Document:

Blueprint

 

 

FIRST LIEN CREDIT AND GUARANTY AGREEMENT

 

dated as of May 4, 2018,

 

among

 

FUSION CONNECT, INC.,

as Borrower,

 

CERTAIN SUBSIDIARIES OF FUSION CONNECT, INC.,

as Guarantor Subsidiaries,

 

THE LENDERS PARTY HERETO

 

and

 

WILMINGTON TRUST, NATIONAL ASSOCIATION,

as Administrative Agent and Collateral Agent

 

________________________________________________________

 

GOLDMAN SACHS LENDING PARTNERS LLC,

MORGAN STANLEY SENIOR FUNDING, INC.

and

MUFG UNION BANK, N.A.,

as Joint Lead Arrangers and Joint Bookrunners,

 

GOLDMAN SACHS LENDING PARTNERS LLC,

as Syndication Agent

 

________________________________________________________

 

$595,000,000 Senior Secured First Lien Credit
Facilities

________________________________________________________

 

THE
TRANCHE B TERM LOANS ISSUED PURSUANT TO THIS AGREEMENT WERE ISSUED
WITH ORIGINAL ISSUE DISCOUNT FOR PURPOSES OF SECTION 1271 ET SEQ.
OF THE UNITED STATES INTERNAL REVENUE CODE OF 1986, AS AMENDED FROM
TIME TO TIME. BEGINNING NO LATER THAN 10 DAYS AFTER THE CLOSING
DATE, A LENDER MAY OBTAIN THE ISSUE PRICE, AMOUNT OF ORIGINAL ISSUE
DISCOUNT, ISSUE DATE AND YIELD TO MATURITY OF THE TRANCHE B TERM
LOANS BY SUBMITTING A WRITTEN REQUEST FOR SUCH INFORMATION TO THE
BORROWER AT THE ADDRESS SET FORTH IN SCHEDULE 10.01.

 

 

 

 

TABLE OF CONTENTS

Page

 

	

SECTION 1.

	

DEFINITIONS AND INTERPRETATION

	

1

	

1.1.

	

Definitions

	

1

	

1.2.

	

Accounting Terms; Pro Forma Calculations

	

70

	

1.3.

	

Interpretation, Etc

	

71

	

1.4.

	

Classification of Loans and Borrowings

	

72

	

1.5.

	

Conditionality Testing Date

	

72

	

1.6.

	

Effectuation of Transactions

	

72

	

SECTION 2.

	

LOANS AND LETTERS OF CREDIT

	

73

	

2.1.

	

Term Loans

	

73

	

2.2.

	

Revolving Loans

	

74

	

2.3.

	

Letters of Credit

	

75

	

2.4.

	

Pro Rata Shares; Obligations Several; Availability of
Funds

	

81

	

2.5.

	

Use of Proceeds

	

82

	

2.6.

	

Evidence of Debt; Register; Notes

	

82

	

2.7.

	

Interest on Loans and Letter of Credit Disbursements

	

83

	

2.8.

	

Conversion/Continuation

	

84

	

2.9.

	

Default Interest

	

85

	

2.10.

	

Fees

	

85

	

2.11.

	

Scheduled Installments; Repayment on Maturity Date

	

86

	

2.12.

	

Voluntary Prepayments/Commitment Reductions; Call
Protection

	

87

	

2.13.

	

Mandatory Prepayments/Commitment Reductions

	

89

	

2.14.

	

Application of Prepayments; Waivable Mandatory
Prepayments

	

93

	

2.15.

	

General Provisions Regarding Payments

	

94

	

2.16.

	

Ratable Sharing

	

95

	

2.17.

	

Making or Maintaining Eurodollar Rate Loans

	

96

	

2.18.

	

Increased Costs; Capital Adequacy and Liquidity

	

98

	

2.19.

	

Taxes; Withholding, Etc

	

100

	

2.20.

	

Obligation to Mitigate

	

103

	

2.21.

	

Defaulting Lenders

	

103

	

2.22.

	

Replacement of Lenders

	

107

	

2.23.

	

Incremental Facilities

	

107

	

2.24.

	

Extension/Modification Offers

	

111

	

2.25.

	

Refinancing Facilities

	

113

	

SECTION 3.

	

CONDITIONS PRECEDENT

	

115

	

3.1.

	

Closing Date

	

115

	

3.2.

	

Each Credit Extension

	

118

	

SECTION 4.

	

REPRESENTATIONS AND WARRANTIES

	

118

	

4.1.

	

Organization; Requisite Power and Authority;
Qualification

	

119

	

4.2.

	

Equity Interests and Ownership

	

119

	

4.3.

	

Due Authorization

	

119

	

4.4.

	

No Conflict

	

119

	

4.5.

	

Governmental Approvals

	

119

	

4.6.

	

Binding Obligation

	

120

	

4.7.

	

Historical Financial Statements; Projections; Pro Forma Financial
Statements

	

120

	

4.8.

	

No Material Adverse Effect

	

120

	

4.9.

	

Adverse Proceedings

	

120

 

 

i

 

 

	

4.10.

	

Payment of Taxes

	

121

	

4.11.

	

Properties

	

121

	

4.12.

	

Environmental Matters

	

121

	

4.13.

	

No Defaults

	

121

	

4.14.

	

Investment Company Act

	

122

	

4.15.

	

Federal Reserve Regulations

	

122

	

4.16.

	

Employee Benefit Plans

	

122

	

4.17.

	

Solvency

	

123

	

4.18.

	

Compliance with Laws

	

123

	

4.19.

	

Disclosure

	

123

	

4.20.

	

Collateral Matters

	

123

	

4.21.

	

Sanctioned Persons; Anti-Corruption Laws; PATRIOT Act

	

124

	

4.22.

	

Communications Regulatory Matters

	

124

	

SECTION 5.

	

AFFIRMATIVE COVENANTS

	

125

	

5.1.

	

Financial Statements and Other Reports

	

125

	

5.2.

	

Existence, Licenses, Etc

	

129

	

5.3.

	

Payment of Taxes

	

129

	

5.4.

	

Maintenance of Properties

	

129

	

5.5.

	

Insurance

	

129

	

5.6.

	

Books and Records; Inspections

	

130

	

5.7.

	

Lenders Meetings

	

130

	

5.8.

	

Compliance with Laws

	

130

	

5.9.

	

Environmental Matters

	

130

	

5.10.

	

Subsidiaries

	

131

	

5.11.

	

Additional Collateral

	

131

	

5.12.

	

Further Assurances

	

131

	

5.13.

	

Maintenance of Ratings

	

131

	

5.14.

	

Use of Proceeds

	

131

	

5.15.

	

Post-Closing Matters

	

132

	

5.16.

	

Vector Subordinated Note Cash Collateral Account

	

132

	

SECTION 6.

	

NEGATIVE COVENANTS

	

132

	

6.1.

	

Indebtedness

	

132

	

6.2.

	

Liens

	

138

	

6.3.

	

No Further Negative Pledges

	

141

	

6.4.

	

Restricted Junior Payments

	

142

	

6.5.

	

Restrictions on Subsidiary Distributions

	

144

	

6.6.

	

Investments

	

145

	

6.7.

	

Financial Covenants

	

148

	

6.8.

	

Fundamental Changes; Disposition of Assets; Equity Interests of
Subsidiaries

	

150

	

6.9.

	

Sales and Leasebacks

	

151

	

6.10.

	

Transactions with Affiliates

	

152

	

6.11.

	

Conduct of Business

	

152

	

6.12.

	

Hedge Agreements

	

152

	

6.13.

	

Amendments or Waivers of Organizational Documents and Certain
Agreements

	

152

	

6.14.

	

Fiscal Year

	

152

	

SECTION 7.

	

GUARANTEE

	

153

	

7.1.

	

Guarantee of the Obligations

	

153

	

7.2.

	

Indemnity by the Borrower; Contribution by the
Guarantors

	

153

	

7.3.

	

Liability of Guarantors Absolute

	

154

 

 

ii

 

 

	

7.4.

	

Waivers by the Guarantors

	

155

	

7.5.

	

Guarantors’ Rights of Subrogation, Contribution,
Etc

	

156

	

7.6.

	

Continuing Guarantee

	

156

	

7.7.

	

Authority of the Guarantors or the Borrower

	

156

	

7.8.

	

Financial Condition of the Credit Parties

	

157

	

7.9.

	

Bankruptcy, Etc

	

157

	

7.10.

	

Keepwell

	

158

	

SECTION 8.

	

EVENTS OF DEFAULT

	

158

	

8.1.

	

Events of Default

	

158

	

SECTION 9.

	

AGENTS

	

161

	

9.1.

	

Appointment of Agents

	

161

	

9.2.

	

Powers and Duties

	

161

	

9.3.

	

General Immunity

	

162

	

9.4.

	

Acts in Individual Capacity

	

164

	

9.5.

	

Lenders’ and Issuing Banks’ Representations, Warranties
and Acknowledgments

	

164

	

9.6.

	

Right to Indemnity

	

165

	

9.7.

	

Successor Administrative Agent and Collateral Agent

	

166

	

9.8.

	

Collateral Documents and Obligations Guarantee

	

167

	

9.9.

	

Withholding Taxes

	

170

	

9.10.

	

Administrative Agent May File Bankruptcy Disclosure and Proofs of
Claim

	

170

	

9.11.

	

Certain ERISA Matters

	

171

	

9.12.

	

Concerning the Vector Facility Arrangements

	

173

	

SECTION 10.

	

MISCELLANEOUS

	

174

	

10.1.

	

Notices

	

174

	

10.2.

	

Expenses

	

176

	

10.3.

	

Indemnity

	

176

	

10.4.

	

Set-Off

	

177

	

10.5.

	

Amendments and Waivers

	

178

	

10.6.

	

Successors and Assigns; Participations

	

182

	

10.7.

	

Independence of Covenants

	

188

	

10.8.

	

Survival of Representations, Warranties and Agreements

	

189

	

10.9.

	

No Waiver; Remedies Cumulative

	

189

	

10.10.

	

Marshalling; Payments Set Aside

	

189

	

10.11.

	

Severability

	

190

	

10.12.

	

Independent Nature of Lenders’ Rights

	

190

	

10.13.

	

Headings

	

190

	

10.14.

	

APPLICABLE LAW

	

190

	

10.15.

	

CONSENT TO JURISDICTION

	

190

	

10.16.

	

WAIVER OF JURY TRIAL

	

191

	

10.17.

	

Confidentiality

	

192

	

10.18.

	

Usury Savings Clause

	

193

	

10.19.

	

Counterparts

	

193

	

10.20.

	

Effectiveness; Entire Agreement

	

193

	

10.21.

	

PATRIOT Act

	

193

	

10.22.

	

Electronic Execution of Assignments

	

193

	

10.23.

	

No Fiduciary Duty

	

194

	

10.24.

	

Permitted Intercreditor Agreements

	

194

	

10.25.

	

Acknowledgement and Consent to Bail-In of EEA Financial
Institutions

	

195

 

 

iii

 

SCHEDULES:           

2.1            

Commitments

2.3           
Letter of Credit Issuing Commitments

4.2           
Equity Interests and Ownership

4.11(b)    
Real Estate

6.1           
Indebtedness

6.2           
Liens

6.3           
Negative Pledges

6.5           
Restrictions on Subsidiary Distributions

6.6           
Investments

6.10         
Affiliate Transactions

10.1         
Notices

 

EXHIBITS:        

A            

Assignment
Agreement

B

Closing
Date Certificate

C

Compliance
Certificate

D

Conversion/Continuation
Notice

E

Counterpart
Agreement

F

Funding
Notice

G

Intercompany
Indebtedness Subordination Agreement

H

Intercompany
Note

I

Intercreditor
Agreement

J

Issuance
Notice

K

Pledge
and Security Agreement

L

Solvency
Certificate

M

Supplemental
Collateral Questionnaire

N

Form of
Note

O-1

Form of US Tax
Certificate For Foreign Lenders That Are Not Partnerships For US
Federal Income Tax Purposes

O-2

Form of US Tax
Certificate For Foreign Participants That Are Not Partnerships For
US Federal Income Tax Purposes

O-3

Form of US Tax
Certificate For Foreign Participants That Are Partnerships For US
Federal Income Tax Purposes

O-4

Form of US Tax
Certificate For Foreign Lenders That Are Partnerships For US
Federal Income Tax Purposes

 

 

iv

 

 

FIRST LIEN CREDIT
AND GUARANTY AGREEMENT dated as of May 4, 2018, among
FUSION CONNECT, INC., a
Delaware corporation (the “Borrower”), CERTAIN SUBSIDIARIES OF THE BORROWER
party hereto, as Guarantor Subsidiaries, the LENDERS party hereto and WILMINGTON TRUST, NATIONAL ASSOCIATION
(“Wilmington
Trust”), as Administrative Agent and Collateral
Agent.

 

The
Lenders have agreed to extend credit facilities to the Borrower in
an aggregate principal amount of $595,000,000, consisting of
Tranche A Term Loans in an aggregate principal amount of
$45,000,000, Tranche B Term Loans in an aggregate principal amount
of $510,000,000 and Revolving Commitments in an aggregate initial
amount of $40,000,000.

 

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

 

SECTION
1. DEFINITIONS
AND INTERPRETATION

 

1.1. Definitions. As
used in this Agreement (including the recitals hereto), the
following terms have the meanings specified below:

 

“Acquired Company” means Birch
Communications Holdings, Inc., a Georgia corporation.

 

“Acquired Company Indemnity Letter
Agreement” means the letter agreement dated August 26,
2017, pursuant to which BCHI Holdings, LLC, a Georgia limited
liability company, agreed to indemnify the Borrower and its
Subsidiaries with respect to certain Adverse Proceedings, as such
letter agreement is in effect on the Closing Date.

 

“Acquisition” means the purchase or
other acquisition (in one transaction or a series of transactions,
including pursuant to any merger or consolidation) of all or
substantially all the issued and outstanding Equity Interests in,
or all or substantially all the assets of (or all or substantially
all the assets constituting a business unit, division, product line
or line of business of), any Person.

 

“Acquisition Consideration” means,
with respect to any Acquisition, the purchase consideration for
such Acquisition, whether paid in Cash or other property (valued at
the fair value thereof, as determined reasonably and in good faith
by an Authorized Officer of the Borrower), but excluding any
component thereof consisting of Equity Interests in the Borrower
(other than any Disqualified Equity Interests) and whether payable
at or prior to the consummation of such 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 including (a)
any earnouts and other agreements to make any payment the amount of
which is, or the terms of payment of which are, in any respect
subject to or contingent upon the revenues, income, cash flows or
profits (or the like) of the Person or assets being acquired,
provided that any
such future payment that is subject to a contingency shall be
considered Acquisition Consideration only to the extent of the
reserve, if any, required under GAAP to be established by the
Borrower or any Restricted Subsidiary in respect thereof at the
time of the consummation of such Acquisition, and (b) the aggregate
amount of Indebtedness assumed by the Borrower or any Restricted
Subsidiary in connection with such Acquisition.

 

 

 

 

“Adjusted Eurodollar Rate” means,
for any Interest Period for a Eurodollar Rate Loan, the rate per
annum obtained by dividing (a) (i) the rate per annum
determined by the Administrative Agent to be the rate that appears
on the page of the Reuters Screen that displays the London
interbank offered rate as administered by ICE Benchmark
Administration (or any other Person that takes over the
administration of such rate) (such page currently being LIBOR01
page) for deposits (for delivery on the first day of such Interest
Period) with a term equivalent to such Interest Period in Dollars,
determined as of approximately 11:00 a.m. (London time) on the
Interest Rate Determination Date for such Interest Period, or
(ii) in the event the rate referred to in the preceding
clause (i) does not appear on such page or if the Reuters
Screen shall cease to be available, the rate per annum determined
by the Administrative Agent to be the offered rate on such other
page or other service that displays the London interbank offered
rate as administered by ICE Benchmark Administration (or any other
Person that takes over the administration of such rate) for
deposits (for delivery on the first day of such Interest Period)
with a term equivalent to such Interest Period in Dollars,
determined as of approximately 11:00 a.m. (London time) on such
Interest Rate Determination Date, by (b) an amount equal to
one minus the Applicable Reserve Requirement; provided that, notwithstanding
the foregoing, (A) if the Adjusted Eurodollar Rate, determined
as provided above, would otherwise be less than zero, then the
Adjusted Eurodollar Rate shall be deemed to be zero and (B) in
the case of Tranche A Term Loans and Tranche B Term Loans, the
Adjusted Eurodollar Rate shall at no time be less than 1.00% per
annum.

 

“Administrative Agent” means
Wilmington Trust, in its capacity as administrative agent for the
Lenders hereunder and under the other Credit Documents, and its
successors in such capacity as provided in Section 9.

 

“Administrative Agent Fee Letter”
means the Fee Letter, dated as of the Closing Date, between
Wilmington Trust and the Borrower.

 

“Adverse Proceeding” means any
action, suit, proceeding, hearing or investigation, in each case
whether administrative, judicial or otherwise, by or before any
Governmental Authority or any arbitrator, that is pending or, to
the knowledge of the Borrower or any Subsidiary, threatened in
writing against or affecting the Borrower or any Subsidiary or any
property of the Borrower or any Subsidiary.

 

“Affected Lender” as defined in
Section 2.17(b).

 

“Affected Loans” as defined in
Section 2.17(b).

 

“Affiliate” means, with respect to
any Person, any other Person directly or indirectly Controlling,
Controlled by or under common Control with the Person specified;
provided that for
purposes of Section 6.10, the term “Affiliate”
also means any Person that directly or indirectly beneficially owns
Equity Interests in the Person specified representing 10% or more
of the aggregate ordinary voting power or the aggregate equity
value represented by the issued and outstanding Equity Interests in
the Person specified and any Person that would be an Affiliate of
any such beneficial owner pursuant to this definition (but without
giving effect to this proviso).

 

“Agent” means each of (a) the
Administrative Agent, (b) the Collateral Agent, (c) the Syndication
Agent, (d) the Arrangers and (e) any other Person appointed under
the Credit Documents to serve in an agent or similar capacity,
including any Auction Manager.

 

“Aggregate Amounts Due” as defined
in Section 2.16.

 

 

-2-

 

 

“Aggregate Payments” as defined in
Section 7.2(b).

 

“Agreement” means this First Lien
Credit and Guaranty Agreement dated as of May 4, 2018.

 

“Anti-Corruption Laws” as defined in
Section 4.21.

 

“Applicable ECF Percentage” means,
with respect to any Fiscal Year, (a) 50% if the Total Net Leverage
Ratio as of the last day of such Fiscal Year is greater than
2.90:1.00, (b) 25% if the Total Net Leverage Ratio as of the
last day of such Fiscal Year is equal to or less than 2.90:1.00 but
greater than 2.40:1.00 and (c) 0% if the Total Net Leverage Ratio
as of the last day of such Fiscal Year is equal to or less than
2.40:1.00.

 

“Applicable Rate” means, on any
day, (a) with respect to any Tranche A Term Loan, (i) 4.00%
per annum, in the case of a Base Rate Loan, and (ii) 5.00% per
annum, in the case of a Eurodollar Rate Loan, (b) with respect to
any Tranche B Term Loan, (i) 6.50% per annum, in the case of a
Base Rate Loan, and (ii) 7.50% per annum, in the case of a
Eurodollar Rate Loan, (c) with respect to any Revolving Loan,
(i) from the Closing Date until the third Business Day
following the date of the delivery of the financial statements
pursuant to Section 5.1(b) for the Fiscal Quarter ending June 30,
2018, and of the related Compliance Certificate pursuant to Section
5.1(c), (A) 4.00% per annum, in the case of a Base Rate Loan, and
(B) 5.00% per annum, in the case of a Eurodollar Rate Loan and
(ii) thereafter, as set forth in the table below, as
determined based on the First Lien Net Leverage Ratio as of the end
of the most recent Fiscal Quarter for which financial statements
have been delivered pursuant to Section 5.1(a) or 5.1(b) and the
related Compliance Certificate has been delivered pursuant to
Section 5.1(c), in each case, at least three Business Days
prior to such day, and (d) with respect to Loans of any other
Class, the rate per annum specified in the Incremental Facility
Agreement, the Extension/Modification Agreement or the Refinancing
Facility Agreement, as the case may be, establishing Loans of such
Class.

 

 

	

Pricing Level

	

First Lien Net Leverage Ratio

	

Applicable Rate for Revolving Loans that are Eurodollar Rate
Loans

	

Applicable Rate for Revolving Loans that are Base Rate
Loans

	

1

	

>
2.45:1.00

	

5.00%

	

4.00%

	

2

 

	

≤ 
2.45:1.00

but
> 1.70:1.00

	

4.75%

 

	

3.75%

 

	

3

	

≤ 
1.70:1.00

	

4.50%

	

3.50%

 

 

-3-

 

 

Any
increase or decrease in the Applicable Rate for Revolving Loans
resulting from a change in the First Lien Net Leverage Ratio shall
become effective as of the third Business Day following the date
the financial statements and the related Compliance Certificate are
delivered to the Administrative Agent pursuant to
Section 5.1(a) or 5.1(b) and Section 5.1(c); provided that if the Borrower
has not delivered to the Administrative Agent any financial
statements or Compliance Certificate required to have been
delivered pursuant to Section 5.1(a), 5.1(b) or 5.1(c), from
and after the date such financial statements or Compliance
Certificate were required to have been so delivered the Applicable
Rate for Revolving Loans shall be determined by reference to
Pricing Level 1 in the table above and shall continue to so apply
to and including the third Business Day following the date such
financial statements and related Compliance Certificate are so
delivered (and thereafter the pricing level otherwise determined in
accordance with this definition shall apply) and (b) as of the
first Business Day after an Event of Default under
Section 8.1(a), 8.1(f) or 8.1(g) shall have occurred and be
continuing, the Applicable Rate for Revolving Loans shall be
determined by reference to Pricing Level 1 in the table above, and
shall continue to so apply to but excluding the date on which such
Event of Default shall cease to be continuing (and thereafter the
pricing level otherwise determined in accordance with this
definition shall apply).

 

If any
financial statements or Compliance Certificate delivered pursuant
to Section 5.1(a), 5.1(b) or 5.1(c) shall prove to have been
inaccurate, and such inaccuracy shall have resulted in the payment
of interest hereunder at lower rates than those that would have
been paid but for such inaccuracy, then (i) the Borrower shall
promptly deliver to the Administrative Agent corrected financial
statements and a corrected Compliance Certificate for such period
and (ii) the Borrower shall promptly pay to the Administrative
Agent, for the account of the Revolving Lenders, the interest that
should have been paid but were not paid as a result of such
inaccuracy. Nothing in this paragraph shall limit the rights of the
Administrative Agent or any Lender under Section 2.9 or
8.

 

“Applicable Reserve Requirement”
means, at any time, for any Eurodollar Rate Loan, the maximum rate,
expressed as a decimal, at which reserves (including any basic,
marginal, special, supplemental, emergency or other reserves) are
required to be maintained by member banks of the United States
Federal Reserve System against “Eurocurrency
liabilities” (as such term is defined in Regulation D) under
regulations issued from time to time by the Board of Governors or
other applicable banking regulator. Without limiting the effect of
the foregoing, the Applicable Reserve Requirement shall reflect any
other reserves required to be maintained by such member banks with
respect to (a) any category of liabilities that includes deposits
by reference to which the applicable Adjusted Eurodollar Rate or
any other interest rate for a Loan is to be determined or (b) any
category of extensions of credit or other assets that includes
Eurodollar Rate Loans. A Eurodollar Rate Loan shall be deemed to
constitute Eurocurrency liabilities and as such shall be deemed
subject to reserve requirements without the benefit of credits for
proration, exceptions or offsets that may be available from time to
time to the applicable Lender. The rate of interest on Eurodollar
Rate Loans shall be adjusted automatically on and as of the
effective date of any change in the Applicable Reserve
Requirement.

 

“Approved Cost Savings” means
“run rate” net cost savings, operating expense
reductions and other operating improvements and synergies
attributable to (a) the Transactions and reflected in the model
delivered to the Arrangers prior to the Closing Date or (b) the
Specified Acquisition and reflected in the quality of earnings
report delivered to the Arrangers in respect of the Specified
Acquisition prior to the Closing Date; provided that, in the case of
this clause (b), (i) such Acquisition is consummated on or prior to
December 31, 2018 and (ii) the Approved Cost Savings permitted by
this clause (b) shall not exceed $16,700,000 in the
aggregate.

 

 

-4-

 

 

“Approved Electronic
Communications” means any notice, demand,
communication, information, document or other material that any
Credit Party, or its counsel or advisors, provides to any Agent
that is distributed to any Agent, any Lender or any Issuing Bank by
means of electronic communications pursuant to Section
10.1(b).

 

“Arrangers” means Goldman Sachs,
MSSF and MUFG, each in its capacity as a joint lead arranger and
joint bookrunner for the credit facilities established under this
Agreement.

 

“Asset Sale” means any Disposition
of assets (other than Dispositions made in reliance on Section
6.8(b)(i), (ii), (iii), (iv), (vi), (vii) or (viii)), other than
any such Disposition (or series of related Dispositions) resulting
in aggregate Net Proceeds not exceeding $5,000,000 during any
Fiscal Year.

 

“Assignment Agreement” means an
Assignment and Assumption Agreement substantially in the form of
Exhibit A,
with such amendments or modifications thereto as may be approved by
the Administrative Agent.

 

“Assignment Effective
Date” as
defined in Section 10.6(b).

 

“Auction” as defined in Section
10.6(i)(i).

 

“Auction Manager” means (a) the
Administrative Agent or (b) any other financial institution agreed
to by the Borrower and the Administrative Agent (whether or not an
Affiliate of the Administrative Agent) to act as an auction manager
in connection with any Auction; provided that the Borrower
shall not designate the Administrative Agent as the Auction Manager
without the prior written consent of the Administrative Agent (it
being understood that the Administrative Agent shall be under no
obligation to agree to act as the Auction Manager).

 

“Authorized Officer” means, with
respect to any Person, any individual holding the position of chief
executive officer, president, chief operating officer, chief
financial officer, principal accounting officer, treasurer,
secretary, assistant secretary, executive vice president or senior
vice president of such Person; provided that, when such term
is used in reference to any document executed by, or a
certification of, an Authorized Officer, the secretary or assistant
secretary of such Person shall have delivered an incumbency
certificate to the Administrative Agent as to the authority of such
individual.

 

“Available Basket Amount” means, as
of any date:

 

(a)  the
Available Excess Cash Flow Amount as of such date; plus

 

(b)  the
Declined Mandatory Prepayment Retained Amount as of such date;
plus

 

(c)  [reserved];
plus

 

(d)  the
aggregate amount of Returns and, without duplication, dividends,
distributions and other returns on capital received in Cash or Cash
Equivalents as of such date in respect of any Acquisition or other
Investments made (or deemed made pursuant to the definition of the
term “Unrestricted Subsidiary”) using the Available
Basket Amount, provided that the aggregate
amount by which the Available Basket Amount is increased pursuant
to this clause (d) in respect of any Acquisition or other
Investment shall not exceed the amount by which the Available
Basket Amount shall have been reduced on account of the Acquisition
Consideration with respect to such Acquisition or the original
amount of any such other Investment; plus

 

 

-5-

 

 

(e)  without
duplication of amounts otherwise increasing the Available Basket
Amount pursuant to clause (d) above, in the event any Unrestricted
Subsidiary has been designated as a Restricted Subsidiary, or has
been merged or consolidated with the Borrower or a Restricted
Subsidiary (where the surviving entity in such merger or
consolidation is the Borrower or a Restricted Subsidiary), or
transfers or conveys all or substantially all of its assets to, or
is liquidated into, the Borrower or a Restricted Subsidiary, on or
prior to such date, the lesser of (i) the amount of all Investments
made using the Available Basket Amount in such Unrestricted
Subsidiary (including any such Investment deemed made pursuant to
the definition of the term “Unrestricted Subsidiary”),
net of the aggregate amount, if any, by which the Available Basket
Amount shall have been increased prior to such time in respect of
such Investments pursuant to clause (d) above, and (ii) the fair
value of such Unrestricted Subsidiary (as determined reasonably and
in good faith by an Authorized Officer of the Borrower) at the time
it is designated as a Restricted Subsidiary or the time of such
merger, consolidation, transfer, conveyance or liquidation, as
applicable; minus

 

(f)  the
portion of the Available Basket Amount utilized after the Closing
Date and on or prior to such date pursuant to Section 6.4(j)
or 6.6(n), with the utilization pursuant to Section 6.6(n) for
any Acquisition being the Acquisition Consideration in respect
thereof and the utilization pursuant to Section 6.6(n) for any
other Investment (or any deemed Investment in respect of any
designation of an Unrestricted Subsidiary) being the amount thereof
as of the date the applicable Investment is made, determined in
accordance with the definition of “Investment” (or the
definition of “Unrestricted Subsidiary”).

 

“Available Excess Cash Flow Amount”
means, as of any date, an amount equal to the sum, for the Fiscal
Years of the Borrower in respect of which financial statements and
the related Compliance Certificate have been delivered in
accordance with Sections 5.1(a) and 5.1(c), and for which
prepayments required by Section 2.13(e) (if any) have been made, in
each case on or prior to such date (commencing with the Fiscal Year
ending December 31, 2019), of the products of (a) the amount of
Consolidated Excess Cash Flow (to the extent such amount exceeds
zero) for each such Fiscal Year multiplied by (b) the
Retained ECF Percentage for such Fiscal Year (it being understood
that the Retained ECF Percentage of Consolidated Excess Cash Flow
for any such Fiscal Year shall be included in the Available Excess
Cash Flow Amount regardless of whether a prepayment is required for
such Fiscal Year under Section 2.13(e)).

 

“Bail-In Action” means 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” means, 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.

 

“Bankruptcy Code” means
Title 11 of the United States Code entitled
“Bankruptcy”.

 

“Base Rate” means, for any day, the
rate per annum equal to the greatest of (a) the Prime Rate in
effect on such day, (b) the Federal Funds Effective Rate in effect
on such day plus 1⁄2 of 1% per annum and (c) the Adjusted
Eurodollar Rate that would be applicable to a Eurodollar Rate Loan
with an Interest Period of one month commencing on such day plus
1%; provided that,
notwithstanding the foregoing, (i) if the Base Rate,
determined as provided above, would otherwise be less than 1.00%
per annum, then the Base Rate shall be deemed to be 1.00% per annum
and (ii) in the case of Tranche A Term Loans and Tranche B
Term Loans, the Base Rate shall at no time be less than 2.00% per
annum. Any change in the Base Rate due to a change in the Prime
Rate, the Federal Funds Effective Rate or the Adjusted Eurodollar
Rate shall be effective on the effective day of such change in the
Prime Rate, the Federal Funds Effective Rate or the Adjusted
Eurodollar Rate, as the case may be.

 

 

-6-

 

 

“Base Rate Borrowing” means a
Borrowing comprised of Base Rate Loans.

 

“Base Rate Loan” means a Loan
bearing interest at a rate determined by reference to the Base
Rate.

 

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

 

“Borrower” as defined in the
preamble hereto.

 

“Borrowing” means Loans of the same Class and
Type made, converted or continued on the same date and, in the case
of Eurodollar Rate Loans, as to which a single Interest Period is
in effect.

 

“Business Day” means any day other
than a Saturday or Sunday, a day that is a legal holiday under the
laws of the State of New York or a day on which banking
institutions located in such State are authorized or required by
law to remain closed; provided that, with respect to
all notices, determinations, fundings and payments in connection
with the Adjusted Eurodollar Rate or any Eurodollar Rate Loan, such
day is also a day for trading by and between banks in Dollar
deposits in the London interbank market.

 

“Capital Lease Obligations” of any
Person means the obligations of such Person to pay rent or other
amounts under any lease of (or other arrangement conveying the
right to use) real or personal property, or a combination thereof,
which obligations are required to be classified and accounted for
as capital leases on a balance sheet of such Person in conformity
with GAAP, subject to Section 1.2(a). The amount of such
obligations shall be the capitalized amount thereof determined in
conformity with GAAP, subject to Section 1.2(a), and the final
maturity of such obligations shall be the date of the last payment
due under such lease (or other arrangement) before such lease (or
other arrangement) may be terminated by the lessee without payment
of a premium or penalty. For purposes of Section 6.2, a Capital
Lease Obligation shall be deemed to be secured by a Lien on the
property being leased and such property shall be deemed to be owned
by the lessee.

 

“Cash” means money, currency or a
credit balance in any demand or deposit account.

 

“Cash Collateralize” means, with
respect to any Obligation, to provide and pledge (as a first
priority perfected security interest) cash collateral or Cash
Equivalents in Dollars, at a location and pursuant to documentation
in form and substance reasonably satisfactory to the Administrative
Agent and the applicable Issuing Bank. The term “Cash Collateral” shall have a
meaning correlative to the foregoing and shall include the proceeds
of such cash collateral and other credit support.

 

“Cash Equivalents” means, as at any
date of determination, any of the following: (a) marketable
securities (i) issued or directly and unconditionally guaranteed as
to interest and principal by the United States of America or (ii)
issued by any agency of the United States of America and backed by
the full faith and credit of the United States of America, in each
case maturing within one year after such date; (b) marketable
direct obligations issued by any State of the United States of
America or the District of Columbia or any political subdivision of
any such State or District or any public instrumentality thereof,
in each case maturing within one year after such date and having,
at the time of the acquisition thereof, a rating of at least A-1
from S&P or at least P-1 from Moody’s; (c) commercial
paper maturing no more than 270 days from the date of creation
thereof and having, at the time of the acquisition thereof, a
rating of at least A-1 from S&P or at least P-1 from
Moody’s; (d) time deposits, certificates of deposit or
bankers’ acceptances maturing within 270 days after such date
and issued or accepted by any Revolving Lender or by any commercial
bank organized or licensed to conduct a banking business under the
laws of the United States of America, any State thereof or the
District of Columbia that (i) is at least “adequately
capitalized” (as defined in the regulations of its primary
Federal banking regulator) and (ii) has Tier 1 capital (as defined
in such regulations) of not less than $500,000,000; (e) fully
collateralized repurchase agreements with a term of not more than
30 days from such date for securities described in clause (a) or
clause (b) above and entered into with a financial institution
satisfying the criteria described in clause (d) above; (f) shares
of any money market mutual fund that (i) has substantially all
its assets invested continuously in the types of investments
referred to in clauses (a) through (e) above, (ii) has net
assets of not less than $5,000,000,000 and (iii) has ratings of at
least AA+ from S&P or at least Aa1 from Moody’s; and (g)
in the case of any Foreign Subsidiary, other short-term investments
that are analogous to the foregoing, are of comparable credit
quality and are customarily used by companies in the jurisdiction
of such Foreign Subsidiary for cash management
purposes.

 

 

-7-

 

 

“Cash Management Services” means
cash management and related services provided to the Borrower or
any Restricted Subsidiary, including treasury, depository, return
items, overdraft, controlled disbursement, cash sweeps, zero
balance arrangements, merchant stored value cards, e-payables,
electronic funds transfer, interstate depository network and
automatic clearing house transfer (including the Automated Clearing
House processing of electronic funds transfers through the direct
Federal Reserve Fedline system) services and credit cards, credit
card processing services, debit cards, stored value cards and
commercial cards (including so-called “‘purchase
cards”, “procurement cards” or
“p-cards”) arrangements.

 

“Cash Management Services Provider”
means any Person that (a) is, or was on the Closing Date, an
Agent, an Arranger, an Issuing Bank or any Affiliate of any of the
foregoing, whether or not such Person shall have been an Agent, an
Arranger or any Affiliate of any of the foregoing at the time the
applicable agreement in respect of Cash Management Services was
entered into, (b) is a counterparty to an agreement in respect of
Cash Management Services in effect on the Closing Date and is a
Lender or an Affiliate of a Lender as of the Closing Date or
(c) becomes a counterparty after the Closing Date to an
agreement in respect of Cash Management Services at a time when
such Person is a Lender or an Affiliate of a Lender.

 

“CFC” means (a) any Person that is
a “controlled foreign corporation” (within the meaning
of Section 957 of the Internal Revenue Code), but only if a Credit
Party or a “United States person” (within the meaning
of Section 7701(a)(30) of the Internal Revenue Code) that is an
Affiliate of a Credit Party is, with respect to such Person, a
“United States shareholder” (within the meaning of
Section 951(b) of the Internal Revenue Code) described in Section
951(a)(1) of the Internal Revenue Code and (b) each Subsidiary of
any Person described in clause (a).

 

“CFC Holding Company” means each
Subsidiary that is treated as a partnership or a disregarded entity
for United States federal income tax purposes and that has no
material assets other than assets that consist (directly or
indirectly through disregarded entities or partnerships) of Equity
Interests or indebtedness (as determined for United States tax
purposes) in one or more CFCs or CFC Holding
Companies.

 

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

 

“Change of Control” means (a) the
acquisition of ownership, directly or indirectly, beneficially or
of record, by any Person or group (within the meaning of the
Exchange Act and the rules of the SEC thereunder), other than
Permitted Holders, of Equity Interests in the Borrower representing
more than 35% of the aggregate ordinary voting power represented by
the issued and outstanding Equity Interests in the Borrower, or (b)
the occurrence of any “change of control” (or similar
event, however denominated) with respect to the Borrower under and
as defined in any Permitted Second Lien Indebtedness Document, any
Permitted Incremental Equivalent Indebtedness, any Permitted Credit
Agreement Refinancing Indebtedness, any Permitted Subordinated
Indebtedness or in any indenture or other agreement or instrument
evidencing, governing the rights of the holders of or otherwise
relating to any other Material Indebtedness of the Borrower or any
Restricted Subsidiary.

 

 

-8-

 

 

“Claiming Guarantor” as defined in
Section 7.2(b).

 

“Class”, when used in reference to
(a) any Loan or Borrowing, refers to whether such Loan, or the
Loans comprising such Borrowing, are Revolving Loans, Tranche A
Term Loans or Tranche B Term Loans or Loans of another
“Class” established pursuant to Section 2.23, 2.24 or
2.25 as contemplated below, (b) any Commitment, refers to
whether such Commitment is a Revolving Commitment, a Tranche A Term
Loan Commitment or a Tranche B Term Loan Commitment or a
Commitment of another “Class” established pursuant to
Section 2.23, 2.24 or 2.25 as contemplated below and (c) any
Lender, refers to whether such Lender has a Loan or Commitment of a
particular Class. Additional Classes of Loans, Borrowings,
Commitments and Lenders may be created pursuant to
Section 2.23, 2.24 or 2.25 and, as provided in Section 2.23,
2.24 or 2.25, any Incremental Term Loans, any Extended/Modified
Term Loans or any Refinancing Term Loans may be treated as a single
Class with any other Class of Term Loans having the same terms as
such Incremental Term Loans, Extended/Modified Term Loans or
Refinancing Term Loans, as applicable.

 

“Closing Date” means the date on
which the conditions specified in Section 3.1 have been
satisfied (or waived in accordance with Section 10.5).

 

“Closing Date Certificate” means a
Closing Date Certificate substantially in the form of Exhibit B.

 

“Closing Date Common Equity
Issuance” means the issuance and sale, on the Closing
Date, by the Borrower of shares of its common stock, par value
$0.01 per share, for gross cash proceeds of
$4,999,998.50.

 

“Closing Date Preferred Stock”
means a new series of preferred stock of the Borrower, designated
as Series D Cumulative Preferred Stock, par value $0.01 per share,
issued and sold on the Closing Date by the Borrower to Holcombe T.
Green, Jr. (or an entity majority-owned and Controlled by Holcombe
T. Green, Jr.), for gross cash proceeds of
$14,700,000.

 

“Closing Date Prepayment” means the
prepayment on or prior to the Closing Date of a portion of the
Existing Subordinated Notes in an aggregate principal amount of
$3,000,000, plus a further reduction on the Closing Date in the
aggregate principal amount of the Existing Subordinated Notes
resulting from the set-off against the aggregate principal amount
thereof on the Closing Date of a $920,000 receivable owed by one or
more of the holders of the Existing Subordinated
Notes.

 

“Closing Date Refinancing” means (a) the payment
and discharge of the principal of and interest accrued on all
outstanding Indebtedness and all other amounts outstanding or
accrued, including all prepayment premium, under the Existing Debt
Documents, the termination of the commitments thereunder and the
cancellation or termination, or the cash collateralizing or
backstopping with Letters of Credit in a manner reasonably
satisfactory to the Administrative Agent, of all letters of credit
outstanding thereunder, (b) the termination and release of all
Guarantees and Liens supporting or securing any of the Indebtedness
or other obligations referred to in the foregoing clause (a) or
created under the documentation governing any such Indebtedness and
(c) the making of the Closing Date Prepayment.

 

“Collateral” means, collectively,
all of the property (including Equity Interests) on which Liens are
purported to be granted pursuant to the Collateral Documents as
security for the Obligations.

 

 

-9-

 

 

“Collateral Agent” means Wilmington Trust, in its
capacity as collateral agent for the Secured Parties under the
Credit Documents, and its successors in such capacity as provided
in Section 9.

 

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

 

(a)  the
Administrative Agent shall have received from the Borrower and each
Designated Subsidiary either (i) a counterpart of this Agreement
duly executed and delivered on behalf of such Person, or (ii) in
the case of any Person that becomes a Designated Subsidiary after
the Closing Date, a Counterpart Agreement duly executed and
delivered on behalf of such Person;

 

(b)  the
Collateral Agent shall have received from the Borrower and each
Designated Subsidiary (i) either (A) a counterpart of the Pledge
and Security Agreement, duly executed and delivered on behalf of
such Person, or (B) in the case of any Person that becomes a
Designated Subsidiary after the Closing Date, a supplement to the
Pledge and Security Agreement, in the form specified therein, duly
executed and delivered on behalf of such Person, and (ii) an
acknowledgment of the Intercreditor Agreement and, if then in
effect, each other Permitted Intercreditor Agreement, in each case,
in the form specified therein, duly executed and delivered on
behalf of such Person;

 

(c)  in
the case of any Person that becomes a Designated Subsidiary after
the Closing Date, the Administrative Agent shall have received, to
the extent requested by the Administrative Agent, documents,
opinions and certificates of the type referred to in
Sections 3.1(b), 3.1(d), 3.1(e), 3.1(f) and 3.1(k) with
respect to such Designated Subsidiary;

 

(d)  all
Equity Interests owned by or on behalf of any Credit Party shall
have been pledged pursuant to the Pledge and Security Agreement
(provided that the
Credit Parties shall not be required to pledge (i) more than 65% of
the outstanding voting Equity Interests in any CFC or CFC Holding
Company or (ii) Equity Interests that constitute Excluded
Property), and the Collateral Agent shall, to the extent required
by the Pledge and Security Agreement, have received certificates or
other instruments representing all such Equity Interests, together
with undated stock powers or other instruments of transfer with
respect thereto endorsed in blank;

 

(e)  (i)
the Borrower and each Restricted Subsidiary shall have duly
executed and delivered a counterpart of each of the Intercompany
Note and the Intercompany Indebtedness Subordination Agreement and
(ii) all Indebtedness of any other Person in a principal amount of
$1,000,000 or more that is owing to any Credit Party shall be
evidenced by a promissory note, and the Intercompany Note, each
other promissory note (if any) evidencing Indebtedness of the
Borrower or any Restricted Subsidiary to any Credit Party and each
promissory note referred to in clause (ii) above shall, in each
case, have been pledged pursuant to the Pledge and Security
Agreement and the Collateral Agent shall have received the
Intercompany Note and all such other promissory notes, together
with undated instruments of transfer with respect thereto endorsed
in blank;

 

(f)  all
instruments and documents, including UCC financing statements
(including transmitting utility financing statements), required by
applicable law or reasonably requested by the Collateral Agent to
be filed, registered or recorded to create the Liens intended to be
created by the Collateral Documents and to perfect such Liens to
the extent required by, and with the priority required by, the
Collateral Documents shall have been filed, registered or recorded;
and

 

 

-10-

 

 

(g)  the
Collateral Agent shall have received (i) a Mortgage with respect to
each Material Real Estate Asset, if any, duly executed and
delivered by the record owner of such Material Real Estate Asset,
(ii) a fully paid policy or policies of title insurance issued by a
nationally recognized title insurance company insuring the Lien of
each Mortgage as a valid and enforceable Lien on the Material Real
Estate Asset described therein, free of any other Liens other than
Permitted Liens, which policies shall be in form and substance
reasonably satisfactory to the Collateral Agent, together with such
endorsements, coinsurance and reinsurance as the Collateral Agent
may reasonably request, (iii) a completed Flood Certificate with
respect to each Material Real Estate Asset, which Flood Certificate
shall be addressed to the Collateral Agent and shall otherwise
comply with the Flood Program and if the Flood Certificate with
respect to any Material Real Estate Asset states that any
“Building” (as defined in 12 CFR Chapter III, Section
339.2) included as part of such Material Real Estate Asset is
located in a Flood Zone, (A) a written notification from the
applicable Credit Party to the Collateral Agent as to the existence
of such Material Real Estate Asset and as to whether the community
in which such Material Real Estate Asset is located is
participating in the Flood Program and (B) if such Material Real
Estate Asset is located in a community that participates in the
Flood Program, evidence that the applicable Credit Party has
obtained a policy of flood insurance that is in compliance with all
applicable requirements of the Flood Program and other applicable
law (including as to the amount of insurance coverage required
thereunder), provided that the foregoing
requirements of this clause (iii) shall be completed (and copies of
such Flood Certificate and, if applicable, such acknowledgement and
evidence of flood insurance shall have been made available to the
Lenders) at least 20 Business Days (or such shorter period within
which each of the Revolving Lenders shall have advised the
Collateral Agent that its flood insurance due diligence and flood
insurance compliance have been completed) prior to the execution
and delivery of a Mortgage with respect to such Material Real
Estate Asset, (iv) with respect to any Material Real Estate Asset
encumbered by a Lien that is to be subordinated to the Lien created
in accordance with this Agreement and the other Credit Documents,
an amendment or agreement of subordination duly executed and
delivered with respect to any Lien or encumbrance that, but for
such subordination, would have priority over the Mortgage delivered
to the Collateral Agent and (v) such surveys, abstracts,
appraisals, legal opinions and other documents as the Collateral
Agent may reasonably request with respect to any such Mortgage or
Material Real Estate Asset.

