on a Pro Forma Basis;

 

(m)          the
amount related to items that were added to or not deducted from Net Income in calculating Consolidated Net Income or were added
to or not deducted from Consolidated Net Income in calculating Net Receivables Financing Profit to the extent such items represented
a cash payment (which had not reduced Excess Cash Flow upon the accrual thereof in a prior Excess Cash Flow Period), or an accrual
for a cash payment, by the Borrower and the Subsidiaries or did not represent cash received by the Borrower and the Subsidiaries,
in each case on a consolidated basis during such Excess Cash Flow Period;

 

(n)          the
aggregate amount of all non-cash income, gains and credits included in the calculation of Consolidated Net Income or specifically
added back to Consolidated Net Income in the calculation of Net Receivables Financing Profit for such Excess Cash Flow Period;
and

 

    	 	-33-	 

     

    

 

(o)          any
fees or expenses paid in cash during such Excess Cash Flow Period in connection with any Investment, Disposition, incurrence or
repayment of Indebtedness, issuance of Equity Interests or amendment or modification to any debt instrument (including any amendment
or other modification to this Agreement or the other Loan Documents), and any transaction undertaken and not completed, in each
case, to the extent not financed, or intended to be financed, using the proceeds of, without duplication, the incurrence of Indebtedness
(other than revolving loans and securitization and/or factoring advances),

 

plus, without
duplication,

 

(a)          an
amount equal to any decrease in Working Capital of the Borrower and the Subsidiaries for such Excess Cash Flow Period;

 

(b)          the
amount of net proceeds in the form of cash or Cash Equivalents received by the Borrower or any Subsidiary with respect to the termination
of license agreements;

 

(c)          all
amounts referred to in clause (c) above to the extent funded with, without duplication, (i) the proceeds of
the sale or issuance of Equity Interests of, or capital contributions to, the Borrower after the Closing Date, (ii) the proceeds
of Indebtedness (other than Revolving Loans (as defined in the First Lien Credit Agreement)) or (iii) any Net Proceeds not otherwise
required to prepay the Loans pursuant to Section 2.11 or the definition of the term “Net Proceeds”,
in each case, to the extent there is a corresponding deduction from Excess Cash Flow above;

 

(d)          [reserved];

 

(e)          cash
payments received in respect of Swap Agreements during such Excess Cash Flow Period to the extent (i) not included in the computation
of Net Receivables Financing Profit or (ii) such payments do not reduce Cash Interest Expense;

 

(f)          any
extraordinary or nonrecurring gain realized in cash during such Excess Cash Flow Period, except to the extent such gain consists
of Net Proceeds subject to Section 2.11(b) or not otherwise required to prepay the Loans pursuant to Section
2.11 or the definition of the term “Net Proceeds”;

 

(g)          to
the extent deducted in the computation of Net Receivables Financing Profit, cash interest income; and

 

(h)          the
amount related to items that were deducted from or not added to Net Income in connection with calculating Consolidated Net Income
or were deducted from or not added to Consolidated Net Income in calculating Net Receivables Financing Profit to the extent either
(x) such items represented cash received by the Borrower or any Subsidiary or (y) such items do not represent cash paid by
the Borrower or any Subsidiary, in each case on a consolidated basis during such Excess Cash Flow Period, in each case, except
to the extent such amount consists of Net Proceeds subject to Section 2.11(b) or not otherwise required to prepay
the Loans pursuant to Section 2.11 or the definition of the term “Net Proceeds”.

 

    	 	-34-	 

     

    

 

“Excess Cash
Flow Period” shall mean (a) the fiscal year of the Borrower ending on December 31, 2019, and (b) each fiscal
year of the Borrower ended thereafter.

 

“Excess Prepayment
Amount” shall have the meaning specified in Section 2.12(c).

 

“Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated
thereunder.

 

“Excluded
Accounts” shall mean (a) deposit accounts, securities accounts, or commodity accounts (each as defined in the Uniform
Commercial Code) which in the aggregate contain less than $5,000,000 at any one time, including the market value of any securities,
commodities, contracts or other assets therein, (b) any other deposit account, securities account or commodity account that is
or used exclusively as a (i) payroll, healthcare or other employee wage benefits account, (ii) withholding tax account (including
sales tax account), (iii) escrow or permitted defeasance and redemption account, (iv) fiduciary or trust account, together
with the funds or other property held in or maintained in any such account (including, without limitation) any fiduciary accounts
required to be maintained by any regulatory or quasi-regulatory body) or (v) zero balance account, (c) deposit accounts, securities
accounts, or commodity accounts maintained in the ordinary course of business with depositary banks outside the United States.

 

“Excluded
Assets” shall mean:

 

(a)          all
leasehold interests (other than the Headquarters);

 

(b)          all
fee-owned real property with a fair market value of less than $5,000,000, provided that in no event shall any Loan
Party be required to provide a Mortgage or other Lien on any real property if such Mortgage or other Lien would require approval
from any Governmental Authority;

 

(c)          except
to the extent a security interest therein can be perfected by the filing of UCC financing statements, motor vehicles and other
assets subject to certificates of title;

 

(d)          letter
of credit rights less than $5,000,000 (individually) (except to the extent a security interest therein can be perfected by the
filing of UCC financing statements);

 

(e)          commercial
tort claims below $5,000,000 (individually);

 

(f)          Excluded
Equity Interests;

 

(g)          a
security interest to the extent the Borrower and the Required Lenders reasonably determine that the burden or cost of perfecting
such security interest outweighs the benefit of such security to the Lenders;

 

    	 	-35-	 

     

    

 

(h)          any
intent to use trademark application prior to the filing of a “Statement of Use” or “Amendment to Allege Use”
with respect thereto, to the extent, if any, that, and solely during the period, if any, in which the grant of a security interest
therein would impair the validity or enforceability of such intent-to-use trademark application or any registration issuing therefrom
under applicable Federal Law;

 

(i)          Margin
Stock;

 

(j)          any
non-US assets or assets of the Borrower and its Subsidiaries that require action under the Law of any non-US jurisdiction to create
or perfect a security interest in such assets, including any Intellectual Property in any non-US jurisdiction (and no security
agreements or pledge agreements governed under the Laws of any non-US jurisdiction shall be required in respect of such assets);

 

(k)          (1)
property subject to a purchase money security agreement, Capital Lease or similar arrangement to the extent the granting of a security
interest therein is prohibited thereby or otherwise requires consent, unless such consent is obtained, and/or (2)) any lease, license,
contract, instrument or other agreements or any property (including personal property) subject to a purchase money security interest,
Capitalized Lease Obligation or similar arrangements, in each case to the extent permitted under the Loan Documents, to the extent
that a pledge thereof or a security interest therein would violate or invalidate such lease, license, contract, instrument or agreement,
purchase money, Capitalized Lease or similar arrangement, or create a right of termination or acceleration of payment or performance
obligations in favor of any other party thereto (other than the Borrower or a Guarantor) after giving effect to the applicable
anti-assignment clauses of the Uniform Commercial Code and other applicable Laws, other than the proceeds and accounts receivables
thereof the assignment of which is expressly deemed effective under the Uniform Commercial Code and other applicable Laws notwithstanding
such prohibition, provided that with respect to any license or sublicense acquired as part of the Acquisition, the Loan Parties
shall have used commercially reasonable efforts to obtain such consents;

 

(l)          any
Governmental licenses, permits, franchises, charters, authorizations and other regulated assets, to the extent the grant of such
security interest (1) is prohibited or restricted thereby, (2) requires prior notice to any regulatory authority which has not
been made (or any required waiting period associated therewith has not expired) or (3) requires the consent, approval, license
or authorization of any regulatory authority which has not been received, in each case, after giving effect to the applicable anti-assignment
provisions of the UCC or other applicable Law;

 

(m)        any
Securitization Assets (solely to the extent subject to a non-recourse Qualified Securitization Financing made to a Securitization
Subsidiary transferred in accordance with Section 6.05 hereof);

 

(n)         any
asset or personal property held directly or indirectly by an Excluded Foreign Subsidiary;

 

    	 	-36-	 

     

    

 

(o)         assets
and personal property to the extent a security interest in such assets or personal property would result in material adverse tax
consequences to the Borrower or any Subsidiary as reasonably determined by the Borrower and the Required Lenders; and

 

(p)         Excluded
Accounts, except, in the case of the Excluded Accounts described in clauses (a), (b)(v) and (c)
of the definition of “Excluded Accounts”, to the extent a security interest therein can be perfected
by the filing of UCC financing statements.

 

“Excluded
Contributions” shall mean the cash and Cash Equivalents received by the Borrower from:

 

(a)         contributions
in respect of its Equity Interests (other than Disqualified Stock), and

 

(b)         the
sale (other than to a Subsidiary of the Borrower or pursuant to any management equity plan or stock option plan or any other management
or employee benefit plan or agreement of the Borrower or any of its Subsidiaries) of Equity Interests (other than Disqualified
Stock) of the Borrower,

 

in each case, as designated as Excluded
Contributions pursuant to an Officer’s Certificate executed by a Responsible Officer of the Borrower.

 

“Excluded
Equity Interests” shall mean:

 

(a)          any
Equity Interests with respect to which, in the reasonable judgment of the Required Lenders and the Borrower, the cost of pledging
such Equity Interests shall be excessive in view of the benefits to be obtained by the Secured Parties therefrom,

 

(b)          Voting
Stock in excess of 65% of the issued and outstanding Voting Stock of any wholly-owned first tier subsidiary that is an Excluded
Foreign Subsidiary (provided, that any first-tier foreign subsidiary that is a disregarded entity for tax purposes
shall be deemed to be a Domestic Subsidiary for purposes of this clause (b)),

 

(c)          any
Equity Interests in any Subsidiary to the extent, and for so long as, the pledge thereof would be prohibited by any applicable
Law (including any legally effective requirement to obtain the consent of any Governmental Authority unless such consent has been
obtained),

 

(d)          any
Equity Interests of any Subsidiary (other than as described in clause (b)) to the extent that the pledge of such Equity
Interests would result in material adverse tax consequences to the Borrower or any Subsidiary as reasonably determined by the Borrower
and the Required Lenders; and

 

    	 	-37-	 

     

    

 

(e)          any
Equity Interests issued by any entity other than a Wholly Owned Subsidiary (other than any Domestic Subsidiary that becomes a non-Wholly
Owned Subsidiary after the Closing Date as a result of (i) the disposition or issuance of Equity Interests of such Domestic Subsidiary
in either case to a Person that is not an unaffiliated third party, (ii) any transaction entered into in contemplation hereof or
primarily in contemplation of such Domestic Subsidiary’s ceasing to constitute a Subsidiary Guarantor or (iii) the disposition
or issuance of Equity Interests of such Domestic Subsidiary for less than the fair market value of such shares as reasonably determined
by the Borrower) to the extent prohibited by the Organizational Documents or other Contractual Obligation applicable to such person
requiring third party consent (other than the consent of Borrower or any of its Subsidiaries).

 

“Excluded
Foreign Subsidiary” shall mean (i) any Foreign Subsidiary that is a CFC and (ii) any Subsidiary that has no material
assets other than Equity Interests of, or Equity Interests and indebtedness of, one or more CFCs.

 

“Excluded
Indebtedness” shall mean all Indebtedness permitted to be incurred under Section 6.01 (as amended
or waived from time to time).

 

“Excluded
Subsidiary” shall mean (with the exception of any Subsidiary that owns any material Intellectual Property that is
used in the business of any of the Loan Parties or any Subsidiary that is party to any Material License Agreement):

 

(a)          any
Subsidiary that is not a Wholly Owned Subsidiary on any date such Subsidiary would otherwise be required to become a Guarantor
pursuant to the requirements of Section 5.11 (for so long as such Subsidiary remains a non-Wholly Owned Subsidiary),
other than any Domestic Subsidiary that becomes a non-Wholly Owned Subsidiary after the Closing Date as a result of (i) the disposition
or issuance of Equity Interests of such Domestic Subsidiary in either case to a Person that is not an unaffiliated third party,
(ii) any transaction entered into primarily in contemplation of such Domestic Subsidiary’s ceasing to constitute a Subsidiary
Loan Party or (iii) the disposition or issuance of Equity Interests of such Domestic Subsidiary for less than the fair market value
of such shares as reasonably determined by the Borrower),

 

(b)          any
Subsidiary that is prohibited by (x) subject to clause (g) below, applicable Law or (y) Contractual Obligation from
guaranteeing or securing the Obligations (and for so long as such restriction is in effect); provided that in the
case of clause (y), such Contractual Obligation existed on the Closing Date or, with respect to any Subsidiary acquired
by the Borrower or a Subsidiary after the Closing Date (and so long as such Contractual Obligation was not incurred in contemplation
of such acquisition), on the date such Subsidiary is so acquired,

 

(c)          (i)
any direct or indirect Foreign Subsidiary, (ii) any Subsidiary that is described in clause (ii) of the defined term “Excluded
Foreign Subsidiary”, (iii) any direct or indirect Subsidiary of an Excluded Foreign Subsidiary, or (iv) any other
Subsidiary for which the provision of a Guarantee or granting a security interest in respect of such Subsidiary would result in
a material adverse tax consequence to Borrower or one of its Subsidiaries (as reasonably determined by the Borrower in consultation
with the Required Lenders),

 

    	 	-38-	 

     

    

 

(d)          any
Immaterial Subsidiary for so long as such Subsidiary remains an Immaterial Subsidiary,

 

(e)          any
other Subsidiary with respect to which, in the reasonable judgment of the Required Lenders and the Borrower, the cost of providing
a Guarantee or granting a security interest shall be excessive in view of the benefits to be obtained by the Lenders therefrom,

 

(f)          any
Subsidiary that would require any consent, approval, license or authorization from any Governmental Authority to provide a Guarantee
or grant a security interests unless such consent, approval, license or authorization has been received, or is received after commercially
reasonable efforts by the Borrower and/or such Subsidiary to obtain the same, and

 

(g)          any
captive insurance Subsidiaries, any special purpose factoring entities or any special purpose securitization vehicle or any Securitization
Subsidiary (in each case, solely to the extent subject to a Qualified Securitization Financing or a Permitted Credit Support Arrangement),
any broker-dealer subsidiaries, bank or trust company subsidiaries or a not-for-profit Subsidiary.

 

“Excluded
Taxes” shall mean, with respect to any Recipient of any payment to be made by or on account of any obligation of
the Borrower hereunder, the following Taxes:

 

(a)          Taxes
imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed
as a result of such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender,
its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that
are Other Connection Taxes,

 

(b)          in
the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect
to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such
interest in the Loan or Commitment (other than pursuant to an assignment request by the Borrower under Section 2.19(b))
or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to Section 2.17,
amounts with respect to such Taxes were payable either to such Lender's assignor immediately before such Lender became a party
hereto or to such Lender immediately before it changed its lending office,

 

(c)          Taxes
attributable to such Recipient’s failure to comply with Section 2.17(g) and

 

(d)          
any withholding Taxes imposed under FATCA.

 

“Existing
Earn Out Obligations” shall mean those Earn Out Obligations existing on the Closing Date and described on Schedule
B.

 

    	 	-39-	 

     

    

 

“Existing
Indebtedness” shall mean all third party Indebtedness of the Borrower, the Acquired Business and their respective
Subsidiaries (other than existing Indebtedness (including ordinary course Capital Leases, equipment financings, letters of credit,
Existing Letters of Credit and other similar financings arrangements) contemplated hereby to remain outstanding after the Closing
Date and listed on Schedule 6.01).

 

“Existing
Letters of Credit” shall mean those letters of credit described on Schedule A.

 

“fair market
value” shall mean, with respect to any asset or property, the price that could be negotiated in an arms’ length
transaction between a willing seller and a willing and able buyer, neither of whom is under undue pressure or compulsion to complete
the transaction.

 

“FATCA”
shall mean Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is
substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations
thereof, any agreement entered into pursuant to Section 1471(b)(1) of the Code, and any fiscal or regulatory legislation, rules
or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities and implementing
such Sections of the Code.

 

“FCPA”
shall mean the Foreign Corrupt Practices Act of 1977, as amended.

 

“Federal
Funds Rate” shall mean, 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 (charged on such day on such transactions as determined by the Administrative Agent).

 

“Fee Letter”
shall mean that certain Fee Letter dated as of June 27, 2018, by and among GSO and the Borrower.

 

“Fees”
shall mean the Administrative Agent Fees, the Collateral Agent Fees and any other fees due hereunder (including, without limitation,
pursuant to Section 2.12).

 

“Financial
Officer” of any person shall mean the Chief Financial Officer, principal accounting officer, Treasurer, Assistant
Treasurer or Controller of such person.

 

“First-Second
Intercreditor Agreement” shall mean (x) that Intercreditor Agreement dated as of the date hereof among ACF FINCO
I LP as Senior Agent, the Collateral Agent as Junior Agent and the representatives for purposes thereof for holders of one or more
other classes of Indebtedness, the Borrower, the other Loan Parties and the other parties thereto and (y) any other intercreditor
agreement entered into from time to time by the holders of one or more classes of Indebtedness, the Loan Parties and the Collateral
Agent and any lender or agent from time to time and designated by the Collateral Agent and the Borrower as a “First-Second
Intercreditor Agreement”, in each case, as the same may be amended, restated, amended and restated, supplemented
or otherwise modified from time to time, and which term shall also include any replacement intercreditor agreement entered into
in accordance with the terms hereof.

 

    	 	-40-	 

     

    

 

“First Lien
Administrative Agent” shall mean (x) the “administrative agent” under and as defined in
the First Lien Credit Agreement, (y) any successor administrative agent permitted by the terms of the First Lien Credit Agreement
and/or (y) any administrative or similar agent under the documentation evidencing a Permitted Refinancing of the First Lien Credit
Agreement and designated by the Borrower and the Administrative Agent as a “First Lien Administrative Agent”
from time to time.

 

“First Lien
Credit Agreement” shall mean the First Lien Credit Agreement dated as of the date hereof among the Borrower, Ares
Capital Corporation as administrative agent, ACF FINCO I LP as collateral agent and the several banks and other financial institutions
from time to time parties thereto as lenders, as such agreement may be amended, restated, amended and restated, supplemented, waived
or otherwise modified from time to time in accordance with terms of the First-Second Intercreditor Agreement.

 

“First Lien
Credit Facilities” shall mean the “Credit Facilities” under and as defined in the First
Lien Credit Agreement as of the date hereof and any similar term in the First Lien Credit Agreement as the First Lien Credit Agreement
may be amended, restated, amended and restated, supplemented, waived or otherwise modified from time to time.

 

“First Lien
Lenders” shall mean (x) each of the lenders under and as defined in the First Lien Credit Agreement from time to
time, or, as the context may require, (y) each of the lenders (or equivalent Persons) of a parties to the documents governing Permitted
Refinancing Indebtedness entered into in the place of the First Lien Credit Agreement and designed by the Borrower and the Administrative
Agent as “Firsts Lien Lenders” from time to time.

 

“First Lien
Loan Documents” shall mean (x) the “Loan Documents” as such term is defined in the First
Lien Credit Agreement as of the Closing Date and, as the context may require, (y) “Loan Documents” (or
equivalent term) as defined in credit agreement, note purchase agreement, indenture or other documents entered into in connection
with any Permitted Refinancing of the First Lien Credit Agreement and governing such Permitted Refinancing Indebtedness; in each
case, as such documents may be amended, restated, amended and restated, supplemented, waived or otherwise modified from time to
time in accordance with the terms of the First-Second Intercreditor Agreement.

 

“Foreign
Lender” shall mean any Lender which for U.S. federal income tax purposes (i)
is regarded as a separate entity and is not a U.S. Person or (ii) is disregarded as a separate entity and has a regarded owner
that is not a U.S. Person. 

 

“Foreign
Subsidiary” shall mean any Subsidiary (together with its successors) that is incorporated or organized under the
laws of any jurisdiction other than the United States of America, any State thereof or the District of Columbia.

 

    	 	-41-	 

     

    

 

“Funding
Conditions Provision” shall have the meaning assigned to such term in Section 4.01.

 

“GAAP”
shall mean generally accepted accounting principles in effect from time to time in the United States, applied on a consistent basis,
subject to the provisions of Section 1.02; provided, that any reference to the application of
GAAP in Sections 3.13(a), 3.13(b), 3.20, 5.03, 5.07
and 6.02(e), to a Foreign Subsidiary (and not as a consolidated Subsidiary of the Borrower) shall mean generally
accepted accounting principles in effect from time to time in the jurisdiction of organization of such Foreign Subsidiary.

 

“Governmental
Authority” shall mean the government of the United States of America 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 (i) any supra-national bodies or public international organizations such as the European Union or the European Central
Bank, or World Bank and (ii) the National Association of Insurance Commissioners).

 

“GSO”
shall mean GSO Capital Partners LP and/or its managed funds or Affiliates.

 

“GSO Representative”
shall mean GSO Capital Partners LP.

 

“Guarantee”
of or by any person (the “guarantor”) shall mean (a) 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, (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness
or other obligation (whether arising by virtue of partnership arrangements, by agreement to keep well, to purchase assets, goods,
securities or services, to take-or-pay or otherwise) or to purchase (or to advance or supply funds for the purchase of) any security
for the payment of such Indebtedness or other obligation, (ii) 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, (iii) 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, (iv) entered into for the purpose of assuring in any other manner the holders of such Indebtedness
or other obligation of the payment thereof or to protect such holders against loss in respect thereof (in whole or in part) or
(v) as an account party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness or other obligation,
or (b) any Lien on any assets of the guarantor securing any Indebtedness or other obligation (or any existing right, contingent
or otherwise, of the holder of Indebtedness or other obligation to be secured by such a Lien) of any other person, whether or not
such Indebtedness or other obligation is assumed by the guarantor; provided, however, that the term
“Guarantee” shall not include endorsements for collection or deposit, in either case in the ordinary
course of business, or customary and reasonable indemnity obligations in effect on the Closing Date or entered into in connection
with any acquisition or Disposition of assets permitted under this Agreement. The amount of any Guarantee Obligation of any guaranteeing
person shall be deemed to be the lower of (1) an amount equal to the stated or determinable amount of the primary obligation in
respect of which such Guarantee Obligation is made and (2) the maximum amount for which such guaranteeing person may be liable
pursuant to the terms of the instrument embodying such Guarantee Obligation, unless such primary obligation and the maximum amount
for which such guaranteeing person may be liable are not stated or determinable, in which case the amount of such Guarantee Obligation
shall be such guaranteeing person’s maximum reasonably anticipated liability in respect thereof as determined by the Borrower
in good faith. The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the related
primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum
reasonably anticipated liability in respect thereof. The term “Guarantee” as a verb has a corresponding
meaning.

 

    	 	-42-	 

     

    

 

“Guaranty
Agreement” shall mean the Guaranty Agreement, in the substantially in the form of Exhibit E, as the
same may be amended, restated, amended and restated, supplemented or otherwise modified from time to time, among the Borrower,
each Loan Party and the Collateral Agent.

 

“Hazardous
Materials” shall mean all pollutants, contaminants, wastes, chemicals, materials, substances and constituents, including
explosive or radioactive substances or petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated
biphenyls or radon gas, of any nature subject to regulation or which can give rise to liability under any Environmental Law.

 

“Headquarters”
shall mean the Borrower’s headquarters located at 350 Fifth Ave, Empire State Building, New York, NY 10118.

 

“Highest
Lawful Rate” shall mean the maximum lawful interest rate, if any, that at any time or from time to time may be contracted
for, charged, or received under the laws applicable to any Lender which are presently in effect or, to the extent allowed by law,
under such applicable laws which may hereafter be in effect and which allow a higher maximum non-usurious interest rate than applicable
laws now allow.

 

“Hudson Notes”
shall mean the notes set forth on Schedule C.

 

“Immaterial
Subsidiary” shall mean any Subsidiary that did not, as of the last day of the fiscal quarter of the Borrower most
recently ended and Reported, have assets with a value in excess of 2.5% of the Consolidated Total Assets or have Net Receivables
Financing Profit representing in excess of 2.5% of Net Receivables Financing Profit as of such date and, when taken together with
all other Immaterial Subsidiaries as of the last day of the fiscal quarter of the Borrower most recently ended and Reported, did
not have assets with a value in excess of 5.0% of the Consolidated Total Assets or Net Receivables Financing Profit representing
in excess of 5.0% of Net Receivables Financing Profit as of such date (the “Excluded Subsidiary Limit”).
In the event that the Immaterial Subsidiaries, taken together, as of the last day of the fiscal quarter of the Borrower most recently
ended and Reported have assets representing in excess of 5.0% of the Consolidated Total Assets or Net Receivables Financing Profit
in excess of 5.0% of Net Receivables Financing Profit as of such date, the Borrower shall designate, in its reasonable discretion,
one or more Immaterial Subsidiaries to no longer be Immaterial Subsidiaries as may be necessary such that the foregoing Excluded
Subsidiary Limit shall not be exceeded, and any such Subsidiary shall thereafter not be deemed to be an Immaterial Subsidiary hereunder
(each such change, an “Immaterial Subsidiary Update”). Each Immaterial Subsidiary as of the Closing Date
shall be set forth on Schedule 1.01(b), and to the extent that there is an Immaterial Subsidiary Update from
time to time, in connection with such update (but not more frequently than the delivery of a quarterly Compliance Certificate is
required pursuant to Section 5.04(e)) the Borrower shall provide the Required Lenders with an updated Schedule
1.01(b) which reflect the Immaterial Subsidiaries at such time. Notwithstanding the foregoing, no Subsidiary shall constitute
an Immaterial Subsidiary if such Subsidiary owns or possesses rights to any material intellectual property used in the business
of the Borrower and its Subsidiaries or if such Subsidiary is a party to any Material License Agreement.

 

    	 	-43-	 

     

    

 

“Impacted
Interest Period” shall have the meaning set forth in the definition of “Eurocurrency Base Rate.”

 

“Indebtedness”
of any person shall mean, without duplication:

 

(a)          all
obligations of such person for borrowed money and all obligations of such person evidenced by bonds (other than performance, surety
or statutory bonds or other similar instruments issued in the ordinary course of business), debentures, notes or similar instruments;

 

(b)          all
obligations of such person under conditional sale or other title retention agreements relating to property or assets purchased
by such person (other than customary reservations or retentions of title under agreements with suppliers entered into in the ordinary
course of business);

 

(c)          all
obligations of such person (other than intercompany items) issued or assumed as the deferred purchase price of property or services
incurred in the ordinary course of business and maturing within 365 days after the incurrence thereof (other than (x) accrued
expense obligations and trade accounts payable in the ordinary course of business and (y) Earn Out Obligations or similar deferred
or contingent purchase price obligations that are not yet due and payable and are not expected to be due and payable in accordance
with the documentation giving rise thereto);

 

(d)          all
Guarantees by such person of Indebtedness of others treated as Indebtedness pursuant to another clause of this definition;

 

(e)          all
Capital Lease Obligations of such person;

 

(f)          all
net payments that such person would have to make in the event of an early termination, on the date Indebtedness of such person
is being determined, in respect of outstanding Swap Agreements;

 

(g)          the
principal component of all obligations, contingent or otherwise, of such person as an account party in respect of letters of credit;

 

    	 	-44-	 

     

    

 

(h)          the
principal component of all obligations of such person in respect of bankers’ acceptances; and

 

(i)          the
amount of all obligations of such person with respect to the redemption, repayment or other repurchase of any Disqualified Stock
(excluding accrued dividends that have not increased the liquidation preference of such Disqualified Stock).

 

The Indebtedness of any person shall include
the Indebtedness of any partnership in which such person is a general partner, other than to the extent that the instrument or
agreement evidencing such Indebtedness expressly limits the liability of such person in respect thereof in which case such Indebtedness
shall not be more than the amount of such Indebtedness that is recourse to such person; provided, however,
that, notwithstanding the foregoing, Indebtedness for purposes of this Agreement and the other Loan Documents, including for the
purposes of calculating the financial covenant in Section 6.10 or calculating any financial ratio (including
for the purposes of calculating Pro Forma Compliance with respect of any incurrence or other test hereunder), Indebtedness shall
be deemed not to include (i) contingent obligations incurred in the ordinary course of business, (ii) deferred or prepaid revenues,
(iii) purchase price holdbacks in respect of a portion of the purchase price of an asset to satisfy warranty or other unperformed
obligations of the respective seller, (iv) [reserved], (v) obligations to make payments in respect of money backed guarantees offered
to customers in the ordinary course of business, (vi) obligations to make payments to one or more insurers in respect of profit
sharing arrangements entered into in the ordinary course of business, (vii) any amounts available and not drawn under any available
commitments or (viii) the obligations of any person to pay rent or other amounts under any lease (or other arrangement conveying
the right to use) real or personal property, or a combination thereof, which obligations would be required to be classified and
accounted for as an operating lease under GAAP as in effect on the Closing Date, or in excess of the amount of such Indebtedness
that would be recourse to such person.

 

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

 

“Indemnitee”
shall have the meaning assigned to such term in Section 9.05(b).

 

“Information”
shall have the meaning assigned to such term in Section 3.14(a).

 

“Initial
Amount Prepayment Premium” shall have the meaning specified in Section 2.12(c).

 

“Initial
Prepayment Amount” shall have the meaning specified in Section 2.12(c).

 

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

 

    	 	-45-	 

     

    

 

“Intellectual
Property Security Agreements” shall mean a Copyright Security Agreement, a Patent Security Agreement, and a Trademark
Security Agreement, forms of which are attached as exhibits to the Collateral Agreement.

 

“Intercreditor
Agreement” shall mean each of the First-Second Intercreditor Agreement, the PNC Intercreditor Agreement, any other
Customary Intercreditor Agreement or any other agreement designated by the Borrower and the Administrative Agent from time to time
as an “Intercreditor Agreement”, and “Intercreditor Agreements” means any two
or more of each of the foregoing, in each case, as the same may be amended, restated, amended and restated, supplemented or otherwise
modified from time to time.

 

“Interest
Election Request” shall mean a request by the Borrower to convert or continue a Borrowing in accordance with Section 2.07.

 

“Interest
Expense” shall mean, with respect to any person for any period, the sum of, without duplication, (a)
gross interest expense of such person for such period on a consolidated basis, including (i) the amortization of debt discounts,
(ii) the amortization of all fees (including fees with respect to Swap Agreements) payable in connection with the incurrence of
Indebtedness to the extent included in interest expense, (iii) the portion of any payments or accruals with respect to Capital
Lease Obligations allocable to interest expense and (iv) net payments and receipts (if any) pursuant to interest rate hedging
obligations, and excluding amortization of deferred financing fees and expensing of any bridge or other financing fees, (b) capitalized
interest of such person, whether paid or accrued, and (c) commissions, discounts, yield and other fees and charges incurred
for such period in connection with any accounts receivables financing of such person or any of its subsidiaries that are payable
to persons other than the Borrower and the Subsidiaries.

 

“Interest
Payment Date” shall mean, (a) with respect to any Eurocurrency Loan, the last day of the Interest Period applicable
to the Borrowing of which such Loan is a part and, in the case of a Eurocurrency Borrowing with an Interest Period of more than
three months’ duration each day that would have been an Interest Payment Date had successive Interest Periods of three months’
duration been applicable to such Borrowing and, in addition, the date of any refinancing or conversion of such Borrowing with or
to a Borrowing of a different Type and (b) with respect to any ABR Loan, the last Business Day of each calendar quarter (being
the last Business Day of March, June, September and December of each year).

 

“Interest
Period” shall mean, as to any Eurocurrency Borrowing, the period commencing on the date of such Borrowing or on the
last day of the immediately preceding Interest Period applicable to such Borrowing, as applicable, and ending on the numerically
corresponding day (or, if there is no numerically corresponding day, on the last day) in the calendar month that is 3 or 6 months
thereafter (or 12 months thereafter, a period shorter than 3 months or such other period, in each case, if at the time of the relevant
Borrowing, all Lenders agree to make interest periods of such length available), as the Borrower may elect, or the date any Eurocurrency
Borrowing is converted to an ABR Borrowing in accordance with Section 2.07 or repaid or prepaid in accordance
with Section 2.09, 2.10 or 2.11; provided, however,
that if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding
Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period
shall end on the next preceding Business Day. Interest shall accrue from and including the first day of an Interest Period to but
excluding the last day of such Interest Period.

 

    	 	-46-	 

     

    

 

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

 

“Investment”
shall have the meaning set forth in Section 6.04.

 

“Junior Indebtedness”
shall mean, collectively, Indebtedness of the Borrower or any of its Subsidiaries that is (x) secured by a Lien that is junior
in priority to the Lien securing the Obligations, or (y) by its terms contractually subordinated in right of payment to all
or any portion of the Obligations or (z) unsecured, in each case, other than intercompany Indebtedness among the Borrower
and its Subsidiaries and Indebtedness incurred under Section 6.01(e); which for the avoidance of doubt, as of the
Closing Date includes, the Hudson Notes and the Closing Date Subordinated Note, but excludes any Existing Earn Out Obligations.

 

“Latest Maturity
Date” shall mean, as of any date of determination, the latest final stated maturity date applicable to any Loans
or Commitments hereunder at such time, in each case as extended in accordance with this Agreement from time to time.

 

“Laws”
shall mean, 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.

 

“Leased Material
Real Property” shall mean the leased real property set forth on Schedule 3.18.

 

“Lender”
shall mean any lender with a Commitment or an outstanding Loan.

 

“LIBO Screen
Rate” shall have the meaning set forth in the definition of “Eurodollar Base Rate”.

 

“Li &
Fung” shall mean Li & Fung (Trading Limited), a company incorporated in Hong Kong.

 

“Lien”
shall mean, with respect to any asset, (a) any mortgage, deed of trust, lien, hypothecation, pledge, encumbrance, charge or security
interest in or on such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title
retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to
such asset and (c) in the case of securities (other than securities representing an interest in a joint venture that is not a Subsidiary),
any purchase option, call or similar right of a third party with respect to such securities; provided, that in no
event shall an operating lease or an agreement to sell be deemed to constitute a Lien.

 

    	 	-47-	 

     

    

 

“Limited
Condition Acquisition” shall mean any Permitted Business Acquisition by the Borrower or one or more of its Subsidiaries
whose consummation is not conditioned on the availability of, or on obtaining, third party financing.

 

“Loan Documents”
shall mean this Agreement, the Security Documents, each Compliance Certificate, any promissory note issued under Section 2.09(e),
solely for the purposes of 7.01(c) hereof, the Agency Fee Letter, the Fee Letter and all other documents, certificates,
instruments or agreements executed and delivered by or on behalf of a Loan Party for the benefit of the Administrative Agent, the
Collateral Agent or Lender in connection herewith on or after the date hereof.

 

“Loan Parties”
shall mean the Borrower and the Subsidiary Loan Parties.

 

“Loans”
or “Loan” shall mean any term loan made by the Lenders to the Borrower pursuant to Section 2.01(a).
The aggregate principal amount of the Loans outstanding as of Closing Date is $668,000,000.

 

“Local Time”
shall mean New York City time.

 

“Margin Stock”
shall have the meaning assigned to such term in Regulation U.

 

“Material
Adverse Effect” shall mean (a) on the Closing Date, a Material Adverse Effect (as defined in the Acquisition Agreement)
as it relates to the Closing Date Acquisition and (b) after the Closing Date, the existence of any event, development or circumstance
that, has had or would reasonably be expected to have a material adverse effect on (i) the business, property, operations or financial
condition of the Borrower and the Subsidiaries, taken as a whole, (ii) the ability of the Loan Parties, taken as whole, to fully
and timely perform their Obligations or (iii) the validity or enforceability of this Agreement or any other Loan Document or the
security interest of the Collateral Agent in any material Collateral or the rights and remedies of the Administrative Agent, Collateral
Agent or any of the Lenders thereunder.

 

“Material
Agreement” shall mean any agreement, contract or instrument to which any Loan Party is a party or by which any Loan
Party or any of its properties is bound (including, without limitation with respect to customers and/or suppliers) (i) pursuant
to which any Loan Party receives or will receive revenue (as determined in accordance with GAAP on the financial statements of
the Borrower), in excess of $50,000,000 in any Test Period, (ii) governing, creating, evidencing or relating to Material Indebtedness
of any Loan Party, (iii) the termination or suspension of which, or the failure of any party thereto to perform its obligations
thereunder, would reasonably be expected to have a Material Adverse Effect, (iv) which constitutes a Material License Agreement
or (v) any Qualified Securitization Financing Documentation.

 

    	 	-48-	 

     

    

 

“Material
Indebtedness” shall mean any (i) Indebtedness (other than Loans and the Closing Date Subordinated Convertible Note)
of any one or more of the Borrower or any Subsidiary in an aggregate principal amount exceeding $28,750,000 and (ii) the Hudson
Notes.

 

“Material
License Agreements” shall mean license agreements, (i) the termination or suspension of which, or the failure of
any party thereto to perform its obligations thereunder, would reasonably be expected to have a Material Adverse Effect or (ii)
pursuant to which the Borrower and its Subsidiaries has received revenue, in excess of $50,000,000 in any Test Period.

 

“Material
Subsidiary” shall mean any Subsidiary other than Immaterial Subsidiaries.

 

“Maturity
Date” shall mean the date that is the six year anniversary of the Closing Date.

 

“Moody’s”
shall mean Moody’s Investors Service, Inc.

 

“Mortgaged
Properties” shall mean each real property encumbered by a Mortgage pursuant to Section 5.11.

 

“Mortgages”
shall mean the mortgages, debentures, hypothecs, deeds of trust, deeds to secure debt, assignments of leases and rents, and other
security documents delivered pursuant to Section 5.11, as amended, restated, amended and restated, supplemented
or otherwise modified from time to time, with respect to Mortgaged Properties, each in form and substance reasonably satisfactory
to the Required Lenders.

 

“Multiemployer
Plan” shall mean a multiemployer plan as defined in Section 3(37) or 4001(a)(3) of ERISA to which the Borrower
or any Subsidiary or any ERISA Affiliate is making or accruing an obligation to make contributions, or has within any of the preceding
six plan years made or accrued an obligation to make contributions.

 

“Net Income”
shall mean, with respect to any person, the net income (loss) of such person, determined in accordance with GAAP and before any
reduction in respect of preferred stock dividends.

 

    	 	-49-	 

     

    

 

“Net Proceeds”
shall mean:

 

(a)          100%
of the proceeds in the form of cash and Cash Equivalents actually received by the Borrower or any Subsidiary (including any such
proceeds received by way of deferred payment of principal pursuant to a note or installment receivable or purchase price adjustment
receivable or otherwise and including casualty insurance settlements and condemnation awards, but only as and when received) from
any Takings or Casualty Event or any sale, transfer or other Disposition or Asset Sale pursuant to Section 6.05 (a)(iii),
(h), (j) (solely to the extent relating to a non-ordinary course one- time payment in respect of a sale of an individual
license or cross-license), (l), (o), (r), or (s) (including any sale and leaseback of
assets and any mortgage or lease of real property) net of the sum of (i) any fees and/or out-of-pocket expenses (including,
without limitation, attorneys’ fees, accountants’ fees, investment banking fees, survey costs, title insurance premiums,
and related search and recording charges, transfer taxes, deed or mortgage recording taxes, required debt payments and required
payments of other obligations relating to the applicable asset (other than pursuant hereto), other customary expenses and brokerage,
consultant and other fees actually incurred in connection therewith), (ii) the principal amount of any Indebtedness that is required
to be repaid in connection with such Asset Sale, Disposition, or Takings or Casualty Event (other than Indebtedness under the Loan
Documents) and is secured by a lien on such asset permitted pursuant to Section 6.02 on a basis senior to the lien
on such assets securing the Collateral, together with any applicable premiums, penalties, interest and/or breakage costs, (iii)
Taxes paid or payable as a result thereof or reasonably estimated to be payable in connection therewith by the Borrower or such
Subsidiary and attributable to such Asset Sale, Disposition or Takings or Casualty Event, (including, where the proceeds are realized
by a Subsidiary of the Borrower, any incremental foreign, state and/or local income taxes would be imposed as a result of distributing
the proceeds in question from any Subsidiary to the Borrower) and (iv) any reserve for adjustment in respect of (1) the
sale price of such asset or assets established in accordance with GAAP and (2) any liabilities associated with such asset
or assets and retained by the Borrower or any of its Subsidiaries after such Asset Sale or Disposition thereof, including, without
limitation, pension and other post-employment benefit liabilities and liabilities related to environmental matters or against any
indemnification obligations associated with such transaction, and it being understood that “Net Proceeds”
shall include, without limitation, any cash or Cash Equivalents (x) received upon the Disposition of any non-cash consideration
received by the Borrower or any Subsidiary in respect of any such Asset Sale, Disposition or Takings or Casualty Event and (y) upon
the reversal (without the satisfaction of any applicable liabilities in cash in a corresponding amount) of any reserve described
in clause (iv) above or, if such liabilities have not been satisfied in cash and such reserve has not been reversed within
180 days after any such Asset Sale or Disposition, the amount of such reserve; provided, that, if no Event of
Default exists, the Borrower or any Subsidiary may deliver a certificate of a Responsible Officer of the Borrower to the Administrative
Agent promptly after receipt of any such proceeds, but in no event to exceed 5 Business Days after any Loan Party’s or a
Subsidiary’s receipt of any such proceeds, setting forth such Loan Party’s or such Subsidiary’s intention to
use, or to commit to use, any portion of such proceeds, to acquire, maintain, develop, construct, improve, upgrade or repair assets
useful in the business of the Borrower or any Subsidiaries or to make investments in Permitted Business Acquisitions or Investments
permitted by Section 6.04, in each case, if such certificate shall have been delivered, within twelve months
of such receipt, such portion of such proceeds shall not constitute Net Proceeds except to the extent not so used (or committed
to be used) within such twelve-month period (and if subject to a binding contract for reinvestment within such twelve-month period,
an additional six months after such initial twelve month period), provided, that (x) no proceeds realized in
a single transaction or series of related transactions shall constitute Net Proceeds unless such proceeds shall exceed $2,500,000
and (y) no proceeds shall constitute Net Proceeds in any fiscal year until the aggregate amount of all such proceeds in such fiscal
year shall exceed $7,500,000 (and in such case, only the amount of such proceeds in excess of such threshold amounts described
in clauses (x) and (y) of this proviso shall be constitute Net Proceeds); provided that
the amounts that shall not constitute Net Proceeds solely pursuant to the foregoing clauses (x) and (y) shall not in the aggregate
exceed $15,000,000; provided, still, further, that pending such reinvestment such proceeds may
be applied to temporarily reduce outstanding Revolving Loans (as defined in the First Lien Credit Agreement);

 

    	 	-50-	 

     

    

 

(b)          100%
of the proceeds in the form of cash and Cash Equivalents from the incurrence, issuance or sale by the Borrower or any of its Subsidiaries
of any Indebtedness, debt like securities (other than Excluded Indebtedness) or Equity Interests (other than Excluded Contributions)
of the Borrower and its Subsidiaries, in each case, net of all taxes (including, where the proceeds are realized by a Subsidiary
of the Borrower, any incremental foreign, state and/or local income taxes would be imposed as a result of distributing the proceeds
in question from any Subsidiary to the Borrower) paid or payable as a result thereof or reasonably estimated to be payable in connection
therewith and fees and/or out-of-pocket expenses (including, without limitation, attorneys’ fees, accountants’ fees,
investment banking fees, underwriting discounts, commissions and other customary costs, fees and expenses), in each case incurred
in connection with such equity issuance, or, as the context may require, incurrence, borrowing or issuance of Indebtedness;

 

(c)          100%
of the proceeds in form of cash and Cash Equivalents and from the receipt by the Borrower or any of its Subsidiaries of extraordinary
and nonrecurring receipts, including without limitation, corporate tax refunds, net of all taxes (including, where the proceeds
are realized by a Subsidiary of the Borrower, any incremental foreign, state and/or local income taxes would be imposed as a result
of distributing the proceeds in question from any Subsidiary to the Borrower) paid or payable as a result thereof or reasonably
estimated to be payable in connection therewith and fees and/or out-of-pocket expenses (including, without limitation, attorneys’
fees, accountants’ fees, commissions and other customary costs, fees and expenses), in each case incurred in connection with
such extraordinary and nonrecurring receipt; provided that no proceeds realized in a transaction or receipt shall
constitute Net Proceeds unless such proceeds exceed $5,000,000 (and in such case, only the amount of such proceeds in excess of
such threshold amounts shall be constitute Net Proceeds); provided that the amounts that shall not constitute Net
Proceeds solely pursuant to the foregoing proviso shall not in the aggregate exceed $10,000,000; and

 

(d)          
100% of the proceeds in the form of cash and Cash Equivalents payable to (and actually received by) the Borrower pursuant to the
Acquisition Agreement (excluding (x) payments with respect to working capital adjustments and (y) indemnity payments owing to third
parties, but including any amounts paid with respect to the failure to obtain consents to the transfer of Intellectual Property
in connection with the Transactions), net of all taxes and fees and/or out-of-pocket expenses (including, without limitation, attorneys’
fees, accountants’ fees, commissions and other customary costs, fees and expenses).

 

    	 	-51-	 

     

    

 

provided
that in the case of the events described in clauses (a), (b) and (c) above, if the amount of
any estimated Taxes or other liabilities exceeds the amount of Taxes actually required to be paid (after taking into account any
available tax credits or deductions and any tax sharing arrangements) in cash and Cash Equivalents in connection with such events,
the aggregate amount of such excess shall constitute Net Proceeds with respect to such event; provided, further
that in the case of clauses (a), (b) and (c) above, if a portion of the Net Proceeds would
otherwise be attributable to another person other than a Loan Party or a Wholly-Owned Subsidiary thereof, the Net Proceeds for
purposes of Section 2.11 of this Agreement shall exclude the pro rata portion of the Net Proceeds thereof attributable
to or associated with the Equity Interests in such person not held, directly or indirectly, by a Loan Party and not available for
distribution to or for the account of a Loan Party or its Wholly-Owned Subsidiaries as a result of a prohibition under (i) applicable
Law or (ii) the applicable Organizational Documents of such person by the Indebtedness documents of such person or another contractual
obligation existing as of the date hereof or at the time such asset or Investment is acquired (provided that such
restriction is not created in contemplation of the avoidance of the requirements of Section 2.11(b) hereof).

 

Notwithstanding anything
to the contrary contained herein, (i) no cash, Cash Equivalents or any other amounts received in respect of the sale of inventory
or the sale of accounts receivables pursuant to any Permitted Credit Support Arrangement shall constitute “Net Proceeds”
or Securitization Financings, (ii) to the extent any Net Proceeds are received by and person other than the Borrower or a Subsidiary
of the Borrower, no payment shall be required until such Net Proceeds are received by the Borrower or a Subsidiary of the Borrower
and (iii) no cash, Cash Equivalents or any other amounts received by the Borrower or any Subsidiary of the Borrower as a result
of or in connection with cancelled, discontinued, non-renewed or otherwise terminated license agreements (which, for the avoidance
of doubt, shall instead constitute Consolidated Net Income in respect of the definition of the term “EBITDA”
in connection with the calculation of “Excess Cash Flow”.

 

For purposes of calculating
the amount of Net Proceeds, fees, commissions and other costs and expenses payable to the Borrower or any Affiliate of either of
them shall be disregarded.

 

“Net Receivables
Financing Profit” shall mean, for any period, with respect to the Borrower and its Subsidiaries on a consolidated
basis, and with respect to the Securitization Subsidiaries in respect of the Securitization Financings, the EBITDA of the Borrower
and Subsidiaries for such period, minus, without duplication, the amount of Charges in respect of all Securitization Financings
in each case to the extent that such Charges were excluded in Consolidated Net Income or were added back in calculating EBITDA
with respect to the Borrower and its Subsidiaries.

 

Notwithstanding the foregoing,
Net Receivables Financing Profit for the four fiscal period ended September 30, 2018 shall be $217,000,000 and for purposes of
determining Net Receivables Financing Profit for any Test Period that includes the quarterly periods ending December 31, 2017,
March 31, 2018, June 30, 2018 and September 30, 2018, Net Receivables Financing Profit for such quarterly periods shall be $56,500,000,
$42,500,000, $19,500,000 and $98,500,000, respectively.

 

    	 	-52-	 

     

    

 

“NFIP”
shall have the meaning assigned to such term in Section 5.11(c).

 

“Non-Consenting
Lender” shall have the meaning assigned to such term in Section 2.19(c).

 

“Non-Defaulting
Lender” shall mean each Lender other than a Defaulting Lender.

 

“Note”
shall have the meaning assigned to such term in Section 2.09(e).

 

“NYUCC”
shall mean Article 9 of the UCC as in effect in New York.