 

The
foregoing definition shall not require the creation or perfection
of pledges of or security interests in, or the obtaining of title
insurance, legal opinions, consents, approvals or other
deliverables with respect to, any particular assets of the Credit
Parties if and for so long as the Collateral Agent, in consultation
with the Borrower, determines that the cost of creating or
perfecting such pledges or security interests in such assets, or
obtaining such deliverables shall be excessive in relation to the
benefit that would be afforded to the Lenders therefrom. The
Collateral Agent may grant extensions of time for the creation and
perfection of security interests in or the obtaining of title
insurance, legal opinions or other deliverables with respect to
particular assets or the provision of any Obligations Guarantee by
any Restricted Subsidiary (including extensions beyond the Closing
Date or in connection with assets acquired, or Restricted
Subsidiaries formed or acquired, after the Closing Date) where it
determines that such action cannot be accomplished without undue
effort or expense by the time or times at which it would otherwise
be required to be accomplished by this Agreement or the Collateral
Documents.

 

Notwithstanding the
foregoing provisions of this definition or anything in this
Agreement or any other Credit Document to the
contrary:

 

 

-11-

 

 

(aa)
the Collateral and Guarantee Requirement shall not apply to any of
the following assets (collectively, the “Excluded Property”; each
capitalized term used in this clause (aa) but not defined in this
Agreement having the meaning given to it in the Pledge and Security
Agreement): (i) any Leasehold Property and any Real Estate Asset
that is not a Material Real Estate Asset, (ii) any motor vehicles
and other assets subject to certificates of title, except to the
extent perfection of a security interest therein may be
accomplished by the filing of UCC financing statements or an
equivalent thereof in appropriate form in the applicable
jurisdiction, (iii) any Commercial Tort Claim as to which the claim
thereunder is less than $2,000,000, (iv) (A) any assets if,
for so long as and to the extent a security interest may not be
granted in such assets as a matter of applicable law, (B) any
lease, license (including any License), contract or other agreement
or any rights or interests thereunder if, for so long as and to the
extent the grant of a security interest therein would (x)
constitute or result in (1) the unenforceability of any right,
title or interest of the applicable Credit Party in or (2) a breach
or termination pursuant to the terms of, or a default under, such
lease, license, contract or other agreement or (y) require a
consent, approval, license or authorization not obtained from a
Governmental Authority or third party, except, in each case under
this clause (B), to the extent that such breach or default is
ineffective under the UCC or other applicable law or principles of
equity, and (C) any property subject to a Lien securing any
purchase money obligation or Capital Lease Obligation (or any
Refinancing Indebtedness in respect thereof) if, for so long as and
to the extent the grant of a security interest therein would
constitute or result in a breach or a default under the related
agreements, provided that this
clause (C) shall apply only if such Lien and such purchase
money obligation or Capital Lease Obligation are permitted
hereunder, except, in each case under this clause (iv) to the
extent that such law or the terms in such lease, license, contract
or other agreement providing for such prohibition, breach, right of
termination or default or requiring such consent, approval, license
or authorization is ineffective under the UCC or other applicable
law or principles of equity, provided further that this clause (iv)
shall not exclude Proceeds thereof and Accounts and Payment
Intangibles arising therefrom the assignment of which is deemed
effective under the UCC, (v) any governmental licenses or
state or local franchises, charters and authorizations of a
Governmental Authority if, for so long as and to the extent the
grant of a security interest therein is prohibited or restricted by
applicable law (including the CPCN issued in Colorado to Cbeyond
Communications LLC and to Fusion LLC (formerly known as Network
Billing Systems, LLC)), except, in each case under this clause (v),
to the extent that such prohibition or restriction is ineffective
under the UCC or other applicable law or principles of equity,
provided that this
clause (v) shall not exclude Proceeds thereof and Accounts and
Payment Intangibles arising therefrom the assignment of which is
deemed effective under the UCC, (vi) Equity Interests in any Person
that is not a wholly owned Restricted Subsidiary if, for so long as
and to the extent (A) the Organizational Documents of such
Person or any related joint venture, shareholders’ or similar
agreement prohibits or restricts such pledge without the consent of
any Person other than the Borrower or a Restricted Subsidiary (it
being understood that none of the Credit Parties shall be required
to seek the consent of third parties thereunder), or (B) in
the case of any Person that is not a Restricted Subsidiary
(including any Unrestricted Subsidiary), such Equity Interests have
been pledged in connection with any Indebtedness of such Person
(but only to the extent that such Equity Interests remain pledged
in connection with such Indebtedness), (vii) any “intent to
use” trademark application for which a statement of use has
not been filed with the United States Patent and Trademark Office,
but only to the extent that the grant of a security interest
therein would invalidate such trademark application, (viii) any
Letter-of-Credit Rights (except to the extent constituting a
Supporting Obligation of other Collateral as to which perfection of
a security interest therein may be accomplished solely by the
filing of a UCC financing statement in the applicable jurisdiction
(it being understood that no actions shall be required to perfect a
security interest in a Letter-of-Credit Rights, other than the
filing of a UCC financing statement)), and (ix) the deposit
account, and all Cash on deposit therein, pledged or assigned as
collateral to East West Bank to secure the Existing EWB Letter of
Credit, and in each case of this clause (aa) other than any
Proceeds, substitutions or replacements of the foregoing (unless
such Proceeds, substitutions or replacements themselves would
constitute assets described in clauses (i) through (ix)
above); provided,
in each case, that such assets shall constitute Excluded Property
only if they are not subject to any Lien securing any Permitted
Second Lien Indebtedness, any Permitted Credit Agreement
Refinancing Indebtedness or any Permitted Incremental Equivalent
Indebtedness; and

 

 

-12-

 

 

(bb)  (i)
no delivery of certificates or other instruments representing
Equity Interests in any Subsidiaries that are not Material
Subsidiaries shall be required, (ii) other than with respect to the
Escrow Cash Collateral as provided in Section 3.1(r) and the Vector
Subordinated Note Cash Collateral Account as required by Section
5.16, there shall be no requirement to obtain any control
agreements with respect to any deposit accounts or securities
accounts, (iii) there shall be no requirement to obtain any
landlord waivers, estoppels, collateral access letters or similar
third party agreements and (iv) no security or pledge agreements
governed under the laws of any non-US jurisdiction shall be
required, and no actions in any non-US jurisdiction shall be
required in order to create or perfect any security interest in
assets located or titled outside the United States.

 

“Collateral Documents” means the
Pledge and Security Agreement, the Mortgages, if any, the
Intellectual Property Security Agreements, the Escrow Cash
Collateral Control Agreement, the Vector Subordinated Note Cash
Collateral Control Agreement, and all other instruments, documents
and agreements delivered by or on behalf of any Credit Party
pursuant to this Agreement or any of the other Credit Documents in
order to grant to, or perfect in favor of, the Collateral Agent,
for the benefit of the Secured Parties, a Lien on any property of
such Credit Party as security for the Obligations.

 

“Collateral Questionnaire” means
the Collateral Questionnaire delivered by the Borrower pursuant to
Section 3.1(d).

 

“Commitment” means a Revolving
Commitment or a Term Loan Commitment.

 

“Commitment Fee Rate” means, on any
day, (a) with respect to the Revolving Commitments, the applicable
rate per annum set forth below based on the First Lien Net Leverage
Ratio as of the end of the most recent Fiscal Quarter for which
financial statements have been delivered pursuant to Section 5.1(a)
or 5.1(b) and the related Compliance Certificate has been delivered
pursuant to Section 5.1(c), in each case, at least three
Business Days prior to such day, provided that, for purposes of
this clause (a), until the third Business Day following the date of
the delivery of the financial statements pursuant to Section 5.1(b)
for the Fiscal Quarter ending June 30, 2018, and of the related
Compliance Certificate pursuant to Section 5.1(c), the Commitment
Fee Rate shall be determined by reference to Pricing Level 1 in the
table below, and (b) with respect to any Extended/Modified
Commitments or Refinancing Revolving Commitments of any Class, the
rate or rates per annum specified in the applicable
Extension/Modification Agreement or Refinancing Facility
Agreement.

 

	

Pricing Level

 

	

First Lien Net Leverage Ratio

	

Commitment Fee Rate

 

	

1

	

>
1.70:1.00

	

0.500%

	

2

	

≤
1.70:1.00

	

0.375%

 

Any
increase or decrease in the Commitment Fee Rate resulting from a
change in the First Lien Net Leverage Ratio shall become effective
as of the third Business Day following the date the financial
statements and the related Compliance Certificate are delivered to
the Administrative Agent pursuant to Section 5.1(a) or 5.1(b)
and Section 5.1(c); provided that if the Borrower
has not delivered to the Administrative Agent any financial
statements or Compliance Certificate required to have been
delivered pursuant to Section 5.1(a), 5.1(b) or 5.1(c), from
and after the date such financial statements or Compliance
Certificate were required to have been so delivered the Commitment
Fee Rate shall be determined by reference to Pricing Level 1 in the
table above and shall continue to so apply to and including the
third Business Day following the date such financial statements and
related Compliance Certificate are so delivered (and thereafter the
pricing level otherwise determined in accordance with this
definition shall apply) and (b) as of the first Business Day
after an Event of Default under Section 8.1(a), 8.1(f) or
8.1(g) shall have occurred and be continuing, the Commitment Fee
Rate shall be determined by reference to Pricing Level 1 in the
table above, and shall continue to so apply to but excluding the
date on which such Event of Default shall cease to be continuing
(and thereafter the pricing level otherwise determined in
accordance with this definition shall apply).

 

 

-13-

 

 

If any
financial statements or Compliance Certificate delivered pursuant
to Section 5.1(a), 5.1(b) or 5.1(c) shall prove to have been
inaccurate, and such inaccuracy shall have resulted in the payment
of fees hereunder at lower rates than those that would have been
paid but for such inaccuracy, then (i) the Borrower shall promptly
deliver to the Administrative Agent corrected financial statements
and a corrected Compliance Certificate for such period and (ii) the
Borrower shall promptly pay to the Administrative Agent, for the
account of the Revolving Lenders, the fees that should have been
paid but were not paid as a result of such inaccuracy. Nothing in
this paragraph shall limit the rights of the Administrative Agent
or any Lender under Section 2.9 or 8.

 

“Commodity Exchange Act” means the
Commodity Exchange Act (7 USC. § 1 et seq.).

 

“Communications Laws” means (a) the
Communications Act of 1934, (b) the rules and regulations of the
FCC promulgated under Title 47 of the U.S. Code of Federal
Regulations, as they may be amended or supplemented from time to
time and decisions, policies, reports and orders issued pursuant to
the adoption of such rules and regulations, (c) the Communications
Assistance for Law Enforcement Act, codified at 47 U.S.C.
§1001, et. seq., (d) such other laws of the United States
codified or otherwise included in Title 47 of the U.S. Code as may
be applicable to the conduct of the business of the Borrower and
the Restricted Subsidiaries, (e) any other law of any Governmental
Authority with jurisdiction over telecommunications related
matters, including all laws administered by any State PUC, and (f)
the terms and conditions of any License granted or issued to the
Borrower or any Restricted Subsidiaries.

 

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

 

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

 

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

 

(a) without duplication
and to the extent deducted (and not added back) in arriving at such
Consolidated Net Income (or, in the case of amounts pursuant to
clause (viii) or (xvii) below, to the extent not already included
in Consolidated Net Income), the sum for the Borrower and the
Restricted Subsidiaries of the following amounts for such
period:

 

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

 

(ii) provision
for Federal, state and foreign taxes based on income, profits or
capital gains, including in respect of repatriated
funds,

 

(iii) depreciation
and amortization, including amortization of intangible assets
established through purchase accounting and amortization of
deferred financing fees or costs, but excluding amortization of any
other prepaid cash expense that was paid and not expensed in a
prior period,

 

 

-14-

 

 

(iv) non-cash
charges, including impairment charges and any other write-down or
write-off of assets, noncash fair value adjustments of Investments
and noncash stock-based and similar incentive-based compensation
(including with respect to any profits interest relating to
membership interests in any partnership or limited liability
company), but excluding any such noncash charge or loss to the
extent that it represents an amortization of a prepaid cash expense
that was paid and not expensed in a prior period or write-down or
write-off with respect to accounts receivable (including any
addition to bad debt reserves or bad debt expense) or
inventory,

 

(v) extraordinary
losses, determined in conformity with GAAP,

 

(vi) unusual
or non-recurring charges, including, in each case, to the extent
unusual or non-recurring, operating expenses directly attributable
to the implementation of cost savings initiatives, merger costs,
severance costs, relocation costs, integration and
facilities’ opening costs, signing costs, retention or
completion bonuses, transition costs, costs related to
closure/consolidation of facilities, costs associated with tax
projects/audits and costs consisting of professional, consulting or
other fees relating to any of the foregoing; provided that the aggregate
amount added back pursuant to this clause (vi) and pursuant to
clauses (vii), (xiii) and, other than with respect to the Approved
Cost Savings, (viii) of this definition for any Test Period shall
not exceed (A) for any Test Period ending on or prior to
December 31, 2018, 5% of Consolidated Adjusted EBITDA for such Test
Period and (B) for any Test Period ending thereafter, 15% of
Consolidated Adjusted EBITDA for such Test Period, in the case of
each of clauses (A) and (B), calculated prior to giving effect to
any addback pursuant to this clause (vi) or pursuant to clause
(vii), (viii) or (xiii) of this definition,

 

(vii) restructuring
charges, accruals and reserves (including restructuring charges
related to the Merger or to Acquisitions consummated after the
Closing Date); provided that the aggregate
amount added back pursuant to this clause (vii) and pursuant to
clauses (vi), (xiii) and, other than with respect to the Approved
Cost Savings, (viii) of this definition for any Test Period shall
not exceed (A) for any Test Period ending on or prior to December
31, 2018, 5% of Consolidated Adjusted EBITDA for such Test Period
and (B) for any Test Period ending thereafter, 15% of Consolidated
Adjusted EBITDA for such Test Period, in the case of each of
clauses (A) and (B), calculated prior to giving effect to any
addback pursuant to this clause (vii) or pursuant to clause (vi),
(viii) or (xiii) of this definition,

 

(viii) the
amount of “run rate” net cost savings, operating
expense reductions and other operating improvements and synergies
reasonably projected by the Borrower in good faith to be realized
in connection with the Transactions or any other Pro Forma Event or
the implementation of any operational initiative, including the
termination, abandonment or discontinuance of operations and
product lines (calculated on a Pro Forma Basis as though such cost
savings, operating expense reductions, other operating improvements
and synergies had been realized on the first day of the applicable
Test Period), net of the amount of actual benefits realized during
such period from such actions; provided that (A) such
cost savings, operating expense reductions and other operating
improvements and synergies are reasonably identifiable, factually
supportable and reasonably expected to be realized within 12 months
after the Closing Date or within 12 months after the consummation
of such other Pro Forma Event or the adoption of such initiative,
as applicable, (B) no cost savings, operating expense reductions
and other operating improvements and synergies shall be added
pursuant to this clause (viii) to the extent duplicative of any
items otherwise added in calculating Consolidated Adjusted EBITDA,
whether pursuant to the requirement of Section 1.2(b) or otherwise,
for such period and (C) other than with respect to the Approved
Cost Savings, the aggregate amount added back pursuant to this
clause (viii) and pursuant to clauses (vi), (vii) and (xiii) of
this definition for any Test Period shall not exceed (x) for any
Test Period ending on or prior to December 31, 2018, 5% of
Consolidated Adjusted EBITDA for such Test Period and (y) for any
Test Period ending thereafter, 15% of Consolidated Adjusted EBITDA
for such Test Period, in the case of each of clauses (x) and (y),
calculated prior to giving effect to any addback pursuant to this
clause (viii) or pursuant to clause (vi), (vii) or (xiii) of this
definition,

 

 

-15-

 

 

(ix) the
amount of any noncontrolling interest consisting of income of any
Restricted Subsidiary that is not wholly owned by the Borrower
attributable to noncontrolling Equity Interests of third parties in
such Restricted Subsidiary,

 

(x) after-tax losses
attributable to any Disposition of assets (other than Dispositions
in the ordinary course of business),

 

(xi) the
amount of any net losses from discontinued operations, determined
in conformity with GAAP,

 

(xii) (A)
transaction fees, costs and expenses incurred in connection with
the Transactions prior to the Closing Date, (B) transaction fees,
costs and expenses in an aggregate amount not to exceed $1,500,000
incurred in connection with the Transactions after the Closing Date
but prior to the one year anniversary of the Closing Date and
(C) transaction fees, costs and expenses in an aggregate
amount not to exceed $1,000,000 incurred on or prior to December
31, 2018 in connection with the Specified Acquisition (whether or
not the Specified Acquisition is consummated),

 

(xiii) transaction
fees, costs and expenses incurred during such period, or any
amortization thereof for such period, in connection with any
Acquisition, any Investment (other than intercompany Investments in
the ordinary course of business), any Disposition (other than
Dispositions in the ordinary course of business), any incurrence,
repayment or refinancing of Indebtedness (or any amendment or other
modification of any Indebtedness) or any issuance of Equity
Interests, including any such transaction consummated prior to the
Closing Date and any such transaction undertaken but not completed;
provided that the
aggregate amount added back pursuant to this clause (xiii) and
pursuant to clauses (vi), (vii) and, other than with respect to the
Approved Cost Savings, (viii) of this definition for any Test
Period shall not exceed (A) for any Test Period ending on or prior
to December 31, 2018, 5% of Consolidated Adjusted EBITDA for such
Test Period and (B) for any Test Period ending thereafter, 15% of
Consolidated Adjusted EBITDA for such Test Period, in the case of
each of clauses (A) and (B), calculated prior to giving effect to
any addback pursuant to this clause (xiii) or pursuant to clause
(vi), (vii) or (viii) of this definition,

 

(xiv) any
loss attributable to the early extinguishment of Indebtedness or
obligations under any Hedge Agreement,

 

(xv) any
unrealized loss attributable to the mark-to-market movement in the
valuation of obligations under any Hedge Agreement pursuant to FASB
Accounting Standards Codification 815, as amended,

 

(xvi) any
unrealized loss attributable to the mark-to-market movement in the
valuation of amounts denominated in foreign currencies resulting
from the application of FASB Accounting Standards Codification
830,

 

 

-16-

 

 

(xvii) any
expenses, charges or losses that are covered by indemnification or
other reimbursement provisions in connection with any Investment,
Acquisition or Disposition (other than in the ordinary course of
business) permitted under the Credit Documents or in connection
with any Insurance/Condemnation Event (disregarding the exception
in the definition of such term), including lost profits covered by
business interruption insurance, in each case, to the extent (A)
actually reimbursed by the applicable third party insurer or other
third party during such period or (B) (1) the Borrower has received
notification from the applicable third party insurer or other third
party that it intends to reimburse such expenses, charges or losses
or such lost profits and (2) there exists reasonable evidence that
such expenses, charges or losses or lost profits will in fact be
reimbursed by such insurer or other third party within 270 days
after the related amount is first added to Consolidated Adjusted
EBITDA pursuant to this clause (xvii), provided that no amount may be
added pursuant to this clause (xvii) to the extent that (x) such
insurer or other third party shall have denied in writing
reimbursement for such amount and (y) such amount has not actually
been reimbursed within 270 days after it is first added to
Consolidated Adjusted EBITDA pursuant to this clause (xvii) (with a
deduction for any amount so added back to the extent not so
reimbursed within such 270 days),

 

(xviii) any
contingent or deferred payments (including earnout payments,
noncompete payments and consulting payments) actually made to
sellers during such period in connection with any Acquisition, and
any losses for such period arising from the remeasurement of the
fair value of any liability recorded with respect to any earnout or
other contingent or deferred consideration arising from any
Acquisition, less

 

(b) without duplication
and to the extent included in arriving at such Consolidated Net
Income (or, in the case of amounts pursuant to clause (ix) below,
to the extent not already deducted from Consolidated Net Income),
the sum for the Borrower and the Restricted Subsidiaries of the
following amounts for such period:

 

(i) non-cash gains or
items of income (other than the accrual of revenue in the ordinary
course), excluding any non-cash items of income in respect of which
Cash was received in a prior period or will be received in a future
period,

 

(ii) extraordinary
gains or items of income, determined in conformity with
GAAP,

 

(iii) unusual
or non-recurring gains or items of income,

 

(iv) gains
attributable to any Disposition of assets (other than Dispositions
in the ordinary course of business),

 

(v) the amount of any
net income from discontinued operations, determined in conformity
with GAAP,

 

(vi) any
gain attributable to the early extinguishment of Indebtedness or
obligations under any Hedge Agreement,

 

(vii) any
unrealized gain attributable to the mark-to-market movement in the
valuation of obligations under any Hedge Agreement pursuant to FASB
Accounting Standards Codification 815, as amended,

 

 

-17-

 

 

(viii) any
unrealized gain attributable to the mark-to-market movement in the
valuation of amounts denominated in foreign currencies resulting
from the application of FASB Accounting Standards Codification 830,
and

 

(ix) the
amount of any noncontrolling interest consisting of losses of any
Restricted Subsidiary that is not wholly owned by the Borrower
attributable to noncontrolling Equity Interests of third parties in
such Restricted Subsidiary.

 

For
purposes of calculating Consolidated Adjusted EBITDA for any
period, if during such period the Borrower or any Restricted
Subsidiary shall have consummated a Material Acquisition or a
Material Disposition, Consolidated Adjusted EBITDA for such period
shall be calculated after giving Pro Forma Effect thereto in
accordance with Section 1.2(b).

 

Notwithstanding the
foregoing, but subject to the immediately preceding paragraph,
Consolidated Adjusted EBITDA for (A) the Fiscal Quarter ended March
31, 2017, shall be deemed to be equal to $37,350,000, (B) the
Fiscal Quarter ended June 30, 2017, shall be deemed to be equal to
$40,745,000, (C) the Fiscal Quarter ended September 30, 2017,
shall be deemed to be equal to $39,783,000 and (D) the Fiscal
Quarter ended December 31, 2017, shall be deemed to be equal to
$43,778,000.

 

“Consolidated Capital Expenditures”
means, for any period, the aggregate of all expenditures made by
the Borrower and the Restricted Subsidiaries during such period
that are required to be included in “purchase of property,
plant and equipment” or similar items on a consolidated
statement of cash flows, or that are otherwise required to be
capitalized on a consolidated balance sheet, of the Borrower and
the Restricted Subsidiaries for such period prepared in conformity
with GAAP; provided
that Consolidated Capital Expenditures shall not include any
expenditures (a) to the extent made with Net Proceeds
reinvested pursuant to Section 2.13(a) or 2.13(b) or (b) that
constitute an Acquisition permitted under Section 6.6; provided further that, except for
purposes of calculating Consolidated Excess Cash Flow for any
period, in the event the Borrower or any Restricted Subsidiary
consummates an Acquisition, Consolidated Capital Expenditures shall
not include any such expenditures made by any Person, business
unit, division, product line or line of business acquired pursuant
to such Acquisition, in each case, prior to the date of the
consummation of such Acquisition.

 

“Consolidated Excess Cash Flow”
means, for any period, an amount equal to:

 

(a) the sum, without
duplication, of:

 

(i) Consolidated Net
Income for such period;

 

(ii) the
aggregate amount of all non-cash charges (including depreciation
expense, amortization expense and deferred tax expense), to the
extent deducted in arriving at Consolidated Net
Income;

 

(iii) the
sum of (A) the amount, if any, by which Consolidated Working
Capital decreased during such period (except as a result of the
reclassification of items from short-term to long-term or vice
versa) and (B) the net amount, if any, by which the consolidated
deferred revenues of the Borrower and the Restricted Subsidiaries
increased during such period, in each case, other than any such
decreases or increases, as applicable, arising from an Acquisition
or from a Disposition of assets (other than in the ordinary course
of business) by the Borrower or any of the Restricted Subsidiaries
completed during such period;

 

 

-18-

 

 

(iv) the
aggregate amount of net non-cash loss on any Disposition of assets
by the Borrower and the Restricted Subsidiaries (other than
Dispositions in the ordinary course of business), to the extent
deducted in arriving at Consolidated Net Income;

 

(v) the aggregate
amount of cash payments received in respect of Hedge Agreements
during such period, to the extent not included in arriving at
Consolidated Net Income;

 

(vi) the
aggregate amount of any non-cash loss for such period attributable
to the early extinguishment of Indebtedness or Hedge Agreements, to
the extent deducted in arriving at such Consolidated Net
Income;

 

(vii) income
tax expense, to the extent deducted in arriving at such
Consolidated Net Income; minus

 

(b) the sum, without
duplication, of:

 

(i) the aggregate
amount of all non-cash credits included in arriving at Consolidated
Net Income;

 

(ii) without
duplication of amounts deducted pursuant to clause (xi) below in
any prior period, the Consolidated Capital Expenditures made by the
Borrower and the Restricted Subsidiaries in Cash during such
period, except to the extent financed with Excluded
Sources;

 

(iii) the
aggregate principal amount of Indebtedness of the Borrower and the
Restricted Subsidiaries repaid or prepaid (including, to the extent
of Cash spent, through repurchases and redemptions) by the Borrower
and the Restricted Subsidiaries in Cash during such period
(including (A) the principal component of payments in respect
of Capital Lease Obligations, (B) scheduled Installments of Term
Loans made pursuant to Section 2.11, (C) the amount of any
mandatory prepayment of Term Loans or any Permitted Pari Passu
Secured Indebtedness actually made with the Net Proceeds of an
Asset Sale or an Insurance/Condemnation Event, in each case, to the
extent such Net Proceeds resulted in an increase to Consolidated
Net Income and not in excess of the amount of such increase, and
(D) to the extent of Cash spent, repurchases by the Borrower of
Term Loans pursuant to Section 10.6(i)(ii), but excluding
(1) all other repayments or prepayments (including repurchases
and redemptions) of Term Loans and Permitted Pari Passu Secured
Indebtedness, (2) all repayments or prepayments (including
repurchases and redemptions) of any revolving credit loans (other
than in respect of any revolving credit facility to the extent
there is an equivalent permanent reduction in commitments
thereunder, other than in connection with a refinancing thereof)
and (3) repayments or prepayments (including repurchases and
redemptions) of Permitted Second Lien Indebtedness or any other
Junior Indebtedness (it being understood and agreed that any amount
excluded pursuant to clauses (1) through (3) above may not be
deducted under any other clause of this definition)), except to the
extent financed with Excluded Sources;

 

 

-19-

 

 

(iv) the
aggregate amount of net non-cash gain on any Disposition of assets
by the Borrower and the Restricted Subsidiaries (other than
Dispositions in the ordinary course of business), to the extent
included in arriving at Consolidated Net Income;

 

(v) the sum of (i) the
amount, if any, by which Consolidated Working Capital increased
during such period (except as a result of the reclassification of
items from short-term to long-term or vice versa) and (ii) the net
amount, if any, by which the consolidated deferred revenues of the
Borrower and the Restricted Subsidiaries decreased during such
period, in each case, other than any such increases or decreases,
as applicable, arising from an Acquisition or from a Disposition of
assets (other than in the ordinary course of business) by the
Borrower or any of the Restricted Subsidiaries completed during
such period;

 

(vi) the
aggregate amount of any non-cash gain for such period attributable
to the early extinguishment of Indebtedness, Hedge Agreements or
other derivative instruments, to the extent included in arriving at
Consolidated Net Income;

 

(vii) the
aggregate amount of Cash payments made by the Borrower and the
Restricted Subsidiaries during such period in respect of long-term
liabilities of the Borrower and the Restricted Subsidiaries other
than Indebtedness, except to the extent financed with Excluded
Sources;

 

(viii) without
duplication of amounts deducted pursuant to clause (xi) below in
any prior period, the aggregate amount of Cash paid by the Borrower
and the Restricted Subsidiaries during such period to consummate
any Acquisition or Investment (other than intercompany Investments)
permitted under Section 6.6(l), 6.6(m) or 6.6(o), except to the
extent financed with Excluded Sources;

 

(ix) the
aggregate amount of Restricted Junior Payments permitted by Section
6.4(e), 6.4(g)(i) or 6.4(i) paid by the Borrower and the Restricted
Subsidiaries in Cash during such period, except to the extent
financed with Excluded Sources;

 

(x) the aggregate
amount of any premium, make-whole or penalty payments actually paid
in Cash by the Borrower and the Restricted Subsidiaries during such
period that are required to be made in connection with any
prepayment of Indebtedness, except to the extent financed with
Excluded Sources;

 

(xi) without
duplication of amounts deducted from Excess Cash Flow in any prior
period, the aggregate consideration required to be paid in Cash by
the Borrower or any of the Restricted Subsidiaries pursuant to
binding contracts (the “Contract Consideration”)
entered into prior to or during such period relating to
Acquisitions or Consolidated Capital Expenditures, in each case, to
be consummated or made during the period of four consecutive Fiscal
Quarters of the Borrower following the end of such period;
provided that to
the extent that the aggregate amount of Cash actually utilized to
finance such Acquisitions or Consolidated Capital Expenditures
during such period of four consecutive Fiscal Quarters is less than
the Contract Consideration, the amount of such shortfall shall be
added to the calculation of Consolidated Excess Cash Flow at the
end of such period of four consecutive Fiscal
Quarters;

 

 

-20-

 

 

(xii) to
the extent not deducted in arriving at Consolidated Net Income,
directors’ fees (including salary and bonus) and board
consulting fees and related reimbursement of reasonable
out-of-pocket expenses paid by the Borrower and the Restricted
Subsidiaries in Cash in such period;

 

(xiii) to
the extent not deducted in arriving at Consolidated Net Income,
transaction fees, costs and expenses incurred in connection with
the Transactions or any Acquisition paid by the Borrower and the
Restricted Subsidiaries in Cash in such period;

 

(xiv) to
the extent not deducted in arriving at Consolidated Net Income,
income taxes, including penalties and interest, paid by the
Borrower and the Restricted Subsidiaries in Cash in such period;
and

 

(xv) to
the extent not deducted in arriving at Consolidated Net Income, the
aggregate amount of Cash payments made by the Borrower and the
Restricted Subsidiaries in respect of Hedge Agreements during such
period.

 

“Consolidated First Lien Net Debt”
means, as of any date, without duplication:

 

(a)  the
sum of the aggregate principal amount of Indebtedness of the
Borrower and the Restricted Subsidiaries outstanding as of such
date that is secured by any Lien on any asset of the Borrower or
any Restricted Subsidiary (other than Liens that are contractually
subordinated to the Liens of the Collateral Agent created pursuant
to the Credit Documents), in the amount that would be required to
be reflected on a balance sheet prepared as of such date on a
consolidated basis in conformity with GAAP (but subject to
Section 1.2(a)), consisting solely of Indebtedness for
borrowed money, obligations evidenced by bonds, debentures, notes
or similar instruments and purchase money indebtedness,
plus

 

(b)  the
aggregate amount of Capital Lease Obligations of the Borrower and
the Restricted Subsidiaries outstanding as of such date,
plus

 

(c) to
the extent the amount thereof would be required to be reflected on
a balance sheet prepared as of such date on a consolidated basis in
conformity with GAAP (but subject to Section 1.2(a)), the aggregate
amount of purchase price adjustments, earnouts, deferred
compensation or other similar arrangements incurred by the Borrower
and the Restricted Subsidiaries in connection with any Acquisition,
in each case, that are secured by any Lien on any asset of the
Borrower or any Restricted Subsidiary (other than Liens that are
contractually subordinated to the Liens of the Collateral Agent
created pursuant to the Credit Documents), plus

 

(d)  the
aggregate amount outstanding as of such date of unreimbursed
drawings or other disbursements under all letters of credit and
letters of guaranty in respect of which the Borrower or any
Restricted Subsidiary is an account party, in each case that are
secured by any Lien on any asset of the Borrower or any Restricted
Subsidiary (other than Liens that are contractually subordinated to
the Liens of the Collateral Agent created pursuant to the Credit
Documents), plus

 

(e)  all
obligations, contingent or otherwise, of the Borrower or any
Restricted Subsidiary in respect of bankers’ acceptances
outstanding as of such date that are secured by any Lien on any
asset of the Borrower or any Restricted Subsidiary (other than
Liens that are contractually subordinated to the Liens of the
Collateral Agent created pursuant to the Credit Documents),
plus

 

 

-21-

 

 

(f)  Guarantees
outstanding as of such date by the Borrower or any Restricted
Subsidiary of Indebtedness of the type described in clauses (a)
through (e) above of any Person other than the Borrower or any
Restricted Subsidiary (whether or not such Indebtedness is secured)
if such Guarantees (including letters of credit providing for such
Guarantees) are secured by any Lien on any asset of the Borrower or
any Restricted Subsidiary (other than Liens that are contractually
subordinated to the Liens of the Collateral Agent created pursuant
to the Credit Documents), minus

 

(g)  the
aggregate amount of Unrestricted Cash as of such date (but
disregarding the proceeds of Indebtedness that is incurred on such
date).

 

“Consolidated Fixed Charges” means,
for any period, the sum, without duplication, of (a) Consolidated
Interest Expense for such period, (b) the aggregate amount of
scheduled principal payments made during such period in respect of
Long-Term Indebtedness of the Borrower and the Restricted
Subsidiaries (other than payments made by the Borrower or any
Restricted Subsidiary to the Borrower or a Restricted Subsidiary),
(c) the aggregate amount of principal payments (other than
scheduled principal payments) made during such period in respect of
Long-Term Indebtedness of the Borrower and the Restricted
Subsidiaries (other than payments made by the Borrower or any
Restricted Subsidiary to the Borrower or a Restricted Subsidiary),
to the extent that such payments reduced any scheduled principal
payments that would have become due within one year after the date
of the applicable payment, (d) the aggregate amount of principal
payments on Capital Lease Obligations, determined in conformity
with GAAP, made by the Borrower and the Restricted Subsidiaries
during such period and (e) Consolidated Capital Expenditures
for such period (except to the extent financed by incurring
Long-Term Indebtedness).

 

“Consolidated Interest Expense”
means, for any period:

 

(a) the
sum, without duplication, of (i) the total interest expense
(including imputed interest expense in respect of Capital Lease
Obligations) for the Borrower and the Restricted Subsidiaries for
such period, determined on a consolidated basis in conformity with
GAAP, including all commissions, discounts and other fees and
charges owed with respect to letters of credit and bankers’
acceptance financing and net payments, if any, made (less net
payments, if any, received) pursuant to obligations under Hedge
Agreements in respect of any Indebtedness, and (ii) any interest or
other financing costs becoming payable during such period in
respect of Indebtedness of the Borrower or any Restricted
Subsidiary to the extent such interest or other financing costs
shall have been capitalized rather than included in total interest
expense for such period in accordance with GAAP, minus

 

(b)
cash interest income of the Borrower and the Restricted
Subsidiaries for such period, determined on a consolidated basis in
accordance with GAAP, minus

 

(c) to
the extent included in clause (a) for such period, the sum, without
duplication, of (i) amortization or write-down of capitalized
interest, deferred financing costs or debt issuance costs,
commissions, fees and expenses, pay-in-kind interest expense, the
amortization of original issue discount resulting from the issuance
of Indebtedness below par and any other amounts of non-cash
interest (including as a result of the effects of purchase
accounting), (ii) the accretion or accrual of discounted
liabilities during such period, (iii) non-cash interest expense
attributable to the movement of the mark-to-market valuation of
obligations under Hedge Agreements or other derivative instruments
pursuant to FASB Accounting Standards Codification 815, (iv) any
one-time cash costs associated with breakage in respect of Hedge
Agreements for interest rates, (v) all additional interest or
liquidated damages then owing pursuant to any registration rights
agreement and any comparable “additional interest” or
liquidated damages with respect to any securities designed to
compensate the holders thereof for a failure to publicly register
such securities, (vi) any expense resulting from the discounting of
any Indebtedness in connection with the application of
recapitalization accounting or, if applicable, purchase accounting,
(vii) fees and expenses associated with the consummation of the
Transactions and (viii) commitment and other financing fees
(excluding, for the avoidance of doubt, the commitment fees in
respect of the Revolving Commitments).

 

 

-22-

 

 

For
purposes of calculating Consolidated Interest Expense for any
period, if during such period the Borrower or any Restricted
Subsidiary shall have consummated a Material Acquisition (other
than the Transactions) or a Material Disposition, Consolidated
Interest Expense for such period shall be calculated after giving
Pro Forma Effect thereto in accordance with Section
1.2(b).

 

Notwithstanding the
foregoing (but subject to the immediately preceding paragraph),
Consolidated Interest Expense shall be deemed to be (A) for the
four Fiscal Quarter period ended on the last day of the first
Fiscal Quarter ending after the Closing Date, Consolidated Interest
Expense for such Fiscal Quarter multiplied by four, (B) for the
four Fiscal Quarter period ended on the last day of the second
Fiscal Quarter ending after the Closing Date, Consolidated Interest
Expense for the two Fiscal Quarters then most recently ended
multiplied by two, and (C) for the four Fiscal Quarter period ended
on the last day of the third Fiscal Quarter ending after the
Closing Date, Consolidated Interest Expense for the three Fiscal
Quarters then most recently ended multiplied by 4/3; provided that, in the event the
Closing Date shall have occurred after the first day of the first
Fiscal Quarter ending after the Closing Date, Consolidated Interest
Expense for such Fiscal Quarter shall be deemed, for purposes of
clauses (A), (B) and (C) above, to be Consolidated Interest Expense
for the period from and including the Closing Date to and including
the last day of such Fiscal Quarter, multiplied by a fraction equal
to (x) 90 divided by (y) the number of days actually elapsed from
and including the Closing Date to and including the last day of
such Fiscal Quarter.

 

“Consolidated Net Income” means,
for any period, the net income (or loss) of the Borrower and the
Restricted Subsidiaries for such period, determined on a
consolidated basis in conformity with GAAP; provided that there shall be
excluded, without duplication, (a) the cumulative effect of a
change in accounting principles during such period and (b) the net
income (or loss) of any Person (including any Unrestricted
Subsidiary or any Person accounted for under the equity method of
accounting) that is not the Borrower or a Restricted Subsidiary
except, in the case of net income, to the extent of the amount of
Cash dividends or similar Cash distributions actually paid by such
Person to the Borrower or any Restricted Subsidiary during such
period.

 

“Consolidated Total Assets” means,
as of any date, the consolidated total assets of the Borrower and
the Restricted Subsidiaries as of the last day of the most recently
ended Fiscal Quarter for which financial statements have been
delivered pursuant to Section 5.1(a) or 5.1(b) (or, prior
to the first such delivery, for which financial statements are
included in the Historical Financial Statements), determined on a
consolidated basis in conformity with GAAP, but excluding therefrom
any Escrow Cash Collateral. Consolidated Total Assets as of any
date prior to the Closing Date shall be determined on a Pro Forma
basis to give effect to the Merger and the other Transactions to
occur on the Closing Date.

 

“Consolidated Total Debt” means, as
of any date, without duplication:

 

(a)  the
sum of the aggregate principal amount of Indebtedness of the
Borrower and the Restricted Subsidiaries outstanding as of such
date, in the amount that would be required to be reflected on a
balance sheet prepared as of such date on a consolidated basis in
conformity with GAAP (but subject to Section 1.2(a)),
consisting solely of Indebtedness for borrowed money, obligations
evidenced by bonds, debentures, notes or similar instruments and
purchase money indebtedness, plus

 

(b)  the
aggregate amount of Capital Lease Obligations of the Borrower and
the Restricted Subsidiaries outstanding as of such date,
plus

 

 

-23-

 

 

(c) to
the extent the amount thereof would be required to be reflected on
a balance sheet prepared as of such date on a consolidated basis in
conformity with GAAP (but subject to Section 1.2(a)), the aggregate
amount of purchase price adjustments, earnouts, deferred
compensation or other similar arrangements incurred by the Borrower
and the Restricted Subsidiaries in connection with any Acquisition,
plus

 

(d)  the
aggregate amount outstanding as of such date of unreimbursed
drawings or other disbursements under all letters of credit and
letters of guaranty in respect of which the Borrower or any
Restricted Subsidiary is an account party, plus

 

(e)  all
obligations, contingent or otherwise, of the Borrower or any
Restricted Subsidiary in respect of bankers’ acceptances
outstanding as of such date, plus

 

(f)  Guarantees
outstanding as of such date by the Borrower or any Restricted
Subsidiary of Indebtedness of the type described in clauses (a)
through (e) above of any Person other than the Borrower or any
Restricted Subsidiary.

 

“Consolidated Total Net Debt”
means, as of any date, without duplication:

 

(a)  the
sum of the aggregate principal amount of Indebtedness of the
Borrower and the Restricted Subsidiaries outstanding as of such
date, in the amount that would be required to be reflected on a
balance sheet prepared as of such date on a consolidated basis in
conformity with GAAP (but subject to Section 1.2(a)),
consisting solely of Indebtedness for borrowed money, obligations
evidenced by bonds, debentures, notes or similar instruments and
purchase money indebtedness, plus

 

(b)  the
aggregate amount of Capital Lease Obligations of the Borrower and
the Restricted Subsidiaries outstanding as of such date,
plus

 

(c) to
the extent the amount thereof would be required to be reflected on
a balance sheet prepared as of such date on a consolidated basis in
conformity with GAAP (but subject to Section 1.2(a)), the aggregate
amount of purchase price adjustments, earnouts, deferred
compensation or other similar arrangements incurred by the Borrower
and the Restricted Subsidiaries in connection with any Acquisition,
plus

 

(d)  the
aggregate amount outstanding as of such date of unreimbursed
drawings or other disbursements under all letters of credit and
letters of guaranty in respect of which the Borrower or any
Restricted Subsidiary is an account party, plus

 

(e)  all
obligations, contingent or otherwise, of the Borrower or any
Restricted Subsidiary in respect of bankers’ acceptances
outstanding as of such date, plus

 

(f)  Guarantees
outstanding as of such date by the Borrower or any Restricted
Subsidiary of Indebtedness of the type described in clauses (a)
through (e) above of any Person other than the Borrower or any
Restricted Subsidiary, minus

 

(g)  the
aggregate amount of Unrestricted Cash as of such date (but
disregarding the proceeds of Indebtedness that is incurred on such
date); provided
that, with respect to the calculation of Consolidated Total Net
Debt for purposes of testing the covenant set forth in Section
6.7(a) (including any such testing to determine compliance
therewith on a Pro Forma Basis as required by any other provision
hereof), the aggregate amount of such Unrestricted Cash deducted
pursuant to this clause (g) shall not exceed
$30,000,000.

 

 

-24-

 

 

“Consolidated Working Capital”
means, as of any date, the excess of (a) the sum of all
amounts (other than Cash and Cash Equivalents) that would, in
conformity with GAAP, be set forth opposite the caption
“total current assets” (or any like caption) on a
consolidated balance sheet of the Borrower and the Restricted
Subsidiaries as of such date (excluding all amounts attributable to
Unrestricted Subsidiaries), but excluding, without duplication, (i)
assets relating to current and deferred income taxes and (ii) the
effects from applying purchase accounting, less (b) the sum of all
amounts that would, in conformity with GAAP, be set forth opposite
the caption “total current liabilities” (or any like
caption) on a consolidated balance sheet of the Borrower and the
Restricted Subsidiaries as of such date (excluding all amounts
attributable to Unrestricted Subsidiaries), excluding, without
duplication, (i) the current portion of any Long-Term
Indebtedness, (ii) all Indebtedness (including letter of
credit obligations) under any revolving credit facility, to the
extent otherwise included therein, (iii) the current portion
of interest, (iv) the current portion of current and deferred
income Taxes, (v) non-cash compensation liabilities and
(vi) the effects from applying purchase
accounting.

 

“Consumer/SMB Business” means the
“Consumer/SMB Business” as defined in the Merger
Agreement as in effect on the Closing Date.

 

“Contractual Obligation” means,
with respect to any Person, any provision of any Security issued by
such Person or any indenture, mortgage, deed of trust, contract,
undertaking or other agreement or instrument to which such Person
is a party or by which such Person or any of its properties is
bound or to which such Person or any of its properties is
subject.

 

“Control” means, with respect to
any Person, the possession, directly or indirectly, of the power to
direct or cause the direction of the management and policies, or
the dismissal or appointment of the management, of such Person,
whether through the ability to exercise voting power, the ownership
of Securities, by contract, or otherwise. The words
“Controlling”, “Controlled by” and
“under common Control with” have correlative
meanings.

 

“Conversion/Continuation Date”
means the effective date of a continuation or conversion, as the
case may be, as set forth in the applicable Conversion/Continuation
Notice.

 

“Conversion/Continuation Notice”
means a Conversion/Continuation Notice substantially in the form of
Exhibit D.

 

“Counterpart Agreement” means a
First Lien Counterpart Agreement substantially in the form of
Exhibit E.

 

“Credit Date” means the date of any
Credit Extension.

 

“Credit Document” means each of
this Agreement, the Collateral Documents, the Post-Closing Letter
Agreement, the Counterpart Agreements, the Extension/Modification
Agreements, the Incremental Facility Agreements, the Refinancing
Facility Agreements, the Permitted Intercreditor Agreements and,
except for purposes of Section 10.5, the Notes, if any, any
documents or certificates executed by the Borrower in favor of any
Issuing Bank relating to Letters of Credit (including any fee
letter relating to the fees payable to such Issuing Bank pursuant
to Section 2.10(b)), the Collateral Questionnaire and all other
documents, certificates, instruments or agreements executed and
delivered by or on behalf of any Credit Party for the benefit of
any Agent, any Issuing Bank or any Lender in connection herewith on
or after the date hereof and which are designated as “Credit
Documents” pursuant to an agreement between the Borrower and
the Administrative Agent.

 

 

-25-

 

 

“Credit Extension” means the making
of a Loan or the issuance, amendment (if increasing the face amount
thereof) or extension of a Letter of Credit.

 

“Credit Parties” means the Borrower
and the Guarantor Subsidiaries.

 

“Debtor Relief Laws” means the
Bankruptcy Code and all other liquidation, conservatorship,
bankruptcy, assignment for the benefit of creditors, moratorium,
arrangement (including under corporate statutes), 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.

 

“Declined Mandatory Prepayment Retained
Amount” means any portion of the amount of any
mandatory prepayment of Loans required pursuant to Section 2.13(a),
2.13(b) or 2.13(e) that has been declined by the Lenders in
accordance with Section 2.14(c), but only to the extent retained by
the Borrower in accordance with Section 2.14(c).

 

“Default” means a condition or
event that, after notice or lapse of time or both, would constitute
an Event of Default.

 

“Defaulting Lender” means, subject
to Section 2.21(b), any Lender that (a) has failed (i) to fund
all or any portion of its Loans within two Business Days of the
date such Loans were required to be funded hereunder, unless such
Lender notifies the Administrative Agent and the Borrower in good
faith in writing that such failure is the result of such
Lender’s determination that one or more conditions precedent
to funding (which conditions precedent, together with the
applicable Default, if any, shall be specifically identified in
such writing) has not been satisfied, or (ii) to pay to the
Administrative Agent, the Collateral Agent, any Issuing Bank or any
Lender any other amount required to be paid by it hereunder
(including in respect of its participation in Letters of Credit)
within two Business Days of the date when due, (b) has notified the
Borrower, the Administrative Agent or any Issuing Bank in writing
that it does not intend to comply with its funding obligations
hereunder, or has made a public statement to that effect (unless
such writing or public statement relates to such Lender’s
obligation to fund a Loan hereunder and states that such position
is based on such Lender’s determination that a condition
precedent to funding (which condition precedent, together with the
applicable Default, if any, shall be specifically identified in
such writing or public statement) cannot be satisfied), (c) has
failed, within three Business Days after written request by the
Administrative Agent or the Borrower, to confirm in writing to the
Administrative Agent and the Borrower that it will comply with its
prospective funding obligations hereunder (provided that such Lender shall
cease to be a Defaulting Lender pursuant to this clause (c) upon
receipt of such written confirmation by the Administrative Agent
and the Borrower), or (d) is, or a direct or indirect parent
company of such Lender is, (i)  the subject of a Bail-In
Action, (ii) insolvent, or is generally unable to pay its debts as
they become due, or admits in writing its inability to pay its
debts as they become due, or makes a general assignment for the
benefit of its creditors or (iii) the subject of a proceeding under
any Debtor Relief Laws, or a receiver, trustee, conservator,
intervenor or sequestrator or the like (including the Federal
Deposit Insurance Corporation or any other state or federal
regulatory authority acting in a like capacity with respect to such
Lender) has been appointed for such Lender or its direct or
indirect parent company, or such Lender or its direct or indirect
parent company has taken any action in furtherance of or indicating
its consent to 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 such Lender or any direct or
indirect parent company thereof by a Governmental Authority so long
as such ownership interest does not result in or provide such
Lender with immunity from the jurisdiction of courts within the
United States or from the enforcement of judgments or writs of
attachment on its assets or permit such Lender (or such
Governmental Authority) to reject, repudiate, disavow or disaffirm
any contracts or agreements made with such Lender. Any
determination by the Administrative Agent that a Lender is a
Defaulting Lender under any one or more of clauses (a) through (d)
above shall be conclusive and binding absent manifest error, and
such Lender shall be deemed to be a Defaulting Lender (subject to
Section 2.21(b)) upon delivery of written notice of such
determination to the Borrower, each Issuing Bank and each
Lender.

 

 

-26-

 

 

“Designated Subsidiary” means each
Restricted Subsidiary of the Borrower, including the Acquired
Company and its Restricted Subsidiaries, other than (a) any
Subsidiary that is not a wholly owned Subsidiary, (b) any
Subsidiary that is a CFC or a CFC Holding Company, (c) any
Subsidiary of a CFC or CFC Holding Company, (d) any Subsidiary
that is not a Material Subsidiary, (e) any Subsidiary that is
prohibited by applicable law or, in the case of any Subsidiary
acquired after the Closing Date, any Contractual Obligation in
effect at the time such Subsidiary is acquired (and not entered
into in contemplation of or in connection with such acquisition)
from providing an Obligations Guarantee (including any such
prohibition arising from any requirement to obtain a consent,
approval (including regulatory approval), license or authorization
of any Governmental Authority that has not been obtained in order
to provide such Obligations Guarantee); provided that to the extent any
such consent, approval, license or authorization is required from
the FCC or any State PUC, the Borrower and the Restricted
Subsidiaries shall use commercially reasonable efforts (including
by making all applicable filings and submitting all applicable
notices) to obtain the same promptly after such Restricted
Subsidiary is otherwise required to become a Designated Subsidiary,
(f) any captive insurance company, (g) any not-for-profit
Subsidiary or (h) any Subsidiary where the burden or cost of
providing an Obligations Guarantee by such Subsidiary is excessive
in relation to the benefit that would be afforded to the Lenders
thereby, as determined by the Administrative Agent in consultation
with the Borrower; provided that, notwithstanding
the foregoing, a Subsidiary shall be a Designated Subsidiary if
such Subsidiary shall be an obligor (including pursuant to a
Guarantee) in respect of any Permitted Second Lien Indebtedness,
any Permitted Credit Agreement Refinancing Indebtedness, any
Permitted Incremental Equivalent Indebtedness or any Permitted
Subordinated Indebtedness. Notwithstanding the foregoing, neither
Primus Management ULC, a British Columbia unlimited liability
company, nor Bircan Management ULC, a British Columbia unlimited
liability company, shall be a “Designated Subsidiary”
unless so designated by the Borrower in writing to the
Administrative Agent.

 

“Disposition” means any sale,
transfer, lease or other disposition (including any sale or
issuance of Equity Interests in a Subsidiary) of any property by
any Person, including any sale, transfer or other disposition, with
or without recourse, of any notes or accounts receivable or any
rights and claims associated therewith. “Dispose” has the meaning
correlative thereto.

 

“Disqualified Equity Interest”
means, with respect to any Person, any Equity Interest in such
Person that, by its terms (or by the terms of any security or other
Equity Interests into which it is convertible or for which it is
exchangeable, either mandatorily or at the option of the holder
thereof), or upon the occurrence of any event or condition,
(a) matures or is mandatorily redeemable (other than solely
for Equity Interests in such Person that are not Disqualified
Equity Interests and Cash in lieu of fractional shares of such
Equity Interests), whether pursuant to a sinking fund obligation or
otherwise, (b) is redeemable at the option of the holder
thereof (other than solely for Equity Interests in such Person that
do not constitute Disqualified Equity Interests and Cash in lieu of
fractional shares of such Equity Interests), in whole or in part,
or is required to be repurchased by the Borrower or any Restricted
Subsidiary, in whole or in part, at the option of the holder
thereof (other than solely for Equity Interests in such Person that
do not constitute Disqualified Equity Interests and Cash in lieu of
fractional shares of such Equity Interests) or (c) is or becomes
convertible into or exchangeable for, either mandatorily or at the
option of the holder thereof, Indebtedness or any other Equity
Interests (other than solely for Equity Interests in such Person
that do not constitute Disqualified Equity Interests and Cash in
lieu of fractional shares of such Equity Interests), in each case,
prior to the date that is 91 days after the latest Maturity Date
(determined as of the date of issuance thereof or, in the case of
any such Equity Interests outstanding on the date hereof, the date
hereof), except, in the case of clauses (a) and (b), as a result of
a “change of control” or “asset sale”, so
long as any rights of the holders thereof upon the occurrence of
such a change of control or asset sale event are subject to the
prior payment in full of all Obligations described in clause (a) of
the definition of “Obligations”, the cancelation or
expiration of all Letters of Credit and the termination of the
Commitments; provided that an Equity
Interest in any Person that is issued to any employee or to any
plan for the benefit of employees or by any such plan to such
employees shall not constitute a Disqualified Equity Interest
solely because it may be required to be repurchased by such Person
or any of its Subsidiaries in order to satisfy applicable statutory
or regulatory obligations or as a result of such employee’s
termination, death or disability; provided further that the Closing Date
Preferred Stock shall not constitute a Disqualified Equity
Interest.

 

 

-27-

 

 

“Disqualified Institution” means
(a) such competitors of the Borrower and its Subsidiaries as have
been identified by name in writing by the Borrower to the
Administrative Agent from time to time and (b) any Affiliate of any
such Person identified pursuant to clause (a) above (i) that
has been identified by name in writing by the Borrower to the
Administrative Agent from time to time or (ii) where such
Affiliate’s relationship to such Person is readily apparent
on its face on the basis of the name of such Affiliate, in each
case under this clause (b), other than any such Affiliate that is a
bona fide fixed income investor or debt fund that is engaged in the
making, purchasing, holding or otherwise investing in commercial
loans, bonds or similar extensions of credit in the ordinary course
of business; provided that no Person shall
be a Disqualified Institution until the date on which the list of
Disqualified Institutions that have been so identified by name
pursuant to this definition shall have been made available to the
Lenders on the Platform. It is understood and agreed that any
identification by the Borrower pursuant to this definition shall
not apply retroactively to disqualify any assignment or
participation to any Person that shall have become a Lender or a
participant prior thereto (but that no further assignments or
delegations to, or sales of participations by, may be made to any
such Person thereafter and such Person shall thereafter for all
other purposes be a Disqualified Institution). The Administrative
Agent will promptly make such list available on the Platform upon
the written request of the Borrower that it do so. Notwithstanding
anything to the contrary in this Agreement, each of the parties
hereto acknowledges and agrees that the Administrative Agent shall
not have any duty to ascertain, monitor or enforce compliance with
the list of Disqualified Institutions and shall not have any
liability with respect to any assignment or participation made to a
Disqualified Institution.

 

“Dollars” and the sign
“$” mean the
lawful money of the United States of America.

 

“Domestic Subsidiary” means any
Subsidiary organized under the laws of the United States of
America, any State thereof or the District of
Columbia.

 

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

 

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

 

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

 

“Eligible Assignee” means (a) any
Lender, any Affiliate of any Lender and any Related Fund (any two
or more Related Funds of any Lender being treated as a single
Eligible Assignee for all purposes hereof) and (b) any
commercial bank, insurance company, investment or mutual fund or
other Person that is an “accredited investor” (as
defined in Regulation D under the Securities Act) and that
extends credit or buys loans in the ordinary course of business;
provided that in no
event shall any natural person (or any holding company, investment
vehicle or trust for, or owned and operated for the primary benefit
of, a natural person), any Defaulting Lender, any Disqualified
Institution, the Borrower, any Subsidiary or any other Affiliate of
the Borrower be an Eligible Assignee.

 

 

-28-

 

 

“Employee Benefit Plan” means any
of (a) an “employee benefit plan”, as defined in
Section 3(3) of ERISA, that is subject to Parts II, III or IV of
Title I of ERISA or Title IV of ERISA and that is or was sponsored,
maintained or contributed to by, or required to be contributed to
by, the Borrower, any Restricted Subsidiary or any of their
respective ERISA Affiliates, (b) a “plan” as defined in
Section 4975 of the Code or (c) any Person whose assets include
(for purposes of ERISA Section 3(42) or otherwise for purposes of
Title I of ERISA or Section 4975 of the Code) the assets of any
such “employee benefit plan” or “plan”, in
each case, other than a Foreign Plan.

 

“Engagement Letter” means the Engagement Letter dated
February 13, 2018, among Goldman Sachs Bank USA, MSSF, The Bank of
Tokyo-Mitsubishi UFJ, Ltd. and the Borrower.

 

“Environmental Laws” means all
applicable laws (including common law), statutes, ordinances,
orders, rules, regulations, judgments, Governmental Authorizations
or any other requirements of Governmental Authorities relating to
pollution or to the protection of the environment, natural
resources, threatened or endangered species or human health and
safety.

 

“Environmental Liability” means all
liabilities, obligations, damages, losses, claims, actions, suits,
judgments, orders, fines, penalties, fees, expenses and costs,
(including administrative oversight costs, natural resource
damages, monitoring and remediation costs and reasonable fees and
expenses of attorneys and consultants), whether contingent or
otherwise, arising out of or relating to: (a) compliance
or non-compliance with any Environmental Law, (b) the
generation, use, handling, transportation, storage, treatment,
recycling, disposal (or arrangement for such activities) of any
Hazardous Materials, (c) exposure to any Hazardous Materials,
(d) the presence or Release of any Hazardous Materials or
(e) any contract, agreement or other consensual arrangement
pursuant to which liability is assumed or imposed with respect to
any of the foregoing.

 

“Equity Interests” means any and
all shares, interests, participations or other equivalents (however
designated) of capital stock of a corporation, any and all
equivalent ownership interests in a Person (other than a
corporation), including partnership interests and membership
interests, and any and all warrants, rights or options to purchase
or acquire any of the foregoing (other than, prior to the date of
such conversion, Indebtedness that is convertible into any such
Equity Interests).

 

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

 

“ERISA Affiliate” means, with
respect to any Person, (a) any corporation that is a member of
a controlled group of corporations within the meaning of Section
414(b) of the Internal Revenue Code of which such Person is a
member, (b) any trade or business (whether or not incorporated)
that is a member of a group of trades or businesses under common
control within the meaning of Section 414(c) of the Internal
Revenue Code of which such Person is a member and (c) any member of
an affiliated service group within the meaning of
Section 414(m) or 414(o) of the Internal Revenue Code of which
such Person, any corporation described in clause (a) above or any
trade or business described in clause (b) above is a member. Any
Person that was, but has since ceased to be, an ERISA Affiliate
(within the meaning of the previous sentence) of the Borrower or
any Restricted Subsidiary shall continue to be considered an ERISA
Affiliate of the Borrower or such Restricted Subsidiary within the
meaning of this definition with respect to the period such Person
was an ERISA Affiliate of the Borrower or such Restricted
Subsidiary and with respect to liabilities arising after such
period for which the Borrower or such Restricted Subsidiary could
be liable under the Internal Revenue Code or ERISA.

 

 

-29-

 

 

“ERISA Event” means (a) the
occurrence of a “reportable event” within the meaning
of Section 4043 of ERISA and the regulations issued thereunder with
respect to any Pension Plan (excluding those for which the
provision for 30 day notice to the PBGC has been waived by
regulation), (b) the failure of the Borrower, any Restricted
Subsidiary or any of their respective ERISA Affiliates to meet the
minimum funding standard of Section 412 of the Internal Revenue
Code or Section 302 of ERISA with respect to any Pension Plan
(whether or not waived in accordance with Section 412(c) of the
Internal Revenue Code) or the failure to make by its due date a
required installment under Section 430(j) of the Internal Revenue
Code with respect to any Pension Plan or the failure of the
Borrower, any Restricted Subsidiary or any of their respective
ERISA Affiliates to make any required contribution to a
Multiemployer Plan, (c) the filing pursuant to Section 412(c) of
the Internal Revenue Code or Section 302(c) of ERISA of an
application for a waiver of the minimum funding standard with
respect to any Pension Plan, (d) the provision by the administrator
of any Pension Plan pursuant to Section 4041(a)(2) of ERISA of a
notice of intent to terminate such plan in a distress termination
described in Section 4041(c) of ERISA, (e) the withdrawal by the
Borrower, any Restricted Subsidiary or any of their respective
ERISA Affiliates from any Pension Plan with two or more
contributing sponsors or the termination of any such Pension Plan
resulting in liability to the Borrower, any Restricted Subsidiary
or any of their respective Affiliates pursuant to Section 4063 or
4064 of ERISA during a plan year in which such entity was a
“substantial employer” as defined in Section 4001(a)(2)
of ERISA, (f) the institution by the PBGC of proceedings to
terminate any Pension Plan, or the appointment of a trustee to
administer, any Pension Plan, (g) the incurrence by the Borrower,
any Restricted Subsidiary or any of their respective ERISA
Affiliates of any liability with respect to the withdrawal or
partial withdrawal from any Pension Plan, (h) the imposition of
liability on the Borrower, any Restricted Subsidiary or any of
their respective ERISA Affiliates pursuant to Section 4062(e) or
4069 of ERISA, (i) the withdrawal of the Borrower, any Restricted
Subsidiary or any of their respective ERISA Affiliates in a
complete or partial withdrawal (within the meaning of Sections 4203
and 4205 of ERISA) from any Multiemployer Plan if there is any
liability therefor, (j) the receipt by the Borrower, any Restricted
Subsidiary or any of their respective ERISA Affiliates of notice
from any Multiemployer Plan (i) that such Multiemployer Plan is in
insolvency pursuant to Section 4245 of ERISA, (ii) that such
Multiemployer Plan is in “endangered” or
“critical” status (within the meaning of Section 432 of
the Internal Revenue Code or Section 305 of ERISA) or (iii) that
such Multiemployer Plan intends to terminate or has terminated
under Section 4041A or 4042 of ERISA, (k) a determination that any
Pension Plan is in “at risk” status (as defined in
Section 430(i)(4) of the Internal Revenue Code or Section 303(i)(4)
of ERISA) with respect to any plan year, (l) the occurrence of an
act or omission that could reasonably be expected to give rise to
the imposition on the Borrower, any Restricted Subsidiary or any of
their respective ERISA Affiliates of fines, penalties, taxes or
related charges under Chapter 43 of the Internal Revenue Code or
under Section 409, Section 502(c), 502(i) or 502(l), or Section
4071 of ERISA in respect of any Employee Benefit Plan, (m) the
assertion of a claim (other than routine claims for benefits)
against any Employee Benefit Plan other than a Multiemployer Plan
or the assets thereof, or against the Borrower, any Restricted
Subsidiary or any of their respective ERISA Affiliates in
connection with any Employee Benefit Plan, (n) receipt from the IRS
of notice of the failure of any Pension Plan (or any other Employee
Benefit Plan intended to be qualified under Section 401(a) of the
Internal Revenue Code) to qualify under Section 401(a) of the
Internal Revenue Code, or the failure of any trust forming part of
any Pension Plan to qualify for exemption from taxation under
Section 501(a) of the Internal Revenue Code, (o) the imposition of
a Lien pursuant to Section 430(k) of the Internal Revenue Code or
Section 303(k) of ERISA or a violation of Section 436 of the
Internal Revenue Code or (p) the occurrence of a non-exempt
“prohibited transaction” (as defined in Section 4975 of
the Internal Revenue Code or Section 406 of ERISA) with respect to
which the Borrower, any Restricted Subsidiary or any of their
respective ERISA Affiliates is a “disqualified person”
(within the meaning of Section 4975 of the Internal Revenue Code)
or a “party in interest” (within the meaning of Section
406 of ERISA).

 

 

-30-

 

 

“Escrow Cash Amount” means
$62,000,000.

 

“Escrow Cash Collateral” means Cash
proceeds from the borrowing of the Tranche B Term Borrowings in an
aggregate amount equal to the Escrow Cash Amount that has been
deposited into the Escrow Cash Collateral Account, together with
any interest or profits thereon.

 

“Escrow Cash Collateral Account” as
defined in Section 3.1(r).

 

“Escrow Cash Collateral Control
Agreement” as defined in Section 3.1(r).

 

“Escrow Cash Collateral Outside
Date” as defined in Section 2.13(d).

 

“Escrow Cash Collateral Termination
Date” as defined in Section 2.13(d).

 

“Escrow Cash Release Conditions”
means:

 

(a) (i)
the Arrangers shall have received a copy of the definitive
Specified Acquisition Agreement, together with all closing
deliverables thereunder, certified by an Authorized Officer of the
Borrower as complete and correct; (ii) the Specified Acquisition
shall have been (or substantially concurrently with the release of
the Escrow Cash Collateral from the Escrow Cash Collateral Account
shall be) consummated in accordance with and on the terms set forth
in the draft of the Specified Acquisition Agreement provided to the
Arrangers via email at 5:43 p.m. (New York City time) on
May 1, 2018, and without giving effect to amendments,
supplements, waivers or other modifications to (including any
consents under) the Specified Acquisition Agreement from the draft
so provided to the Arrangers that are adverse in any material
respect to the Lenders and that have not been approved by the
Arrangers (such approval not to be unreasonably withheld, delayed
or conditioned) (it being understood and agreed that any increase
in or reduction of the purchase price in respect of the Specified
Acquisition (other than in accordance with the terms of the draft
Specified Acquisition Agreement so provided to the Arrangers
(including, without limitation, working capital adjustments)) will,
in each case, be deemed to be adverse in a material respect to the
Lenders; provided
that (A) any such increase, when taken together with all prior such
increases, of 5.0% or less in the purchase price in respect of the
Specified Acquisition from the amount set forth in the draft
Specified Acquisition Agreement so provided to the Arrangers will
be deemed not to be adverse in a material respect to the Lenders so
long as such increase is in the form of Equity Interests in the
Borrower (other than any Disqualified Equity Interests) or is
funded with the Net Proceeds received (and not otherwise applied)
by the Borrower after the Closing Date but on or prior to the date
of consummation of the Specified Acquisition from any issuance and
sale of Equity Interests in the Borrower (other than any
Disqualified Equity Interests and other than any Equity Interests
issued or sold to any Subsidiary of the Borrower) and (B) any
such decrease, when taken together with all prior such decreases,
of 5.0% or less in the purchase price in respect of the Specified
Acquisition from the amount set forth in the draft Specified
Acquisition Agreement so provided to the Arrangers will be deemed
not to be adverse in a material respect to the Lenders); and (iii)
not less than $10,000,000 of the consideration for the Specified
Acquisition shall have been funded with Equity Interests in the
Borrower (other than any Disqualified Equity Interests) or the Net
Proceeds received (and not otherwise applied) by the Borrower after
the Closing Date but on or prior to the date of consummation of the
Specified Acquisition from any issuance and sale of Equity
Interests in the Borrower (other than any Disqualified Equity
Interests and other than any Equity Interests issued or sold to any
Subsidiary of the Borrower);

 

 

-31-

 

 

(b) (i)
since January 1, 2017, no event or events shall have occurred that
have had or would reasonably be expected to have, individually or
in the aggregate, a Company Material Adverse Effect (as defined in
the Specified Acquisition Agreement provided to the Arrangers as
described in clause (a)(ii) above); and (ii) the Specified
Acquisition Agreement Representations shall be true and correct as
and to the extent required by the definition of such
term;

 

(c) if
requested by the Arrangers, the Arrangers shall have received (i)
solely to the extent available to the Borrower, (A) audited
consolidated financial statements of the Person to be acquired
pursuant to the Specified Acquisition and its consolidated
Subsidiaries for the fiscal year most recently ended at least 90
days prior to the date of consummation of the Specified Acquisition
(and the related audit report) and (B) unaudited consolidated
financial statements of the Person to be acquired pursuant to the
Specified Acquisition and its consolidated Subsidiaries for each
subsequent fiscal quarter ended at least 45 days prior to the date
of consummation of the Specified Acquisition, and (ii) a customary
pro forma consolidated balance sheet and related pro forma
consolidated statement of operations of the Borrower, as of the end
of or for the latest period of four consecutive fiscal quarters
ended at least 45 days prior to the date of consummation of the
Specified Acquisition (90 days prior to the date of consummation of
the Specified Acquisition in the case the last such fiscal quarter
is the fourth fiscal quarter of the fiscal year), prepared after
giving effect to the transactions contemplated by the Specified
Acquisition Agreement and this Agreement in respect of the
Specified Acquisition as if they had occurred as of the end of such
period (in the case of such balance sheet) or at the beginning of
such period (in the case of such statement of operations);
and

 

(d) at
least five days prior to the date of consummation of the Specified
Acquisition, the Lenders shall have received all documentation and
other information with respect to the Person to be acquired
pursuant to the Specified Acquisition and its Subsidiaries required
by bank regulatory authorities under applicable
“know-your-customer” and anti-money laundering rules
and regulations, including the PATRIOT Act.

 

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

 

“Eurodollar Rate Borrowing” means a
Borrowing comprised of Eurodollar Rate Loans.

 

“Eurodollar Rate Loan” means a Loan
bearing interest at a rate determined by reference to the Adjusted
Eurodollar Rate.

 

“Event of Default” means any
condition or event set forth in Section 8.1.

 

“Exchange Act” means the Securities
Exchange Act of 1934.

 

“Excluded Property” as defined in
the definition of the term “Collateral and Guarantee
Requirement”.

 

“Excluded Sources” means the
proceeds of any issuance or incurrence of Indebtedness by, or the
issuance of any Equity Interests by, or the making of capital
contributions to, the Borrower or any of the Restricted
Subsidiaries, the proceeds of any Disposition outside the ordinary
course of business and any other proceeds not included in
Consolidated Net Income.

 

 

-32-

 

 

“Excluded Swap Obligation” means,
with respect to any Guarantor at any time, any obligation (a
“Swap
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,
if, and to the extent that, all or a portion of the guarantee of
such Guarantor of, or the grant by such Guarantor of a security
interest to secure, such Swap Obligation (or any guarantee thereof)
is illegal at such time 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 at the time such guarantee or
grant of a security interest becomes effective with respect to such
related Swap Obligation.

 

“Excluded Taxes” means any of the
following Taxes imposed on or with respect to a Recipient or
required to be withheld or deducted from a payment to a Recipient:
(a) Taxes imposed on or measured by net income (however
denominated), franchise Taxes and branch profits Taxes, in each
case, (i) imposed as a result of such Recipient being organized
under the laws of, or having its principal office or, in the case
of any Lender, its 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, US 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
requested by the Borrower under Section 2.22) or (ii) such Lender
changes its lending office, except in each case to the extent that,
pursuant to Section 2.19, amounts with respect to such Taxes were
payable either to such Lender’s assignor immediately before
such Lender acquired the applicable interest in such Loan or
Commitment or to such Lender immediately before it changed its
lending office, (c) Taxes attributable to such Recipient’s
failure to comply with Section 2.19(g) and (d) any US federal
withholding Taxes imposed under FATCA.

 

“Existing Debt Documents” means (a)
the Credit Agreement, dated as of November 14, 2016, as amended,
among Fusion NBS Acquisition Corp., East West Bank, as
Administrative Agent, Swingline Lender, an Issuing Bank and a
Lender, and the other lenders party thereto, (b) the Fifth Amended
and Restated Securities Purchase Agreement and Security Agreement,
dated as of November 14, 2016, as amended, among Fusion NBS
Acquisition Corp., the Borrower, the subsidiaries of the Borrower
guarantors thereto, Praesidian Capital Opportunity Fund III, LP, as
Agent, and the lenders party thereto, (c) that certain Second
Amended and Restated Unsecured Promissory Note, dated November 14,
2016, payable by the Borrower to Marvin Rosen and (d) the Credit
Agreement, dated as of July 18, 2014, as amended, among the
Acquired Company, Birch Communications, Inc., Cbeyond, Inc., the
other guarantors party thereto, the lenders party thereto and PNC
Bank, National Association, as Administrative Agent.

 

“Existing EWB Letter of Credit”
means the Irrevocable Standby Letter of Credit No. 17OSL03973
in the amount of $450,000 issued on August 23, 2017 by East West
Bank.

 

“Existing Subordinated Notes” means
the subordinated notes, each dated October 28, 2016, as amended and
restated as of May 4, 2018, in favor of Holcombe T. Green, Jr., R.
Kirby Godsey and the Holcombe T. Green, Jr. 2013 Five-Year Annuity
Trust.

 

“Extended/Modified
Commitments” as defined in the definition of
“Extension/Modification Permitted
Amendment”.

 

“Extended/Modified Loans” as
defined in the definition of “Extension/Modification
Permitted Amendment”.

 

 

-33-

 

 

“Extended/Modified Term Loans” as
defined in the definition of “Extension/Modification
Permitted Amendment”.

 

“Extended/Modified Term Loan Maturity
Date” means, with respect to Extended/Modified Term
Loans of any Class, the scheduled date on which such
Extended/Modified Term Loans shall become due and payable in full
hereunder, as specified in the applicable Extension/Modification
Agreement.

 

“Extending/Modifying Lenders” as
defined in Section 2.24(a).

 

“Extension/Modification Agreement”
means an Extension/Modification Agreement, in form and substance
reasonably satisfactory to the Administrative Agent, among the
Borrower, the Administrative Agent and one or more
Extending/Modifying Lenders, effecting one or more
Extension/Modification Permitted Amendments and such other
amendments hereto and to the other Credit Documents as are
contemplated by Section 2.24.

 

“Extension/Modification Offer” as
defined in Section 2.24(a).

 

“Extension/Modification Permitted
Amendment” means an amendment to this Agreement and
the other Credit Documents, effected in connection with an
Extension/Modification Offer pursuant to Section 2.24, providing
for (a) an extension of the Maturity Date and/or (b) an
increase or decrease in the yield (including any increase or
decrease in, or an introduction of, interest margins, benchmark
rate floors, fixed interest rates or fees or premiums), in each
case, applicable to the Loans and/or Commitments of the
Extending/Modifying Lenders of the applicable
Extension/Modification Request Class (such Loans or Commitments
being referred to as the “Extended/Modified Loans” or
“Extended/Modified
Commitments”, as applicable) and, in connection
therewith:

 

(i)  in
the case of any Extended/Modified Loans that are Term Loans of any
Class (such Extended/Modified Loans being referred to as the
“Extended/Modified Term
Loans”), any modification of the scheduled
amortization applicable thereto, provided that the weighted
average life to maturity of such Extended/Modified Term Loans shall
be no shorter than the remaining weighted average life to maturity
of the Term Loans of the applicable Extension/Modification Request
Class, determined at the time of such Extension/Modification Offer
(and, for purposes of determining the weighted average life to
maturity of any such Term Loans, the effects of any prepayments
made prior to the date of the determination shall be
disregarded),

 

(ii)  a
modification of voluntary or mandatory prepayments applicable to
such Extended/Modified Term Loans (including prepayment premiums,
“no call” terms and other restrictions thereon),
provided that in
the case of any Extended/Modified Term Loans, such requirements may
provide that such Extended/Modified Term Loans may participate in
any mandatory prepayments on a pro rata basis (or on a basis that
is less than pro rata) with the Term Loans of the applicable
Extension/Modification Request Class, but may not provide for
mandatory prepayment requirements that are more favorable than
those applicable to the Term Loans of the applicable
Extension/Modification Request Class, and/or

 

(iii)  any
addition of any affirmative or negative covenants applicable to the
Borrower and/or any Subsidiary, provided that to the extent
such covenants are not consistent with those applicable to the
Loans or Commitments of the applicable Extension/Modification
Request Class, such differences shall be reasonably acceptable to
the Administrative Agent (except for covenants (A) beneficial
to the Lenders where this Agreement is amended to include such
covenants for the benefit of all Lenders (or, in the case of
Extended/Modified Term Loans that are TLA Term Loans, all Lenders
holding TLA Term Loans or Revolving Commitments) or (B) applicable
only to periods after the latest Maturity Date in effect at the
time of effectiveness of the applicable Extension/Modification
Agreement).

 

 

-34-

 

 

“Extension/Modification Request
Class” as defined in
Section 2.24(a).

 

“Facility” means any real property
(including all buildings, fixtures or other improvements located
thereon) now, hereafter or heretofore owned, leased, operated or
used by the Borrower or any Restricted Subsidiary or any of their
respective predecessors or Affiliates.

 

“Fair Share” as defined in
Section 7.2(b).

 

“Fair Share Contribution Amount” as
defined in Section 7.2(b).

 

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

 

“FCC” means the Federal
Communications Commission, or any Governmental Authority succeeding
to the functions thereof.

 

“Federal Funds Effective Rate”
means, for any day, the rate per annum equal to the weighted
average of the rates on overnight Federal Funds transactions with
members of the Federal Reserve System on such day, 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 Effective 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 Effective Rate for such day shall
be the average rate quoted to the Administrative Agent on such day
on such transactions by major financial institutions selected by
the Administrative Agent. Notwithstanding the foregoing, if the
Federal Funds Effective Rate, determined as above, would otherwise
be less than zero, then the Federal Funds Effective Rate shall be
deemed to be zero for all purposes of this Agreement.

 

“Fee Letters” means (a) the Fee
Letter, dated April 30, 2018, between Goldman Sachs and the
Borrower, (b) the Amended and Restated Arranger Fee Letter, dated
May 4, 2018, among Goldman Sachs, MSSF, MUFG and the Borrower, (c)
the Administrative Agent Fee Letter and (d) the Vector Letter,
dated May 4, 2018, between Vector SPV and the
Borrower.

 

“Financial Officer Certification”
means (a) with respect to any consolidated financial statements of
any Person, a certificate of the chief financial officer of such
Person stating that such financial statements present fairly, in
all material respects, the consolidated financial position of such
Person and its Subsidiaries as of the dates indicated and the
consolidated results of their operations and their cash flows for
the periods indicated in conformity with GAAP applied on a
consistent basis (except as otherwise disclosed in such financial
statements), subject to changes resulting from normal year-end
audit adjustments and the absence of footnotes, and (b) with
respect to any Unrestricted Subsidiary Reconciliation Statement, a
certificate of the chief financial officer of the Borrower stating
that such reconciliation statement accurately reflects all
adjustments necessary to treat the Unrestricted Subsidiaries as if
they were not consolidated with the Borrower and to otherwise
eliminate all accounts of the Unrestricted Subsidiaries and
reflects no other adjustment from the related GAAP financial
statement (except as otherwise disclosed in such reconciliation
statement).

 

 

-35-

 

 

“Financing Transactions” means
(a) the execution, delivery and performance by each Credit
Party of the Credit Documents to which it is to be a party, the
creation of the Liens provided for in the Collateral Documents and,
in the case of the Borrower, the borrowing of Loans, the use of the
proceeds thereof and the issuance of Letters of Credit hereunder
and (b) the execution, delivery and performance by each Credit
Party of the Second Lien Credit Documents to which it is to be a
party, the creation of the Liens provided for in the Second Lien
Credit Documents and, in the case of the Borrower, the borrowing of
the loans under the Second Lien Credit Agreement and the use of the
proceeds thereof.

 

“First Lien Net Leverage Ratio”
means the ratio, as of any date, of (a) Consolidated First Lien Net
Debt as of such date to (b) Consolidated Adjusted EBITDA for the
period of four consecutive Fiscal Quarters of the Borrower ended on
such date (or, if such date is not the last day of a Fiscal
Quarter, most recently prior to such date).

 

“Fiscal Quarter” means a fiscal
quarter of any Fiscal Year.

 

“Fiscal Year” means the fiscal year
of the Borrower and the Subsidiaries ending on December 31 of each
calendar year.

 

“Fixed Charge Coverage Ratio” means
the ratio, as of the last day of any period of four consecutive
Fiscal Quarters, of (a) Consolidated Adjusted EBITDA for such
period to (b) Consolidated Fixed Charges for such
period.

 

“Fixed Charge Coverage Ratio
Covenant” means the covenant of the Borrower set forth
in Section 6.7(c).

 

“Fixed Charge Coverage Ratio Covenant
Period” means the period commencing on the Closing
Date and terminating on the first date on which the aggregate
outstanding principal amount of the Tranche A Term Loans shall be
zero.

 

“Flood Hazard Property” means any
Real Estate Asset subject to a Mortgage or required pursuant to the
terms hereof to become subject to a Mortgage in favor of the
Collateral Agent, for the benefit of the Secured Parties, and
located in an area designated by the Federal Emergency Management
Agency as having special flood or mud slide hazards.

 

“Flood Certificate” means a life of
loan “Standard Flood Hazard Determination Form” of the
Federal Emergency Management Agency.

 

“Flood Program” means the National Flood Insurance
Program created by the US Congress pursuant to (a) the National
Flood Insurance Act of 1968, as now or hereafter in effect or any
successor statute thereto, (b) the Flood Disaster Protection Act of
1973, as now or hereafter in effect or any successor statute
thereto, (c) the National Flood Insurance Reform Act of 1994, as
now or hereafter in effect or any successor statute thereto, (d)
the Flood Insurance Reform Act of 2004, as now or hereafter in
effect or any successor statute thereto and (e) the Biggert-Waters
Flood Insurance Reform Act of 2012, as now or hereafter in effect
or any successor statute thereto, including any and all rules and
regulations promulgated thereunder.

 

“Flood Zone” means areas having special flood
hazards as described in the National Flood Insurance Act of 1968,
as now or hereafter in effect or any successor statute
thereto.

 

“Foreign Lender” means a Lender
that is not a US Person.

 

 

-36-

 

 

“Foreign Plan” means any plan that
would be an Employee Benefit Plan but for the fact that is not
subject to United States law and that is maintained or contributed
to by the Borrower, any Restricted Subsidiary or, to the extent
that the Borrower or any Restricted Subsidiary shall have liability
with respect to such Pension Plan, any of their respective ERISA
Affiliates for or on behalf of its employees whose principal place
of employment is outside of the United States.

 

“Foreign Plan Event” means, with
respect to any Foreign Plan, (a) the failure to make or, if
applicable, accrue in accordance with normal accounting practices,
any employer or employee contributions required by applicable laws
or by the terms of such Foreign Plan, (b) the existence of
unfunded liabilities in excess of the amount permitted under any
applicable law, or in excess of the amount that would be permitted
absent a waiver from the applicable Governmental Authority, (c) the
receipt of a notice from a Governmental Authority relating to the
intention to terminate any such Foreign Plan, or alleging the
insolvency of any such Foreign Plan, or alleging the insolvency of
the Borrower or any Restricted Subsidiary that sponsors,
contributes to or participates in such Foreign Plan, (d) the
initiation of any action or filing by the Borrower or any
Restricted Subsidiary to voluntarily terminate or wind up in whole
or in part any Foreign Plan where any such Foreign Plan is not
fully funded and that would result in the incurrence of a liability
by the Borrower or any Restricted Subsidiary, (e) the incurrence of
liability by the Borrower or any Restricted Subsidiary under
applicable law on account of the complete or partial termination of
such Foreign Plan or the complete or partial withdrawal of any
participating employer therein, (f) the failure to timely register
or loss of good standing with applicable Governmental Authorities
of any such Foreign Plan required to be so registered or maintain
such standing if such failure to register or loss of such standing
would result in the incurrence of a liability by the Borrower or
any Restricted Subsidiary or (g) the failure of any Foreign Plan to
comply with any material provisions of applicable laws or with the
material terms of such Foreign Plan if such failure would result in
the incurrence of a liability by the Borrower or any Restricted
Subsidiary.

 

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

 

“Fronting Exposure” means, at any
time there is a Revolving Lender that is a Defaulting Lender, with
respect to any Issuing Bank, such Defaulting Lender’s
applicable Pro Rata Share of the Letter of Credit Usage
attributable to Letters of Credit issued by such Issuing Bank,
other than any portion of such Pro Rata Share that has been
reallocated to other Revolving Lenders in accordance with the terms
of Section 2.21(a)(iii) or Cash Collateralized in accordance with
the terms hereof.

 

“Funding Notice” means a notice
substantially in the form of Exhibit F.

 

“Fusion Global Arrangement” means
the “Fusion Global Arrangement” as defined in the
Merger Agreement as in effect on the Closing Date.