 

“Obligations”
shall mean (i) the unpaid principal of and interest (including, without limitation, interest accruing after the filing of any petition
in bankruptcy, or the commencement of any proceeding under any Debtor Relief Law, relating to the Borrower or any other Loan Party,
whether or not a claim for post-filing or post-petition interest is allowed in such proceeding) and premium (if any) on all Loans
made pursuant to the Credit Agreement and (ii) all guarantee obligations, fees, expenses and all other obligations owed by
a Loan Party to the Administrative Agent, the Collateral Agent, the Lenders or any other Secured Party, whether direct or indirect,
absolute or contingent, due or to become due, or now existing or hereafter incurred, which may arise under, out of, or in connection
with, this Agreement or any other Loan Document, whether on account of principal, interest, reimbursement obligations, fees, indemnities,
costs, expenses (including, without limitation, all fees, charges and disbursements of counsel to any Lender to the extent required
to be paid by the Borrower pursuant hereto) or otherwise. Notwithstanding the foregoing, Obligations of any Guarantor shall in
no event include any Excluded Swap Obligations of such Guarantor.

 

“OFAC”
shall mean the Office of Foreign Asset Control of the Department of the Treasury of the United States of America.

 

“Organizational
Documents” shall mean, collectively, with respect to any Person, (i) in the case of any corporation, the certificate
of incorporation or articles of incorporation and by-laws (or similar constitutive documents) of such Person, (ii) in the
case of any limited liability company, the certificate or articles of formation or organization and operating agreement or memorandum
and articles of association (or similar constitutive documents) of such Person, (iii) in the case of any limited partnership,
the certificate of formation and limited partnership agreement (or similar constitutive documents) of such Person (and, where applicable,
the equity holders or shareholders registry of such Person), (iv) in the case of any general partnership, the partnership
agreement (or similar constitutive document) of such Person, (v) in any other case, the functional equivalent of the foregoing,
and (vi) any shareholder, voting trust or similar agreement between or among any holders of Equity Interests of such Person.

 

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

 

    	 	-53-	 

     

    

 

“Other
Taxes” shall mean all present or future stamp, court or
documentary, intangible, recording, filing or similar Taxes that arise from
any payment made under, from the execution, delivery, performance, enforcement
or registration of, from the receipt or perfection of a security interest under, or
otherwise with respect to, any Loan Document, except any such Taxes that are
Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 2.19(b).

 

“Owned Material
Real Property” shall mean any real property set forth on Schedule 3.18 with a fair market value of
at least $5,000,000 owned in fee by a Loan Party.

 

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

 

“Participant
Register” shall have the meaning specified in Section 9.04(c).

 

“PATRIOT
Act” shall mean the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct
Terrorism Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)), as the same has been, or shall hereafter be, renewed,
extended, amended or replaced.

 

“Payment
in Full” shall mean (a) the termination of all Commitments and (b) the payment in full in cash of all Loans
and other amounts owing to any Lender or the Administrative Agent or the Collateral Agent in respect of the Obligations (other
than contingent or indemnification obligations not then due).

 

“Payment
or Reduction Event” shall have the meaning specified in Section 2.12(c).

 

“PBGC”
shall mean the Pension Benefit Guaranty Corporation referred to and defined in ERISA.

 

“Perfection
Certificate” shall mean the Perfection Certificate with respect to the Borrower and the Loan Parties, in a form reasonably
satisfactory to the Required Lenders.

 

    	 	-54-	 

     

    

 

“Permitted
Business Acquisition” shall mean any Acquisition if (a) such Acquisition was not preceded by, or effected pursuant
to, an unsolicited or hostile offer by the acquirer or an Affiliate of the acquirer; (b) such Acquisition is of a Similar Business,
(c) such Acquisition results in a net positive change to Net Receivables Financing Profit on a Pro Forma Basis, (d) immediately
after giving effect thereto: (i) no Event of Default shall have occurred and be continuing or would result therefrom; (ii)
all transactions related thereto shall be consummated in accordance with applicable laws; (iii)(A) after giving effect to such
Acquisition, calculated as of the last day of the most recently ended and Reported fiscal quarter (1) the Consolidated Total Leverage
Ratio shall not exceed the lesser of (x) the Consolidated Total Leverage Ratio as of the Closing Date and (y) the 0.50x above the
Consolidated Total Leverage Ratio immediately prior to giving effect to such “Permitted Business Acquisition”;
(2) the Consolidated First Lien Leverage Ratio shall not exceed the lesser of (x) Consolidated First Lien Leverage Ratio as of
the Closing Date and (y) 0.50x above the Consolidated First Lien Leverage Ratio immediately prior to giving effect to such “Permitted
Business Acquisition” and the Borrower shall have delivered to the Administrative Agent a certificate of a Responsible
Officer of the Borrower to such effect and (B) any acquired or newly formed Subsidiary shall not be liable for any Indebtedness
(except for Indebtedness permitted by Section 6.01); and (e) the aggregate amount of Acquisition Consideration
in respect of Permitted Business Acquisitions shall not exceed $150,000,000, provided that the aggregate amount of
Acquisition Consideration that may take the form of Earn Out Obligations for Permitted Business Acquisitions occurring after the
Closing Date shall not exceed $10,000,000 in any fiscal year and in no event shall exceed $50,000,000 in the aggregate after the
Closing Date; (f) to the extent required by Section 5.11, the Collateral and Guarantee Requirement will be satisfied
with respect to such acquired person and the Equity Interests of such acquired person; (g) provided that the aggregate
amount of Investments made in “Permitted Business Acquisitions” in persons that do not become Loan Parties
shall not exceed $12,500,000; and (h) for any Acquisition with an Acquisition Consideration greater than $50,000,000, the Borrower
shall provide the Administrative Agent with (X) a quality of earnings report (prepared by a “Big Four” accounting firm
or other nationally recognized accounting firm reasonably acceptable to the Required Lenders), (Y) projections and financials and
(Z) such other documents and information as the Required Lenders may reasonably request.

 

“Permitted
Credit Support Arrangement” shall mean (I) the sale by a Loan Party or its Subsidiaries of Receivables to (i) The
CIT Group/Commercial Services, Inc. (the “Initial US CIT Service”) pursuant to (A)  (1) that certain
Deferred-Purchase Factoring Agreement by and between the Initial CIT Servicer and Differential Brands Group Inc., American Marketing
Enterprises Inc.; Briefly Stated, Inc.; F&T Apparel LLC; GBG-BCBG LLC; GBG Accessories Group LLC; GBG Beauty LLC; GBG Denim
USA LLC; GBG Jewelry Inc.; GBG Socks LLC; GBG West LLC; KHQ Investments LLC; Rossetti Handbags and Accessories, Ltd. and VZI Investment
Corp. (collectively, the “Differential Companies”) dated on or about the date of the date of this Agreement;
(2) that certain Deferred Purchase Export Factoring Agreement by and between the Initial CIT Servicer and the Differential Companies;
(3) that certain Second Amended and Restated Deferred Purchase Factoring by and between Robert Graham Designs, LLC, Hudson Clothing,
LLC and DFBG Swims LLC dated on or about the date of the date of this Agreement and (ii) the sale of Receivables under the Canadian
Sales Factoring Agreement by and between CIT Financial (Canada) ULC (the “Initial Canadian CIT Servicer”
and together with the Initial US CIT Servicer, the “Initial CIT Servicers” and each, an “Initial
CIT Servicer”) and GBG Denim Canada ULC, dated December 24, 2015, as amended by that certain amendment dated on or
about the date of this Agreement or (B) any other deferred purchase price factoring agreement/credit servicing and insurance
arrangement entered into between a Loan Party and the Initial CIT Servicer, substantially in the form of one of the agreements
described in clause (A); as each such agreement in (A) and (B) may be amended, restated, amended and restated, supplemented or
otherwise modified from time to time (collectively, the “Permitted CIT Agreements” and each, a “Permitted
CIT Agreement”) and (ii) the factor or servicer under any other similar deferred purchase price factoring agreement/credit
servicing and insurance arrangement entered into after the date hereof by any Loan Party or any Subsidiary for the factoring of
Receivables, in form and substance reasonably satisfactory to the Administrative Agent (it being understood that any agreement
substantially in the form of a Permitted CIT Agreement shall be deemed to be reasonably satisfactory to the Administrative Agent),
as the same may be amended, amended and restated, restated, supplemented or otherwise modified from time to time.

 

    	 	-55-	 

     

    

 

“Permitted
Credit Support Services” shall mean (i) cash collateral or letters of credit in respect of or as part of the borrowing
base for a Qualified Securitization Financing in a maximum principal amount at any one time outstanding not to exceed the lesser
(x) the amount needed to support borrowings and other advances under a Qualified Securitization Financing (as determined by the
Borrower) and (y) $30,000,000 (“Permitted Securitization Cash Collateral” and such amount, the “Permitted
Securitization Cash Collateral Amount”), (ii) service fees, expenses and other Charges in respect of the Permitted
CIT Arrangements or other similar credit insurance and servicing arrangements entered into from time to time in an aggregate amount
not to exceed 1.00% of annual sales at any one time outstanding as determined by the Borrower.

 

“Permitted
Holder” shall mean each of (i) GSO and Tengram, (ii) one or more investments funds, investment partnerships or managed
accounts controlled or managed by the persons named in clause (i) or one of their Affiliates (other than the
Borrower and its Subsidiaries) and (iii) any “group” (as such term is used in Section 13(d) and 14(d) of the Exchange
Act) with respect to which any such persons described in clauses (i) and (ii) above collectively exercise
a majority of the voting power.

 

“Permitted
Liens” shall mean the collective reference to Liens permitted by Section 6.02.

 

“Permitted
Refinancing” and “Permitted Refinancing Indebtedness” shall mean any Indebtedness issued
or exchanged for, or the net proceeds of which are used to extend, refinance, renew, replace, defease or refund or satisfy and
discharge (collectively, to “Refinance”), the Indebtedness being Refinanced (or previous refinancings
thereof constituting Permitted Refinancing Indebtedness); provided, that (a) the principal amount (or accreted value,
if applicable) of such Permitted Refinancing Indebtedness does not exceed the principal amount (or accreted value, if applicable)
of the Indebtedness so Refinanced (plus all accrued interest and premium thereon and the amount of all original issue
discounts, underwriting discounts, reasonable and customary premiums, fees, commissions, defeasance costs and expenses incurred
in connection therewith), (b) the average life to maturity of such Permitted Refinancing Indebtedness is greater than or equal
to that of the Indebtedness being Refinanced, (c) if the Indebtedness being Refinanced is subordinated in right of payment to the
Obligations under this Agreement, such Permitted Refinancing Indebtedness shall be subordinated in right of payment to such Obligations
on terms not materially less favorable to the Lenders (taken as a whole) as those contained in the documentation governing the
Indebtedness being Refinanced (provided that provisions permitting payments necessary to avoid such subordinated Indebtedness being
classified as applicable high yield discount obligations for purposes of Code Section 163(i) shall be permitted even if the Indebtedness
being so refinanced did not expressly provide for such payments), (d) no Permitted Refinancing Indebtedness shall have greater
guarantees or security, than the Indebtedness being Refinanced, (e) if the Indebtedness being Refinanced is secured by any collateral
(whether equally and ratably with, or junior to, the Secured Parties or otherwise), such Permitted Refinancing Indebtedness may
be secured by such collateral (including in respect of Indebtedness of Foreign Subsidiaries otherwise permitted under this Agreement
and any collateral pursuant to after-acquired property clauses, in each case, to the extent any such collateral secured the Indebtedness
being Refinanced) on terms not materially less favorable to the Secured Parties (taken as a whole) than those contained in the
documentation (including any intercreditor agreement) governing the Indebtedness being Refinanced and (f) no Event of Default shall
have occurred and be continuing or would result therefrom.

 

    	 	-56-	 

     

    

 

“Person”
or “person” shall mean any natural person, corporation, business trust, joint venture, association, company,
partnership, limited liability company (or series thereof) or government, individual or family trusts, or any agency or political
subdivision thereof.

 

“PIK Interest”
shall have the meaning set forth in the definition of “Applicable Margin”.

 

“Plan”
shall mean any employee pension benefit plan (as defined Section 3(2) of ERISA, but excluding any Multiemployer Plan) subject to
the provisions of Title IV of ERISA or Section 412 of the Code and in respect of which the Borrower, any Subsidiary or any
ERISA Affiliate is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer”
as defined in Section 3(5) of ERISA.

 

“Platform”
shall have the meaning assigned to such term in Section 9.19(b).

 

“Pledged
Collateral” shall mean Pledged Securities (as defined in the Collateral Agreement) or a similar term (e.g. pledge
assets, assigned claims, assigned receivables) in the Collateral Agreement.

 

“PNC Purchase
and Sale Agreement” means that certain Purchase and Sale Agreement dated as of the date hereof among the SPV, the
Borrower and the various entities party thereto as Originators.

 

“PNC Securitization”
and “PNC Securitization Documents” shall mean that certain Receivables Purchase Agreement, dated as of
the Closing Date (as the same may be amended, restated, supplemented, replaced or otherwise modified from time to time, “PNC
Receivables Purchase Agreement”) among Spring Funding, LLC, as seller (the “SPV”), the
Borrower, as servicer, the various purchasers from time to time party thereto (the “PNC Securitization Purchasers”),
PNC Capital Markets LLC, as structuring agent (the “PNC Securitization Structuring Agent”) and PNC Bank,
National Association, as administrative agent (the “PNC Securitization Administrative Agent”; together
with the PNC Securitization Purchasers and the PNC Securitization Structuring Agent, each a “PNC Securitization Secured
Party” and collectively, the “PNC Securitization Secured Parties”) and the related agreements
and documents executed and delivered in connection with the PNC Receivables Purchase Agreement, in each case, as the same may be
amended, restated, supplemented, replaced or otherwise modified from time to time in accordance with the terms of this Agreement.

 

“PNC Intercreditor
Agreement” shall mean (x) that Letter Agreement re Pledge of SPV Interests dated as of the Closing Date among the
Collateral Agent, the Administrative Agent and Revolving Agent, the PNC Securitization Administrative Agent, the Borrower and (y)
any other intercreditor agreement entered into from time to time by the holders of one or more classes of Indebtedness, the Loan
Parties and the Collateral Agent and any lender or agent from time to time and designated by the Collateral Agent and the Borrower
as a “PNC Intercreditor Agreement”, in each case, as the same may be amended, restated, amended and restated,
supplemented or otherwise modified from time to time, and which term shall also include any replacement intercreditor agreement
entered into in accordance with the terms hereof.

 

    	 	-57-	 

     

    

 

“Prepayment
Premium” shall have the meaning specified in Section 2.12(c).

 

“Prepayment
Transaction” shall mean any repayment, refinancing, substitution or replacement, in whole or in part, of principal
of outstanding Loans, directly or indirectly, from the net proceeds of any Indebtedness of the Borrower or any of its Subsidiaries,
including, without limitation, as may be effected through any other new or additional loans under this Agreement or by an amendment
of any provisions of this Agreement (including pursuant to Section 9.09(f)), including any replacement of a Non-Consenting
Lender in connection with a required assignment pursuant to Section 2.19.

 

“primary
obligor” shall have the meaning assigned to such term in the definition of the term “Guarantee.”

 

“Prime Rate”
shall mean the rate of interest quoted in the print edition of The Wall Street Journal, Money Rates Section as the Prime
Rate (currently defined as the base rate on corporate loans posted by at least 75% of the nation’s 30 largest banks), as
in effect from time to time (or, if such rate is or becomes unavailable, another national publication selected by the Administrative
Agent (at the direction of the Required Lenders)). The Prime Rate is a reference rate and does not necessarily represent the lowest
or best rate actually charged to any customer. The Administrative Agent or any other Lender may make commercial loans or other
loans at rates of interest at, above or below the Prime Rate.

 

“Pro Forma
Basis” and “Pro Forma Effect” shall mean, in respect of a Specified Transaction, that such
Specified Transaction and the following transactions in connection therewith (to the extent applicable) shall be deemed to have
occurred as of the first day of the applicable period of measurement for the applicable covenant or requirement: (a) historical
income statement items (whether positive or negative) attributable to the property or Person, if any, subject to such Specified
Transaction (it being understood that any pro forma adjustment described in the definition of “EBITDA” may be
applied to any such test or covenant to the extent that such adjustment is consistent with the definition of “EBITDA”;
provided that all adjustments pursuant to this definition shall be subject to (and without duplication of) the limitations
thereon (including caps) set forth in the definition of "EBITDA"), (i) in the case of a Disposition of all or substantially
all Equity Interests in any Subsidiary of the Borrower or any division, product line, or facility used for operations of the Borrower
or any of its Subsidiaries, shall be excluded, and (ii) in the case of an Acquisition of all or substantially all of the property
and assets or business of any Person, or of assets constituting a business unit, a line of business or division of such Person,
or of all or substantially all of the Equity Interests in a Person, shall be included, (b) any repayment, retirement, redemption,
satisfaction, and discharge or defeasance of Indebtedness (other than revolving Indebtedness) or Disqualified Stock and (c) any
Indebtedness incurred or assumed by the Borrower or any of its Subsidiaries in connection therewith (and, if such Indebtedness
has a floating or formula rate, such Indebtedness shall have an implied rate of interest for the applicable period for purposes
of this definition determined by utilizing the rate which is or would be in effect with respect to such Indebtedness as at the
relevant date of determination (taking into account any hedging obligations applicable to such Indebtedness if such hedging obligation
has a remaining term in excess of twelve (12) months)); provided that “Pro Forma Basis,”
and “Pro Forma Effect” in respect of any Specified Transaction shall be calculated in a reasonably detailed
and factually supportable manner.

 

    	 	-58-	 

     

    

 

Pro forma calculations
made pursuant to the definition of this term “Pro Forma Basis” shall be determined in good faith by a
Responsible Officer of the Borrower and also be reasonably acceptable to the Required Lenders. If so required by the applicable
provision(s) of this Agreement (or the other Loan Documents) in connection with a Pro Forma calculation hereunder, the Borrower
shall deliver to the Required Lenders a certificate of a Responsible Officer of the Borrower setting forth such calculations supporting
them in reasonable detail.

 

“Pro Forma
Compliance” shall mean, as of any date of determination, that the Borrower shall be in pro forma compliance
with the covenants set forth in Section 6.10 as of the date of such determination (calculated on a Pro Forma
Basis and giving Pro Forma Effect to the event giving rise to such determination).

 

“Pro Forma
Financial Statement” shall have the meaning assigned to such term in Section 3.05(a)(i).

 

“Projections”
shall mean any projections and any forward-looking statements (including statements with respect to booked business) of such entities
furnished to the Lenders or the Administrative Agent by or on behalf of the Borrower or any of the Subsidiaries prior to the Closing
Date.

 

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

 

“Public Lender”
shall have the meaning assigned to such term in Section 9.19(b).

 

“Qualified
Securitization Financing” shall mean (i) the PNC Securitization as in effect on the Closing Date and (ii) any Securitization
Financing that refinances or replaces the PNC Securitization and any amendment to the PNC Securitization, in each case that meets
the following conditions: (a) such Securitization Financing (including financing terms, covenants, termination events and other
provisions) is in the aggregate economically fair and reasonable to the Borrower and, if applicable, the Securitization Subsidiary,
(b) all sales and/or contributions of Securitization Assets are made at fair market value and are either (x) non-recourse to the
Loan Parties or (y) if recourse to the Loan Parties, (A) such recourse is limited solely to the Securitization Assets, Permitted
Securitization Cash Collateral or to payments made by a Credit Support Provider in respect of such Securitization Assets and (B)
and applicable Securitization Provider shall have entered into a customary pari passu intercreditor with the Agents on terms reasonably
acceptable to the Agents, (c) the only assets of the Loan Parties involved in such Securitization Financing shall be accounts receivable
generated in the ordinary course of business and related Securitization Assets, Permitted Securitization Cash Collateral and payments
made by a Credit Support Provider in respect of such Securitization Asset, (d) the Secured Parties shall have received a pledge
of equity in the Securitization Subsidiary party to such Securitization Financing in accordance with the Collateral and Guarantee
Requirement, (e) all amounts received by the Loan Parties from counterparties to such Securitization Financing from the sale of
Receivables shall be deposited directly in a Controlled Account, (f) the Loan Parties shall have granted to the Collateral Agent,
for the benefit of the Secured Parties, a security interest in their rights arising under any such Securitization Financing Documentation
(including, without limitation, all rights to payments received thereunder), and (h) any Securitization Financing that amends,
amends and restates, refinances or replaces the PNC Securitization (or any refinancing thereof) shall be on terms that when taken
as a whole are not materially less favourable to the interests of the Borrower or the Secured Parties than those set forth in the
PNC Securitization on the Closing Date (except with respect to fees, pricing, covenant and dilution levels, advance rates and other
payment terms, which may be adjusted to reflect then current market terms for a similar business of similar size, credit quality
and financial condition operating in the same geographic areas; provided, however, that unless consented
to by the Agents, no such refinancing shall result (x) in a degradation of the average Advance Ratio for accounts receivable in
excess of 20% as compared to the average Advance Ratio for the same month in the prior year under the then existing Securitization
Financing or (y) an increase of more than 2.00% on the interest rate spread for the then existing Securitization Financing; provided,
further that any changes to pricing resulting from "dynamic pricing" provisions contained in the Qualified
Securitization Financing Documentation then in effect shall not constitute an amendment to the pricing of such Securitization Financing;
it being understood that the maximum amount of Indebtedness of the Borrower and its Subsidiaries and its Securitization Subsidiaries
pursuant to all Qualified Securitization Financing Documents shall at no time exceed a maximum aggregate principal amount outstanding
in excess of $632,500,000.

 

    	 	-59-	 

     

    

 

“Qualified
Securitization Financing Documentation” shall mean the documentation evidencing any Qualified Securitization Financing.

 

“Rate”
shall have the meaning assigned to such term in the definition of the term “Type.”

 

“Recipient”
shall mean (a) the Administrative Agent, (b) the Collateral Agent or (c) any Lender, as applicable.

 

“Reference
Period” shall have the meaning assigned to such term in the definition of the term “Pro Forma Basis.”

 

“Refinance”
shall have the meaning assigned to such term in the definition of the term “Permitted Refinancing Indebtedness,” and
“Refinanced” shall have a meaning correlative thereto.

 

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

 

“Regulation
T” shall mean Regulation T of the Board as from time to time in effect and all official rulings and interpretations
thereunder or thereof.

 

“Regulation
U” shall mean Regulation U of the Board as from time to time in effect and all official rulings and interpretations
thereunder or thereof.

 

    	 	-60-	 

     

    

 

“Regulation
X” shall mean Regulation X of the Board as from time to time in effect and all official rulings and interpretations
thereunder or thereof.

 

“Regulatory
Agreement” shall have the meaning assigned to such term in Section 3.09(c).

 

“Related
Fund” shall mean, with respect to any Lender that is a fund that invests in bank or commercial loans and similar
extensions of credit, any other fund that invests in bank or commercial loans and similar extensions of credit and is advised or
managed by (a) such Lender, (b) an Affiliate of such Lender or (c) an entity (or an Affiliate of such entity) that administers,
advises or manages such Lender.

 

“Related
Parties” shall mean, with respect to any specified person, such person’s Affiliates and the partners, directors,
officers, employees, agents, trustees and advisors of such person and of such person’s Affiliates.

 

“Release”
shall mean any spilling, leaking, seepage, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching, dumping,
disposing, depositing, emanating or migrating in, into, onto or through the environment.

 

“Remaining
Present Value” shall mean, as of any date with respect to any lease, the present value as of such date of the scheduled
future lease payments with respect to such lease, determined with a discount rate equal to a market rate of interest for such lease
reasonably determined at the time such lease was entered into.

 

“Renegotiation
of Li & Fung Sourcing Agreement” shall mean, the date upon which the sourcing agreement dated November 14, 2016
with Li & Fung is amended (a) to reflect a fee payable to Li & Fung pursuant to such sourcing agreement is not greater
than 3.0% and (b) the other terms no less favorable to the Borrower than the existing sourcing arrangement with Li & Fung (taken
as a whole).

 

“Report”
shall have the meaning assigned in Section 9.15.

 

“Reportable
Event” shall mean any reportable event as defined in Section 4043(c) of ERISA or the regulations issued thereunder,
other than those events as to which the 30-day notice period referred to in Section 4043(c) of ERISA has been waived, with
respect to a Plan (other than a Plan maintained by an ERISA Affiliate that is considered an ERISA Affiliate only pursuant to subsection (m)
or (o) of Section 414 of the Code).

 

“Reported”
shall mean, with respect to any fiscal quarter or Excess Cash Flow Period of the Borrower, the delivery to the Administrative Agent
of the financial statements required to be delivered with respect to the end of such fiscal quarter or such Excess Cash Flow Period
under Section 5.04(a) or (b), as applicable.

 

“Required
Lenders” shall mean, at any time, the Lenders having Loans outstanding, that, taken together, represent more than
50% of the sum of all Loans outstanding; provided that, notwithstanding the foregoing, as long as GSO
is a Lender under this Agreement and continues to hold Loans in an aggregate amount equal to at least 50% of the aggregate amount
of Loans it held as of the Closing Date, Required Lenders shall mean the GSO Representative.

 

    	 	-61-	 

     

    

 

“Required
Percentage” shall mean, with respect to an Excess Cash Flow Period, 50%; provided, that if the Consolidated
First Lien Leverage Ratio calculated as of the end of any Excess Cash Flow Period is (i) less than or equal to 2.75 to 1.00, the
Required Percentage shall be 25% and (ii) less than or equal to 2.25 to 1.00, the Required Percentage shall be 0%; provided,
further, that on and after the Discharge of Senior Debt Obligations, if the Consolidated Total Leverage Ratio calculated
as of the end of any Excess Cash Flow Period is (i) less than or equal to 4.00 to 1.00, the Required Percentage shall be 25% and
(ii) less than or equal to 3.00 to 1.00, the Required Percentage shall be 0% .

 

“Requirements
of Law” shall mean, as to any Person, any law, treaty, rule or regulation or determination of an arbitrator or a
court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its property or to which
such Person or any of its property is subject.

 

“Responsible
Officer” of any person shall mean any chief executive officer, president, executive officer or Financial Officer
of such person and any other officer or similar official thereof responsible for the administration of the obligations of such
person in respect of this Agreement.

 

“Retained
Declined Amounts” shall have the meaning as assigned in Section 2.11(e).

 

“S&P”
shall mean S&P Global Ratings, a business unit of Standard & Poor’s Financial Services LLC, a subsidiary of S&P
Global Inc.

 

“Sanctioned
Country” shall mean, at any time, a country or territory which is itself the subject or target of any Sanctions (as
of the Date of this Agreement, Cuba, Iran, North Korea, Syria, and the Crimea region of Ukraine)

 

“Sanctioned
Person” shall mean, at any time, (a) any Person listed in any Sanctions-related list of designated Persons, (b) any
Person headquartered, organized or resident in a Sanctioned Country, (c) any Person owned or controlled by, or acting for or on
behalf of, any Person described in clauses (a) or (b) or (d) otherwise the subject or
target of Sanctions.

 

“Sanctions
Laws” shall mean laws, rules or regulations relating to economic or financial sanctions or trade embargoes imposed,
administered or enforced from time to time by (a) the U.S. government, including those administered by OFAC or the U.S. Department
of State, or (b) the United Nations Security Council, the European Union, any European Union member state or Her Majesty’s
Treasury of the United Kingdom or any other relevant sanctions authority with jurisdiction over the Borrower or any of its Subsidiaries.

 

“SEC”
shall mean the Securities and Exchange Commission or any successor thereto.

 

    	 	-62-	 

     

    

 

“Secured
Parties” shall mean the “Secured Parties” as defined in the Collateral Agreement.

 

“Securitization
Assets” shall mean (x) in respect of the PNC Securitization, the accounts receivable of the Loan Parties and other
Supporting Assets (as defined in the PNC Receivables Purchase Agreement and any other assets of the Securitization Subsidiary pledged
or sold pursuant to the terms of the Receivables Purchase Agreement and the other PNC Securitization Documents and (y) in respect
to any other Qualified Securitization Financing, (i) the accounts receivable of one or more of the Loan Parties sold or contributed
to a Securitization Subsidiary pursuant and subject to such Qualified Securitization Financing (all “Pool Receivables”),
the related security with respect to such Pool Receivables, (iii) all Collections with respect to such Pool Receivables, (iv) the
cash collateral accounts, the lock boxes and collection accounts owned by such Securitization Subsidiary and all amounts on deposit
therein, and all certificates and instruments, if any, from time to time evidencing such lock-boxes and collection accounts and
amounts on deposit therein, (v) all rights (but none of the obligations) of the Securitization Subsidiary transferred under the
applicable purchase and sale agreement, (vi) all other personal and fixture property or assets of the applicable Securitization
Subsidiary of every kind and nature including, without limitation, all goods (including inventory, equipment and any accessions
thereto), instruments (including promissory notes), documents, accounts, chattel paper (whether tangible or electronic), deposit
accounts, securities accounts, securities entitlements, letter-of-credit rights, commercial tort claims, securities and all other
investment property, supporting obligations, money, any other contract rights or rights to the payment of money, insurance claims
and proceeds, and all general intangibles (including all payment intangibles) (each as defined in the UCC) and (vii) all proceeds
of, and all amounts received or receivable under any or all of, the foregoing.

 

“Securitization
Collection Account” has the meaning assigned in Section 5.15.

 

“Securitization
Fees” shall mean distributions or payments made directly or by means of discounts with respect to any participation
interest issued or sold in connection with, and other fees paid in connection with any Qualified Securitization Financing.

 

“Securitization
Financing” shall mean any transaction or series of transactions that may be entered into by the Borrower or any of
its Subsidiaries pursuant to which the Borrower or any of its Subsidiaries may sell, convey or otherwise transfer to (a) a
Securitization Subsidiary (in the case of a transfer by the Borrower or any of its Subsidiaries) or (b) any other Person (in
the case of a transfer by a Securitization Subsidiary), or may grant a security interest in, any Securitization Assets of the Borrower
or any of its Subsidiaries. For the avoidance of doubt, a “Securitization Financing” for the purposes
of this agreement shall include an on or off-balance sheet receivables securitization arrangement, as well as, any factoring arrangement,
receivables financing or vendor financing arrangement.

 

“Securitization
Provider” shall mean (a) the PNC Securitization Parties for so long as the PNC Securitization is in effect and (b)
any other person designated by the Borrower as a “Securitization Provider” in connection with a Securitization
Financing entered into by the Borrower or any of its subsidiaries or a Securitization Subsidiary from time to time.

 

    	 	-63-	 

     

    

 

“Securitization
Subsidiary” shall mean a Wholly Owned Subsidiary of the Borrower (or another Person formed for the purposes of engaging
in a Qualified Securitization Financing in which the Borrower or any Subsidiary of the Borrower makes an Investment and to which
the Borrower or any Subsidiary of the Borrower transfers Securitization Assets and related assets) that engages in no activities
other than in connection with the financing of Securitization Assets of the Borrower or its Subsidiaries, all proceeds thereof
and all rights (contingent and other), collateral and other assets relating thereto, and any business or activities incidental
or related to such business, and which is designated by the board of directors of the Borrower or such other Person (as provided
below) as a Securitization Subsidiary and (a) no portion of the Indebtedness or any other obligations (contingent or otherwise)
of which (i) is guaranteed by the Borrower or any other Subsidiary of the Borrower, other than another Securitization Subsidiary
(excluding guarantees of obligations (other than the principal of, and interest on, Indebtedness) pursuant to Standard Securitization
Undertakings), (ii) is recourse to or obligates the Borrower or any other Subsidiary of the Borrower, other than another Securitization
Subsidiary, in any way other than pursuant to Standard Securitization Undertakings (other than with respect any repayment obligations
under any Eligible Supporting Letter of Credit (as defined in the related Qualified Securitization Documents)) or (iii) subjects
any property or asset of the Borrower or any other Subsidiary of the Borrower, other than another Securitization Subsidiary, directly
or indirectly, contingently or otherwise, to the satisfaction thereof, other than pursuant to Standard Securitization Undertakings,
(b) with which none of the Borrower or any other Subsidiary of the Borrower, other than another Securitization Subsidiary,
has any material contract, agreement, arrangement or understanding other than on terms which the Borrower reasonably believes to
be no less favorable to the Borrower or such Subsidiary than those that might be obtained at the time from Persons that are not
Affiliates of the Borrower and (c) to which none of the Borrower or any other Subsidiary of the Borrower, other than another
Securitization Subsidiary, has any obligation to maintain or preserve such entity’s financial condition or cause such entity
to achieve certain levels of operating results.  Any such designation by the board of directors of the Borrower or such
other Person shall be evidenced to the Administrative Agent by delivery to the Administrative Agent of a certified copy of the
resolution of the board of directors of the Borrower or such other Person giving effect to such designation and a certificate executed
by a Responsible Officer certifying that such designation complied with the foregoing conditions.

 

“Security
Documents” shall mean the Mortgages, the Guaranty Agreement, the Collateral Agreement, the Intellectual Property
Security Agreements and each of the security agreements, mortgages and other instruments and documents executed and delivered pursuant
to any of the foregoing or pursuant to Section 5.11, in each case, as amended from time to time in accordance
with the terms hereof and thereof.

 

“Shareholders
Agreement” shall mean that certain shareholders agreement between the Borrower, GSO Stockholders (as defined in the
Shareholders Agreement) and Tengram Stockholders (as defined in the Shareholders Agreement) dated as of the date hereof.

 

“Side Letter”
shall mean that certain letter agreement dated as of June 27, 2018, by and among the Borrower, GBG and Seller.

 

“Similar
Business” shall mean any business or activity of the Borrower or any of its Subsidiaries currently conducted or proposed
as of the Closing Date, or any business or activity that is reasonably similar thereto or a reasonable extension, development or
expansion thereof, or is synergistic with or complementary, incidental, ancillary or related thereto.

 

    	 	-64-	 

     

    

 

“Specified
Event of Default” shall mean an Event of Default under Section 7.01(b), (c) (solely
with respect to principal, interest and other recurring fees) (h) or (i).

 

“Specified
Representations” shall mean those representations and warranties of the Loan Parties pursuant to Section 3.01(a),
(b), and (d), Section 3.02(a) and (b)(i)(B) (in each case, with respect
only to the Loan Documents), Section 3.03, Section 3.10, Section 3.11,
Section 3.17(a) and (b) (in each case, subject to the Funding Condition Provision), Section 3.19,
Section 3.25(a), Section 3.26 (with respect only to OFAC) and Section 3.27
(with respect only to OFAC and the FCPA).

 

“Specified
Transaction” shall mean (a) any Acquisition, any Disposition, any sale, or other transfer that results in a Person
ceasing to be a Subsidiary, any involuntary Disposition, any Investment that results in a Person becoming a Subsidiary, in each
case, whether by merger, consolidation, division, or otherwise, or any incurrence or repayment of Indebtedness or (b) any other
event that by the terms of the Loan Documents requires Pro Forma Compliance with a test or covenant or requires such test or covenant
to be calculated on a Pro Forma Basis.

 

“Standard
Securitization Undertakings” means representations, warranties, covenants and indemnities entered into by the Borrower
or any Subsidiary of the Borrower that are customary in a Securitization Financing.

 

“Sterling”
shall mean the lawful money of the United Kingdom.

 

“Subscription
Agreements” shall mean, collectively, (i) the Subscription Agreement, dated as of the date hereof, by and between
the Borrower and Jason Rabin, (ii) the Subscription Agreement, dated as of the date hereof, by and between the Borrower and Ares
and (iii) the Subscription Agreement, dated as of the date hereof, by and between the Borrower and GSO.

 

“subsidiary”
shall mean, with respect to any person (herein referred to as the “parent”), any corporation, partnership,
association or other business entity (a) of which securities or other ownership interests representing more than 50% of the equity
or more than 50% of the ordinary voting power or more than 50% of the general partnership interests are, at the time any determination
is being made, directly or indirectly, owned, Controlled or held, or (b) that is, at the time any determination is made, otherwise
Controlled, by the parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent;
provided that in no event shall any Securitization Subsidiary be deemed a subsidiary hereunder unless otherwise specified
herein.

 

“Subsidiary”
shall mean, unless the context otherwise requires, a subsidiary of the Borrower.

 

“Subsidiary
Loan Party” shall mean (i) each of the Wholly Owned Subsidiaries of the Borrower set forth on Schedule 1.01(g)
hereto on the Closing Date and (ii) each other Domestic Subsidiary of the Borrower formed or acquired after the Closing Date (other
any Excluded Subsidiary).

 

    	 	-65-	 

     

    

 

“Swap Agreement”
shall mean any agreement with respect to any swap, forward, future or derivative transaction or option or similar agreement involving,
or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic,
financial or pricing indices or measures of economic, financial or pricing risk or value or any similar transaction or any combination
of these transactions; provided, that no phantom stock or similar plan providing for payments only on account of
services provided by current or former directors, officers, employees or consultants of the Borrower or any of the Subsidiaries
shall be a Swap Agreement.

 

“Takings
or Casualty Event” shall mean any loss of, damage to or destruction of, or any condemnation or other taking for public
use by any Governmental Authority of, any property of any Loan Party or any of its Subsidiaries.

 

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

 

“Tengram”
shall mean Tengram Capital Partners, LP.

 

“Test Period”
shall mean, as of any date of determination, the period of four consecutive fiscal quarters of the Borrower then most recently
ended and Reported (taken as one accounting period).

 

“Transaction
Costs” shall mean fees, premiums, expenses, closing payments and other similar transaction costs (including original
issue discount or upfront fees) payable or otherwise borne by Borrower and/or its subsidiaries in connection with the Transactions
and the transactions contemplated thereby.

 

“Transaction
Documents” shall mean, Acquisition Agreement, the Ancillary Agreements (as defined in the Acquisition Agreement),
the Transition Services Agreement, the Closing Date Subordinated Convertible Note, the Permitted CIT Agreements, the PNC Securitization
Documents, the Loan Documents and the First Lien Loan Documents, in each case, as amended, restated, amended and restated, supplemented
or otherwise modified from time to time in accordance with the terms hereof and thereof.

 

“Transactions”
shall mean, collectively, the Closing Date Acquisition and the transactions to occur pursuant to the Acquisition Agreement, the
Ancillary Agreements (as defined in the Acquisition Agreement) and the other Transaction Documents, including (a) the execution
and delivery of the Loan Documents and the initial borrowings hereunder, (b) the execution and delivery of the First Lien Credit
Agreement and other First Lien Loan Documents and the initial borrowings thereunder and the issuance of Equity Interests in the
Borrower pursuant to the Subscription Agreements, (c) the execution and delivery of the PNC Securitization Documents, the Permitted
CIT Agreements and other documents, intercreditor agreements and other transactions documents and filings related to the PNC Securitization
and the Permitted Credit Support Arrangements and the amendment to the Whitehall Factoring Agreement and purchase and sale of certain
accounts receivable relating to the Acquired Business and the Whitehall Factoring Agreement, (d) the repayment, redemption or discharge
of, and termination of all obligations and commitments and release of guaranties and liens under certain Existing Indebtedness,
(e) the conversion of the Borrower’s preferred stock into common stock, (f) the receipt by the Borrower of the Equity Contribution,
(g) the issuance of the Closing Date Subordinated Note, (h) the Borrower and certain of its Subsidiaries changing their names upon
the consummation of the Closing Date Acquisition and the making of the requisite filings with the secretary of state (or equivalent)
in the applicable jurisdictions, (i) capitalization of the Securitization Subsidiary in respect of the PNC Securitization and (j)
the payment of all Transaction Costs to be paid on, prior to or subsequent to the Closing Date.

 

    	 	-66-	 

     

    

 

“Transition
Services Agreement” shall mean Transition Services Agreement, dated as of the Closing Date, by and between Differential
Brands Group Inc., a Delaware corporation and GBG USA Inc., a Delaware corporation, as the same may be amended, amended and restated,
restated, supplemented or otherwise modified from time to time.

 

“Treasury
Rate” means, as of the date of any repayment or repricing of the Loans of the type described in Section 2.12(c),
the yield to maturity as of such date of the United States Treasury securities with a constant maturity (as compiled and published
in the most recent Federal Reserve Statistical Release H.15 (519) that has become publicly available at least two Business Days
prior to such date (or, if such Statistical Release is no longer published, any publicly available source of similar market data))
most nearly equal to the period from such date to the second anniversary of the Closing Date; provided, however,
that if the period from such date to the second anniversary of the Closing Date is less than one year, the weekly average yield
on actually traded United States Treasury securities adjusted to a constant maturity of one year will be used.

 

“Type,”
when used in respect of any Loan or Borrowing, shall refer to the Rate by reference to which interest on such Loan or on the Loans
comprising such Borrowing is determined. For purposes hereof, the term “Rate” shall include the Adjusted
Eurocurrency Rate and ABR.

 

“Unfinanced
Capital Expenditures” shall mean, for any period of determination, (a) Capital Expenditures for such period, minus
(b) the portion of Capital Expenditures for such period that (i) are made in connection with the reinvestment of Net Proceeds of
any Disposition to the extent permitted hereunder, (ii) are financed with net cash proceeds of any issuance of Equity Interests
of the Borrower or are paid for with Equity Interests of the Borrower (in each case, other than Disqualified Stock), (iii) are
obtained as a result of a trade-in or exchange of equipment or other fixed assets, (iv) are reimbursed by, or result in a credit
from, third parties (including any landlord or other owner of real property leased in connection with leasehold or property improvements
made by such party) or (v) are financed with the incurrence of Indebtedness (other than revolving loans, proceeds of Qualified
Securitization Financings or factoring advances).

 

“Uniform
Commercial Code” and “UCC” shall mean the Uniform Commercial Code in effect in the State
of New York; provided that if by reason of mandatory provisions of Applicable Law, the perfection, non-perfection
or priority of a security interest is governed by the Uniform Commercial Code in effect in a jurisdiction other than the State
of New York, the term “Uniform Commercial Code” means the Uniform Commercial Code in effect in such other
jurisdiction for the purposes of the provisions in the Loan Documents relating to such perfection or priority.

 

    	 	-67-	 

     

    

 

“Unrestricted
Cash” shall mean, as of any date of determination,  the aggregate amount of all cash and Cash Equivalents on
the consolidated balance sheet of the Borrower and its Subsidiaries that are Loan Parties that are not “restricted”
for purposes of GAAP and in which is held in an account which subject to a Control Agreement for the benefit of the Collateral
Agent or in which the Collateral Agent has a perfected second-priority security interest (except in each case, to the extent a
Control Agreement or such “control” shall not be required unless and until so required pursuant to Section
5.11); provided, however, that the aggregate amount of Unrestricted Cash shall not (i) exceed
$20,000,000, (ii) include any cash or Cash Equivalents that are subject to a Lien (other than any Lien in favor of the Collateral
Agent) or (iii) include any cash or Cash Equivalents that are restricted by contract, law or material adverse tax consequences
from being applied to repay any Obligations under the Agreement.

 

“U.S. Dollars”
or “$” shall mean lawful money of the United States of America.

 

“U.S. Lending
Office” shall mean, as to any Lender, the applicable branch, office or Affiliate of such Lender designated by such
Lender to make Loans to the Borrower.

 

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

 

“U.S. Tax Compliance
Certificate” shall have the meaning specified in Section 2.17(g).

 

“Voting Stock”
shall mean, as to any entity, all classes of Equity Interests of such entity then outstanding and normally entitled to vote in
the election of directors of such entity.

 

“Warehouses”
shall mean each real property location with Inventory of the Loan Parties on average monthly basis in excess of $2,500,000.

 

“Weighted
Average Life to Maturity” shall mean, when applied to any Indebtedness at any date, the number of years obtained
by dividing: (a) the sum of the products obtained by multiplying (i) the amount of each then remaining installment,
sinking fund, serial maturity or other required payments of principal, including payment at final maturity, in respect thereof,
by (ii) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such
payment; by (b) the then outstanding principal amount of such Indebtedness.

 

“Whitehall
Factoring Agreement” shall mean the Amended and Restated Receivables Purchase Agreement, dated as of December 30,
2009, by and between the Sellers (as defined therein), Whitehall Funding, LLC and acknowledged by Citibank, N.A., as the same may
be amended, amended and restated, restated, supplemented or otherwise modified from time to time.

 

    	 	-68-	 

     

    

 

“Wholly Owned
Subsidiary” of any person shall mean a subsidiary of such person, all of the Equity Interests of which (other than
directors’ qualifying shares or nominee or other similar shares required pursuant to applicable law) are owned by such person
or another Wholly Owned Subsidiary of such person.

 

“Withdrawal
Liability” shall mean liability to a Multiemployer Plan as a result of a “complete withdrawal”
or “partial withdrawal” from such Multiemployer Plan, as such terms are defined in Section 4201(b) of
ERISA.

 

“Withholding
Agent” shall mean any Loan Party and the Administrative Agent.

 

“Working
Capital” shall mean, with respect to the Borrower and the Subsidiaries on a consolidated basis as of any date of
determination, Current Assets at such date of determination minus Current Liabilities at such date of determination;
provided, that, for purposes of calculating Excess Cash Flow, increases or decreases in Working Capital shall be
calculated without regard to any changes in Current Assets or Current Liabilities as a result of (a) any reclassification in accordance
with GAAP of assets or liabilities, as applicable, between current and noncurrent or (b) the effects of purchase accounting.

 

“Write-Down
and Conversion Powers” shall mean, with respect to any EEA Resolution Authority, the write-down and conversion powers
of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down
and conversion powers are described in the EU Bail-In Legislation Schedule.

 

Section
1.02         Terms Generally. (a) The definitions set forth or referred
to in Section 1.01 shall apply equally to both 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.” All references herein to Articles, Sections, Exhibits and Schedules shall be
deemed references to Articles and Sections of, and Exhibits and Schedules to, this Agreement unless
the context shall otherwise require. Except as otherwise expressly provided herein, any reference in this Agreement to any Loan
Document or other document or agreement shall mean such document as amended, restated, amended and restated, supplemented or otherwise
modified from time to time. Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall
be construed in accordance with GAAP, as in effect from time to time; provided, that, although all financial statements
required to be delivered in accordance with Sections 5.04(a) and 5.04(b) will be prepared in accordance
with GAAP as in effect at such time such audit is performed, if a change in GAAP (or in the interpretation of GAAP) after the
Closing Date would affect the computation of any financial ratio or requirement set forth in any Loan Document, the Borrower may
request an amendment to any provision hereof to eliminate the effect of any change occurring after the Closing Date in GAAP or
in the application thereof on the operation of such provision (or if the Administrative Agent notifies the Borrower that the Required
Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before
or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in
effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such
provision amended in accordance herewith. For purposes of determining compliance with amounts and ratios contained herein (including
for the purposes of calculating compliance with any financial covenant) contained herein, (i) with respect to the accounting for
leases as either operating leases or capital leases and the impact of such accounting in accordance with FASB ASC 840 on the definitions
and the calculation of financial covenants contained herein, for the purposes of such calculations GAAP herein as in effect on
the Closing Date shall be applied, (ii) with respect to accounting for revenue recognition from contracts with customers and the
impact of such accounting in accordance with FASB ASC 606 on the definitions and the calculation of amounts and ratios contained
herein, GAAP as in effect on the Closing Date shall be applied and (iii) Indebtedness of the Borrower and its Subsidiaries shall
be deemed to be carried at 100% of the outstanding principal amount thereof, and without giving effect to any election under FASB
ASC 825 and FASB ASC 470-20 (or any other financial accounting standard having a similar
result or effect) to value any Indebtedness of the Borrower or its Subsidiaries at “fair value” as defined therein.

 

    	 	-69-	 

     

    

 

Any restriction, condition
or prohibition applicable to a merger, transfer, consolidation, amalgamation, consolidation, assignment, sale or transfer, or similar
term, set forth herein shall be deemed to apply to a division of or by a limited liability company, or an allocation of assets
to a series of a limited liability company, as if it were a merger, transfer, consolidation, amalgamation, consolidation, assignment,
sale or transfer, or similar term, as applicable.

 

(b)          All
terms used in this Agreement which are defined in Article 8 or Article 9 of the NYUCC as in effect from time to time and which
are not otherwise defined herein shall have the same meanings herein as set forth therein, provided that terms used
herein which are defined in the UCC as in effect on the date hereof shall continue to have the same meaning notwithstanding any
replacement or amendment of such statute except as the Required Lenders and the Borrower may otherwise agree.

 

Section
1.03         Pro Forma Calculations. For purposes of determining the
permissibility of any action, change, transaction or event or compliance with any term that requires a calculation of any financial
ratio or test (including, without limitation, any Consolidated Fixed Charge Coverage Ratio, Consolidated First Lien Leverage Ratio,
Consolidated Total Leverage Ratio and/or the amount or percentage of Net Receivables Financing Profit (including any component
definitions of the foregoing), Specified Transactions that have been made during any applicable period of measurement (or subsequent
to such applicable period of measurement and prior to or simultaneously with the event for which the calculation of any such ratio
is made) and any Limited Condition Acquisition (including any related actions and transactions) shall be calculated on a Pro Forma
Basis and be given pro forma effect assuming that all such Specified Transactions and Limited Condition Acquisition had
occurred on the first day of the applicable period of measurement (or, in the case of Consolidated Total Debt, on the last date
of the applicable period of measurement) in good faith by a Responsible Officer of the Borrower and include, for the avoidance
of doubt.