 

“GAAP” means, at any time, subject
to Section 1.2(a), United States generally accepted accounting
principles as in effect at such time, applied in accordance with
the consistency requirements thereof.

 

“Goldman Sachs” means Goldman Sachs
Lending Partners LLC.

 

“Governmental Act” means any act or
omission, whether rightful or wrongful, of any present or future de
jure or de facto government or Governmental Authority.

 

 

-37-

 

 

“Governmental Authority” means any
federal, state, municipal, national, supranational or other
government, governmental department, commission, board, bureau,
court, agency or instrumentality or political subdivision thereof
or any entity, officer or examiner exercising executive,
legislative, judicial, regulatory or administrative functions of or
pertaining to any government or any court, in each case whether
associated with the United States of America, any State thereof or
the District of Columbia or a foreign entity or government
(including any supra-national body exercising such powers or
functions, such as the European Union or the European Central
Bank).

 

“Governmental Authorization” means
any permit, license, registration, approval, exemption,
authorization, plan, directive, binding agreement, consent order or
consent decree made to, or issued, promulgated or entered into by
or with, any Governmental Authority.

 

“Guarantee” of or by any Person
(the “guarantor”) means any obligation,
contingent or otherwise, of the guarantor guaranteeing or having
the economic effect of guaranteeing any Indebtedness or other
obligation of any other Person (the “primary obligor”) in any manner,
whether directly or indirectly, and including any obligation of the
guarantor, direct or indirect, (a) to purchase or pay (or
advance or supply funds for the purchase or payment of) such
Indebtedness or other obligation or to purchase (or to advance or
supply funds for the purchase of) any security for the payment
thereof, (b) to purchase or lease property, Securities or
services for the purpose of assuring the owner of such Indebtedness
or other obligation of the payment thereof, (c) to maintain
working capital, equity capital or any other financial statement
condition or liquidity of the primary obligor so as to enable the
primary obligor to pay such Indebtedness or other obligation or (d)
as an account party in respect of any letter of credit or letter of
guaranty issued to support such Indebtedness or other obligation;
provided that the
term “Guarantee” shall not include (i) endorsements for
collection or deposit in the ordinary course of business or (ii)
customary indemnity obligations entered into in connection with any
Acquisition or any Disposition permitted hereunder (other than any
such obligations with respect to Indebtedness). The amount, as of
any date of determination, of any Guarantee shall be the principal
amount outstanding on such date of Indebtedness or other obligation
guaranteed thereby (or, in the case of (A) any Guarantee the terms
of which limit the monetary exposure of the guarantor or (B) any
Guarantee of an obligation that does not have a principal amount,
the maximum monetary exposure as of such date of the guarantor
under such Guarantee (as determined, in the case of clause (A),
pursuant to such terms or, in the case of clause (B), reasonably
and in good faith by the chief financial officer of the
Borrower)).

 

“Guarantor Subsidiary” means each
Restricted Subsidiary that is a party hereto as a
“Guarantor” and a party to the Pledge and Security
Agreement as a “Grantor” thereunder.

 

“Guarantors” means each Guarantor
Subsidiary; provided that the term
“Guarantors” shall also include the Borrower solely for
purposes of the Guarantee of Obligations of the other Credit
Parties pursuant to Section 7.

 

“Hazardous Materials” means any
petroleum or petroleum products, radioactive materials or wastes,
asbestos in any form, polychlorinated biphenyls, hazardous or toxic
substances and any other chemical, material, waste or substance
that is prohibited, limited or regulated, or that could result in
liability, under any Environmental Law.

 

 

-38-

 

 

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

 

“Highest Lawful Rate” means 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 that are presently in effect or, to the
extent allowed by law, under such applicable laws that may
hereafter be in effect and that allow a higher maximum nonusurious
interest rate than applicable laws now allow.

 

“Historical Acquired Company Financial
Statements” means the audited consolidated balance
sheets and related audited consolidated statements of operations
and comprehensive income, stockholders’ equity and cash
flows, in each case prepared in conformity with GAAP, of the
Acquired Company and its consolidated Subsidiaries for the fiscal
year ended December 31, 2017.

 

“Historical Borrower Financial
Statements” means the audited consolidated balance
sheets and related consolidated statements of operations, changes
in stockholders’ equity and cash flows, in each case prepared
in conformity with GAAP, of the Borrower and its consolidated
Subsidiaries for the Fiscal Year ended December 31,
2017.

 

“Incremental Amount” means, as of
any date of determination, an amount not in excess of (a) (i) the
sum of (A) $50,000,000 and (B) the aggregate principal amount of
Tranche A Term Loans and Tranche B Term Loans prepaid prior to
such date pursuant to Section 2.12(a) and the aggregate amount of
reductions of the Revolving Commitments made, prior to such date,
pursuant to Section 2.12(b), in each case, to the extent not
financed with the proceeds of any Long-Term Indebtedness and
excluding any such reduction in connection with a refinancing
thereof (and, in each case, excluding any prepayments or reductions
thereof in excess of the amount thereof outstanding as of the
Closing Date (less
the aggregate principal amount of Tranche B Term Loans prepaid
pursuant to Section 2.13(d)) or incurred in reliance on this
clause (a)), minus
(ii) the sum of (A) the aggregate amount of Incremental
Commitments established prior to such date in reliance on this
clause (a), (B) the aggregate principal amount of any Permitted
Incremental Equivalent Indebtedness incurred prior to such date in
reliance on this clause (a) and (C) the aggregate principal amount
of any Permitted Second Lien Indebtedness incurred in reliance on
clause (a)(i)(A) of the definition of “Incremental
Amount” under the Second Lien Credit Agreement (or any
comparable successor provision) (the amounts available on such date
under this clause (a) above being referred to as the
“Unrestricted Incremental
Amount”), plus (b) an additional amount
so long as, in the case of this clause (b), after giving Pro Forma
Effect to the incurrence of Indebtedness with respect to which the
Incremental Amount is being determined and the use of proceeds
thereof (but without netting the Cash proceeds of such Indebtedness
(and any other Indebtedness incurred substantially concurrently
therewith), and assuming, solely for purposes of this
determination, that the entire amount of the Incremental
Commitments with respect to which the Incremental Amount is being
determined are fully funded as Loans), (i) in the case of the
establishment of any Incremental Commitments or the incurrence of
any Permitted Incremental Equivalent Indebtedness that is Permitted
Pari Passu Secured Indebtedness, the First Lien Net Leverage Ratio,
determined as of the last day of the Test Period most recently
ended on or prior to such date, shall not exceed 3.20:1.00 (the
“First Lien Incremental
Leverage Limit”), (ii) in the case of the incurrence
of any other Permitted Incremental Equivalent Indebtedness, the
Total Net Leverage Ratio, determined as of the last day of the Test
Period most recently ended on or prior to such date, shall not
exceed 3.65:1.00 (the “Total
Incremental Leverage Limit”) and (iii) the
Borrower shall be in compliance with Sections 6.7(a) and,
during the Fixed Charge Coverage Ratio Covenant Period, 6.7(c),
determined as of the last day of or for, as applicable, the Test
Period most recently ended on or prior to such date; provided that (I) if, for
purposes of determining capacity under clause (b) above, Pro
Forma Effect is given to the entire committed amount of any
Indebtedness with respect to which the Incremental Amount is being
determined, such committed amount may thereafter be borrowed and
reborrowed, in whole or in part, from time to time, without any
further testing under this definition (provided that such committed
amount shall, solely for purposes of calculating availability under
clause (b) above, at all times thereafter be deemed to be
fully funded as Indebtedness for borrowed money), (II) in the
case of any Incremental Commitments or Permitted Incremental
Equivalent Indebtedness established or incurred concurrently in
reliance on the Unrestricted Incremental Amount and in reliance on
clause (b) above, the First Lien Net Leverage Ratio or the Total
Net Leverage Ratio, as the case may be, shall be permitted to
exceed the First Lien Incremental Leverage Limit or the Total
Incremental Leverage Limit, as applicable, to the extent of the
amounts of such Incremental Commitments or Permitted Incremental
Equivalent Indebtedness established or incurred in reliance on the
Unrestricted Incremental Amount, (III) in the case of any
Incremental Commitments or Permitted Incremental Equivalent
Indebtedness established or incurred in reliance on clause (b)
above, any Revolving Loans incurred concurrently therewith or any
other Indebtedness incurred concurrently therewith pursuant to and
in accordance with any clause of Section 6.1 that does not require
observance of the First Lien Net Leverage Ratio or the Total Net
Leverage Ratio shall, solely in the case of
subclauses (i) and (ii) of clause (b) above, be
disregarded for purposes of calculating the First Lien Net Leverage
Ratio or the Total Net Leverage Ratio, as applicable, under such
subclauses of clause (b) above, (IV) in the case of any
Incremental Term Loan Commitment or Permitted Incremental
Equivalent Indebtedness established or incurred in reliance on
clause (b) above, to the extent the proceeds thereof are intended
to be applied to finance a Limited Conditionality Transaction, at
the election of the Borrower, Pro Forma Compliance with the First
Lien Net Leverage Ratio or the Total Net Leverage Ratio, as
applicable, and Sections 6.7(a) and, during the Fixed Charge
Coverage Ratio Covenant Period, 6.7(c) as required under clause (b)
above (but not, for the avoidance of doubt, actual compliance with
Section 6.7(a) or, during the Fixed Charge Coverage Ratio Covenant
Period, 6.7(c)) may be tested in accordance with the provisions of
Section 1.5, and (V) any Incremental Commitments and Permitted
Incremental Equivalent Indebtedness may be established or incurred
in reliance on clause (a) or (b) above regardless of whether
there is capacity under any such other clause above, or may be
established or incurred in reliance in part on clause (a) or (b)
above and in part on any such other clause above, all as determined
by the Borrower in its sole discretion, provided that absent an
election by the Borrower, to the extent that the applicable
requirements have been satisfied, such incurrence shall be deemed
to have been made pursuant to clause (b) above.

 

 

-39-

 

 

“Incremental Commitment” means an
Incremental Revolving Commitment or an Incremental Term Loan
Commitment.

 

“Incremental Facility Agreement”
means an Incremental Facility Agreement, in form and substance
reasonably satisfactory to the Administrative Agent, among the
Borrower, the Administrative Agent and one or more Incremental
Lenders, establishing Incremental Commitments of any Class,
specifying the purposes for which the proceeds of the Loans made
pursuant thereto will be used and effecting such other amendments
hereto and to the other Credit Documents as are contemplated by
Section 2.23.

 

“Incremental Lender” means an
Incremental Revolving Lender or an Incremental Term
Lender.

 

“Incremental Revolving Commitment”
means, with respect to any Lender, the commitment, if any, of such
Lender, established pursuant to an Incremental Facility Agreement
and Section 2.23, to make Revolving Loans and to acquire
participations in Letters of Credit hereunder, expressed as an
amount representing the maximum aggregate permitted amount of such
Lender’s Revolving Exposure under such Incremental Facility
Agreement.

 

“Incremental Revolving Lender”
means a Lender with an Incremental Revolving
Commitment.

 

“Incremental Term Borrowing” means
a Borrowing comprised of Incremental Term Loans of a single
Class.

 

“Incremental Term Lender” means a
Lender with an Incremental Term Loan Commitment or an Incremental
Term Loan.

 

“Incremental Term Loan” means a
term loan made by an Incremental Term Lender to the Borrower
pursuant to Section 2.23.

 

“Incremental Term Loan Commitment”
means, with respect to any Lender, the commitment, if any, of such
Lender, established pursuant to an Incremental Facility Agreement
and Section 2.23, to make Incremental Term Loans of any Class
hereunder, expressed as an amount representing the maximum
principal amount of the Incremental Term Loans of such Class to be
made by such Lender, subject to any increase or reduction pursuant
to the terms and conditions hereof. The initial amount of each
Lender’s Incremental Term Loan Commitment of any Class, if
any, is set forth in the Incremental Facility Agreement or
Assignment Agreement pursuant to which such Lender shall have
established or assumed its Incremental Term Loan Commitment of such
Class.

 

“Incremental Term Loan Maturity
Date” means, with respect to Incremental Term Loans of
any Class, the scheduled date on which such Incremental Term Loans
shall become due and payable in full hereunder, as specified in the
applicable Incremental Facility Agreement.

 

“Incremental Tranche A Term Loans”
means Incremental Term Loans that have scheduled amortization of
5.00% or more per annum, a final maturity of five years or less
from the date of incurrence and are primarily syndicated to or
otherwise provided by commercial banks (as reasonably determined by
the Borrower in good faith).

 

“incur” means to create, incur,
assume or, in the case of any Indebtedness, otherwise become liable
with respect to such Indebtedness.

 

 

-40-

 

 

“Indebtedness” means, with respect
to any Person, without duplication, (a) all obligations of
such Person for borrowed money, (b) all obligations of such
Person evidenced by bonds, debentures, notes or similar
instruments, (c) all obligations of such Person under
conditional sale or other title retention agreements relating to
property acquired by such Person (excluding trade accounts payable
incurred in the ordinary course of business), (d) all
obligations of such Person in respect of deferred purchase price of
property or services (excluding (i) current accounts payable
incurred in the ordinary course of business, (ii) deferred
compensation payable to directors, officers, employees or
consultants of such Person or any of its Subsidiaries and
(iii) purchase price adjustments, earnouts, deferred
compensation or other similar arrangements incurred in connection
with any Acquisition, except to the extent that the amount payable
pursuant to such purchase price adjustment, earnout, deferred
compensation or similar arrangement is reflected on such
Person’s consolidated balance sheet in conformity with GAAP),
(e) all Capital Lease Obligations of such Person, (f) the
maximum aggregate amount (determined after giving effect to any
prior drawings or reductions that have been reimbursed) of all
letters of credit and letters of guaranty in respect of which such
Person is an account party, (g) the principal component of all
obligations, contingent or otherwise, of such Person in respect of
bankers’ acceptances, (h) all Indebtedness of others
secured by any Lien on any property owned or acquired by such
Person, whether or not the Indebtedness secured thereby has been
assumed by such Person, valued, as of any date of determination, at
the lesser of (i) the principal amount of such Indebtedness and
(ii) the fair value of such property (as determined in good faith
by such Person), (i) all Guarantees by such Person of
Indebtedness of others and (j) all Disqualified Equity Interests in
such Person, valued, as of the date of determination, at the
greater of (i) the maximum aggregate amount that would be
payable upon maturity, redemption, repayment or repurchase thereof
(or of Disqualified Equity Interests or Indebtedness into which
such Disqualified Equity Interests are convertible or exchangeable)
and (ii) the maximum liquidation preference of such Disqualified
Equity Interests. The Indebtedness of any Person shall include the
Indebtedness of any other Person (including any partnership in
which such Person is a general partner) to the extent such Person
is liable therefor as a result of such Person’s ownership
interest in or other relationship with such other Person, except to
the extent the terms of such Indebtedness provide that such Person
is not liable therefor.

 

“Indemnified Liabilities” means any
and all liabilities (including Environmental Liabilities),
obligations, losses, damages (including natural resource damages),
penalties, claims, actions, judgments, suits, costs (including the
costs of any investigation, study, sampling, testing, abatement,
cleanup, removal, remediation or other response action necessary to
remove, remediate, clean up or abate any Hazardous Materials),
expenses and disbursements of any kind or nature whatsoever
(including the reasonable out-of-pocket fees, expenses and other
charges of counsel and consultants for the Indemnitees in
connection with any investigative, administrative or judicial
proceeding or hearing commenced or threatened by any Person
(including by any Credit Party or any Affiliate thereof), whether
or not any such Indemnitee shall be designated as a party or a
potential party thereto (but limited, in the case of any one such
proceeding or hearing, to fees, expenses and other charges of one
firm of primary counsel, one firm of regulatory counsel, and, if
reasonably necessary, one firm of local counsel in each applicable
jurisdiction for all the Indemnitees (and, if any Indemnitee shall
have advised the Borrower that there is an actual or perceived
conflict of interest, one additional firm of primary counsel, one
additional firm of regulatory counsel and, if reasonably necessary,
one additional firm of local counsel in each applicable
jurisdiction for each group of affected Indemnitees that are
similarly situated (in each case, excluding allocated costs of
in-house counsel)), and any fees or expenses incurred by the
Indemnitees in enforcing this indemnity), whether direct, indirect,
special, consequential or otherwise and whether based on any
federal, state or foreign laws, statutes, rules or regulations
(including securities and commercial laws, statutes, rules or
regulations and Environmental Laws), on common law or equitable
causes of action or on contract or otherwise, that may be imposed
on, incurred by or asserted against any such Indemnitee, in any
manner relating to or arising out of (a) this Agreement or the
other Credit Documents or the transactions contemplated hereby or
thereby (including the Lenders’ agreement to make Credit
Extensions, the issuance, amendment, extension or renewal of any
Letter of Credit by any Issuing Bank (including the failure of any
Issuing Bank to honor a drawing under any Letter of Credit as a
result of any Governmental Act), the syndication of the credit
facilities provided for herein or the use or intended use of the
proceeds thereof, the Vector Facility Arrangements, any amendments,
waivers or consents with respect to any provision of this Agreement
or any of the other Credit Documents, or any enforcement of any of
the Credit Documents (including any sale of, collection from, or
other realization upon any of the Collateral or the enforcement of
the Obligations Guarantee)), (b) any commitment letter, engagement
letter, fee letter or other letter or agreement delivered by any
Agent, any Arranger, any Issuing Bank or any Lender to the Borrower
or any of its Affiliates in connection with the arrangement of the
credit facilities provided for herein or in connection with the
transactions contemplated by this Agreement or (c) any actual
or alleged presence or Release of Hazardous Materials on, at or
under or from any property currently or formerly owned, leased or
operated by the Borrower or any Affiliate or any Environmental
Liability related in any way to the Borrower or any
Affiliate.

 

 

-41-

 

 

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

 

“Indemnitee” as defined in Section
10.3.

 

“Installment” means (a) when used
in respect of the Tranche A Term Loans or Tranche A Term
Borrowings, each payment of the principal amount thereof due under
Section 2.11(a) (including the payment due on the Tranche A Term
Loan Maturity Date), (b) when used in respect of the Tranche B Term
Loans or Tranche B Term Borrowings, each payment of the principal
amount thereof due under Section 2.11(b) (including the payment due
on the Tranche B Term Loan Maturity Date) and (c) when used in
respect of any Term Loans or Term Borrowings of any other Class,
each payment of the principal amount thereof due under Section
2.11(c) (including the payment due on the Maturity Date applicable
to the Term Loans of such Class).

 

“Insurance/Condemnation Event”
means any casualty or other insured damage to, or any taking under
the power of eminent domain or by condemnation or similar
proceeding of, or any Disposition under a threat of such taking of,
all or any part of any assets of the Borrower or any Restricted
Subsidiary, other than any of the foregoing resulting in aggregate
Net Proceeds not exceeding $5,000,000 during any Fiscal
Year.

 

“Intellectual Property” as defined
in the Pledge and Security Agreement.

 

“Intellectual Property Security
Agreements” as defined in the Pledge and Security
Agreement.

 

“Intercompany Indebtedness Subordination
Agreement” means a First Lien Intercompany
Indebtedness Subordination Agreement substantially in the form of
Exhibit G.

 

“Intercompany Note” means a
promissory note substantially in the form of Exhibit H.

 

“Intercreditor Agreement” means the
Intercreditor Agreement in substantially the form set forth in
Exhibit
I, with such changes therefrom as may be agreed to by the
Administrative Agent and the Borrower or as are contemplated by
Section 10.24.

 

“Interest Payment Date” means (a)
with respect to any Base Rate Loan, the last Business Day of March,
June, September and December of each year, commencing on
the first such date to occur after the Closing Date, and (b) with
respect to any Eurodollar Rate Loan, the last day of each Interest
Period applicable to such Loan and, in the case of any such Loan
with an Interest Period of longer than three months’
duration, each date that is three months, or an integral multiple
thereof, after the commencement of such Interest
Period.

 

“Interest Period” means, with
respect to any Eurodollar Rate Borrowing, the period commencing on
the date of such Borrowing and ending on the numerically
corresponding day in the calendar month that is one month, two
months, three months or six months thereafter (or, in the case of
any Eurodollar Rate Borrowing of any Class, such longer period
thereafter as shall have been consented to by each Lender of such
Class and notified in writing to the Administrative Agent), as
selected by the Borrower in the applicable Funding Notice or
Conversion/Continuation Notice; provided that (a) if an
Interest Period would otherwise end on a day that is not a Business
Day, such Interest Period shall be extended to the next succeeding
Business Day unless no succeeding Business Day occurs in such
month, in which case such Interest Period shall end on the
immediately preceding Business Day, (b) any Interest Period
that commences on the last Business Day of a calendar month (or on
a day for which there is no numerically corresponding day in the
calendar month at the end of such Interest Period) shall, subject
to clause (c) below, end on the last Business Day of the last
calendar month of such Interest Period and (c) notwithstanding
anything to the contrary in this Agreement, no Interest Period for
a Eurodollar Rate Borrowing of any Class may extend beyond the
Maturity Date for Borrowings of such Class. For purposes hereof,
the date of a Eurodollar Rate Borrowing shall initially be the date
on which such Borrowing is made and thereafter shall be the
effective date of the most recent conversion or continuation of
such Borrowing.

 

 

-42-

 

 

“Interest Rate Determination Date”
means, with respect to any Interest Period, the date that is two
Business Days prior to the first day of such Interest
Period.

 

“Internal Revenue Code” means the
Internal Revenue Code of 1986.

 

“Investment” means, with respect to
a specified Person, any Equity Interests, evidences of Indebtedness
or other Securities (including any option, warrant or other right
to acquire any of the foregoing) of, or any capital contribution or
loans or advances (other than trade advances made in the ordinary
course of business that would be recorded as accounts receivable on
the balance sheet of the specified Person prepared in conformity
with GAAP) to, Guarantees of any Indebtedness of (including any
such Guarantees arising as a result of the specified Person being a
co-maker of any note or other instrument or a joint and several
co-applicant with respect to any letter of credit or letter of
guaranty), or any other investments in (including any investment in
the form of transfer of property for consideration that is less
than the fair value thereof (as determined reasonably and in good
faith by the chief financial officer of the Borrower)), any other
Person that are held or made by the specified Person. The amount,
as of any date of determination, of (a) any Investment in the form
of a loan or an advance shall be the aggregate principal amount
thereof made on or prior to such date of determination, minus the
amount, as of such date of determination, of any Returns with
respect thereto, but without any adjustment for write-downs or
write-offs (including as a result of forgiveness of any portion
thereof) with respect to such loan or advance after the date
thereof, (b) any Investment in the form of a Guarantee shall be
determined in accordance with the definition of the term
“Guarantee”, (c) any Investment in the form of a
purchase or other acquisition for value of any Equity Interests,
evidences of Indebtedness or other Securities of any Person shall
be the fair value (as determined reasonably and in good faith by
the chief financial officer of the Borrower) of the consideration
therefor (including any Indebtedness assumed in connection
therewith), plus
the fair value (as so determined) of all additions, as of such date
of determination, thereto, and minus the amount, as of such
date of determination, of any Returns with respect thereto, but
without any other adjustment for increases or decreases in value
of, or write-ups, write-downs or write-offs with respect to, such
Investment after the time of such Investment, (d) any Investment
(other than any Investment referred to in clause (a), (b) or (c)
above) in the form of a transfer of Equity Interests or other
property by the investor to the investee, including any such
transfer in the form of a capital contribution, shall be the fair
value (as determined reasonably and in good faith by the chief
financial officer of the Borrower) of such Equity Interests or
other property as of the time of such transfer (less, in the case
of any investment in the form of transfer of property for
consideration that is less than the fair value thereof, the fair
value (as so determined) of such consideration as of the time of
the transfer), minus the amount, as of such
date of determination, of any Returns with respect thereto, but
without any other adjustment for increases or decreases in value
of, or write-ups, write-downs or write-offs with respect to, such
Investment after the time of such transfer, and (e) any Investment
(other than any Investment referred to in clause (a), (b), (c) or
(d) above) in any Person resulting from the issuance by such Person
of its Equity Interests to the investor shall be the fair value (as
determined reasonably and in good faith by the chief financial
officer of the Borrower) of such Equity Interests at the time of
the issuance thereof.

 

“Iqmax Disposition” means the
Disposition by the Borrower and the Restricted Subsidiaries of the
assets acquired pursuant to that certain Asset Purchase Agreement,
dated as of January 24, 2018, by and between Network Billing
Systems, LLC and Iqmax, Inc., such Disposition to be consummated in
accordance with the terms of such Asset Purchase
Agreement.

 

“IRS” means the United States
Internal Revenue Service.

 

“Issuance Notice” means an Issuance
Notice substantially in the form of Exhibit J.

 

 

-43-

 

 

“Issuing Bank” means (a) each
of Goldman Sachs, MSSF and MUFG and (b) any other Revolving Lender
(or an Affiliate thereof) that shall have become an Issuing Bank as
provided herein, other than any such Person that shall have ceased
to be an Issuing Bank as provided herein, each in its capacity as
an issuer of Letters of Credit hereunder.

 

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

 

“Junior Indebtedness” means (a) any
Permitted Second Lien Indebtedness, (b) any Permitted Credit
Agreement Refinancing Indebtedness and any Permitted Incremental
Equivalent Indebtedness that, in each case, is Permitted Junior
Lien Secured Indebtedness or Permitted Unsecured Indebtedness and
(c) the Subordinated Notes, any other Permitted Subordinated
Indebtedness or any other Subordinated Indebtedness, other than any
Subordinated Indebtedness owing to the Borrower or any Restricted
Subsidiary.

 

“Junior Lien Intercreditor
Agreement” means, with respect to any Permitted Junior
Lien Secured Indebtedness, the Intercreditor Agreement or any other
intercreditor agreement, in form and substance reasonably
satisfactory to the Collateral Agent and the Borrower, that
contains terms and conditions that are within the range of terms
and conditions customary for intercreditor agreements that are of
the type that govern intercreditor relationships between holders of
senior secured credit facilities and holders of the same type of
Indebtedness as such Permitted Junior Lien Secured
Indebtedness.

 

“LCT Test Date” as defined in
Section 1.5.

 

“Leasehold Property” means, as of
any time of determination, any leasehold interest then owned by any
Credit Party in any leased real property.

 

“Lender” means each Person listed
on the signature pages hereto as a Lender, and any other Person
that shall have become a party hereto in accordance with the terms
hereof pursuant to an Assignment Agreement, an Incremental Facility
Agreement or a Refinancing Facility Agreement, other than any such
Person that shall have ceased to be a party hereto pursuant to an
Assignment Agreement.

 

“Lender Presentation” means the
Lender Presentation dated February 2018 and the Transaction Update
dated April 2018, relating to this Agreement and the credit
facilities provided for herein.

 

“Letter of Credit” means a letter
of credit issued or to be issued by any Issuing Bank pursuant to
this Agreement, in each case other than any Letter of Credit that
ceases to be a “Letter of Credit” outstanding hereunder
pursuant to Section 10.8.

 

“Letter of Credit Issuing
Commitment” means, with respect to any Issuing Bank,
the commitment, if any, of such Issuing Bank to issue Letters of
Credit, expressed as an amount representing the maximum aggregate
Letter of Credit Usage attributable to Letters of Credit issued by
such Issuing Bank. The initial amount of each Issuing Bank’s
Letter of Credit Issuing Commitment on the Closing Date, if any, is
set forth on Schedule
2.3. The aggregate amount of the Letter of Credit Issuing
Commitments as of the Closing Date is $15,000,000.

 

 

-44-

 

 

“Letter of Credit Sublimit” means
$15,000,000; provided that the Letter of
Credit Sublimit may be increased at any time by the written
agreement of the Borrower, the Administrative Agent and each
Issuing Bank that will provide a Letter of Credit Issuing
Commitment to the Borrower in an aggregate amount for the Issuing
Banks party to such agreement that is not less than the amount of
such increase.

 

“Letter of Credit Usage” means, at
any time, the sum of (a) the maximum aggregate amount that is, or
at any time thereafter pursuant to the terms thereof may become,
available for drawing under all Letters of Credit outstanding at
such time (regardless of whether any conditions for drawing could
then be met) and (b) the aggregate amount of all drawings under
Letters of Credit honored by the Issuing Banks and not theretofore
reimbursed by or on behalf of the Borrower. For all purposes of
this Agreement, if on any date of determination a Letter of Credit
has expired by its terms but any amount may still be drawn
thereunder by reason of the operation of Rule 3.13 or Rule 3.14 of
the ISP, Article 29 of the UCP, or any similar provisions in
applicable law or the express terms of such Letter of Credit, such
Letter of Credit shall be deemed to be “outstanding” in
the amount so remaining available to be drawn.

 

“License” means any license,
permit, consent, certificate, franchise approval, waiver,
registration or authorization granted or issued by the FCC, any
State PUC or any other Governmental Authority with authority to
regulate the provision of telecommunications services.

 

“Lien” means any lien, mortgage,
pledge, assignment, security interest, hypothecation, charge or
encumbrance of any kind (including any conditional sale or other
title retention agreement, and any lease or license in the nature
thereof) and any option, trust or other preferential arrangement
having the practical effect of any of the foregoing.

 

“Limited Conditionality
Transaction” means an Acquisition or Investment
(other than an intercompany Investment) permitted by this Agreement
that the Borrower or a Restricted Subsidiary is contractually
committed to consummate (it being understood that such commitment
may be subject to conditions precedent, which conditions precedent
may be amended, satisfied or waived in accordance with the terms of
the applicable agreement) and the consummation of which is not
conditioned on the availability of, or on obtaining, third party
financing.

 

“Loan” means a Revolving Loan, a
Tranche A Term Loan, a Tranche B Term Loan, an Incremental Term
Loan of any Class, an Extended/Modified Term Loan of any Class or a
Refinancing Term Loan of any Class.

 

“Long-Term Indebtedness” means any
Indebtedness that, in conformity with GAAP, constitutes (or, when
incurred, constituted) a long-term liability.

 

“Majority in Interest”, when used
in reference to Lenders of any Class, means, at any time, (a) in
the case of the Revolving Lenders, Lenders having Revolving
Exposures and unused Revolving Commitments representing more than
50% of the sum of the Revolving Exposures and unused Revolving
Commitments of all the Revolving Lenders at such time and
(b) in the case of the Term Lenders of any Class, Lenders
having Term Loan Exposure of such Class representing more than 50%
of the Term Loan Exposure of all the Term Lenders of such Class at
such time. For purposes of this definition, the amount of Revolving
Exposures, unused Revolving Commitments and Term Loan Exposures of
any Class shall be determined by excluding the Revolving Exposure,
unused Revolving Commitment and Term Loan Exposure of such Class of
any Defaulting Lender.

 

“Margin Stock” as defined in
Regulation U.

 

 

-45-

 

 

“Material Acquisition” means any
Acquisition, or a series of related Acquisitions, by the Borrower
or any Restricted Subsidiary; provided that the portion of
the Consolidated Adjusted EBITDA, calculated on a Pro Forma Basis
for such Acquisition or Acquisitions, attributable to the Persons
or the assets so acquired for the most recent period of 12
consecutive months for which financial statements are available at
the time of the consummation thereof exceeds $10,000,000;
provided
further that the
Specified Acquisition shall in any event constitute a Material
Acquisition.

 

“Material Adverse Effect” means a
material adverse effect on (a) the business, results of operations,
assets or financial condition of the Borrower and the Restricted
Subsidiaries, taken as a whole, (b) the ability of the Credit
Parties to fully and timely perform their obligations under the
Credit Documents, taken as a whole, (c) the legality, validity,
binding effect or enforceability against the Credit Parties of any
Credit Documents to which they are party or (d) the rights,
remedies and benefits available to, or conferred upon, any Agent,
any Arranger, any Issuing Bank, any Lender or any Secured Party
under the Credit Documents, taken as a whole.

 

“Material Disposition” means any
Disposition, or a series of related Dispositions, by the Borrower
or any Restricted Subsidiary of (a) all or substantially all
the issued and outstanding Equity Interests in any Person or (b)
assets comprising all or substantially all the assets of (or all or
substantially all the assets constituting a business unit,
division, product line or line of business of) any Person;
provided that the
portion of the Consolidated Adjusted EBITDA for the most recent
Test Period attributable to the Persons or assets so Disposed
exceeds $10,000,000.

 

“Material Indebtedness” means
Indebtedness (other than the Loans and Guarantees under the Credit
Documents), or obligations in respect of one or more Hedge
Agreements, of any one or more of the Borrower and the Restricted
Subsidiaries in an aggregate principal amount of $10,000,000 or
more, provided that
any Permitted Second Lien Indebtedness, Permitted Incremental
Equivalent Indebtedness, Permitted Credit Agreement Refinancing
Indebtedness and Permitted Subordinated Indebtedness shall at all
times constitute “Material Indebtedness”. In the case
of any Material Indebtedness that is a Guarantee of any other
Indebtedness, each reference to “Material Indebtedness”
shall be deemed to include a reference to such Guaranteed
Indebtedness. For purposes of determining Material Indebtedness,
the “principal amount” of the obligations of the
Borrower or any Restricted Subsidiary in respect of any Hedge
Agreement at any time shall be the maximum aggregate amount (giving
effect to any netting agreements) that the Borrower or such
Restricted Subsidiary would be required to pay if such Hedge
Agreement were terminated at such time.

 

“Material Real Estate Asset” means
each Real Estate Asset owned in fee by a Credit Party that,
together with the improvements thereon and all contiguous and all
related parcels and the improvements thereon forming part of such
Real Estate Asset, has a fair value, as of the Closing Date or as
of the time of the acquisition thereof, of greater than $5,000,000
in the aggregate.

 

“Material Subsidiary” means each
Restricted Subsidiary (a) the consolidated total assets of
which (determined on a consolidated basis for such Restricted
Subsidiary and its Restricted Subsidiaries) equal 5.0% or more of
the Consolidated Total Assets or (b) the consolidated revenues
of which (determined on a consolidated basis for such Restricted
Subsidiary and its Restricted Subsidiaries) equal 5.0% or more of
the consolidated revenues of the Borrower and the Restricted
Subsidiaries, in each case as of the end of or for the most recent
period of four consecutive Fiscal Quarters of the Borrower for
which financial statements have been delivered pursuant to
Section 5.1(a) or 5.1(b) (or, prior to the delivery
of any such financial statements, as of the end of or for the
period of four consecutive Fiscal Quarters ending with the last
Fiscal Quarter included in the Historical Borrower Financial
Statements); provided that if at the end of
or for any such most recent period of four consecutive Fiscal
Quarters the combined consolidated total assets or combined
consolidated revenues of all Restricted Subsidiaries that under
clauses (a) and (b) above would not constitute Material
Subsidiaries would, but for this proviso, exceed 10.0% of the
Consolidated Total Assets or 10.0% of the consolidated revenues of
the Borrower and the Restricted Subsidiaries, then one or more of
such excluded Restricted Subsidiaries shall for all purposes of
this Agreement be deemed to be Material Subsidiaries in descending
order based on the amounts (determined on a consolidated basis for
such Restricted Subsidiary and its Restricted Subsidiaries) of
their consolidated total assets or consolidated revenues, as the
case may be, until such excess shall have been eliminated;
provided
further that the
Borrower may specify any wholly owned Domestic Subsidiary to be a
Material Subsidiary, irrespective of whether such Subsidiary meets
the requirements set forth under clause (a) or (b) above. For
purposes of this definition, the Consolidated Total Assets and
consolidated revenues of the Borrower as of any date prior to, or
for any period that commenced prior to, the Closing Date shall be
determined on a Pro Forma Basis to give effect to the Merger and
the other Transactions to occur on the Closing Date.

 

 

-46-

 

 

“Maturity Date” means the Revolving
Maturity Date, the Tranche A Term Loan Maturity Date, the Tranche B
Term Loan Maturity Date, the Incremental Term Loan Maturity Date
with respect to the Incremental Term Loans of any Class, the
Extended/Modified Term Loan Maturity Date with respect to the
Extended/Modified Term Loans of any Class or the Refinancing Term
Loan Maturity Date with respect to the Refinancing Term Loans of
any Class, as the context requires.

 

“Merger” means the merger of the
Acquired Company with and into Merger Sub, with Merger Sub
surviving such merger as a wholly owned Subsidiary of the Borrower,
pursuant to the Merger Agreement.

 

“Merger Agreement” means the
Agreement and Plan of Merger dated as of August 26, 2017, as
amended by the First Amendment to Agreement and Plan of Merger
dated as of September 15, 2017, the Second Amendment to Agreement
and Plan of Merger dated as of September 29, 2017, the Amended and
Restated Third Amendment to Agreement and Plan of Merger dated as
of October 27, 2017, the Fourth Amendment to Agreement and Plan of
Merger, dated as of January 24, 2018, the Fifth Amendment to
Agreement and Plan of Merger, dated as of January 25, 2018, the
Sixth Amendment to Agreement and Plan of Merger, dated as of March
12, 2018, the Seventh Amendment to Agreement and Plan of Merger,
dated as of April 4, 2018, the Eighth Amendment to Agreement and
Plan of Merger, dated as of April 26, 2018, and the Ninth Amendment
to Agreement and Plan of Merger, dated as of April 27, 2018,
by and among the Borrower, Merger Sub and the Acquired Company,
together with the exhibits (including the forms of the
stockholders’ agreement and the registration rights
agreement), disclosure letters and other documents relating
thereto.

 

“Merger Sub” means Fusion BCHI
Acquisition LLC, a Delaware limited liability company.

 

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

 

“Mortgage” means a mortgage, deed
of trust, assignment of leases and rents or other security document
granting a Lien on any Material Real Estate Asset in favor of the
Collateral Agent, for the benefit of the Secured Parties, as
security for the Obligations. Each Mortgage shall be in form and
substance reasonably satisfactory to the Collateral
Agent.

 

“MSSF” means Morgan Stanley Senior
Funding, Inc.

 

“MUFG” means MUFG Union Bank,
N.A.

 

“Multiemployer Plan” means any
Employee Benefit Plan that is a “multiemployer plan” as
defined in Section 3(37) of ERISA.

 

 

-47-

 

 

“Net Proceeds” means, with respect
to any event, (a) the Cash (which term, for purposes of this
definition, shall include Cash Equivalents) proceeds received in
respect of such event, including any Cash received in respect of
any noncash proceeds, but only as and when received, net of (b) the
sum, without duplication, of (i) all reasonable fees and
out-of-pocket expenses (including any underwriting discounts and
commissions) paid in connection with such event by the Borrower or
any Restricted Subsidiary to Persons that are not Affiliates of the
Borrower or any Restricted Subsidiary, (ii) in the case of any
Asset Sale or Insurance/Condemnation Event, (A) the amount of
all payments (including in respect of principal, accrued interest
and premiums) required to be made by the Borrower and the
Restricted Subsidiaries as a result of such event to repay
Indebtedness of the Borrower or the Restricted Subsidiaries of the
types referred to in clauses (a) through (e) of the definition of
“Indebtedness” (other than Loans, Permitted Second Lien
Indebtedness, Permitted Credit Agreement Refinancing Indebtedness,
Permitted Incremental Equivalent Indebtedness, Permitted
Subordinated Indebtedness and any Indebtedness owed to the Borrower
or any Subsidiary) secured by the assets subject thereto,
(B) the amount of all Taxes paid (or reasonably estimated to
be payable) by the Borrower or any Restricted Subsidiary, and the
amount of any reserves established by the Borrower or any
Restricted Subsidiary in conformity with GAAP to fund purchase
price adjustment, indemnification and similar contingent
liabilities reasonably estimated to be payable that are directly
attributable to the occurrence of such event and (C) the repayment
of customer deposits required upon such Asset Sale or
Insurance/Condemnation Event and (iii) in the case of any proceeds
from any Asset Sale or Insurance/Condemnation Event affecting the
assets of a Restricted Subsidiary that is not a wholly owned
Subsidiary, the portion of such proceeds received by such
Restricted Subsidiary attributable to the noncontrolling interests
in such Restricted Subsidiary, in each case as determined
reasonably and in good faith by the chief financial officer of the
Borrower. For purposes of this definition, in the event any
contingent liability reserve established with respect to any event
as described in clause (b)(ii)(B) above shall be reduced, the
amount of such reduction shall, except to the extent such reduction
is made as a result of a payment having been made in respect of the
contingent liabilities for which such reserve has been established,
be deemed to be receipt, on the date of such reduction, of Cash
proceeds in respect of such event.

 

“New Subordinated Note” means the
subordinated unsecured note issued by the Borrower on the Closing
Date to Holcombe T. Green, Jr. (or an entity majority-owned and
Controlled by Holcombe T. Green, Jr. or his heirs, beneficiaries,
trusts or estate) in an aggregate principal amount of
$10,000,000.

 

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

 

“Note” means a promissory note
issued to any Lender pursuant to Section 2.6(c).

 

“Obligations” means (a) all
obligations of every nature of each Credit Party under this
Agreement and the other Credit Documents, whether for principal,
interest (including default interest accruing pursuant to
Section 2.9 and interest (including such default interest)
that would continue to accrue pursuant to the Credit Documents on
any such obligation after the commencement of any proceeding under
the Debtor Relief Laws with respect to any Credit Party, whether or
not such interest is allowed or allowable against such Credit Party
in any such proceeding), reimbursement of amounts drawn under
Letters of Credit, fees (including prepayment fees), expenses,
indemnification or otherwise, (b) all Specified Hedge Obligations,
excluding, with respect to any Guarantor, Excluded Swap Obligations
with respect to such Guarantor, and (c) all Specified Cash
Management Services Obligations.

 

“Obligations Guarantee” means the
Guarantee of the Obligations created under
Section 7.

 

 

-48-

 

 

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

 

“Open Market Purchases” as defined
in Section 10.6(i)(ii).

 

“Organizational Documents” means
(a) with respect to any corporation or company, its certificate or
articles of incorporation, organization or association, as amended,
and its bylaws, as amended, (b) with respect to any limited
partnership, its certificate or declaration of limited partnership,
as amended, and its partnership agreement, as amended, (c) with
respect to any general partnership, its partnership agreement, as
amended, and (d) with respect to any limited liability company, its
certificate of formation or articles of organization, as amended,
and its operating agreement, as amended. In the event any term or
condition of this Agreement or any other Credit Document requires
any Organizational Document to be certified by a secretary of state
or similar governmental official, the reference to any such
“Organizational Document” shall only be to a document
of a type customarily certified by such governmental
official.

 

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

 

“Other Taxes” means any and 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, this Agreement or any other Credit
Document, except any such Taxes that are Other Connection Taxes
imposed with respect to an assignment (other than an assignment
made pursuant to Section 2.22).

 

“Pari Passu Intercreditor
Agreement” means, with respect to any Permitted Pari
Passu Secured Indebtedness, an intercreditor agreement, in form and
substance reasonably satisfactory to the Collateral Agent and the
Borrower, that contains terms and conditions that are within the
range of terms and conditions customary for intercreditor
agreements that are of the type that govern intercreditor
relationships between holders of senior secured credit facilities
and holders of the same type of Indebtedness as such Permitted Pari
Passu Secured Indebtedness.

 

“Participant Register” as defined
in Section 10.6(g).

 

“PATRIOT Act” means the Uniting and
Strengthening America by Providing Appropriate Tools Required to
Intercept and Obstruct Terrorism Act (Title III of Pub. L.
107-56).

 

“PBGC” means the Pension Benefit
Guaranty Corporation.

 

“Pension Plan” means any Employee
Benefit Plan, other than a Multiemployer Plan, that is subject to
Section 412 of the Internal Revenue Code or Section 302 of
ERISA.