 

Section
1.04         Currency Translation. For purposes of determining compliance
as of any date with Section 6.01, 6.02, 6.04, 6.05, 6.06
or 6.07, amounts incurred or outstanding in currencies other than U.S. Dollars shall be translated into U.S. Dollars
at the exchange rates in effect on the first Business Day of the fiscal quarter in which such determination occurs or in respect
of which such determination is being made, as such exchange rates shall be determined in good faith by the Borrower. No Default
or Event of Default shall arise as a result of any limitation or threshold set forth in U.S. Dollars in Section 6.01,
6.02, 6.04, 6.05, 6.06 or 6.07 or paragraph (f)
or (j) of Section 7.01 being exceeded solely as a result of changes in currency exchange
rates from those applicable on the first day of the fiscal quarter in which such determination occurs or in respect of which such
determination is being made.

 

    	 	-70-	 

     

    

 

Section
1.05         [Reserved].

 

Section
1.06        Limited Condition Acquisitions. Notwithstanding anything
herein to the contrary, solely in the case of the incurrence of any Indebtedness or Liens or the making of any Investments or
consolidations, mergers, divisions, or other fundamental changes, in each case in connection with a Limited Condition Acquisition,
(a) for purposes of determining compliance with any provision of this Agreement which requires that no Default or Event of Default,
as applicable, has occurred, is continuing or would result from any such action, as applicable, such condition shall be deemed
satisfied, so long as (x) no Event of Default exists on the date of execution of the definitive agreement(s) for such Limited
Condition Acquisition and (y) no Specified Event of Default exists at the time of, and immediately after giving effect to, the
consummation of such Limited Condition Acquisition, and (b) for purposes of determining compliance with any provision of this
Agreement which requires that any of the representations and warranties made by any Loan Party set forth in this Agreement or
in any other Loan Document be true and correct, such condition shall be deemed satisfied, so long as (x) the representations and
warranties in this Agreement and the other Loan Documents are true and correct in all material respects (without duplication of
any materiality qualifier therein) as of the date of execution of the definitive agreement(s) for such Limited Condition Acquisition
and (y) the Specified Representations (in each case, modified solely to the extent necessary to reflect the applicable terms of
such Limited Condition Acquisition as set forth in the definitive agreement(s) governing such transaction) are true and correct
in all material respects (without duplication of any materiality qualifier therein), at the time of, and immediately after giving
effect to, the consummation of such Limited Condition Acquisition, and neither the Borrower nor any other Loan Party shall be
required to bring down any other representation or warranty as a condition to the consummation of such Limited Condition Acquisition
(or the incurrence of any Indebtedness and any other ancillary transaction consummated in connection with such Limited Condition
Acquisition).

 

Section
1.07         Cashless Rolls. Notwithstanding anything to the contrary
contained in this Agreement or in any other Loan Document, any Lender may exchange, continue or roll over all or a portion of
its Loans in connection with any refinancing, extension, loan modification or similar transaction permitted by the terms of this
Agreement, pursuant to a cashless settlement mechanism approved by the Borrower, the Administrative Agent and such Lender.

 

    	 	-71-	 

     

    

 

Article
II

The Credits

 

Section
2.01         Commitments. Subject to the terms and conditions set forth
herein each Lender agrees to make Loans to the Borrower in U.S. Dollars on the Closing Date from its U.S. Lending Office in a
principal amount equal to its Commitment. Amounts repaid in respect of Loans may not be reborrowed.

 

Section
2.02         Loans and Borrowings.

 

(a)          The
Loans shall be made as part of a Borrowing consisting of Loans of the same Type made by the Lenders ratably in accordance with
their respective Commitments.

 

(b)          Subject
to Section 2.14, each Borrowing shall be comprised entirely of ABR Loans or Eurocurrency Loans as the Borrower
may request in accordance herewith. Each Lender at its option may make any ABR Loan or Eurocurrency Loan by causing any domestic
or foreign branch or Affiliate of such Lender to make such Loan; provided, that any exercise of such option shall
not affect the obligation of the Borrower to repay such Loan in accordance with the terms of this Agreement and such Lender shall
not be entitled to any amounts payable under Section 2.15 or 2.17 solely in respect of increased
costs or taxes resulting from such exercise and existing at the time of such exercise.

 

(c)          Borrowings
of more than one Type may be outstanding at the same time; provided, that there shall not at any time be more than
a total of five Eurocurrency Borrowings outstanding under the Loans.

 

(d)          Notwithstanding
any other provision of this Agreement, Borrower shall not be entitled to request, or to elect to convert or continue, any Borrowing
if the Interest Period requested with respect thereto would end after the Maturity Date.

 

(e)          If
no election as to the Type of Borrowing or is specified, then the requested Borrowing shall be an ABR Borrowing. If no Interest
Period is specified with respect to any requested Eurocurrency Borrowing, then the Borrower shall be deemed to have selected an
Interest Period of one month’s duration.

 

Section
2.03         Requests for Borrowings. To request a Borrowing, the Borrower
shall notify the Administrative Agent and the Required Lenders of such request (as provided in Section 9.01)
in writing by providing a Borrowing Request in the form of Exhibit C hereto (a) in the case of a Eurocurrency Borrowing,
not later than such time as the Required Lenders shall agree and (b) in the case of an ABR Borrowing, not later than such time
as the Required Lenders shall agree. Each such written Borrowing Request shall be irrevocable and shall be provided by electronic
mail or telecopy to the Administrative Agent. Each such written Borrowing Request shall specify the following information in compliance
with Section 2.02:

 

(i)          the
aggregate amount of the requested Borrowing;

 

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

 

    	 	-72-	 

     

    

 

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

 

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

 

(v)         the
location and number of the account specified by the Borrower to which funds are to be disbursed.

 

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

 

Section
2.04         [Reserved].

 

Section
2.05         [Reserved.

 

Section
2.06         [Reserved].

 

Section
2.07         Interest Elections. (a) Each Borrowing initially shall
be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing, shall have an initial
Interest Period as specified in such Borrowing Request. Thereafter, the Borrower may elect to convert such Borrowing to a different
Type or to continue such Borrowing and, in the case of a Eurocurrency Borrowing, may elect Interest Periods therefor, all as provided
in this Section. The Borrower may elect different options with respect to different portions of the affected Borrowing, in which
case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans
resulting from an election made with respect to any such portion shall be considered a separate Borrowing.

 

(b)          To
make an election pursuant to this Section, the Borrower shall notify the Administrative Agent of such election (as provided in
Section 9.01) in writing (in a form as the Administrative Agent may reasonably request) (which may be by electronic
mail or telecopy), in the case of an election that would result in a Borrowing, by the time that a Borrowing Request would be required
under Section 2.03 if the Borrower were requesting a Borrowing of the Type resulting from such election to be
made on the effective date of such election. Notwithstanding any other provision of this Section, the Borrower shall not be permitted
to (i) change the currency of any Borrowing or (ii) elect an Interest Period for Eurocurrency Loans that does not comply with
Section 2.02(d).

 

(c)          Each
written Interest Election Request shall specify the following information in compliance with Section 2.02:

 

    	 	-73-	 

     

    

 

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

 

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

 

(iii)        whether
the resulting outstanding credit extension is to be an ABR Borrowing or a Eurocurrency Borrowing; and

 

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

 

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

 

(d)          Promptly
following receipt of an Interest Election Request, the Administrative Agent shall advise each Lender to which such Interest Election
Request relates of the details thereof and of such Lender’s portion of each resulting Borrowing.

 

(e)          If
the Borrower fails to deliver a timely Interest Election Request with respect to a Eurocurrency Borrowing prior to the end of the
Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period
such Borrowing shall be converted to an ABR Borrowing. Notwithstanding any contrary provision hereof, if an Event of Default has
occurred and is continuing and the Administrative Agent, at the written request (including a request through electronic means)
of the Required Lenders, so notifies the Borrower, then, so long as an Event of Default is continuing (i) no outstanding Borrowing
of Loans, may be converted to or continued as a Eurocurrency Borrowing and (ii) unless repaid, each Eurocurrency Borrowing of Loans
shall be converted to an ABR Borrowing at the end of the Interest Period applicable thereto.

 

Section
2.08         Termination and Reduction of Commitments. The Commitments
shall terminate on the Closing Date (immediately after the incurrence of the Loans on such date).

 

Section
2.09         Repayment of Loans; Evidence of Debt. (a) The Borrower
hereby unconditionally promises to pay to the Administrative Agent for the account of each Lender the then unpaid principal amount
of each Loan of such Lender as provided in Section 2.10.

 

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

 

    	 	-74-	 

     

    

 

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

 

(d)          The
entries made in the accounts maintained pursuant to paragraph (b) or (c) of this Section shall
be prima facie evidence of the existence, currencies and amounts of the obligations recorded therein; provided, that
the failure of any Lender or the Administrative Agent to maintain such accounts or any error therein shall not in any manner affect
the obligation of the Borrower to repay the Loans in accordance with the terms of this Agreement and in the event of any conflict
between the entries made in the accounts maintained pursuant to Section 2.09(b) and the accounts maintained pursuant
to Section 2.09(c), the accounts maintained pursuant to Section 2.09(c) shall govern and control absent
manifest error.

 

(e)          Any
Lender may request that Loans made by it be evidenced by a promissory note (a “Note”). In such event,
the Borrower shall prepare, execute and deliver to such Lender a promissory note payable to such Lender and its registered assigns
and in a form approved by the Required Lenders (with respect to Loans) and reasonably acceptable to the Borrower.

 

Section
2.10         Repayment of Loans.

 

(a)          The
outstanding principal amount of the Loans shall be due and payable on the Maturity Date. If the payment under this clause
(a) shall be due on a day that is not a Business Day, the date for payment shall be the next preceding Business Day.

 

(b)          Prior
to any repayment of any Loan or Loans hereunder, the Borrower shall select the Borrowing or Borrowings constituting such Loan or
Loans to be repaid or reduced and shall notify the Administrative Agent in writing by electronic mail or telecopy) of such selection
(i) in the case of an ABR Borrowing, not later than 12:00 p.m., Local Time, one Business Day before the scheduled date of
such repayment and (ii) in the case of a Eurocurrency Borrowing, not later than 12:00 p.m., Local Time, three Business Days
before the scheduled date of such repayment or reduction. Except as otherwise provided in Section 2.11(e), each
repayment of a Borrowing shall be applied ratably to the Loans included in the repaid Borrowing. Notwithstanding anything to the
contrary in the immediately preceding sentence, the Borrower shall select the Borrowing or Borrowings to be repaid and shall notify
the Administrative Agent in writing (by electronic mail or telecopy) of such selection not later than 12:00 p.m., Local Time,
on the scheduled date of such repayment. Repayments of Borrowings shall be accompanied by accrued interest on the amount repaid
and any fees required pursuant to Section 2.12(c) and reasonably documented out-of-pocket expenses with respect to
such repayments to the extent required to be reimbursed pursuant to the terms of this Agreement. Notwithstanding anything herein
to the contrary (but in any event subject to Section 2.16), the Borrower may rescind any notice of prepayment pursuant
to Section 2.11(a), if such prepayment would have resulted from a refinancing or repayment of the facilities under
this Agreement (whether through the incurrence of other Indebtedness, issuance of Equity Interests or otherwise), which refinancing
or repayment shall not be consummated or shall otherwise be delayed, or condition such prepayment pursuant to Section 2.11(a)
on the consummation of such refinancing or repayment. Any prepayments required to be made under Sections 2.11(b)
or (c) shall be accompanied by a written notice of such prepayment in accordance with the timing in this Section
2.10(b), and shall include the sub-section of Section 2.11 that such payment is being made pursuant to.

 

    	 	-75-	 

     

    

 

Section
2.11         Prepayment of Loans. (a) The Borrower shall have the right,
in its sole discretion at any time and from time to time to prepay any Borrowing in whole or in part, in accordance with Section 2.10(b),
without penalty (but subject to Section 2.16 and except for the Prepayment Premium payable
pursuant to Sections 2.12(c)), in an aggregate principal amount that is an integral multiple of the Borrowing
Multiple and not less than the Borrowing Minimum or, if less, the amount outstanding, subject to prior written notice in accordance
with Section 2.10(b).

 

(b)          Subject
to the provisions of Section 2.11(h), not later than the fifth Business Day after Borrower’s receipt thereof,
Net Proceeds shall be applied promptly after receipt thereof to prepay the Loans in accordance with Section 2.10(b).
For the avoidance of doubt, in the event that any Net Proceeds are not reinvested within the periods specified to in “Net
Proceeds”, or, promptly following the request by the Administrative Agent if an Event of Default shall have occurred and
be continuing at the time such Net Proceeds are received by the Borrower, the Borrower shall immediately apply the Net Proceeds
as set forth in Section 2.10(b). Notwithstanding anything to the contrary in this Agreement, any Net Proceeds
of the type described in clause (d) of definition of “Net Proceeds” shall be applied ratably among the
Loans and the Indebtedness outstanding under the First Lien Credit Agreement, based on the original principal amounts of each facility
as of the Closing Date.

 

(c)          Subject
to the provisions of Section 2.11(h), not later than 105 days after the end of each Excess Cash Flow Period, commencing
with the Excess Cash Flow Period ending on December 31, 2019, the Borrower shall prepay the Loans as set forth in Section 2.10(b)
in an aggregate amount equal to the (A) the Required Percentage of such Excess Cash Flow, if any, for such Excess Cash Flow Period,
minus (B) the sum of (1) the aggregate principal amount of voluntary prepayments of Loans pursuant
to Section 2.11(a), (2) permanent voluntary reductions of Revolving Facility Commitments (as defined in the
First Lien Credit Agreement) solely to the extent that an equal amount of Revolving Loans (as defined in the First Lien Credit
Agreement) was simultaneously repaid (and solely to the extent any such voluntary prepayments of Loans and permanent reductions
of Revolving Facility Commitments (as defined in the First Lien Credit Agreement) shall not have already been deducted when calculating
Excess Cash Flow) and (3) the aggregate amount of Net Proceeds applied to repay the Loans pursuant to Section 2.11(b)
in respect of clause (c) of the definition of “Net Proceeds” in such Excess Cash Flow Period;
provided, that if the amount in clause (B) exceeds the amount in clause (A),
no such prepayment of Loans shall be required. Not later than five Business Days after the date on which the Borrower is required
to deliver financial statements with respect to the end of each Excess Cash Flow Period under Section 5.04(a),
the Borrower will deliver to the Administrative Agent a certificate signed by a Responsible Officer of the Borrower setting forth
the amount, if any, of Excess Cash Flow for such fiscal year, the amount of any required prepayment and the calculation thereof
in reasonable detail.

 

    	 	-76-	 

     

    

 

(d)          (i)
At the end of each “accrual period” (as defined in Section 1272(a)(5) of the Code) ending after the fifth anniversary
of the Closing Date (each, an “AHYDO Determination Date”), the Borrower will be required to make a cash
AHYDO Payment equal to the “AHYDO Prepayment Amount” (each such prepayment, a “AHYDO Prepayment”)
so that no part of any Loan or Note will be an “applicable high yield discount obligation” within the meaning of Section
163(i)(1) of the Code, and no Loan or Note shall be treated as having “significant original issue discount” within
the meaning of Section 163(i)(2) of the Code. The AHYDO Prepayment Amount will be calculated based on 100% of the principal amount
of such Loans plus any accrued interest thereon on the date of prepayment. The “AHYDO Prepayment Amount”
means, as of each AHYDO Determination Date, the excess, if any, of (a) the aggregate amount of accrued and unpaid interest and
all accrued and unpaid “original issue discount” (as defined in Section 1273(a)(1) of the Code) with respect to the
Loans , over (b) an amount equal to the product of (i) the “issue price” (as defined in Sections 1273(b) and 1274(a)
of the Code) of the Loans multiplied by (ii) the “yield to maturity” (as defined in the Treasury Regulation Section
1.1272-1(b)(1)(i)) of the Loans. No partial prepayment of the Loans prior to any AHYDO Determination Date pursuant to any other
provision of this Agreement will alter the Borrower’s obligation to make any AHYDO Prepayment with respect to the Loans that
remain outstanding on such AHYDO Determination Date.

 

(ii)         Notwithstanding
any provision to the contrary in this Agreement, after the first AHYDO Determination Date, the Borrower shall not be permitted
to pay PIK Interest for any Interest Period (and must pay cash interest) to the extent paying PIK Interest would cause the accrued
and unpaid interest and original issue discount on the Loans to exceed the amount described in clause (b) of the definition of
AHYDO Prepayment Amount above.

 

(iii)        Not
less than 30 days and not more than 60 days prior to each AHYDO Determination Date, the Borrower shall calculate the AHYDO Prepayment
Amount and provide notice to the Administrative Agent of the AHYDO Prepayment Amount and the principal amount of the Loans to be
prepaid on such AHYDO Determination Date.

 

(iv)        The
Borrower intends that the payments of the AHYDO Prepayment Amount be sufficient to result in such Loans being treated as not having
“significant original issue discount” within the meaning of Section 163(i)(2) of the Code, and this Section 2.11(d)
shall be interpreted in a manner consistent with such intent.

 

(e)          Each
Lender may elect, by notice to the Administrative Agent at or prior to the time and in the manner specified by the Administrative
Agent (prior to any prepayment of Loans required to be made by the Borrower pursuant to this Section 2.11), to decline
all (but not a portion) of its Applicable Percentage of such prepayment (such declined amounts, the “Declined Amounts”)
in which case such Declined Amounts shall be applied to the remaining non-declining Lenders on a ratable basis; provided that in
the event any Lenders elect to decline receipt of such Declined Amounts in accordance with the terms hereof, the remaining amount
thereof may be retained by the Borrower (such retained amount, the “Retained Declined Amounts”); provided
that, the provisions of this clause (e) shall not apply to any prepayments made pursuant to Section 2.10(d).
If a Lender fails to deliver a notice of election declining receipt of its Applicable Percentage of such mandatory prepayment to
the Administrative Agent within the time frame specified by the Administrative any such failure will be deemed to constitute an
acceptance of such Lender’s Applicable Percentage of the total amount of such mandatory prepayment of Loans.

 

    	 	-77-	 

     

    

 

(f)          [Reserved].

 

(g)          Notwithstanding
any other provisions of this Section 2.11, (A) to the extent that any of or all the Net Proceeds described in clauses (b)
and (c) of this Section 2.11 are attributable to a Foreign Subsidiary that would otherwise give rise
to a prepayment obligation under any such clause, in each case (x) are prohibited or delayed by applicable local law or restrictions
(not effected in anticipation or contemplation of such prepayment) under such Foreign Subsidiary’s Organizational Documents
(including as a result of minority ownership) from being repatriated to the United States or (y) the upstreaming or transfer
as a distribution or dividend of which would, in the good faith determination of the Borrower in consultation with the Administrative
Agent, cause any Loan Party or Subsidiary thereof to incur a material adverse tax liability and (B) to the extent that any or all
of the relevant Net Proceeds described in clauses (b) and (c) of this Section 2.11 are
received by any joint venture, for so long as the repatriation to the Borrower of such Net Proceeds would be prohibited under the
Organizational Documents governing such joint venture or the existing documents governing the Indebtedness of such joint venture
(such amount described in the foregoing clause (A) or (B), as the case may be, a “Restricted
Amount”), then the amount the Borrower will be required to mandatorily prepay shall be reduced by the Restricted
Amount and such Restricted Amount may be retained by the applicable Subsidiary, and the failure to apply any such Restricted Amounts
toward any such mandatory prepayment shall not result in a Default or Event of Default hereunder; provided, that
the Borrower hereby agrees to cause the applicable Subsidiary to promptly take all commercially reasonable actions required by
the applicable local law to permit such repatriation, or as the case may be, to eliminate such material adverse tax liability in
its reasonable control in order to make such prepayment, and once such repatriation of any of such affected Net Proceeds is no
longer delayed or is permitted under the applicable local law, Organizational Document(s), or as the case may be, such material
adverse tax liability is eliminated, such repatriation will be promptly effected and such repatriated Net Proceeds will be promptly
(and in any event not later than five (5) Business Days after such repatriation) applied to the repayment of the Loans pursuant
to this Section 2.11.

 

(h)          Notwithstanding
anything to the contrary in this Section 2.11, no prepayments of Loans shall be required pursuant to this Section
2.11 until the Discharge of Senior Debt Obligations (as defined in the First-Second Intercreditor Agreement) has occurred,
other than (i) any prepayments of Loans made pursuant to Section 2.11(b) from the receipt of Net Proceeds pursuant
to clause (d) of the definition of Net Proceeds, which prepayments shall be applied pro rata with the Obligations (as defined in
the First Lien Credit Agreement) outstanding pursuant to the First Lien Credit Agreement and (ii) with “Declined Amounts”
pursuant to Section 2.11(e) of the First Lien Credit Agreement, to the extent remaining after application to prepayments
of amounts owed to non-declining lenders under the First Lien Credit Agreement, which, in each case, shall be applied, subject
to Section 2.11(e) hereof, as a mandatory prepayment hereunder in accordance with the relevant terms of this Section
2.11; provided, that, notwithstanding anything set forth herein, the notices and applications of such mandatory
prepayment shall be made reasonably promptly following the date such Net Proceeds are deemed “Declined Amounts”
pursuant to Section 2.11(e) of the First Lien Credit Agreement, to the extent remaining after application to prepayments
of amounts owed to non-declining lenders under the First Lien Credit Agreement; provided that, notwithstanding anything
to the contrary in this Section 2.11(h) the Borrower shall be permitted to make AHYDO Prepayments as specified herein.

 

    	 	-78-	 

     

    

 

Section
2.12         Fees. (a) The Borrower agrees to pay to the Administrative
Agent, for the account of the Administrative Agent, the administrative agent fees set forth in the Agency Fee Letter (the “Administrative
Agent Fees”).

 

(b)          The
Borrower agrees to pay to the Collateral Agent, for the account of the Collateral Agent, the collateral agent fees set forth in
the Agency Fee Letter (the “Collateral Agent Fees”).

 

(c)          If
(x) the Borrower makes a voluntary prepayment of all or any portion of Loans pursuant to Section 2.11(a) or a mandatory
prepayment of all or any portion of Loans pursuant to Section 2.11(b) from the receipt of Net Proceeds pursuant to
clause (a), clause (b) or clause (c) of the definition thereof, (y) any Prepayment Transaction is consummated in respect of all
or any portion of the Loans (including an assignment of all or any portion of a Loan held by a Non-Consenting Lender pursuant to
Section 2.19(c)) (collectively, the “Payment or Reduction Events” and each, a “Payment
or Reduction Event”) or (z) the Loans become due and payable as a result of an Event of Default (including, without
limitation as a result of an Event of Default pursuant to clause (h) or (i) of Section 7.01), the Borrower shall
pay:

 

(i)          with
respect to the first $175,000,000 of such aggregate prepayments after the Closing Date (“Initial Prepayment Amount”),
each Lender whose Loans are subject to such Payment or Reduction Event, on the date of such Payment or Reduction Event, a premium
(the “Initial Amount Prepayment Premium”), equal to: (i) if such Payment or Reduction Event occurs prior
to the first anniversary of the Closing Date, 3.00% of the aggregate principal amount of Loans subject to such Payment or Reduction
Event, (ii) if such Payment or Reduction Event occurs after the first anniversary of the Closing Date but prior to the second anniversary
of the Closing Date, 2.00% of the aggregate principal amount of Loans, subject to such Payment or Reduction Event and (iii) if
such Payment or Reduction Event occurs on or after the second anniversary of the Closing Date but prior to the third anniversary
of the Closing Date, 1.00% of the aggregate principal amount of Loans subject to such Payment or Reduction Event; and

 

    	 	-79-	 

     

    

 

(ii)         with
respect to all such prepayments in excess of the Initial Prepayment Amount (such amount the “Excess Prepayment Amount”),
each Lender whose Loans are subject to such Payment or Reduction Event, on the date of such Payment or Reduction Event, a make-whole
premium (the “Excess Amount Prepayment Premium” and together with the Initial Amount Prepayment Premium,
the “Prepayment Premium”)), in each case for each such prepayment amount, equal to: (i) if such Payment
or Reduction Event occurs prior to the second anniversary of the Closing Date, the present value of the sum of (I)
the required payments of interest on the Loans that would have been required to be paid from the repayment date through the second
anniversary of the Closing Date, computed on the basis of number of actual days that would have elapsed between the repayment of
such Loans and the second anniversary of the Closing Date over a year of 360 days (assuming that (A) the Applicable Margin that
would have been payable for Adjusted Eurocurrency Rate applicable to the Loans on the date of on which the applicable notice of
repayment is given remained the same through the second anniversary of the Closing Date (B) that PIK Interest payable during such
period would have compounded as provided in Section 2.13(c)) and (C) the greater of (1) the Adjusted Eurocurrency
Rate “floor” (i.e. 1.50%) and (2) the Adjusted Eurocurrency Rate (assuming the Adjusted Eurocurrency Rate through the
second anniversary of closing was the same as the Adjusted Eurocurrency Rate for an Interest Period of three months in effect on
the date on which the applicable notice of repayment is given)), in each case calculated as a rate per annum on the amount of the
aggregate principal amount of such Loans subject to such Payment or Reduction Event otherwise payable through the second anniversary
of the Closing Date) plus (II) a prepayment premium on the amount of the principal of such Loans subject to such
Payment or Reduction Event of 4.0%, and using a discount rate equal to the Treasury Rate as of such repayment date plus 50 basis
points; provided that, notwithstanding the foregoing, any prepayments of up to 25% of the aggregate principal amount
of Loans in excess of the Excess Prepayment Amounts prior to the second anniversary of the Closing Date made pursuant to Section
2.11(b) from the receipt of Net Proceeds from any sale of Equity Interests (other than Excluded Contributions) pursuant
to clause (b) of the definition of Net Proceeds may be made with a Prepayment Premium equal to 5% of the aggregate principal amount
of Loans, (ii) if such Payment or Reduction Event occurs on or after the second anniversary of the Closing Date but prior to the
third anniversary of the Closing Date, 4.00% of the aggregate principal amount of Loans subject to such Payment or Reduction Event
(iii) if such Payment or Reduction Event occurs after the third anniversary of the Closing Date but prior to the fourth anniversary
of the Closing Date, 2.00% of the aggregate principal amount of Loans subject to such Payment or Reduction Event and (iv) if such
Payment or Reduction Event occurs on or after the fourth anniversary of the Closing Date but prior to the fifth anniversary of
the Closing Date, 1.00% of the aggregate principal amount of Loans subject to such Payment or Reduction Event;

 

provided,
however, that for the avoidance of doubt, no Prepayment Premium shall be due with respect to any prepayments made
pursuant to Section 2.11(b) from the receipt of Net Proceeds pursuant to (A) a Takings or Casualty Event, (B) clause
(d) of the definition of “Net Proceeds” or (C) Section 2.11(c).

 

Each of the Loan Parties
expressly waives (to the fullest extent it may lawfully do so) the provisions of any present or future statute or law that prohibits
or may prohibit the collection of the foregoing Prepayment Premium in connection with any such acceleration, any rescission of
such acceleration or the commencement of any proceeding under Debtor Relief Laws. Each of the Loan Parties expressly agrees (to
the fullest extent it may lawfully do so) that: (A) the Prepayment Premium is reasonable and is the product of an arm’s length
transaction between sophisticated business people, ably represented by counsel; (B) the Prepayment Premium shall be payable notwithstanding
the then prevailing market rates at the time payment is made; (C) there has been a course of conduct between Lenders and the Loan
Parties giving specific consideration in this transaction for such agreement to pay such Prepayment Premium and (D) the Loan Parties
shall be estopped hereafter from claiming differently than as agreed to in this paragraph. Each of the Loan Parties expressly acknowledges
that its agreement to pay such Prepayment Premium to Lenders as herein described is a material inducement to Lenders to enter into
this Agreement

 

    	 	-80-	 

     

    

 

(d)          All
Fees and expenses shall be paid on the dates due, in immediately available funds, to the Administrative Agent, for distribution,
if and as appropriate, among the applicable Lenders. Once paid, none of the Fees shall be refundable under any circumstances.

 

Section
2.13         Interest. (a) The Loans comprising each ABR Borrowing
shall bear interest at the ABR plus the Applicable Margin.

 

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

 

(c)          Notwithstanding
the foregoing, if any Event of Default exists or is continuing, then all such amounts outstanding under the Loan Documents shall
bear interest, after as well as before judgment, at a rate per annum equal to (A) in the case of principal of any Loan,
2.00% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or
(B) in the case of any other amount, 2.00% plus the interest rate that would have applied had such amount, during
the period of non-payment, constituted an ABR Loan; provided, that this paragraph (c) shall not
apply to any Event of Default that has been waived by the Lenders pursuant to Section 9.09.

 

(d)          Accrued
interest on each Loan shall be payable (other than PIK Interest) in arrears (i) on each Interest Payment Date for such Loan and
(ii) on the Maturity Date; provided, that (A) interest accrued pursuant to paragraph (c) of this
Section shall be payable on demand, (B) in the event of any repayment or prepayment of any Loan, accrued interest on the principal
amount repaid or prepaid shall be payable on the date of such repayment or prepayment, and (C) in the event of any conversion of
any Eurocurrency Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable
on the effective date of such conversion; provided, further, that PIK Interest shall be capitalized
with, added to, and shall be deemed to be part of the Loans and the principal amount of the Loans shall thereafter be treated as
having been increased by the amounts of interest capitalized, such increased principal to be allocated ratably to the principal
amounts of the Loans and Borrowings held by each Lender in accordance with the aggregate principal amount of outstanding Loans
and Borrowings of the Lenders. For the avoidance of doubt, such PIK Interest shall be compounded on each Interest Payment Date.

 

(e)          All
computations of interest for ABR Loans 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). 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 2.18(a), bear interest for one day. Each determination by the Administrative Agent of an
interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error.

 

    	 	-81-	 

     

    

 

Section
2.14         Alternate Rate of Interest. If prior to the commencement
of any Interest Period for a Eurocurrency Borrowing denominated in any currency, on any day:

 

(a)          the
Administrative Agent determines (which determination shall be conclusive absent manifest error) that adequate and reasonable means
do not exist for ascertaining any applicable Adjusted Eurocurrency Rate for such currency for such Interest Period for such day;
or

 

(b)          the
Administrative Agent is advised by the Required Lenders that any applicable Adjusted Eurocurrency Rate for such currency for such
Interest Period for such day will not adequately and fairly reflect the cost to such Lenders of making or maintaining their Loans
included in such Borrowing, for such Interest Period or such day;

 

then the Administrative Agent shall give
notice thereof to the Borrower and the Lenders by electronic mail or telecopy as promptly as practicable thereafter and, until
the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist,
(i) any Interest Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Eurocurrency
Borrowing denominated in such currency shall be ineffective and such Borrowing shall be converted to or continued as on the last
day of the Interest Period applicable thereto, an ABR Borrowing and (ii) if any Borrowing Request requests a Eurocurrency Borrowing
in such currency, such Borrowing shall be made as an ABR Borrowing.

 

If at any time the Administrative
Agent determines (which determination shall be conclusive absent manifest error) that (i) the circumstances set forth in clause
(a) above have arisen and such circumstances are unlikely to be temporary or (ii) the circumstances set forth in clause
(a) above have not arisen but the supervisor for administrator of LIBOR or a Governmental Authority having jurisdiction over
the Administrative Agent has made a public statement identifying a specific date after which LIBOR shall no longer be used for
determining interest rates for loans, then the Administrative Agent and the Borrower shall endeavour to establish an alternate
rate of interest to LIBOR that gives due consideration to the then prevailing market convention for determining a rate of interest
for syndicated loans in the U.S. at such time, and shall enter into an amendment to this Agreement to reflect such alternate rate
of interest and such other related changes to this Agreement as may be applicable (but, for the avoidance of doubt, such related
changes shall not include a reduction in the Applicable Margin). Notwithstanding anything to the contrary in Section 9.09,
such amendment shall become effective without any further action or consent of any other party to this Agreement so long as the
Administrative Agent shall not have received, within five (5) Business Days of the date notice of such alternate rate of interest
is provided to the Lenders, a written notice from the Required Lenders stating that such Required Lenders object to such amendment.
From and after the making of a determination described in this paragraph until an alternate rate of interest shall be determined
in accordance with paragraph (but in the case of the circumstances described in clause (ii), only to the extent LIBOR for
the applicable Interest Period is not available or published at such time on a current basis) any Interest Election Request that
requests the conversion of Borrowing to, or continuation of any Borrowing as, a LIBOR Borrowing for the applicable Interest Period
shall be ineffective.

 

    	 	-82-	 

     

    

 

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

 

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

 

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

 

(iii)        impose
on any Lender or the London interbank market any other condition, cost or expense affecting this Agreement or Eurocurrency Loans
made by such Lender or participation therein;

 

and the result of any of the foregoing
shall be to increase the cost to such Lender of making or maintaining any Eurocurrency Loan (or of maintaining its obligation to
make any such Loan) or to reduce the amount of any sum received or receivable by such Lender hereunder (whether of
principal, interest or otherwise), then the Borrower will pay to such Lender such additional amount or amounts as will compensate
such Lender for such additional costs incurred or reduction suffered.

 

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

 

(c)          A
certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender or its holding company, as applicable,
as specified in paragraph (a) or (b) of this Section shall be delivered to the Borrower (attaching
reasonable supporting back-up evidence with respect to such calculations) and shall be conclusive absent manifest error. The Borrower
shall pay such the amount shown as due on any such certificate within 30 days after receipt thereof.

 

(d)          Promptly
after any Lender has determined that it will make a request for increased compensation pursuant to this Section 2.15,
such Lender shall notify the Borrower thereof. Failure or delay on the part of any Lender to demand compensation pursuant to this
Section shall not constitute a waiver of such Lender’s right to demand such compensation; provided, that the
Borrower shall not be required to compensate a Lender pursuant to this Section for any increased costs or reductions incurred more
than 180 days prior to the date that such Lender, as applicable, notifies the Borrower of the Change in Law giving rise to
such increased costs or reductions and of such Lender’s intention to claim compensation therefor; provided,
further, that if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 180-day
period referred to above shall be extended to include the period of retroactive effect thereof.

 

    	 	-83-	 

     

    

 

Section
2.16         Break Funding Payments. In the event of (a) the payment
of any principal of any Eurocurrency Loan other than on the last day of an Interest Period applicable thereto (including as a
result of an Event of Default), (b) the conversion of any Eurocurrency Loan other than on the last day of the Interest Period
applicable thereto, (c) the failure to borrow, convert, continue or prepay any Eurocurrency Loan on the date specified in any
notice delivered pursuant hereto or (d) the assignment of any Eurocurrency Loan other than on the last day of the Interest Period
applicable thereto as a result of a request by the Borrower pursuant to Section 2.19, then, in any such event,
the Borrower shall compensate each Lender for their reasonable and documented out-of-pocket loss, cost and expense attributable
to such event. In the case of a Eurocurrency Loan, such loss, cost or expense to any Lender shall be deemed to be the amount determined
by such Lender to be the excess, if any, of (i) the amount of interest that would have accrued on the principal amount of such
Loan had such event not occurred, at the Adjusted Eurocurrency Rate that would have been applicable to such Loan, for the period
from the date of such event to the last day of the then current Interest Period therefor (or, in the case of a failure to borrow,
convert or continue a Eurocurrency Loan, for the period that would have been the Interest Period for such Loan), over (ii) the
amount of interest that would accrue on such principal amount for such period at the interest rate that such Lender would bid
were it to bid, at the commencement of such period, for deposits in the applicable currency of a comparable amount and period
from other banks in the Eurocurrency market. A certificate of any Lender setting forth any amount or amounts that such Lender
is entitled to receive pursuant to this Section (together with reasonable supporting backup calculations) in respect thereof shall
be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown
as due on any such certificate within 30 days after receipt thereof.

 

Section
2.17         Taxes.

 

(a)          Defined
Terms. For purposes of this Section 2.17, the term “applicable law” includes FATCA.

 

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

 

    	 	-84-	 

     

    

 

(c)          Payment
of Other Taxes by the Borrower. The Loan Parties shall timely pay to the relevant Governmental Authority in accordance with
applicable law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other Taxes.

 

(d)          Indemnification
by the Borrower. The Loan Parties shall jointly and severally indemnify each Recipient, within 30 days after demand therefor,
for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable
under this Section 2.17(d)) payable or paid by such Recipient or required to be withheld or deducted from a payment
to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes
were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment
or liability delivered to the Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on
its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.

 

(e)          Evidence
of Payments. As soon as practicable after any payment of Taxes by any Loan Party to a Governmental Authority pursuant to this
Section 2.17, such Loan Party shall deliver to the Administrative Agent the original or a certified copy of a receipt
issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of
such payment reasonably satisfactory to the Administrative Agent.

 

(f)          Indemnification
by the Lenders. Each Lender shall severally indemnify the Administrative Agent, within 30 days after demand therefor, for (i)
any Indemnified Taxes attributable to such Lender (but only to the extent that the Borrower or any Loan Party has not already indemnified
the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Loan Parties to do so), (ii) any
Taxes attributable to such Lender’s failure to comply with the provisions of Section 9.04(c) relating to the
maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable
or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with
respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.
A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive
absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time
owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source
against any amount due to the Administrative Agent under this Section 2.17(f).

 

(g)          Status
of Lenders.

 

(i)          Each
Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document
shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative
Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Administrative Agent as will
permit such payments to be made without withholding or at a reduced rate of withholding. In addition, each Lender, if reasonably
requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably
requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether
or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary
in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set
forth in Section 2.17(g)(ii)(A), (ii)(B) and (ii)(D)) shall not be required if, in the
reasonable judgment of the Lender, such completion, execution or submission would subject such Person to any material unreimbursed
cost or expense or would materially prejudice the legal or commercial position of such Person.

 

    	 	-85-	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	-86-	 

     

    

 

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

 

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

 

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

 

Each Lender and each Agent agree that if
any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, the Lender shall update
such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do
so.

 

    	 	-87-	 

     

    

 

(h)          Treatment
of Certain Refunds. If any party determines, in its sole discretion exercised in good faith, that it has received a refund
of any Taxes as to which it has been indemnified pursuant to this Section 2.17 (including by the payment of additional
amounts pursuant to this Section 2.17), it shall pay to the indemnifying party an amount equal to such refund (but
only to the extent of indemnity payments made under this Section 2.17 with respect to the Taxes giving rise to such
refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest
paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified
party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (h) (plus any penalties,
interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required
to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (h), in no event
will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (h) the payment of
which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in
if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the
indemnification payments or additional amounts with respect to such Tax had never been paid. This paragraph shall not be construed
to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems
confidential) to the indemnifying party or any other Person.

 

(i)          Survival.
Each party’s obligations under this Section 2.17 shall survive the resignation or replacement of the Administrative
Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction
or discharge of all obligations under any Loan Document.

 

Section
2.18         Payments Generally; Pro Rata Treatment; Sharing of Set-offs.
(a)  Unless otherwise specified herein, the Borrower shall make each payment required to be made by it hereunder (whether
of principal, interest or fees, or of amounts payable under Section 2.15, 2.16 or 2.17,
or otherwise) prior to 2:00 p.m., Local Time, on the date when due, in immediately available funds, without condition or
deduction for any defense, recoupment, set-off or counterclaim. Any amounts received after such time on any date may, in the discretion
of the Administrative Agent be deemed to have been received on the next succeeding Business Day for purposes of calculating interest
thereon. All such payments shall be made to the Administrative Agent to the applicable account designated to the Borrower by the
Administrative Agent and except that payments pursuant to Sections 2.15, 2.16, 2.17
and 9.05 shall be made directly to the persons entitled thereto. The Administrative Agent shall distribute any such
payments received by it for the account of any other person to the appropriate recipient promptly following receipt thereof. Unless
otherwise specified herein, if any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall
be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be
payable for the period of such extension. All payments under each Loan Document of principal or interest in respect of any Loan
(or of any breakage indemnity in respect of any Loan) shall be made in the currency of such Loan; all other payments hereunder
and under each other Loan Document shall be made in U.S. Dollars, except as otherwise expressly provided herein. Any payment required
to be made by the Administrative Agent hereunder shall be deemed to have been made by the time required if the Administrative
Agent shall, at or before such time, have taken the necessary steps to make such payment in accordance with the regulations or
operating procedures of the clearing or settlement system used by the Administrative Agent to make such payment.

 

    	 	-88-	 

     

    

 

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

 

(c)          If
any Lender shall, by exercising any right of set-off or counterclaim or otherwise, obtain payment in respect of any principal of
or interest on any of its Loans resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its
Loans and accrued interest thereon than the proportion received by any other Lender, then the Lender receiving such greater proportion
shall purchase (participations in the Loans to the extent necessary so that the benefit of all such payments shall be shared by
the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Loans; provided,
that (i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such
participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the
provisions of this paragraph (c) shall not be construed to apply to (x) any payment made pursuant to and in
accordance with the express terms of this Agreement (including, without limitation, Section 2.11(e) or the application
of funds arising from the existence of a Defaulting Lender), (y) [reserved], or (z) any payment obtained by a Lender as consideration
for the assignment of or sale of a participation in any of its Loans to any assignee or participant. The Borrower consents to the
foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant
to the foregoing arrangements may exercise against the Borrower rights of set-off and counterclaim with respect to such participation
as fully as if such Lender were a direct creditor of the Borrower in the amount of such participation.

 

(d)          Unless
the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Administrative
Agent for the account of the Lenders hereunder that the Borrower will not make such payment, the Administrative Agent may assume
that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute
to the Lenders the amount due. In such event, if the Borrower has not in fact made such payment, then each of the Lenders severally
agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender with interest thereon,
for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative
Agent, at the greater of (A) (1) in the case of Loans, the Federal Funds Effective Rate, (2) in the case of any other amounts denominated
in U.S. Dollars, the Federal Funds Effective Rate, and (3) in the case of any other amount denominated in a currency other than
U.S. Dollars, the rate reasonably determined by the Administrative Agent to be the cost to it of funding such amount, and (B) a
rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation.

 

    	 	-89-	 

     

    

 

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

 

(f)          The
obligations of the Lenders hereunder to make Loans and to make payments pursuant to Section 9.05(d) are several and
not joint. The failure of any Lender to make any Loan, to fund any such participation or to make any payment under Section
9.05(d) on any date required hereunder shall not relieve any other Lender of its corresponding obligation to do so on such
date, and no Lender shall be responsible for the failure of any other Lender to so make its Loan, to purchase its participation
or to make its payment under Section 9.05(d).

 

Section
2.19         Mitigation Obligations; Replacement of Lenders. (a)  If
any Lender requests compensation under Section 2.15, or if the Borrower is required to pay any additional amount
to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17, then such
Lender shall use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or to assign
its rights and obligations hereunder to another of its offices, branches or Affiliates, if, in the reasonable judgment of such
Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 2.15
or 2.17, as applicable, in the future and (ii) would not subject such Lender to any material unreimbursed cost or
expense and would not otherwise be disadvantageous to such Lender in any material respect. The Borrower hereby agrees to pay all
reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment.

 

(b)          If
any Lender requests compensation under Section 2.15, or if the Borrower is required to pay any additional amount
to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17, or is a
Defaulting Lender, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent,
require any such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained
in Section 9.04), all its interests, rights and obligations under this Agreement to an assignee that shall assume
such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided, that (i)
the Borrower shall have received the prior written consent of the Administrative Agent, which consent shall not unreasonably be
withheld, (ii) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans, accrued interest
thereon, accrued fees and all other amounts payable to it hereunder, from the assignee (to the extent of such outstanding principal
and accrued interest and fees) or the Borrower (in the case of all other amounts) (iii) in the case of any such assignment resulting
from a claim for compensation under Section 2.15 or payments required to be made pursuant to Section 2.17,
such assignment will result in a reduction in such compensation or payments, (iv) the Borrower shall have paid to the Administrative
Agent the assignment fee specified in Section 9.04, and (v) such assignment does not conflict with any applicable
laws. A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such
Lender or otherwise, the circumstances entitling the Borrower to require such assignment cease to apply. Nothing in this Section 2.19
shall be deemed to prejudice any rights that the Borrower may have against any Lender that is a Defaulting Lender.

 

    	 	-90-	 

     

    

 

(c)          If
any Lender has failed to consent to a proposed amendment, waiver, discharge or termination that pursuant to the terms of Section
9.09 requires the consent of all the Lenders affected or each Lender and with respect to which the Required Lenders (as
may be required by Section 9.09 in any given case) shall have granted their consent (any such Lender referred to
above, a “Non-Consenting Lender”), then so long as no Event of Default then exists, the Borrower shall
have the right (unless such Non-Consenting Lender grants such consent) to (i) replace any such Non-Consenting Lender by requiring
such Non-Consenting Lender to assign its Loans and Commitments hereunder to one or more assignees reasonably acceptable to the
Required Lenders or (ii) require such Non-Consenting Lender to assign all of its Loans hereunder to one or more assignees reasonably
acceptable to the Required Lenders; provided, that (i) all Obligations of the Borrower owing to such Non-Consenting
Lender being replaced, including obligations arising under Section 2.16 as a result of such replacement, and/or
all Obligations of the Borrower owing to such Non-Consenting Lender in respect of any Loans required to be assigned shall be paid
in full to such Non-Consenting Lender concurrently with such assignment (including all fees payable to such Non-Consenting Lender
in accordance with Sections 2.12(b) and (e)), and (ii) the replacement Lender shall purchase the foregoing
by paying to such Non-Consenting Lender a price equal to the principal amount thereof plus accrued and unpaid interest
thereon. In connection with any such assignment the Borrower, the Administrative Agent, such Non-Consenting Lender and the replacement
Lender shall otherwise comply with Section 9.04.

 

Section
2.20         [Reserved].

 

Section
2.21         Illegality. If any Lender reasonably determines that any
change in law has made it unlawful, or that any Governmental Authority has asserted after the Closing Date that it is unlawful,
for any Lender or its applicable lending office to make or maintain any Eurocurrency Loans, then, on notice thereof by such Lender
to the Borrower through the Administrative Agent, any obligations of such Lender to make or continue Eurocurrency Loans or to
convert ABR Borrowings to Eurocurrency Borrowings shall be suspended until such Lender notifies the Administrative Agent and the
Borrower that the circumstances giving rise to such determination no longer exist. Upon receipt of such notice, the Borrower shall
upon demand from such Lender (with a copy to the Administrative Agent), either convert all Eurocurrency Borrowings of such Lender
to ABR Borrowings, either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such
Eurocurrency Borrowings to such day, or immediately, if such Lender may not lawfully continue to maintain such Loans. Upon any
such prepayment or conversion, the Borrower shall also pay accrued interest on the amount so prepaid or converted.

 

Section
2.22         [Reserved].

 

    	 	-91-	 

     

    

 

Section
2.23         Defaulting Lenders.

 

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

 

(i)          Waivers
and Amendments. That Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect
to this Agreement shall be restricted as set forth in Section 9.09.

 

(ii)         Reallocation
of Payments. Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account
of that Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article VII or otherwise,
and including any amounts made available to the Administrative Agent by that Defaulting Lender pursuant to Section 9.06),
shall be applied at such time or times as follows: first, to the payment of any amounts owing by that Defaulting Lender
to the Administrative Agent hereunder; second, as the Borrower may request (so long as no Default or Event of Default exists),
to the funding of any Loan in respect of which that Defaulting Lender has failed to fund its portion thereof as required by this
Agreement; third, if so determined by the Administrative Agent and the Borrower, to be held in a non-interest bearing deposit
account and released in order to satisfy obligations of that Defaulting Lender to fund Loans under this Agreement; fourth,
to the payment of any amounts owing to the Lenders as a result of any judgment of a court of competent jurisdiction obtained by
any Lender against that Defaulting Lender as a result of that Defaulting Lender’s breach of its obligations under this Agreement;
fifth, so long as no Default or Event of Default exists, to the payment of any amounts owing to the Borrower as a result
of any judgment of a court of competent jurisdiction obtained by the Borrower against that Defaulting Lender as a result of that
Defaulting Lender’s breach of its obligations under this Agreement; and sixth, to that Defaulting Lender or as otherwise
directed by a court of competent jurisdiction; provided that if (x) such payment is a payment of the principal amount
of any Loans in respect of which that Defaulting Lender has not fully funded its appropriate share and (y) such Loans were made
at a time when the conditions set forth in Section 4.01 were satisfied or waived, such payment shall be applied
solely to pay the Loans of all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of
that Defaulting Lender. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or
held) to pay amounts owed by a Defaulting Lender shall be deemed paid to and redirected by that Defaulting Lender, and each Lender
irrevocably consents hereto.

 

(iii)        [Reserved].

 

(iv)        [Reserved].

 

(v)         [Reserved].