 

“Permitted Acquisition” means any
Acquisition by the Borrower or any Restricted Subsidiary;
provided
that:

 

 

-49-

 

 

(a)  (i) in
the case of any Acquisition of Equity Interests in a Person, each
of such Person and its Subsidiaries will become a Restricted
Subsidiary (or will be merged or consolidated with or into the
Borrower or any Restricted Subsidiary, with the continuing or
surviving Person being the Borrower (in the case of any such
transaction involving the Borrower) or a Restricted Subsidiary) and
(ii) in the case of any Acquisition of other assets, such assets
will be owned by the Borrower or any Restricted
Subsidiary;

 

(b)  all
actions required to be taken with respect to such Person or such
assets, as the case may be, in order to satisfy the requirements
set forth in clauses (a), (b), (c) and (d) of the definition of the
term “Collateral and Guarantee Requirement” (subject to
the discretion of the Collateral Agent set forth in such
definition) shall have been taken (or arrangements for the taking
of such actions satisfactory to the Collateral Agent shall have
been made) (it being understood that all other requirements set
forth in such definition that are applicable to such Acquisition
shall be required to be satisfied in accordance with (and within
the time periods provided in) Sections 5.10 and 5.11);

 

(c)  (i)
the Total Net Leverage Ratio, determined as of the last day of the
Test Period most recently ended prior to the consummation thereof
(giving Pro Forma Effect to such Acquisition and any other Pro
Forma Events in connection therewith (including incurrence of
Indebtedness)), shall not be greater than the lesser of (A) the
greater of (x) 3.65:1.00 and (y) the Total Net Leverage Ratio
as of such last day (but determined prior to giving Pro Forma
Effect to such Acquisition or any other Pro Forma Events in
connection therewith (including incurrence of Indebtedness)) and
(B) the maximum Total Net Leverage Ratio permitted under the
financial covenant set forth in Section 6.7(a) and (ii) in the case
of any such Acquisition consummated during the Fixed Charge
Coverage Ratio Covenant Period, the Fixed Charge Coverage Ratio,
determined for the Test Period most recently ended prior to the
consummation thereof (giving Pro Forma Effect to such Acquisition
and any other Pro Forma Events in connection therewith (including
incurrence of Indebtedness)), shall not be less than the minimum
Fixed Charge Coverage Ratio permitted under the financial covenant
set forth in Section 6.7(c); provided that the
Administrative Agent shall have received a certificate of an
Authorized Officer of the Borrower demonstrating that the condition
set forth in this clause (c) have been satisfied; provided, further, that, in the case of
any Limited Conditionality Transaction, at the election of the
Borrower, the condition set forth in this clause (c) may be tested
in accordance with Section 1.5;

 

(d)  the
business of any such acquired Person, or such acquired assets, as
the case may be, constitute a business permitted under
Section 6.11;

 

(e)  immediately
prior and after giving effect thereto, no Event of Default shall
have occurred and be continuing or would result therefrom;
provided that, in
the case of any Limited Conditionality Transaction, at the election
of the Borrower, the condition set forth in this clause (e)
may be tested in accordance with Section 1.5; and

 

(f)  the
Acquisition Consideration paid in respect of such Acquisition shall
not be in the form of Cash or Cash Equivalents unless the Fixed
Charge Coverage Ratio, determined as of the last day of the Test
Period most recently ended prior to the consummation thereof
(giving Pro Forma Effect to such Acquisition and any other Pro
Forma Events in connection therewith (including incurrence of
Indebtedness)), (i) in the case of any such Acquisition consummated
on or prior to the third anniversary of the Closing Date, shall be
greater than or equal to 1.40:1.00 and (ii) in the case of any such
Acquisition consummated at any time thereafter, shall be greater
than or equal to 1.50:1.00; provided that the
Administrative Agent shall have received a certificate of an
Authorized Officer of the Borrower demonstrating that the condition
set forth in this clause (f) has been satisfied; provided, further, that, in the case of
any Limited Conditionality Transaction, at the election of the
Borrower, the condition set forth in this clause (f) may be tested
in accordance with Section 1.5.

 

 

-50-

 

 

“Permitted Credit Agreement Refinancing
Indebtedness” means Indebtedness permitted under
Section 6.1(i).

 

“Permitted Encumbrances”
means:

 

(a)  Liens
imposed by law for Taxes that are not overdue by more than 30 days
or are being contested in compliance with Section 5.3, if
adequate reserves with respect thereto are maintained by the
applicable Person in conformity with GAAP;

 

(b)  carriers’,
warehousemen’s, mechanics’, materialmen’s,
repairmen’s and other like Liens imposed by law (other than
any Lien imposed pursuant to Section 430(k) of the Internal Revenue
Code or Section 303(k) of ERISA), arising in the ordinary course of
business and securing obligations that are not overdue by more than
60 days or are being contested in good faith by appropriate
proceedings promptly and diligently conducted, if adequate reserves
with respect thereto are maintained by the applicable Person in
conformity with GAAP;

 

(c)  pledges
and deposits made (i) in the ordinary course of business in
compliance with workers’ compensation, unemployment insurance
and other social security laws (other than any Lien imposed
pursuant to Section 430(k) of the Internal Revenue Code or Section
303(k) of ERISA) and (ii) in respect of letters of credit, bank
guarantees or similar instruments issued for the account of the
Borrower or any Restricted Subsidiary in the ordinary course of
business supporting obligations of the type set forth in clause (i)
above;

 

(d)  pledges
and deposits made (i) in the ordinary course of business to secure
the performance of bids, trade contracts (other than for payment of
Indebtedness), leases (other than capital leases), statutory
obligations (other than any Lien imposed pursuant to Section 430(k)
of the Internal Revenue Code or Section 303(k) of ERISA), public
utility services provided to the Borrower or a Restricted
Subsidiary, surety, litigation and appeal bonds, performance bonds
and other obligations of a like nature and (ii) in respect of
letters of credit, bank guarantees or similar instruments issued
for the account of the Borrower or any Restricted Subsidiary in the
ordinary course of business supporting obligations of the type set
forth in clause (i) above;

 

(e)  judgment
liens in respect of judgments that do not constitute an Event of
Default under Section 8.1(h);

 

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

 

(g)  any
zoning or similar law or right reserved to or vested in any
Governmental Authority to control or regulate the use of any real
property that is not violated by the current use and operation of
the affected real property;

 

(h)  ground
leases in respect of real property on which facilities owned or
leased by the Borrower or any Restricted Subsidiary are
located;

 

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

 

 

-51-

 

 

(j)  banker’s
liens, rights of set-off or similar rights and remedies as to
deposit accounts or other funds maintained with depository
institutions; provided that such deposit
accounts or funds are not established or deposited for the purpose
of providing collateral for any Indebtedness and are not subject to
restrictions on access by the Borrower or any Restricted Subsidiary
in excess of those required by applicable banking
regulations;

 

(k)  Liens
arising by virtue of precautionary UCC financing statement filings
(or similar filings under applicable law) regarding operating
leases entered into by the Borrower and the Restricted Subsidiaries
in the ordinary course of business;

 

(l)  Liens
representing any interest or title of a licensor, lessor or
sublicensor or sublessor, or a licensee, lessee or sublicensee or
sublessee, in the property subject to any lease (other than any
capital lease), license or sublicense or concession agreement
permitted by this Agreement;

 

(m)  Liens
in favor of customs and revenue authorities arising as a matter of
law to secure payment of customs duties in connection with the
importation of goods;

 

(n)  deposits
of Cash with the owner or lessor of premises leased and operated by
the Borrower or any Restricted Subsidiary to secure the performance
of its obligations under the lease for such premises, in each case
in the ordinary course of business;

 

(o)  Liens
that are contractual rights of set-off; and

 

(p)
Liens on Cash and Cash Equivalents securing obligations in respect
of Hedge Agreements permitted under Section 6.12;

 

provided that the term “Permitted Encumbrances”
shall not include any Lien securing Indebtedness, other than Liens
referred to in clauses (c) and (d) above securing letters of
credit, bank guarantees and similar instruments.

 

“Permitted Holders” means (a)
Holcombe T. Green, Jr., R. Kirby Godsey, Holcombe Green, III,
Marvin S. Rosen and Matthew D. Rosen and their respective heirs,
beneficiaries, trusts, estates and controlled Affiliates
(including, for so long as such Person constitutes such a
controlled Affiliate, BCHI Holdings, LLC, a Georgia limited
liability company) and (b) any employee benefit plan of the
Borrower or any Subsidiary, or any Person acting in its capacity as
trustee, agent or other fiduciary or administrator of any such
plan.

 

“Permitted Incremental Equivalent
Indebtedness” means Indebtedness permitted under
Section 6.1(h).

 

“Permitted Intercreditor Agreement”
means the Intercreditor Agreement, any Junior Lien Intercreditor
Agreement or any Pari Passu Intercreditor Agreement.

 

 

-52-

 

 

“Permitted Junior Lien Secured
Indebtedness” means any secured Indebtedness of the
Borrower and/or any other Credit Party in the form of one or more
series of junior lien secured bona fide “high yield”
notes, bonds or debentures or junior lien secured term loans, and
the Guarantees thereof by any Credit Party; provided that (a) such
Indebtedness is secured by Liens on all or a portion of the
Collateral on a junior priority basis with the Liens on the
Collateral securing the Obligations and is not secured by any
assets of the Borrower or any Subsidiary other than the Collateral,
(b) such Indebtedness is not Guaranteed by any Person other than
the Credit Parties and (c) the administrative agent, collateral
agent, trustee and/or any similar representative acting on behalf
of the holders of such Indebtedness shall have become party to a
Junior Lien Intercreditor Agreement, providing that the Liens on
the Collateral securing such Indebtedness shall rank junior in
priority to the Liens on the Collateral securing the Obligations;
provided that if
such Indebtedness is the initial Permitted Junior Lien Secured
Indebtedness incurred by the Borrower and the other Credit Parties,
then the Borrower and the other Credit Parties shall have executed
and delivered the Junior Lien Intercreditor Agreement (or an
acknowledgement thereof in the form specified therein) and the
Collateral Agent agrees to execute and deliver, on behalf of the
Lenders and the other Secured Parties, the Junior Lien
Intercreditor Agreement. It is understood and agreed that,
notwithstanding the final paragraph of Section 6.1, Permitted
Junior Lien Secured Indebtedness may only be incurred and
outstanding in reliance on Section 6.1(e), 6.1(h) or
6.1(i).

 

“Permitted Lien” means any Lien
permitted by Section 6.2.

 

“Permitted Pari Passu Secured
Indebtedness” means any secured Indebtedness of the
Borrower and/or any other Credit Party in the form of one or more
series of senior secured bona fide “high yield” notes,
bonds or debentures (but not loans), and the Guarantees thereof by
any Credit Party; provided that (a) such
Indebtedness is secured by Liens on all or a portion of the
Collateral on a pari passu basis with the Liens on the Collateral
securing the Obligations (it being understood that the
determination as to whether such Liens are on a pari passu basis
shall be made without regard to control of remedies) and is not
secured by any assets of the Borrower or any Subsidiary other than
the Collateral, (b) such Indebtedness is not Guaranteed by any
Person other than the Credit Parties and (c) the administrative
agent, collateral agent, trustee and/or any similar representative
acting on behalf of the holders of such Indebtedness shall have
become party to a Pari Passu Intercreditor Agreement providing that
the Liens on the Collateral securing such Indebtedness shall rank
equal in priority to the Liens on the Collateral securing the
Obligations (it being understood that the determination as to
whether such Liens rank equal in priority shall be made without
regard to control of remedies); provided that if such
Indebtedness is the initial Permitted Pari Passu Secured
Indebtedness incurred by the Borrower and the other Credit Parties,
then the Borrower and the other Credit Parties shall have executed
and delivered the Pari Passu Intercreditor Agreement (or an
acknowledgement thereof in the form specified therein) and the
Collateral Agent agrees to execute and deliver, on behalf of the
Lenders and the other Secured Parties, the Pari Passu Intercreditor
Agreement. It is understood and agreed that, notwithstanding the
final paragraph of Section 6.1, Permitted Pari Passu Secured
Indebtedness may only be incurred and outstanding in reliance on
Section 6.1(h) or 6.1(i).

 

“Permitted Second Lien
Indebtedness” means Indebtedness permitted under
Section 6.1(e). As of the date hereof, Indebtedness under the
Second Lien Credit Agreement constitutes Permitted Second Lien
Indebtedness.

 

“Permitted Second Lien Indebtedness
Documents” means the Second Lien Credit Agreement and
the other Second Lien Credit Documents and any other credit
agreement, indenture or other agreement or instrument evidencing or
governing the rights of the holders of any Permitted Second Lien
Indebtedness.

 

 

-53-

 

 

“Permitted Subordinated
Indebtedness” means Indebtedness permitted under
Section 6.1(q). As of the date hereof, the Subordinated Notes
constitute Permitted Subordinated Indebtedness.

 

“Permitted Subordinated Indebtedness
Document” means the Subordinated Notes and any other
credit agreement, indenture or other agreement or instrument
evidencing or governing the rights of the holders of any Permitted
Subordinated Indebtedness.

 

“Permitted Unsecured Indebtedness”
means any Indebtedness of the Borrower and/or any other Credit
Party in the form of one or more series of unsecured, senior or
subordinated bona fide “high yield” notes, bonds or
debentures or unsecured, senior or subordinated term loans;
provided that (a)
such Indebtedness is not secured by any Liens on any assets of the
Borrower or any Subsidiary and (b) such Indebtedness is not
Guaranteed by any Person other than the Credit
Parties.

 

“Person” means any natural person,
corporation, limited partnership, general partnership, limited
liability company, limited liability partnership, joint stock
company, joint venture, association, company, trust, bank, trust
company, land trust, business trust or other organization, whether
or not a legal entity, and any Governmental Authority.

 

“Platform” means Debtdomain,
IntraLinks/IntraAgency, SyndTrak or another similar website or
other information platform.

 

“Pledge and Security Agreement”
means the First Lien Pledge and Security Agreement dated as of the
date hereof, among the Borrower, the other Credit Parties and the
Collateral Agent, substantially in the form of Exhibit K.

 

“Post-Closing Letter Agreement”
means the First Lien Post-Closing Letter Agreement dated as of the
date hereof, among the Borrower, the Administrative Agent and the
Collateral Agent.

 

“Previously Absent Financial Maintenance
Covenant” means, at any time, (a) any financial
maintenance covenant that is not included in this Agreement at such
time for the benefit of all Lenders and (b) any financial
maintenance covenant that is included in this Agreement at such
time for the benefit of all Lenders but has covenant levels or
effectiveness triggers that are more restrictive on the Borrower
and the Restricted Subsidiaries than the covenant levels or
effectiveness triggers set forth in this Agreement at such
time.

 

“Prime Rate” means 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 70% of the nation’s 10
largest banks), as in effect from time to time. The Prime Rate is a
reference rate and does not necessarily represent the lowest or
best rate actually charged to any customer. Any Agent and any
Lender may make commercial loans or other loans at rates of
interest at, above or below the Prime Rate.

 

“Private Lenders” means Lenders
that wish to receive Private-Side Information.

 

“Private-Side Information” means
any information with respect to the Borrower and the Subsidiaries
that is not Public-Side Information.

 

 

-54-

 

 

“Pro Forma Basis”,
“Pro Forma
Compliance” and “Pro Forma Effect” means, with
respect to any Pro Forma Event, that such Pro Forma Event 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 Pro Forma Event, (i) in the case of a
Disposition of a business unit, division, product line or line of
business of the Borrower or any Restricted Subsidiary, a
Disposition that otherwise results in a Restricted Subsidiary
ceasing to be a Subsidiary or a designation of a Subsidiary as an
Unrestricted Subsidiary, shall be excluded, and (ii) in the case of
an Acquisition by the Borrower or a Restricted Subsidiary, whether
by merger, consolidation or otherwise, or any other Investment that
results in a Person becoming a Restricted Subsidiary or a
designation of a Subsidiary as a Restricted Subsidiary, shall be
included, (b) any repayment, retirement, redemption, satisfaction
and discharge or defeasance of Indebtedness in connection therewith
and (c) any Indebtedness incurred or assumed by the Borrower or any
of the Restricted 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 12 months). “Pro
Forma Basis,” “Pro Forma Compliance” and
“Pro Forma Effect” in respect of any Pro Forma Event
shall be calculated in a reasonable and factually supportable
manner by the Borrower and in the manner that is consistent with
the definition of Consolidated Adjusted EBITDA. For the avoidance
of doubt, the amount of net cost savings, operating expense
reductions, other operating improvements and synergies projected by
the Borrower in good faith to be realized as a result of actions
taken or to be taken in connection with any Pro Forma Event may be
included in Consolidated Adjusted EBITDA in the manner, and subject
to the limitations, set forth in the definition of such
term.

 

“Pro Forma Event” means (a) any
Acquisition by the Borrower or a Restricted Subsidiary, whether by
merger, consolidation or otherwise, or any other Investment (other
than intercompany Investments), (b) any Disposition of a business
unit, division, product line or line of business of the Borrower or
a Restricted Subsidiary and any other Disposition that results in a
Restricted Subsidiary ceasing to be a Subsidiary, (c) any
designation of a Subsidiary as a Restricted Subsidiary or as an
Unrestricted Subsidiary, (d) any incurrence or repayment,
retirement, redemption, satisfaction and discharge or defeasance of
Indebtedness, (e) any Restricted Junior Payment and (f) any other
transaction where the consummation thereof, or the determination of
whether such transaction is permitted to be consummated under this
Agreement, requires that a financial covenant or test be calculated
on a Pro Forma Basis after giving Pro Forma Effect to such
transaction.

 

“Pro Forma Financial Statements”
means pro forma condensed combined balance sheet as of September
30, 2017 and the pro forma condensed consolidated statements of
operations for the Fiscal Year ended December 31, 2016, in each
case, of the Borrower and its consolidated Subsidiaries, prepared
after giving effect to the Transactions as contemplated by such pro
forma financial statements as if they had occurred as of the end of
such period (in the case of such balance sheet) or on January 1,
2016 (in the case of such statement of operations), in each case as
included in the Definitive Proxy Statement (Form DEF 14A) for the
Borrower filed with the SEC on December 28, 2017, as amended by the
Borrower’s Form 8-K filed with the SEC on February 13,
2018.

 

 

-55-

 

 

“Pro Rata Share” means, with
respect to any Lender, at any time, (a) when used in reference
to payments, computations and other matters relating to the
Tranche A Term Loans or Tranche A Term Borrowings, the
percentage obtained by dividing (i) the Tranche A Term
Loan Exposure of such Lender at such time by (ii) the
aggregate Tranche A Term Loan Exposure of all the Lenders at
such time, (b) when used in reference to payments, computations and
other matters relating to the Tranche B Term Loans or Tranche
B Term Borrowings, the percentage obtained by dividing (i) the
Tranche B Term Loan Exposure of such Lender at such time by
(ii) the aggregate Tranche B Term Loan Exposure of all
the Lenders at such time, (c) when used in reference to
payments, computations and other matters relating to Term Loan
Commitments, Term Loans or Term Borrowings of any other Class, the
percentage obtained by dividing (i) the Term Loan Exposure of such
Lender with respect to such Class at such time by (ii) the
aggregate Term Loan Exposure of all the Lenders with respect to
such Class at such time, (d) when used in reference to
payments, computations and other matters relating to the Revolving
Commitments, Revolving Loans, Revolving Borrowings or Letters of
Credit or participations therein or Letter of Credit Usage, the
percentage obtained by dividing (i) the Revolving Commitment of
such Lender at such time by (ii) the aggregate Revolving
Commitments of all the Lenders at such time, provided that if the Revolving
Commitments have terminated or expired, the Pro Rata Share under
this clause (d) shall be determined based upon the Revolving
Commitments most recently in effect, giving effect to any
assignments, and (e) when used for any other purpose
(including under Section 9.6), the percentage obtained by dividing
(i) an amount equal to the sum of the Tranche A Term Loan
Exposure, the Tranche B Term Loan Exposure, the Term Loan
Exposure of each such other Class and the Revolving Commitments of
such Lender at such time by (ii) an amount equal to the sum of
the aggregate Tranche A Term Loan Exposure, the aggregate
Tranche B Term Loan Exposure, the aggregate Term Loan Exposure
of each such other Class and the aggregate Revolving Commitments of
all the Lenders at such time; provided that if the Revolving
Commitments have terminated or expired, the Pro Rata Share under
this clause (e) shall be determined based upon the Revolving
Commitments most recently in effect, giving effect to any
assignments.

 

“Projections” means the projections
of the Borrower and the Restricted Subsidiaries for each Fiscal
Quarter of Fiscal Year 2018 and for each Fiscal Year thereafter
through and including Fiscal Year 2025 heretofore provided to the
Lenders.

 

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

 

“Public Lenders” means Lenders that
do not wish to receive Private-Side Information.

 

“Public-Side Information” means
information that is either (a) available to all holders of Traded
Securities of the Borrower or any Subsidiary or (b) not material
non-public information (for purposes of United States federal,
state or other applicable securities laws).

 

“Qualified ECP
Guarantor” means, in respect of any Swap
Obligation, each Credit Party that has total assets exceeding
$10,000,000 at the time such Swap Obligation is incurred 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.

 

“Real Estate Asset” means any
interest (fee, leasehold or otherwise) owned by any Credit Party in
any real property.

 

 

-56-

 

 

“Recipient” means (a) any Agent,
(b) any Lender and (c) any Issuing Bank, as
applicable.

 

“Refinancing Commitment” means a
Refinancing Revolving Commitment or a Refinancing Term Loan
Commitment.

 

“Refinancing Facility Agreement”
means a Refinancing Facility Agreement, in form and substance
reasonably satisfactory to the Administrative Agent, among the
Borrower, the Administrative Agent and one or more Refinancing
Lenders, establishing Refinancing Commitments and effecting such
other amendments hereto and to the other Credit Documents as are
contemplated by Section 2.25.

 

“Refinancing Indebtedness” means,
in respect of any Indebtedness (the “Original Indebtedness”), any
Indebtedness that extends, renews or refinances such Original
Indebtedness (or any Refinancing Indebtedness in respect thereof);
provided that (a)
the principal amount of such Refinancing Indebtedness shall not
exceed the principal amount of such Original Indebtedness except by
an amount not greater than accrued and unpaid interest on such
Original Indebtedness, any original issue discount applicable to
such Refinancing Indebtedness, any unused commitments in respect of
such Original Indebtedness (only if and to the extent that, had
such Original Indebtedness been incurred under such commitments at
the time such Refinancing Indebtedness is incurred, it would have
been permitted hereunder) and any reasonable fees, premiums and
expenses relating to such extension, renewal or refinancing; (b)
the stated final maturity of such Refinancing Indebtedness shall
not be earlier than that of such Original Indebtedness, and such
stated final maturity shall not be subject to any conditions that
could result in such stated final maturity occurring on a date that
precedes the stated final maturity of such Original Indebtedness
(other than as a result of an acceleration of any such stated
maturity upon an event of default or a voluntary termination by the
Borrower or any Restricted Subsidiary of any commitments to extend
credit in respect thereof); (c) the weighted average life to
maturity of such Refinancing Indebtedness shall not be shorter than
the remaining weighted average life to maturity of such Original
Indebtedness (and, for purposes of determining the weighted average
life to maturity of such Original Indebtedness, the effects of any
prepayments made prior to the date of the determination shall be
disregarded); (d) such Refinancing Indebtedness shall not
constitute an obligation (including pursuant to a Guarantee) of any
Restricted Subsidiary that shall not have been (or, in the case of
after-acquired Restricted Subsidiaries, shall not have been
required to become) an obligor in respect of such Original
Indebtedness; (e) if such Original Indebtedness shall have been
subordinated to the Obligations, such Refinancing Indebtedness
shall also be subordinated to the Obligations on terms not less
favorable in any material respect to the Lenders, provided that a certificate of
an Authorized Officer of the Borrower delivered to the
Administrative Agent (with the Administrative Agent agreeing to
provide a copy thereof, together with the drafts referred to below,
to the Lenders promptly upon receipt) at least five Business Days
prior to the incurrence of such Refinancing Indebtedness, together
with drafts of the subordination terms to be applicable thereto,
stating that the Borrower has determined in good faith that such
subordination terms satisfy the requirement of this clause (e)
shall be conclusive evidence that such terms satisfy such
requirement unless the Administrative Agent, the Requisite Tranche
A/Revolving Lenders or the Requisite Lenders notify the Borrower in
writing within such five Business Day period that it or they
disagree with such determination (including a reasonably detailed
description of the basis upon which it or they disagree); (f) if
such Original Indebtedness shall be Permitted Credit Agreement
Refinancing Indebtedness or Permitted Incremental Equivalent
Indebtedness, then (i) such Refinancing Indebtedness satisfies the
Specified Permitted Indebtedness Documentation Requirements, (ii)
if such Original Indebtedness was Permitted Pari Passu Secured
Indebtedness, such Refinancing Indebtedness, if secured, shall be
Permitted Pari Passu Secured Indebtedness or Permitted Junior Lien
Secured Indebtedness and (iii) if such Original Indebtedness was
Permitted Junior Lien Secured Indebtedness, such Refinancing
Indebtedness, if secured, shall be Permitted Junior Lien Secured
Indebtedness; (g) if such Original Indebtedness was Permitted
Second Lien Indebtedness, then such Refinancing Indebtedness shall
satisfy the Specified Permitted Indebtedness Documentation
Requirements and shall be Permitted Junior Lien Secured
Indebtedness or Permitted Unsecured Indebtedness; and (h) such
Refinancing Indebtedness shall not be secured by any Lien on any
asset other than the assets that secured (or, in the case of
after-acquired assets, would be required to secure pursuant to the
terms thereof) such Original Indebtedness or, to the extent such
assets would have been required to secure such Original
Indebtedness pursuant to the terms thereof, that are proceeds and
products of, or after-acquired property that is affixed or
incorporated into, the assets that secured such Original
Indebtedness.

 

 

-57-

 

 

“Refinancing Lenders” means the
Refinancing Revolving Lenders and the Refinancing Term
Lenders.

 

“Refinancing Loans” means the
Refinancing Revolving Loans and the Refinancing Term
Loans.

 

“Refinancing Revolving Commitments”
as defined in Section 2.25(a).

 

“Refinancing Revolving Lender” as
defined in Section 2.25(a).

 

“Refinancing Revolving Loans” as
defined in Section 2.25(a).

 

“Refinancing Term Lender” as
defined in Section 2.25(a).

 

“Refinancing Term Loans” as defined
in Section 2.25(a).

 

“Refinancing Term Loan Commitments”
as defined in Section 2.25(a).

 

“Refinancing Term Loan Maturity
Date” means, with respect to Refinancing Term Loans of
any Class, the scheduled date on which such Refinancing Term Loans
shall become due and payable in full hereunder, as specified in the
applicable Refinancing Facility Agreement.

 

“Register” as defined in
Section 2.6(b).

 

“Regulation D” means
Regulation D of the Board of Governors.

 

“Regulation T” means
Regulation T of the Board of Governors.

 

“Regulation U” means
Regulation U of the Board of Governors.

 

“Regulation X” means
Regulation X of the Board of Governors.

 

“Reimbursement Date” as defined in
Section 2.3(d).

 

“Related Fund” means, with respect
to any Lender that is an investment fund, any other investment fund
that invests in commercial loans and that is managed or advised by
the same investment advisor as such Lender or by an Affiliate of
such investment advisor.

 

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

 

“Release” means any release, spill,
emission, leaking, dumping, injection, pouring, deposit, disposal,
discharge, dispersal, leaching or migration into or through the
environment or from, under, within or upon any building, structure,
facility or fixture.

 

 

-58-

 

 

“Repricing Event” means, with
respect to any Tranche A Term Loan or Tranche B Term Loan, (a) any
prepayment or repayment of such Tranche A Term Loan or Tranche B
Term Loan, as applicable, with the proceeds of, or made in
connection with the incurrence of, any Indebtedness secured by any
Lien on any asset of any Credit Party (other than any Permitted
Junior Lien Secured Indebtedness) that has a Weighted Average Yield
lower than the Weighted Average Yield of such Tranche A Term Loan
or Tranche B Term Loan, as applicable, at the time of such
prepayment or repayment and (b) any amendment or other modification
of this Agreement that, directly or indirectly, reduces the
Weighted Average Yield of such Tranche A Term Loan or Tranche B
Term Loan, as applicable; provided the primary purpose of
such prepayment, repayment, amendment or other modification was to
reduce the Weighted Average Yield applicable to the Tranche A Term
Loans or Tranche B Term Loans, as applicable.

 

“Requisite Lenders” means, at any
time, Lenders having or holding Revolving Exposure, unused
Revolving Commitments, Tranche A Term Loan Exposure, Tranche B
Term Loan Exposure and Term Loan Exposure of any other Class
representing more than 50% of the sum of the Revolving Exposure,
unused Revolving Commitments, Tranche A Term Loan Exposure, Tranche
B Term Loan Exposure and Term Loan Exposure of each such other
Class of all the Lenders at such time. For purposes of this
definition, the amount of Revolving Exposure, unused Revolving
Commitment, Tranche A Term Loan Exposure, Tranche B Term Loan
Exposure and Term Loan Exposure of any other Class shall be
determined by excluding the Revolving Exposure, unused Revolving
Commitment, Tranche A Term Loan Exposure, Tranche B Term Loan
Exposure and Term Loan Exposure of each such other Class of any
Defaulting Lender.

 

“Requisite Tranche A/Revolving
Lenders” means, at any time, Lenders having or holding
Revolving Exposure, unused Revolving Commitments and Tranche A Term
Loan Exposure representing more than 50% of the sum of the
Revolving Exposure, unused Revolving Commitments and Tranche A Term
Loan Exposure of all the Lenders at such time. For purposes of this
definition, the amount of Revolving Exposure, unused Revolving
Commitment and Tranche A Term Loan Exposure shall be determined by
excluding the Revolving Exposure, unused Revolving Commitment and
Tranche A Term Loan Exposure of any Defaulting
Lender.

 

“Restricted Junior Payment” means
(a) any dividend or other distribution, direct or indirect
(whether in Cash, Securities or other property), with respect to
any Equity Interests in the Borrower or any Restricted Subsidiary,
(b) any payment or distribution, direct or indirect (whether in
Cash, Securities or other property), including any sinking fund or
similar deposit, on account of any redemption, retirement,
purchase, acquisition, exchange, conversion, cancelation or
termination of, or any other return of capital with respect to, any
Equity Interests in the Borrower or any Restricted Subsidiary, and
(c) any payment or other distribution, direct or indirect (whether
in Cash, Securities or other property) of or in respect of
principal of or interest or premium on any Junior Indebtedness, or
any payment or other distribution (whether in Cash, Securities or
other property), including any sinking fund or similar deposit, on
account of the redemption, retirement, purchase, acquisition,
defeasance (including in-substance or legal defeasance), exchange,
conversion, cancelation or termination of any Junior
Indebtedness.

 

“Restricted Subsidiary” means any
Subsidiary that is not an Unrestricted Subsidiary.

 

“Retained ECF Percentage” means,
with respect to any Fiscal Year, (a) 100% minus (b) the Applicable
ECF Percentage with respect to such Fiscal Year.

 

 

-59-

 

 

“Returns” means (a) with respect to
any Investment in the form of a loan or advance, the repayment to
the investor in Cash or Cash Equivalents of principal thereof and
(b) with respect to any other Investment, any return of capital
received by the investor in Cash or Cash Equivalents in respect of
such Investment.

 

“Revolving Borrowing” means a
Borrowing comprised of Revolving Loans.

 

“Revolving Commitment” means, with
respect to any Lender, the commitment, if any, of such Lender to
make Revolving Loans and to acquire participations in Letters of
Credit hereunder, expressed as an amount representing the maximum
aggregate permitted amount of such Lender’s Revolving
Exposure hereunder. The initial amount of each Lender’s
Revolving Commitment, if any, is set forth on Schedule 2.1
or in the applicable Assignment Agreement or an Incremental
Facility Agreement, as applicable, subject to any increase or
reduction pursuant to the terms and conditions hereof. The
aggregate amount of the Revolving Commitments as of the Closing
Date is $40,000,000.

 

“Revolving Commitment Period” means
the period from the Closing Date to but excluding the Revolving
Commitment Termination Date.

 

“Revolving Commitment Termination
Date” means the earlier to occur of (a) the
Revolving Maturity Date and (b) the date on which all the Revolving
Commitments are terminated or permanently reduced to zero pursuant
hereto.

 

“Revolving Exposure” means, with
respect to any Lender at any time, the sum of (a) the
aggregate principal amount of the Revolving Loans of such Lender
outstanding at such time and (b) such Lender’s applicable Pro
Rata Share of the Letter of Credit Usage at such time.

 

“Revolving Lender” means a Lender
with a Revolving Commitment or Revolving Exposure.

 

“Revolving Loan” means a loan made
by a Lender to the Borrower pursuant to
Section 2.2(a).

 

“Revolving Maturity Date” means the
date that is four years after the Closing Date (or, if such date is
not a Business Day, the immediately preceding Business
Day).

 

“Rollover Indebtedness” means
Indebtedness of any Credit Party issued to any Lender in lieu of
such Lender’s applicable Pro Rata Share of any prepayment of
any Borrowing made pursuant to Section 2.12(a)(i).

 

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

 

“Sale/Leaseback Transaction” means
an arrangement relating to property owned by the Borrower or any
Restricted Subsidiary whereby the Borrower or such Restricted
Subsidiary Disposes of such property to any Person and the Borrower
or any Restricted Subsidiary leases such property, or other
property that it intends to use for substantially the same purpose
or purposes as the property Disposed of, from such Person or its
Affiliates.

 

“Sanctioned Country” means, at any
time, a country, region or territory that is itself the subject or
target of any Sanctions (at the date of this Agreement, Crimea,
Cuba, Iran, North Korea, Sudan and Syria).

 

 

-60-

 

 

“Sanctioned Person” means, at any
time, (a) any Person listed in any Sanctions-related list of
designated Persons maintained by the US Department of State, the US
Department of Treasury (including OFAC), the United Nations
Security Council, the European Union, any European Union member
state, Her Majesty’s Treasury of the United Kingdom or the
Department of Foreign Affairs, Trade and Development (Canada), (b)
any Person operating, organized or resident in a Sanctioned Country
or (c) any Person controlled or 50% or more owned by any such
Person or Persons described in clause (a) or (b)
above.

 

“Sanctions” as defined in
Section 4.21.

 

“Sanctions Laws” as defined in
Section 4.21.

 

“SEC” means the United States Securities
and Exchange Commission.

 

“Second Lien Credit Agreement”
means the Second Lien Credit and Guaranty Agreement, dated as of
the date hereof, among the Borrower, the Guarantor Subsidiaries,
the lenders party thereto and Wilmington Trust, as administrative
agent and collateral agent thereunder.

 

“Second Lien Credit Documents”
means the “Credit Documents” as defined in the Second
Lien Credit Agreement.

 

“Second Lien Permitted Incremental Equivalent
Indebtedness” has the meaning assigned to the term
“Permitted Incremental Equivalent Indebtedness” (or any
comparable successor provision) in the Second Lien Credit
Agreement.

 

“Secured Parties” as defined in the
Pledge and Security Agreement.

 

“Securities” means any stock,
shares, partnership interests, voting trust certificates,
certificates of interest or participation in any profit-sharing
agreement or arrangement, options, warrants, bonds, debentures,
notes or other evidences of indebtedness, secured or unsecured,
convertible, subordinated or otherwise, or in general any
instruments commonly known as “securities” or any
certificates of interest, shares or participations in temporary or
interim certificates for the purchase or acquisition of, or any
right to subscribe to, purchase or acquire, any of the
foregoing.

 

“Securities Act” means the
Securities Act of 1933.

 

“Solvency Certificate” means a Solvency Certificate
executed by the chief financial officer of the Borrower
substantially in the form of Exhibit
L.

 

“Solvent” means, with respect to
the Borrower and the Subsidiaries, on a consolidated basis, that as
of the date of determination, (a) the sum of the debt and other
liabilities (including contingent liabilities) of the Borrower and
the Subsidiaries, on a consolidated basis, does not exceed the
present fair saleable value of the present assets of the Borrower
and the Subsidiaries, on a consolidated basis, (b) the capital of
the Borrower and the Subsidiaries, on a consolidated basis, is not
unreasonably small in relation to their business as conducted or
proposed to be conducted, on a consolidated basis, (c) the Borrower
and the Subsidiaries, on a consolidated basis, have not incurred
and do not intend to incur, or believe (nor should they reasonably
believe) that they will incur, debts and liabilities (including
contingent liabilities), on a consolidated basis, beyond the
ability of the Borrower and the Subsidiaries, on a consolidated
basis, to pay such debts and liabilities as they become due
(whether at maturity or otherwise) and (d) the Borrower and the
Subsidiaries, on a consolidated basis, are “solvent”
within the meaning given to that term and similar terms under any
applicable Debtor Relief Laws and other applicable laws relating to
preferences, fraudulent transfers and conveyances or transfers
undervalue. For purposes of this definition, 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 (irrespective of whether such
contingent liabilities meet the criteria for accrual under
GAAP).

 

 

-61-

 

 

“Specified Acquisition” means an
Acquisition identified to the Arrangers prior to the Closing Date
(for the avoidance of doubt, not constituting the Acquisition of
the Acquired Company), the business of which constitutes a business
engaged in (or any business that is similar, complementary or
related to, or a reasonable extension of, the business engaged in)
by the Borrower and the Restricted Subsidiaries (excluding, for
purposes of this definition, the Acquired Company and its
Subsidiaries) on the Closing Date; provided that such Acquisition
(a) if such Acquisition is consummated prior to the Escrow Cash
Collateral Outside Date, to the extent of the Acquisition
Consideration therefor (other than any portion thereof funded with
Net Proceeds received (and not otherwise applied) by the Borrower
after the Closing Date but on or prior to the date of consummation
of such Acquisition from any issuance and sale of Equity Interests
in the Borrower (other than any Disqualified Equity Interests and
other than any Equity Interests issued or sold to any Subsidiary of
the Borrower)), is consummated solely in reliance on Section 6.6(w)
and (b) in any event, is consummated on or prior to December 31,
2018.

 

“Specified Acquisition Agreement”
means the Agreement and Plan of Merger to be entered into by the
Borrower and the other parties thereto in respect of the Specified
Acquisition, together with all exhibits, disclosure schedules and
other documents relating thereto.

 

“Specified Acquisition Agreement
Representations” means such of the representations and
warranties made by or with respect to the Person to be acquired
pursuant to the Specified Acquisition and its Subsidiaries in the
Specified Acquisition Agreement as are material to the interests of
the Lenders (but only to the extent that the Borrower or any of its
Affiliates has the right under the Specified Acquisition Agreement
not to consummate the Specified Acquisition, or to terminate its
obligations under the Specified Acquisition Agreement, as a result
of a failure of such representations and warranties in the
Specified Acquisition Agreement to be true and
correct).

 

“Specified Cash Management Services
Agreement” means any agreement relating to Cash
Management Services that is entered into between the Borrower or
any Restricted Subsidiary and a Cash Management Services
Provider.

 

“Specified Cash Management Services
Obligations” means all obligations of every nature of
the Borrower and each Restricted Subsidiary (whether absolute or
contingent and howsoever and whensoever created, arising, evidenced
or acquired (including all renewals, extensions and modifications
thereof and substitutions therefor)) arising in respect of Cash
Management Services provided under any Specified Cash Management
Services Agreement, including obligations for interest (including
interest that would continue to accrue pursuant to such Specified
Cash Management Services Agreement on any such obligation after the
commencement of any proceeding under the Debtor Relief Laws with
respect to the Borrower or any Restricted Subsidiary, whether or
not such interest is allowed or allowable against the Borrower or
such Restricted Subsidiary in any such proceeding), fees, expenses,
indemnification or otherwise.

 

“Specified Hedge Obligations”
means, with respect to each Hedge Agreement in respect of interest
rates or foreign currency exchange rates that (a) is with a
counterparty that is, or was on the Closing Date, an Agent, an
Arranger, an Issuing Bank or any Affiliate of any of the foregoing,
whether or not such counterparty shall have been an Agent, an
Arranger, an Issuing Bank or any Affiliate of any of the foregoing
at the time such Hedge Agreement was entered into, (b) is in effect
on the Closing Date with a counterparty that is a Lender or an
Affiliate of a Lender as of the Closing Date or (c) is entered
into after the Closing Date with a counterparty that is a Lender or
an Affiliate of a Lender at the time such Hedge Agreement is
entered into, all obligations of every nature of the Borrower or
any Restricted Subsidiary under such Hedge Agreement (whether
absolute or contingent and howsoever and whensoever created,
arising, evidenced or acquired (including all renewals, extensions
and modifications thereof and substitutions therefor)), including
obligations for interest (including interest that would continue to
accrue pursuant to such Hedge Agreement on any such obligation
after the commencement of any proceeding under the Debtor Relief
Laws with respect to the Borrower or any Restricted Subsidiary,
whether or not such interest is allowed or allowable against the
Borrower or such Restricted Subsidiary in any such proceeding),
payments for early termination of such Hedge Agreement, fees,
expenses, indemnification or otherwise.

 

 

-62-

 

 

“Specified Permitted Indebtedness Documentation
Requirements” means, with respect to any Indebtedness,
the requirements that the terms of such Indebtedness (excluding
interest rates (whether fixed or floating), interest margins,
benchmark rate floors, fees, original issue discounts and
prepayment or redemption terms (including “no call”
terms and other restrictions thereunder) and premiums) are, when
taken as a whole, either (a) not materially more favorable to the
lenders or holders providing such Indebtedness than those
applicable under this Agreement when taken as a whole (other than terms benefitting such lenders or
holders (i) where this Agreement is amended to include such
beneficial terms for the benefit of all Lenders or (ii)
applicable only to periods after the latest Maturity Date in effect
at the time of incurrence of such Indebtedness) or (b) solely in the case of Permitted Pari
Passu Secured Indebtedness, otherwise on current market terms for
such type of Indebtedness; provided that a certificate of
an Authorized Officer of the Borrower delivered to the
Administrative Agent (with the Administrative Agent agreeing to
provide a copy thereof, together with any drafts referred to below,
to the Lenders promptly upon receipt) at least five Business Days
prior to the incurrence of such Indebtedness, together with a
reasonably detailed description of the material terms and
conditions of such Indebtedness or drafts of the documentation
relating thereto, stating that the Borrower has determined in good
faith that such terms and conditions satisfy the requirements of
this definition shall be conclusive evidence that such terms and
conditions satisfy such requirement unless the Administrative
Agent, the Requisite Tranche A/Revolving Lenders or the Requisite
Lenders notify the Borrower in writing within such five Business
Day period that it or they disagree with such determination
(including a reasonably detailed description of the basis upon
which it or they disagree); provided further that such Indebtedness
shall not include any Previously Absent Financial Maintenance
Covenant unless such Previously Absent Financial Maintenance
Covenant applies only to periods after the latest Maturity Date in
effect at the time of incurrence of such Indebtedness or this
Agreement is amended to include such Previously Absent Financial
Maintenance Covenant for the benefit of all Lenders.

 

“State PUC” means any Governmental
Authority of any State that exercises authority over intrastate
telecommunications rates or provision of telecommunications
services or the ownership, construction or operation of any
intrastate network facility or telecommunications systems or over
Persons that own, construct or operate an intrastate network
facility or telecommunications systems, in each case by reason of
the nature or type of the business subject to regulation and not
pursuant to laws and regulations of general applicability to
Persons conducting business in such state.

 

“Subordinated Indebtedness” of any
Person means Indebtedness of such Person that is contractually
subordinated in right of payment to any other Indebtedness of such
Person, including, for the avoidance of doubt, the Subordinated
Notes.