 

(b)          Defaulting
Lender Cure. If the Borrower and the Administrative Agent agree in writing in their reasonable discretion that a Defaulting
Lender should no longer be deemed to be a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon
as of the effective date specified in such notice and subject to any conditions set forth therein, that Lender will, to the extent
applicable, purchase that portion of outstanding Loans of the other Lenders or take such other actions as the Administrative Agent
may determine to be necessary to cause the Loans to be held on a pro rata basis by the Lenders in accordance with their Applicable
Percentages, whereupon that Lender will cease to be a Defaulting Lender; provided that no adjustments will be made
retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while that Lender was a Defaulting
Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected
parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder
arising from that Lender’s having been a Defaulting Lender.

 

    	 	-92-	 

     

    

 

Article
III

Representations and Warranties

 

The Borrower represents
and warrants on the Closing Date (after giving effect to the Transactions occurring on the Closing Date) and upon each Credit Extension
thereafter that:

 

Section
3.01         Organization; Powers. Except as set forth on Schedule 3.01,
the Borrower and each of the Subsidiaries (a) is a limited liability company, unlimited liability company, corporation or partnership
duly organized, validly existing and in good standing (or, if applicable in a foreign jurisdiction, enjoys the equivalent status
under the laws of any jurisdiction of organization outside the United States) under the laws of the jurisdiction of its organization,
(b) has all requisite corporate or other organizational power and authority to own its property and assets and to carry on its
business as now conducted, except where the failure to do so would not reasonably be expected to have a Material Adverse Effect
(c) is qualified to do business in each jurisdiction and licensed and, as applicable, in good standing under the laws of each
jurisdiction where such qualification or license or, if applicable, good standing is required, except where the failure so to
qualify would not reasonably be expected to have a Material Adverse Effect, (d) has the corporate or other organizational power
and authority to execute, deliver and perform its obligations under each of the Loan Documents and each other agreement or instrument
contemplated thereby to which it is or will be a party and, in the case of the Borrower, to borrow and otherwise obtain credit
hereunder and (e) has all requisite governmental licenses, authorizations, consents and approvals to own its property and assets
and to carry on its business as now conducted, except where the failure to do so would not reasonably be expected to have a Material
Adverse Effect.

 

Section
3.02         Authorization. The execution, delivery and performance
by the Borrower and each of the other Loan Parties of each of the Loan Documents to which it is a party, and the borrowings hereunder
and the transactions forming a part of the Transactions, (a) have been duly authorized by all corporate, stockholder or limited
liability company or partnership action required to be obtained by the Borrower and such Loan Parties and (b) will not (i) violate
(A) any provision of law, statute, rule or regulation, (B) the certificate or articles of incorporation or other constitutive
documents (including any limited liability company or operating agreements) or by-laws of the Borrower or any such Loan Parties,
(C) any applicable order of any court or any rule, regulation or order of any Governmental Authority or (D) any provision of any
indenture, certificate of designation for preferred stock, agreement or other instrument to which the Borrower or any such Loan
Parties is a party or by which any of them or any of their property is or may be bound, (ii) be in conflict with, result in a
breach of or constitute (alone or with notice or lapse of time or both) a default under, give rise to a right of or result in
any cancellation or acceleration of any right or obligation (including any payment) or to a loss of a material benefit under any
such indenture, certificate of designation for preferred stock, agreement or other instrument, where any such conflict, violation,
breach or default referred to in clause (i) or (ii) of this Section 3.02,
would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, or (iii) result in the creation
or imposition of any Lien upon or with respect to any property or assets now owned or hereafter acquired by the Borrower or any
such Loan Parties, other than the Liens created by the Loan Documents and Liens permitted by Section 6.02.

 

    	 	-93-	 

     

    

 

 

Section
3.03         Enforceability. This Agreement has been duly executed
and delivered by the Borrower and constitutes, and each other Loan Document when executed and delivered by each Loan Party that
is party thereto will constitute, a legal, valid and binding obligation of such Loan Party enforceable against each such Loan
Party in accordance with its terms, subject to (i) the effects of bankruptcy, insolvency, moratorium, reorganization, fraudulent
conveyance or other similar laws affecting creditors’ rights generally, (ii) general principles of equity (regardless of
whether such enforceability is considered in a proceeding in equity or at law), (iii) implied covenants of good faith and fair
dealing and (iv) any foreign laws, rules and regulations as they relate to pledges of Equity Interests or granting of Liens pursuant
to such agreements.

 

Section
3.04         Governmental Approvals. No action, consent or approval
of, registration or filing with or any other action by any Governmental Authority is or will be required in connection with the
Transactions, except for (a) filings necessary to perfect or maintain the perfection or priority of the Liens created by the Security
Documents (including, for the avoidance of doubt, the filing of Uniform Commercial Code financing statements and equivalent filings
in foreign jurisdictions), (b) filings with the United States Patent and Trademark Office and the United States Copyright Office
and comparable offices in foreign jurisdictions and equivalent filings in foreign jurisdictions, (c) recordation of the Mortgages,
(d) such as have been made or obtained and are in full force and effect, (e) such other actions, consents, approvals, registrations
or filings with respect to which the failure to be obtained or made would not reasonably be expected to have a Material Adverse
Effect and (f) filings or other actions listed on Schedule 3.04.

 

Section
3.05         Financial Statements. (a) The Borrower has heretofore
furnished to the Lenders:

 

(i)          The
unaudited pro forma consolidated balance sheet and related pro forma statement of income of the Borrower and its subsidiaries as
of and for the twelve-month period ending on the last day of the most recently completed four-fiscal quarter period ended at least
sixty (60) days prior to the Closing Date (or if the end of the most recently completed four-fiscal quarter period is the end of
a fiscal year, ended at least ninety (90) days before the Closing Date) (the “Pro Forma Financial Statement”),
prepared after giving effect to the Transactions has occurred as of such date (in the case of such balance sheet) or at the beginning
of such period (in the case of such statement of income); provided, that such pro forma financial statement shall
reflect the impact of any licensor change of control consents not obtained with respect to licensing agreements; provided
further, that each such pro forma financial statement shall be prepared in good faith by the Borrower based on assumptions
believed by the Borrower to have been reasonable as of the date of delivery thereof. The Pro Forma Financial Statement presents
fairly, in all material respects on a pro forma basis the estimated financial position of the Borrower and its consolidated Subsidiaries
as at June 30, 2018, assuming the events in the preceding sentence have actually occurred at such date.

 

    	 	-94-	 

     

    

 

(ii)         The
audited consolidated balance sheets of the Borrower and its subsidiaries as at December 31, 2016 and December 31, 2017
and the related statements of operations, changes in combined equity and cash flows of the Borrower and its subsidiaries for the
fiscal years ended December 31, 2016 and December 31, 2017, in each such case, copies of which have heretofore been furnished
or otherwise made available to each Lender, which have been prepared in accordance with GAAP applied consistently throughout the
periods involved, and present fairly, in all material respects, the financial position and results of operations of the Borrower
and its subsidiaries, as of and on such dates set forth on such financial statements.

 

(iii)        The
unaudited quarterly consolidated balance sheets of the Borrower and its combined Subsidiaries and the related statements of operations
and cash flows showing the financial position of the Borrower and its combined Subsidiaries, in each such case, which have been
prepared in accordance with GAAP applied consistently throughout the periods involved, and present fairly, in all material respects,
the financial position and results of operations of the Borrower and its Subsidiaries, for the most recent fiscal quarter ended
June 30, 2018, subject to normal year-end audit adjustments and the absence of footnotes.

 

(iv)        The
unaudited monthly summary income statement information in a form consistent with what is delivered to the Board of Directors and
summary balance sheet information in the form agreed to between the Required Lenders and the Borrower prior to the Closing Date,
for the most recent month ended June 30, 2018.

 

(v)         Except
as set forth in Schedule 3.05(b), as of the Closing Date, none of the Borrower or any of the Subsidiaries has any
material Guarantees, contingent liabilities or other liabilities, or any long-term leases or unusual forward or long term commitments,
including any interest rate or foreign currency swap or exchange transaction or other obligation in respect of derivatives, that
are not reflected in the financial statements referred to in the preceding clauses (a)(i) and (ii). During the period from
March 31, 2018, to and including the Closing Date there has been no Disposition by the Borrower or any of its Subsidiaries of any
material part of its business or property that has not been disclosed to the Required Lenders.

 

Section
3.06         No Material Adverse Effect. Since March 31, 2018, there
has been no event, development or circumstance that has had or would reasonably be expected to have a Material Adverse Effect.

 

Section
3.07         Title to Properties; Possession Under Leases. (a) Each
of the Borrower and the Subsidiaries has good and valid record fee simple title to, or valid leasehold interests in, or easements
or other limited property interests in, all its properties and assets (including all Mortgaged Properties), except for minor defects
in title that do not interfere with its ability to conduct its business as currently conducted or to utilize such properties and
assets for their intended purposes and except where the failure to have such title, interests or easements would not reasonably
be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

    	 	-95-	 

     

    

 

(b)           Each
of the Borrower and the Subsidiaries has complied with all obligations under all leases to which it is a party, except where the
failure to comply would not reasonably be considered to have Material Adverse Effect, and all such leases are in full force and
effect, except leases in respect of which the failure to be in full force and effect would not reasonably be expected to have a
Material Adverse Effect. Except as set forth on Schedule 3.07(b), as of the Closing Date, the Borrower and each
of the Subsidiaries enjoys peaceful and undisturbed possession under all such leases, other than leases in respect of which the
failure to enjoy peaceful and undisturbed possession would not reasonably be expected to have, individually or in the aggregate,
a Material Adverse Effect.

 

(c)           Each
of the Borrower and the Subsidiaries owns or possesses or has valid licenses to all patents, trademarks, service marks, trade names,
copyrights, domain names, trade secrets, and all applications or registrations for patents, trademarks, service marks, trade names,
copyrights, and domain names and other intellectual property rights with respect thereto necessary for the present conduct of its
business, without any conflict (of which the Borrower has been notified in writing) with the rights of others, and there has been
no infringement of any Intellectual Property, except where such failure to own or possess or have a valid license to such intellectual
property rights or where such conflicts and restrictions, in each case would not reasonably be expected to have, individually or
in the aggregate, a Material Adverse Effect.

 

Section
3.08         Subsidiaries.
(a)  Schedule 3.08(a) sets forth as of the Closing Date the name and jurisdiction of
incorporation, formation or organization of each direct and indirect subsidiary of Borrower. Except as set forth on Schedule 3.08(a),
as of the Closing Date, all of the issued and outstanding Equity Interests of each subsidiary of Borrower is owned directly
by Borrower or by another subsidiary.

 

(b)           Each
Loan Party is the record and beneficial owner of, and has good and marketable title to, the Equity Interests pledged by (or purported
to be pledged by) it under the Security Documents, free of any and all Liens other than Liens permitted by Section 6.02.

 

(c)           As
of the Closing Date, there are no outstanding subscriptions, options, warrants, calls, rights or other agreements or commitments
(other than stock options granted to employees or directors and directors’ qualifying shares) of any nature relating to any
Equity Interests of any Subsidiaries of the Borrower which are Loan Parties, and there are no other rights to purchase, or shareholder,
voting trust or similar agreements outstanding with respect to, or property that is convertible into, or that requires the issuance
or sale of, any Equity Interests pledged by (or purported to be pledged) under the Security Documents, except rights of employees
to purchase Equity Interests of Borrower or as set forth on Schedule 3.08(c).

 

    	 	-96-	 

     

    

 

Section
3.09         Litigation; Commercial Tort Claims; Compliance with Laws.
(a)  As of the Closing Date, (A) there are no actions, suits or proceedings at law or in equity or, to the knowledge
of the Borrower, investigations by or on behalf of any Governmental Authority or in arbitration now pending, or, to the knowledge
of the Borrower, threatened in writing against or affecting the Borrower or any of its subsidiaries or any business, property
or rights of any such person (i) that involve any Loan Document or the Transactions or (ii) would reasonably be expected to have,
individually or in the aggregate, a Material Adverse Effect or materially adversely affect the Transactions. As of the date of
any Borrowing after the Closing Date, there are no actions, suits or proceedings at law or in equity or, to the knowledge of the
Borrower, investigations by or on behalf of any Governmental Authority or in arbitration now pending, or, to the knowledge of
the Borrower, threatened in writing against or affecting the Borrower or any of its Subsidiaries or any business, property or
rights of any such person which would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect;
(B) there are no actions, suits or proceedings at law or in equity against any of the vendors of the Borrower or any of its Subsidiaries
that would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect or materially adversely
affect the Transactions; (C) Schedule 3.09(a), set forth the complete list of commercial tort claims of the Borrower
or any Subsidiary and, to the Borrower’s knowledge, a complete list of all material actions, suits and proceedings against
the Borrower or any Subsidiary.

 

(b)           None
of the Borrower, the Subsidiaries or their respective properties or assets is in violation of (nor will the continued operation
of their material properties and assets as currently conducted violate) any law, rule or regulation (including any zoning,
building, Environmental Law, ordinance, code or approval or any building permit) or any restriction of record or agreement affecting
any Mortgaged Property, or is in default with respect to any judgment, writ, injunction or decree of any Governmental Authority,
where such violation or default would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

(c)           Agreements
with Regulatory Agencies. Neither the Borrower nor any of its Subsidiaries is subject to any cease-and-desist or enforcement
action issued by, or is a party to any written agreement, consent agreement or memorandum of understanding with, or is a party
to any commitment letter or similar undertaking to, any Governmental Authority that currently restricts the conduct of its business
(each item in this sentence, a “Regulatory Agreement”) in a manner that would reasonably be expected
to have, individually or in the aggregate, a Material Adverse Effect. Nor has the Borrower or any of its Subsidiaries been advised
since March 31, 2018 by any Governmental Authority that it is issuing, initiating, ordering, or requesting any such Regulatory
Agreement that would reasonably be expected to have a Material Adverse Effect. The Borrower and each of its Subsidiaries is in
compliance with each Regulatory Agreement to which it is party or subject, other than to the extent such noncompliance would not
reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect, and neither the Borrower nor any of
its Subsidiaries has received any notice from any Governmental Authority indicating that either the Borrower or any of its Subsidiaries
is not in compliance with any such Regulatory Agreement, other than to the extent such noncompliance would not reasonably be expected
to have, individually or in the aggregate, a Material Adverse Effect.

 

Section
3.10         Federal Reserve Regulations. (a)  None of the
Borrower or the Subsidiaries is engaged principally, or as one of its important activities, in the business of extending credit
for the purpose of purchasing or carrying Margin Stock.

 

    	 	-97-	 

     

    

 

(b)           No
part of the proceeds of any Loan will be used, whether directly or indirectly, and whether immediately, incidentally or ultimately,
(i) to purchase or carry Margin Stock or to extend credit to others for the purpose of purchasing or carrying Margin Stock or to
refund indebtedness originally incurred for such purpose, or (ii) for any purpose that entails a violation of, or that is inconsistent
with, the provisions of the Regulations of the Board, including Regulation T, Regulation U or Regulation X.

 

Section
3.11         Investment Company Act. None of the Borrower or the Subsidiaries
is an “investment company” as defined in, or subject to regulation under, the Investment Company Act of 1940,
as amended.

 

Section
3.12          Use of Proceeds. The Borrower will use the proceeds of
the Loans borrowed on the Closing Date solely to fund consideration for the Closing Date Acquisition and fees, costs and expenses
incurred in connection with the Transactions and to finance the repayment, redemption or discharge of, and termination of all
obligations and commitments under the Existing Indebtedness and for the payment of fees and expenses payable in connection with
the Transactions.

 

Section
3.13         Tax Returns. Except as set forth on Schedule 3.13:

 

(a)           Each
of the Borrower and the Subsidiaries (i) has timely filed or caused to be timely filed all federal, state, local and non-U.S. Tax
returns required to have been filed by it that are material to such companies taken as a whole and each such Tax return is true
and correct in all material respects, including, without limitation, relating to all periods or portions thereof ending on or prior
to the Closing Date and (ii) has timely paid or caused to be timely paid all Taxes shown thereon to be due and payable by it and
all other material Taxes or assessments, except Taxes or assessments, including, without limitation, relating to all periods or
portions thereof ending on or prior to the Closing Date that are being contested in good faith by appropriate proceedings in accordance
with Section 5.03 and for which the Borrower or any of the Subsidiaries (as the case may be) has set aside on
its books adequate reserves in accordance with GAAP; and

 

(b)           Other
than as could not be, individually or in the aggregate, reasonably expected to have a Material Adverse Effect: as of the Closing
Date, with respect to each of the Borrower and the Subsidiaries, (i) there are no claims being asserted in writing with respect
to any Taxes, (ii) no presently effective waivers or extensions of statutes of limitation with respect to Taxes have been given
or requested and (iii) no Tax returns are being examined by, and no written notification of intention to examine has been received
from, the Internal Revenue Service or any other Taxing authority.

 

Section
3.14         No Material Misstatements. (a)  All written
information (to the Borrower’s knowledge with respect to any written information related to or provided by the Acquired
Business prior to the Closing Date) including historical financials (including pro forma financial statements based on historical
balance sheets and income statements, but excluding, in each case, projected financial information, the Projections, budgets,
estimates and information of a general economic or industry specific nature) (the “Information”) concerning
the Borrower, the Subsidiaries, the Transactions and any other transactions contemplated hereby included in the Information Memorandum
or otherwise prepared by or on behalf of the foregoing or their representatives and made available to any Lenders or the Administrative
Agent in connection with the Transactions, when taken as a whole (as modified or supplemented by other information so furnished),
were accurate and complete in all material respects, as of the date such Information was furnished to the Lenders and as of the
Closing Date and did not contain any untrue statement of a material fact as of any such date or omit to state a material fact
necessary in order to make the statements contained therein not materially misleading (after giving effect to all modifications,
supplements and updates thereto from time to time) in light of the circumstances under which such statements were made.

 

    	 	-98-	 

     

    

 

(b)           Any
Projections and estimates prepared by or on behalf of the Borrower or any of its representatives and that have been made available
to any Lenders or the Administrative Agent in connection with the Transactions (i) have been prepared in good faith based upon
assumptions believed by the Borrower to be reasonable as of the date thereof, as of the date such Projections and estimates were
furnished to the Lenders and as of the Closing Date, and (ii) as of the Closing Date, have not been modified in any material respect
by the Borrower (it being understood that Projections and estimates by their nature are inherently uncertain, that actual results
may differ significantly from the Projections or estimated results and that such differences may be material and no assurances
are being given that the results reflected in the Projections and estimates will be achieved).

 

Section
3.15         Employee Benefit Plans. (a)  Except as would
not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect or as set forth on Schedule 3.15:
(i) each of the Borrower and the Subsidiaries is in compliance with the applicable provisions of ERISA and the provisions of the
Code relating to the Plans; (ii) no Reportable Event has occurred during the past five years as to which the Borrower, a Subsidiary
or any ERISA Affiliate was required to file a report with the PBGC, other than reports that have been filed; (iii) the present
value of all accumulated benefit obligations under each Plan (based on those assumptions used to fund such Plan), as of the last
annual valuation date applicable thereto for which a valuation is available, does not exceed the fair market value of the assets
of such Plan; (iv) no ERISA Event has occurred; and (v) none of the Borrower, the Subsidiaries or the ERISA Affiliates has received
any written notification that any Multiemployer Plan is in reorganization or has been terminated within the meaning of Title IV
of ERISA, or has knowledge that any Multiemployer Plan is reasonably expected to be terminated.

 

(b)           Each
of the Borrower and the Subsidiaries is in compliance (i) with all applicable provisions of law and all applicable regulations
and published interpretations thereunder with respect to any employee pension benefit plan or other employee benefit plan governed
by the laws of a jurisdiction other than the United States and (ii) with the terms of any such plan, except, in each case, for
such noncompliance that would not reasonably be expected to have a Material Adverse Effect.

 

    	 	-99-	 

     

    

 

Section
3.16          Environmental Matters. Except as disclosed on Schedule 3.16
and except as to matters that would not reasonably be expected to have, individually or in the aggregate, a Material Adverse
Effect (i) no written notice, request for information, order, complaint or penalty has been received by the Borrower or any of
the Subsidiaries, and there are no judicial, administrative or other actions, suits or proceedings pending or threatened, that
allege a violation of or liability under any applicable Environmental Laws, in each case relating to the Borrower or any of the
Subsidiaries, (ii) each of the Borrower and the Subsidiaries has obtained and maintained all permits, licenses and other approvals
necessary for its operations to comply with all applicable Environmental Laws and is, and during the term of all applicable statutes
of limitation, has been, in compliance with the terms of such permits, licenses and other approvals and with all other applicable
Environmental Laws, (iii) to Borrower's knowledge, there has been no material written environmental assessment or audit conducted
of any property currently owned or leased by the Borrower or any of the Subsidiaries that has not been made available to the Administrative
Agent prior to the date hereof, (iv) no Hazardous Material is located at, on or under any property currently or, to the knowledge
of the Borrower, formerly owned, operated or leased by the Borrower or any of its Subsidiaries that would reasonably be expected
to give rise to any cost, liability or obligation of the Borrower or any of the Subsidiaries under any applicable Environmental
Laws, and no Hazardous Material has been generated, owned, treated, stored, handled or controlled by the Borrower or any of its
Subsidiaries and transported to or Released at any location in a manner that would reasonably be expected to give rise to any
cost, liability or obligation of the Borrower or any of the Subsidiaries under any Environmental Laws and (v) there are no written
agreements in which the Borrower or any of the Subsidiaries has expressly assumed or undertaken responsibility, and such assumption
or undertaking of responsibility has not expired or otherwise terminated, for any liability or obligation of any other person
arising under or relating to applicable Environmental Laws.

 

Section
3.17         Security Documents. (a)  The Collateral Agreement
is effective to create in favor of the Collateral Agent (for the benefit of the Secured Parties) a legal, valid and enforceable
security interest in the Collateral described therein and proceeds thereof to the extent intended to be created thereby. In the
case of the Pledged Collateral described in the Collateral Agreement, when certificates or promissory notes, as applicable, representing
such Pledged Collateral are delivered to the Collateral Agent (or a bailee for the Collateral Agent pursuant to the First-Second
Intercreditor Agreement) in New York with, transfer powers duly executed in blank, and in the case of the other Collateral described
in the Collateral Agreement (other than Intellectual Property), when financing statements in appropriate form are filed in the
offices specified on Schedule 3 of the Collateral Agreement, the Collateral Agent (for the benefit of the Secured
Parties) shall have a fully perfected Lien on, and security interest in (to the extent required thereby), all right, title and
interest of the Loan Parties in such Collateral and, subject to Section 9-315 of the New York Uniform Commercial Code, the
proceeds thereof, as security for the Obligations to the extent perfection can be obtained by filing Uniform Commercial Code financing
statements, in each case prior and superior in right to any other person (except Liens expressly permitted by Section 6.02
and subject to the lien priority set forth in the First-Second Intercreditor Agreement).

 

(b)           When
the Intellectual Property Security Agreements are properly filed in the United States Patent and Trademark Office and the United
States Copyright Office, and, with respect to Collateral comprised of Intellectual Property in which a security interest cannot
be perfected by such filings, upon the proper filing of the financing statements referred to in paragraph (a)
above, the Collateral Agent (for the benefit of the Secured Parties) shall have a fully perfected Lien on, and security interest
in (to the extent intended to be created thereby), all right, title and interest of the Loan Parties thereunder in the domestic
Intellectual Property included in the Collateral, in each case prior and superior in right to any other person (it being understood
that subsequent recordings in the United States Patent and Trademark Office and the United States Copyright Office may be necessary
to perfect a lien on registered trademarks and patents, trademark and patent applications and registered copyrights acquired by
the Grantors thereunder after the Closing Date) except Liens expressly permitted by Section 6.02 and subject to the
lien priority set forth in the First-Second Intercreditor Agreement.

 

    	 	-100-	 

     

    

 

(c)           [Reserved].

 

(d)           [Reserved].

 

(e)           The
Mortgages executed and delivered after the Closing Date pursuant to Section 5.11 shall be effective to create
in favor of the Collateral Agent (for the benefit of the Secured Parties) a legal, valid and enforceable Lien on all of the Loan
Parties’ right, title and interest in and to the Mortgaged Property thereunder and the proceeds thereof, and when such Mortgages
are filed or recorded in the proper real estate filing or recording offices, the Collateral Agent (for the benefit of the Secured
Parties) shall have a fully perfected Lien on, and security interest in, all right, title and interest of the Loan Parties in such
Mortgaged Property and, to the extent applicable, subject to Section 9-315 of the Uniform Commercial Code, the proceeds thereof,
in each case prior and superior in right to any other person, other than with respect to the rights of a person pursuant to Liens
expressly permitted by Section 6.02 and subject to the lien priority set forth in the First-Second Intercreditor
Agreement.

 

(f)            After
taking the actions specified for perfection therein, each Security Document (excluding the Collateral Agreement and the Mortgages,
each of which is covered by another paragraph of this Section 3.17), when executed and delivered, will be effective
under applicable law to create in favor of the Collateral Agent (for the benefit of the Secured Parties) a legal, valid and enforceable
security interest in the Collateral subject thereto (to the extent intended to be created thereby), and will constitute a fully
perfected Lien on and security interest in all right, title and interest of the Loan Parties in the Collateral subject thereto
(to extent required thereby), prior and superior to the rights of any other person, except for rights secured by Liens expressly
provided by Section 6.02 and subject to the lien priority set forth in the First-Second Intercreditor Agreement.

 

(g)           Notwithstanding
anything herein (including this Section 3.17) or in any other Loan Document to the contrary, none of the Borrower
or any other Loan Party makes any representation or warranty as to the effects of perfection or non-perfection, the priority or
the enforceability of any pledge of or security interest in any Equity Interests or any assets of any Foreign Subsidiary or any
assets in a foreign jurisdiction, or as to the rights and remedies of the Lenders with respect thereto, under foreign law.

 

Section
3.18         Location of Real Property. Schedule 3.18
lists as of the Closing Date all material real property owned or leased by the Borrower and the Loan Parties and the addresses
thereof. As of the Closing Date, the Borrower and the Loan Parties (i) own in fee all the real property set forth as being owned
by them on such Schedule 3.18 and (ii) have in all material respects, valid leases in a material real property set
forth as being leased by them on Schedule 3.18.

 

    	 	-101-	 

     

    

 

Section
3.19         Solvency.  Immediately after giving effect to the
Transactions on the Closing Date and the incurrence of the indebtedness and obligations being incurred in connection with this
Agreement, the First Lien Credit Agreement and the Transactions, (i) the sum of the debt (including contingent liabilities)
of the Borrower and its Subsidiaries, taken as a whole, does not exceed the fair value of the present assets of the Borrower and
its Subsidiaries, taken as a whole; (ii) the fair saleable value of the assets of the Borrower and its Subsidiaries, taken
as a whole, is not less than the amount that will be required to pay the probable liabilities (including contingent liabilities)
of the Borrower and its Subsidiaries, taken as a whole, on their debts as they become absolute and matured; (iii) the capital
of the Borrower and its Subsidiaries, taken as a whole, is not unreasonably small in relation to the business of the Borrower
or its Subsidiaries, taken as a whole, contemplated as of the Closing Date; and (iv) the Borrower and its Subsidiaries, taken
as a whole, do not intend to incur, or believe that they will incur, debts (including current obligations and contingent liabilities)
beyond their ability to pay such debts as they mature in the ordinary course of business. For the purposes hereof, the amount
of any contingent liability at any time shall be computed as the amount that, in light of all of the facts and circumstances existing
at such time, represents the amount that can reasonably be expected to become an actual or matured liability.

 

Section
3.20         Labor Matters. Except as, individually or in the aggregate,
would not reasonably be expected to have a Material Adverse Effect: (a) there are no strikes, lockouts, stoppages, slowdowns or
other labor disputes pending or threatened against the Borrower or any of the Subsidiaries; (b) the hours worked and payments
made to employees of the Borrower and the Subsidiaries have not been in violation of the Fair Labor Standards Act or any other
applicable law dealing with such matters; (c) all payments due from the Borrower or any of the Subsidiaries or for which any claim
may be made against the Borrower or any of the Subsidiaries, on account of wages and employee health and welfare insurance and
other benefits have been paid or accrued as a liability on the books of the Borrower or such Subsidiary to the extent required
by GAAP; (d) the Borrower and the Subsidiaries are in compliance with all applicable laws, agreements, policies, plans and programs
relating to employment and employment practices and (e) to the Borrower’s knowledge, all the vendors of the Borrower and
the Subsidiaries are in compliance with all applicable laws, agreements, policies, plans and programs relating to employment and
employment practices. Except as set forth on Schedule 3.20, consummation of the Transactions will not give
rise to a right of termination or right of renegotiation on the part of any union under any collective bargaining agreement to
which the Borrower or any of the Subsidiaries (or any predecessor) is a party or by which the Borrower or any of the Subsidiaries
(or any predecessor) is bound.

 

Section
3.21         Insurance. As of the Closing Date, Schedule 3.21
sets forth a true, complete and correct description of all material insurance maintained by or on behalf of the Borrower
or the Subsidiaries and such insurance is in full force and effect. Such insurance complies with the requirements of this Agreement
and the other Loan Documents and the Borrower believes (in the good faith judgment of the management of Borrower) that the insurance
maintained by or on behalf of the Borrower and the Subsidiaries is in at least such amounts as is adequate, reasonable and prudent
in light of the size and nature of its business.

 

Section
3.22          [Reserved].

 

    	 	-102-	 

     

    

 

Section
3.23          Material Agreements; No Violation; No Default.

 

(a)           None
of the Borrower or any Subsidiary is in default in the performance, observance or fulfillment of any of the obligations, covenants
or conditions contained in any agreement or instrument to which any of the Borrower or any Subsidiary is a party that, individually
or in the aggregate, has resulted, or would reasonably be expected to result, in a Material Adverse Effect.

 

(b)           As
of the Closing Date, no Loan Party has any Material Agreement other than those specifically disclosed on Schedule 3.23.

 

(c)           As
of the Closing Date, none of the Borrower or any Subsidiary is in material violation of any Material Agreement and all the Material
Agreements are enforceable and valid in all material respects.

 

(d)           No
Default or Event of Default has occurred and is continuing.

 

Section
3.24         [Reserved].

 

Section
3.25         PATRIOT Act, etc. (a) To the extent applicable, each
Loan Party is in compliance, in all material respects, with (i) the Trading with the Enemy Act, as amended, and each of
the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended)
and any other enabling legislation or executive order relating thereto, and (ii) the PATRIOT Act.

 

(b)          As
of the Closing Date, the information provided by Borrower in a Beneficial Ownership Certification delivered to any Lender is true
and correct in all respects.

 

Section
3.26         Sanctions Laws

 

(a)           None of the Loan
Parties or Subsidiaries is in violation of any applicable Sanctions Laws, engages in or conspires to engage in any transaction
that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in
any applicable Sanctions Laws.

 

(b)           None
of the Loan Parties or Subsidiaries is any of the following (each a “Blocked Person”):

 

(i)             a
Person that is listed in the annex to, or is otherwise subject to the provisions of, Executive Order No. 13224;

 

(ii)            a
Person owned or controlled by, or acting for or on behalf of, any Person that is listed in the annex to, or is otherwise subject
to the provisions of, Executive Order No. 13224;

 

(iii)           a
Person with which the Administrative Agent, the Collateral Agent or any Lender is prohibited from dealing or otherwise engaging
in any transaction by any Sanctions Laws;

 

(iv)           a
Person that commits, threatens or conspires to commit or supports “terrorism” (as defined in Executive Order No. 13224);
or

 

    	 	-103-	 

     

    

 

(v)            a
Person that is named as a “specially designated national” on the most current list published by the U.S. Treasury Department
Office of Foreign Assets Control at its official website or any replacement website or other replacement official publication of
such list.

 

(c)            No
Loan Party or, to the knowledge of any Loan Party, any of its agents acting in any capacity in connection with the Loans, the Transactions
or the other transactions hereunder (i) conducts any business or engages in making or receiving any contribution of funds,
goods or services to or for the benefit of any Blocked Person or (ii) deals in, or otherwise engages in any transaction relating
to, any property or interests in property blocked pursuant to Executive Order No. 13224.

 

Section
3.27         Anti-Corruption Laws and Sanctions Laws. The Borrower,
its Subsidiaries and, to the knowledge of the Borrower, their respective officers, employees, directors and agents that act in
any capacity in connection with the credit facility established hereby, are in compliance with Anti-Corruption Laws and applicable
Sanctions Laws in all material respects. None of (a) the Borrower, any Subsidiary or, to the knowledge of Borrower, any of their
respective directors, officers or employees, or (b) to the knowledge of the Borrower, any agent of the Borrower or any Subsidiary
that act in any capacity in connection with the credit facility established hereby, is a Sanctioned Person. No Borrowing, use
of proceeds or other transaction contemplated by this Agreement will violate any Anti-Corruption Law or applicable Sanctions Laws.

 

Section
3.28         Compliance With Collateral and Guarantee Requirement.
The Borrower and each other Loan Party is in compliance with the Collateral and Guarantee Requirement applicable to each such
Loan Party.

 

Article
IV

Conditions of Lending

 

The obligations of the
Lenders to make Loans (“Credit Event”) are subject to the satisfaction (or waiver) of the following conditions:

 

Section
4.01         Closing Date. On the Closing Date:

 

(a)           The
Lenders (or their counsel) shall have received from each party thereto a counterpart of this Agreement and each other Loan Document
(including the First-Second Intercreditor Agreement) signed on behalf of each party thereto.

 

(b)           The
Lenders shall have received, on behalf of itself and the Administrative Agent on the Closing Date the following customary legal
opinions:

 

(i)             the
legal opinion Dechert LLP, special counsel for the Borrower and the other Loan Parties; and

 

    	 	-104-	 

     

    

 

(ii)            the
legal opinion of local counsel in each jurisdiction in which a Loan Party is organized, to the extent such Loan Party is not covered
by the opinion referenced in the preceding clause (i).

 

Each legal opinion shall be (i) in form
and substance reasonably satisfactory to the Required Lenders, (ii) dated the Closing Date, and (iii) addressed to the Administrative
Agent, the Collateral Agent and the Lenders, covering such other matters relating to the Loan Documents as the Lenders shall reasonably
request. Each of the Borrower and the other Loan Parties hereby instructs its counsel to deliver such opinions.

 

(c)            The
Borrower shall, after giving pro forma effect to the Transactions, have at least $35,000,000 of Unrestricted Cash on hand.

 

(d)           The
Lenders shall have received in the case of each Loan Party each of the items referred to in clauses (i), (ii)
and (iii) below:

 

(i)             a
copy of the certificate or articles of incorporation or formation, limited liability agreement, partnership agreement or other
constituent or governing documents, including all amendments thereto, of each Loan Party, (a) if applicable in such jurisdiction,
certified as of a recent date by the Secretary of State (or other similar official) of the jurisdiction of its organization, and
a certificate as to the good standing (to the extent such concept or a similar concept exists under the laws of such jurisdiction)
of each such Loan Party as of a recent date from such Secretary of State (or other similar official), and (b) otherwise, (i) certified
by the Secretary or Assistant Secretary of each such Loan Party or other person duly authorized by the constituent documents of
such Loan Party or (ii) otherwise in form and substance reasonably satisfactory to the Administrative Agent and each of the Lenders;

 

(ii)            a
certificate of the Secretary or Assistant Secretary or similar officer of each Loan Party or other person duly authorized by the
constituent documents of such Loan Party dated the Closing Date and certifying (solely in his or her capacity as an officer of
such Loan Party):

 

(A)         that
attached thereto is a true and complete copy of the by-laws (or limited liability company agreement, articles of association, partnership
agreement or other equivalent constituent and governing documents) of such Loan Party as in effect on the Closing Date and at all
times since a date prior to the date of the resolutions described in clause (B) below;

 

(B)         that
attached thereto is a true and complete copy of resolutions (or equivalent authorizing actions) duly adopted by the Board of Directors
(or equivalent governing body) of such Loan Party (or its managing general partner or managing member), authorizing the execution,
delivery and performance of each of the Loan Documents to which such person is a party and, in the case of the Borrower, the borrowings
hereunder, and that such resolutions have not been modified, rescinded or amended and are in full force and effect on the Closing
Date;

 

    	 	-105-	 

     

    

 

(C)         that
the certificate or articles of incorporation, by-laws, limited liability company agreement, articles of association, partnership
agreement or other equivalent constituent and governing documents of such Loan Party have not been amended since the date of the
last amendment thereto disclosed pursuant to clause (i) above;

 

(D)         as
to the incumbency and specimen signature of each officer or other duly authorized person executing any Loan Document or any other
document delivered in connection herewith on behalf and in the name of such Loan Party;

 

(E)         as
to the absence of any pending proceeding for the dissolution of liquidation of such Loan Party or, to the knowledge of such person,
threatening in writing the existence of such Loan Party; and

 

(iii)           a
certification of another officer or other duly authorized person as to the incumbency and specimen signature of the Secretary or
Assistant Secretary or similar officer or other person duly authorized by such Loan Party executing the certificate pursuant to
clause (ii) above.

 

(e)            Subject
to the Funding Conditions Provisions (as defined below), the elements of the Collateral and Guarantee Requirement (other than clause
(f) thereof) shall have been satisfied and the Lenders and the Administrative Agent shall have received a completed Perfection
Certificate dated the Closing Date and signed by a Responsible Officer of the Borrower and the Loan Parties, together with all
attachments contemplated thereby, and the results of a recent lien, tax lien, judgment and litigation search in each of the jurisdictions
or offices (including, without limitation, in the United States Patent and Trademark Office and the United States Copyright Office)
in which UCC financing statement should be made to evidence or perfect security interests in all assets of the Loan Parties, and
such search shall reveal no Liens on any of the assets of the Loan Parties, except for Liens permitted by Section 6.02
or Liens to be terminated on the Closing Date pursuant to documentation reasonably satisfactory to the Required Lenders.

 

(f)            On
the Closing Date, the Closing Date Acquisition and other Transactions contemplated to occur on the Closing Date shall be consummated
substantially concurrently with the funding of the Loans on the Closing Date.

 

(g)            The
Lenders shall have received a solvency certificate from the Chief Financial Officer of the Borrower, substantially in the form
of Annex B attached to the Commitment Letter.

 

(h)            The
Lenders and the Administrative Agent shall have received payment of all fees and expenses of the Lenders required to be paid by
the Borrower on the Closing Date pursuant to the Commitment Letter, the Fee Letter and the Agency Fee Letter or evidence that such
fees and expenses will be paid substantially concurrently with the initial funding of the Loans on the Closing Date.

 

    	 	-106-	 

     

    

 

(i)             Substantially
concurrently with the initial funding hereunder, the Closing Date Acquisition shall be consummated in accordance in all material
respects with the terms of the Acquisition Agreement, after giving effect to any modifications, amendments, consents or waivers
that are not materially adverse to the Lenders without the consent of the Required Lenders; provided that (i) a reduction
in the purchase price under the Acquisition Agreement shall be deemed to be materially adverse to the Lenders, (ii) any substantive
modification, amendment, consent or waiver to the definition of “Material Adverse Effect” contained in the Acquisition
Agreement shall be deemed to be materially adverse to the Lenders and (iii) any modification, amendment or waiver that has the
effect of increasing the cash consideration required to be paid under the Acquisition Agreement on the Closing Date shall be deemed
to be materially adverse to the Lenders.

 

(j)             No
Material Adverse Effect shall have occurred or be occurring.

 

(k)            Evidence
reasonably satisfactory to the Lenders that substantially concurrently with the effectiveness of this Agreement, the Borrower shall
have entered into the First Lien Credit Agreement based on a term sheet approved by the Lenders (such term sheet the “First
Lien Facility Term Sheet”) (it being acknowledged and agreed that the terms set forth in the First Lien Facility
Term Sheet, dated as of June 27, 2018 and previously provided to the Lenders, are satisfactory to the Lenders); in aggregate committed
amount of not less than $795,000,000 substantially simultaneously with the initial borrowings under the Credit Facility, and the
Lenders shall have received duly executed copies of the First Lien Loan Documents.

 

(l)            The
Lenders shall have received the Pro Forma Financial Statement.

 

(m)          The
Lenders shall have received a certificate from a Responsible Officer of the Borrower, dated the Closing Date, confirming satisfaction
with Sections 4.01 (f), (j), (q), (r) and (s).

 

(n)           At
least five days prior to the Closing Date, the Administrative Agent and the Lenders shall have received all documentation and other
information required by bank regulatory authorities or reasonably requested by the Administrative Agent or any Lender under or
in respect of applicable “know-your-customer” and anti-money laundering rules and regulations, including the PATRIOT
Act, and including a duly executed W-9 tax form (or such other applicable IRS tax form) of the Borrower that was requested at least
10 days prior to the Closing Date.

 

(o)           At
least five days prior to the Closing Date, any Borrower that qualifies as a “legal entity customer” under the Beneficial
Ownership Regulation shall deliver a Beneficial Ownership Certification in relation to such Borrower.

 

(p)           In
the case of a Borrowing, the Administrative Agent shall have received a Borrowing Request as required by Section 2.03.

 

(q)           The
Lenders shall have received evidence, satisfactory to the Lenders, that license change of control consents with respect to the
Disney Licenses (as defined in the Side Letter) and other licensing agreements that are associated with at least 80% of EBITDA
of the Acquired Business have been obtained.

 

    	 	-107-	 

     

    

 

(r)            GSO
shall have received copy of the Shareholders Agreement in form and substance satisfactory to GSO and all the all actions required
to be consummated on or prior to the Closing Date pursuant to such Shareholders Agreement shall have been consummated.

 

(s)           The
Closing Date Acquisition Representations and the Specified Representations shall be true and correct in all material respects (or
if qualified by materiality, in all respects).

 

(t)            [Reserved].

 

(u)           [Reserved].

 

(v)           The
Acquisition Agreement, including all exhibits, schedules and attachments thereto and all other documents and matters in connection
therewith (including (i) obtaining factoring agreements or arrangements available at the time of execution (or such later date
as the Required Lenders may agree) and providing for substantially comparable availability, in each case than the existing Whitehall
Factoring Agreement, (ii) obtaining transition services agreements (including a sourcing agreement with a duration of at least
6 months after the Closing Date) and (iv) obtaining management agreements with key members of senior management of the Acquired
Business customary for transactions of this type, in each case, reasonably satisfactory to GSO) shall be reasonably satisfactory
to the Borrower and GSO (it being understood that the draft of the Acquisition Agreement dated as of June 27, 2018 and previously
provided to GSO on June 27, 2018 is reasonably satisfactory to GSO).

 

(w)          The
Lenders shall have received the PNC Securitization Documents and the Permitted CIT Agreements.

 

Notwithstanding the
foregoing, to the extent that any Collateral or any security interest therein (other than the pledge and perfection of security
interests in the pledged certificated stock and other assets pursuant to which a lien may be perfected by the filing of a financing
statement under the UCC or a short-form Intellectual Property Security Agreement with the U.S. Patent and Trademark Office or the
U.S. Copyright Office) is not or cannot be provided or perfected on the Closing Date after the Borrower’s using commercially
reasonable efforts to do so without undue burden or expense, the delivery of such Collateral (and perfection of security interests
therein) shall not constitute a condition precedent to the availability of the Credit Facility on the Closing Date but shall be
required to be delivered and perfected after the Closing Date (and in any event, within 45 days after the Closing Date plus
any extensions granted by the Required Lenders in their reasonable discretion). This paragraph is referred to as the “Funding
Conditions Provision”.

 

Without limiting the
generality of the provisions of the last paragraph of Section 8.03, for purposes of determining compliance with
the conditions specified in this Section 4.01, each Lender that has signed this Agreement shall be deemed to
have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented
to or approved by or acceptable or satisfactory to a Lender.

 

    	 	-108-	 

     

    

 

Article
V

Affirmative Covenants

 

The Borrower covenants
and agrees with each Lender that until Payment in Full, the Borrower will, and will cause each of the Subsidiaries to:

 

Section
5.01         Existence; Businesses and Properties. (a)  Do
or cause to be done all things necessary to preserve, renew and keep in full force and effect its legal existence and good standing
under the laws of the jurisdiction of its organization, (i) except as otherwise expressly permitted under Section 6.05
or (with respect to any Subsidiary that is not a Loan Party) to the extent that a failure to do so would not reasonably
be expected to have a Material Adverse Effect and (ii) except for the liquidation or dissolution of Subsidiaries if the assets
of such Subsidiaries to the extent they exceed estimated liabilities are acquired by the Borrower or a Wholly Owned Subsidiary
of the Borrower in such liquidation or dissolution; provided, that Subsidiaries that are Subsidiary Loan Parties
may not be liquidated into Subsidiaries that are not Subsidiary Loan Parties, unless such liquidation is otherwise permitted by
Section 6.05(b). The Borrower shall use commercially reasonable efforts to enforce all of its material rights
and obligations under the Acquisition Agreement.

 

(b)           Do
or cause to be done all things necessary to (i) obtain, preserve, renew, extend and keep in full force and effect the permits,
franchises, authorizations, patents, trademarks, service marks, trade names, copyrights, domain names, trade secrets, applications
or registrations for patents, trademarks, service marks, trade names, copyrights, domain names, licenses, rights, privileges and
other intellectual property used in and material to the normal conduct of its business, (ii) comply in all material respects with
all material applicable laws, rules, regulations (including any zoning, building, ordinance, code or approval or any building
permits or any restrictions of record or agreements affecting the Mortgaged Properties) and judgments, writs, injunctions, decrees
and orders of any Governmental Authority, whether now in effect or hereafter enacted, and (iii) at all times maintain and preserve
all material property necessary to the normal conduct of its business and keep such property in good repair, working order and
condition (ordinary wear and tear excepted) and from time to time use commercially reasonable efforts make, or cause to be made,
all needful and proper repairs, renewals, additions, improvements and replacements thereto necessary in order that the business
carried on in connection therewith, if any, may be properly conducted at all times (in each case except as expressly permitted
by this Agreement; unless, in each case, the failure to do so would not be likely to have a Material Adverse Effect).

 

Section
5.02         Insurance. (a) Keep its insurable properties insured
at all times by financially sound and reputable insurers in such amounts as shall be customary for similar businesses of a similar
size owning similar properties in the same localities where the Borrower and its Subsidiaries operate and maintain such reasonable
insurance (including, to the extent consistent with past practices or industry practices for Similar Businesses, self-insurance),
of such types, to such extent and against such risks, as is customary with companies in the same or similar businesses, taking
into account the general degree to which such companies are leveraged, and maintain such other insurance as may be required by
law or any other Loan Document.

 

    	 	-109-	 

     

    

 

(b)          Cause
all such property and property casualty insurance policies to be endorsed or otherwise amended to include appropriate loss payable
endorsements, including, with respect to Mortgaged Properties, a “standard” or “New York”
lender’s loss payable endorsement, in each case, in form and substance reasonably satisfactory to the Administrative Agent,
which endorsement shall provide that, from and after the Closing Date, if the insurance carrier shall have received written notice
from the Administrative Agent of the occurrence of an Event of Default, the insurance carrier shall pay all proceeds otherwise
payable to the Borrower or the other Loan Parties under such policies directly to the Collateral Agent; cause all such policies
to provide that none of the Borrower, the Administrative Agent or any other party shall be a coinsurer thereunder and to contain
a “Replacement Cost Endorsement,” without any deduction for depreciation, and such other provisions as the Required
Lenders may reasonably (in light of a Default or a material development in respect of the insured property) require from time to
time to protect their interests; deliver original or certified copies of all such policies or a certificate of an insurance broker
to the Administrative Agent; cause each such policy to provide that it shall not be canceled, lapsed (including for nonrenewal)
or terminated upon advance notice, to the extent available on commercially reasonable terms, not less than 30 days’
prior written notice (or 10 days’ prior written notice in the case of any failure to pay any premium due thereunder)
thereof by the insurer to the Administrative Agent; deliver to the Administrative Agent, prior to the cancellation, lapse (including
for nonrenewal) or termination of any such policy of insurance, a copy of a renewal or replacement policy (or other evidence of
renewal of a policy previously delivered to the Administrative Agent), or insurance certificate with respect thereto, together
with evidence satisfactory to the Administrative Agent of payment of the premium therefor.

 

(c)          Notify
the Administrative Agent promptly after any separate insurance concurrent in form or contributing in the event of loss with that
required to be maintained under this Section 5.02 is taken out by the Borrower or any of the Subsidiaries; and
promptly deliver to the Administrative Agent a duplicate original copy of such policy or policies, or an insurance certificate
with respect thereto.