 

“Subordinated Notes” means the
Existing Subordinated Notes and the New Subordinated
Note.

 

“Subsidiary” means, with respect to
any Person (the “parent”) at any date, (a) any
Person the accounts of which would be consolidated with those of
the parent in the parent’s consolidated financial statements
if such financial statements were prepared in conformity with GAAP
as of such date and (b) any other Person  of which Equity
Interests representing more than 50% of the equity value or more
than 50% of the ordinary voting power or, in the case of a
partnership, more than 50% of the general partnership interests
are, as of such date, owned, controlled or held, by the parent or
one or more subsidiaries of the parent or by the parent and one or
more subsidiaries of the parent. Unless otherwise specified, all
references herein to Subsidiaries shall be deemed to refer to
Subsidiaries of the Borrower.

 

“Supplemental Collateral
Questionnaire” means a certificate in the form of
Exhibit M
or any other form approved by the Collateral Agent.

 

 

-63-

 

 

“Swap Obligation” as defined in
“Excluded Swap Obligation”.

 

“Syndication Agent” means Goldman
Sachs, in its capacity as syndication agent for the credit
facilities established under this Agreement.

 

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

 

“Term Borrowing” means a Borrowing
comprised of Term Loans.

 

“Term Lender” means a Lender with a
Term Loan Commitment or a Term Loan.

 

“Term Loan” means a Tranche A Term
Loan, a Tranche B Term Loan, an Incremental Term Loan of any
Class, an Extended/Modified Term Loan of any Class or a Refinancing
Term Loan of any Class.

 

“Term Loan Commitment” means a
Tranche A Term Loan Commitment, a Tranche B Term Loan Commitment,
an Incremental Term Loan Commitment of any Class or a Refinancing
Term Loan Commitment of any Class.

 

“Term Loan Exposure” means, with
respect to any Lender, for any Class of Term Loan Commitments or
Term Loans at any time, (a) prior to the making of the Term Loans
of such Class, the Term Loan Commitment of such Class of such
Lender at such time and (b) after the making of the Term Loans of
such Class, the aggregate principal amount of the Term Loans of
such Class of such Lender at such time.

 

“Test Period” means, for any date
of determination, the most recent period of four consecutive Fiscal
Quarters of the Borrower for which financial statements have been
delivered pursuant to Section 5.1(a) or 5.1(b) (or, prior to the
first delivery of any such financial statements, the period of four
consecutive Fiscal Quarters of the Borrower ended December 31,
2017).

 

“TLA Term Loans” means (a) the
Tranche A Term Loans, (b) the Incremental Tranche A Term Loans
and (c) any other Class of Term Loans that have scheduled
amortization of 5.00% or more per annum, a final maturity of five
years or less from the date of incurrence and are primarily
syndicated to or otherwise provided by commercial banks (as
reasonably determined by the Borrower in good faith).

 

“Total Leverage Ratio” means the
ratio, as of any date, of (a) Consolidated Total Debt as of such
date to (b) Consolidated Adjusted EBITDA for the period of four
consecutive Fiscal Quarters of the Borrower ended on such date (or,
if such date is not the last day of a Fiscal Quarter, most recently
prior to such date).

 

“Total Net Leverage Ratio” means
the ratio, as of any date, of (a) Consolidated Total Net Debt as of
such date to (b) Consolidated Adjusted EBITDA for the period of
four consecutive Fiscal Quarters of the Borrower ended on such date
(or, if such date is not the last day of a Fiscal Quarter, most
recently prior to such date).

 

“Total Revolving Commitments”
means, at any time, the sum of the Revolving Commitments of all the
Revolving Lenders in effect at such time.

 

 

-64-

 

 

“Total Utilization of Revolving
Commitments” means, at any time, the sum of
(a) the aggregate principal amount of all Revolving Loans
outstanding at such time and (b) the Letter of Credit Usage at
such time.

 

“Traded Securities” means any debt
or equity Securities issued pursuant to a public offering
registered under the Securities Act or Rule 144A offering or other
similar private placement.

 

“Tranche A Term Borrowing” means a
Borrowing comprised of Tranche A Term Loans.

 

“Tranche A Term Loan” means a
term loan made by a Lender to the Borrower pursuant to
Section 2.1(a)(i).

 

“Tranche A Term Loan
Commitment” means, with respect to any Lender, the
commitment, if any, of such Lender to make a Tranche A Term Loan
hereunder, expressed as an amount representing the maximum
principal amount of the Tranche A Term Loan to be made by such
Lender, subject to any increase or reduction pursuant to the terms
and conditions hereof. The initial amount of each Lender’s
Tranche A Term Loan Commitment, if any, is set forth on
Schedule
2.1 or in the Assignment Agreement pursuant to which such
Lender shall have assumed its Tranche A Term Loan Commitment. The
aggregate amount of the Tranche A Term Loan Commitments as of the
Closing Date is $45,000,000.

 

“Tranche A Term Loan Exposure”
means, with respect to any Lender at any time, (a) prior to
the making of Tranche A Term Loans hereunder, the Tranche A Term
Loan Commitment of such Lender at such time and (b) after the
making of Tranche A Term Loans hereunder, the aggregate principal
amount of the Tranche A Term Loans of such Lender outstanding
at such time.

 

“Tranche A Term Loan Maturity
Date” means the date that is four years after the
Closing Date (or, if such date is not a Business Day, the
immediately preceding Business Day).

 

“Tranche B Term Borrowing” means a
Borrowing comprised of Tranche B Term Loans.

 

“Tranche B Term Loan” means a
term loan made by a Lender to the Borrower pursuant to
Section 2.1(a)(ii).

 

“Tranche B Term Loan
Commitment” means, with respect to any Lender, the
commitment, if any, of such Lender to make a Tranche B Term Loan
hereunder, expressed as an amount representing the maximum
principal amount of the Tranche B Term Loan to be made by such
Lender, subject to any increase or reduction pursuant to the terms
and conditions hereof. The initial amount of each Lender’s
Tranche B Term Loan Commitment, if any, is set forth on
Schedule
2.1 or in the Assignment Agreement pursuant to which such
Lender shall have assumed its Tranche B Term Loan Commitment. The
aggregate amount of the Tranche B Term Loan Commitments as of the
Closing Date is $510,000,000.

 

“Tranche B Term Loan Exposure”
means, with respect to any Lender at any time, (a) prior to
the making of Tranche B Term Loans hereunder, the Tranche B Term
Loan Commitment of such Lender at such time and (b) after the
making of Tranche B Term Loans hereunder, the aggregate principal
amount of the Tranche B Term Loans of such Lender outstanding
at such time.

 

 

-65-

 

 

“Tranche B Term Loan Maturity
Date” means the date that is five years after the
Closing Date (or, if such date is not a Business Day, the
immediately preceding Business Day).

 

“Transactions” means (a) the
Financing Transactions, (b) the Closing Date Refinancing, (c) the
Merger and the other transactions contemplated by the Merger
Agreement, including the distribution of the Consumer/SMB Business
and the consummation of the Fusion Global Arrangement or the
dissolution of Fusion Global Services LLC, (d) the issuance of the
New Subordinated Note, (e) the Closing Date Common Equity Issuance,
(f) the issuance and sale of the Closing Date Preferred Stock and
(g) the payment of fees and expenses in connection with the
foregoing.

 

“Treasury Rate” means, as of any
date of determination of the Yield Maintenance Amount, the yield to
maturity at the time of computation of 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 of determination (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 of
determination to but excluding the date that is 12 months after the
Closing Date; provided, however, that if the period
from such date of determination to but excluding the date that is
12 months after the Closing Date is not equal to the constant
maturity of the United States Treasury security for which a weekly
average yield is given, the Treasury Rate shall be obtained by
using the weekly average yield on actually traded United States
Treasury securities adjusted to a constant maturity of one
year.

 

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

 

“UCC” means the Uniform Commercial
Code (or any similar or equivalent legislation) as in effect from
time to time in any applicable jurisdiction.

 

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

 

“Unrestricted Cash” means, on any
date, Cash and Cash Equivalents (excluding, for the avoidance of
doubt, security deposits held by the Borrower or any Restricted
Subsidiary) owned on such date by the Borrower or any Restricted
Subsidiary, as reflected on a balance sheet prepared as of such
date in conformity with GAAP (but only to the extent the number
reflected is a positive number); provided that (a) except in the
case of any Cash or Cash Equivalents consisting of Vector
Subordinated Note Collateral, such Cash and Cash Equivalents do not
appear (and would not be required to appear) as
“restricted” on a consolidated balance sheet of such
Person prepared in conformity with GAAP, (b) such Cash and Cash
Equivalents are free and clear of all Liens, other than
(i) nonconsensual Liens permitted by Section 6.2 (including
clause (a) of the definition of the term “Permitted
Encumbrances”), (ii) Liens referred to in clause (i) of the
definition of the term “Permitted Encumbrances”, (iii)
Liens created under the Credit Documents and (iv) Liens
securing any Permitted Second Lien Indebtedness, any Permitted
Credit Agreement Refinancing Indebtedness or any Permitted
Incremental Equivalent Indebtedness, and (c) except in the
case of contractual restrictions in respect of any Vector
Subordinated Note Collateral pursuant to the Vector Subordinated
Note Cash Collateral Control Agreement or this Agreement, the use
of such Cash and Cash Equivalents for application to the payment of
Indebtedness is not prohibited in any material respect by
applicable law or any material Contractual Obligation and such Cash
and Cash Equivalents are not contractually restricted in any
material respect from being distributed to the Borrower;
provided
further that the
Escrow Cash Collateral shall not constitute Unrestricted
Cash.

 

 

-66-

 

 

“Unrestricted Subsidiary” means (a)
any Subsidiary of the Borrower that is designated as an
Unrestricted Subsidiary in the manner provided below and not
subsequently redesignated as a “Restricted Subsidiary”
in the manner provided below and (b) each Subsidiary of an
Unrestricted Subsidiary.

 

The
Borrower may designate any Subsidiary to be an “Unrestricted
Subsidiary” by delivering to the Administrative Agent a
certificate of the chief financial officer of the Borrower
specifying such designation and certifying that such designated
Subsidiary satisfies the requirements set forth in this definition;
provided that no
Subsidiary may be designated as an Unrestricted Subsidiary unless
(a) immediately after giving Pro Forma Effect to such
designation, no Default or Event of Default has occurred and is
continuing or would result therefrom, (b) immediately after
giving Pro Forma Effect to such designation, (i) the Total Net
Leverage Ratio shall not be greater than the lesser of (A)
4.00:1.00 and (B) the maximum Total Net Leverage Ratio permitted
under the financial covenant set forth in Section 6.7(a), in each
case, determined as of the last day of the then most recently ended
Test Period, (ii) in the case of any such designation during
the Fixed Charge Coverage Ratio Covenant Period, the Fixed Charge
Coverage Ratio shall not be less than the minimum Fixed Charge
Coverage Ratio permitted under the financial covenant set forth in
Section 6.7(c), determined for the then most recently ended Test
Period, and (iii) the combined “EBITDA” of all the
Unrestricted Subsidiaries (calculated in accordance with the
definition of the term Consolidated Adjusted EBITDA, mutatis mutandis) for the most recent period
Test Period then ended shall not exceed 5% of the Consolidated
Adjusted EBITDA for such Test Period, (c) such Subsidiary does
not own any Equity Interests in any of the Restricted Subsidiaries,
(d) neither such Subsidiary nor any of its Subsidiaries owns
or holds any License that is required for the conduct of business
in the ordinary course by the Borrower and the Restricted
Subsidiaries or is otherwise material to the Borrower and the
Restricted Subsidiaries, (e) each Subsidiary of such
Subsidiary has been designated as (and, for so long as it is a
Subsidiary of the Borrower, continues as) an “Unrestricted
Subsidiary” in accordance with this definition, (f) the
Investments in such Unrestricted Subsidiary by the Borrower and the
Restricted Subsidiaries (including, after giving effect to the next
sentence, those resulting from such designation) are permitted
under Section 6.6, (g) such Subsidiary shall have been or will
promptly be designated an “unrestricted subsidiary” (or
otherwise not be subject to the covenants) under any Permitted
Second Lien Indebtedness, any Permitted Credit Agreement
Refinancing Indebtedness, any Permitted Incremental Equivalent
Indebtedness and any Permitted Subordinated Indebtedness and (h) no
Subsidiary may be designated as an Unrestricted Subsidiary if it
was previously an Unrestricted Subsidiary that has been
redesignated as a Restricted Subsidiary. Upon the designation of
any Subsidiary as an Unrestricted Subsidiary, the Borrower and the
Restricted Subsidiaries shall be deemed to have made an Investment
in such Unrestricted Subsidiary in an amount equal at the time of
such designation to the fair value of such Subsidiary (as
determined reasonably and in good faith by the chief financial
officer of the Borrower). The Borrower shall cause each
Unrestricted Subsidiary to satisfy at all times the requirements
set forth in clauses (c), (d) and (g) above.

 

The
Borrower may designate any Unrestricted Subsidiary as a
“Restricted Subsidiary” by delivering to the
Administrative Agent a certificate of the chief financial officer
of the Borrower specifying such redesignation and certifying that
such redesignation satisfies the requirements set forth in this
paragraph; provided
that (a) immediately after giving Pro Forma Effect to such
redesignation, no Default or Event of Default has occurred and is
continuing or would result therefrom and (b) the redesignation of
an Unrestricted Subsidiary as a Restricted Subsidiary shall
constitute the incurrence, at the time of such redesignation, of
any Indebtedness, Liens and Investments of such Subsidiary existing
at such time.

 

 

-67-

 

 

“Unrestricted Subsidiary Reconciliation
Statement” means, with respect to any balance sheet or
statement of comprehensive income, shareholders’ equity or
cash flows of the Borrower, such financial statement (in
substantially the same form) prepared on the basis of consolidating
the accounts of the Borrower and the Restricted Subsidiaries and
treating Unrestricted Subsidiaries as if they were not consolidated
with the Borrower and otherwise eliminating all accounts of
Unrestricted Subsidiaries, together with an explanation of
reconciliation adjustments in reasonable detail.

 

“US Person” means any Person that
is a “United States Person” as defined in
Section 7701(a)(30) of the Internal Revenue Code and a
disregarded entity (for US federal income tax purposes) owned by
such Person.

 

“US Tax Compliance Certificate” as
defined in Section 2.19(g)(ii)(B)(3).

 

“Vector Collateral” means any
assets of any Vector Lender provided as collateral to secure
obligations of the Vector Lenders under the Vector Senior Loan
Facility (including any such assets in the form of Tranche B Term
Loans held by any Vector Lender).

 

“Vector Facility Arrangements”
means the Vector Senior Loan Facility and the Vector Subordinated
Note.

 

“Vector Lender” means Vector SPV or
any Affiliate thereof that holds Term Loans and is an obligor under
the Vector Senior Loan Facility.

 

“Vector Senior Loan Facility
Lender” means Goldman Sachs or any of its
Affiliates.

 

“Vector Senior Loan Facility” means
the Credit Agreement dated as of May 4, 2018, among Vector SPV, as
borrower, the Vector Senior Loan Facility Lender, Goldman Sachs, as
administrative agent, and U.S. Bank National Association, as
collateral agent and collateral custodian, pursuant to which, and
on the terms and conditions set forth therein, the Vector Senior
Loan Facility Lender shall make a senior secured loan to Vector
SPV, which loan shall be secured by, among other things, the
Tranche B Term Loans held by Vector SPV and a cash reserve funded
in part with the proceeds of the Vector Subordinated
Note.

 

“Vector SPV” means Vector Fusion
Holdings (Cayman) Ltd., an exempted company incorporated with
limited liability under the laws of the Cayman Islands that is a
subsidiary of Vector Capital V, L.P.

 

“Vector Subordinated Note” means
the Subordinated Note dated May 4, 2018, and in a principal amount
of $25,000,000, issued by Vector SPV to the Borrower for cash
consideration of $25,000,000.

 

“Vector Subordinated Note Cash Collateral
Account” means a blocked deposit account maintained
with East West Bank or another depository institution reasonably
acceptable to the Majority in Interest of the Revolving Lenders (a)
in which any prepayment or repayment or other amount or value
received by the Borrower or any of its Subsidiaries in respect of
the Vector Subordinated Note shall be deposited in accordance with
Section 5.16 to be held as cash collateral securing the Obligations
and (b) that is subject to a control agreement in favor of the
Collateral Agent, in form and substance reasonably satisfactory to
the Majority in Interest of the Revolving Lenders (the
“Vector Subordinated Note
Cash Collateral Control Agreement”), pursuant to which
the amounts on deposit in the Vector Subordinated Note Cash
Collateral Account shall be subject to the sole control and
dominion of the Collateral Agent, to be released by the Collateral
Agent solely in accordance with the provisions of Section
9.8(d)(ii)(D).

 

 

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“Vector Subordinated Note Cash Collateral
Control Agreement” as defined in the definition of the
term “Vector Subordinated Note Cash Collateral
Account”.

 

“Vector Subordinated Note
Collateral” means all right, title and interest in, to
and under any and all of the following assets and properties now
owned or at any time hereafter acquired by any Credit Party or in
which any Credit Party now has or at any time in the future may
acquire any right, title or interest: (a) the Vector Subordinated
Note, all rights of the Credit Parties under the Vector
Subordinated Note, including such rights in respect of all Accounts
and Payment Intangibles arising from, and all other amounts or
value received by any Credit Party in respect of, the foregoing,
(b) the Vector Subordinated Note Cash Collateral Account and all
Cash and Cash Equivalents on deposit therein, including all
interest and profits thereon, and (c) all Proceeds, substitutions
or replacements of the foregoing; provided that any Cash or Cash
Equivalents released to the Borrower from the Vector Subordinated
Note Cash Collateral Account in accordance with Section
9.8(d)(ii)(D) shall, upon such release, no longer constitute Vector
Subordinated Note Collateral or Proceeds thereof.

 

“Weighted Average Yield” means, at
any time, with respect to any Loan or other Indebtedness, the
weighted average yield to stated maturity of such Loan or other
Indebtedness based on the interest rate or rates applicable thereto
and giving effect to all upfront or similar fees or original issue
discount payable by the Borrower or any of its Affiliates to the
Lenders or other applicable creditors advancing such Loan or other
Indebtedness with respect thereto (but not any arrangement fees,
structuring fees, commitment fees, underwriting fees or other fees
not paid generally to all such Lenders or other applicable
creditors, and excluding any ticking or amendment fees previously
paid with respect to such Loans or other Indebtedness) (in each
case, with upfront or similar fees or original issue discount being
deemed to constitute like amounts of original issue discount, and
such fees and original discount being equated to interest margins
in a manner consistent with generally accepted financial practice
based on an assumed life to maturity of the lesser of four years
and the tenor of such Loan or other Indebtedness) and to any
interest rate “floor”. It is agreed that, for purposes
of determining the Weighted Average Yield of the Tranche B Term
Loans, subject to adjustment for any fees payable by the Borrower
or any of its Affiliates after the Closing Date in accordance with
the foregoing provisions of this definition, the upfront or similar
fees or original issue discount applicable to all the Tranche B
Term Loans outstanding on the Closing Date shall be deemed to be
4.00%). For purposes of determining the Weighted Average Yield of
any floating rate Indebtedness at any time, the rate of interest
applicable to such Indebtedness at such time shall be assumed to be
the rate applicable at all times prior to maturity; provided that appropriate
adjustments shall be made for any scheduled changes in rates of
interest provided for in the documents governing such Indebtedness.
Determinations of the Weighted Average Yield shall be made in a
manner consistent with accepted financial practice.

 

“wholly owned”, when used in
reference to a Subsidiary of any Person, means that all the Equity
Interests in such Subsidiary (other than directors’
qualifying shares and other nominal amounts of Equity Interests
that are required to be held by other Persons under applicable law)
are owned, beneficially and of record, by such Person, another
wholly owned Subsidiary of such Person or any combination
thereof.

 

“Wilmington Trust” as defined in
the preamble hereto.

 

“Write-Down and Conversion Powers”
means, 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.

 

 

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“Yield Maintenance Amount” means,
with respect to any Tranche B Term Loan that is prepaid pursuant to
Section 2.12(a)(i) (for the avoidance of doubt, including on
account of the requirements set forth in Section 2.25) or 2.13(c)
or is subject to any amendment or other modification of this
Agreement that, directly or indirectly, reduces the Weighted
Average Yield of such Tranche B Term Loan (or is required to be
assigned pursuant to Section 2.22 in connection with such
amendment or modification), an amount equal to the present value of
the sum of (a) the aggregate amount of interest that would have
otherwise been payable on the principal amount of such Tranche B
Term Loan so prepaid or subject to such amendment or modification
(or assignment) (assuming that such Tranche B Term Loan will bear
interest at a rate per annum equal to the sum of (i) the Adjusted
Eurodollar Rate for an Interest Period of three months (giving
effect to any floor rate) as of the date of such prepayment or
amendment or modification (or assignment) plus (ii) the Applicable
Rate with respect to Tranche B Term Loans that are Eurodollar Rate
Loans) from the date of such prepayment or amendment or
modification (or assignment) through the date that is
12 months after the Closing Date, plus (b) 1.00% of the
principal amount of such Tranche B Term Loan so prepaid or subject
to such amendment or modification (or assignment), discounted in
accordance with accepted financial practice at a discount rate
(applied on the same periodic basis as that on which interest on
the Tranche B Term Loans is payable) equal to the Treasury Rate
plus 50 basis points per annum. Determinations of the Yield
Maintenance Amount shall be made in a manner consistent with
accepted financial practice.

 

1.2. Accounting
Terms; Pro Forma Calculations. (a) Except as otherwise
expressly provided herein, all terms of an accounting or financial
nature used herein shall be construed in conformity with GAAP as in
effect from time to time; provided that (i) if the
Borrower, by notice to the Administrative Agent, shall request an
amendment to any provision hereof to eliminate the effect of any
change occurring after the date hereof in GAAP or in the
application thereof on the operation of such provision (or if the
Administrative Agent or the Requisite Lenders, by notice to the
Borrower, shall 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 and
(ii) notwithstanding any other provision contained herein, all
terms of an accounting or financial nature used herein shall be
construed, and all computations of amounts and ratios referred to
herein shall be made, (A) without giving effect to any election
under Financial Accounting Standards Board Accounting Standards
Codification 825 (or any other Accounting Standards Codification or
Financial Accounting Standard having a similar result or effect)
(and related interpretations) to value any Indebtedness or other
liabilities of the Borrower or any Subsidiary at “fair
value”, as defined therein, (B) without giving effect to
any treatment of Indebtedness in respect of convertible debt
instruments under Accounting Standards Codification 470-20 (or any
other Accounting Standards Codification or Financial Accounting
Standard having a similar result or effect) to value any such
Indebtedness in a reduced or bifurcated manner as described
therein, and such Indebtedness shall at all times be valued at the
full stated principal amount thereof, and (C) without giving
effect to any change to GAAP occurring after the date hereof as a
result of the adoption of any proposals set forth in the
Proposed Accounting Standards
Update, Leases (Topic 842), issued by the Financial
Accounting Standards Board on May 16, 2013, or any other proposals
issued by the Financial Accounting Standards Board in connection
therewith, in each case if such change would require treating any
lease (or similar arrangement conveying the right to use) as a
capital lease where such lease (or similar arrangement) was not
required to be so treated under GAAP as in effect on December 31,
2015. It is understood and agreed that when any term of an
accounting or financial nature refers to a determination being made
on a “consolidated basis”, when such reference is made
with respect to the Borrower and the Restricted Subsidiaries (or
any Restricted Subsidiary and its Restricted Subsidiaries), such
determination shall exclude from such consolidation the accounts of
the Unrestricted Subsidiaries.

 

 

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(b)
All computations
required to be made hereunder giving effect to any Acquisition,
Disposition or other Pro Forma Event shall be calculated after
giving Pro Forma Effect thereto (and, in the case of any
computations made hereunder to determine whether such Acquisition,
Disposition or other Pro Forma Event is permitted to be consummated
hereunder, to any other such Pro Forma Event consummated since the
first day of the period covered by any component of such Pro Forma
computation and on or prior to the date of such computation) as if
such Pro Forma Event occurred on the first day of the most recent
Test Period. It is understood that, prior to the last day of the
Test Period ending on June 30, 2018, for purposes of any provision
hereof that requires compliance with Section 6.7(a) or 6.7(c) on a
Pro Forma Basis, such compliance will be determined based on the
ratio set forth in Section 6.7(a) or 6.7(c), as applicable, that
would be first applicable under such Section.

 

(c) Prior to the
release of the Escrow Cash Collateral in accordance with the terms
of the Escrow Cash Collateral Control Agreement and Section
9.8(d)(ii), Tranche B Term Loans in an aggregate principal amount
equal to the amount of Escrow Cash Collateral on deposit in the
Escrow Cash Collateral Account at any time, but in no event in
excess of the Escrow Cash Amount, shall be deemed not to be
outstanding solely for purposes of determining actual compliance by
the Borrower with Section 6.7(a) or 6.7(c).

 

1.3. Interpretation,
Etc. Any of the terms defined herein may, unless the context
otherwise requires, be used in the singular or the plural,
depending on the reference. References herein to any Article,
Section, Schedule or Exhibit shall be to an Article or a
Section of, or a Schedule or an Exhibit to, this Agreement,
unless otherwise specifically provided. The words
“include”, “includes” and
“including” shall be deemed to be followed by the
phrase “without limitation”. The word
“will” shall be construed to have the same meaning and
effect as the word “shall”. The words
“asset” and “property” shall be construed
to have the same meaning and effect and to refer to any and all
real and personal, tangible and intangible assets and properties,
including Cash, Securities, accounts and contract rights. The word
“law” shall be construed as referring to all statutes,
rules, regulations, codes and other laws (including official
rulings and interpretations thereunder having the force of law or
with which affected Persons customarily comply), and all judgments,
orders, writs and decrees, of all Governmental Authorities. The
words “not otherwise applied”, and words of similar
import, when used with reference to any amount of Net Proceeds of
any issuance or sale of Equity Interests that is proposed to be
applied to any particular use, payment or transaction, shall be
construed to mean that such amount was not previously applied, or
is not simultaneously being applied, to any other use, payment or
transaction other than such particular use, payment or transaction.
Except as otherwise expressly provided herein and unless the
context requires otherwise, (a) any definition of or reference
to any agreement, instrument or other document (including this
Agreement and the other Credit Documents) shall be construed as
referring to such agreement, instrument or other document as from
time to time amended, supplemented or otherwise modified (subject
to any restrictions on such amendments, supplements or
modifications set forth herein), (b) any definition of or reference
to any statute, rule or regulation shall be construed as referring
thereto as from time to time amended, supplemented or otherwise
modified (including by succession of comparable successor laws),
and all references to any statute shall be construed as referring
to all rules, regulations, rulings and official interpretations
promulgated or issued thereunder, (c) any reference herein to any
Person shall be construed to include such Person’s successors
and assigns (subject to any restrictions on assignment set forth
herein) and, in the case of any Governmental Authority or any
self-regulating entity, any other Governmental Authority or entity
that shall have succeeded to any or all functions thereof, and (d)
the words “herein”, “hereof” and
“hereunder”, and words of similar import, shall be
construed to refer to this Agreement in its entirety and not to any
particular provision hereof. Terms defined in the UCC as in effect
in the State of New York on the Closing Date and not otherwise
defined herein shall, unless the context otherwise indicates, have
the meanings provided by those definitions.

 

 

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

 

1.5. Conditionality
Testing Date. Solely for purposes of determining compliance
with any provision of this Agreement (including compliance with the
First Lien Net Leverage Ratio, the Fixed Charge Coverage Ratio, the
Total Leverage Ratio, the Total Net Leverage Ratio or any other
financial metric, the absence of any Default or Event of Default
and the accuracy of any representation or warranty) that expressly
permits such compliance to be determined or tested in accordance
with the provisions of this Section 1.5 in connection with a
Limited Conditionality Transaction (but, for the avoidance of
doubt, not for purposes of determining whether the Borrower has
actually complied with Section 6.7 itself), the date of
determination of whether such provision has been satisfied shall,
at the option of the Borrower and upon delivery by the Borrower on
or prior to the applicable LCT Test Date of a written notice to
that effect to the Administrative Agent, be the date on which the
definitive agreements for such Limited Conditionality Transaction
are entered into (the “LCT
Test Date”), with such determination to give effect on
a Pro Forma Basis to such Limited Conditionality Transaction and
the other transactions to be entered into in connection therewith
(including any incurrence of Indebtedness or Liens and the use of
proceeds thereof) as if they had occurred at the beginning of the
most recent Test Period ending prior to the LCT Test Date. For the
avoidance of doubt, if the Borrower has exercised such option and
any of the ratios, financial metrics or amounts for which
compliance was determined or tested as of the LCT Test Date are
exceeded as a result of fluctuations in any such ratio, financial
metric or amount, including due to fluctuations in Consolidated
Adjusted EBITDA, at or prior to the consummation of the Limited
Conditionality Transaction, such ratio, financial metric or amount
will be deemed not to have been exceeded as a result of such
fluctuations solely for purposes of determining whether such
provision has been satisfied in connection with such Limited
Conditionality Transaction. If the Borrower has exercised such
option in connection with any Limited Conditionality Transaction,
then, in connection with any subsequent calculation of ratios,
financial metrics or amounts (but, for the avoidance of doubt, not
for purposes of determining whether the Borrower has actually
complied with Section 6.7 itself) on or following the relevant LCT
Test Date and prior to the earlier of (a) the date on which such
Limited Conditionality Transaction is consummated and (b) the date
that the definitive agreements for such Limited Conditionality
Transaction are terminated or expire without consummation of such
Limited Conditionality Transaction (with the Borrower agreeing to
provide the Administrative Agent with prompt notice thereof), any
such ratio, financial metric or basket shall be calculated on a Pro
Forma Basis assuming such Limited Conditionality Transaction and
the other transactions in connection therewith (including any
incurrence of Indebtedness or Liens and the use of proceeds
thereof) have been consummated.

 

1.6. Effectuation
of Transactions. All references herein to the Borrower and
the Subsidiaries or the Restricted Subsidiaries shall be deemed to
be (unless the context otherwise requires) references to such
Persons, and all the representations and warranties of the Borrower
and the other Credit Parties contained in this Agreement and the
other Credit Documents shall be deemed made, in each case, after
giving effect to the Merger and the other Transactions to occur on
the Closing Date.

 

 

 

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SECTION
2. LOANS
AND LETTERS OF CREDIT

 

2.1. Term
Loans. (a) Term
Loan Commitments. (i) Subject to the terms and conditions
hereof, each Lender agrees to make, on the Closing Date, a term
loan to the Borrower in Dollars in a principal amount not to exceed
such Lender’s Tranche A Term Loan Commitment. Amounts
borrowed pursuant to this Section 2.1(a)(i) that are repaid or
prepaid may not be reborrowed. Each Lender’s Tranche A Term
Loan Commitment shall terminate immediately and without any further
action upon the making of a Tranche A Term Loan, as applicable, by
such Lender or, if earlier, at 5:00 p.m. (New York City time) on
the Closing Date.

 

(ii) Subject
to the terms and conditions hereof, each Lender agrees to make, on
the Closing Date, a term loan to the Borrower in Dollars in a
principal amount not to exceed such Lender’s Tranche B
Term Loan Commitment. Amounts borrowed pursuant to this
Section 2.1(a)(ii) that are repaid or prepaid may not be
reborrowed. Each Lender’s Tranche B Term Loan Commitment
shall terminate immediately and without any further action upon the
making of a Tranche B Term Loan, as applicable, by such Lender or,
if earlier, at 5:00 p.m. (New York City time) on the Closing
Date.

 

(iii) Additional
Classes of Term Loan Commitments may be established as provided in
Section 2.23 or 2.25, and the Term Loans thereunder shall be made
in accordance with, and subject to the terms and conditions set
forth in, such Section.

 

(b) Borrowing Mechanics for Term
Loans.

 

(i) Each Term Loan
shall be made as part of a Borrowing consisting of Term Loans of
the same Class and Type made by the Lenders of such Class
proportionately to their applicable Pro Rata Shares. At the
commencement of each Interest Period for any Eurodollar Rate Term
Borrowing, such Borrowing shall be in an aggregate amount of
$1,000,000 or an integral multiple of $500,000 in excess of such
amount; provided
that a Eurodollar Rate Term Borrowing that results from a
continuation of an outstanding Eurodollar Rate Term Borrowing may
be in an aggregate amount that is equal to the amount of such
outstanding Borrowing.

 

(ii) To
request a Term Borrowing, the Borrower shall deliver to the
Administrative Agent a fully completed and executed Funding Notice
(A) in the case of a Eurodollar Rate Term Borrowing, not later than
2:00 p.m. (New York City time) at least three Business Days in
advance of the proposed Credit Date (which shall be a Business Day)
and (B) in the case of a Base Rate Term Borrowing, not later than
11:00 a.m. (New York City time) at least one Business Day in
advance of the proposed Credit Date (which shall be a Business Day)
(or, in each case, with respect to any Borrowing of Incremental
Term Loans or Refinancing Term Loans, not later than such other
time as shall be specified therefor in the applicable Incremental
Facility Agreement or Refinancing Facility Agreement). Promptly
upon receipt by the Administrative Agent of a Funding Notice in
accordance with this paragraph, the Administrative Agent shall
notify each Term Lender of the applicable Class of the details
thereof and of the amount of such Lender’s Term Loan to be
made as part of the requested Term Borrowing. Following delivery of
a Funding Notice for a Eurodollar Rate Term Borrowing, any failure
to make such Borrowing shall be subject to
Section 2.17(c).

 

 

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(iii) Each
Lender shall make the principal amount of each Term Loan required
to be made by it hereunder on any Credit Date available to the
Administrative Agent not later than 1:00 p.m. (New York City
time) on such Credit Date (or, with respect to any Borrowing of
Incremental Term Loans or Refinancing Term Loans, not later than
such other time as shall be specified therefor in the applicable
Incremental Facility Agreement or Refinancing Facility Agreement)
by wire transfer of same day funds in Dollars to the account of the
Administrative Agent most recently designated by it for such
purpose by notice to the Lenders. The Administrative Agent will
make each such Term Loan available to the Borrower by promptly
remitting the amounts so received, in like funds, to the account
specified by the Borrower in the applicable Funding Notice (it
being agreed that, in the case of the Tranche B Term Loans made on
the Closing Date, an amount of the proceeds thereof equal to the
Escrow Cash Amount shall be remitted, in like funds, by the
Administrative Agent to the Escrow Cash Collateral
Account).

 

2.2. Revolving
Loans. (a) Revolving Commitments. During
the Revolving Commitment Period, subject to the terms and
conditions hereof, each Lender agrees to make loans to the Borrower
in Dollars in an aggregate principal amount at any one time
outstanding that will not result in (i) such Lender’s
Revolving Exposure exceeding its Revolving Commitment or
(ii) the Total Utilization of Revolving Commitments exceeding
the Total Revolving Commitments. Amounts borrowed pursuant to this
Section 2.2(a) that are repaid or prepaid may, subject to the terms
and conditions hereof, be reborrowed during the Revolving
Commitment Period. Each Lender’s Revolving Commitment shall
terminate on the Revolving Commitment Termination
Date.

 

(b) Borrowing Mechanics for Revolving
Loans.

 

(i) Each Revolving Loan
shall be made as part of a Borrowing consisting of Revolving Loans
of the same Type made by the Revolving Lenders proportionately to
their applicable Pro Rata Shares. At the commencement of each
Interest Period for any Eurodollar Rate Revolving Borrowing, such
Borrowing shall be in an aggregate amount of $1,000,000 or an
integral multiple of $500,000 in excess of such amount;
provided that a
Eurodollar Rate Revolving Borrowing that results from a
continuation of an outstanding Eurodollar Rate Revolving Borrowing
may be in an aggregate amount that is equal to the amount of such
outstanding Borrowing. At the time each Base Rate Revolving
Borrowing is made, such Borrowing shall be in an aggregate amount
of $1,000,000 or an integral multiple of $500,000 in excess of such amount;
provided that such
Borrowing may be in an aggregate amount that is equal to the entire
unused balance of the Total Revolving Commitments or that is
required to finance the reimbursement of a drawing under a Letter
of Credit as contemplated by Section 2.3(d).

 

(ii) To
request a Revolving Borrowing, the Borrower shall deliver to the
Administrative Agent a fully completed and executed Funding Notice
(A) in the case of a Eurodollar Rate Revolving Borrowing, not later
than 2:00 p.m. (New York
City time) at least three Business Days in advance of the proposed
Credit Date (which shall be a Business Day) and (B) in the
case of a Base Rate Revolving Borrowing, not later than
11:00 a.m. (New York City time) at least one Business Day in
advance of the proposed Credit Date (which shall be a Business
Day). In lieu of delivering a Funding Notice, the Borrower may give
the Administrative Agent, not later than the applicable time set
forth above, telephonic notice of any proposed Revolving Borrowing;
provided that such
telephonic notice shall be promptly confirmed in writing by
delivery to the Administrative Agent of a fully completed and
executed Funding Notice. Promptly upon receipt by the
Administrative Agent of a Funding Notice or a telephonic notice in
accordance with this paragraph, the Administrative Agent shall
notify each Revolving Lender of the details thereof and of the
amount of such Lender’s Revolving Loan to be made as part of
the requested Revolving Borrowing. Following delivery of a Funding
Notice or a telephonic notice for a Eurodollar Rate Revolving
Borrowing, any failure to make such Borrowing shall be subject to
Section 2.17(c).

 

 

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(iii) Each
Lender shall make the principal amount of the Revolving Loan
required to be made by it hereunder on any Credit Date available to
the Administrative Agent not later than 1:00 p.m. (New York
City time) on such Credit Date by wire transfer of same day funds
in Dollars to the account of the Administrative Agent most recently
designated by it for such purpose by notice to the Lenders. The
Administrative Agent will make each such Revolving Loan available
to the Borrower by promptly remitting the amounts so received, in
like funds, to the account specified by the Borrower in the
applicable Funding Notice (or, in the case of a Base Rate Revolving
Borrowing specified by the Borrower in the applicable Funding
Notice as made to finance reimbursement of a drawing under a Letter
of Credit as contemplated by Section 2.3(d), to the applicable
Issuing Bank).

 

2.3. Letters
of Credit. (a) General. During the Revolving
Commitment Period, subject to the terms and conditions hereof, each
Issuing Bank agrees to issue Letters of Credit for the account of
the Borrower; provided that no Letter of
Credit shall be, or shall be required to be, issued (or shall be
amended or extended) by any Issuing Bank unless (i) such Issuing
Bank (if other than the Person serving as the Administrative Agent)
shall have given written notice thereof to the Administrative Agent
pursuant to Section 2.3(g), (ii) after giving effect thereto
(A) the Total Utilization of Revolving Commitments shall not
exceed the Total Revolving Commitments, (B) the Letter of Credit
Usage shall not exceed the Letter of Credit Sublimit and (C) the
Letter of Credit Usage attributable to Letters of Credit issued by
such Issuing Bank shall not exceed the Letter of Credit Issuing
Commitment of such Issuing Bank, (iii) such Letter of Credit shall
be denominated in Dollars, (iv) such Letter of Credit shall
have an expiration date that is not later than the earlier of (A)
five Business Days prior to the Revolving Maturity Date and (B) the
date that is one year after the date of issuance of such Letter of
Credit (or, in the case of an extension of any Letter of Credit,
one year after the then-current expiration date at the time of such
extension), provided that, in the case of
any Letter of Credit, such Issuing Bank may agree that such Letter
of Credit will automatically extend for one or more successive
periods not to exceed one year each (but in any event to a date not
later than five Business Days prior to the Revolving Maturity Date)
unless such Issuing Bank elects not to extend for any such
additional period and (v) such issuance (or amendment or extension)
is in accordance with such Issuing Bank’s standard operating
procedures. Each Letter of Credit shall be in a form acceptable to
the applicable Issuing Bank in its discretion and shall be of the
type approved for issuance by such Issuing Bank (it being
understood that standby Letters of Credit are deemed to be
approved).

 

(b) Request for Issuance, Amendment,
Renewal or Extension. To request the issuance of a Letter of
Credit (or the amendment or extension (other than an automatic
extension permitted under Section 2.3(a)) of an outstanding Letter
of Credit), the Borrower shall deliver to the Administrative Agent
and the applicable Issuing Bank a fully completed and executed
Issuance Notice not later than 11:00 a.m. (New York City
time) at least two
Business Days, or such shorter period as may be agreed to by such
Issuing Bank in any particular instance, in advance of the proposed
date of issuance, amendment or extension. If requested by the
applicable Issuing Bank, the Borrower also shall submit, not later
than the time set forth above, a completed and executed letter of
credit application on such Issuing Bank’s standard form in
connection with any such request; provided that in the event of
any inconsistency or conflict between the terms and conditions of
such letter of credit application and the terms and conditions of
this Agreement or any other Loan Document, the terms and conditions
of this Agreement or such Loan Document shall govern and
control.

 

 

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(c) Responsibility of the Issuing
Banks. In determining whether to honor any drawing under any
Letter of Credit, the Issuing Banks shall not have any
responsibility to obtain any document (other than any sight draft,
certificates and documents expressly required by the Letter of
Credit) or to ascertain or inquire as to the validity or accuracy
of any such document or the authority of the Person executing or
delivering any such document, it being agreed that, with respect to
such documents that appear on their face to be in substantial
compliance, but are not in strict compliance, with the terms of
such Letter of Credit, the applicable Issuing Bank may, in its sole
discretion, either accept and make payment upon such documents
without responsibility for further investigation, regardless of any
notice or information to the contrary, or refuse to accept and make
payment upon such documents. None of the Issuing Banks, the Agents,
any of their respective Related Parties or any correspondent,
participant or assignee of any Issuing Bank shall be liable to any
Lender for (i) any action taken or omitted in connection herewith
at the request or with the approval of the Requisite Lenders or the
Majority in Interest of the Revolving Lenders, as applicable, (ii)
any action taken or omitted in the absence of gross negligence or
willful misconduct, as determined by a final, non-appealable
judgment of a court of competent jurisdiction, (iii) the due
execution, effectiveness, validity or enforceability of any
document or instrument related to any Letter of Credit or entered
into in connection with any Letter of Credit, (iv) the form,
validity, sufficiency, accuracy, genuineness or legal effect of any
document submitted by any Person in connection with the application
for and issuance of any Letter of Credit, even if it should in fact
prove to be in any or all respects invalid, insufficient,
inaccurate, fraudulent or forged, (v) the validity or
sufficiency of any instrument transferring or assigning or
purporting to transfer or assign any Letter of Credit or the rights
or benefits thereunder or proceeds thereof, in whole or in part,
that may prove to be invalid or ineffective for any reason,
(vi) failure of the beneficiary of any Letter of Credit to
comply with any conditions required in order to draw upon such
Letter of Credit, (vii) errors, omissions, interruptions or
delays in transmission or delivery of any messages, by mail,
facsimile or otherwise, (viii) errors in interpretation of
technical terms, (ix) any loss or delay in the transmission or
otherwise of any document required in order to make a drawing under
any Letter of Credit, (x) the misapplication by the beneficiary of
any Letter of Credit of the proceeds of any drawing under such
Letter of Credit or (xi) any consequences arising from causes
beyond the control of the applicable Issuing Bank, including any
Governmental Acts. The Borrower hereby assumes all risks of the
acts or omissions of any beneficiary or transferee with respect to
its use of any Letter of Credit; provided that this assumption
is not intended to, and shall not, preclude the Borrower’s
pursuing such rights and remedies as it may have against the
beneficiary or transferee at law or under any other agreement. None
of the Issuing Banks, the Agents, any of their respective Related
Parties or any correspondent, participant or assignee of any
Issuing Bank shall be liable or responsible for any of the matters
described in Section 2.3(k); provided that anything in such
Section to the contrary notwithstanding, the Borrower may have a
claim against an Issuing Bank, and such Issuing Bank may be liable
to the Borrower, to the extent, but only to the extent, of any
direct, as opposed to indirect, consequential, special, punitive or
exemplary, damages suffered by the Borrower which the Borrower
proves were caused by such Issuing Bank’s willful misconduct
or gross negligence, as determined by a final, non-appealable
judgment of a court of competent jurisdiction. In furtherance and
not in limitation of the foregoing, the Issuing Banks may accept
documents that appear on their face to be in order, without
responsibility for further investigation, regardless of any notice
or information to the contrary, and the Issuing Banks shall not be
responsible for the validity or sufficiency of any instrument
transferring or assigning or purporting to transfer or assign a
Letter of Credit or the rights or benefits thereunder or proceeds
thereof, in whole or in part, which may prove to be invalid or
ineffective for any reason. The Issuing Banks may send a Letter of
Credit or conduct any communication to or from the beneficiary via
the Society for Worldwide Interbank Financial Telecommunication
(“SWIFT”) message or overnight courier, or any other
commercially reasonable means of communicating with a
beneficiary.

 

 

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(d) Reimbursement by the Borrower.
In the event an Issuing Bank shall have determined to honor a
drawing under any Letter of Credit, it shall promptly notify the
Borrower and the Administrative Agent in writing thereof, and the
Borrower shall reimburse such Issuing Bank for such drawing by
paying to such Issuing Bank an amount in Dollars in same day funds
equal to the amount of such drawing not later than (i) if the
Borrower shall have received notice of such drawing prior to 10:00
a.m. (New York City time) on any Business Day, then 2:00 p.m. (New
York City time) on such Business Day or (ii) otherwise, 2:00
p.m. (New York City time) on the Business Day next following the
day that the Borrower receives such notice (the date on which the
Borrower is required to reimburse a drawing under any Letter of
Credit being referred to herein as the “Reimbursement Date” in respect of
such drawing); provided that the Borrower may,
subject to the conditions to borrowing set forth herein, request in
accordance with Section 2.2(b) that such reimbursement payment
be financed with a Base Rate Revolving Borrowing and, to the extent
the applicable Issuing Bank shall have received the proceeds
thereof, the Borrower’s obligation to make such reimbursement
payment shall be discharged and replaced by the resulting Base Rate
Revolving Borrowing.

 

(e) Revolving Lenders’
Participations in Letters of Credit. Immediately upon the
issuance of any Letter of Credit, each Revolving Lender shall be
deemed to have purchased from the applicable Issuing Bank, and
agrees to fund as set forth herein, a participation in such Letter
of Credit and any drawings thereunder in an amount equal to such
Lender’s applicable Pro Rata Share of the maximum amount that
is or at any time may become available to be drawn under such
Letter of Credit. In the event the Borrower shall fail for any
reason to fully reimburse the applicable Issuing Bank for any
drawing under a Letter of Credit, such Issuing Bank shall promptly
notify the Administrative Agent in writing thereof and of the
unreimbursed amount of such drawing and, promptly upon receipt of
such notice, the Administrative Agent shall notify each Revolving
Lender of the details of such notice and of such Lender’s
applicable Pro Rata Share of such unreimbursed amount. Each
Revolving Lender shall make available an amount equal to such
Lender’s applicable Pro Rata Share of such unreimbursed
amount to the Administrative Agent not later than 12:00 p.m.
(New York City time) on the first Business Day following the date
of receipt of such notice, by wire transfer of same day funds in
Dollars to the account of the Administrative Agent most recently
designated by it for such purpose by notice to the Lenders, and the
Administrative Agent shall promptly remit the amounts so received,
in like funds, to the applicable Issuing Bank. In the event that
any Revolving Lender fails to make available, for the account of
any Issuing Bank, any payment referred to in the immediately
preceding sentence, such Issuing Bank shall be entitled to recover
such amount on demand from such Lender, together with interest
thereon for three Business Days at the rate customarily used by
such Issuing Bank for the correction of errors among banks and
thereafter at the Base Rate. Each Revolving Lender agrees that, in
issuing, amending or extending any Letter of Credit, the applicable
Issuing Bank shall be entitled to rely, and shall not incur any
liability for relying, upon the representation and warranty of the
Borrower deemed made pursuant to Section 3.2, unless, at least one
Business Day prior to the time such Letter of Credit is issued,
amended or extended (or, in the case of any Letter of Credit
subject to automatic extension provisions, at least three Business
Days prior to the time by which the election not to extend must be
made by the applicable Issuing Bank), the Borrower, a Majority in
Interest of the Revolving Lenders or the Requisite Lenders shall
have notified the applicable Issuing Bank (with a copy to the
Administrative Agent and, if the notice is not sent by the
Borrower, the Borrower) in writing that, as a result of one or more
events or circumstances described in such notice, one or more of
the conditions precedent set forth in Section 3.2 would not be
satisfied if such Letter of Credit were then issued, amended or
extended (it being understood and agreed that, in the event any
Issuing Bank shall have received any such notice, or shall
otherwise believe in good faith that such conditions would not be
satisfied, it shall have no obligation to (and, in the event it
shall have received any such notice, shall not) issue, amend or
extend any Letter of Credit until and unless it shall be satisfied
that the events and circumstances giving rise thereto shall have
been cured or otherwise shall have ceased to exist). In the event
an Issuing Bank shall have been reimbursed by the Revolving Lenders
pursuant to this Section 2.3(e) for all or any portion of any
drawing honored by such Issuing Bank under a Letter of Credit, such
Issuing Bank shall distribute to each Revolving Lender that has
paid all amounts payable by it under this Section 2.3(e) with
respect to such drawing such Lender’s applicable Pro Rata
Share of all payments subsequently received by such Issuing Bank by
or on behalf of the Borrower in reimbursement of such drawing when
such payments are received; provided that any such payment
so distributed shall be repaid to such Issuing Bank if and to the
extent such payment is required to be refunded to the Borrower for
any reason. Any payment made by a Revolving Lender pursuant to this
Section 2.3(e) to reimburse an Issuing Bank for a drawing under a
Letter of Credit (other than the funding of a Base Rate Revolving
Borrowing as contemplated by Section 2.3(d)) shall not
constitute a Loan and shall not relieve the Borrower of its
obligation to reimburse such drawing.

 

 

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(f) Obligations Absolute. The
obligation of the Borrower to reimburse each Issuing Bank for
drawings honored under the Letters of Credit issued by such Issuing
Bank and the obligations of the Revolving Lenders under Section
2.3(e) shall be absolute, unconditional and irrevocable and shall
be paid and performed strictly in accordance with the terms hereof
under all circumstances, notwithstanding (i) any lack of
validity or enforceability of any Letter of Credit, (ii) the
existence of any claim, set-off, defense or other right that the
Borrower or any Lender may have at any time against any beneficiary
or any transferee of any Letter of Credit (or any Persons for whom
any such transferee may be acting), the applicable Issuing Bank or
any other Person or, in the case of any Lender, against the
Borrower, whether in connection herewith, with the transactions
contemplated herein or with any unrelated transaction (including
any underlying transaction between the Borrower or any Subsidiary
and the beneficiary under any Letter of Credit), (iii) any
draft or other document presented under any Letter of Credit
proving to be forged, fraudulent, invalid or insufficient in any
respect or any statement therein being untrue or inaccurate in any
respect or any loss or delay in the transmission or otherwise of
any document required in order to make a drawing under such Letter
of Credit, (iv) payment by the applicable Issuing Bank under any
Letter of Credit against presentation of a draft or other document
that does not comply with the terms of such Letter of Credit,
(v) any adverse change in the business, operations,
properties, condition (financial or otherwise) or prospects of the
Borrower or any Subsidiary, (vi) any breach hereof or of any
other Credit Document by any party thereto, (vii) any Default or
Event of Default having occurred and continuing, (viii) any force
majeure or other event that under any rule of law or uniform
practices to which any Letter of Credit is subject (including Rule
3.14 of the ISP or any successor publication) permits a drawing to
be made under such Letter of Credit after the expiration thereof or
after the Revolving Maturity Date, (ix) waiver by such Issuing Bank
of any requirement that exists for the protection of such Issuing
Bank and not the protection of the Borrower or any waiver by any
Issuing Bank which does not in fact materially prejudice the
Borrower, (x) honor of a demand for payment presented
electronically even if such Letter of Credit requires that demand
be in the form of a draft, (xi) any payment made by any Issuing
Bank in respect of an otherwise complying item presented after the
date specified as the expiration date of, or the date by which
documents must be received under such Letter of Credit if
presentation after such date is authorized by the UCC, the ISP or
the UCP, as applicable, and (xii) any other event, condition,
circumstance or happening whatsoever, whether or not similar to any
of the foregoing, including any other circumstance that might
otherwise constitute a defense available to, or a discharge of, the
Borrower or any Guarantor Subsidiary; provided that, subject to
Section 10.3(b) and the other provisions hereof, the Borrower and
each Revolving Lender shall retain any and all rights it may have
against an Issuing Bank for any liability arising solely out of the
gross negligence or willful misconduct of such Issuing Bank, as
determined by a final, non-appealable judgment of a court of
competent jurisdiction.

 

(g) Issuing Bank Reports to the
Administrative Agent. Unless otherwise agreed by the
Administrative Agent, each Issuing Bank shall, in addition to its
notification obligations set forth elsewhere in this Section 2.3,
report in writing to the Administrative Agent (i) periodic activity
(for such period or recurrent periods as shall be requested by the
Administrative Agent) in respect of Letters of Credit issued by
such Issuing Bank, including all issuances, extensions, amendments
and renewals, all expirations and cancelations and all honored
drawings and reimbursements thereof, (ii) reasonably prior to
the time that such Issuing Bank issues, amends, renews or extends
any Letter of Credit, the date of such issuance, amendment or
extension, and the face amount of the Letters of Credit to be
issued, amended or extended by such Issuing Bank and outstanding
after giving effect to such issuance, amendment or extension (and
whether the amounts thereof shall have changed), (iii) on each day
on which such Issuing Bank honors any drawing under any Letter of
Credit, the date and amount of the drawing so honored, (iv) on
any Business Day on which the Borrower reimburses or fails to
reimburse any drawing under a Letter of Credit as required
hereunder, the date of such reimbursement or such failure and the
amount of such reimbursed or unreimbursed drawing and (v) on any
other Business Day, such other information as the Administrative
Agent shall reasonably request as to the Letters of Credit issued
by such Issuing Bank.

 

 

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(h) Cash Collateralization. If any
Event of Default shall occur and be continuing, on the day that the
Borrower receives a request from an Issuing Bank or notice from the
Administrative Agent referred to in Section 8.1, the Borrower
shall deposit in a deposit account in the name of the
Administrative Agent, for the benefit of the Issuing Banks and the
Lenders, an amount in Dollars equal to 103% of the Letter of Credit
Usage as of such date; provided that the obligation to
deposit such Cash Collateral shall become effective immediately,
and such deposit shall become immediately due and payable, without
demand or other notice of any kind, upon the occurrence of any
Event of Default specified in Section 8.1(f) or 8.1(g). The
Borrower also shall deposit Cash Collateral in accordance with this
Section 2.3(h) as and to the extent required by Section 2.13(e) or
2.21. Each such deposit shall be held by the Administrative Agent
as collateral for the payment and performance of the obligations of
the Borrower under this Agreement. The Administrative Agent shall
have exclusive dominion and control, including the exclusive right
of withdrawal, over such deposit account. Other than any interest
earned on the investment of such deposits, which investments shall
be made at the option and discretion of the Administrative Agent
with the Borrower’s consent and at the Borrower’s risk
and expense, such deposits shall not bear interest. Interest or
profits, if any, on such investments shall accumulate in such
account. Funds in such account shall, notwithstanding anything to
the contrary in the Collateral Documents, be applied by the
Administrative Agent to reimburse the Issuing Banks for honored
drawings under Letters of Credit for which they have not been
reimbursed and, to the extent not so applied, shall be held for the
satisfaction of the reimbursement obligations of the Borrower for
the Letter of Credit Usage at such time or, if the maturity of the
Loans has been accelerated (but subject to (i) the consent of
a Majority in Interest of the Revolving Lenders and (ii) in the
case of any such application at a time when any Revolving Lender is
a Defaulting Lender (but only if, after giving effect thereto, the
remaining Cash Collateral shall be less than the aggregate Fronting
Exposure), the consent of each Issuing Bank), be applied to satisfy
other obligations of the Borrower under this Agreement. If the
Borrower is required to provide Cash Collateral as a result of the
occurrence of an Event of Default, such Cash Collateral (to the
extent not applied as aforesaid) shall be returned to the Borrower
promptly after all Events of Default have been cured or waived and
the Administrative Agent shall have received a certificate from an
Authorized Officer of the Borrower to that effect. If the Borrower
is required to provide Cash Collateral pursuant to
Section 2.13(e), such Cash Collateral (to the extent not
applied as aforesaid) shall be returned to the Borrower to the
extent that, after giving effect to such return, the Total
Utilization of Revolving Commitments would not exceed the Total
Revolving Commitments and no Default or Event of Default shall have
occurred and be continuing. If the Borrower is required to provide
Cash Collateral pursuant to Section 2.21, such Cash Collateral (to
the extent not applied as aforesaid) shall be returned to the
Borrower to the extent that, after giving effect to such return, no
Issuing Bank shall have any Fronting Exposure and no Default or
Event of Default shall have occurred and be
continuing.

 

(i) Termination of any Issuing Bank;
Designation of Additional Issuing Banks.

 

(i) The Borrower may
terminate the appointment of any Issuing Bank as an “Issuing
Bank” hereunder by providing written notice thereof to such
Issuing Bank, with a copy to the Administrative Agent, and
terminating such Issuing Bank’s Letter of Credit Issuing
Commitment. Any such termination shall become effective upon the
earlier of (i) such Issuing Bank acknowledging receipt of such
notice and (ii) the 10th Business Day following the date of
the delivery thereof; provided that no such
termination shall become effective until and unless the Letter of
Credit Usage attributable to Letters of Credit issued by such
Issuing Bank (or its Affiliates) shall have been reduced to zero.
Any Issuing Bank may resign at any time by giving 30 days’
prior written notice to the Administrative Agent and the Borrower.
At the time any such termination or resignation shall become
effective, the Borrower shall pay all unpaid fees accrued for the
account of the terminated or resigning Issuing Bank pursuant to
Section 2.10(b). Notwithstanding the effectiveness of any such
termination or resignation, the terminated or resigning Issuing
Bank shall continue to have all the rights of an Issuing Bank under
this Agreement and the other Credit Documents with respect to
Letters of Credit issued by it prior to such termination or
resignation, but shall not issue any additional Letters of
Credit.

 

 

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(ii) The
Borrower may, at any time and from time to time, with the consent
of the Administrative Agent (which consent shall not be
unreasonably withheld, conditioned or delayed), designate as
additional Issuing Banks one or more Revolving Lenders (or an
Affiliate thereof) that agree to serve in such capacity as provided
below. The acceptance by a Revolving Lender (or such Affiliate) of
an appointment as an Issuing Bank hereunder shall be evidenced by
an agreement, which shall be in form and substance reasonably
satisfactory to the Administrative Agent, executed by the Borrower,
the Administrative Agent and such designated Revolving Lender (or
such Affiliate) and, from and after the effective date of such
agreement, (i) such Revolving Lender (or such Affiliate) shall
have all the rights and obligations of an Issuing Bank under this
Agreement and (ii) references herein to the term
“Issuing Bank” shall be deemed to include such
Revolving Lender (or such Affiliate) in its capacity as an issuer
of Letters of Credit hereunder.

 

(j) Letter of Credit Amounts.
Unless otherwise specified herein, the amount of any Letter of
Credit at any time shall be deemed to be the amount available to be
drawn under such Letter of Credit as in effect at such time;
provided that with
respect to any Letter of Credit that, by its terms or the terms of
any letter of credit application relating thereto (or of any other
document, agreement or instrument entered into by the applicable
Issuing Bank and the Borrower and relating to such Letter of
Credit), provides for one or more automatic increases prior to the
expiration thereof (without giving effect to any automatic
extension provisions therein or the reinstatement of an amount
previously drawn thereunder and reimbursed) in the face amount
thereof, the amount of such Letter of Credit shall be deemed to be
the maximum amount available to be drawn under such Letter of
Credit after giving effect to all such increases, whether or not
such maximum amount is in effect at such time.

 

(k) Concerning the Issuing Banks.
Notwithstanding any other provision of this Agreement:

 

(i) No Issuing Bank
shall be under any obligation to issue any Letter of Credit
if:

 

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

 

(B) the issuance of
such Letter of Credit would violate one or more policies of such
Issuing Bank applicable to letters of credit generally;
or

 

(C) any Revolving
Lender is at that time a Defaulting Lender, except in accordance
with the terms of Section 2.21(c).

 

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

 

 

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(iii) Each
Issuing Bank shall act on behalf of the Revolving Lenders with
respect to any Letters of Credit issued by it and the documents
associated therewith, and such Issuing Bank shall have all of the
benefits and immunities (A) provided to the Administrative
Agent in Section 9 with respect to any acts taken or omissions
suffered by such Issuing Bank in connection with Letters of Credit
issued by it or proposed to be issued by it and documents
pertaining to such Letters of Credit as fully as if the term
“Administrative Agent” or “Agent” as used
in Section 9 included such Issuing Bank with respect to such
acts or omissions, provided that no Lender shall
have any obligation to any Issuing Bank (except, in the case of any
Issuing Bank that is also an Agent, in its capacity as such Agent)
under Section 9.6, and (B) as additionally provided herein with
respect to Issuing Banks.

 

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

 

2.4. Pro
Rata Shares; Obligations Several; Availability of Funds. (a)
All Loans on the occasion of any Borrowing shall be made, and all
participations in Letters of Credit purchased, by the Lenders in
proportion to their applicable Pro Rata Shares. The failure of any
Lender to make any Loan or fund any participation required
hereunder shall not relieve any other Lender of its obligations
hereunder; provided
that the Commitments and other obligations of the Lenders hereunder
are several, and no Lender shall be responsible for the failure of
any other Lender to make any Loan or fund any participation
required hereunder or to satisfy any of its other obligations
hereunder.

 

(b) Unless the
Administrative Agent shall have been notified by a Lender prior to
the applicable Credit Date that such Lender does not intend to make
available to the Administrative Agent the amount of such
Lender’s Loan requested to be made on such Credit Date, the
Administrative Agent may assume that such Lender has made such
amount available to the Administrative Agent on such Credit Date
and may, in its sole discretion, but shall not be obligated to,
make available to the Borrower a corresponding amount. In such
event, if a Lender has not in fact made the amount of its Loan
available to the Administrative Agent, then such Lender and the
Borrower severally agree to pay to the Administrative Agent
forthwith on demand, such corresponding amount, with interest
thereon for each day from and including the date such amount is
made available to the Borrower to but excluding the date of such
payment to the Administrative Agent, at (i) in the case of a
payment to be made by such Lender, (A) at any time prior to the
third Business Day following the date such amount is made available
to the Borrower, the customary rate set by the Administrative Agent
for the correction of errors among banks and (B) thereafter, the
Base Rate or (ii) in the case of a payment to be made by the
Borrower, the interest rate applicable hereunder to Base Rate Loans
of the applicable Class. If the Borrower and such Lender shall both
pay such interest to the Administrative Agent for the same or an
overlapping period, the Administrative Agent shall promptly remit
to the Borrower the amount of such interest paid by the Borrower
for such period. If such Lender pays such amount to the
Administrative Agent, then such amount shall constitute such
Lender’s Loan included in the applicable
Borrowing.

 

 

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2.5.
Use of Proceeds. The Borrower will use
the proceeds of the Tranche A Term Loans and the Tranche B Term
Loans made on the Closing Date, together with the proceeds of the
loans made under the Second Lien Credit Agreement on the Closing
Date, the proceeds of the New Subordinated Note and the Closing
Date Common Equity Issuance, (a) to consummate the Closing Date
Refinancing, (b) to pay fees and expenses in connection with
the Transactions, (c) in the case of the proceeds of the
Tranche B Term Loans constituting Escrow Cash Collateral,
solely to (i) consummate the Specified Acquisition, provided that if the Specified
Acquisition is consummated and the proceeds of the Tranche B Term
Loans constituting Escrow Cash Collateral (prior to giving effect
to any release thereof) exceed an amount equal to (A) the
Acquisition Consideration paid in Cash to consummate the Specified
Acquisition plus
(B) the customary fees and expenses paid in Cash in connection with
the Specified Acquisition, by $10,000,000 or less, the Borrower
shall be permitted to use such excess proceeds in accordance with
Section 2.5(d) or (ii) make the mandatory prepayment of
Tranche B Term Loans pursuant Section 2.13(d), and (d) to
the extent any excess proceeds of the Tranche A Term Loans or the
Tranche B Term Loans remain after the application of proceeds under
clauses (a), (b) and (c) above, for working capital and other
general corporate purposes of the Borrower and the Restricted
Subsidiaries. The Borrower will use the proceeds of the Revolving
Loans solely for working capital requirements and other general
corporate purposes of the Borrower and the Restricted Subsidiaries,
including Acquisitions permitted by this Agreement. Letters of
Credit will be used by the Borrower solely for general corporate
purposes of the Borrower and the Restricted Subsidiaries. The
Borrower will use the proceeds of any Incremental Term Loan for the
purposes specified in the applicable Incremental Facility
Agreement, and the proceeds of any Refinancing Term Loan solely for
the repayment or prepayment of Term Borrowings as set forth in
Section 2.25(c) and the payment of any related fees, premiums
and expenses.

 

2.6. Evidence
of Debt; Register; Notes. (a) Lenders’ Evidence of
Debt. Each Lender shall maintain records evidencing the
Obligations of the Borrower owing to such Lender, including the
principal amount of the Loans made by such Lender and each
repayment and prepayment in respect thereof. Such records
maintained by any Lender shall be prima facie evidence thereof,
absent manifest error; provided that the failure to
maintain any such records, or any error therein, shall not in any
manner affect the obligation of the Borrower to pay any amounts due
hereunder in accordance with the terms hereof; provided further that in the event of
any inconsistency between the records maintained by any Lender and
the records maintained by the Administrative Agent, the records
maintained by the Administrative Agent shall govern and
control.

 

(b) Register. The Administrative
Agent shall maintain records of the name and address of, and the
Commitments of and the principal amount of and stated interest on
the Loans owing to, each Lender from time to time (the
“Register”). The
entries in the Register shall be prima facie evidence thereof,
absent manifest error; provided that the failure to
maintain the Register, or any error therein, shall not in any
manner affect the obligation of any Lender to make a Loan or other
payment hereunder or the obligation of the Borrower to pay any
amounts due hereunder, in each case in accordance with the terms of
this Agreement. The Register shall be available for inspection by
the Borrower or any Lender (but, in the case of a Lender, only with
respect to (i) any entry relating to such Lender’s
Commitments or Loans and (ii) the identity of the other
Lenders (but not information as to such other Lenders’
Commitments or Loans)) at any reasonable time and from time to time
upon reasonable prior notice. The Borrower hereby designates the
Person serving as the Administrative Agent to serve as the
Borrower’s non-fiduciary agent solely for purposes of
maintaining the Register as provided in this Section 2.6(b)
and agrees that, in consideration of such Person serving in such
capacity, such Person and its Related Parties shall constitute
“Indemnitees”.

 

 

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(c) Notes. Upon the request of any
Lender by written notice to the Borrower (with a copy to the
Administrative Agent), the Borrower shall promptly prepare, execute
and deliver to such Lender a promissory note payable to such Lender
(or, if requested by such Lender, to such Lender and its registered
assigns) to evidence such Lender’s Loans of any Class, which
shall be substantially in the form attached hereto as Exhibit
N.

 

2.7. Interest
on Loans and Letter of Credit Disbursements. (a) Subject to
Section 2.9, each Loan of any Class shall bear interest on the
outstanding principal amount thereof from the date made through
repayment (whether by acceleration or otherwise) thereof as
follows:

 

(i) if a Base Rate
Loan, at the Base Rate plus the Applicable Rate with respect to
Loans of such Class; or

 

(ii) if
a Eurodollar Rate Loan, at the Adjusted Eurodollar Rate plus the
Applicable Rate with respect to Loans of such Class.

 

The
applicable Base Rate or Adjusted Eurodollar Rate shall be
determined by the Administrative Agent, and such determination
shall be conclusive and binding on the parties hereto, absent
manifest error.

 

(b) The basis for
determining the rate of interest with respect to any Loan, and the
Interest Period with respect to any Eurodollar Rate Borrowing,
shall be selected by the Borrower pursuant to the applicable
Funding Notice or Conversion/Continuation Notice delivered in
accordance herewith; provided that there shall be no
more than 10 (or such greater number as may be agreed to by the
Administrative Agent) Eurodollar Rate Borrowings outstanding at any
time. In the event the Borrower fails to specify in any Funding
Notice the Type of the requested Borrowing, then the requested
Borrowing shall be made as a Base Rate Borrowing. In the event the
Borrower fails to deliver in accordance with Section 2.8 a
Conversion/Continuation Notice with respect to any Eurodollar Rate
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 a Base Rate Borrowing. In the event the Borrower
requests the making of, or the conversion to or continuation of,
any Eurodollar Rate Borrowing but fails to specify in the
applicable Funding Notice or Conversion/Continuation Notice the
Interest Period to be applicable thereto, the Borrower shall be
deemed to have specified an Interest Period of one month. No
Borrowing of any Class may be converted into a Borrowing of another
Class.

 

(c) Interest payable
pursuant to Section 2.7(a) shall be computed (i) in the case of
Base Rate Loans, on the basis of a 360-day year (or, in the case of
Base Rate Loans determined by reference to the Prime Rate, a
365-day or 366-day year, as applicable), and (ii) in the case of
Eurodollar Rate Loans, on the basis of a 360-day year, in each case
for the actual number of days elapsed in the period during which
such interest accrues. In computing interest on any Loan, the date
of the making of such Loan or the first day of an Interest Period
applicable to such Loan or, with respect to a Base Rate Loan being
converted from a Eurodollar Rate Loan, the date of conversion of
such Eurodollar Rate Loan to such Base Rate Loan, as the case may
be, shall be included, and the date of payment of such Loan or the
expiration date of an Interest Period applicable to such Loan or,
with respect to a Base Rate Loan being converted to a Eurodollar
Rate Loan, the date of conversion of such Base Rate Loan to such
Eurodollar Rate Loan, as the case may be, shall be excluded;
provided that if a
Loan is repaid on the same day on which it is made, one day’s
interest shall accrue on such Loan.

 

 

-83-

 

 

(d) Except as otherwise
set forth herein, accrued interest on each Loan shall be payable in
arrears (i) on each Interest Payment Date applicable to such Loan,
(ii) upon any voluntary or mandatory repayment or prepayment of
such Loan (other than any voluntary prepayment of any Base Rate
Revolving Loans), to the extent accrued on the amount being repaid
or prepaid, (iii) if such Loan is a Revolving Loan, on the
Revolving Commitment Termination Date, (iv) on the Maturity Date
applicable to such Loan and (v) in the event of any conversion of a
Eurodollar Rate Loan prior to the end of the Interest Period then
applicable thereto, on the effective date of such
conversion.

 

(e) The Borrower agrees
to pay to each Issuing Bank, with respect to drawings honored under
any Letter of Credit issued by such Issuing Bank, interest on the
amount paid by such Issuing Bank in respect of each such drawing
from the date such drawing is honored to but excluding the date
such amount is reimbursed by or on behalf of the Borrower at a rate
equal to (i) for the period from the date such drawing is
honored to but excluding the applicable Reimbursement Date, the
rate of interest otherwise payable hereunder with respect to Base
Rate Revolving Loans and (ii) thereafter, the rate determined
in accordance with Section 2.9. Interest payable pursuant to this
Section 2.7(e) shall be computed on the basis of a year of 365 days
(or 366 days in a leap year) for the actual number of days elapsed
in the period during which it accrues, and shall be payable on
demand or, if no demand is made, on the date on which the related
drawing under a Letter of Credit is reimbursed in full. In the
event the applicable Issuing Bank shall have been reimbursed by the
Revolving Lenders for all or any portion of such drawing, such
Issuing Bank shall distribute to each Revolving Lender that has
paid all amounts payable by it under Section 2.3(e) with respect to
such drawing such Revolving Lender’s applicable Pro Rata
Share of any interest received by such Issuing Bank in respect of
the portion of such drawing so reimbursed by the Revolving Lenders
for the period from the date on which such Issuing Bank was so
reimbursed by the Revolving Lenders to but excluding the date on
which such portion of such drawing is reimbursed by the
Borrower.

 

2.8. Conversion/Continuation.
(a) Subject to Section 2.17, the Borrower shall have the
option:

 

(i) to convert at any
time all or any part of any Borrowing from one Type to the other
Type; and

 

(ii) to
continue, at the end of the Interest Period applicable to any
Eurodollar Rate Borrowing, all or any part of such Borrowing as a
Eurodollar Rate Borrowing and to elect an Interest Period
therefor;

 

provided, in each case, that at
the commencement of each Interest Period for any Eurodollar Rate
Borrowing, such Borrowing shall be in an amount that complies with
Section 2.1(b) or 2.2(b), as applicable.

 

In the
event any Borrowing shall have been converted or continued in
accordance with this Section 2.8 in part, such conversion or
continuation shall be allocated ratably, in accordance with their
applicable Pro Rata Shares, among the Lenders holding the Loans
comprising such Borrowing, and the Loans comprising each part of
such Borrowing resulting from such conversion or continuation shall
be considered a separate Borrowing.

 

 

-84-

 

 

(b) To exercise its
option pursuant to this Section 2.8, the Borrower shall deliver a
fully completed and executed Conversion/Continuation Notice to the
Administrative Agent (i) not later than 11:00 a.m. (New York City
time) one Business Day in advance of the proposed
Conversion/Continuation Date, in the case of a conversion to a Base
Rate Borrowing, and (ii) not later than 2:00 p.m. (New York City
time) at least three Business Days in advance of the proposed
Conversion/Continuation Date, in the case of a conversion to, or a
continuation of, a Eurodollar Rate Borrowing. In lieu of delivering
a Conversion/Continuation Notice, the Borrower may give the
Administrative Agent, not later than the applicable time set forth
above, telephonic notice of any proposed conversion or
continuation; provided that such telephonic
notice shall be promptly confirmed in writing by delivery to the
Administrative Agent of a fully completed and executed
Conversion/‌Continuation Notice. Except as otherwise provided
herein, a Conversion/Continuation Notice for a conversion to, or a
continuation of, any Eurodollar Rate Borrowing shall be irrevocable
on and after the related Interest Rate Determination Date, and the
Borrower shall be bound to effect a conversion or continuation in
accordance therewith; any failure to effect such conversion or
continuation in accordance therewith shall be subject to Section
2.17(c).

 

(c) Notwithstanding
anything to the contrary herein, if an Event of Default under
Section 8.1(a), 8.1(f) or 8.1(g) or, at the request of the
Requisite Lenders (or a Majority in Interest of Lenders of any
Class), any other Event of Default shall have occurred and be
continuing, then no outstanding Borrowing (of the applicable Class,
in the case of such a request by a Majority in Interest of Lenders
of any Class) may be converted to or continued as a Eurodollar Rate
Borrowing.

 

2.9. Default
Interest. Notwithstanding anything to the contrary herein,
upon the occurrence and during the continuance of any Event of
Default under Section 8.1(a), 8.1(f) or 8.1(g), any principal of or
interest on any Loan or any fee or other amount payable by the
Borrower hereunder shall bear interest (in the case of an Event of
Default under Section 8.1(a), only on overdue amounts), payable on
demand, after as well as before judgment, at a rate per annum equal
to (a) in the case of the principal of any Loan, 2.00% per annum in
excess of the interest rate otherwise applicable hereunder to such
Loan or (b) in the case of any other amount, a rate (computed on
the basis of a year of 360 days for the actual number of days
elapsed) that is 2.00% per annum in excess of the highest interest
rate otherwise payable hereunder for Base Rate Loans. Payment or
acceptance of the increased rates of interest provided for in this
Section 2.9 is not a permitted alternative to timely payment and
shall not constitute a waiver of any Event of Default or otherwise
prejudice or limit any rights or remedies of the Administrative
Agent, any Issuing Bank or any Lender.

 

2.10. Fees.
(a) The Borrower agrees to pay to the Administrative Agent, for the
account of each Revolving Lender, for each day:

 

(i) a commitment fee
equal to such Lender’s applicable Pro Rata Share of (A) the
excess, determined as of the close of business on such day, of (1)
the Total Revolving Commitments over (2) the aggregate principal
amount of all outstanding Revolving Loans and the Letter of Credit
Usage, multiplied
by (B) the Commitment Fee Rate on such day; and

 

(ii) a
letter of credit fee equal to such Lender’s applicable Pro
Rata Share of (A) the Letter of Credit Usage (excluding any portion
thereof attributable to unreimbursed drawings under the Letters of
Credit), determined as of the close of business on such day,
multiplied by
(B) the Applicable Rate for Eurodollar Rate Revolving Loans on
such day.

 

   
    (b) The Borrower agrees
to pay directly to each Issuing Bank, for its own account, the
following fees:

 

 

-85-

 

 

(i) for each day, a
fronting fee equal to 0.125% multiplied by the Letter of
Credit Usage attributable to Letters of Credit issued by such
Issuing Bank (excluding any portion thereof attributable to
unreimbursed drawings under such Letters of Credit), determined as
of the close of business on any such day; and

 

(ii) such
documentary and processing charges for any issuance, amendment,
transfer or payment of a Letter of Credit as are in accordance with
such Issuing Bank’s standard schedule for such charges and as
in effect at the time of such issuance, amendment, transfer or
payment, as the case may be.

 

(c) All fees referred
to in Sections 2.10(a) and 2.10(b)(i) shall be calculated on the
basis of a year of 360 days and the actual number of days elapsed
and shall be payable quarterly in arrears on the last Business Day
of March, June, September and December of each year, (i) in the
case of the fees referred to in Section 2.10(a)(i), during the
Revolving Commitment Period and (ii) in the case of the fees
referred to in Section 2.10(a)(ii) or 2.10(b)(i), during the period
from and including the Closing Date to but excluding the later of
the Revolving Commitment Termination Date and the date on which the
Letter of Credit Usage shall have been reduced to zero;
provided that all
such fees shall be payable on the Revolving Commitment Termination
Date and any such fees accruing after such date shall be payable on
demand.

 

(d) The Borrower agrees
to pay on the Closing Date to Goldman Sachs, as an Arranger, for
the account of each Lender, closing fees in the amounts separately
agreed among the Borrower and the Arrangers.

 

(e) The Borrower agrees
to pay to the Administrative Agent, the Collateral Agent and the
Arrangers, as applicable, such other fees in the amounts and at the
times separately agreed upon (including pursuant to the
Administrative Agent Fee Letter) in respect of the credit
facilities provided herein.

 

(f) Fees paid hereunder
shall not be refundable or creditable under any
circumstances.

 

2.11. Scheduled
Installments; Repayment on Maturity Date. (a) Subject to
Section 2.11(d), the Borrower shall repay Tranche A Term
Borrowings on March 31, June 30, September 30 and
December 31 of each year, commencing with June 30, 2018 and
ending with the last such day to occur prior to the Tranche A Term
Loan Maturity Date, in an aggregate principal amount for each such
date ending (i) on or prior to March 31, 2020, equal to 1.25% and
(ii) on June 30, 2020 or thereafter, equal to 1.875%, in each case,
of the aggregate principal amount of the Tranche A Term Borrowings
made on the Closing Date. To the extent not previously paid, all
Tranche A Term Loans shall be due and payable on the Tranche A
Term Loan Maturity Date.

 

(b) Subject to
Section 2.11(d), the Borrower shall repay Tranche B Term
Borrowings on March 31, June 30, September 30 and
December 31 of each year, commencing with June 30, 2018 and
ending with the last such day to occur prior to the Tranche B Term
Loan Maturity Date, in an aggregate principal amount for each such
date ending (i) on or prior to March 31, 2020, equal to 1.25% and
(ii) on June 30, 2020 or thereafter, equal to 1.875%, in each case,
of the aggregate principal amount of the Tranche B Term Borrowings
made on the Closing Date. To the extent not previously paid, all
Tranche B Term Loans shall be due and payable on the Tranche B
Term Loan Maturity Date.

 

 

-86-

 

(c) Subject to Section
2.11(d), the Borrower shall repay Term Loans of any Class
established under Section 2.23, 2.24 or 2.25 in such amounts
and on such date or dates as shall be specified therefor in the
applicable Incremental Facility Agreement, Extension/Modification
Agreement or Refinancing Facility Agreement. To the extent not
previously paid, all Term Loans of any such Class shall be due and
payable on the Maturity Date applicable to the Term Loans of such
Class.

 

(d) The Installments
shall be reduced in connection with any voluntary or mandatory
prepayments of, or any repurchases by the Borrower of, the Tranche
A Term Loans, the Tranche B Term Loans or the Term Loans of
any other Class, as the case may be, in accordance with
Section 2.14.

 

(e) Prior to any
repayment of any Term Borrowings of any Class under this
Section 2.11, the Borrower shall select the Term Borrowing or
Term Borrowings of the applicable Class to be repaid and shall
notify the Administrative Agent of such selection at least one
Business Day in advance of such repayment. Each such notice may be
given by telephone or in writing (and, if given by telephone, shall
promptly be confirmed in writing). Each repayment of a Term
Borrowing shall be allocated among the Lenders holding Loans
comprising such Term Borrowing in accordance with their applicable
Pro Rata Shares.

 

(f) The Borrower shall
repay to the Administrative Agent, for the account of the Revolving
Lenders, the then unpaid principal amount of each Revolving Loan on
the Revolving Maturity Date.

 

2.12. Voluntary
Prepayments/Commitment Reductions; Call
Protection.

 

(a) Voluntary Prepayments. (i)
At any time and from time to time, the Borrower may, without
premium or penalty (except as applicable under Section 2.12(c) or
2.12(d)) but subject to compliance with the conditions set forth in
this Section 2.12(a) and with Section 2.17(c), prepay any Borrowing
in whole or in part; provided that each such
partial voluntary prepayment of any Borrowing shall be in an
aggregate principal amount of $5,000,000 or an integral multiple of
$1,000,000 in excess of such amount.

 

(ii) To
make a voluntary prepayment pursuant to Section 2.12(a)(i),
the Borrower shall notify the Administrative Agent not later than
11:00 a.m. (New York City time) (A) at least one Business Day
prior to the date of prepayment, in the case of prepayment of Base
Rate Borrowings, or (B) at least three Business Days prior to the
date of prepayment, in the case of prepayment of Eurodollar Rate
Borrowings. Each such notice shall specify the prepayment date
(which shall be a Business Day) and the principal amount of each
Borrowing or portion thereof to be prepaid, and may be given by
telephone or in writing (and, if given by telephone, shall promptly
be confirmed in writing). Each such notice shall be irrevocable,
and the principal amount of each Borrowing specified therein shall
become due and payable on the prepayment date specified therein;
provided that a
notice of prepayment of any Borrowing pursuant to Section
2.12(a)(i) may state that such notice is conditioned upon the
occurrence of one or more events specified therein, in which case
such notice may be rescinded by the Borrower (by notice to the
Administrative Agent on or prior to the specified date of
prepayment) if such condition is not satisfied. Promptly following
receipt of any such notice, the Administrative Agent shall advise
the Lenders of the applicable Class of the details thereof. Each
voluntary prepayment of a Borrowing shall be allocated among the
Lenders holding Loans comprising such Borrowing in accordance with
their applicable Pro Rata Shares.

 

 

-87-

 

 

(iii) Notwithstanding
any other provision of this Section 2.12 to the contrary, in
connection with a refinancing in full of the credit facilities
established hereunder, any Lender may, with the consent of the
Borrower, elect, by written agreement executed by the Borrower,
such Lender and the Administrative Agent, to accept Rollover
Indebtedness in lieu of all or any part of such Lender’s
applicable Pro Rata Share of any prepayment of any Borrowing made
pursuant to Section 2.12(a)(i).

 

(b) Voluntary Commitment
Reductions. (i) At any time and from time to time, the
Borrower may, without premium or penalty but subject to compliance
with the conditions set forth in this Section 2.12(b), terminate in
whole or permanently reduce in part the Revolving Commitments in an
amount up to the amount by which the Total Revolving Commitments
exceed the Total Utilization of Revolving Commitments at the time
of such proposed termination or reduction; provided that each such partial
reduction of the Revolving Commitments shall be in an aggregate
amount of $5,000,000 or an integral multiple of $1,000,000 in
excess of such amount.

 

(ii) To
make a voluntary termination or reduction of the Revolving
Commitments pursuant to Section 2.12(b)(i), the Borrower shall
notify the Administrative Agent not later than 11:00 a.m. (New
York City time) at least three Business Days prior to the date of
effectiveness of such termination or reduction. Each such notice
shall specify the termination or reduction date (which shall be a
Business Day) and the amount of any partial reduction, and may be
given by telephone or in writing (and, if given by telephone, shall
promptly be confirmed in writing). Each such notice shall be
irrevocable, and the termination or reduction of the Revolving
Commitments specified therein shall become effective on the date
specified therein; provided that a notice of
termination or reduction of the Revolving Commitments under Section
2.12(b)(i) may state that such notice is conditioned upon the
occurrence of one or more events specified therein, in which case
such notice may be rescinded by the Borrower (by written notice to
the Administrative Agent on or prior to the specified effective
date) if such condition is not satisfied. Promptly following
receipt of any such notice, the Administrative Agent shall advise
the Revolving Lenders of the details thereof. Each voluntary
reduction of the Revolving Commitments shall reduce the Revolving
Commitments of the Revolving Lenders in accordance with their
applicable Pro Rata Shares.

 

(c) Tranche A Term Loan Call
Protection. In the event that on or prior to the date that
is six months after the Closing Date (i) all or any portion of the
Tranche A Term Borrowings are subject to a Repricing Event or
(ii) a Lender is required to assign any of its Tranche A Term Loans
pursuant to Section 2.22 in connection with such Repricing Event,
then each Lender whose Tranche A Term Loans are subject to such
Repricing Event or which is required to assign any of its Tranche A
Term Loans pursuant to Section 2.22 in connection with such
Repricing Event shall be paid a fee equal to 1.00% of the aggregate
principal amount of such Lender’s Tranche A Term Loans
subject to such Repricing Event or such assignment; provided that such fee shall
not apply if such Repricing Event is in connection with (A) the
occurrence of a Change of Control or (B) the consummation of an
Acquisition not permitted by this Agreement.