 

(d)          In
connection with the covenants set forth in this Section 5.02, it is understood and agreed that:

 

(i)           none
of the Administrative Agent, the Lenders and their respective agents or employees shall be liable for any loss or damage insured
by the insurance policies required to be maintained under this Section 5.02, it being understood that (A) the
Loan Parties shall look solely to their insurance companies or any other parties other than the aforesaid parties for the recovery
of such loss or damage and (B) such insurance companies shall have no rights of subrogation against the Administrative Agent,
the Lenders or their agents or employees. If, however, the insurance policies, as a matter of the internal policy of such insurer,
do not provide waiver of subrogation rights against such parties, as required above, then the Borrower, on behalf of itself and
behalf of each of its subsidiaries, hereby agrees, to the extent permitted by law, to waive, and further agrees to cause each of
their Subsidiaries to waive, its right of recovery after the occurrence and during the continuance of an Event of Default, if any,
against the Administrative Agent, the Lenders and their respective agents and employees; and

 

    	 	-110-	 

     

    

 

(ii)          the
designation of any form, type or amount of insurance coverage by the Administrative Agent under this Section 5.02
shall in no event be deemed a representation, warranty or advice by the Administrative Agent or the Lenders that such insurance
is adequate for the purposes of the business of the Borrower and the Subsidiaries or the protection of their properties.

 

Section
5.03         Taxes. Pay and discharge promptly when due all material
Taxes imposed upon it or upon its income or profits or in respect of its property, before the same shall become delinquent or
in default, as well as all lawful claims for labor, materials and supplies or otherwise that, if unpaid, might give rise to a
Lien upon such properties or any part thereof; provided, however, that such payment and discharge
shall not be required with respect to any such Tax or claim so long as (a) the validity or amount thereof shall be contested in
good faith by appropriate proceedings, (b) the Borrower or the affected Subsidiary, as applicable, shall have set aside on its
books adequate reserves in accordance with GAAP with respect thereto, and (c) the failure to make such payment and discharge would
not reasonably be expected to result in a Material Adverse Effect.

 

Section
5.04         Financial Statements, Reports, etc. Furnish to the
Administrative Agent (which will promptly furnish such information to the Lenders):

 

(a)          as
soon as available, but in any event within 90 days after the end of each fiscal year (or, if applicable, such shorter period
as the SEC shall specify for the filing of Annual Reports on Form 10-K or, if applicable, such longer period permitted under
Rule 12b-25 under the Exchange Act), (i) a consolidated balance sheet and related statements of operations and comprehensive
income, cash flows and owners’ equity showing the financial position of the Borrower and its subsidiaries as of the close
of such fiscal year and the consolidated results of its operations during such year and, commencing with the fiscal year ending
December 31, 2020 (and, in the case of a comparative statement of revenue, commencing with the fiscal year ended December
31, 2019), setting forth in comparative form the corresponding figures for the prior fiscal year, and (ii) management’s
discussion and analysis of significant operational and financial developments during such fiscal year and a “key performance
indicator” report with such content as may be mutually agreed by the Required Lenders and the Borrower, which consolidated
balance sheet and related statements of operations and comprehensive income, cash flows and owners’ equity shall be audited
by an independent certified public accounting firm of recognized national standing reasonably acceptable to the Required Lenders
(it being understood that any of the “big four” or other nationally recognized accounting firms shall be acceptable
to the Required Lenders) and accompanied by an opinion of such accountants (which shall not contain any scope of qualification
(other than an emphasis of matter paragraph) (other than solely with respect to, or resulting solely from (i) for any such qualification
relating to changes in accounting principles or practices reflecting changes in GAAP that are required or approved by such auditors
(subject to Required Lender consent) and (ii) other than a “going concern” qualification or exception resulting solely
from (x) an impending maturity of the Credit Facility, the First Lien Credit Facility or any Qualified Securitization Financing
or (y) the inability to demonstrate prospective compliance with Section 6.10 of this Agreement or Section
6.10 of the First Lien Credit Agreement or any other equivalent financial covenants under any other Indebtedness permitted
hereunder)) to the effect that such consolidated financial statements fairly present, in all material respects, the financial position
and results of operations of the Borrower and its subsidiaries on a consolidated basis in accordance with GAAP (it being understood
that the delivery by the Borrower of Annual Reports on Form 10-K of the Borrower and its consolidated subsidiaries shall satisfy
the requirements of this Section 5.04(a) to the extent such Annual Reports include the information specified
herein);

 

    	 	-111-	 

     

    

 

(b)          as
soon as available, but in any event within 45 days after the first three fiscal quarters of each fiscal year (or, if applicable,
such shorter period as the SEC shall specify for the filing of Quarterly Reports on Form 10-Q or, if applicable, such longer
period permitted under Rule 12b-25 under the Exchange Act), (i) a consolidated balance sheet and related statements of operations
and comprehensive income and cash flows showing the financial position of the Borrower and its subsidiaries as of the close of
such fiscal quarter and the consolidated results of its operations during such fiscal quarter and the then-elapsed portion of the
fiscal year and setting forth in comparative form the corresponding figures for the corresponding periods of the prior fiscal year,
and (ii) management’s discussion and analysis of significant operational and financial developments during such quarterly
period and a “key performance indicator” report with such content as may be mutually agreed by the Required Lenders
and the Borrower, all of which shall be in reasonable detail and which consolidated balance sheet and related statements of operations
and comprehensive income and cash flows shall be certified by a Responsible Officer of the Borrower on behalf of the Borrower as
fairly presenting, in all material respects, the financial position and results of operations of the Borrower and its subsidiaries
on a consolidated basis in accordance with GAAP (subject to normal year-end audit adjustments and the absence of footnotes (it
being understood that the delivery by the Borrower of Quarterly Reports on Form 10-Q of the Borrower and its consolidated
subsidiaries shall satisfy the requirements of this Section 5.04(b) to the extent such Quarterly Reports include
the information specified herein));

 

(c)          as
soon as available, but in any event within 45 days after the end of each fiscal month of any fiscal quarter (and within 60 days
for each of the first two fiscal months of the fiscal quarter ending on or prior to December 31, 2018) a consolidated balance sheet
and related statements of operations and comprehensive income and cash flows showing the financial position of the Borrower and
its subsidiaries as of the close of such month and the consolidated results of its operations during such month;

 

(d)          [Reserved];

 

(e)          (i)
concurrently with any delivery of financial statements under paragraph (a) or (b) above commencing
on or after the fiscal quarter ended December 31, 2018, a certificate of a Responsible Officer of the Borrower (the “Compliance
Certificate”) (A) certifying that no Event of Default or Default has occurred or, if such an Event of Default
or Default has occurred, specifying the nature and extent thereof and any corrective action taken or proposed to be taken with
respect thereto and (B) other than with respect to the delivery of the Compliance Certificate made concurrently with the delivery
of financial statements delivered under paragraph (a) above with respect to the fiscal year ending December 31, 2018, setting forth
computations in reasonable detail (x) demonstrating compliance with the covenants contained in Section 6.10
and (y) solely in respect of financial statements under paragraph (a) above, the Excess Cash Flow and (ii) concurrently
with any delivery of financial statements under paragraph (a) above, but only if available after use of commercially
reasonable efforts, a certificate of the accounting firm opining on or certifying such statements stating whether they obtained
knowledge during the course of their examination of such statements of any such Default or Event of Default (which certificate
may be limited to accounting matters and contains disclaimers of responsibility for legal interpretations and other customary qualifications
and disclaimers);

 

    	 	-112-	 

     

    

 

(f)          promptly
after the same become publicly available, copies of all periodic and other publicly available reports, proxy statements and, to
the extent requested by the Administrative Agent (acting at the direction of the Required Lenders), other reports and statements
filed by the Borrower or any of its subsidiaries with the SEC on a non-confidential basis, or after public offering, distributed
to its stockholders generally, as applicable; provided, however, that such reports, proxy statements,
filings and other materials required to be delivered pursuant to this clause (f) shall be deemed delivered for
purposes of this Agreement when posted to the website of the Borrower or any website operated by the SEC containing “EDGAR”
database information;

 

(g)          if,
as a result of any change in accounting principles and policies from those applied in the preparation of the financial statements
referred to in Section 3.05(a)(ii) for the fiscal year ended December 31, 2017, the consolidated financial
statements of the Borrower and its subsidiaries delivered pursuant to paragraph (a) above will differ in any
material respect from the consolidated financial statements that would have been delivered pursuant to such clauses
had no such change in accounting principles and policies been made, then, together with the first delivery of financial statements
pursuant to paragraph (a) above following such change, a schedule prepared by a Responsible Officer on behalf
of the Borrower reconciling such changes to what the financial statements would have been without such changes;

 

(h)          as
soon as available, but in any event within 90 days after the beginning of each fiscal year, detailed consolidated monthly
budgets for such fiscal year and, as soon as available, significant revisions approved by the Board of Directors, if any, of such
budget and monthly projections with respect to such fiscal year, including a description of underlying assumptions with respect
thereto (and including monthly balance sheet, profit and loss and cash flow figures);

 

(i)          promptly
following the reasonable request of the Administrative Agent (acting at the direction of the Required Lenders) (but not more than
once per quarter in connection with the delivery of a Compliance Certificate), an updated Perfection Certificate (or, to the extent
such request relates to specified information contained in the Perfection Certificate, such information) reflecting such changes
to Collateral granted pursuant to a Security Document since the date of the information most recently received pursuant to this
paragraph (i) or Section 5.11(f);

 

(j)          concurrently
with the delivery of such information under the PNC Receivables Purchase Agreement (or other applicable Securitization Financing
Documents), such material information and reporting required under Sections 7.01(c)(i), 7.01(c)(ii) and 7.01(d)
of the PNC Receivables Purchase Agreement (or any analogous provisions of any other Qualified Securitization Financing Documentation);

 

    	 	-113-	 

     

    

 

(k)          promptly,
from time to time, such other information regarding the operations, business affairs and financial condition of the Borrower or
any of its subsidiaries, or compliance with the terms of any Loan Document, or such consolidating financial statements, as in each
case the Administrative Agent may reasonably request in writing (for itself or on behalf of any Lender);

 

(l)          promptly
following request by the Administrative Agent (acting at the direction of the Required Lenders), copies of: (i) each Schedule B
(Actuarial Information) to the most recent annual report (Form 5500 Series) filed with the Internal Revenue Service with respect
to a Plan; (ii) the most recent actuarial valuation report for any Plan; and (iii) all notices received from a Multiemployer Plan
sponsor, a plan administrator or any governmental agency, or provided to any Multiemployer Plan by Borrower, a Subsidiary or any
ERISA Affiliate, concerning an ERISA Event; and

 

(m)          promptly
upon request by the Administrative Agent or any Lender, information and documentation for purposes of compliance with Beneficial
Ownership Regulations or any applicable “know your customer” requirements under the PATRIOT Act or other applicable
anti-money laundering laws.

 

Notwithstanding anything
to the contrary set forth in this Agreement or any other Loan Document, no Loan Party shall be required to disclose to the Administrative
Agent, the Collateral Agent or any Lender (or any authorized representative or independent contractor of any of them) any information
that (w) is prohibited by Law to be disclosed, (x) is subject to attorney-client privilege or constitutes attorney work
product, (y) the disclosure of which would cause a breach of a binding non-disclosure agreement with any Governmental Authority
or any other third party to the extent such agreement is not made in contemplation of the avoidance of this Agreement or (z) that
constitutes non-financial trade secrets or non-financial proprietary information of the Borrower or its Subsidiaries and/or any
of their respective customers and/or suppliers (provided such confidentiality obligations were not entered into solely in contemplation
of the requirements of this Section 5.04); provided, that in the event the Borrower does not provide
any certificate, report or information requested pursuant to this Section 5.04 in reliance on the preceding proviso,
the Borrower shall provide notice to the Administrative Agent that such certificate, report or information is being withheld and
the Borrower shall use commercially reasonable efforts to describe, to the extent both feasible and permitted under the applicable
Law or confidentiality obligations, or without waiving such privilege, as applicable, the applicable certificate, report or information.

 

Section
5.05         Litigation and Other Notices. Furnish to the Administrative
Agent written notice of the following promptly after any Responsible Officer of the Borrower obtains actual knowledge thereof:

 

(a)          any
Event of Default or Default, specifying the nature and extent thereof and the corrective action (if any) proposed to be taken with
respect thereto;

 

(b)          the
filing or commencement of, or any written threat or written notice of intention of any person to file or commence, any action,
suit or proceeding, whether at law or in equity or by or before any Governmental Authority or in arbitration, against the Borrower
or any of its subsidiaries as to which would reasonably be expected to have a Material Adverse Effect;

 

    	 	-114-	 

     

    

 

(c)          any
other development specific to the Borrower or any of its subsidiaries that is not a matter of general public knowledge and that
has had, or would reasonably be expected to have, a Material Adverse Effect;

 

(d)          the
occurrence of any ERISA Event that, together with all other ERISA Events that have occurred, would reasonably be expected to have
a Material Adverse Effect;

 

(e)          any
material change in accounting policies or financial reporting practices by any Loan Party or any Subsidiaries thereof; and

 

(f)          any
(i) degradation in advance rates under a Qualified Securitization Financing which results in a change in the average Advance Ratio
for accounts receivable under such Qualified Securitization Financing of more than 20% as compared to the average Advance Ratio
for the same month in the prior year and that such change in the Advance Ratio would be reasonably expected to result in a Default
under Section 6.10 as reasonably determined by the Borrower in good faith or (ii) an increase of more than 2.00%
on the interest rate spread for the then existing Securitization Financing; provided, further that
any changes to pricing resulting from "dynamic pricing" provisions contained in the Qualified Securitization Financing
Documents as in effect on the Closing Date (or such the PNC Securitization has been refinanced, the Qualified Securitization Financing
Documents then in effect) shall not constitute an amendment to the pricing of such Qualified Securitization Financing.

 

Section
5.06         Compliance with Laws. Comply with all laws, rules, regulations
and orders of any Governmental Authority as applicable to it or its property, except in each case, where the failure to do so
would not reasonably be expected to result in a Material Adverse Effect; provided, that this Section 5.06
shall not apply to Environmental Laws, which are the subject of Section 5.10, or to laws related to
Taxes, which are the subject of Section 5.03.

 

Section
5.07         Maintaining Records; Inspections. Maintain all financial
records in accordance with GAAP and permit any persons designated by the Administrative Agent or, upon the occurrence and during
the continuance of an Event of Default, the Lenders to visit and inspect the financial records and, subject to the terms of applicable
leases with third parties, the properties of the Borrower or any of the Subsidiaries at reasonable times, upon reasonable prior
notice to the Borrower (provided, however, that such visits and inspections shall be coordinated through
the Administrative Agent (acting at the direction of the Required Lenders)), and (i) prior to the existence of a continuing Event
of Default no more than two times per year and (ii) after and during any continuing Event of Default as often as requested; and
to make extracts from and copies of such financial records, and permit any persons designated by the Administrative Agent or,
upon the occurrence and during the continuance of an Event of Default, any Lender upon reasonable prior notice to the Borrower
to discuss the affairs, finances and condition of the Borrower or any of the Subsidiaries with the officers thereof and independent
accountants therefor (the Lenders shall give the Loan Parties a reasonable opportunity to participate in any discussions with
the Loan Parties’ independent public accountants and any such discussions and inspections shall be subject to reasonable
requirements of confidentiality, including requirements imposed by law or by contract and any reasonable costs and expenses of
such inspection being reimbursed by the Borrower); provided that, notwithstanding anything in this Section
5.07 to the contrary, the Borrower and its Subsidiaries will not be required to disclose, permit the inspection, examination
or making copies or abstracts of, or discussion of, any document, information or other matter that (i) constitutes trade secrets
or proprietary information, (ii) in respect of which disclosure is prohibited by applicable law or binding contractual arrangement
and such contractual arrangement was not created or made binding in contemplation of this provision, or (iii) is subject to attorney-client
or similar privilege or constitutes attorney work product; provided that in the case of the foregoing clauses (i)
– (iii), the Borrower shall inform the Lenders that information is being withheld and shall use commercially reasonable
efforts to provide the Lenders such information without revealing such trade secrets, proprietary information or information subject
to such privilege or to obtain such consent, as applicable.

 

    	 	-115-	 

     

    

 

Section
5.08         Payment of Obligations. Pay its material Indebtedness
and other material obligations, including material Tax liabilities, 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, (b) the Borrower or such
Subsidiary has set aside on its books adequate reserves with respect thereto in accordance with GAAP, and (c) the failure to make
such payment would not reasonably be expected to result in a Material Adverse Effect.

 

Section
5.09         Use of Proceeds. Use the proceeds of the Loans only as
contemplated in Section 3.12. The Borrower will not request any Borrowing, and the Borrower shall not use,
and shall procure that its Subsidiaries and, to its knowledge, none of their respective directors, officers, employees and agents
shall use, the proceeds of any Borrowing (a) in furtherance of an offer, payment, promise to pay, or authorization of the payment
or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws in any material respect,
(b) for the purpose of funding, financing or facilitating any unauthorized activities, business or transaction of or with any
Sanctioned Person, or in any Sanctioned Country, or (c) knowingly in any manner that would result in the violation of any Sanctions
Laws applicable to any party hereto.

 

Section
5.10         Compliance with Environmental Laws. Comply with all Environmental
Laws applicable to its operations and properties; and comply with and obtain and renew all material permits, licenses and other
approvals required pursuant to Environmental Law for its operations and properties, except, in each case with respect to this
Section 5.10, to the extent the failure to do so would not reasonably be expected to have, individually or
in the aggregate, a Material Adverse Effect.

 

Section
5.11         Further Assurances; Additional Security. (a) Execute any
and such further documents, financing statements, agreements and instruments, and take such further actions (including the filing
and recording of financing statements, fixture filings, Mortgages and other documents and recordings of Liens in stock registries),
that may be required under any applicable law, or that the Required Lenders may reasonably request, to cause the Collateral and
Guarantee Requirement to be and remain satisfied, all at the expense of the Loan Parties, and provide to the Required Lenders,
from time to time following the Required Lenders’ reasonable request, evidence reasonably satisfactory to the Required Lenders
as to the perfection and priority of the Liens created or intended to be created in the Collateral by the Security Documents.

 

    	 	-116-	 

     

    

 

(b)           [Reserved].

 

(c)           Promptly
notify the Administrative Agent following the acquisition of, and, following the reasonable written request of the Required Lenders,
grant and cause each of the Loan Parties to grant to the Collateral Agent security interests and mortgages in, such Owned Material
Real Property of the Borrower or any such Loan Parties as are not covered by the original Mortgages (other than assets that (i)
are subject to permitted secured financing arrangements containing restrictions permitted by Section 6.09(c),
pursuant to which a Lien on such assets securing the Obligations is not permitted or (ii) are not required to become subject to
the Liens of the Collateral Agent pursuant to Section 5.11(g) or the Security Documents), to the extent acquired
after the Closing Date and having a value or purchase price at the time of acquisition in excess of $5,000,000 pursuant to documentation
in such form as is reasonably satisfactory to the Required Lenders (each, an “Additional Mortgage”) and
constituting valid and enforceable perfected Liens superior to and prior to the rights of all third persons subject to no other
Liens except as are permitted by Section 6.02, at the time of perfection thereof, record or file, and cause
each such Subsidiary to record or file, the Additional Mortgage or instruments related thereto in such manner and in such places
as is required by law to establish, perfect, preserve and protect the Liens in favor of the Collateral Agent required to be granted
pursuant to the Additional Mortgages and pay, and cause each such Subsidiary to pay, all Taxes (in accordance with Section
5.03), fees and other charges payable in connection therewith, in each case subject to paragraph (g)
below. With respect to each such Additional Mortgage, the Borrower shall deliver, or cause the applicable Loan Party to deliver,
to the Administrative Agent contemporaneously therewith a title insurance policy or policies or marked up unconditional binder
of title insurance in an amount equal to the fair market value of the Mortgaged Property, paid for by the Borrower or the applicable
Loan Party, issued by a nationally recognized title insurance company insuring the Lien of each such Mortgage as a valid first
Lien on the Mortgaged Property described therein, free of any other Liens except as permitted by Section 6.02
and Liens arising by operation of law, together with such endorsements, coinsurance and reinsurance as the Required Lenders may
reasonably request and a survey if reasonably available with respect to property outside the United States. Additionally, if applicable,
Borrower shall deliver to the Administrative Agent a completed standard “life of loan” flood hazard determination form
for each property encumbered by a Mortgage, and if the property is located in an area designated by the U.S. Federal Emergency
Management Agency (or any successor agency) as having special flood or mud slide hazards, (i) a notification to the Borrower (“Borrower
Notice”) and (if applicable) notification to the Borrower that flood insurance coverage under the National Flood
Insurance Program (“NFIP”) created by the U.S. Congress pursuant to the National Flood Insurance Act
of 1968, the Flood Disaster Protection Act of 1973, the National Flood Insurance Reform Act of 1994 and the Flood Insurance Reform
Act of 2004 is not available because the applicable community does not participate in the NFIP, (ii) documentation evidencing the
Borrower’s receipt of the Borrower Notice (e.g., countersigned Borrower Notice, return receipt of certified U.S. Mail, or
overnight delivery), and (iii) if Borrower Notice is required to be given and flood insurance is available in the community in
which the property is located, a copy of one of the following: the flood insurance policy, the Borrower’s application for
a flood insurance policy plus proof of premium payment, a declaration page confirming that flood insurance has been issued, or
such other evidence of flood insurance reasonably satisfactory to the Required Lenders.

 

    	 	-117-	 

     

    

 

(d)           In
connection with (i) the formation or acquisition of any direct or indirect Subsidiary of the Borrower that is a Domestic Subsidiary
(other than an Excluded Subsidiary) or (ii) any existing direct or indirect subsidiary of the Borrower becoming a Subsidiary of
the Borrower that is a Domestic Subsidiary (other than an Excluded Subsidiary), within 15 Business Days after the date of such
formation, acquisition or Subsidiary becoming a Subsidiary of the Borrower that is a Domestic Subsidiary (other than an Excluded
Subsidiary), notify the Administrative Agent and the Lenders thereof and, within 30 Business Days after such date or such longer
period as the Administrative Agent shall agree or as set forth in the definition of Collateral and Guarantee Requirement for such
class of assets, cause the Collateral and Guarantee Requirement to be satisfied with respect to such subsidiary and with respect
to any Equity Interest in or Indebtedness of such subsidiary owned by or on behalf of any Loan Party, subject to Section 5.11(g).

 

(e)           [Reserved].

 

(f)            (i)
Furnish to the Administrative Agent prompt written notice following any change (A) in any Loan Party’s corporate or organization
name, (B) in any Loan Party’s identity or (C) in any Loan Party’s organizational identification number, provided,
that to the extent required to maintain perfection of such Collateral, within 30 days after such change (or such later period agreed
by the Administrative Agent in its discretion (acting at the direction of the Required Lenders)), the Borrower will file (or direct
an agent to file on its behalf) such Uniform Commercial Code financing statements that are required in order for the Collateral
Agent to continue following such change to have a valid, legal and perfected security interest such Collateral (to the extent intended
to be created by the Security Documents by a filing of an “all assets” financing statement) and (ii) promptly notify
the Administrative Agent if any material portion of the Collateral is damaged or destroyed.

 

(g)           The
Collateral and Guarantee Requirement and the other provisions of this Section 5.11 need not be satisfied with
respect to Excluded Assets.

 

For the avoidance
of doubt, and without limitation, Section 5.11 shall apply to any division of a Loan Party required to become a Loan
Party pursuant to the terms of the Loan Documents and to any allocation of assets to a series of a limited liability company.

 

Section
5.12         Fiscal Year; Accounting. In the case of the Borrower,
cause its fiscal year to end on December 31.

 

Section
5.13          [Reserved].

 

Section
5.14          Lender Meetings. In the case of the Borrower, participate
in a conference call with the Lenders not more than once during each fiscal quarter to be held at such time and date as may be
reasonably agreed upon by the Borrower and the Required Lenders.

 

    	 	-118-	 

     

    

 

Section
5.15         Securitization Matters. Each of the Loan Parties party
to any of the Qualified Securitization Documents shall enforce all of their rights and obligations under such Qualified Securitization
Document.

 

Section
5.16          Compliance with Anti-Corruption Laws and Sanctions
Laws. (A) Maintain policies and procedures reasonably designed to ensure compliance by the Borrower, the Subsidiaries,
and their respective directors, officers, employees, and agents with the Anti-Corruption Laws and (B) within 90 days of the
Closing Date (or such later date as may be agreed to by Administrative Agent in its sole discretion) and thereafter maintain
policies and procedures reasonably designed to ensure compliance by the Borrower, the Subsidiaries, and their respective
directors, officers, employees, and agents with Sanctions Laws.

 

Section
5.17         Post-Closing Matters. Deliver to Administrative Agent,
in form and substance reasonably satisfactory to the Required Lenders, the items described on Schedule 5.17 hereof or take such
actions described on Schedule 5.17, in each case, on or before the dates specified with respect to such items on Schedule 5.17
(or, in each case, such later date as may be agreed to by Required Lenders in its sole discretion). All conditions, covenants,
representations and warranties contained in this Agreement and the other Loan Documents will be deemed modified to the extent
necessary to effect the foregoing (and to permit the taking of the actions described on Schedule 5.17 within the time periods
specified thereon, rather than as elsewhere provided in the Loan Documents).

 

Section
5.18         [Reserved].

  

Section
5.19         Board Observers. At the request of GSO (for so long as
GSO is a Lender hereunder), invite a representative of GSO to attend in a non-voting observer capacity all meetings of the Board
of Directors of the Borrower and any meetings of any committees of the Board of Directors of the Borrower. The Borrower shall
reimburse such representative for its reasonable and documented out-of-pocket expenses in connection with attending any such meetings,
in a manner consistent with the Borrower’s reimbursement of similar expenses of the directors of the Borrower. Notice of
any such meetings shall be given to the GSO Representative in the same manner and at the same time as is given to the members
of the Board of Directors or committee members, as the case may be. The GSO Representative shall be provided with copies of all
information (including a meeting agenda and board package, if any such materials are prepared) that is provided to such directors
or committee members (whether prior to, at, or subsequent to any such meetings), at the same time as such materials are provided
to such directors or committee members, and copies of the minutes (both drafts and final versions) of all meetings of such directors
or committee members, concurrently with the distribution of such minutes to such directors or committee members. Notwithstanding
anything to the contrary contained herein, in the event that (i) in the reasonable judgment of the Board of Directors of the Borrower,
an issue is to be discussed at a meeting of such Board of Directors (or material is to be distributed at such meeting) which is
not appropriate to be discussed in the presence of (or provided to) GSO due to an actual or potential conflict of interest (including
any matters related to this Agreement, the other Loan Documents or any transactions contemplated hereby), or (ii) GSO’s
attendance at such meeting (or receipt of material to be distributed at such meeting) may jeopardize, adversely affect or otherwise
impair the attorney-client privilege or any recognized accountant-client privilege, then, in each case, (x) the Borrower shall
provide notice of such fact to GSO and GSO shall not have the right to participate in any portion of such meeting that involves
the matters described in clauses (i) or (ii) above, and (y) the Borrower shall have the right to withhold from GSO all applicable
board meeting material and copies of minutes with respect to the matters described in clauses (i) or (ii) above.

 

    	 	-119-	 

     

    

 

Section
5.20         Compliance with Collateral and Guarantee Requirement.
Comply in all respects with the Collateral and Guarantee Requirement with respect to each such Loan Party.

 

Article
VI

Negative Covenants

 

The Borrower covenants
and agrees with each Lender that until Payment in Full, the Borrower will not, and will not cause or permit any of the Subsidiaries
to:

 

Section
6.01         Indebtedness. Incur, create, assume or permit to exist
any Indebtedness, except:

 

(a)           Indebtedness
(other than intercompany Indebtedness) of the Subsidiaries existing, or incurred pursuant to facilities existing, on the Closing
Date and set forth on Schedule 6.01 and any Permitted Refinancing Indebtedness incurred to Refinance such Indebtedness
or, without duplication, replacements of such facilities that would constitute Permitted Refinancing Indebtedness with respect
to such facilities if all Indebtedness available to be incurred thereunder were outstanding on the date of such replacement;

 

(b)           Indebtedness
created hereunder and under the other Loan Documents;

 

(c)           Indebtedness
of the Borrower and the Subsidiaries pursuant to Swap Agreements consisting of (i) non-speculative Swap Agreements entered into
in the ordinary course of business to hedge or mitigate risks to which the Borrower or any Subsidiary is exposed in the conduct
of its business or the management of its liabilities (including currency risks), and (ii) non-speculative Swap Agreements entered
into in the ordinary course of business in order to effectively cap, collar or exchange interest rates (from fixed to floating
rates, from one floating rate to another floating rate or otherwise) with respect to any interest-bearing liability or investment
of the Borrower or any Subsidiary;

 

(d)           Indebtedness
of the Borrower and the Subsidiaries owed to (including obligations in respect of letters of credit or bank guarantees or similar
instruments for the benefit of) any person providing workers’ compensation, health, disability or other employee benefits
or property, warehouse receipts or similar instruments, casualty or liability insurance to the Borrower or any Subsidiary, pursuant
to reimbursement or indemnification obligations to such person, in each case, provided in the ordinary course of business; provided,
that that any reimbursement obligations in respect thereof are reimbursed within 60 days following the incurrence thereof (or such
longer period as is permitted without interest or other charges under the benefit plan or other instrument under which reimbursement
is to be made);

 

    	 	-120-	 

     

    

 

(e)           Indebtedness
of the Borrower to any Subsidiary and of any Subsidiary to the Borrower or any other Subsidiary; provided, that (i)
Indebtedness of any Subsidiary that is not a Subsidiary Loan Party owing to the Borrower or any Subsidiary Loan Party shall be
subject to Section 6.04, and (ii) Indebtedness of the Borrower owing to any Subsidiary and Indebtedness of any
other Loan Party owing to any Subsidiary that is not a Subsidiary Loan Party shall be subordinated in right of payment to the Obligations
on terms reasonably satisfactory to the Required Lenders;

 

(f)            Indebtedness
of the Borrower and the Subsidiaries in respect of performance bonds, bid bonds, appeal bonds, surety bonds and completion guarantees
and similar obligations, in each case, including those incurred to secure health, safety, insurance and environmental obligations
of the Borrower and its Subsidiaries as conducted in accordance with good and prudent business industry practice and otherwise
as permitted by the Loan Documents, in an aggregate principal amount not to exceed $5,750,000 at any one time outstanding;

 

(g)           Indebtedness
arising from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against insufficient
funds in the ordinary course of business or other cash management services in the ordinary course of business and in good faith;
provided, that (i) such Indebtedness (other than credit or purchase cards) is extinguished within 30 Business Days
of notification to the Borrower of its incurrence; and (ii) such Indebtedness in respect of credit or purchase cards is extinguished
within 90 days from its incurrence;

 

(h)           (i)
Indebtedness of a Subsidiary acquired after the Closing Date or a person merged into or consolidated with the Borrower or any Subsidiary
after the Closing Date and Indebtedness assumed in connection with the acquisition of assets, which Indebtedness, in each case,
exists at the time of such acquisition, merger or consolidation and is not created in contemplation of such event and where such
acquisition, merger or consolidation is permitted by this Agreement, and (ii) any Permitted Refinancing Indebtedness incurred
to Refinance such Indebtedness; provided, that the aggregate principal amount of any such Indebtedness for borrowed
money (other than intercompany items) at the time of, and after giving effect to, such acquisition, merger or consolidation, such
assumption or such incurrence, as applicable (together with all other Indebtedness outstanding pursuant to this paragraph (h)
or paragraph (i) of this Section 6.01), would not be in a aggregate outstanding principal amount
that exceeds the greater of $28,750,000 and 10% of Net Receivables Financing Profit as of the last day of the most recently ended
Test Period at any one time outstanding;

 

(i)             (i)
Capital Lease Obligations, mortgage financings and purchase money Indebtedness incurred by the Borrower or any Subsidiary prior
to or within 365 days after the acquisition, lease or improvement of the respective asset permitted under this Agreement in order
to finance such acquisition or improvement and (ii) any Permitted Refinancing Indebtedness in respect thereof, collectively, in
an aggregate principal amount that at the time of, and after giving effect to, the incurrence thereof (together with Indebtedness
outstanding pursuant to this paragraph (i) or paragraph (h) of this Section 6.01)
would not be in a aggregate outstanding principal amount that exceeds the greater of $28,750,000 and 10% of Net Receivables Financing
Profit as of the last day of the most recently ended Test Period at any one time outstanding;

 

    	 	-121-	 

     

    

 

(j)             Indebtedness
in respect of the First Lien Credit Agreement and any Permitted Refinancing Indebtedness with respect thereto, in an aggregate
principal amount at any one time outstanding not to exceed $795,000,000; provided that such Indebtedness is secured
only by the Liens permitted under Section 6.02 and shall be subject to the First-Second Intercreditor Agreement;

 

(k)            other
Indebtedness of the Borrower or any Subsidiary, in an aggregate principal amount at any one time outstanding pursuant to this paragraph (k)
not in excess of the greater of $28,750,000 and 10% of Net Receivables Financing Profit as of the last day of the most recently
ended Test Period at any one time outstanding;

 

(l)             Guarantees
by the Borrower or any Subsidiary of any Indebtedness of the Borrower or any Subsidiary permitted to be incurred under this Agreement;
provided, that, notwithstanding anything to the contrary in this Section 6.01, (i) the Borrower
and the Loan Parties shall not Guarantee the Indebtedness of any Subsidiary that is not a Loan Party unless such Guarantee is permitted
under Section 6.04, (ii) any Guarantees by the Borrower or any Loan Party under this Section 6.01(l)
of any other Indebtedness of a person that is subordinated in right of payment to other Indebtedness of such person shall be expressly
subordinated in right of payment to the Obligations on terms not materially less favorable to the Lenders than the subordination
terms of such other Indebtedness, and (iii) no Subsidiary shall Guarantee any Junior Indebtedness (or Permitted Refinancing Indebtedness
in respect of any of the foregoing), unless such Subsidiary is also is or becomes a Guarantor and Loan Party hereunder;

 

(m)          Indebtedness
arising from agreements of the Borrower or any Subsidiary providing for indemnification, adjustment of purchase price or similar
obligations, in each case, incurred or assumed in connection with the disposition of any business, assets or a Subsidiary, other
than Guarantees of Indebtedness incurred by any person acquiring all or any portion of such business, assets or a Subsidiary for
the purpose of financing such acquisition, in each case, to the extent such obligation or transaction is permitted by this Agreement;

 

(n)           reimbursement
and similar obligations of Subsidiaries in respect of letters of credit or bank guarantees (other than Letters of Credit (as defined
in the First Lien Credit Agreement)); provided that any reimbursement obligations in respect thereof and have an
aggregate face amount at any one time outstanding not in excess of $69,000,000;

 

(o)           Indebtedness
of the Borrower and the Subsidiaries supported by a Letter of Credit, in a principal amount not in excess of the stated amount
of such Letter of Credit;

 

(p)           Indebtedness
consisting of (x) the financing of insurance premiums or (y) take-or-pay obligations contained in supply arrangements, in
each case, in the ordinary course of business;

 

(q)           to
the extent constituting Indebtedness, all premium (if any), interest (including interest paid in kind and post-petition interest),
fees, expenses, charges and additional or contingent interest on Indebtedness otherwise permitted to be incurred pursuant to this
Section 6.01;

 

    	 	-122-	 

     

    

 

(r)            Indebtedness
consisting of unsecured vendor financing incurred in the ordinary course of business and consistent with past practices of the
Borrower and its Subsidiaries, so long as the aggregate principal amount of such Indebtedness does not exceed $57,500,000 at any
one time outstanding;

 

(s)           up
to $11,500,000 in aggregate principal amount of Indebtedness of Foreign Subsidiaries at any time outstanding; provided,
that to the extent that the terms of such Indebtedness are permitted hereunder, any increase in the amount of such Indebtedness
as a result of capitalized or paid-in-kind interest or accreted principal on such Indebtedness pursuant to such terms shall not
constitute a further issuance or incurrence of Indebtedness for purposes of this Section 6.01(s);

 

(t)            (i)(x)
up to $57,500,000 in aggregate principal amount of Indebtedness consisting of earn-outs (cash or non-cash), indemnifications, deferred
purchase price, purchase price adjustments and other similar obligations of the Borrower or any Subsidiary, in each case, incurred
or assumed under a purchase agreement, deferred compensation or other similar arrangements incurred by such person in connection
with the Transactions or any other Permitted Business Acquisitions or any other Investment, acquisition or sale or other Disposition
permitted hereunder plus (y) any Existing Earn Out Obligations and (ii) any Permitted Refinancing Indebtedness incurred
to Refinance any of the foregoing;

 

(u)           Indebtedness
in respect of (i) netting services and similar services in connection with deposit accounts to the extent incurred in the ordinary
course of business or other contingent liabilities arising out of the endorsement of checks, drafts and other instruments or other
payment items for deposit or collection in the ordinary course of business and (ii) obligations arising under customary indemnity
agreements to title insurers to cause such title insurers to issue title insurance policies;

 

(v)           Indebtedness
in respect of judgments, orders, attachments or awards not resulting in an Event of Default under Section 7.01(j)
or in respect of appeal or other surety bonds relating to, and settlements in connection with, such judgments, orders, attachments
or awards;

 

(w)          Indebtedness
consisting of unfunded pension fund and other employee benefit obligations and liabilities incurred in the ordinary course of business
to the extent they are permitted to remain unfunded under applicable law;

 

(x)            Indebtedness
of the Borrower and its Subsidiaries consisting of (i) take-or-pay obligations contained in supply arrangements, in each case,
in the ordinary course of business and/or (ii) liabilities in respect of customer deposits and advance payments received in the
ordinary course of business from customers for goods and services purchased in the ordinary course of business;

 

(y)           up
to $11,500,000 in aggregate principal amount of Indebtedness consisting of obligations of the Borrower and its Subsidiaries under
deferred compensation or other similar arrangements with employees incurred by such Person in connection with the Transactions,
any Permitted Business Acquisition or any other Investment expressly permitted hereunder;

 

    	 	-123-	 

     

    

 

(z)            Indebtedness
in respect of license agreements, to the extent constituting guaranteed minimum revenues and similar obligations in the ordinary
course of business;

 

(aa)          the
Closing Date Subordinated Note in an amount not to exceed $25,000,000; provided that such amount may increase solely
with respect to any “payment in kind” interest that accrues pursuant to the Closing Date Subordinated Note;

 

(bb)         Indebtedness
incurred pursuant to a Qualified Securitization Arrangement and any Permitted Refinancing in respect thereof in the form of a Qualified
Securitization Arrangements in an aggregate principal amount not to exceed $632,500,000 at any one time outstanding (it being understood
that to the extent a Qualified Securitization Arrangement is entered into by a Securitization Subsidiary, the amount of Indebtedness
available under this clause (bb) shall be reduced dollar-for-dollar by the principal amount then outstanding under such Qualified
Securitization Arrangement entered into by a Securitization Subsidiary); and

 

(cc)         Indebtedness
in respect of the Existing Letters of Credit in amount not to exceed the stated amounts of such Existing Letters of Credit (and
any Permitted Refinancing Indebtedness in respect thereof).

 

Section
6.02         Liens. Create, incur, assume or permit to exist any Lien
on any property or assets (including stock or other securities of any person, including the Borrower or any Subsidiary of the
Borrower) at the time owned by it, except:

 

(a)           Liens
on property or assets of the Subsidiaries existing on the Closing Date and set forth on Schedule 6.02(a) and
any Lien granted as a replacement or substitute therefor; provided, that (i) any such replacement or substitute;
Liens shall secure only those obligations that they secure on the Closing Date (and Permitted Refinancing Indebtedness in respect
thereof permitted by Section 6.01(a)) and shall not subsequently apply to any other property or assets of the
Borrower or any Subsidiary other than the property and assets subject thereto on the Closing Date (plus improvements and accessions
to such property and assets) and (ii) in the case of a Lien securing Permitted Refinancing Indebtedness, any such Lien is permitted,
subject to compliance with clause (e) of the definition of the term “Permitted Refinancing Indebtedness”;

 

(b)           any
Lien created under the Loan Documents or permitted in respect of any Mortgaged Property by the terms of the applicable Mortgage;

 

(c)           any
Lien on any property or asset of the Borrower or any Subsidiary (i) securing Indebtedness or Permitted Refinancing Indebtedness
permitted by Section 6.01(h) or (ii) acquired after the Closing Date in a transaction permitted by this Agreement
and securing Indebtedness in an aggregate amount not to exceed $17,250,000 at any one time; provided, that such Lien
(A) does not apply to any other property or assets of the Borrower or any of the Subsidiaries not securing such Indebtedness, at
the date of the acquisition of such property or asset (other than after acquired property subjected to a Lien securing Indebtedness
incurred prior to such date and which Indebtedness is permitted hereunder, such Indebtedness owing to the same financier as the
financier of such Indebtedness at the date of the acquisition, that require a pledge of after acquired property, it being understood
that such requirement shall not be permitted to apply to any property to which such requirement would not have applied but for
such acquisition), (B) such Lien is not created in contemplation of or in connection with such acquisition, (C) in the case
of a Lien securing Permitted Refinancing Indebtedness, any such Lien is permitted, subject to compliance with clause (e)
of the definition of the term “Permitted Refinancing Indebtedness” and (D) in the case of clause
(ii) of this Section 6.02(c), (x) after giving effect to any such Lien and the incurrence of Indebtedness,
if any, secured by such Lien is created, incurred, acquired or assumed (or any prior Indebtedness becomes so secured) on a Pro
Forma Basis, (I) if prior to the Discharge of Senior Debt Obligations, the Consolidated First Lien Leverage Ratio, calculated
as of the last day of the most recently ended and Reported fiscal quarter, shall be less than or equal to 2.875 to 1.00 and (II)
if after the Discharge of Senior Debt Obligations, the Consolidated Total Leverage Ratio, calculated as of the last day of the
most recently ended and Reported fiscal quarter, shall be less than or equal to 2.875 to 1.00, (y) at the time of the incurrence
of such Lien and after giving effect thereto, no Default or Event of Default shall have occurred and be continuing or would result
therefrom and (z) the Indebtedness or other obligations secured by such Lien are otherwise permitted by this Agreement;

 

    	 	-124-	 

     

    

 

(d)           Liens
for Taxes, assessments and governmental charges the payment of which is not required under Section 5.03;

 

(e)            landlord’s,
carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s, construction or other like Liens
arising in the ordinary course of business and securing obligations (including those other than for borrowed money) that are not
overdue by more than 60 days or that are being contested in good faith by appropriate proceedings and in respect of which,
if applicable, the Borrower or any Subsidiary shall have set aside on its books reserves in accordance with GAAP;

 

(f)            (i)
pledges or deposits and other Liens made in the ordinary course of business in compliance with the Federal Employers Liability
Act or any other workers’ compensation, unemployment insurance and other social security laws or regulations and deposits
securing liability to insurance carriers under insurance or self-insurance arrangements in respect of such obligations and (ii)
pledges or deposits and other Liens securing liability for reimbursement or indemnification obligations of (including obligations
in respect of letters of credit or bank guarantees for the benefit of) insurance carriers providing property, casualty or liability
insurance to, the Borrower or any Subsidiary;

 

(g)           deposits
and other Liens to secure the performance of bids, trade contracts (other than for Indebtedness for borrowed money), leases (other
than Capital Lease Obligations), statutory obligations, surety and appeal bonds, performance and return of money bonds, bids, leases,
government contracts, trade contracts, agreements with public utilities, and other obligations of a like nature (including letters
of credit in lieu of any such bonds or to support the issuance thereof) incurred by the Borrower or any Subsidiary in the ordinary
course of business, including those incurred to secure health, safety, insurance and environmental obligations in the ordinary
course of business;

 

(h)           zoning
restrictions, survey exceptions, easements, trackage rights, leases (other than Capital Lease Obligations), licenses, special assessments,
rights-of-way, restrictions on or agreements dealing with the use of real property, servicing agreements, development agreements,
site plan agreements and other similar encumbrances incurred in the ordinary course of business and title defects or irregularities
that, in the aggregate, do not interfere in any material respect with the ordinary conduct of the business of the Borrower or any
Subsidiary (taken as a whole);

 

    	 	-125-	 

     

    

 

(i)             purchase
money security interests in equipment or other property or improvements thereto hereafter acquired (or, in the case of improvements,
constructed) by the Borrower or any Subsidiary (including the interests of vendors and lessors under conditional sale and title
retention agreements related thereto); provided, that (i) such security interests secure Indebtedness permitted by
Section 6.01(i) (including any Permitted Refinancing Indebtedness in respect thereof), (ii) such security interests
are incurred, and the Indebtedness secured thereby is created, within 365 days after such acquisition, (iii) the Indebtedness secured
thereby does not exceed 100% of the cost of such equipment or other property or improvements at the time of such acquisition or
construction, including transaction costs incurred by the Borrower or any Subsidiary in connection with such acquisition (including
any Permitted Refinancing Indebtedness incurred in respect thereof) and (iv) such security interests do not apply to any other
property or assets of the Borrower or any Subsidiary (other than to improvements and accessions to such equipment or other property
or improvements but not to other parts of the property to which any such improvements are made); provided, further,
that individual financings of equipment provided by a single lender may be cross-collateralized to other financings of equipment
provided solely by such lender; provided, still further, that such security interest shall not be required
to secure Indebtedness under Section 6.01(i), if (x) after giving effect to any such Lien and the incurrence
of Indebtedness secured by such Lien is created, incurred, acquired or assumed (or any prior Indebtedness becomes so secured) on
a Pro Forma Basis, (I) if prior to the Discharge of Senior Debt Obligations, the Consolidated First Lien Leverage Ratio,
calculated as of the last day of the most recently completed and Reported fiscal quarter, shall be less than or equal to 3.00 to
1.00 and (II) if after the Discharge of Senior Debt Obligations, the Consolidated Total Leverage Ratio, calculated as of the last
day of the most recently completed and Reported fiscal quarter, shall be less than or equal to 3.45 to 1.00, (y) at the time of
the incurrence of such Lien and after giving effect thereto, no Event of Default shall have occurred and be continuing or would
result therefrom, and (z) the Indebtedness or other obligations secured by such Lien are otherwise permitted by this Agreement;

 

(j)             Liens
on the Collateral securing Indebtedness incurred pursuant to Section 6.01(j) subject to the First-Second Intercreditor
Agreement;

 

(k)            Liens
securing judgments that do not constitute an Event of Default under Section 7.01(j);

 

(l)             Liens
on the Securitization Assets arising in connection with a Qualified Securitization Financing;

 

(m)           Liens
disclosed by the title insurance policies delivered on or subsequent to the Closing Date and pursuant to Section 5.11
and any replacement, extension or renewal of any such Lien; provided, that such replacement, extension or renewal
Lien shall not cover any property other than the property that was subject to such Lien prior to such replacement, extension or
renewal plus any improvements and accessions to such property; provided, further, that
the Indebtedness and other obligations secured by such replacement, extension or renewal Lien are permitted by this Agreement;

 

    	 	-126-	 

     

    

 

(n)           any
interest or title of a lessor under any leases or subleases entered into by the Borrower or any Subsidiary in the ordinary course
of business;

 

(o)           Liens
that are contractual rights of set-off (i) relating to the establishment of depository relations with banks not given in connection
with the issuance of Indebtedness, (ii) relating to pooled deposit or sweep accounts of the Borrower or any Subsidiary to permit
satisfaction of overdraft or similar obligations incurred in the ordinary course of business of the Borrower and the Subsidiaries
or (iii) relating to purchase orders and other agreements entered into with customers of the Borrower or any Subsidiary in the
ordinary course of business;

 

(p)           Liens
arising solely by virtue of any statutory or common law provision relating to banker’s liens, rights of set-off or similar
rights;

 

(q)           Liens
on cash securing obligations in respect of standby letters of credit or on the goods (or the documents of title in respect of such
goods) financed by trade letters of credit and the proceeds and products thereof in the case of trade letters of credit securing
obligations in respect of such trade related letters of credit in each case permitted under Sections 6.01(f),
(k) and (cc);

 

(r)            licenses
of software that are not material to the conduct of any of the business lines of the Borrower and the Subsidiaries and the value
of which does not constitute a material portion of the assets of the Borrower and its Subsidiaries, taken as a whole, and such
license does not materially interfere with the ordinary course of conduct of the business of the Borrower or any of its Subsidiaries;

 

(s)           Liens
(x) in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with
the importation of goods or (y) on specific items of inventory or other goods and the proceeds thereof securing the relevant Person’s
obligations in respect of documentary letters of credit or banker’s acceptances issued or created for the account of such
Person to facilitate the purchase, shipment or storage of such inventory or goods;

 

(t)            Liens
on the assets of a Foreign Subsidiary that secure Indebtedness of such Foreign Subsidiary that is permitted to be incurred under
Section 6.01;

 

(u)           Liens
solely on any cash earnest money deposits made by the Borrower or any of the Subsidiaries in connection with any letter of intent
or purchase agreement permitted hereunder with respect to any acquisition that would constitute an Investment permitted by this
Agreement;

 

(v)           Liens
(i) arising out of conditional sale, title retention, consignment or similar arrangements for the sale of goods entered into by
any Loan Party or Subsidiary thereof in the ordinary course of business or (ii) incurred by the Borrower or its Subsidiaries arising
under Section 2-505 of the UCC;

 

    	 	-127-	 

     

    

 

(w)          Liens
in favor of the Borrower or any Loan Party;

 

(x)           Liens
arising from precautionary Uniform Commercial Code financing statements or consignments entered into in connection with any transaction
otherwise permitted under this Agreement;

 

(y)           Liens
of licensors and franchisors in the ordinary course of business not securing Indebtedness (other than in respect of licenses, to
the extent constituting Indebtedness with respect to guaranteed minimum revenues and similar obligations in the ordinary course
of business permitted under Section 6.01(z)); provided that such liens of licensors shall not extend
to any assets other than the licenses subject to such agreement any payments in respect thereof;

 

(z)           Liens
on not more than $11,500,000 of deposits securing Swap Agreements permitted to be incurred under Section 6.01(c);

 

(aa)         Liens
(x) on insurance policies and the proceeds thereof or securing the financing of premiums with respect thereto and/or (y) securing
other insurance premium financing arrangements; provided, that such Liens are limited to the applicable unearned
insurance premiums;

 

(bb)        Liens
incurred to secure cash management services in the ordinary course of business and in good faith; provided, that
such Liens are not incurred in connection with, and do not secure, any borrowings or Indebtedness;

 

(cc)         deposits
or other Liens with respect to property or assets of the Borrower or any Subsidiary; provided, that the obligations
secured by such Liens shall not exceed the greater of $14,375,000 and 5% of Net Receivables Financing Profit as of the last day
of the most recently ended Test Period at any one time outstanding;

 

(dd)        leases
and subleases not constituting Capital Lease Obligations of real property not material to the conduct of any business line of the
Borrower and its Subsidiaries granted to others in the ordinary course of business that do not materially and adversely interfere
with the ordinary conduct of the business of the Borrower or any of its Subsidiaries (taken as a whole);

 

(ee)         Liens
on assets of Excluded Subsidiaries to the extent securing Indebtedness of Excluded Subsidiaries which are non-recourse to the Loan
Parties and otherwise not expressly restricted hereunder; provided, that the obligations secured by such Liens shall
not exceed $11,500,000 at any one time outstanding;

 

(ff)           Liens
consisting of (i) customary rights of first refusal, options, tag, drag and similar rights in joint venture agreements and
agreements with respect to non-wholly owned Subsidiaries and (ii) encumbrances or restrictions (including put and call arrangements)
in favor of a party to a joint venture agreement with respect to Equity Interests of, or assets owned by, any joint venture or
similar arrangement pursuant to any joint venture agreement or similar agreement;

 

    	 	-128-	 

     

    

 

(gg)         Liens
on property acquired pursuant to a Permitted Business Acquisition (and the proceeds thereof) or assets of a Subsidiary in existence
at the time such Subsidiary is acquired pursuant to a Permitted Business Acquisition or a Permitted Refinancing thereof; provided
that (i) such Lien was not created in contemplation of such Permitted Business Acquisition, (ii) such Lien does not extend
to or cover any additional property (other than improvements and accessions to such property) and (iii) the Indebtedness secured
thereby is permitted under Section 6.01(h);

 

(hh)       
Liens encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching to commodity trading accounts
or other brokerage accounts incurred in the ordinary course of business and not for speculative purposes;

 

(ii)            Liens
on cash securing obligations in respect of standby letters of credit or on the goods (or the documents of title in respect of such
goods) financed by trade letters of credit and the proceeds and products thereof in the case of trade letters of credit securing
obligations in respect of such trade related letters of credit in each case permitted under Sections 6.01(n); provided
that any cash collateral supporting such letters of credit shall not at any time exceed $11,500,000 outstanding;

 

(jj)            Liens
on cash or Cash Equivalents used to defease or to satisfy and discharge Indebtedness; provided that such defeasance
or satisfaction and discharge is permitted by this Agreement

 

(kk)         (i)
licenses or sublicenses granted by the Borrower and/or its Subsidiaries permitted in accordance with the terms of this Agreement,
(ii) leases or subleases granted by the Borrower or any of its Subsidiaries to other Persons not materially interfering with the
conduct of the business of the Borrower or any Guarantor, (iii) any interest or title of a lessor, sublessor or licensor under
any Lease, (iv) restriction or encumbrance to which the interest or title of such lessor or sublessor may be subject, (v) subordination
of the interest of the lessee or sub-lessee under such Lease to any restriction or encumbrance referred to in the preceding clause
(iv) and (vi) royalty, revenue, profit sharing or buy/sell arrangements arising out of Joint Ventures, purchase and sale contracts,
development contracts or other arrangements permitted hereunder;

 

(ll)           [Reserved].

 

(mm)        Liens
on Credit Support Assets sold or pledged pursuant to the terms of a Permitted Credit Support Arrangement; and

 

(nn)         extensions,
renewals, refinancings and replacements of the Liens described above, so long as (i) the Indebtedness or other obligations secured
by any such Lien at the time of any such extension, renewal, refinancing or replacement is not increased to any amount greater
than the sum of (A) the outstanding principal amount (or accreted value, if applicable) of such Indebtedness or obligations
and (B) an amount necessary to pay any unpaid accrued interest and premium (including tender premiums) thereon and underwriting
discounts, defeasance costs, fees, commissions and expenses related to such extension, renewal, refinancing or replacement 
and (ii) no additional property (other than accessions, improvements, and replacements in respect of such property) is subject
to such Lien.

 

    	 	-129-	 

     

    

 

Section
6.03         Sale and Lease-Back Transactions. Enter into any arrangement,
directly or indirectly, with any person whereby it shall sell or transfer any property, real or personal, used or useful in its
business, whether now owned or hereafter acquired, and thereafter rent or lease such property or other property that it intends
to use for substantially the same purpose or purposes as the property being sold or transferred.

 

Section
6.04         Investments, Loans and Advances. Purchase, hold or acquire
(including pursuant to any merger with a person that is not a Wholly Owned Subsidiary immediately prior to such merger; and including
in one transaction or a series of transactions) any Equity Interests, Indebtedness, other securities of or of all or substantially
all of the property and assets or business of another person or assets constituting a business unit, line of business or division
of such person, make or permit to exist any loans, advances or capital contributions to or Guarantees of the obligations of, or
make or permit to exist any investment or any other interest in (each, an “Investment”), in any other
person, except:

 

(a)            the
consummation of the Transactions pursuant to and in accordance with the Transaction Documents;

 

(b)           (x)
Investments by (x) the Borrower or the Subsidiaries in other Subsidiaries effective as of the Closing Date as set forth on Schedule
6.04, and (y) any modification, renewal or extension thereof, so long as the aggregate amount of all Investments pursuant
to clause (x) is not increased at any time above the amount of such Investment existing or committed on the Closing
Date (other than pursuant to an increase as required by the terms of any such Investment as in existence on the Closing Date or
to the extent that such increase utilizes another available basket under this Section 6.04), (ii) Investments by
the Borrower or any Subsidiary Loan Party in the Borrower or any Subsidiary Loan Party; (iii) [reserved]; (iv) Investments by any
Subsidiary that is not a Loan Party in any other Subsidiary that is not a Loan Party and (v) Investments by the Borrower or any
Subsidiary in the Borrower or any Subsidiary not otherwise permitted in clauses (ii), (iii) or
(iv) above in an aggregate amount for all such Investments made or deemed made pursuant to this Section 6.04(b)(v)
that are at that time outstanding in an amount not to exceed the greater of (1) $34,500,000 and (2) 12.5% of Net Receivables Financing
Profit as of the last day of the most recently ended Test Period at any one time outstanding (with the fair market value of each
Investment being measured at the time made and without giving effect to subsequent changes in value); provided, that
intercompany current liabilities incurred in the ordinary course of business and in good faith in connection with cash management
operations shall not be included in calculating the limitation in this Section 6.04(b) at any time;

 

(c)           Investments
in cash and Cash Equivalents;

 

(d)           Investments
arising out of the receipt by the Borrower or any Subsidiary of noncash consideration for the sale of assets permitted under Section 6.05;

 

(e)            (i)
advances of payroll payments and expenses to employees of the Borrower or any Subsidiary in the ordinary course of business and
(ii) commissions, travel, and similar advances to officers and employees of the Borrower or any Subsidiary made in the ordinary
course of business not to exceed $5,750,000 at any one time outstanding;

 

    	 	-130-	 

     

    

 

(f)            (i)
Accounts, accounts receivable arising, notes receivable, and trade credit granted, in the ordinary course of business, (ii) any
securities received in satisfaction or partial satisfaction of defaulted accounts receivable from financially troubled account
debtors to the extent reasonably necessary in order to prevent or limit loss, (iii) any prepayments and other credits to suppliers
made in the ordinary course of business;

 

(g)           Indebtedness
in respect of (i) Swap Agreements permitted pursuant to Section 6.01(c) and (ii) vendor financing permitted
pursuant to Section 6.01(r);

 

(h)           Investments
existing on the Closing Date and set forth on Schedule 6.04 and any modification, replacement, renewal or extension
thereof; provided that the amount of the original Investment (or as the context may require, commitment to invest)
is not increased except by the terms of such original Investment disclosed to the Required Lenders in writing prior to the Closing
Date or as otherwise permitted by another clause this Section 6.04;

 

(i)             Investments
resulting from (i) pledges and deposits referred to in Sections 6.02(f), (g), (k), (s)
and (u) and (ii)  indemnities made in the ordinary course of business or in the Transaction Documents;

 

(j)            additional
Investments by the Borrower or any of its Subsidiaries having an aggregate amount at any one time outstanding not to exceed the
greater of $28,750,000 and 10% of Net Receivables Financing Profit as of the last day of the most recently ended Test Period at
any one time outstanding (with the Fair market value of each Investment being measured at the time made and without giving effect
to subsequent changes in value);

 

(k)            Investments
constituting Permitted Business Acquisitions;

 

(l)             Investments
consisting of the licensing or contribution of intellectual property pursuant to joint marketing arrangements with other persons;

 

(m)           intercompany
loans and other Investments between Foreign Subsidiaries;

 

(n)           Investments
consisting of purchases and acquisitions of inventory, supplies, materials and equipment or purchases of contract rights or licenses
or leases of intellectual property in each case in the ordinary course of business;

 

(o)           (i)
Investments to the extent that payment for such Investments is made solely with Equity Interests of the Borrower (other than with
Disqualified Stock) (or the net cash proceeds thereof) not applied for any other purpose and (ii) Investments received substantially
contemporaneously in exchange for Equity Interests of the Borrower (in whole or in part); provided, that (x) no Change
in Control would result therefrom, and (y) such Equity Interests do not constitute Disqualified Stock;

 

(p)           Investments
(including Indebtedness and Equity Interests) received in connection with the bankruptcy or reorganization of, or settlement of
delinquent accounts and disputes with or judgments against, customers and suppliers or in settlement of delinquent obligations
of, or other disputes with, customers and suppliers arising, in each case, in the ordinary course of business or Investments acquired
by the Borrower as a result of a foreclosure by the Borrower or any of the Subsidiaries with respect to any secured Investments
or other transfer of title with respect to any secured Investment in default;

 

    	 	-131-	 

     

    

 

(q)           Investments
of a Person in existence at the time such Person becomes a Subsidiary or is merged into or consolidated with a Subsidiary in accordance
with Section 6.05 after the Closing Date to the extent that (i) such acquisition, merger or consolidation is
permitted under this Section 6.04, (ii) such Investments of such Person were not made in contemplation of or
in connection with such acquisition, merger or consolidation, and (iii) such Investments were in existence on the date of such
acquisition, merger or consolidation;

 

(r)            Investments
in joint ventures or similar arrangements not to exceed the greater of $14,375,000 and 5% of Net Receivables Financing Profit as
of the last day of the most recently ended Test Period at any one time outstanding (in each case, determined at the time made and
without giving effect to subsequent changes in value);

 

(s)           Guarantees
by (i) the Borrower or any Subsidiary of operating leases (other than Capital Lease Obligations) or of other obligations that do
not constitute Indebtedness, in each case, entered into by the Borrower or any Subsidiary in the ordinary course of business and
(ii) any Foreign Subsidiary of operating leases (other than Capital Lease Obligations) or of obligations that do not constitute
Indebtedness, in each case, entered into by any Foreign Subsidiary in the ordinary course of business;

 

(t)            Investments
made with Excluded Contributions provided that (i) at the time of such Investment and after giving effect thereto,
no Event of Default shall have occurred and be continuing or would result therefrom and (ii) such Excluded Contributions shall
not have been otherwise applied for any other purpose;

 

(u)           Investments
made by Subsidiaries that are not Subsidiary Loan Parties solely to the extent such Investments are made with the proceeds received
by such Subsidiary from an Investment in such Subsidiary made pursuant to Sections 6.04(b)(v), or (j);

 

(v)           Guarantees
permitted under Section 6.01 (except to the extent such Guarantee is expressly subject to Section 6.04);

 

(w)          Investments
arising directly out of the receipt by the Borrower or any Subsidiary of non-cash consideration for any sale or other Disposition
of assets permitted under Section 6.05 (other than Section 6.05(e)) or any other Disposition of property
not constituting an Asset Sale;

 

(x)           (i)
Investments in a Securitization Subsidiary to the extent required by the applicable Qualified Securitization Financing Documentation
therefor or resulting from the transfers of Securitization Assets; provided, however, that any such
Investment in a Securitization Subsidiary is in the form of a contribution of additional Securitization Assets or as equity (other
than Disqualified Stock), (ii) Investments in any Securitization Subsidiary in the form of Permitted Credit Support Services (provided
any such Investments in the form of Permitted Securitization Cash Collateral may not exceed the Permitted Securitization Cash Collateral
Amount at any one time outstanding) and (iii) distributions or payments of Securitization Fees in connection with a Qualified Securitization
Financing;

 

    	 	-132-	 

     

    

 

(y)           Investments
in the ordinary course of business consisting of UCC Article 3 endorsements for collection or deposit and UCC Article 4
customary trade arrangements with customers consistent with past practices;

 

(z)           Investments
for which no consideration is provided by any Loan Party or any Subsidiary;

 

(aa)         Investments
resulting from the sale of Credit Support Assets pursuant to any Permitted Credit Support Arrangement; and

 

(bb)        Investments
that constitute Dividends that are permitted by Section 6.06.

 

Notwithstanding anything
to the contrary contained in Section 6.04 above, the Borrower and its Subsidiaries shall not, directly (and shall
cause their Subsidiaries not to, directly or indirectly) make any Investments pursuant to clauses (j) and (s)
above in order to make Dividends not otherwise permitted under Section 6.06 or Junior Indebtedness Payments not otherwise
permitted under Section 6.09(b).

 

For purposes of this
Section 6.04, the amount of any Investment shall be the amount actually invested, without adjustment for subsequent
increases or decreases in the value of such Investment, and shall be net of returns of capital, repayment of principal or net disposition
proceeds in respect thereof (up to the aggregate amount actually invested).

 

Section
6.05         Mergers, Consolidations, Sales of Assets and Acquisitions.
Merge into or consolidate with any other person, or permit any other person to merge into or consolidate with it (including by
division), or sell, transfer, lease or otherwise Dispose of (in one transaction or in a series of transactions including by allocation
of any assets to a series of a limited liability company) all or any part of its assets (whether now owned or hereafter acquired),
or issue, sell, transfer or otherwise dispose of any Equity Interests of any Subsidiary or purchase, lease or otherwise acquire
(in one transaction or a series of transactions) all of any division, unit or business of any other person, except that this Section
shall not prohibit:

 

(a)          (i)
the lease, purchase and sale of inventory, in each case, in the ordinary course of business by the Borrower or any Subsidiary and
sales of accounts receivables pursuant to the terms of a Permitted Credit Support Arrangement, (ii) the acquisition of any
other asset in the ordinary course of business by the Borrower or any Subsidiary, (iii) the sale or other Dispositions of
(x) inventory, goods held for sale or immaterial assets, in each case, in the ordinary course of business and (y) worn out, obsolete,
scrap or surplus assets or assets no longer useful in the conduct of the business of the Loan Parties and their Subsidiaries or
otherwise economically impracticable to maintain, or (iv) the sale of Cash Equivalents in the ordinary course of business;

 

(b)          if
at the time thereof and immediately thereafter no Event of Default shall have occurred and be continuing or would result therefrom,
(i) the merger of any Subsidiary into the Borrower in a transaction in which the Borrower is the survivor, (ii) the merger
or consolidation of (x) any Domestic Subsidiary into or with any Subsidiary Loan Party in a transaction in which the surviving
or resulting entity is a Subsidiary Loan Party or (y) any Foreign Subsidiary into or with any Subsidiary Loan Party in a transaction
in which the surviving or resulting entity is a Subsidiary Loan Party, and, in the case of each of clauses (i)
and (ii), no person other than the Borrower or Subsidiary Loan Party receives any consideration, (iii) the merger
or consolidation of any Subsidiary that is not a Loan Party into or with any other Subsidiary that is not a Loan Party or (iv)
the liquidation or dissolution or change in form of entity of any Subsidiary (other than the Borrower) in accordance with Section 5.01(a)(ii)
if the Borrower determines in good faith that such liquidation, change in form or dissolution is in the best interests of the Borrower
and is not materially disadvantageous to the Lenders;

 

    	 	-133-	 

     

    

 

(c)          sales,
transfers, leases or other Dispositions to the Borrower or a Subsidiary (upon voluntary liquidation or otherwise); provided,
that any sales, transfers, leases or other Dispositions by a Loan Party to a Subsidiary that is not a Loan Party in an amount in
excess of $11,500,000 shall not be permitted under this clause (c);

 

(d)          
any Disposition of Securitization Assets or Permitted Securitization Cash Collateral to a Securitization Subsidiary or any Securitization
Provider (solely to the extent subject to a Qualified Securitization Financing) and in the case of the PNC Securitization Financing,
solely to the extent such Disposition is prior to the Purchase and Sale Termination Date but giving effect to any extension thereof
(as defined in the PNC Purchase and Sale Agreement as in effect on the date hereof);

 

(e)          Investments
permitted by Section 6.04 (other than Section 6.04(v)), Liens permitted by Section 6.02 and
Dividends permitted by Section 6.06;

 

(f)          any
swap of assets with a fair market value not to exceed $11,500,000 in the aggregate during the term of this Agreement in exchange
for other assets of comparable or greater value or usefulness to the business of the Borrower and the Subsidiaries taken as a whole,
as determined in good faith by the management of the Borrower, provided that (i) no Event of Default shall have occurred
and be continuing or would result therefrom and (ii) for the avoidance of doubt, such swap of assets shall not, directly or indirectly,
be made for the purposes of making a Dividend not otherwise permitted under Section 6.06 or Junior Indebtedness Payment
not otherwise permitted under Section 6.09(b);

 

(g)          the
sale of defaulted receivables in the ordinary course of business and not as part of an accounts receivables financing transaction;

 

(h)          sales,
transfers or other Dispositions of the assets of a subsidiary for fair market value in connection with the dissolution of any Subsidiary
that is not a Loan Party not in excess of $11,500,000;

 

(i)          any
Permitted Business Acquisition or merger or consolidation in order to effect a Permitted Business Acquisition; provided,
that following any such merger or consolidation (i) involving the Borrower, the Borrower is the surviving corporation, (ii) involving
a Domestic Subsidiary, the surviving or resulting entity shall be a Subsidiary Loan Party that is a Wholly Owned Subsidiary and
(iii) involving a Foreign Subsidiary, the surviving or resulting entity shall be a Wholly Owned Subsidiary;

 

    	 	-134-	 

     

    

 

(j)          licensing
and cross-licensing arrangements (other than any perpetual or royalty free licensing arrangements) involving any technology, intellectual
property or other intellectual property rights of the Borrower or any Subsidiary in the ordinary course of business and other licensing
and cross-licensing arrangements involving any technology, intellectual property or other intellectual property rights of the Borrower
or any Subsidiary that do not materially and adversely interfere with the ordinary course of the business of the Borrower or any
of its Subsidiaries, taken as a whole and/or that are not material and adverse to the ordinary course of conduct of the business
of the Borrower or any of its Subsidiaries, taken as a whole;

 

(k)          the
lease, assignment or sublease of any real or personal property in the ordinary course of business;

 

(l)          sales,
leases or other Dispositions of equipment or other assets (excluding, inventory, accounts receivable, Equity Interests, Intellectual
Property, assets constituting a business division, unit, line of business, all or substantially all of the assets of any Material
Subsidiary, sale and lease-back transactions and receivables) of the Borrower and the Subsidiaries determined by the management
of the Borrower to be no longer useful or necessary in the operation of the business of the Borrower or any of the Subsidiaries;
provided, that the Net Proceeds thereof are applied in accordance with Section 2.11(b);

 

(m)         subject
to additional limitations on amendments or modifications of agreements set forth herein, the termination, amendment or modification
of agreements in the ordinary course of business or that the Borrower has reasonably determined in good faith is in the best interests
of the Loan Parties and their Subsidiaries, provided that such terminations, amendments or modifications
are not materially adverse to the Lenders and would not reasonably be expected to result in a Material Adverse Effect;

 

(n)         any
transfer of property or assets that represents a surrender or waiver of a contract right or a settlement, surrender or release
of a contract or tort claim; provided, that such surrender or waiver is not materially adverse to the Lenders
and would not reasonably be expected to result in a Material Adverse Effect;

 

(o)         Dispositions
of Investments in joint ventures to the extent required by, or made pursuant to customary buy/sell arrangements between, the joint
venture parties set forth in joint venture agreements and similar binding agreements;

 

(p)         the
unwinding of any Swap Agreement or hedging contract;

 

(q)         the
lapse or abandonment in the ordinary course of business of any Intellectual Property no longer material to the business; and

 

(r)          sales
and other Dispositions for fair market value in an aggregate amount not to exceed $115,000,000; provided that with
respect to any such sale or other Disposition with a purchase price in excess of $28,750,000 at least 75% of the consideration
for such Disposition shall consist of cash or Cash Equivalents (provided that for purposes of the 75% cash or Cash
Equivalents consideration requirement, (w) the greater of the principal amount and carrying value of any liabilities (as reflected
on the most recent balance sheet of the Borrower provided hereunder or in the footnotes thereto), or if incurred, accrued or increased
subsequent to the date of such balance sheet, such liabilities that would have been reflected on the balance sheet of the Borrower
or in the footnotes thereto if such incurrence, accrual or increase had taken place on or prior to the date of such balance sheet,
as determined in good faith by the Borrower) of the Borrower or such Subsidiary, other than liabilities that are by their terms
subordinated to the Obligations, that are assumed by the transferee of any such assets (or are otherwise extinguished in connection
with the transactions relating to such sale or Disposition) pursuant to a written agreement which releases such Borrower or such
Subsidiary from such liabilities, (x) the amount of any trade-in value applied to the purchase price of any replacement assets
acquired in connection with such sale or Disposition, (y) any Securities received by any Loan Party from the transferee that are
converted by such Person into cash or Cash Equivalents (to the extent of the cash or Cash Equivalents received) within 180 days
following the closing of the applicable sale or Disposition and (z) any Designated Non-Cash Consideration received in respect of
such Disposition having an aggregate fair market value (as reasonably determined in good faith by the Borrower), taken together
with all other Designated Non-Cash Consideration received pursuant to this clause (z) that is at that time outstanding,
shall not exceed the greater of $5,750,000 and 2.5% of Net Receivables Financing Profit as of the last day of the most recently
Test Period.

 

    	 	-135-	 

     

    

 

Notwithstanding anything
to the contrary contained in Section 6.05 above, (i) no sale, transfer or other disposition of assets shall be permitted
by this Section 6.05 (except as permitted to Loan Parties pursuant to Section 6.05(c)) unless such
disposition is for fair market value (as reasonably determined in good faith by the Borrower), and (ii) no sale, transfer or other
disposition of assets with a fair market value of more than $11,500,000 shall be permitted by paragraph (l) of this Section
6.05 unless such disposition is for at least 75% cash consideration; provided, that for purposes of clause
(ii), the amount of any secured Indebtedness of the Borrower or any Subsidiary or other Indebtedness of a Subsidiary that is not
a Loan Party (as shown on the Borrower’s or such Subsidiary’s most recent balance sheet or in the notes thereto) that
is assumed by the transferee of any such assets shall be deemed to be cash; provided, further that,
any such sale or transfer or other disposition shall not include any material Intellectual Property or Material License Agreements.

 

To the extent that
any Collateral is sold or otherwise disposed of as permitted by this Section 6.05 to any Person other than a
Loan Party, such Collateral shall be sold free and clear of the Liens created by the Loan Documents, which Liens shall be automatically
released upon the consummation of such Disposition; it being understood and agreed that the Collateral Agent shall be authorized
to take, and shall take, any actions reasonably requested by the Borrower in order to effect the foregoing in accordance with Section
9.20 hereof.

 

Section
6.06         Dividends and Distributions. Declare or pay, directly
or indirectly, any dividend or make, directly or indirectly, any other distribution (by reduction of capital or otherwise), whether
in cash, property, securities or a combination thereof, with respect to any of its Equity Interests (other than dividends and
distributions on Equity Interests payable solely by the issuance of additional Equity Interests (other than Disqualified Stock)
of the person paying such dividends or distributions) or directly or indirectly redeem, purchase, retire or otherwise acquire
for value (or permit any subsidiary of the Borrower to purchase or acquire) any of its Equity Interests or set aside any amount
for any such purpose (other than through the issuance of additional Equity Interests of the person redeeming, purchasing, retiring
or acquiring such shares) (any of the foregoing dividends, distributions, redemptions, repurchases, retirements, other acquisitions
or setting aside of amounts, “Dividends”); provided, however, that:

 

    	 	-136-	 

     

    

 

(a)          (i)
any Subsidiary may declare and pay dividends to, or make other distributions to, the Borrower or any Subsidiary that is a direct
parent of such Subsidiary and, if not a Wholly Owned Subsidiary, to each other direct owner of Equity Interests of such Subsidiary
on a pro rata basis (or more favorable basis from the perspective of the Borrower or such Subsidiary) based on their relative
ownership interests; and (ii) to the extent permitted by Section 6.04, any Subsidiary that is not a Wholly Owned
Subsidiary may repurchase its Equity Interests from any owner of the Equity Interests of such Subsidiary that is not the Borrower
or a Subsidiary;

 

(b)         any
person may make noncash repurchases of Equity Interests deemed to occur upon exercise of stock options, warrants or other securities
convertible or exchangeable for Equity Interests if such Equity Interests represent a portion of the exercise, conversion or exchange
price thereof;

 

(c)          any
person may make distributions to minority shareholders of any subsidiary that is acquired pursuant to a Permitted Business Acquisition
pursuant to appraisal or dissenters’ rights with respect to shares of such subsidiary held by such shareholders; and

 

(d)          the
Borrower or any Subsidiary may make payments of cash, or dividends, distributions or advances to allow such person to make payments
of cash, in lieu of the issuance of fractional shares upon exercise of warrants or upon the conversion or exchange of Equity Interests
of such person; provided, however, that the aggregate amount of such payments, dividends, distributions or
advances payable under this clause (d) in cash shall not exceed, when taken together with the amounts under clause
(g) below, the greater of $5,750,000 and 2.5% of Net Receivables Financing Profit as of the last day of the most recently
ended Test Period; provided that the aggregate amount of such Dividends shall not exceed $28,750,000;

 

(e)          any
Loan Party or Subsidiary thereof may make payments and distributions in respect of the Transactions, to the extent constituting
a Dividend;

 

(f)          the
Borrower may declare and pay Dividends with respect to its Equity Interests payable solely
in additional shares of its Equity Interests (other than Disqualified Stock);

 

(g)         the
Borrower may make Dividends pursuant to and in accordance with stock option plans or other
benefit plans for management or employees of the Borrower and its Subsidiaries (including, without limitation, redemptions or repurchases
of Equity Interests (i) deemed to occur upon exercise of options or warrants or similar rights by the delivery of Equity Interests
in satisfaction of the exercise price such options or warrants or similar rights or (ii) in consideration of withholding or similar
taxes payable by any future, present or former employee, director, manager or consultant (or any spouses, former spouses, successors,
executors, administrators, heirs, legatees or distributees of any of the foregoing)) provided, however,
that the aggregate amount under this clause (g) shall not exceed, when taken together with the amounts under clause
(d) above, the greater of $5,750,000 and 2.5% of Net Receivables Financing Profit as of the last day of the most recently
ended Test Period; provided that the aggregate amount of such Dividends shall not exceed $28,750,000;

 

    	 	-137-	 

     

    

 

(h)         the
Borrower may make additional Dividend payments in an aggregate amount not to exceed $2,875,000 so long as no Default or Event of
Default has occurred and is continuing or would occur; and

 

(i)          to
the extent constituting a Dividend or Distribution, any payments of cash and/or Equity Interests (other than Disqualified Stock)
of the Borrower to a holder of the Closing Date Subordinated Convertible Note (or for the benefit of a holder of the Closing Date
Subordinated Convertible Note) upon the conversion thereof in accordance with the terms thereof; provided that any
payments in cash, either must be (x) from proceeds of issuances after the Closing Date of Equity Interests (other than Disqualified
Stock and to the extent not otherwise applied) in the Borrower or (y) permitted to be paid pursuant to Section 6.09(b)(i)(F)(ii).

 

Section
6.07         Transactions with Affiliates. (a) [reserved]; or (b) sell
or transfer any property or assets to, or purchase or acquire any property or assets from, or otherwise engage in any other transaction
with, any of its Affiliates if they involve one or more payments by Borrower or any of its Subsidiaries in excess of $1,150,000
for any single transaction or series of related transactions, unless such transaction is (i) otherwise expressly permitted (or
required) with such Affiliates or holders under this Agreement or (ii) upon terms not materially less favorable to the Borrower
or such Subsidiary, as applicable, than would be obtained in a comparable arm’s-length transaction with a person that is
not an Affiliate; provided, that this clause (ii) shall not apply to (A) the indemnification
of directors of the Borrower or the Subsidiaries in accordance with customary practice or (B) to the extent otherwise permitted
under this Agreement (each of which shall not be prohibited by this Section 6.07), the following:

 

(i)          any
issuance of securities, or other payments, awards or grants in cash, securities or otherwise pursuant to, or the funding of, employment
arrangements, equity purchase agreements, deferred compensation agreements, bonuses, stock options and stock ownership plans or
health, disability, insurance, severance or similar employee benefit plans approved by the Board of Directors of Borrower;

 

(ii)         any
other transactions permitted pursuant to Section 6.04(x)(ii), 6.05(b), 6.05(d), or 6.06;

 

(iii)        transactions
among the Borrower and the Loan Parties and transactions among the Loan Parties;

 

(iv)        the
payment of fees and indemnities to directors, officers, employees and consultants of the Borrower and the Subsidiaries in the ordinary
course of business;

 

(v)         the
existence of, or the performance by the Borrower or any of its Subsidiaries of its obligations under the terms of, the Transaction
Documents, agreements set forth on Schedule 6.07 and any amendment thereto or similar agreements which it may
enter into thereafter; provided, however, that the existence of, or the performance by the Borrower
or any of its Subsidiaries of its obligations under, any future amendment to any such existing agreement or under any similar agreement
entered into after the Closing Date shall only be permitted by this clause (iv) to the extent that the terms
of any such existing agreement together with all amendments thereto, taken as a whole, or new agreement are not otherwise more
disadvantageous to the Lenders in any material respect than the original agreement as in effect on the Closing Date;

 

    	 	-138-	 

     

    

 

(vi)        transactions
to effect the Transactions and the payment of all fees and expenses related to the Transactions, as described herein or contemplated
by the Transaction Documents;

 

(vii)       any
employment agreements entered into by the Borrower or any of the Subsidiaries in the ordinary course of business;

 

(viii)      payments
or loans (or cancellation of loans) to employees or consultants that are (A) approved by a majority of the Board of Directors or
a committee of the Board of Directors of the Borrower in good faith, (B) made in compliance with applicable law and (C) otherwise
permitted under this Agreement;

 

(ix)         transactions
with Wholly Owned Subsidiaries for the purchase or sale of goods, products, parts and services entered into in the ordinary course
of business;

 

(x)          any
transaction in respect of which the Borrower delivers to the Administrative Agent (for delivery to the Lenders) a letter addressed
to the Board of Directors of the Borrower from an accounting, appraisal or investment banking firm, in each case of nationally
recognized standing that is (A) in the good faith determination of the Borrower qualified to render such letter and (B) reasonably
satisfactory to the Required Lenders, which letter states that such transaction is on terms that are not less materially favorable
to the Borrower or such Subsidiary, as applicable, than would be obtained in a comparable arm’s length transaction with a
person that is not an Affiliate;

 

(xi)         transactions
involving the provision of services (and consideration therefor) by any Loan Party or Subsidiary thereof to any other Loan Party
or Subsidiary thereof in the ordinary course of business;

 

(xii)        transactions
contemplated by, or in connection with, any Transition Services Agreement;

 

(xiii)       transactions
with joint ventures for the purchase or sale of goods, equipment and services entered into in the ordinary course of business;

 

(xiv)      any
transaction set forth on Schedule 6.07;

 

(xv)        intercompany
transactions for the purpose of improving the consolidated tax efficiency of the Borrower and the Subsidiaries;

 

(xvi)      the
termination of management agreements and payments in connection therewith at the net present value of future payments or as required
by such the terms of such agreements;

 

    	 	-139-	 

     

    

 

(xvii)     transactions
among the Borrower and its Subsidiaries that are not prohibited under this Agreement in the ordinary course of business;

 

(xviii)    entering
into tax sharing agreements or arrangements approved by the Board of Directors of the Borrower (or a committee thereof), provided
that any payments thereunder are permitted by Section 6.06; and

 

(xix)       any
agreements or arrangements between a third party and an Affiliate of the Borrower that are acquired or assumed by the Borrower
or any Subsidiary in connection with an acquisition or merger of such third party (or assets of such third party) by or with the
Borrower or any Subsidiary; provided, that (A) such acquisition or merger is permitted under this Agreement and (B)
such agreements or arrangements are not entered into in contemplation of such acquisition or merger or otherwise for the purpose
of avoiding the restrictions imposed by this Section 6.07.

 

Section
6.08         Business of the Borrower and the Subsidiaries. Notwithstanding
any other provisions hereof, engage at any time in any business or business activity other than, (i) any business or business
activity conducted by any of them on the Closing Date and any business or business activities incidental or related thereto, (ii)
any business or business activity that is reasonably similar thereto or a reasonable extension, development or expansion thereof
or ancillary or complementary thereto, including the consummation of the Transactions, (iii) any business or business activity
that the senior management of the Borrower deems beneficial for the Borrower or such Subsidiary or (iv) any business or business
activity of any person acquired pursuant to a Permitted Business Acquisition provided that such Permitted Business
Acquisition was in a Similar Business.

 

Section
6.09         Limitation on Modifications and Payments of Indebtedness; Modifications
of Certificate of Incorporation, By-Laws and Certain Other Agreements; etc.

 

(a)          Amend
or modify in any manner materially adverse to the Lenders (taken as a whole and solely in their capacities as Lenders) (i) the
articles or certificate of incorporation or by-laws or limited liability company operating agreement or other Organizational Documents
and (ii) the Material Agreements (other than any Material License Agreements), except (x) any such amendments, modifications or
changes that are necessary to consummate or implement the Transactions (including any transactions incidental thereto and (y) in
the case of any Qualified Securitization Financing Documentation (or any Permitted Refinancing in respect thereof), any such amendments,
modifications or changes so long as the applicable Securitization Financing will remain a “Qualified Securitization Financing”.

 

    	 	-140-	 

     

    

 

(b)          (i)
Make, or agree or offer to pay or make, directly or indirectly, any payment or other distribution (whether in cash, securities
(other than newly issued Equity Interests) or other property) of or in respect of principal of or interest on any Junior Indebtedness
(or any Permitted Refinancing Indebtedness in respect of the foregoing), having an aggregate principal amount outstanding in excess
of $5,750,000 individually or in the aggregate or any payment or other distribution (whether in cash, securities or other property),
including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or
termination of any such Junior Indebtedness (or any such Permitted Refinancing Indebtedness in respect of the foregoing) (collectively,
a “Junior Indebtedness Payment”), except for: (A) a Refinancing with Permitted Refinancing Indebtedness
in respect thereof to the extent permitted by Section 6.01, (B) regularly scheduled interest payments and payments
of fees, expenses and indemnification obligations in respect of Indebtedness (including for the avoidance of doubt, the accretion
of interest paid-in-kind and the capitalization of such interest to the principal amount of such Indebtedness), in each case when
due and in amounts not to exceed the amounts required to be paid with respect thereto, in each case, other than payments in respect
of the Indebtedness prohibited by the applicable Intercreditor Agreement or subordinated in right of payment to the Obligations
prohibited by the subordination provisions thereof, (C) to the extent this Agreement is then in effect, principal on the scheduled
maturity date thereof, subject to any subordination provisions applicable thereto, (D) purchases, redemptions, retirement, conversions,
acquisition, cancellation or termination of Junior Indebtedness with the proceeds of contributions to common capital, or issuances
of Equity Interests of the Borrower, conversion of Junior Indebtedness to (or payments of such Indebtedness in whole or in part
with) Equity Interests of the Borrower or exchange of Junior Indebtedness for Equity Interests of the Borrower, in each case, other
than Disqualified Stock of the Borrower or in exchange for Equity Interests of the Borrower (other than Disqualified Stock) and
Permitted Refinancing Indebtedness in respect thereof, (E) if such Indebtedness would otherwise constitute an “applicable
high yield discount obligation” within the meaning of Section 163(i) of the Code, on each interest payment date ending
on or after the fifth anniversary of the issue date of such Indebtedness, the Borrower and/or its Subsidiaries shall make such
AHYDO Payments in cash as shall be necessary to ensure that such Indebtedness will not be considered an “applicable high
yield discount obligation”, (F) prepayments of the Closing Date Subordinated Convertible Note to the extent the aggregate
amount of such prepayments, when combined with the aggregate all cash payments made pursuant to Section 6.06(i) does
not exceed an amount equal to (x) $2,300,000 plus (y) the amount cash payments made solely with the proceeds of Equity
Interests (other than Disqualified Stock) in the Borrower and (G) the termination of Capital Leases or other asset-specific financings
in respect of assets no longer used or useful in the business of any Loan Party or otherwise being sold as part of an Asset Sale
permitted under Section 6.05 hereunder;

 

(ii)         Amend
or modify, or permit the amendment or modification of, any provision of any Junior Indebtedness documentation (and any Permitted
Refinancing Indebtedness in respect of the foregoing), or any agreement relating thereto, other than amendments or modifications
that (A) are not in any manner materially adverse to Lenders (solely in their capacity as Lenders taken as a whole) and that do
not materially and adversely affect the subordination provisions thereof (if any) in a manner adverse to the Lenders (solely in
their capacity as Lenders hereunder taken as a whole) and (B) to the extent applicable, otherwise comply with the definition of
“Permitted Refinancing Indebtedness” provided that the foregoing limitation shall not otherwise
prohibit any Permitted Refinancing Indebtedness or any other replacement, refinancing, amendment, supplement, modification, extension,
renewal, restatement or refunding of any Junior Indebtedness, in each case, that is permitted under this Agreement in respect thereof.

 

(c)          Enter
into any agreement or instrument that by its terms restricts (i) the payment of dividends or distributions or the making of cash
advances by any Material Subsidiary to the Borrower or any Subsidiary that is a direct or indirect parent of such Subsidiary or
(ii) the granting of Liens by the Borrower or any Loan Party, or any Subsidiary required to be a Loan Party, pursuant to the Security
Documents, in each case, other than those arising under any Loan Document or those restrictions that are not material and adverse
to the interests of the Lenders (solely in their capacity as Lenders and taken as a whole), except, in each case, restrictions
existing by reason of:

 

    	 	-141-	 

     

    

 

(A)         restrictions
imposed by applicable Law;

 

(B)         contractual
encumbrances or restrictions (1) in effect on the Closing Date with respect to Liens permitted under Section 6.02(a)
or as otherwise disclosed on Schedule 6.09(c), (2) pursuant to documentation related to any Indebtedness permitted
pursuant to Section 6.01 as long as such encumbrances or restrictions are not materially more restrictive, taken
as a whole, than those contained in this Agreement, (3) pursuant to documentation related to any permitted renewal, extension or
refinancing of any Indebtedness described in clause (1) that does not expand the scope of any such encumbrance or
restriction or make such restriction materially more onerous to the Lenders (in their capacity as such and taken as a whole), or
(4) contained in an agreement acquired in connection with the Transactions;

 

(C)         any
restriction on the Equity Interests or assets of a Subsidiary imposed pursuant to an agreement entered into for the sale or Disposition
of such Equity Interests or assets permitted under Section 6.05 pending the closing of such sale or Disposition;

 

(D)         customary
provisions in joint venture agreements and other similar agreements applicable to the assets of, or the Equity Interests in, joint
ventures entered into in the ordinary course of business;

 

(E)         any
restrictions imposed by any agreement relating to Indebtedness permitted by Section 6.01 and/or secured by a
Lien permitted by Section 6.02 to secure such Indebtedness to the extent that such restrictions apply only to
the property or assets securing such Indebtedness;

 

(F)         customary
provisions contained in leases or licenses of intellectual property and other similar agreements entered into in the ordinary course
of business;

 

(G)         customary
provisions restricting subletting or assignment of any lease governing a leasehold interest;

 

(H)         customary
provisions restricting assignment of any agreement entered into in the ordinary course of business;

 

(I)          customary
restrictions and conditions contained in any agreement relating to the sale of any asset permitted under Section 6.05
applicable to the asset to be sold pending the consummation of such sale;

 

    	 	-142-	 

     

    

 

(J)          restrictions
on cash or other deposits or net worth imposed by customers under contracts entered into in the ordinary course of business;

 

(K)         customary
provisions contained in leases, licenses, contracts and other similar agreements entered into in the ordinary course of business
that impose restrictions on the property subject to such lease;

 

(L)         customary
provisions contained in any Permitted Credit Support Arrangement; or

 

(M)        any
agreement in effect at the time such subsidiary becomes a Subsidiary, so long as such agreement was not entered into in contemplation
of such person becoming a Subsidiary and such restriction does not apply to the Borrower or any other Material Subsidiary or any
of their respective assets.

 

Section
6.10         Financial Maintenance Covenants. Beginning with the fiscal
quarter ending on March 31, 2019, except with the written consent of the Required Lenders, permit:

 

(a)          the
Consolidated First Lien Leverage Ratio on the last day of any fiscal quarter to exceed the ratios set forth below:

 

	Fiscal Quarter End Date
	 	Consolidated First Lien Leverage
    Ratio
	March 31, 2019	 	3.75:1.00
	June 30, 2019	 	4.00:1.00
	September 30, 2019	 	5.25:1.00
	December 31, 2019	 	4.75:1.00
	March 31, 2020	 	4.50:1.00
	June 30, 2020	 	4.50:1.00
	September 30, 2020	 	4.50:1.00
	December 31, 2020	 	4.25:1.00
	March 31, 2021	 	4.25:1.00
	June 30, 2021	 	4.00:1.00
	September 30, 2021	 	3.50:1.00
	December 31, 2021	 	3.50:1.00
	March 31, 2022	 	3.25:1.00
	June 30, 2022	 	3.25:1.00
	September 30, 2022	 	3.00:1.00
	December 31, 2022	 	3.00:1.00
	March 31, 2023	 	2.75:1.00
	June 30, 2023 	 	2.75:1.00
	September 30, 2023 and thereafter	 	2.50:1.00

 

    	 	-143-	 

     

    

 

 

(b)          the
Consolidated Total Leverage Ratio on the last day of any fiscal quarter to exceed the ratios set forth below:

 

	Fiscal Quarter End Date
	 	Consolidated Total Leverage Ratio
	March 31, 2019	 	8.00:1.00
	June 30, 2019	 	8.25:1.00
	September 30, 2019	 	10.75:1.00
	December 31, 2019	 	9.25:1.00
	March 31, 2020	 	9.25:1.00
	June 30, 2020	 	9.25:1.00
	September 30, 2020	 	9.25:1.00
	December 31, 2020	 	9.00:1.00
	March 31, 2021	 	8.75:1.00
	June 30, 2021	 	8.50:1.00
	September 30, 2021	 	8.50:1.00
	December 31, 2021	 	8.25:1.00
	March 31, 2022	 	8.25:1.00
	June 30, 2022	 	8.00:1.00
	September 30, 2022	 	7.75:1.00
	December 31, 2022	 	7.75:1.00
	March 31, 2023	 	7.75:1.00
	June 30, 2023 	 	7.50:1.00
	September 30, 2023 and thereafter	 	7.00:1.00

 

(c)          the
Consolidated Fixed Charge Coverage Ratio on the last day of any fiscal quarter to be less than the ratios set forth below:

 

	Fiscal Quarter End Date
	 	Consolidated Fixed Charge Coverage
    Ratio
	March 31, 2019	 	1.40:1.00
	June 30, 2019	 	1.40:1.00
	September 30, 2019	 	1.00:1.00
	December 31, 2019	 	1.10:1.00
	March 31, 2020	 	1.00:1.00
	June 30, 2020	 	0.90:1.00
	September 30, 2020	 	0.90:1.00
	December 31, 2020	 	0.90:1.00

  

    	 	-144-	 

     

    

 

	Fiscal Quarter End Date
	 	Consolidated Fixed Charge Coverage
    Ratio
	March 31, 2021	 	0.90:1.00
	June 30, 2021	 	0.90:1.00
	September 30, 2021	 	0.90:1.00
	December 31, 2021	 	0.90:1.00
	March 31, 2022	 	0.90:1.00
	June 30, 2022	 	0.90:1.00
	September 30, 2022	 	0.90:1.00
	December 31, 2022	 	0.90:1.00
	March 31, 2023	 	0.90:1.00
	June 30, 2023 	 	0.90:1.00
	September 30, 2023 and thereafter	 	0.90:1.00

  

Section
6.11         Limitations on Change in Fiscal Periods. Allow the fiscal
year of the Borrower to end on a day other than December 31 or change the Borrower’s method of determining fiscal quarters.

 

Article
VII

Events of Default

 

Section
7.01         Events of Default. In case of the happening of any
of the following events (“Events of Default”):

 

(a)          any
representation, warranty, certification or statement of fact made or deemed made by the Borrower or any other Loan Party in any
Loan Document, shall prove to have been incorrect or misleading in any material respect when so made, deemed made or furnished
by the Borrower or any other Loan Party;

 

(b)          [reserved];

 

(c)          default
shall be made in the payment of any interest on any Loan or in the payment of any Fee or any other amount (other than an amount
referred to in paragraph (b) above) due under any Loan Document, when and as the same shall become due and payable,
and such default in payment shall continue unremedied for a period of three Business Days with respect to interest and five Business
Days with respect to other amounts as applicable;

 

(d)          any
default shall be made in the due observance or performance by the Borrower of any covenant or agreement contained in Section 5.01(a)
(with respect to the Borrower only), 5.05(a) or in Article VI.

 

(e)          default
shall be made in the due observance or performance by the Borrower or any Loan Party of (x) any covenant or agreement contained
in Section 5.04 and such default shall continue unremedied for a period of 5 days after notice thereof from the Administrative
Agent to the Borrower or (y) any covenant or agreement contained in any Loan Document (other than those specified in paragraphs (b),
(c) and (d) above and clause (x) above) and such default shall continue unremedied for a period of
30 days after the earlier of (1) notice thereof from the Administrative Agent to the Borrower and (2) knowledge of a Responsible
Officer of the Borrower or any Loan Party of such default;

 

    	 	-145-	 

     

    

 

(f)          (i)
any event or condition occurs that (a) results in any Material Indebtedness becoming due prior to its scheduled maturity (with
all applicable grace periods having expired), (b) enables or permits (with all applicable grace periods having expired) the holder
or holders of any Material Indebtedness or any trustee or agent on its or their behalf to cause any Material Indebtedness to become
due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity (or, in the case
of a Qualified Securitization Financing, any event or condition occurs with respect to the conduct or performance of any Receivables
Seller or any servicer of the Receivables (so long as such servicer is the Borrower or a Subsidiary thereof) under the terms of
the documents relating to the applicable Qualified Securitization Financing that terminates such Qualified Securitization Financing
or that would permit the providers thereof to terminate such financing or arrangement or commitments or availability with respect
thereto (any such event, a “Securitization Termination Event”), in each case to the extent such Qualified
Securitization Financing is not replaced with another Securitization Financing or other substantially comparable financing arrangement
within ninety (90) days after the occurrence of such Securitization Termination Event); provided, further,
that with respect to the occurrence of any such event or condition under the First Lien Credit Facilities or the First Lien Loan
Documents, such event or condition shall only constitute a Default or Event of Default under this Agreement (x) to the extent such
Default or Event of Default has not been cured or waived prior to the date that is 120 days after the occurrence of such Default
or Event of Default or (y) if any holders of Indebtedness under the First Lien Loan Documents have caused the same to become due
and payable prior to the scheduled maturity thereof or (ii) the Borrower or any Subsidiary shall fail to pay the principal of any
Material Indebtedness at the stated final maturity thereof (with all applicable grace periods having expired); provided,
that this clause (f) shall not apply (and no Default or Event of Default shall result) to Indebtedness that
becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness if such sale or
transfer is permitted hereunder and under the documents providing for such Indebtedness;

 

(g)          there
shall have occurred a Change in Control;

 

(h)          involuntary
proceeding shall be commenced or an involuntary petition shall be filed in a court of competent jurisdiction seeking (i) relief
in respect of the Borrower or any of its Subsidiaries, or of a substantial part of the property or assets of the Borrower or any
of its Subsidiaries, under Title 11 of the United States Code, as now constituted or hereafter amended, or any other federal, state
or foreign bankruptcy, moratorium, insolvency, receivership or similar law, (ii) the appointment of a receiver, trustee, custodian,
sequestrator, conservator or similar official for the Borrower or any of its Subsidiaries or for a substantial part of the property
or assets of the Borrower or any of its Subsidiaries or (iii) the winding-up or liquidation of the Borrower or any of its Subsidiaries
(except, in the case of any subsidiary, in a transaction permitted by Section 6.05); and such proceeding or
petition shall continue undischarged or undismissed for 60 days or an order or decree approving or ordering any of the foregoing
shall be entered;

 

    	 	-146-	 

     

    

 

(i)          the
Loan Parties or any of their Subsidiaries (other than any Immaterial Subsidiary or pursuant to a transaction permitted under the
Loan Documents) shall (i) voluntarily commence any proceeding or file any petition seeking relief under Debtor Relief Law now or
hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding
or the filing of any petition described in paragraph (h) above (other than any Immaterial Subsidiary or pursuant
to a transaction permitted under the Loan Documents), (iii) apply for or consent to the appointment of a receiver, trustee,
custodian, sequestrator, conservator or similar official for the Loan Parties or their Subsidiaries (other than any Immaterial
Subsidiary) or for all or a substantial part of the Collateral, (iv) make a general assignment for the benefit of creditors or
(v) become unable, admit in writing its inability or fail generally to pay its debts as they become due;

 

(j)          the
failure by the Borrower or any Loan Party or any Material Subsidiary to pay one or more final judgments aggregating in excess of
$28,750,000 (to the extent not paid, and not covered by independent third-party insurance as to which the insurer has been notified
of such judgment or order and does not dispute coverage), which judgments are not discharged or effectively waived or stayed for
a period of 60 consecutive days, or any action shall be legally taken by a judgment creditor to levy upon assets or properties
of the Borrower or any Subsidiary to enforce such judgment;

 

(k)          (i)
an ERISA Event shall have occurred, (ii) a trustee shall be appointed by a United States district court to administer any Plan,
or (iii) the Borrower, a Subsidiary or any ERISA Affiliate shall engage in any non-exempt “prohibited transaction”
(as defined in Section 406 of ERISA or Section 4975 of the Code) involving any Plan; and in each case in clauses (i)
through (iii) above, such event or condition, together with all other such events or conditions, if any, would reasonably
be expected to have a Material Adverse Effect;

 

(l)          (i)
any Loan Document (other than in accordance with its terms or the terms of the other Loan Documents or upon Payment in Full) shall
for any reason be asserted in writing by the Borrower or any Loan Party not to be a legal, valid and binding obligation of any
party thereto, (ii) any security interest purported to be created by any Security Document and to extend to assets that are not
immaterial to the Borrower and the Loan Parties on a consolidated basis or the Equity Interests of the Borrower, shall cease to
be, or shall be asserted in writing by the Borrower or any other Loan Party (or, in the case of any Security Document with respect
to the pledge of Equity Interests of the Borrower, the pledgor thereunder) not to be, a valid and perfected security interest (perfected
as or having the priority required by this Agreement or the relevant Security Document and subject to such limitations and restrictions
as are set forth herein and therein) in the securities, assets or properties covered thereby, except to the extent that any such
loss of perfection or priority results from the limitations of foreign laws, rules and regulations as they apply to pledges of
Equity Interests in Foreign Subsidiaries, or from the failure of the Administrative Agent or Collateral Agent or their respective
agents to maintain possession of certificates actually delivered to it representing securities pledged under the Collateral Agreement,
or to file Uniform Commercial Code continuation statements or take the actions described on Schedule 3.04 and
except to the extent that such loss is covered by a lender’s title insurance policy and the Administrative Agent shall be
reasonably satisfied with the credit of such insurer, or (iii) the Guarantees pursuant to the Security Documents by the Borrower
or any material Loan Parties of any material portion of the Obligations shall cease to be in full force and effect (other than
in accordance with the terms thereof), or shall be asserted in writing by the Borrower or any Loan Party not to be in effect or
not to be legal, valid and binding obligations;

 

    	 	-147-	 

     

    

 

(m)          any
Junior Indebtedness or any guarantees thereof that is subordinated in right of payment or liens to the Obligations, shall cease
for any reason to be validly subordinated to the Obligations as provided in the documentation governing such Junior Indebtedness
or any Loan Party shall contest the subordination of any Junior Indebtedness or any guarantees thereof;

 

(n)          any
order, judgment or decree shall be entered against any Loan Party decreeing the dissolution, split up or cessation or restraint
from conducting a material part of the business of business of such Loan Party and such order shall remain undischarged or unstayed
for a period in excess of 60 consecutive days; or

 

(o)          any
failure to comply with Environmental Laws or Release of Hazardous Materials that shall cause or would be reasonably expected to
have, individually or in the aggregate, a Material Adverse Effect.

 

then, and in every such event (other than
an event with respect to any Loan Party described in paragraph (h) or (i) above), and at any time
thereafter during the continuance of such event, the Administrative Agent, at the request of the Required Lenders, shall, by notice
to the Borrower, take any or all of the following actions, at the same or different times: (i) terminate forthwith the Commitments
and (ii) declare the Loans then outstanding to be forthwith due and payable in whole or in part, whereupon the principal of the
Loans then outstanding so declared to be due and payable, together with the premium amount that would be due in accordance with
Section 2.12(c) if the Loans were repaid or prepaid on such date in accordance with Section 2.11(a),
accrued interest thereon and any unpaid accrued Fees and all other liabilities of the Borrower accrued hereunder and under any
other Loan Document constituting Obligations, shall become forthwith due and payable, without presentment, demand, protest or any
other notice of any kind, all of which are hereby expressly waived by the Borrower, anything contained herein or in any other Loan
Document to the contrary notwithstanding.

 

If an Event of Default described in paragraph
(h) or (i) above occurs, then the principal amount of the Loans outstanding, together with the Prepayment
Premium amount described in Section 2.12(c) if the Loans were repaid or prepaid on such date in accordance with Section
2.11(a), accrued interest on the Loans, any unpaid Fees and all other liabilities of the Borrower accrued hereunder and
under any other Loan Documents constituting Obligations, shall ipso facto become immediately due and payable without any declaration
or other act on the part of the Administrative Agent or any Lender.

 

Section
7.02         Exclusion of Certain Subsidiaries. Solely for the purposes
of determining whether an Event of Default has occurred under clause (h), (i) or (j)
of Section 7.01, any reference in any such clause to any subsidiary shall be deemed not to include any Immaterial
Subsidiary affected by any event or circumstance referred to in any such clause.

 

    	 	-148-	 

     

    

 

Article
VIII

The Agents

 

Section
8.01         Appointment and Authority. (a) Each of the Lenders hereby
irrevocably appoints U.S. Bank National Association to act on its behalf as the Administrative Agent hereunder and under the other
Loan Documents, and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are
delegated to the Administrative Agent by the terms hereof or thereof, together with such actions and powers as are reasonably
incidental thereto. The provisions of this Article are solely for the benefit of the Administrative Agent, the Collateral Agent
and the Lenders, and the Borrower shall not have rights as a third party beneficiary of any of such provisions.

 

(b)          Each
of the Lenders hereby designates U.S. Bank National Association to act as Collateral Agent for such Lender under this Agreement
and the other Loan Documents. Each of the Lenders hereby irrevocably authorizes Collateral Agent to take such action on its behalf
under the provisions of this Agreement and the Loan Documents and to exercise such powers and to perform such duties hereunder
and thereunder as are specifically delegated to or required of Collateral Agent by the terms hereof and thereof and such other
powers as are reasonably incidental thereto and Collateral Agent shall hold all Collateral, payments of principal and interest,
fees (except the fees set forth in the Fee Letter), charges and collections (without giving effect to any collection days) received
pursuant to this Agreement, for the ratable benefit of Lenders. The Collateral Agent may perform any of its duties hereunder by
or through its agents or employees. The Collateral Agent shall not have any duty to take any discretionary action or exercise any
discretionary powers expressly contemplated hereby or under the Loan Documents, except discretionary rights and powers expressly
contemplated hereby pursuant to Section 8.01(c) or under the Loan Documents and which the Collateral Agent has been
directed in writing by the Required Lenders; provided, however, that Collateral Agent shall not be
required to take any action which exposes Collateral Agent to liability or which is contrary to this Agreement or the Other Documents
or Applicable Law unless Collateral Agent is furnished with an indemnification reasonably satisfactory to Collateral Agent with
respect thereto. Each of the Administrative Agent and the Collateral Agent may at any time request instructions from the Lenders
with respect to any actions or approvals which by the terms of this Agreement or of any of the Loan Documents such Agent is permitted
or required to take or to grant. Whether or not the Administrative Agent or the Collateral Agent makes such a request, at all times
except with respect to an express obligation set forth herein, the Administrative Agent and the Collateral Agent shall be entitled
to refrain from such act or taking such action unless and until the Administrative Agent or the Collateral Agent shall have received
instructions from the Required Lenders, and the Administrative Agent or the Collateral Agent shall not incur liability to any Person
by reason of so refraining. If, in performing its duties under this Agreement, either the Administrative Agent or the Collateral
Agent is required to decide between alternative courses of action or has received conflicting directions or any other directions
from Lenders who do not satisfy the definition of Required Lenders, such Agent may refrain from taking any action until it receives
instructions from the Required Lenders.

 

    	 	-149-	 

     

    

 

(c)          Notwithstanding
anything else to the contrary herein, whenever reference is made in this Agreement to any discretionary action by, consent, designation,
specification, requirement or approval of, notice, request or other communication from, or other direction given or action to be
undertaken or to be (or not to be) suffered or omitted by the Administrative Agent and/or the Collateral Agent or to any election,
decision, opinion, acceptance, use of judgment, expression of satisfaction or other exercise of discretion, rights or remedies
to be made (or not to be made) by the Administrative Agent and/or the Collateral Agent, it is understood that the Administrative
Agent and/or the Collateral Agent shall be acting at the written direction of the Lenders or Required Lenders, as applicable, and
shall be fully protected in acting pursuant to such directions; provided that if the Person required to provide the
direction to the Agents is not specified, the Administrative Agent and/or the Collateral Agent shall only act at the direction
of the Required Lenders. In all cases the Administrative Agent and/or the Collateral Agent shall be fully justified in failing
or refusing to take any such action under this Agreement if they shall not have received such written instruction, advice or concurrence.
For purposes of clarity, phrases such as “satisfactory to the Administrative Agent and/or the Collateral Agent”, “approved”,
“approved by the Administrative Agent and/or the Collateral Agent”, “acceptable to the Administrative Agent and/or
the Collateral Agent”, “as determined by the Administrative Agent and/or the Collateral Agent”, “in the
Administrative Agent’s and/or the Collateral Agent discretion”, “selected by the Administrative Agent and/or
the Collateral Agent”, and phrases of similar import, except as otherwise expressly provided herein, authorize and permit
the Administrative Agent and/or the Collateral Agent to approve, disapprove, determine, act or decline to act only at the direction
of the Required Lenders (it being understood that nothing contained in this Agreement or other Loan Document shall impose a duty
on the Administrative Agent or the Collateral Agent to make any such determination or take any action independent of such written
direction from the Lenders or the Required Lenders or exercise any discretionary acts.).

 

Section
8.02         Rights as a Lender. If the Administrative Agent and/or
the Collateral Agent shall request instructions from Lenders with respect to any act or action (including failure to act) in connection
with this Agreement or any Loan Document, the Administrative Agent and/or the Collateral Agent shall be entitled to refrain from
such act or taking such action unless and until the Administrative Agent and/or the Collateral Agent shall have received instructions
from the Required Lenders; and the Administrative Agent and/or the Collateral Agent shall not incur liability to any Person by
reason of so refraining. Without limiting the foregoing, Lenders shall not have any right of action whatsoever against the Administrative
Agent and/or the Collateral Agent as a result of its acting or refraining from acting hereunder in accordance with the instructions
of the Required Lenders.

 

    	 	-150-	 

     

    

 

Section
8.03         Exculpatory Provisions The Administrative Agent
and/or the Collateral Agent shall have no duties or responsibilities except those expressly set forth in this Agreement and
the Loan Documents. Neither Collateral Agent, the Administrative Agent nor any of their respective officers, directors,
employees or agents shall be (i) liable for any action taken or omitted by them as such hereunder or in connection herewith,
unless caused by their gross negligence or willful misconduct (as determined by a court of competent jurisdiction in a final
non-appealable judgment), or (ii) responsible in any manner for any recitals, statements, representations or warranties made
by the Borrower or any officer thereof contained in this Agreement, or in any of the Loan Documents or in any certificate,
report, statement or other document referred to or provided for in, or received by the Administrative Agent and/or the
Collateral Agent under or in connection with, this Agreement or any of the Loan Documents or for the value, validity,
effectiveness, genuineness, due execution, enforceability or sufficiency of this Agreement, or any of the Loan Documents or
for any failure of the Borrower to perform its obligations hereunder. The Administrative Agent and/or the Collateral Agent
shall not be under any obligation to any Lender to ascertain or to inquire as to the observance or performance of any of the
agreements contained in, or conditions of, this Agreement or any of the Loan Documents, or to inspect the properties, books
or records of the Borrower. The duties of the Administrative Agent and/or the Collateral Agent with respect to the Loans to
the Borrower shall be mechanical and administrative in nature; the Administrative Agent and/or the Collateral Agent shall not
have by reason of this Agreement a fiduciary relationship in respect of any Lender (regardless of whether a Default has
occurred and is continuing); and nothing in this Agreement, expressed or implied, is intended to or shall be so construed as
to impose upon the Administrative Agent and/or the Collateral Agent any obligations in respect of this Agreement except as
expressly set forth herein. The Administrative Agent and/or the Collateral Agent shall not, except as expressly set forth
herein and in the Loan Documents, have any duty to disclose, and shall not be liable for the failure to disclose, any
information relating to the Borrower or any of its Affiliates that is communicated to or obtained by the Person servicing as
the Administrative Agent and/or the Collateral Agent or any of their respective Affiliates in any capacity. The
Administrative Agent and/or the Collateral Agent will provide copies of notices, certificates and reports that it receives
from the Borrowers to the Lenders and shall have no obligation to review such notices, certificates or reports except as
expressly provided herein.

 

(b)          Without
limiting the foregoing, neither the Administrative Agent nor the Collateral Agent shall be required to act hereunder or to advance
its own funds or otherwise incur any financial liability in the performance of its duties or the exercise of its rights hereunder
and under any other agreements or documents to which it is a party, and shall in all cases be fully justified in failing or refusing
to act hereunder unless it shall receive further assurances to its satisfaction from the Lenders of their indemnification obligations
under and in accordance with the provisions of Section 9.05 against any and all liability and expense that may be
incurred by it by reason of taking or continuing to take or refraining from taking any such action. The Administrative Agent and/or
the Collateral Agent shall be fully justified in requesting direction from the Required Lenders in the event this Agreement or
any Loan Document is silent or vague with respect to such the Administrative Agent’s or the Collateral Agent’s duties,
rights or obligations. Neither the Administrative Agent nor the Collateral Agent shall be liable for any action taken or not taken
by it (i) with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall
be necessary, or as such Administrative Agent and/or the Collateral Agent shall believe in good faith shall be necessary, under
the circumstances) or (ii) in the absence of its own gross negligence or willful misconduct, as determined by a court of competent
jurisdiction in a final and non-appealable decision. The Administrative Agent and/or the Collateral Agent shall not be deemed to
have knowledge of any Default unless and until written notice describing such Default is received by the Administrative Agent and/or
the Collateral Agent from the Borrower or a Lender.

 

(c)          Each
party to this Agreement acknowledges and agrees that the Administrative Agent and the Collateral Agent may from time to time use
one or more outside service providers for the tracking of all UCC financing statements (and/or other collateral related filings
and registrations from time to time) required to be filed or recorded pursuant to the Loan Documents and the notification to the
Administrative Agent and the Collateral Agent, of, among other things, the upcoming lapse or expiration thereof, and that each
of such service providers will be deemed to be acting at the request and on behalf of Borrower and the other Loan Parties.

 

    	 	-151-	 

     

    

 

(d)          The
Administrative Agent and the Collateral Agent shall not be under a duty to examine or independently evaluate, and shall not be
charged with knowledge or notice of, the contents of any financial statements or reports delivered to it pursuant to the provisions
of this Agreement or the Loan Documents, it being acknowledged that such deliveries are for the purpose of making such materials
available to the Lenders.

 

Section
8.04         Reliance by Administrative Agent. The Administrative Agent
and/or the Collateral Agent shall be entitled to rely, and shall be fully protected in relying, upon any notice, request, consent,
note, writing, resolution, notice, statement, certificate, telex, teletype or telecopier message, cablegram, order or other document
or telephone message believed by it to be genuine and correct and to have been signed, sent or made by the proper person or entity,
and, with respect to all legal matters pertaining to this Agreement and the Loan Documents and its duties hereunder, upon advice
of counsel selected by it. The Administrative Agent and/or the Collateral Agent shall not incur liability for relying thereon.
In determining compliance with any condition hereunder to the making of a Loan that by its terms must be fulfilled to the satisfaction
of a Lender, each of the Administrative Agent and the Collateral Agent may presume that such condition is satisfactory to such
Lender unless each of the Administrative Agent and the Collateral Agent shall have received written notice to the contrary from
such Lender prior to the making of such Loan. The Administrative Agent and/or the Collateral Agent may consult with legal counsel
(who may be counsel for the Borrower), independent accountants and other experts selected by it, and shall not be liable for any
action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.

 

Section
8.05         Delegation of Duties. The Administrative Agent and/or
the Collateral Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any Loan Document
by or through any one or more sub-agents appointed by such Administrative Agent and/or Collateral Agent. The Administrative Agent
and/or the Collateral Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by
or through their respective agents. The exculpatory provisions of this Article shall apply to any such sub-agent and to the agents
of the Administrative Agent and/or the Collateral Agent and any such sub-agent, and shall apply to their respective activities
in connection with the syndication of the Credit Facility provided for herein as well as activities as the Administrative Agent
and/or the Collateral Agent. The Administrative Agent and/or the Collateral Agent shall not be responsible for the negligence
or misconduct of any agents or attorneys in fact selected by it with reasonable care.

 

    	 	-152-	 

     

    

 

Section
8.06         Resignation of the Administrative Agent or Collateral Agent.
The Administrative Agent and/or the Collateral Agent may resign on sixty (60) days’ written notice to each of Lenders and
upon such resignation, the Required Lenders will promptly designate a successor Administrative Agent and/or Collateral Agent reasonably
satisfactory to the Borrower. Any such successor Administrative Agent and/or Collateral Agent shall succeed to the rights, powers
and duties of the Administrative Agent or Collateral Agent, as applicable, and (x) the term “Collateral Agent”
shall mean such successor Collateral Agent effective upon its appointment and/or (y) the term “Administrative Agent”
shall mean such successor Administrative Agent effective upon its appointment, and the former Administrative Agent and/or Collateral
Agent’s rights, powers and duties as Administrative Agent and/or Collateral Agent shall be terminated, without any other
or further act or deed on the part of such former Administrative Agent and/or Collateral Agent, as applicable. After any Administrative
Agent’s and/or Collateral Agent’s resignation as Administrative Agent and/or collateral Agent, as applicable, the
provisions of this Article VIII shall inure to its benefit as to any actions taken or omitted to be taken by it
while it was Administrative Agent and/or Collateral Agent under this Agreement. After the retiring the Administrative Agent’s
and/or Collateral Agent’s resignation hereunder and under the other Loan Documents, the provisions of this Article VIII
and Section 9.05 shall continue in effect for the benefit of such retiring Administrative Agent and/or Collateral
Agent, its sub agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them
while the retiring Administrative Agent and/or Collateral Agent was acting as Administrative Agent and/or Collateral Agent. Notwithstanding
anything to the contrary herein, no Disqualified Institution (nor any Affiliate thereof) may be appointed as a successor Administrative
Agent and/or Collateral Agent or sub-agent.

 

Section
8.07         Non-Reliance on Administrative Agent and Other Lenders.
Independently and without reliance upon the Administrative Agent and/or the Collateral Agent or any other Lender, each Lender
has made and shall continue to make (i) its own independent investigation of the financial condition and affairs of each Loan
Party in connection with the making and the continuance of the Loans hereunder and the taking or not taking of Loan action in
connection herewith, and (ii) its own appraisal of the creditworthiness of each Loan Party. The Administrative Agent and/or the
Collateral Agent shall have no duty or responsibility, either initially or on a continuing basis, to provide any Lender with any
credit or other information with respect thereto, whether coming into its possession before making of the Loans or at any time
or times thereafter except as shall be provided by any Loan Party pursuant to the terms hereof. The Administrative Agent and/or
the Collateral Agent shall not be responsible to any Lender for the financial condition of the Borrower, or be required to make
any inquiry concerning either the performance or observance of any of the terms, provisions or conditions of this Agreement, the
Loan Documents or the financial condition of the Borrower, or the existence of any Event of Default or any Default.

 

Section
8.08         Notice of Default. The Administrative Agent and/or the
Collateral Agent shall not be deemed to have knowledge or notice of the occurrence of any Default or Event of Default hereunder
or under the Loan Documents, unless the Administrative Agent and/or the Collateral Agent has received notice from a Lender or
the Borrower referring to this Agreement or the Loan Documents, describing such Default or Event of Default and stating that such
notice is a “notice of default”. In the event that the Administrative Agent and/or the Collateral Agent receives such
a notice, the Administrative Agent and/or the Collateral Agent shall give notice thereof to Lenders. The Administrative Agent
and/or the Collateral Agent shall take such action with respect to such Default or Event of Default as shall be reasonably directed
by the Required Lenders; provided, that, unless and until the Administrative Agent and/or the Collateral Agent shall
have received such directions, the Administrative Agent and/or the Collateral Agent may (but shall not be obligated to) take such
action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the
best interests of Lenders.

 

    	 	-153-	 

     

    

 

Section
8.09         Administrative Agent May File Proofs of Claim. In case
of the pendency of any proceeding under any Debtor Relief Law or any other judicial proceeding relative to any Loan Party, the
Administrative Agent (irrespective of whether the principal of any Loan shall then be due and payable as herein expressed or by
declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on the Borrower) shall
be entitled and empowered, by intervention in such proceeding or otherwise

 

(a)          to
file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans and all other
Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims
of the Lenders or the Administrative Agent (including any claim for the reasonable compensation, expenses, disbursements and advances
of the Lenders, the Administrative Agent and their respective agents and counsel and all other amounts due to the Lenders and the
Administrative Agent under Sections 2.12 and 9.05) allowed in such judicial proceeding; and

 

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

 

and any custodian, receiver, assignee,
trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender
to make such payments to the Administrative Agent and, in the event that the Administrative Agent, shall consent to the making
of such payments directly to the Lenders, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses,
disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative
Agent under Sections 2.12 and 9.05.

 

Nothing contained herein
shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender any
specific plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender to
authorize the Administrative Agent to vote in respect of the claim of any Lender in any such proceeding.

 

Section
8.10         Indemnification. To the extent the Administrative
Agent and/or the Collateral Agent are not reimbursed and indemnified by the Borrower, each Lender will reimburse and
indemnify the Administrative Agent and/or the Collateral Agent in proportion to its respective portion of the Loans, from and
against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, fees (including
reasonable legal fees, costs and expenses), costs, expenses or disbursements of any kind or nature whatsoever which may be
imposed on, incurred by or asserted against the Administrative Agent and/or the Collateral Agent in performing its duties
hereunder, or in any way relating to or arising out of this Agreement or any Loan Document and (whether brought by or
involving any third party, the Borrower or the Lenders) (in all cases, whether or not caused or arising, in whole or in part,
out of the comparative, contributory or sole negligence of the Administrative Agent, the Collateral Agent or Related
Parties); provided that, Lenders shall not be liable for any portion of such liabilities, obligations, losses,
damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from the Administrative
Agent’s and/or the Collateral Agent’s gross negligence or willful misconduct (as determined by a court of
competent jurisdiction in a final non-appealable judgment).

 

    	 	-154-	 

     

    

 

Section
8.11         Collateral Agreement.

 

(a) (i) The Lenders irrevocably
authorize the Collateral Agent to release (and deliver evidence of such release) any Lien on any property granted to or held by
the Collateral Agent under any Loan Document (A) upon Payment in Full, (B) that is sold or to be sold to a party that is not a
Loan Party or otherwise disposed of as part of or in connection with any sale or other Disposition permitted hereunder or under
any other Loan Document, or (C) subject to Section 9.09, if approved, authorized or ratified in writing by the Required
Lenders or such other number or percentage of Lenders required hereby.

 

(ii) to subordinate any
Lien on any property granted to or held by the Collateral Agent under any Loan Document to the holder of any Lien on such property
that is permitted by clauses (i) or (j) of Section 6.02.

 

(b)          The
Lenders irrevocably authorize the Administrative Agent or Collateral Agent, as applicable to release (and deliver evidence of such
release) any guarantor from its obligations under the Guaranty Agreement and the other Security Documents upon Payment in Full
or if person ceases to be a Loan Party as a result of a transaction permitted hereunder and under the other Loan Documents (as
the context may require).

 

(c)          Anything
contained in any of the Loan Documents to the contrary notwithstanding, the Borrower, the Administrative Agent, the Collateral
Agent and each Lender hereby agree that no Secured Party shall have any right individually to realize upon any of the Collateral
or to enforce the Guarantee and Collateral Agreement or any other Security Document, it being understood and agreed that all powers,
rights and remedies under any of the Security Documents may be exercised solely by the Administrative Agent or the Collateral Agent,
as applicable, for the benefit of the Secured Parties in accordance with the terms thereof and all powers, rights and remedies
under the Security Documents may be exercised solely by the Collateral Agent for the benefit of the Secured Parties in accordance
with the terms thereof.

 

Upon request by the Administrative Agent
at any time, each of the Required Lenders will confirm in writing the Administrative Agent’s or Collateral Agent’s,
as applicable, authority to release or subordinate its interest in particular types or items of property, or to release any guarantor
from its obligations under the Guarantee and the other Security Documents.

 

Section
8.12         Withholding Tax. To the extent required by any applicable
laws (as determined in good faith by the Administrative Agent), the Administrative Agent may withhold from any payment to any
Lender or under any Loan Document an amount equivalent to any applicable withholding Tax. Without limiting or expanding the provisions
of Section 2.17, each Lender shall indemnify and hold harmless the Administrative Agent against, and shall make
payment in respect thereof within 10 days after demand therefor, any and all Taxes and any and all related losses, claims, liabilities
and expenses (including fees, charges and disbursements of any counsel for the Administrative Agent) incurred by or asserted against
the Administrative Agent by the IRS or any other Governmental Authority as a result of the failure of the Administrative Agent
to properly withhold Tax from amounts paid to or for the account of such Lender for any reason (including because the appropriate
form was not delivered or not properly executed, or because such Lender failed to notify the Administrative Agent of a change
in circumstance that rendered the exemption from, or reduction of withholding Tax ineffective). A certificate as to the amount
of such payment or liability delivered to any Lender by the Administrative Agent or shall be conclusive absent manifest error.
Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender
under this Agreement or any other Loan Document against any amount due the Administrative Agent under this Section 8.11.
The agreements in this Section 8.11 shall survive the resignation and/or replacement of the Administrative Agent
any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction
or discharge of all other Obligations.

 

    	 	-155-	 

     

    

 

Section
8.13         Certain ERISA Matters.

 

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

 

(i)          such
Lender is not using “plan assets” (within the meaning of Section 3(42) of ERISA or otherwise) of one or more Benefit
Plans in connection with the Loans or the Commitments,

 

(ii)         the
prohibited transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined
by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance
company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts),
PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption
for certain transactions determined by in-house asset managers), is applicable so as to exempt from the prohibitions of ERISA Section
406 and Section 4975 of the Code such Lender’s entrance into, participation in, administration of and performance of the
Loans the Commitments and this Agreement, or

 

(iii)        (A)
such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI
of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into,
participate in, administer and perform the Loans the Commitments and this Agreement, (C) the entrance into, participation in, administration
of and performance of the Loans, the Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g)
of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14
are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans,
the Commitments and this Agreement.

 

    	 	-156-	 

     

    

 

(b)          In
addition, unless sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender, such Lender further (x)
represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person
became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative
Agent and the Collateral Agent and their respective Affiliates, and for the benefit of the Borrower and any other Loan Party, that
none of the Administrative Agent or the Collateral Agent or any of their respective Affiliates is a fiduciary with respect to the
assets of such Lender involved in the Loans, the Commitments, and this Agreement (including in connection with the reservation
or exercise of any rights by the Administrative Agent or the Collateral Agent under this Agreement, any Loan Document or any documents
related to hereto or thereto).

 

Section
8.14         No Reliance on Collateral Agent’s Customer Identification
Program.

 

Each Lender acknowledges
and agrees that neither such Lender, nor any of its Affiliates, participants or assignees, may rely on the Administrative Agent
to carry out such Lender’s, Affiliate’s, participant’s or assignee’s customer identification program, or
other obligations required or imposed under or pursuant to the USA PATRIOT Act or the regulations thereunder, including the regulations
contained in 31 CFR 103.121 (as hereafter amended or replaced, the “CIP Regulations”), or any other Anti-Terrorism
Law, including any programs involving any of the following items relating to or in connection with the Borrower, its Affiliates
or its agents, this Agreement, the Loan Documents or the transactions hereunder or contemplated hereby: (1) any identity verification
procedures, (2) any record-keeping, (3) comparisons with government lists, (4) customer notices or (5) other procedures required
under the CIP Regulations or such other laws.

 

Section
8.15         No Other Duties, etc. Anything herein to the contrary
notwithstanding, the Administrative Agent and/or the Collateral Agent shall not have any powers, duties or responsibilities
under this Agreement or any of the Loan Documents, except in its capacity, as applicable, as the Administrative Agent and/or
the Collateral Agent. For the avoidance of doubt, the Administrative Agent and/or the Collateral Agent shall not be
responsible for the perfection of any Lien or for the filing, form, content or renewal of any UCC financing statements,
fixture filings, mortgages, deeds of trust and such other documents or instruments, provided that the
Administrative Agent and/or the Collateral Agent shall effect such filings and renewals as instructed by the Required Lenders
in writing.

 

Section
8.16         Credit Agreement Controls. In the event of any conflict
between this Agreement and any other Loan Document (except as set forth in the First-Second Intercreditor Agreement) with respect
to the rights, duties, powers and responsibilities of the Administrative Agent and/or the Collateral Agent, the terms of this
Agreement shall govern and control.

 

    	 	-157-	 

     

    

 

Section
8.17         Actions of the Collateral Agent. Notwithstanding anything
herein to the contrary, all terms and provisions hereof with respect to the Administrative Agent and/or the Collateral Agent or
in any Loan Document shall be subject to the terms of this Section 8.17 (except as set forth in the First-Second
Intercreditor Agreement). In performing under the Loan Documents, the Administrative Agent and/or the Collateral Agent shall have
all of its rights, protections and immunities granted to it under this Agreement. The Lenders hereby authorize, empower and direct
the Administrative Agent and/or the Collateral Agent to execute and deliver on their behalf the Loan Documents and all related
agreements, documents or instruments as shall be necessary or appropriate as determined by the Lenders in good faith and in the
forms presented to the Administrative Agent and/or the Collateral Agent as of the date hereof in order to effectuate the purposes
of the Loan Documents and any such other related agreements, documents and instruments.

 

Section
8.18         Regarding Collateral.

 

(a)          The Collateral Agent
makes no representation as to the value, sufficiency or condition of the Collateral or any part thereof, as to the title of the
Borrower to the Collateral, as to the security afforded by this Agreement or any Loan Document, and the Collateral Agent shall
incur no liability or responsibility in respect of any such matters. The Collateral Agent shall not be responsible for insuring
the Collateral, for the payment of taxes, charges, assessments or liens upon the Collateral or otherwise as to the maintenance
of the Collateral, except as provided in the immediately following sentence when the Collateral Agent has possession of the Collateral.
The Collateral Agent shall have no duty to the Lenders as to any Collateral in its possession or in the possession of someone under
its control or in the possession or control of any Collateral Agent or nominee of the Collateral Agent or any income thereon or
as to the preservation of rights against prior parties or any other rights pertaining thereto, except the duty to accord such of
the Collateral as may be in its possession substantially the same care as it accords its own assets and the duty to account for
monies received by it. Neither the Collateral Agent nor any officer, the Collateral Agent or representative thereof shall be personally
liable for any action taken or omitted to be taken by any such Person in connection with this Agreement or any Loan Document except
for such Person's own gross negligence or willful misconduct. In no instance shall the Collateral Agent have any liability for
special, consequential or indirect damages or penalties (including lost profits) even if it has been advised of the likelihood
of the same, except to the extent arising out of its gross negligence or willful misconduct. Permissive rights, authorities and
powers granted to the Collateral Agent under this Agreement or any Loan Documents shall not be construed to be mandatory duties
to act. The Collateral Agent shall not be under an obligation independently to request or examine insurance coverage with respect
to any Collateral.

 

(b)          The
Collateral Agent shall not be liable for the acts or omissions of any bank, depositary bank, custodian, independent counsel of
the Borrower or any other party selected by the Collateral Agent with reasonable care or selected by any other party hereto that
may hold or possess Collateral or documents related to Collateral and the Collateral Agent shall not be required to monitor the
performance of any such Persons holding Collateral (except to the extent such Person is a co-agent or sub-agent appointed by the
Collateral Agent). Without prejudice to the generality of the foregoing, the Collateral Agent shall not be liable for any damage
or loss resulting from or caused by events or circumstances beyond the Collateral Agent's reasonable control, including nationalization,
expropriation, currency restrictions, the interruption, disruption or suspension of the normal procedures and practices of any
securities market, power, mechanical, communications or other technological failures or interruptions, computer viruses or the
like, acts of war or terrorism, riots, revolution, acts of God, work stoppages, strikes, national disasters of any kind, or other
similar events or acts.

 

    	 	-158-	 

     

    

 

(c)          In
connection with the exercise of any rights or remedies in respect of, or foreclosure or realization upon, any real estate-related
collateral pursuant to this Agreement or any Loan Document, the Collateral Agent shall not be obligated to take title to or possession
of real estate in its own name, or otherwise in a form or manner that may, in its reasonable judgment, expose it to liability.
In the event that the Collateral Agent deems that it may be considered an "owner or operator" under any environmental
laws or otherwise cause the Collateral Agent to incur, or be exposed to, any environmental liability or any liability under any
other federal, state or local law, the Collateral Agent reserves the right, instead of taking such action, either to resign as
Collateral Agent subject to the terms and conditions of Section 8.06 or to arrange for the transfer of the title
or control of the asset to a court appointed receiver. The Collateral Agent will not be liable to any Person for any environmental
liability or any environmental claims or contribution actions under any federal, state or local law, rule or regulation by reason
of the Collateral Agent's actions and conduct as authorized, empowered and directed hereunder or relating to any kind of discharge
or release or threatened discharge or release of any hazardous materials into the environment.

 

(d)          The
Collateral Agent shall have no liability for losses arising from (i) any cause beyond its control, (ii) any delay, error,
omission or default of any mail, telegraph, cable or wireless agency or operator, or (iii) the acts or edicts of any government
or governmental agency or other group or entity exercising governmental powers. The Collateral Agent shall not be responsible for
any special, exemplary, punitive or consequential damages.

 

(e)          The
Collateral Agent shall not be responsible for the preparation or filing of any UCC financing statements or the correctness of any
financing statements filed in connection with this Agreement or the validity or perfection of any lien or security interest created
pursuant to this Agreement.

 

(f)          The
Collateral Agent shall not be liable for interest on any money received by it except as the Collateral Agent may agree in writing
with the Borrower. The Collateral Agent shall not be required to expend or risk its own funds in the performance of its duties
hereunder. Concurrently herewith, the Administrative Agent directs the Collateral Agent and the Collateral Agent is authorized
to enter into the Collateral Documents and any other related agreements in the forms presented to the Collateral Agent. For the
avoidance of doubt, all of the Collateral Agent’s rights, protections and immunities provided herein shall apply to the Collateral
Agent for any actions taken or omitted to be taken under any Collateral Documents and any other related agreements in any of its
capacities. All protections provided herein shall apply to U.S. Bank National Association in its various capacities hereunder.

 

(g)          It
is expressly agreed and acknowledged that the Collateral Agent is not guaranteeing performance of or assuming any liability for
the obligations of the other parties hereto or any parties to the Collateral.

 

(h)          If,
in performing its duties under this Agreement, the Collateral Agent is required to decide between alternative courses of action,
the Collateral Agent may request written instructions from the Required Lenders as to the course of action desired by it. If the
Collateral Agent does not receive such instructions within three Business Days after it has requested them, the Collateral Agent
may, but shall be under no duty to, take or refrain from taking any such courses of action. The Collateral Agent shall act in accordance
with instructions received after such three-Business Day period except to the extent it has already taken, or committed itself
to take action inconsistent with such instructions.

 

    	 	-159-	 

     

    

 

(i)          The
Collateral Agent shall have no liability for any failure, inability or unwillingness on the part of the Borrower to provide accurate
and complete information on a timely basis to the Collateral Agent, or otherwise on the part of any such party to comply with the
terms of this Agreement, and shall have no liability for any inaccuracy or error in the performance or observance on the Collateral
Agent’s part of any of its duties hereunder that is caused by or results from any such inaccurate, incomplete or untimely
information received by it, or other failure on the part of any such other party to comply with the terms hereof.

 

Article
IX

Miscellaneous

 

Section
9.01         Notices. (a)  Except in the case of notices
and other communications 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 telecopier as follows, and all notices and other communications permitted
hereunder to be given by telephone shall be made to the applicable telephone number, as follows:

 

(i)          if
to any Loan Party, to its address set forth on Schedule 9.01(a)(i);

 

(ii)         if
to the GSO Representative, to its address set forth on Schedule 9.01(a)(i); and

 

(iii)        if
to the Administrative Agent or Collateral Agent, to the applicable address as set forth on Schedule 9.01(a)(ii) and
including copies to any sub-agents as set forth therein.

 

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

 

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

 

    	 	-160-	 

     

    

 

(c)          Unless
the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed
received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt
requested” function, as available, return e-mail or other written acknowledgement), provided that if such notice
or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed
to have been sent at the opening of business on the next Business Day for the recipient, and (ii) notices or communications
posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail
address as described in the foregoing clause (i) of notification that such notice or communication is available and identifying
the website address therefor.

 

(d)          Each
of the Borrower, the Administrative Agent, the Collateral Agent may change its address, telecopier or telephone number for notices
and other communications hereunder by notice to the other parties hereto. Each other Lender may change its address, telecopier
or telephone number for notices and other communications hereunder by notice to the Borrower, the Administrative Agent and the
Collateral Agent. In addition, each Lender agrees to notify the Administrative Agent and the Collateral Agent from time to time
to ensure that the Administrative Agent and the Collateral Agent has on record (i) an effective address, contact name, telephone
number, telecopier number and electronic mail address to which notices and other communications may be sent and (ii) accurate wire
instructions for such Lender. Furthermore, each Public Lender agrees to cause at least one individual at or on behalf of such Public
Lender to at all times have selected the “Private Side Information” or similar designation on the content declaration
screen of the Platform in order to enable such Public Lender or its delegate, in accordance with such Public Lender’s compliance
procedures and applicable Law, including United States Federal and state securities Laws, to make reference to the Communications
that are not made available through the “Public Side Information” portion of the Platform and that may contain material
non-public information with respect to the Borrower or its securities for purposes of United States Federal or state securities
laws.

 

(e)          The
Administrative Agent, the Collateral Agent and the Lenders shall be entitled to rely and act upon any notices (including telephonic
Borrowing Requests) purportedly given by or on behalf of the Borrower even if (i) such notices were not made in a manner specified
herein, were incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof,
as understood by the recipient, varied from any confirmation thereof. The Borrower shall indemnify the Administrative Agent, the
Collateral Agent, each Lender and the Related Parties of each of them from all losses, costs, expenses and liabilities resulting
from the reliance by such person on each notice purportedly given by or on behalf of the Borrower. All telephonic notices to and
other telephonic communications with the Administrative Agent and the Collateral Agent may be recorded by the Administrative Agent
and Collateral Agent, and each of the parties hereto hereby consents to such recording.

 

    	 	-161-	 

     

    

 

Section
9.02         Survival of Agreement. All covenants, agreements, representations
and warranties made by the Borrower and the other Loan Parties herein, in the other Loan Documents and in any document, certificate
or statement delivered pursuant hereto or in connection with or pursuant to this Agreement or any other Loan Document shall be
considered to have been relied upon by the Lenders and shall survive the making by the Lenders of the Loans, the execution and
delivery of the Loan Documents, regardless of any investigation made by such persons or on their behalf, and shall continue in
full force and effect as long as the principal of or any accrued interest on any Loan or any Fee or any other Obligations (other
than yet unasserted contingent Obligations) under this Agreement or any other Loan Document is outstanding and unpaid and so long
as the Commitments have not been expired or terminated. Without prejudice to the survival of any other agreements contained herein,
indemnification and reimbursement obligations contained herein (including pursuant to Sections 2.15, 2.17,
8.10, 8.11, and 9.05) shall survive the Payment in Full and the termination of the Commitments
or this Agreement.

 

Section
9.03         Binding Effect. This Agreement shall become effective
when it shall have been executed by the Borrower and the Administrative Agent and when the Administrative Agent shall have received
copies hereof that, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding
upon and inure to the benefit of the Borrower, the Administrative Agent and each Lender and their respective permitted successors
and assigns.

 

Section
9.04         Successors and Assigns. (a) The provisions of this Agreement
shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby,
except that (i) the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior
written consent of the Administrative Agent and each Lender (and any attempted assignment or transfer by the Borrower without
such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except
in accordance with this Section (and any attempted assignment or transfer by any party hereto shall be null and void). Nothing
in this Agreement, expressed or implied, shall be construed to confer upon any person (other than the parties hereto, their respective
successors and assigns permitted hereby, Participants (to the extent provided in paragraph (c) of this Section),
and, to the extent expressly contemplated hereby, the Related Parties of each of the Lenders) any legal or equitable right, remedy
or claim under or by reason of this Agreement or the other Loan Documents.

 

(b)          (i)
Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may at any time assign to one or
more assignees (each, an “Assignee”) all or a portion of its rights and obligations under this Agreement
(including all or a portion of its Commitments and the Loans with the prior written consent of the Required Lenders; provided,
that no consent of the Required Lenders shall be required for an assignment of in the case of a Loan, all or any portion of such
Loan to a Lender, an Affiliate of a Lender or an Approved Fund of such Lender.

 

(ii)         Assignments
shall be subject to the following additional conditions:

 

(A)         except
in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund or an assignment of the entire remaining
amount of the assigning Lender’s Commitments or Loans to related Approved Funds, the amount of the Commitments or Loans of
the assigning Lender subject to each such assignment (as of the date such Assignment and Acceptance is recorded in the Register
by the Administrative Agent) shall not be less than (x) $1,000,000 in respect of Loans unless the Administrative Agent otherwise
expressly consent to such assignment; provided that simultaneous assignments to two or more Related Funds or by two
or more Related Funds to a single Assignee shall be treated as one assignment for purposes of the minimum assignment requirement,
and shall be in an amount that is an integral multiple of $1,000,000 (or the entire remaining amount of such Lender’s Commitment);

 

    	 	-162-	 

     

    

 

(B)         the
parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Acceptance, together with a
processing and recordation fee of $3,500 (which may be waived or reduced at the Administrative Agent’s sole discretion);
provided, that (i) assignments pursuant to Section 2.19 shall not require the signature of the
assigning Lender to become effective and (ii) any such processing and recordation fee in connection with assignments pursuant to
Section 2.19 shall be paid by the assignee;

 

(C)         the
Assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire and all documentation
and other information with respect to the assignee that is required by regulatory authorities under applicable “know your
customer” and anti-money laundering rules and regulations, including the USA PATRIOT Act, including any tax forms required
to be provided pursuant to Section 2.17(g); and

 

(D)         in
connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment shall be effective
unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional
payments to the Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be
outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including funding,
with the consent of the Borrower and the Administrative Agent, the applicable pro rata share of Loans previously requested but
not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (x)
pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent or any Lender hereunder
(and interest accrued thereon) and (y) acquire (and fund as appropriate) its full pro rata share of all Loans in accordance with
its Applicable Percentage. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting
Lender hereunder shall become effective under applicable Law without compliance with the provisions of this paragraph, then the
assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs.

 

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

 

    	 	-163-	 

     

    

 

(iii)        Subject
to acceptance and recording thereof pursuant to paragraph (b)(v) below, from and after the effective date specified
in each Assignment and Acceptance (which shall be the date of such recordation) the Assignee thereunder shall be a party hereto
and, to the extent of the interest assigned by such Assignment and Acceptance, have the rights and obligations of a Lender under
this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Acceptance,
be released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all of the assigning
Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to
be entitled to the benefits of Sections 2.15, 2.16, 2.17 and 9.05).
Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section
9.04 shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations
in accordance with paragraph (c) of this Section.

 

(iv)        The
Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the Borrower, shall maintain at one of its offices
in the United States of America a copy of each Assignment and Acceptance delivered to it and a register for the recordation of
the names and addresses of the Lenders, and the Commitments of, and principal amounts (and stated interest) of the Loans owing
to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register
shall be conclusive absent manifest error, and the Borrower, the Administrative Agent and the Lenders shall treat each Person whose
name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement. The Register
shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon reasonable
prior notice. The Administrative Agent may conclusively rely on the Lender certifications that the proposed assignee of such Loan
is an Eligible Assignee as set forth in the Assignment without any independent investigation.

 

(v)         Upon
its receipt of a duly completed Assignment and Acceptance executed by an assigning Lender and an Assignee, all documents required
under Section 9.04(b)(ii)(C) (unless the Assignee shall already be a Lender hereunder), the processing and recordation
fee referred to in paragraph (b) of this Section and any written consent to such assignment required by paragraph (b)
of this Section, the Administrative Agent shall acknowledge such Assignment and Acceptance and record the information contained
therein in the Register. No assignment shall be effective for purposes of this Agreement unless and until it has been recorded
in the Register as provided in this paragraph, provided that for the avoidance of doubt, the date that is the later
of (i) the trade date specified (if any) in the Assignment and Assumption and (ii) the day such Assignment and Assumption has been
recorded in the Register shall be the effective date of the assignment.

 

    	 	-164-	 

     

    

 

(c)          (i)
Any Lender may, without the consent of the Borrower or the Administrative Agent, sell participations to one or more banks or other
entities (other than a natural person, or a holding company, investment vehicle or trust for, or owned and operated for the primary
benefit of, a natural person, a Defaulting Lender or a Disqualified Institution, or the Borrower or any of the Affiliated Lenders)
(a “Participant”) in all or a portion of such Lender’s rights and obligations under this Agreement
(including all or a portion of its Commitments and the Loans owing to it); provided, that (a) such Lender’s
obligations under this Agreement shall remain unchanged, (b) such Lender shall remain solely responsible to the other parties hereto
for the performance of such obligations and (c) the Borrower, the Administrative Agent and the other Lenders shall continue to
deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. For
the avoidance of doubt, each Lender shall be responsible for the indemnity under Section 9.05(b) with respect
to any payments made by such Lender to its Participants. Any agreement or instrument pursuant to which a Lender sells such a participation
shall provide that such Lender shall retain the sole right to enforce this Agreement and the other Loan Documents and to approve
any amendment, modification or waiver of any provision of this Agreement and the other Loan Documents; provided,
that (x) such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any
amendment, modification or waiver that (1) requires the consent of each Lender directly and adversely affected thereby pursuant
to Section 9.04(a)(i) or clause (i), (ii), (iii), (iv),
(v) or (vi) of the first proviso to Section 9.09(b) and (2) directly and adversely affects
such Participant and (y) no other agreement with respect to such Participant may exist between such Lender and such Participant.

 

(ii)         The
Borrower agrees that each Participant shall be entitled to the benefits of Sections
2.16 and 2.17 (subject to the requirements and limitations therein, including the requirements under Section
2.17(g) (it being understood that the documentation required under Section 2.17(g) shall be delivered to
the participating Lender)) to the same extent as if it were a Lender and had acquired its
interest by assignment pursuant to paragraph (b) of this Section; provided that such Participant (A) agrees
to be subject to the provisions of Section 2.19 as if it were an assignee under paragraph (b) of this Section; and
(B) shall not be entitled to receive any greater payment under Sections 2.16 or 2.17,
with respect to any participation, than its participating Lender would have been entitled to receive, except to the extent such
entitlement to receive a greater payment results from a Change in Law that occurs after the Participant acquired the applicable
participation. Each Lender that sells a participation agrees, at the Borrower's request and expense, to use reasonable efforts
to cooperate with the Borrower to effectuate the provisions of Section 2.19 with respect to any Participant.
To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 9.06 as
though it were a Lender; provided that such Participant agrees
to be subject to Section 2.18(c) as
though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary
agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts
(and stated interest) of each Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant
Register”); provided that no Lender shall have any obligation to disclose all or any portion of the
Participant Register (including the identity of any Participant or any information relating to a Participant's interest in any
commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that
such disclosure is necessary to establish that such commitment, loan or other obligation is in registered form under Section 5f.103-1(c)
of the United States Treasury Regulations and Section 1.163-5(b) of the Proposed United States Treasury Regulations (or, in each
case, any amended or successor version). The entries in the Participant Register shall be conclusive absent manifest error, and
such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all
purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in
its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.

 

    	 	-165-	 

     

    

 

(d)          Any
Lender may, without the consent of the Administrative Agent or the Borrower, at any time pledge or assign a security interest in
all or any portion of its rights under this Agreement (other than to any Disqualified Institution (provided that
the list of Disqualified Institutions (other than any “reasonably identifiable affiliate” (on the basis of such Affiliate’s
name) included in the definition of “Disqualified Institution”) is made available to any Lender who specifically requests
a copy thereof) or any natural Person) to secure obligations of such Lender, including any pledge or assignment to secure obligations
to a Federal Reserve Bank, and this Section shall not apply to any such pledge or assignment of a security interest; provided,
that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute
any such pledgee or Assignee for such Lender as a party hereto.

 

(e)          The
Borrower, at its expense and following receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender
requiring Notes to facilitate transactions of the type described in paragraph (d) above.

 

(f)          No
Lender may at any time enter into a total return swap, total rate of return swap, credit default swap or other derivative instrument
under which any Secured Obligation is a reference obligation with any counterparty that is a Disqualified Institution.

 

(i)          If
any assignment or participation under this Section 9.04 is made to any Disqualified Institution (other than
any Bona Fide Debt Fund) without the Borrower’s prior written consent (any such Person, a “Disqualified Person”),
then the Borrower may, at its sole expense and effort, upon notice to the applicable Disqualified Person and the Administrative
Agent, (A) terminate any Commitment of such Disqualified Person and cause the Borrower to repay all obligations of the Borrower
owing to such Disqualified Person, (B) in the case of any outstanding Loans held by such Disqualified Person, purchase such Loans
by paying the lesser of (x) par and (y) the amount that such Disqualified Person paid to acquire such Loans, plus
accrued interest thereon, accrued fees and all other amounts payable to it hereunder and/or (C) require such Disqualified Person
to assign, without recourse (in accordance with and subject to the restrictions contained in this Section 9.04),
all of its interests, rights and obligations under this Agreement to one or more Eligible Assignees; provided that
(I) in the case of clause (B), the applicable Disqualified Person has received payment of an amount equal
to the lesser of (1) par and (2) the amount that such Disqualified Person paid for the applicable Loans, plus accrued
interest thereon, accrued fees and all other amounts payable to it hereunder from the Borrower, (II) in the case of clauses
(A) and (B), the Borrower shall be liable to the relevant Disqualified Person under Section 2.16
if any Eurocurrency Loan owing to such Disqualified Person is repaid or purchased other than on the last day of the Interest Period
relating thereto and (III) in the case of clause (C), the relevant assignment shall otherwise comply with this
Section 9.04 (except that (x) no registration and processing fee required under this Section 9.04
shall be required with any assignment pursuant to this paragraph and (y) any Loan acquired by any Affiliated Lender pursuant
to this paragraph will not be included in calculating compliance with the Affiliated Lender Cap for a period of 90 days following
such transfer; provided that, to the extent the aggregate principal amount of Loans held by Affiliated Lenders exceeds
the Affiliated Lender Cap on the 91st day following such transfer, then such excess amount shall either be (x) contributed
to the Borrower or any of its subsidiaries and retired and cancelled immediately upon such contribution or (y) automatically
cancelled)). Nothing in this Section 9.04(f) shall be deemed to prejudice any right or remedy that the Borrower
may otherwise have at law or equity.

 

    	 	-166-	 

     

    

 

(g)          Notwithstanding
the foregoing, no assignment may be made or participation sold to (i) a natural person, (ii) other an during the continuance of
an Event of Default, a Disqualified Institution without the prior written consent of the Borrower, (iii) any Defaulting Lender
or any of its subsidiaries, or any person who, upon becoming a Lender hereunder, would constitute any of the foregoing persons
described in this clause (iii) or (iv) any Affiliated Lenders. Upon the request of any Lender, the Administrative Agent shall
inform such Lender as to whether an actual proposed Participant or Assignee is a Disqualified Institution.

 

(h)          Notwithstanding
anything to the contrary contained herein, any Lender may, at any time, assign all or a portion of its rights and obligations under
this Agreement in respect of its Loans to any Affiliated Lender on a non-pro rata basis (A) through a Dutch auction
open to all Lenders holding the relevant Loans on a pro rata basis or (B) through open market purchases, in each case
with respect to clauses (A) and (B), without the consent of the Administrative Agent; provided
that:

 

(i)          any
Loans acquired by the Borrower or any of its Subsidiaries shall be retired and cancelled immediately upon the acquisition thereof;
provided that upon any such retirement and cancellation, the aggregate outstanding principal amount of the Loans
shall be deemed reduced by the full par value of the aggregate principal amount of the Loans so retired and cancelled, and each
principal repayment installment with respect to the applicable Loans pursuant to Section 2.10(a) shall be reduced
on a pro rata basis by the full par value of the aggregate principal amount of Loans so cancelled;

 

(ii)         the
relevant Affiliated Lender and assigning Lender shall have executed an Assignment and Assumption;

 

    	 	-167-	 

     

    

 

(iii)        after
giving effect to the relevant assignment and to all other assignments to all Affiliated Lenders, (A) the aggregate principal amount
of all Loans and all other term loans of the Borrower or its Subsidiaries that are pari passu with the Loans at any time
held by all Affiliated Lenders shall not exceed either (I) 25% of the aggregate principal amount of the Loans then outstanding
(after giving effect to any substantially simultaneous cancellations thereof) or (II) 25% of the sum of the aggregate principal
amount of Loans then outstanding (after giving effect to any substantially simultaneous cancellations thereof) and all other term
loans of the Borrower or its Subsidiaries that are pari passu with the Loans and (B) the aggregate number of Affiliated
Lenders shall not exceed 49% of the aggregate number of all Lenders (clauses (A) and (B) collectively,
the “Affiliated Lender Cap”); provided that each party hereto acknowledges and agrees that
the Administrative Agent shall not be liable for any losses, damages, penalties, claims, demands, actions, judgments, suits, costs,
expenses and disbursements of any kind or nature whatsoever incurred or suffered by any Person in connection with any compliance
or non-compliance with this clause (h)(iii) or any purported assignment exceeding the Affiliated Lender
Cap (it being understood and agreed that the Affiliated Lender Cap is intended to apply to any Loan made available to Affiliated
Lenders by means other than formal assignment (e.g., as a result of an acquisition of another Lender by any Affiliated Lender
or the provision of additional Loans by any Affiliated Lender); provided further, that to the extent that any assignment
to any Affiliated Lender would result in the aggregate principal amount of Loans held by Affiliated Lenders exceeding the Affiliated
Lender Cap (after giving effect to any substantially simultaneous cancellation thereof), the assignment of the relevant excess
amount shall be null and void;

 

(iv)        in
connection with any assignment effected pursuant to a Dutch auction and/or open market purchase conducted by the Borrower or any
of its Subsidiaries, no Event of Default exists at the time of acceptance of bids for the Dutch auction or the entry into
a binding agreement with respect to the relevant open market purchase, as applicable; and

 

(v)         by
its acquisition of Loans, each relevant Affiliated Lender shall be deemed to have acknowledged and agreed that:

 

(A)         the
Loans held by such Affiliated Lender shall be disregarded in both the numerator and denominator in the calculation of any Required
Lender or other Lender vote (and the Loans held by such Affiliated Lender shall be deemed to be voted pro rata along with
the other Lenders that are not Affiliated Lenders); provided that (x) such Affiliated Lender shall have the
right to vote (and the Loans held by such Affiliated Lender shall not be so disregarded) with respect to any amendment, modification,
waiver, consent or other action that requires the vote of all Lenders or all Lenders directly and adversely affected thereby with
respect to Sections 9.09(b)(i)-(iii), as the case may be, (and with respect to other matters, Affiliated Lenders
shall be deemed to vote pro rata in the same manner and percentages as non-Affiliated Lenders) and (y) no amendment, modification,
waiver, consent or other action shall (1) disproportionately affect such Affiliated Lender in its capacity as a Lender as compared
to other Lenders that are not Affiliated Lenders in their capacities as Lenders or (2) deprive any Affiliated Lender of its share
of any payments which the Lenders are entitled to share on a pro rata basis hereunder, in each case without the consent
of such Affiliated Lender; and

 

    	 	-168-	 

     

    

 

(B)         such
Affiliated Lender, solely in its capacity as an Affiliated Lender, will not be entitled to (i) attend (including by telephone)
or participate in any meeting or discussion (or portion thereof) among the Administrative Agent or any Lender or among Lenders
to which the Loan Parties or their representatives are not invited or (ii) receive any information or material prepared by
the Administrative Agent or any Lender or any communication by or among the Administrative Agent and one or more Lenders, except
to the extent such information or materials have been made available by the Administrative Agent or any Lender to any Loan Party
or its representatives (and in any case, other than the right to receive notices of Borrowings, prepayments and other administrative
notices in respect of its Loans required to be delivered to Lenders pursuant to Article 2);

 

(vi)        no
Affiliated Lender shall be required to represent or warrant that, as of the date of any such purchase or assignment, it is not
in possession of material non-public information with respect to the Borrower and/or any subsidiary thereof and/or their respective
securities in connection with any assignment permitted by this Section 9.04(g);

 

(vii)       in
any proceeding under any Debtor Relief Law, the interest of any Affiliated Lender in any Loan will be deemed to be voted in the
same proportion as the vote of Lenders that are not Affiliated Lenders on the relevant matter; provided that each
Affiliated Lender will be entitled to vote its interest in any Loan to the extent that any plan of reorganization or other arrangement
with respect to which the relevant vote is sought proposes to treat the interest of such Affiliated Lender in such Loan in a manner
that is less favorable to such Affiliated Lender than the proposed treatment of Loans held by other Lenders; and

 

(viii)      any
Loans assigned to Affiliated Lenders may (but shall not be required to) be contributed to the Borrower or any of its subsidiaries
for purposes of cancelling such Indebtedness (it being understood that any Loans so contributed shall be retired and cancelled
immediately upon thereof).

 

Section
9.05         Expenses; Indemnity. (a) The Borrower agrees to pay (i) all
reasonable and documented out-of-pocket expenses incurred by the Administrative Agent, the Collateral Agent, GSO and their respective
Affiliates in connection with the syndication of the credit facilities provided for herein, the preparation, negotiation, execution
and 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) (including
reasonable and documented fees, charges and disbursements of counsel for the Administrative Agent and Collateral Agent) and (ii)
all reasonable and documented out-of-pocket expenses incurred by the Administrative Agent, the Collateral Agent and any Lender
(including the fees, charges and disbursements of any counsel for the Administrative Agent, the Collateral Agent or any Lender),
in connection with the enforcement or protection of their rights (A) in connection with this Agreement and the other Loan Documents,
including its rights under this Section, or (B) in connection with the Loans made hereunder, including all such out-of-pocket
costs incurred during any workout, restructuring or negotiations in respect of such Loans; provided that, the Borrower’s
obligations under this Section 9.05(a) for fees and expenses of legal counsel shall be limited to reasonable and
documented fees and expenses of (x) one primary outside legal counsel for each of (A) the Administrative Agent and the Collateral
Agent and (B) GSO (solely for so long as GSO is a Lender hereunder), (y) in the case of any actual or perceived conflict of interest,
one outside legal counsel for each group of affected persons similarly situated, taken as a whole, in each appropriate jurisdiction
and (z) if necessary, one local or foreign legal counsel in each appropriate jurisdiction (which may include a single special
counsel acting in multiple jurisdictions) for all persons described in clauses (i) through (ii) above, taken as a whole. For the
avoidance of doubt, the Borrower’s obligations under this Section 9.05(a) for fees and expenses of legal counsel
shall exclude allocated costs of internal counsel to all persons described in clauses (i) through (ii) above.

 

    	 	-169-	 

     

    

 

(b)          The
Borrower shall indemnify the Administrative Agent and the Collateral Agent, each Lender, their respective Affiliates and each of
their respective directors, trustees, officers, employees and agents and other respective successors and assigns (each such person
being called an “Indemnitee”) against, and to hold each Indemnitee harmless from, any and all losses,
claims, damages, liabilities and related reasonable out-of-pocket costs and expenses, including reasonable counsel fees, charges
and disbursements (except the allocated costs of internal counsel and limited to the fees and expenses of (x) one primary outside
legal counsel to each of (i) the Administrative Agent and the Collateral Agent and (ii) the other Indemnitees, taken as a whole,
(y) in the case of any actual or perceived conflict of interest where the Indemnitee affected by such conflict has informed the
Borrower of such conflict and thereafter retains its own counsel, one outside legal counsel for each group of affected Indemnitees
similarly situated, taken as a whole, in each appropriate jurisdiction and (z) if necessary, one local or foreign legal counsel
in each appropriate jurisdiction (which may include a single special counsel acting in multiple jurisdictions) to the Indemnitees,
taken as a whole), incurred by or asserted against any Indemnitee arising out of, in any way connected with, or as a result of
(i) the execution or delivery of this Agreement or any other Loan Document or any agreement or instrument contemplated hereby or
thereby, the performance by the parties hereto and thereto of their respective obligations thereunder or the consummation of the
Transactions and the other transactions contemplated hereby, (ii) any Loan or the use or proposed use of the proceeds therefrom,
(iii) 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 you, a third party, by the Borrower or any other Loan Party or any of
the Borrower’s or such Loan Party’s directors, shareholders or creditors, or (iv) any violation of Environmental Law
or presence or Release of Hazardous Materials related in any way to the Borrower or any other Loan Party; provided,
that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities
or related expenses are (x) determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted
primarily from the gross negligence or willful misconduct of such Indemnitee (y) result from a claim brought by the Borrower or
any other Loan Party against an Indemnitee for breach in bad faith of such Indemnitee’s obligations hereunder or under any
other Loan Document, if the Borrower or such Loan Party has obtained a final and nonappealable judgment in its favor on such claim
as determined by a court of competent jurisdiction or (z) any dispute solely among Indemnitees (other than any claims against an
Indemnitee in its capacity or in fulfilling its role as an agent or arranger or any similar role hereunder or under any other Loan
Document and other than any claims arising out of any act or omission of the Borrower or any of its Affiliates). The provisions
of this Section 9.05 shall remain operative and in full force and effect regardless of the expiration of the term
of this Agreement, the consummation of the transactions contemplated hereby, the repayment, satisfaction and discharge of any of
the Obligations, the resignation of the Administrative Agent or the Collateral Agent, the invalidity or unenforceability of any
term or provision of this Agreement or any other Loan Document, or any investigation made by or on behalf of the Administrative
Agent, the Collateral Agent or any Lender. All amounts due under this Section 9.05 shall be payable no later than
ten Business Days after written demand therefor, accompanied by reasonable documentation with respect to any reimbursement, indemnification
or other amount requested. This Section 9.05(b) shall not apply with respect to Taxes other than any Taxes that represent
losses, claims, damages, etc. arising from any non-Tax claim.

 

    	 	-170-	 

     

    

 

(c)          To
the fullest extent permitted by applicable law, no party shall assert, and each party hereby waives, any claim against any other
Person, 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 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
other than as a result of the gross negligence, bad faith, fraud or willful misconduct of such Indemnitee as determined by a final
and nonappealable judgment of a court of competent jurisdiction

 

(d)          To
the extent that the Borrower for any reason fails to indefeasibly pay any amount required under subsection (a)
or (b) of this Section to be paid by it to the Administrative Agent (or any sub-agent thereof), the Collateral Agent
(or any sub-agent thereof) or any Related Party of any of the foregoing, each Lender severally agrees to pay to the Administrative
Agent (or any such sub-agent), the Collateral Agent (or any sub-agent thereof) or such Related Party, as the case may be, such
Lender’s Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is
sought) of such unpaid amount, provided that the unreimbursed expense or indemnified loss, claim, damage, liability
or related expense, as the case may be, was incurred by or asserted against the Administrative Agent (or any such sub-agent), the
Collateral Agent (or any sub-agent thereof) in its capacity as such, or against any Related Party of any of the foregoing acting
for the Administrative Agent (or any such sub-agent), the Collateral Agent (or any sub-agent thereof) in connection with such capacity.
The obligations of the Lenders under this subsection (d) are subject to the provisions of Section 2.18(f).

 

Section
9.06         Right of Set-off. If an Event of Default shall have occurred
and be continuing and each Lender is hereby authorized at any time and from time to time thereafter, to the fullest extent permitted
by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held
and other indebtedness at any time owing by such Lender to or for the credit or the account of the Borrower or any other Subsidiary
against any of and all the obligations of the Borrower now or hereafter existing under this Agreement or any other Loan Document
held by such Lender, irrespective of whether or not such Lender shall have made any demand under this Agreement or such other
Loan Document and although the obligations may be unmatured; provided, that in the event that any Defaulting Lender
shall exercise any such right of setoff, (x) all amounts so set off shall be paid over immediately to the Administrative Agent
for further application in accordance with the provisions of Section 2.23 and, pending such payment, shall
be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent
and the Lenders, and (y) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable
detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. The rights of each Lender
under this Section 9.06 are in addition to other rights and remedies (including other rights of set-off) that such
Lender may have.

 

    	 	-171-	 

     

    

 

Section
9.07         Payments Set Aside. To the extent that any payment by
or on behalf of the Borrower is made to the Administrative Agent, the Collateral Agent or any Lender, or the Administrative Agent,
the Collateral Agent or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any part
thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any
settlement entered into by the Administrative Agent, the Collateral Agent or such Lender in its discretion) to be repaid to a
trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Laws or otherwise, then (a) to
the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued
in full force and effect as if such payment had not been made or such setoff had not occurred, and (b) each Lender severally agrees
to pay to the Administrative Agent or the Collateral Agent, as applicable, upon demand its applicable share (without duplication)
of any amount so recovered from or repaid by the Administrative Agent or the Collateral Agent (as applicable), plus
interest thereon from the date of such demand to the date such payment is made at a rate per annum equal to the Federal Funds
Effective Rate from time to time in effect.

 

Section
9.08         Applicable Law. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS
(OTHER THAN LETTERS OF CREDIT TO THE EXTENT SET FORTH THEREIN) SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS
OF THE STATE OF NEW YORK.

 

Section
9.09         Waivers; Amendment. (a) None of the Administrative Agent,
the Collateral Agent or the Lenders shall by any act (except by a written instrument pursuant to clause (b) below),
delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to have acquiesced in any Default
or Event of Default. No failure to exercise, nor any delay in exercising, on the part of the Administrative Agent, the Collateral
Agent or any Lender, any right, power or privilege hereunder shall operate as a waiver thereof. No single or partial exercise
of any right, power or privilege hereunder shall preclude any other or further exercise thereof or the exercise of any other right,
power or privilege. A waiver by the Administrative Agent, the Collateral Agent or any Lender of any right or remedy hereunder
on any one occasion shall not be construed as a bar to any right or remedy which the Administrative Agent, the Collateral Agent
or such Lender would otherwise have on any future occasion. The rights and remedies herein provided are cumulative, may be exercised
singly or concurrently and are not exclusive of any other rights or remedies provided by law.

 

    	 	-172-	 

     

    

 

(b)          Neither
this Agreement nor any other Loan Document nor any provision hereof or thereof may be waived, amended or modified, other than (x)
in the case of this Agreement, pursuant to an agreement or agreements in writing entered into by the Borrower and the Required
Lenders (or the Administrative Agent with the consent of the Required Lenders) or (y) in the case of any other Loan Document (other
than any waiver, amendment or modification to effectuate any modification thereto expressly contemplated by the terms of such other
Loan Document), pursuant to an agreement or agreements in writing entered into by each party thereto and any of the Administrative
Agent or Collateral Agent that may be a party thereto, as applicable and consented to by the Required Lenders (or such other requisite
parties expressly provided for therein); provided, however, that no such agreement shall:

 

(i)          decrease
or forgive the principal amount of, or extend the final maturity of, or decrease the rate of interest on, any Loan of a Lender
without the prior written consent of each Lender directly affected thereby; provided that any amendment to the financial
covenant definitions or any component of the definitions thereof in this Agreement shall not constitute a reduction in the rate
of interest for purposes of this clause (i); it being understood that only the consent of the Required Lenders
shall be necessary to amend the definition of “Default Rate” or to waive any obligation of the Borrower
to pay interest at the Default Rate,

 

(ii)         increase
or extend the Commitment of any Lender or decrease the Commitment Fees or other fees of any Lender without the prior written consent
of such Lender (it being understood that waivers or modifications of conditions precedent, covenants, Defaults or Events of Default
or of a mandatory prepayment or reduction in the aggregate Commitments shall not constitute an increase of the Commitments of any
Lender or a decrease of fees of any Lender),

 

(iii)        extend,
waive or reduce the amount of any scheduled installment of principal or extend any date on which payment of interest on any Loan
or any Fees is due, without the prior written consent of each Lender adversely affected thereby (it being understood that waivers
or modifications of conditions precedent, covenants, Defaults or Events of Default or of a mandatory prepayment or reduction in
the aggregate Commitments shall not constitute an extension, waiver or reduction of the amount of a scheduled installment of principal
or date of payment of interest or fees),

 

(iv)        amend
or modify the provisions of Section 2.18(b) or (c) in a manner that would by its terms alter the
pro rata sharing of payments required thereby, or require any Lender to make available Interest Periods longer than six months
without its consent, without the prior written consent of the each Lender adversely affected thereby,

 

(v)         amend
or modify the provisions of this Section or the definition of the term “Required Lenders” or any other
provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or make
any determination or grant any consent hereunder, without the prior written consent of each Lender adversely affected thereby (it
being understood that, with the consent of the Required Lenders, additional extensions of credit pursuant to this Agreement may
be included in the determination of the Required Lenders on substantially the same basis as the applicable Loans and Commitments),

 

    	 	-173-	 

     

    

 

(vi)        release
all or substantially all the Collateral or release any of the Borrower or any other Loan Party from its Guarantee under the Guaranty
Agreement, unless, in the case of a Loan Party, (x) such transaction is otherwise permitted by the Loan Documents or (y) all or
substantially all of the Equity Interests of such Loan Party are sold or otherwise disposed of in a transaction permitted by this
Agreement, without the prior written consent of each Lender,

 

(vii)       subordinate
the Liens in favor of the Administrative Agent or Collateral Agent, as applicable, securing the Obligations, with respect to all
or substantially all of the Collateral, without the prior written consent of each Lender adversely affected thereby,

 

(viii)      [reserved];

 

(ix)         [reserved];

 

(x)          [reserved];

 

(xi)         [reserved];
and

 

(xii)        effect
any waiver, amendment or modification of Section 5.4 of the Collateral Agreement, or any comparable provision of any other
Security Document, in a manner that materially adversely affects the rights in respect of payments or collateral of Lenders, without
the consent of each Lender so affected;

 

provided further that no
such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent or the Collateral Agent
hereunder without the prior written consent of the Administrative Agent or the Collateral Agent acting as such at the effective
date of such agreement, as applicable. Each Lender shall be bound by any waiver, amendment or modification authorized by this Section
9.09 and any consent by any Lender pursuant to this Section 9.09 shall bind any Assignee of such Lender.

 

(c)          Without
the consent of any Lender, the Loan Parties and the Administrative Agent may (in their respective sole discretion, or shall, to
the extent required by any Loan Document) enter into any amendment, modification or waiver of any Loan Document, or enter into
any new agreement or instrument, to effect the granting, perfection, protection, expansion or enhancement of any security interest
in any Collateral or additional property to become Collateral for the benefit of the Secured Parties, or as required by local law
to give effect to, or protect any security interest for the benefit of the Secured Parties, in any property or so that the security
interests therein comply with applicable law.

 

(d)          Notwithstanding
anything to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent
hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender
may be effected with the consent of the applicable Lenders other than Defaulting Lenders), except that (x) the Commitment of any
Defaulting Lender may not be increased or extended without the consent of such Lender and (y) any other waiver, amendment or modification
requiring the consent of all Lenders or each affected Lender that by its terms affects any Defaulting Lender more adversely than
other affected Lenders shall require the consent of such Defaulting Lender.

 

    	 	-174-	 

     

    

 

(e)          Subject
to the foregoing, this Agreement may be amended (or amended and restated) with the written consent of the Required Lenders, the
Administrative Agent and the Borrower (a) to add one or more additional credit facilities to this Agreement and to permit the extensions
of credit from time to time outstanding thereunder and the accrued interest and fees in respect thereof to share ratably in the
benefits of this Agreement and the other Loan Documents with the Loans and the accrued interest and fees in respect thereof and
(b) to include appropriately the Lenders holding such credit facilities in any determination of Required Lenders.

 

(f)          [Reserved];

 

(g)          Notwithstanding
anything to the contrary contained in this Section 9.09, if at any time after the Closing Date, the Administrative
Agent and the Borrower shall have unanimously identified an obvious error, ambiguity, defect, inconsistency or any error or omission
of a technical nature, in each case, in any provision of the Loan Documents, then the Administrative Agent and the Borrower shall
be permitted to amend such provision and such amendment shall become effective without any further action or consent of any other
party to any Loan Document if the same is not objected to in writing by the Required Lenders within five Business Days following
receipt of notice thereof.

 

(h)          [Reserved].

 

(i)          Notwithstanding
anything to the contrary contained in this Section 9.09, this Agreement and the other Loan Documents may be amended,
restated, supplemented and/or otherwise modified with the written consent of the Administrative Agent, the Borrower and the Required
Lenders, in order to increase the interest rate or yield applicable to the Credit Facility, including by increasing the Applicable
Margin or similar component of the interest rate, by modifying the method of computing interest applicable to the Credit Facility
(including by creating any new interest rate “floors”) or paying additional upfront fees, consent fees or original
issue discount on or with respect to the Credit Facility.

 

Section
9.10         Interest Rate Limitation. Notwithstanding any other provision
herein, the aggregate interest rate charged with respect to any of the Obligations, including all charges or fees in connection
therewith deemed in the nature of interest under applicable Requirements of Law, shall not exceed the Highest Lawful Rate. If
the rate of interest (determined without regard to the preceding sentence) under this Agreement at any time exceeds the Highest
Lawful Rate, the outstanding amount of the Loans made hereunder shall bear interest at the Highest Lawful Rate until the total
amount of interest due hereunder equals the amount of interest which would have been due hereunder if the stated rates of interest
set forth in this Agreement had at all times been in effect. In addition, if when the Loans made hereunder are repaid in full
the total interest due hereunder (taking into account the increase provided for above) is less than the total amount of interest
which would have been due hereunder if the stated rates of interest set forth in this Agreement had at all times been in effect,
then to the extent permitted by law, the Borrower shall pay to Administrative Agent an amount equal to the difference between
the amount of interest paid and the amount of interest which would have been paid if the Highest Lawful Rate had at all times
been in effect. Notwithstanding the foregoing, it is the intention of the Lenders and the Borrower to conform strictly to any
applicable usury laws. Accordingly, if any Lender contracts for, charges, or receives any consideration which constitutes interest
in excess of the Highest Lawful Rate, then any such excess shall be cancelled automatically and, if previously paid, shall at
such Lender’s option be applied to the outstanding amount of the Loans made hereunder or be refunded to the Borrower.

 

    	 	-175-	 

     

    

 

Section
9.11         [Reserved].

 

Section
9.12         Entire Agreement. This Agreement and the other Loan Documents
represent the entire agreement of the parties hereto with respect to the subject matter hereof and thereof and supersede any and
all previous agreements and understandings, oral or written, relating to the subject matter hereof and thereof. There are no promises,
undertakings, representations or warranties by the Administrative Agent, the Collateral Agent or any Lender relative to the subject
matter hereof not expressly set forth or referred to herein or in the other Loan Documents.

 

Section
9.13         WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY
OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY
OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE,
AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT
OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED
TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS
SECTION.

 

Section
9.14         Severability. In the event any one or more of the provisions
contained in this Agreement or in any other Loan Document should be held invalid, illegal or unenforceable in any respect, the
validity, legality and enforceability of the remaining provisions contained herein and therein shall not in any way be affected
or impaired thereby. The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions
with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable
provisions. Without limiting the foregoing provisions of this Section 9.14, if and to the extent that the enforceability
of any provisions in this Agreement relating to Defaulting Lenders shall be limited by Debtor Relief Laws, as determined in good
faith by the Administrative Agent then such provisions shall be deemed to be in effect only to the extent not so limited.

 

    	 	-176-	 

     

    

 

Section
9.15         Counterparts. This Agreement may be executed in two or
more counterparts, each of which shall constitute an original but all of which, when taken together, shall constitute but one
contract, and shall become effective as provided in Section 9.03. Delivery of an executed counterpart to this Agreement
by facsimile (or other electronic) transmission pursuant to procedures approved by the Administrative Agent shall be as effective
as delivery of a manually signed original.

 

Section
9.16         Headings. Article and Section headings and the Table of
Contents used herein are for convenience of reference only, are not part of this Agreement and are not to affect the construction
of, or to be taken into consideration in interpreting, this Agreement.

 

Section
9.17         Jurisdiction; Consent to Service of Process. (a) Each
of the parties hereto hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction
of any New York State court or federal court of the United States of America sitting in New York City, and any appellate court
from any thereof, in any action or proceeding arising out of or relating to this Agreement or the other Loan Documents, or for
recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that
all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted
by law, in such federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall
be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing
in this Agreement shall affect any right that any Lender may otherwise have to bring any action or proceeding relating to this
Agreement or the other Loan Documents against the Borrower or any other Loan Party or their properties in the courts of any jurisdiction.

 

(b)          Each
of the parties hereto hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so,
any objection that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating
to this Agreement or the other Loan Documents in any New York State or federal court. Each of the parties hereto hereby irrevocably
waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding
in any such court.

 

    	 	-177-	 

     

    

 

Section
9.18         Confidentiality. Each of the Lenders, the Administrative
Agent and the Collateral Agent agrees that it shall maintain in confidence any Information relating to the Borrower and the other
Loan Parties furnished to it by or on behalf of the Borrower or the other Loan Parties (other than information that (a) has become
generally available to the public other than as a result of a disclosure by such party, (b) has been independently developed by
such Lender or such Agent without violating this Section 9.18 or (c) was available to such Lender or such Agent
from a third party having, to such person’s knowledge, no obligations of confidentiality to the Borrower or any other Loan
Party) and shall not reveal the same other than to its directors, trustees, officers, employees and advisors with a need to know
or to any person that approves or administers the Loans on behalf of such Lender (so long as each such person shall have been
instructed to keep the same confidential in accordance with this Section 9.18), except: (a) to the extent necessary
to comply with law or any legal process or the requirements of any Governmental Authority, the National Association of Insurance
Commissioners or of any securities exchange on which securities of the disclosing party or any Affiliate of the disclosing party
are listed or traded, (b) as part of normal reporting or review procedures to Governmental Authorities or the National Association
of Insurance Commissioners, (c) to its Affiliates and to its and its Affiliates’ respective partners, directors, officers,
employees, agents, trustees, advisors and representatives direct or indirect shareholders, partners or members, current and prospective
financing sources, existing and prospective investors, legal counsel, independent auditors, professionals, advisors and other
experts or agents of or its affiliates (so long as each such person shall have been instructed to keep the same confidential in
accordance with this Section 9.18), (d) in order to enforce its rights under any Loan Document in a legal proceeding,
(e) to any prospective assignee of, or prospective Participant in, any of its rights under this Agreement (so long as such person
shall have been instructed to keep the same confidential in accordance with this Section 9.18); provided
that in no case can such disclosure be made to a Disqualified Institution, (f) to any direct or indirect contractual counterparty
in Swap Agreements or such contractual counterparty’s professional advisor (so long as such contractual counterparty or
professional advisor to such contractual counterparty is not a Disqualified Institution and agrees to be bound by the provisions
of this Section), (g) 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, (h)
to existing and prospective investors and funding sources, (i) any rating agency in connection with rating of the Borrower or
its Subsidiaries or the Credit Facility, (j) with the consent of the Borrower, (k) by the order of any court or administrative
agency in a legal, judicial or administrative proceeding or as otherwise required by law, regulation, subpoena or compulsory legal
process where, in your reasonable judgment, disclosure is required by such law regulation, subpoena or compulsory legal process,
or to the extent requested or required by any governmental and/or regulatory authorities (in which case such Lender and/or agent
shall promptly notify you, to the extent reasonably practicable, of such requirement to disclose to the extent permitted by law)
and (l) to industry trade organizations to the extent such information about the Credit Facility is customarily included in league
table measurements. For purposes of this Section 9.18, “Information” shall mean all information
received from the Borrower or any of its Subsidiaries relating to the Borrower or any of its Subsidiaries or any of their respective
businesses, other than any such information that is available to the Administrative Agent, the Collateral Agent or any Lender
on a non-confidential basis prior to disclosure by  the Borrower or any of its Subsidiaries; provided that,
in the case of information received from the Borrower or any of its Subsidiaries after the Closing Date, all such information
shall be deemed confidential unless such information is clearly identified at the time of delivery as not being confidential.

 

Section
9.19         Direct Website Communications.

 

(a)          Delivery.
(i) Each Loan Party hereby agrees that it will use commercially reasonable efforts to provide to the Administrative Agent all information,
documents and other materials that it is obligated to furnish to the Administrative Agent pursuant to this Agreement and any other
Loan Document, including all notices, requests, financial statements, financial and other reports, certificates and other information
materials, but excluding any such communication that (a) relates to a request for a new, or a conversion of an existing, borrowing
or other extension of credit (including any election of an interest rate or interest period relating thereto), (b) relates to the
payment of any principal or other amount due under this Agreement prior to the scheduled date therefor, (c) provides notice of
any Default or Event of Default under this Agreement or (d) is required to be delivered to satisfy any condition precedent to the
effectiveness of this Agreement and/or any borrowing or other extension of credit hereunder (all such non-excluded communications
collectively, the “Communications”), by transmitting the Communications in an electronic/soft medium
in a format reasonably acceptable to the Lenders and the Administrative Agent. In addition, each Loan Party agrees to continue
to provide the Communications to the Administrative Agent or the Lenders in the manner specified in this Agreement or any other
Loan Document. Nothing in this Section 9.19 shall prejudice the right of the Administrative Agent, the Collateral
Agent or any Lender or any Loan Party to give any notice or other communication pursuant to this Agreement or any other Loan Document
in any other manner specified in this Agreement or any other Loan Document.

 

    	 	-178-	 

     

    

 

(ii)         The
Administrative Agent agrees that receipt of the Communications by the Administrative Agent at its e-mail address set forth in Section
9.01 shall constitute effective delivery of the Communications to the Administrative Agent for purposes of the Loan Documents.
Each Lender agrees that notice to it (as provided in the next sentence) specifying that the Communications have been posted to
the Platform (as defined below) shall constitute effective delivery of the Communications to such Lender for purposes of the
Loan Documents. Each Lender agrees (a) to notify the Administrative Agent in writing (including by electronic communication) from
time to time of such Lender’s e-mail address to which the foregoing notice may be sent by electronic transmission and (b)
that the foregoing notice may be sent to such e-mail address. Notwithstanding the foregoing or anything else contained herein or
in the other Loan Documents to the extent and such Communications, materials, notices and/or documents, in each case required to
be delivered pursuant to Section 5.04(a), (b), (c) and (f) are included in materials otherwise publicly filed with the SEC or otherwise
there shall be no further delivery requirement for notice purposes hereunder and any such Communications, materials, notices and/or
documents shall be deemed to be delivered on the earliest of (i) the date on which the Borrower post such Communications, materials,
notices and/or documents or provides a link thereto on Borrower’s website on the Internet or (ii) on which date such documents
are posted on the Borrower’s behalf on an Internet or internet website, if any, to which, each Lender, the Administrative
Agent and the Collateral Agent have access (whether a commercial, third-party website or whether sponsored by the Administrative
Agent).

 

(b)          Posting.
The Borrower hereby acknowledges that (a) at the Borrower’s expense, the Administrative Agent will make the Communications
available to the Lenders by posting the Communications on IntraLinks or another similar electronic system (the “Platform”)
and (b) certain of the Lenders (each, a “Public Lender”) may have personnel who do not wish to receive
material non-public information with respect to the Borrower or its Affiliates, or the respective securities of any of the foregoing,
and who may be engaged in investment and other market-related activities with respect to such person’s securities. The Borrower
hereby agrees that it will use commercially reasonable efforts to identify that portion of the Communications that may be distributed
to the Public Lenders and that (w) all such Communications shall be clearly and conspicuously marked “PUBLIC” which,
at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page thereof; (x) by marking
Communications “PUBLIC,” the Borrower shall be deemed to have authorized the Administrative Agent and the Lenders to
treat such Communications as not containing any material non-public information (although it may be sensitive and proprietary)
with respect to the Borrower or its securities for purposes of United States Federal and state securities laws (provided,
however, that to the extent such Communications constitute Information, they shall be treated as set forth in Section
9.18); (y) all Communications marked “PUBLIC” are permitted to be made available through a portion of
the Platform designated “Public Side Information;” and (z) the Administrative Agent shall be entitled to treat any
Communications that are not marked “PUBLIC” as being suitable only for posting on a portion of the Platform not designated
“Public Side Information.”

 

    	 	-179-	 

     

    

 

(c)          Platform.
THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE AGENT PARTIES (AS DEFINED BELOW) DO NOT WARRANT
THE ACCURACY OR COMPLETENESS OF THE COMMUNICATIONS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS
IN OR OMISSIONS FROM THE COMMUNICATIONS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY,
FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE
BY ANY AGENT PARTY IN CONNECTION WITH THE COMMUNICATIONS OR THE PLATFORM. In no event shall the Administrative Agent, the Collateral
Agent or any of their respective Related Parties (collectively, the “Agent Parties”) have any liability
to the Borrower, any Lender or any other person for losses, claims, damages, liabilities or expenses of any kind (whether in tort,
contract or otherwise) arising out of the Borrower’s, or the Administrative Agent’s, or the Collateral Agent’s,
transmission of Communications through the Internet, except to the extent that such losses, claims, damages, liabilities or expenses
are determined by a court of competent jurisdiction by a final and nonappealable judgment to have resulted from the gross negligence
or willful misconduct of such Agent Party; provided, however, that in no event shall the Administrative
Agent or the Collateral Agent have any liability to the Borrower, any Lender or any other person for indirect, special, incidental,
consequential or punitive damages (as opposed to direct or actual damages).

 

Section
9.20         Release of Liens and Guarantees. In the event that any
Loan Party conveys, sells, leases, assigns, transfers or otherwise disposes of all or any portion of any of the Equity Interests
or assets of any Loan Party (other than the Equity Interests of the Borrower) to a person that is not (and is not required to
become) a Loan Party in a transaction permitted by this Agreement, then the Administrative Agent and the Collateral Agent shall
promptly (and the Lenders hereby authorize the Administrative Agent and the Collateral Agent to) take such action and execute
any such documents as may be requested by the Borrower (without further action or consent by the Lenders) and at the Borrower’s
expense to release (or evidence the release) or permit the Borrower (or its agent or designee to take) such actions to release
any Liens created by any Loan Document in respect of such assets or Equity interests, and, in the case of a Disposition of the
Equity Interests of any Loan Party in a transaction permitted by this Agreement or the other Loan Documents and as a result of
which such Loan Party would cease to be a Subsidiary, terminate such Loan Party’s obligations under the Guaranty Agreement,
Collateral Agreement and any other applicable Security Document; provided that the release of any Subsidiary because
it ceases to be a Wholly Owned Subsidiary shall constitute an Investment in an amount equal to the fair market value of the net
assets of such relevant Subsidiary and must be permitted under Section 6.04. In addition, the Administrative Agent
agrees to take such actions as are reasonably requested by the Borrower and at the Borrower’s expense (or where applicable
permit the Borrower (or its agent or representative to take such actions) to terminate (or to evidence the termination) the Liens
and security interests created by the Loan Documents when all the Obligations are Paid in Full. Any representation, warranty or
covenant contained in any Loan Document relating to any such Equity Interests, asset or subsidiary of the Borrower shall no longer
be deemed to be made once such Equity Interests or asset or subsidiary is so conveyed, sold, leased, assigned, transferred or
disposed of.

 

    	 	-180-	 

     

    

 

Section
9.21         Power of Attorney. Each Lender hereby (i) authorizes the
Administrative Agent as its agent and attorney-in-fact to execute and deliver, on behalf of and in the name of such Lender (or
Affiliate), all and any Loan Documents (including Security Documents) and related documentation, (ii) authorizes the Administrative
Agent to appoint any further agents or attorneys-in-fact to execute and deliver, or otherwise to act, on behalf of and in the
name of the Administrative Agent for any such purpose and (iii) authorizes the Administrative Agent to delegate its powers under
this power of attorney and to do any and all acts and to make and receive all declarations that are deemed necessary or appropriate
to the Administrative Agent.

 

Section
9.22         PATRIOT Act Notice. Each Lender, the Administrative Agent
(for itself and not on behalf of any Lender) and the Collateral Agent hereby notifies each Loan Party that pursuant to the requirements
of the PATRIOT Act, it is required to obtain, verify and record information that identifies the Loan Parties, which information
includes the name, address and taxpayer information number of each Loan Party and other information that will allow such Lender,
the Administrative Agent or the Collateral Agent, as applicable, to identify such Loan Party in accordance with the PATRIOT Act.
The Borrower shall, promptly following a request by any Lender, the Administrative Agent or the Collateral Agent, provide such
documentation and other information that such Lender, the Administrative Agent or the Collateral Agent, as applicable, reasonably
requests in order to comply with its ongoing obligations under applicable “know your customer” and anti-money-laundering
rules and regulations, including the PATRIOT Act.

 

Section
9.23         No Advisory or Fiduciary Relationship. In connection with
all aspects of each transaction contemplated hereby (including in connection with any amendment, waiver or other modification
hereof or of any other Loan Document), the Borrower acknowledges and agrees that: (i) (A) the arranging and other services regarding
this Agreement provided by the Administrative Agent and the Required Lenders are arm’s length commercial transactions between
the Borrower and its Affiliates, on the one hand, and the Administrative Agent and the Required Lenders, on the other hand, (B)
the Borrower has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and
(C) the Borrower is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated
hereby and by the other Loan Documents; (ii) (A) the Administrative Agent is and has been acting solely as a principal and, except
as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary
for the Borrower or any of its Affiliates, or any other person and (B) neither the Administrative Agent nor the Required Lenders
have any obligation to the Borrower or any of its Affiliates with respect to the transactions contemplated hereby except those
obligations expressly set forth herein and in the other Loan Documents; and (iii) the Administrative Agent and the Required Lenders
and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those
of the Borrower and its Affiliates, and neither the Administrative Agent nor any Required Lenders has any obligation to disclose
any of such interests to the Borrower or its Affiliates. To the fullest extent permitted by law, the Borrower hereby waives and
releases any claims that it may have against the Administrative Agent and the Required Lender with respect to any breach or alleged
breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby.

 

    	 	-181-	 

     

    

 

Section
9.24         Acknowledgement and Consent to Bail-In of EEA Financial Institutions.
Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any
such parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan Document,
to the extent such liability is unsecured, may be subject to the write-down and conversion powers of an EEA Resolution Authority
and agrees and consents to, and acknowledges and agrees to be bound by:

 

(a)          the
application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which
may be payable to it by any party hereto that is an EEA Financial Institution; and

 

(b)          the
effects of any Bail-In Action on any such liability, including, if applicable:

 

(i)          a
reduction in full or in part or cancellation of any such liability;

 

(ii)         a
conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution,
its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or
other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement
or any other Loan Document; or

 

(iii)        the
variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution
Authority.

 

[Remainder of page left intentionally
blank.]

 

    	 	-182-	 

     

    

 

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

 

	 	DIFFERENTIAL BRANDS GROUP INC., as 

Borrower
	 	 
	 	By:  	/s/ Lori Nembirkow
	 	Name:  Lori Nembirkow
	 	Title: Secretary

 

[Signature Page to Second Lien Credit Agreement]

 

    	 

     

    

 

	 	U.S. BANK NATIONAL ASSOCIATION, as

 Administrative Agent
	 	 
	 	By:  	/s/ Lisa Dowd
	 	Name:  Lisa Dowd
	 	Title:    Vice President

 

[Signature Page to Second Lien Credit Agreement]

 

    	 

     

    

 

	 	U.S. BANK NATIONAL ASSOCIATION, as 

Collateral Agent
	 	 	 
	 	By:  	/s/ Lisa Dowd
	 	Name:  Lisa Dowd
	 	Title:    Vice President

 

[Signature Page to Second Lien Credit Agreement]

 

    	 

     

    

 

	 	GSO CAPITAL OPPORTUNITIES FUND III LP, as 

Lender
	 	By: GSO Capital Opportunities Associates III LLC, its general partner
	 	 
	 	By:  	/s/ Marisa J. Beeney
	 	Name:  Marisa J. Beeney
	 	Title: Authorized Signatory
	 	 
	 	GSO CSF III HOLDCO LP, as Lender
	 	By: GSO Capital Solutions Associates III LP, its general partner
	 	By: GSO Capital Solutions Associates III (Delaware) LLC, its general partner
	 	 
	 	By:  	/s/ Marisa J. Beeney
	 	Name:  Marisa J. Beeney
	 	Title: Authorized Signatory
	 	 
	 	GSO CREDIT ALPHA II TRADING (CAYMAN) LP, as 

Lender
	 	By: GSO Credit Alpha Associates II LP, its general partner
	 	By: GSO Credit Alpha Associates II (Delaware) LLC, its general partner
	 	 
	 	By:  	/s/ Marisa J. Beeney
	 	Name:  Marisa J. Beeney
	 	Title: Authorized Signatory
	 	 
	 	GSO AIGUILLE DES GRANDS MONTETS FUND II LP, as 

Lender
	 	By:	GSO Capital Partners LP, as attorney-in-fact
	 	 
	 	By: 	 /s/ Marisa J. Beeney
	 	Name:  Marisa J. Beeney
	 	Title: Authorized Signatory

 

[Signature Page to Second Lien Credit Agreement]

 

    	 

     

    

 

	 	GSO HARRINGTON CREDIT ALPHA FUND

 (CAYMAN) L.P., as Lender
	 	By: GSO Harrington Credit Alpha Associates L.L.C., 

its general partner
	 	 
	 	By: 	 /s/ Marisa J. Beeney
	 	Name:  Marisa J. Beeney
	 	Title: Authorized Signatory

 

[Signature Page to Second Lien Credit Agreement]

 

    	 

     

    

 

	 	BTO LEGEND HOLDINGS L.P.
	 	By:     BTO Holdings Manager L.L.C., its General Partner
	 	 
	 	By:     Blackstone Tactical Opportunities Associates 
 L.L.C., its Managing Member
	 	 
	 	By:	BTOA, L.L.C., its Sole Member
	 	 
	 	By:	  /s/ Christopher J. James
	 	Name:  Christopher J. James
	 	Title: Authorized Person
	 	 
	 	BLACKSTONE FAMILY TACTICAL OPPORTUNITIES
	 	INVESTMENT PARTNERSHIP - III ESC L.P.
	 	 
	 	By:	BTO Side-by-Side GP L.L.C., Its General Partner
	 	 
	 	By: 	 /s/ Christopher J. James
	 	Name:  Christopher J. James
	 	Title: Authorized Person

 

[Signature Page to Second Lien Credit Agreement]

 

    	 

     

    

 

	 	GSO CAPITAL PARTNERS LP, as GSO 

Representative
	 	 
	 	By:  	/s/ Marisa J. Beeney
	 	Name:  Marisa J. Beeney
	 	Title: Authorized Signatory

 

[Signature Page to Second Lien Credit Agreement]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00288-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00288-of-00352.parquet"}]]