 

 

-88-

 

 

(d) Tranche B Term Loan Call
Protection. In the event that (i) on or prior to the
date that is 12 months after the Closing Date, all or any portion
of the Tranche B Term Borrowings (A) are prepaid pursuant to
Section 2.12(a)(i) (for the avoidance of doubt, including on
account of the requirements set forth in Section 2.25) or 2.13(c)
or (B) are subject to any amendment or other modification of this
Agreement that, directly or indirectly, reduces the Weighted
Average Yield of any Tranche B Term Loans, then each Lender whose
Tranche B Term Loans are so prepaid or subject to such amendment or
modification, or which is required to assign any of its Tranche B
Term Loans pursuant to Section 2.22 in connection with such
amendment or modification, shall be paid a fee equal to the Yield
Maintenance Amount with respect to the principal amount of such
Lender’s Tranche B Term Loans so prepaid or subject to such
amendment or modification (or such assignment), and (ii) after the
date that is 12 months after the Closing Date and on or prior to
the date that is 24 months after the Closing Date (A) all or any
portion of the Tranche B Term Borrowings are subject to a
Repricing Event or (B) a Lender is required to assign any of its
Tranche B Term Loans pursuant to Section 2.22 in connection with
such Repricing Event, then each Lender whose Tranche B Term Loans
are subject to such Repricing Event or which is required to assign
any of its Tranche B Term Loans pursuant to Section 2.22 in
connection with such Repricing Event shall be paid a fee equal to
1.00% of the aggregate principal amount of such Lender’s
Tranche B Term Loans subject to such Repricing Event or such
assignment; provided that the fee set forth
in clause (ii) of this Section 2.12(d) shall not apply if such
Repricing Event is in connection with (A) the occurrence of a
Change of Control or (B) the consummation of an Acquisition not
permitted by this Agreement; provided further that no fee shall be
due and payable under this Section 2.12(d) if such prepayment or
amendment or modification (or such assignment) or such Repricing
Event occurs after the date that is 24 months after the Closing
Date.

 

2.13. Mandatory
Prepayments/Commitment Reductions. (a) Asset Sales. Not later than
the fifth Business Day following the date of receipt by the
Borrower or any Restricted Subsidiary of any Net Proceeds in
respect of any Asset Sale, the Borrower shall prepay the Term
Borrowings in an aggregate amount equal to 100% of such Net
Proceeds; provided
that the Borrower may, at least one Business Day prior to the date
of the required prepayment, deliver to the Administrative Agent a
certificate of an Authorized Officer of the Borrower to the effect
that the Borrower intends to cause such Net Proceeds (or a portion
thereof specified in such certificate) to be reinvested in
non-current assets useful in the business of the Borrower and its
Restricted Subsidiaries or in Permitted Acquisitions or other
Acquisitions, in each case, within 365 days after the receipt of
such Net Proceeds, and certifying that, as of the date thereof, no
Event of Default has occurred and is continuing, in which case
during such period the Borrower shall not be required to make such
prepayment to the extent of the amount set forth in such
certificate; provided further that any such Net
Proceeds that are not so reinvested by the end of such period (or
within a period of 270 days thereafter if by the end of such
initial 365-day period the Borrower or any of its Restricted
Subsidiaries shall have entered into a binding agreement with a
third party to so reinvest such Net Proceeds) shall be applied to
prepay the Term Borrowings promptly upon the expiration of such
period. Notwithstanding the foregoing, the Borrower may use a
portion of any Net Proceeds in respect of any Asset Sale that would
otherwise be required pursuant to this Section 2.13(a) to be
applied to prepay the Term Borrowings to prepay, repurchase or
redeem any Permitted Credit Agreement Refinancing Indebtedness or
any Permitted Incremental Equivalent Indebtedness that, in each
case, constitutes Permitted Pari Passu Secured Indebtedness but
only to the extent such Permitted Pari Passu Secured Indebtedness
pursuant to the terms thereof is required to be (or is required to
be offered to the holders thereof to be) prepaid, repurchased or
redeemed as a result of such Asset Sale (with the amount of the
prepayment of the Term Borrowings that would otherwise have been
required pursuant to this Section 2.13(a) being reduced
accordingly), provided that (i) such portion
shall not exceed the product of (A) the amount of such Net Proceeds
multiplied by (B) a fraction of which the numerator is the
outstanding aggregate principal amount of such Permitted Pari Passu
Secured Indebtedness and the denominator is the sum of the
aggregate principal amount of such Permitted Pari Passu Secured
Indebtedness and all Term Borrowings, in each case at the time of
occurrence of such Asset Sale, and (ii) in the event the holders of
such Permitted Pari Passu Secured Indebtedness shall have declined
such prepayment, repurchase or redemption, the declined amount
shall promptly (and in any event within 10 Business Days after the
date of rejection) be applied to prepay the Term
Borrowings.

 

 

-89-

 

 

(b) Insurance/Condemnation Events.
Not later than the fifth Business Day following the date of receipt
by the Borrower or any Restricted Subsidiary, or by the Collateral
Agent as loss payee, of any Net Proceeds in respect of any
Insurance/Condemnation Event, the Borrower shall prepay the Term
Borrowings in an aggregate amount equal to 100% of such Net
Proceeds; provided
that the Borrower may, at least one Business Day prior to the date
of the required prepayment, deliver to the Administrative Agent a
certificate of an Authorized Officer of the Borrower to the effect
that the Borrower intends to cause such Net Proceeds (or a portion
thereof specified in such certificate) to be reinvested in
replacement assets (including through the repair, restoration or
replacement of the damaged, destroyed or condemned assets) or other
non-current assets useful in the business of the Borrower and its
Restricted Subsidiaries or in Permitted Acquisitions or other
Acquisitions, in each case, within 365 days after the receipt of
such Net Proceeds, and certifying that, as of the date thereof, no
Event of Default has occurred and is continuing, in which case
during such period the Borrower shall not be required to make such
prepayment to the extent of the amount set forth in such
certificate; provided further that any such Net
Proceeds that are not so reinvested by the end of such period (or
within a period of 270 days thereafter if by the end of such
initial 365-day period the Borrower or any of its Restricted
Subsidiaries shall have entered into a binding agreement with a
third party to so reinvest such Net Proceeds) shall be applied to
prepay the Term Borrowings promptly upon the expiration of such
period. Notwithstanding the foregoing, the Borrower may use a
portion of any Net Proceeds in respect of any
Insurance/Condemnation Event that would otherwise be required
pursuant to this Section 2.13(b) to be applied to prepay the Term
Borrowings to prepay, repurchase or redeem any Permitted Credit
Agreement Refinancing Indebtedness or any Permitted Incremental
Equivalent Indebtedness that, in each case, constitutes Permitted
Pari Passu Secured Indebtedness but only to the extent such
Permitted Pari Passu Secured Indebtedness pursuant to the terms
thereof is required to be (or is required to be offered to the
holders thereof to be) prepaid, repurchased or redeemed as a result
of such Insurance/Condemnation Event (with the amount of the
prepayment of the Term Borrowings that would otherwise have been
required pursuant to this Section 2.13(b) being reduced
accordingly), provided that (i) such portion
shall not exceed the product of (A) the amount of such Net Proceeds
multiplied by (B) a fraction of which the numerator is the
outstanding aggregate principal amount of such Permitted Pari Passu
Secured Indebtedness and the denominator is the sum of the
aggregate principal amount of such Permitted Pari Passu Secured
Indebtedness and all Term Borrowings, in each case at the time of
occurrence of such Insurance/Condemnation Event, and (ii) in the
event the holders of such Permitted Pari Passu Secured Indebtedness
shall have declined such prepayment, repurchase or redemption, the
declined amount shall promptly (and in any event within 10 Business
Days after the date of rejection) be applied to prepay the Term
Borrowings.

 

(c) Issuance of Debt. On the date
of receipt by the Borrower or any Restricted Subsidiary of any Net
Proceeds from the incurrence of any Indebtedness (other than any
Indebtedness permitted to be incurred pursuant to Section 6.1), the
Borrower shall prepay the Term Borrowings in an aggregate amount
equal to 100% of such Net Proceeds.

 

 

-90-

 

 

(d) Escrow Cash Collateral. In the
event that (i) on or prior to the date that is three months after
the Closing Date (the “Escrow
Cash Collateral Outside Date”), the Escrow Cash
Collateral has not been released to the Borrower from the Escrow
Cash Collateral Account in accordance with the terms of the Escrow
Cash Collateral Control Agreement and Section 9.8(d)(ii) for the
purpose of the consummation of the Specified Acquisition and the
other purposes permitted by Section 2.5(c)(i), (ii) the
Borrower determines, in its sole discretion, that the Specified
Acquisition will not be consummated on or prior to the Escrow Cash
Collateral Outside Date, (iii) the definitive acquisition agreement
for the Specified Acquisition, after the execution thereof,
terminates at any time on or prior to the Escrow Cash Collateral
Outside Date, (iv) an Event of Default pursuant to
Section 8.1(a), 8.1(f) or 8.1(g) shall have occurred on or
prior to the Escrow Cash Collateral Outside Date (the date of any
event referred to in clauses (i) through (iv) being referred to as
the “Escrow Cash Collateral
Termination Date”) or (v) the Specified Acquisition is
consummated and the proceeds of the Tranche B Term Loans
constituting Escrow Cash Collateral (prior to giving effect to any
release thereof) exceed an amount equal to (A) the Acquisition
Consideration paid in Cash to consummate the Specified Acquisition
plus (B) the
customary fees and expenses paid in Cash in connection with the
Specified Acquisition, by more than $10,000,000, the Borrower shall
(x) not later than one Business Day after the Escrow Cash
Collateral Termination Date, if applicable, deliver written notice
to the Administrative Agent of the occurrence of the Escrow Cash
Collateral Termination Date and (y) not later than the fifth
Business Day after the Escrow Cash Collateral Termination Date or,
in the case of clause (v) above, after the consummation of the
Specified Acquisition (and solely to the extent the Escrow Cash
Collateral or, in the case of clause (v) above, the applicable
portion thereof has been released to the Administrative Agent, on
behalf of the Borrower, from the Escrow Cash Collateral Account in
accordance with the terms of the Escrow Cash Collateral Control
Agreement and Section 9.8(d)(ii), it being understood that any such
release to the Administrative Agent shall be deemed to be a
prepayment by the Borrower in accordance with this Section 2.13(d))
prepay the Tranche B Term Borrowings in an aggregate amount equal
to the Escrow Cash Amount or, in the case of clause (v) above, in
an aggregate amount equal to the portion of the Escrow Cash Amount
in excess of the amount of (I) the Acquisition Consideration paid
in Cash to consummate the Specified Acquisition plus (II) the customary fees
and expenses paid in Cash in connection with the Specified
Acquisition.

 

(e) Consolidated Excess Cash Flow.
In the event that there shall be Consolidated Excess Cash Flow for
any Fiscal Year (commencing with the Fiscal Year ending December
31, 2019), the Borrower shall, not later than the earlier of (x)
95 days after the end of such Fiscal Year and (y) five
Business Days after the delivery of the financial statements with
respect to such Fiscal Year pursuant to Section 5.1(a), prepay
the Term Borrowings of each Class in an aggregate principal amount
equal to (i) the product of (A) the Applicable ECF Percentage for
such Fiscal Year multiplied by (B) the
Consolidated Excess Cash Flow for such Fiscal Year multiplied by (C) the
percentage of the aggregate principal amount of the Term Borrowings
of all Classes outstanding as of the end of such Fiscal Year
represented by the Term Borrowings of such Class (but, in each
case, disregarding for purposes of determining such percentage any
prepayments or repurchases referred to in clause (ii) below)
minus (ii) the sum
of the aggregate principal amount of the Term Borrowings of such
Class voluntarily prepaid by the Borrower pursuant to Section 2.12
or, to the extent of Cash spent, repurchased by the Borrower
pursuant to Section 10.6(i)(i), minus (iii) the product of (A)
the percentage of the aggregate principal amount of the Term
Borrowings of all Classes outstanding as of the end of such Fiscal
Year represented by the Term Borrowings of such Class (but, in each
case, disregarding for purposes of determining such percentage any
prepayments or repurchases referred to in clause (ii) above)
multiplied by (B)
the sum of (x) the aggregate principal amount of any optional
prepayments, repurchases or redemptions of any Permitted Credit
Agreement Refinancing Indebtedness or any Permitted Incremental
Equivalent Indebtedness that, in each case, constitutes Permitted
Pari Passu Secured Indebtedness plus (y) the aggregate
principal amount of any optional prepayments of any Revolving Loans
but solely to the extent the Revolving Commitments are permanently
reduced in connection therewith (and solely to the extent of the
amount of such permanent reduction and excluding any reduction in
connection with a refinancing thereof), in each case under clauses
(ii) and (iii) above, (I) to the extent such prepayments,
repurchases or redemptions have not been financed with the proceeds
of incurrences of Long-Term Indebtedness and (II) if such
prepayments, repurchases or redemptions occurred (1) during
such Fiscal Year (to the extent not applied to reduce any mandatory
prepayment required under this Section 2.13(e) in respect of any
prior Fiscal Year pursuant to clause (2) below) or (2) at the
option of the Borrower, after the end of such Fiscal Year and prior
to the time that the mandatory prepayment required under this
Section 2.13(e) in respect of such Fiscal Year is due as
provided above; provided that no prepayment
shall be required under this Section 2.13(e) unless the amount
thereof would equal or exceed $1,000,000.

 

 

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(f) Reductions of Revolving
Exposure. In the event and on each occasion that the Total
Utilization of Revolving Commitments exceeds the Total Revolving
Commitments, the Borrower shall prepay Revolving Borrowings (or, if
no such Loans or Borrowings are outstanding, deposit Cash
Collateral in accordance with Section 2.3(h)) in an aggregate
amount equal to such excess.

 

(g) Notice and Certificate. At
least one Business Day prior to any mandatory prepayment or
reduction pursuant to this Section 2.13, the Borrower (i) shall
notify the Administrative Agent in writing of such prepayment or
reduction and (ii) shall deliver to the Administrative Agent a
certificate of an Authorized Officer of the Borrower setting forth
the calculation of the amount of the applicable prepayment or
reduction. Each such notice shall be irrevocable and shall specify
the prepayment date and the principal amount of each Borrowing or
portion thereof to be prepaid (with such specification to be in
accordance with Section 2.14(b)), or the effective date and the
amount of any such reduction, as applicable, and may be given by
telephone or in writing (and, if given by telephone, shall promptly
be confirmed in writing). Promptly following receipt of any such
notice, the Administrative Agent shall advise the Lenders of the
applicable Class of the details thereof. Each mandatory prepayment
of any Borrowing shall be allocated among the Lenders holding Loans
comprising such Borrowing in accordance with their applicable Pro
Rata Shares and shall be subject to compliance with
Section 2.17(c).

 

(h) Foreign Restrictions and Taxes.
Notwithstanding any other provisions of this Section 2.13 to
the contrary, if the Borrower determines in good faith that (i) any
Net Proceeds in respect of any Asset Sale by, or any
Insurance/Condemnation Event affecting the assets of, a Restricted
Subsidiary that is a CFC or a CFC Holding Company, or any portion
of Consolidated Excess Cash Flow attributable to a Restricted
Subsidiary that is a CFC or a CFC Holding Company, are prohibited,
restricted or delayed by applicable foreign law (including currency
controls) from being repatriated to the United States (and that, in
view of the available liquidity and working capital requirements of
the Borrower and the Restricted Subsidiaries that are not CFCs or
CFC Holding Companies (as determined by the Borrower in good faith,
with such determination being permitted to disregard availability
under the Revolving Commitments (it being understood that the
Borrower shall not be required to make a Borrowing of Revolving
Loans to make any such mandatory prepayment required under Section
2.13(a), 2.13(b) or 2.13(e))), such repatriation is reasonably
required in order to provide the Borrower with the funds with which
to make such prepayment as would otherwise be required hereunder),
then the amount thereof so affected will not be required to be
applied to prepay Term Borrowings as otherwise required under
Section 2.13(a), 2.13(b) or 2.13(e), as applicable,
provided that (A)
the Borrower shall, and shall cause such CFC or CFC Holding Company
to, use commercially reasonable efforts to take actions reasonably
required by the applicable foreign law to permit such repatriation
and (B) the Borrower shall prepay Term Borrowings in accordance
with such applicable Section in a principal amount equal to such
affected amount (or a portion thereof) at such time as (x) the
repatriation of such amount (or such portion thereof) becomes
permitted under applicable foreign law or (y) the Borrower
determines in good faith that, in view of the available liquidity
and working capital requirements of the Borrower and the Restricted
Subsidiaries that are not CFCs or CFC Holding Companies (taking
into account the foregoing considerations), funds are available in
the United States to make such prepayment (or such portion
thereof), provided
further that any
such prepayment shall no longer be required to be made with respect
to any such amounts that, after the use of such commercially
reasonable efforts, have not been repatriated prior to the date
that is one year after the date the original prepayment was
required to be made under Section 2.13(a), 2.13(b) or 2.13(e), as
applicable, or (ii) that repatriation of any Net Proceeds in
respect of any Asset Sale by, or any Insurance/Condemnation Event
affecting the assets of, a Restricted Subsidiary that is a CFC or a
CFC Holding Company, or any portion of Consolidated Excess Cash
Flow attributable to a Restricted Subsidiary that is a CFC or a CFC
Holding Company, would have a material adverse tax consequence
(taking into account any withholding tax, any Subpart F inclusion
and any foreign tax credit or benefit actually realized in
connection with such repatriation) to the Borrower and the
Restricted Subsidiaries (and that, in view of the available
liquidity and working capital requirements of the Borrower and the
Restricted Subsidiaries that are not CFCs or CFC Holding Companies
(as determined by the Borrower in good faith, with such
determination being permitted to disregard availability under the
Revolving Commitments (it being understood that the Borrower shall
not be required to make a Borrowing of Revolving Loans to make any
such mandatory prepayment required under Section 2.13(a), 2.13(b)
or 2.13(e))), such repatriation is reasonably required in order to
provide the Borrower with the funds with which to make such
prepayment as would otherwise be required hereunder), then the
amount thereof so affected will not be required to be applied to
prepay Term Borrowings as otherwise required under Section 2.13(a),
2.13(b) or 2.13(e), as applicable, provided that the Borrower
shall prepay Term Borrowings in accordance with such applicable
Section in a principal amount equal to such affected amount (or a
portion thereof) at such time as (A) the repatriation of such
amount (or such portion thereof) would no longer result in a
material adverse tax consequence or (B) the Borrower determines in
good faith that, in view of the available liquidity and working
capital requirements of the Borrower and the Restricted
Subsidiaries that are not CFCs or CFC Holding Companies (taking
into account the foregoing considerations), funds are available in
the United States to make such prepayment (or such portion
thereof), provided
further that any
such prepayment shall no longer be required to be made after the
date that is one year after the date the original prepayment was
required to be made under Section 2.13(a), 2.13(b) or 2.13(e), as
applicable.

 

 

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(i) Notwithstanding
anything in this Section 2.13 to the contrary, in the event and on
each occasion that the Borrower or any other Credit Party would be
required by the terms of any Permitted Second Lien Indebtedness
Documents or any agreements or instruments governing or evidencing
any other Permitted Junior Lien Secured Indebtedness or any
Subordinated Notes to repay or prepay, or to make an offer to repay
or prepay, any Permitted Second Lien Indebtedness or any such other
Indebtedness as a result of the receipt of any Cash proceeds by the
Borrower or any Restricted Subsidiary in connection with any sale,
transfer or other Disposition of any asset or any other mandatory
prepayment event or requirement (in each case, excluding any such
repayment or prepayment, or any such offer to repay or prepay, not
in excess of any Declined Mandatory Prepayment Retained Amount
relating to such Disposition or such other mandatory prepayment
event or requirement), then, prior to the time at which the
Borrower or such other Credit Party would be required to make such
repayment or prepayment, or to make such offer, the Borrower shall
prepay Term Borrowings in an amount that would be needed to
eliminate such requirement.

 

2.14. Application
of Prepayments; Waivable Mandatory Prepayments.

 

(a) Application of Voluntary
Prepayments and Repurchases. Any voluntary prepayment of
Term Borrowings of any Class pursuant to Section 2.12(a) shall be
applied to reduce the subsequent Installments to be paid pursuant
to Section 2.11 with respect to Term Borrowings of such Class
in the manner specified by the Borrower in the notice of prepayment
relating thereto (or, if no such manner is specified in such
notice, in direct order of maturity); provided that any prepayment of
Term Borrowings of any Class as contemplated by Section 2.25(b)
shall be applied to reduce the subsequent Installments to be paid
pursuant to Section 2.11 with respect to Term Borrowings of
such Class in the manner specified in Section 2.25(c). Any
repurchase of Term Loans of any Class as contemplated by Section
10.6(i) shall be applied to reduce the subsequent Installments to
be paid pursuant to Section 2.11 with respect to Term
Borrowings of such Class in the manner specified in Section
10.6(i).

 

(b) Application of Mandatory
Prepayments. Any mandatory prepayment of Term Borrowings
pursuant to Section 2.13 shall (i) be allocated among the
Classes of Term Borrowings on a pro rata basis (in accordance with
the aggregate principal amount of outstanding Borrowings of each
such Class), provided that (A) any
prepayment of Term Borrowings pursuant to Section 2.13(d)
shall be allocated solely to the Tranche B Term Borrowings, (B) any
prepayment of Term Borrowings pursuant to Section 2.13(e) shall be
allocated to each Class of Term Borrowings as set forth therein and
(C) the amounts so allocable to Incremental Term Loans,
Extended/Modified Term Loans or Refinancing Term Loans of any Class
may be applied to other Term Borrowings as provided in the
applicable Incremental Facility Agreement, Extension/Modification
Agreement or Refinancing Facility Agreement, and (ii) be applied to
reduce the subsequent Installments to be made pursuant to
Section 2.11 with respect to Term Borrowings of any Class, (x)
except in the case of any prepayment of Tranche B Term Borrowings
pursuant to Section 2.13(d), in the case of Tranche A Term
Borrowings or Tranche B Term Borrowings, in the manner specified by
the Borrower in the notice of prepayment relating thereto (or, if
no such manner is specified in such notice, in direct order of
maturity), (y) in the case of any prepayment of Tranche B Term
Borrowings pursuant to Section 2.13(d), ratably to the
remaining Installments to be made pursuant to Section 2.11 with
respect to the Tranche B Term Borrowings and (z) in the case of
Borrowings of any other Class, as provided in the applicable
Incremental Facility Agreement, Extension/Modification Agreement or
Refinancing Facility Agreement.

 

 

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(c) Waivable Mandatory Prepayments.
Notwithstanding anything herein to the contrary, any Term Lender
may elect, by notice to the Administrative Agent (which may be
given by telephone or in writing (and, if given by telephone, shall
promptly be confirmed in writing)) at least one Business Day (or
such shorter period as may be established by the Administrative
Agent) prior to the required prepayment date, to decline all or any
portion of any mandatory prepayment of its Term Loans pursuant to
Section 2.13 (other than Section 2.13(c), 2.13(d) or 2.13(i)), in
which case the aggregate amount of the prepayment that would have
been applied to prepay Term Loans but was so declined shall be,
first, applied by the
Borrower on the required prepayment date to prepay or offer to
redeem any Permitted Second Lien Indebtedness, any Permitted Credit
Agreement Refinancing Indebtedness or any Permitted Incremental
Equivalent Indebtedness to the extent required thereby and,
second, to the extent of
the remainder thereof that is not so applied to prepay or redeem
such Indebtedness, shall be retained by the Borrower.

 

2.15. General
Provisions Regarding Payments. (a) All payments by the
Borrower or any other Credit Party of principal, interest, fees and
other amounts required to be made hereunder or under any other
Credit Document shall be made by wire transfer of same day funds in
Dollars, without defense, recoupment, set-off or counterclaim, free
of any restriction or condition, to the account of the
Administrative Agent in the United States of America most recently
designated by it for such purpose and received by the
Administrative Agent not later than 2:00 p.m. (New York City time)
on the date due for the account of the Persons entitled thereto;
provided that
payments required to be made directly to an Issuing Bank shall be
so made and payments made pursuant to Sections 2.17(c), 2.18, 2.19,
10.2 and 10.3 shall be made directly to the Persons entitled
thereto. The Administrative Agent shall distribute any payment
received by it hereunder for the account of any other Person to the
appropriate recipient promptly following receipt
thereof.

 

(b) All payments in
respect of the principal amount of any Loan (other than voluntary
prepayments of Base Rate Revolving Loans) shall be accompanied by
payment of accrued interest on the principal amount being repaid or
prepaid, and all such payments (and, in any event, any payments in
respect of any Loan on a date when interest is due and payable with
respect to such Loan) shall be applied to the payment of interest
then due and payable before application to principal.

 

(c) If any
Conversion/Continuation Notice is withdrawn as to any Affected
Lender or if any Affected Lender makes Base Rate Loans in lieu of
its applicable Pro Rata Share of any Eurodollar Rate Borrowing, the
Administrative Agent shall give effect thereto in apportioning
payments received thereafter.

 

(d) Subject to the
proviso set forth in the definition of “Interest
Period”, whenever any payment to be made hereunder with
respect to any Loan shall be stated to be due on a day that is not
a Business Day, such payment shall be made on the next succeeding
Business Day, and such extension of time shall be included in the
computation of the payment of interest hereunder.

 

(e) Any payment
hereunder by or on behalf of the Borrower to the Administrative
Agent that is not received by the Administrative Agent in same day
funds prior to 2:00 p.m. (New York City time) on the date due
shall, unless the Administrative Agent shall determine otherwise,
be deemed to have been received, for purposes of computing interest
and fees hereunder (including for purposes of determining the
applicability of Section 2.9), on the Business Day immediately
following the date of receipt (or, if later, the Business Day
immediately following the date the funds received become available
funds).

 

 

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(f) If an Event of
Default shall have occurred and the maturity of the Loans shall
have been accelerated pursuant to Section 8.1, all payments or
proceeds received by the Administrative Agent or the Collateral
Agent in respect of any of the Obligations, or from any sale of,
collection from or other realization upon all or any part of the
Collateral, shall, subject to Sections 2.3(h) and 2.21(d)(iii)
and the requirements of any applicable Permitted Intercreditor
Agreement, be applied in accordance with the application
arrangements set forth in Section 5.02 of the Pledge and
Security Agreement.

 

(g) Unless the
Administrative Agent shall have been notified by the Borrower prior
to the date on which any payment is due to the Administrative Agent
for the account of the Lenders or Issuing Banks 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 its sole discretion, but shall not
be obligated to, distribute to the Lenders or Issuing Banks, as the
case may be, the amount due. In such event, if the Borrower has not
in fact made such payment, then each of the Lenders or Issuing
Banks, as the case may be, severally agrees to pay to the
Administrative Agent forthwith on demand the amount so distributed
to such Lender or Issuing Bank with interest thereon, for each day
from and including the date such amount is distributed to it to but
excluding the date of payment to the Administrative Agent (i) at
any time prior to the third Business Day following the date such
amount is distributed to it, the customary rate set by the
Administrative Agent for the correction of errors among banks and
(ii) thereafter, the Base Rate.

 

2.16. Ratable
Sharing. The Lenders hereby agree among themselves that if
any Lender shall, whether through the exercise of any right of
set-off or banker’s lien, by counterclaim or cross action or
by the enforcement of any right under the Credit Documents or
otherwise, or as adequate protection of a deposit treated as cash
collateral under the Bankruptcy Code, receive payment or reduction
of a portion of the aggregate amount of any principal, interest,
fees and amounts payable in respect of participations in Letters of
Credit owing to such Lender hereunder or under the other Credit
Documents (collectively, the “Aggregate Amounts Due” to such
Lender) resulting in such Lender receiving payment of a greater
proportion of the Aggregate Amounts Due to such Lender than the
proportion received by any other Lender in respect of the Aggregate
Amounts Due to such other Lender, then the Lender receiving such
proportionately greater payment shall (a) notify the
Administrative Agent and each other Lender in writing of the
receipt of such payment and (b) apply a portion of such
payment to purchase (for cash at face value) participations in the
Aggregate Amounts Due to the other Lenders so that all such
payments of Aggregate Amounts Due shall be shared by all the
Lenders ratably in accordance with the Aggregate Amounts Due to
them; provided
that, if all or part of such proportionately greater payment
received by any purchasing Lender is thereafter recovered from such
Lender upon the bankruptcy or reorganization of any Credit Party or
otherwise, such purchase shall be rescinded and the purchase price
paid for such participation shall be returned to such purchasing
Lender ratably to the extent of such recovery, but without
interest. Each Credit Party expressly consents to the foregoing
arrangements and agrees that any holder of a participation so
purchased may exercise any and all rights of banker’s lien,
consolidation, set-off or counterclaim with respect to any and all
monies owing by such Credit Party to such holder with respect
thereto as fully as if such holder were owed the amount of the
participation held by such holder. The provisions of this Section
2.16 shall not be construed to apply to (i) any payment made by the
Borrower pursuant to and in accordance with the express terms of
this Agreement, including the application of funds arising from the
existence of a Defaulting Lender or any payment made by the
Borrower pursuant to Section 2.10(d), 2.13(d) or 2.22 or any
Extension/Modification Agreement, Incremental Facility Agreement or
Refinancing Facility Agreement, (ii) any acceptance by any Lender
of any Rollover Indebtedness in accordance with Section
2.12(a)(iii), (iii) any payment obtained by any Lender as
consideration for the assignment of or sale of a participation in
Loans or other Obligations owing to it pursuant to and in
accordance with the express terms of this Agreement or (iv) any
payment obtained by any Revolving Lender or Issuing Bank pursuant
to and in accordance with the last paragraph of Section 5.02
of the Pledge and Security Agreement.

 

 

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2.17. Making
or Maintaining Eurodollar Rate Loans. (a) Inability to Determine Applicable
Interest Rate.

 

(i) If prior to the
commencement of any Interest Period for a Eurodollar Rate Borrowing
of any Class:

 

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

 

(B) the Administrative
Agent is notified in writing by a Majority in Interest of the
Lenders of such Class that the Adjusted Eurodollar Rate for such
Interest Period will not adequately and fairly reflect the cost to
such Lenders of making or maintaining their Loans included in such
Eurodollar Rate Borrowing for such Interest Period;

 

then
the Administrative Agent shall give notice (which may be
telephonic) thereof to the Borrower and the Lenders as promptly as
practicable, whereupon, (x) no Loans of such Class may be made
as, or converted to, Eurodollar Rate Loans until such time as the
Administrative Agent notifies the Borrower and the Lenders that the
circumstances giving rise to such notice no longer exist, and (y)
any Funding Notice or Conversion/Continuation Notice given by the
Borrower with respect to the Loans in respect of which such
determination was made shall be deemed rescinded by the Borrower.
The Administrative Agent shall promptly notify the Borrower and the
Lenders when such circumstances no longer exist.

 

(ii) If
at any time the Administrative Agent determines (which
determination shall be conclusive absent manifest error) that
(x) the circumstances set forth in Section 2.17(a)(i)(A) have
arisen (including because the rate described in clause (a) of the
definition of “Adjusted Eurodollar Rate” is not
available or published on a current basis) and such circumstances
are unlikely to be temporary or (y) the circumstances set forth in
Section 2.17(a)(i)(A) have not arisen but the supervisor for
the administrator of the rate described in clause (a) of the
definition of “Adjusted Eurodollar Rate” or a
Governmental Authority having jurisdiction over the Administrative
Agent has made a public statement identifying a specific date after
which the rate described in clause (a) of the definition of
“Adjusted Eurodollar Rate” no longer be used for
determining interest rates for loans, then the Administrative Agent
and the Borrower shall endeavor to establish an alternate rate of
interest to the Adjusted Eurodollar Rate that gives due
consideration to the then prevailing market convention for
determining a rate of interest for syndicated loans denominated in
Dollars in the United States at such time, and the Administrative
Agent and the Borrower 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 of the Applicable Rate); provided that if such alternate
rate of interest shall be less than zero, such rate shall be deemed
to be zero for all purposes of this Agreement. 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 Business Days of the date a copy of
such amendment is provided to the Lenders, a written notice from
the Requisite Lenders stating that the Requisite Lenders object to
such amendment. Until an alternate rate of interest shall be
determined in accordance with this paragraph (but, in the case of
the circumstances described in clause (y) above, only to the extent
the rate described in clause (a) of the definition of
“Adjusted Eurodollar Rate” for such Interest Period is
not available or published at such time on a current basis),
(1) no Loans of any Class may be made as, or converted to,
Eurodollar Rate Loans and (2) any Funding Notice or
Conversion/Continuation Notice given by the Borrower requesting the
making of, or conversion to or continuation of, any Eurodollar Rate
Borrowing shall be deemed rescinded by the Borrower.

 

 

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(b) Illegality or Impracticability of
Eurodollar Rate Loans. In the event that on any date (i) any
Lender shall have determined (which determination shall be final
and conclusive and binding upon all parties hereto) that the
making, maintaining, converting to or continuation of its
Eurodollar Rate Loans has after the Closing Date become unlawful as
a result of compliance by such Lender in good faith with any law
(or would conflict with any treaty, rule, regulation, guideline or
order not having the force of law even though the failure to comply
therewith would not be unlawful), or (ii) the Requisite Lenders
shall have determined (which determination shall be final and
conclusive and binding upon all parties hereto) that the making,
maintaining, converting to or continuation of their Eurodollar Rate
Loans has become impracticable as a result of contingencies
occurring after the Closing Date that materially and adversely
affect the London interbank market or the position of the Lenders
in that market, then, if such Lender or Lenders shall have provided
notice thereof to the Administrative Agent and the Borrower, such
Lender or each of such Lenders, as the case may be, shall be an
“Affected
Lender”. If the Administrative Agent and the Borrower
receive a notice from (A) any Lender pursuant to clause (i) of the
preceding sentence or (B) a notice from Lenders constituting
Requisite Lenders pursuant to clause (ii) of the preceding
sentence, then (1) the obligation of the Lenders (or, in the case
of any notice pursuant to clause (i) of the preceding sentence, of
the applicable Lender) to make Loans as, or to convert Loans to,
Eurodollar Rate Loans shall be suspended until such notice shall be
withdrawn by each applicable Affected Lender, (2) to the extent
such determination by any Affected Lender relates to a Eurodollar
Rate Loan then being requested by the Borrower pursuant to a
Funding Notice or a Conversion/Continuation Notice, the Lenders (or
in the case of any notice pursuant to clause (i) of the preceding
sentence, the applicable Lender) shall make such Loan as (or
continue such Loan as or convert such Loan to, as the case may be)
a Base Rate Loan, (3) the Lenders’ (or in the case of any
notice pursuant to clause (i) of the preceding sentence, the
applicable Lender’s) obligations to maintain Eurodollar Rate
Loans (the “Affected
Loans”) shall be terminated at the earlier to occur of
the expiration of the Interest Period then in effect with respect
to the Affected Loans or when required by law, and (4) the Affected
Loans shall automatically convert into Base Rate Loans on the date
of such termination. Notwithstanding the foregoing, to the extent
any such determination by an Affected Lender relates to a
Eurodollar Rate Loan then being requested by the Borrower pursuant
to a Funding Notice or a Conversion/Continuation Notice, the
Borrower shall have the option, subject to Section 2.17(c), to
rescind such Funding Notice or Conversion/Continuation Notice as to
all Lenders by giving written notice (or telephonic notice promptly
confirmed by written notice) thereof to the Administrative Agent of
such rescission on the date on which the Affected Lender gives
notice of its determination as described above (which notice of
rescission the Administrative Agent shall promptly transmit to each
other Lender). Each Affected Lender shall promptly notify the
Administrative Agent and the Borrower when the circumstances that
led to its notice pursuant to this Section 2.17(b) no longer
exist.

 

 

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(c) Compensation for Breakage or
Non-Commencement of Interest Periods. In the event that (i)
a borrowing of any Eurodollar Rate Loan does not occur on a date
specified therefor in any Funding Notice (or any telephonic request
for a borrowing) given by the Borrower (other than as a result of a
failure by such Lender to make such Loan in accordance with its
obligations hereunder), whether or not such notice may be rescinded
in accordance with the terms hereof, (ii) a conversion to or
continuation of any Eurodollar Rate Loan does not occur on a date
specified therefor in any Conversion/Continuation Notice (or a
telephonic request given for any conversion or continuation) given
by the Borrower, whether or not such notice may be rescinded in
accordance with the terms hereof, (iii) any payment of any
principal of any Eurodollar Rate Loan occurs on a day other than on
the last day of an Interest Period applicable thereto (including as
a result of an Event of Default), (iv) the conversion of any
Eurodollar Rate Loan occurs on a day other than on the last day of
an Interest Period applicable thereto, (v) any Eurodollar Rate Loan
is assigned other than on the last day of an Interest Period
applicable thereto as a result of a request by the Borrower
pursuant to Section 2.22 or (vi) a prepayment of any
Eurodollar Rate Loan does not occur on a date specified therefor in
any notice of prepayment given by the Borrower, whether or not such
notice may be rescinded in accordance with the terms hereof, the
Borrower shall compensate each Lender for all losses, costs,
expenses and liabilities that such Lender may sustain, including
any loss incurred from obtaining, liquidating or employing losses
from third parties, but excluding any loss of margin or any
interest rate “floor”, for the period following any
such payment, assignment or conversion or any such failure to
borrow, pay, prepay, convert or continue. To request compensation
under this Section 2.17(c), a Lender shall deliver to the
Borrower a certificate setting forth in reasonable detail the basis
and calculation of any amount or amounts that such Lender is
entitled to receive pursuant to this Section 2.17(c), which
certificate shall be conclusive and binding absent manifest error.
The Borrower shall pay such Lender the amount shown as due on any
such certificate within 10 Business Days after receipt
thereof.

 

(d) Booking of Eurodollar Rate
Loans. Any Lender may make, carry or transfer Eurodollar
Rate Loans at, to or for the account of any of its branch offices
or the office of any Affiliate of such Lender.

 

(e) Assumptions Concerning Funding of
Eurodollar Rate Loans. Calculation of all amounts payable to
a Lender under this Section 2.17 and under Section 2.18 shall be
made as though such Lender had actually funded each of its relevant
Eurodollar Rate Loans through the purchase of a Eurodollar deposit
bearing interest at the rate obtained pursuant to clause (a)(i) of
the definition of the term Adjusted Eurodollar Rate in an amount
equal to the amount of such Eurodollar Rate Loan and having a
maturity comparable to the relevant Interest Period and through the
transfer of such Eurodollar deposit from an offshore office of such
Lender to a domestic office of such Lender in the United States of
America; provided
that each Lender may fund each of its Eurodollar Rate Loans in any
manner it sees fit and the foregoing assumptions shall be utilized
only for the purposes of calculating amounts payable under this
Section 2.17 and under Section 2.18.

 

2.18. Increased
Costs; Capital Adequacy and Liquidity. (a) Increased Costs Generally. If
any Change in Law shall:

 

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

 

 

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

 

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

 

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

 

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

 

(c) Certificates for Reimbursement.
A certificate of a Lender or Issuing Bank setting forth the amount
or amounts necessary to compensate such Lender or Issuing Bank or
its holding company, as the case may be, as specified in
Section 2.18(a) or 2.18(b) and delivered to the Borrower,
shall be conclusive absent manifest error. The Borrower shall pay
such Lender or Issuing Bank, as the case may be, the amount shown
as due on any such certificate within 10 Business Days after
receipt thereof.

 

(d) Delay in Requests. Failure or
delay on the part of any Lender or Issuing Bank to demand
compensation pursuant to this Section 2.18 shall not constitute a
waiver of such Lender’s or Issuing Bank’s right to
demand such compensation; provided that the Borrower
shall not be required to compensate a Lender or Issuing Bank
pursuant to this Section 2.18 for any increased costs incurred or
reductions suffered more than 120 days prior to the date that such
Lender or Issuing Bank, as the case may be, notifies the Borrower
of the Change in Law giving rise to such increased costs or
reductions, and of such Lender’s or Issuing Bank’s
intention to claim compensation therefor (except that, if the
Change in Law giving rise to such increased costs or reductions is
retroactive, then the 120-day period referred to above shall be
extended to include the period of retroactive effect
thereof).

 

 

-99-

 

 

(e) Certain Limitations.
Notwithstanding any other provision of this Section to the
contrary, no Lender or Issuing Bank shall request, or be entitled
to receive, any compensation pursuant to this Section unless it
shall be the general policy or practice of such Lender or Issuing
Bank to seek compensation in similar circumstances under comparable
provisions of other credit agreements, if any.

 

2.19. Taxes;
Withholding, Etc. (a) Issuing Bank. For purposes of
this Section 2.19, the term “Lender” includes any
Issuing Bank.

 

(b) Payments Free of Taxes. Any and
all payments by or on account of any obligation of any Credit Party
under any Credit 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 applicable Credit
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 2.19) the applicable Recipient receives an amount
equal to the sum it would have received had no such deduction or
withholding been made.

 

(c) Payment of Other Taxes by the Credit
Parties. Each Credit Party 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 Credit
Parties. The Credit Parties shall jointly and severally
indemnify each Recipient, within 10 days after written 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 2.19) 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 (including in its capacity as the Collateral
Agent) or on behalf of a Lender, shall be conclusive absent
manifest error.

 

(e) Indemnification by the Lenders.
Each Lender shall severally indemnify the Administrative Agent,
within 10 days after demand therefor, for (i) any Indemnified Taxes
attributable to such Lender (but only to the extent that no Credit
Party has already indemnified the Administrative Agent for such
Indemnified Taxes and without limiting the obligation of the Credit
Parties to do so), (ii) any Taxes attributable to such
Lender’s failure to comply with the provisions of Section
10.6(g) 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 Credit 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 Credit
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 2.19(e).

 

 

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(f) Evidence of Payments. As soon
as practicable after any payment of Taxes by any Credit Party to a
Governmental Authority pursuant to this Section 2.19, such Credit
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.

 

(g) Status of Lenders. (i) Any
Lender that is entitled to an exemption from or reduction of
withholding Tax with respect to payments made under any Credit
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, any 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 2.19(g)(ii)(A), (ii)(B) and (ii)(D) below) shall not
be required if in the Lender’s reasonable judgment such
completion, execution or submission would subject such Lender to
any material unreimbursed cost or expense or would materially
prejudice the legal or commercial position of such
Lender.

 

(ii) Without
limiting the generality of the foregoing:

 

(A) Any Lender that is
a US Person shall deliver to the Borrower and the Administrative
Agent prior to the date on which such Lender becomes a Lender under
this Agreement (and from time to time thereafter upon the
reasonable request of the Borrower or the Administrative Agent),
executed originals of IRS Form W-9 certifying that such Lender is
exempt from United States federal backup withholding
tax.

 

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

 

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

 

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

 

 

-101-

 

 

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

 

(4) to the extent a
Foreign Lender is not the beneficial owner, executed originals of
IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN or
W-8BEN-E, as applicable, a US Tax Compliance Certificate
substantially in the form of Exhibit O-2
or Exhibit O-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 US Tax Compliance
Certificate substantially in the form of Exhibit O-4
on behalf of each such direct and indirect partner.

 

(C) Any Foreign Lender
shall, to the extent it is legally entitled to do so, deliver to
the Borrower and the Administrative Agent (in such number of copies
as shall be requested by the recipient) on or prior to the date on
which such Foreign Lender becomes a Lender under this Agreement
(and from time to time thereafter upon the reasonable request of
the Borrower or the Administrative Agent), executed originals of
any other form prescribed by applicable law as a basis for claiming
exemption from or a reduction in US 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.

 

(D) If a payment made
to a Lender under any Credit Document would be subject to US
federal withholding Tax imposed by FATCA if such Lender were to
fail to comply with the applicable reporting requirements of FATCA
(including those contained in Section 1471(b) or 1472(b) of the
Internal Revenue Code, as applicable), such Lender shall deliver to
the Borrower and the Administrative Agent at the time or times
prescribed by law and at such time or times reasonably requested by
the Borrower or the Administrative Agent such documentation
prescribed by applicable law (including as prescribed by Section
1471(b)(3)(C)(i) of the Internal Revenue Code) and such additional
documentation reasonably requested by the Borrower or the
Administrative Agent as may be necessary for the Borrower and the
Administrative Agent to comply with their obligations under FATCA
and to determine that such Lender has complied with such
Lender’s obligations under FATCA or to determine the amount
to deduct and withhold from such payment. Solely for purposes of
this clause (D), “FATCA” shall include any amendments
made to FATCA after the date of this Agreement. For purposes of
this Section 2.19, applicable law includes FATCA.

 

 

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

 

(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 2.19 (including by
the payment of additional amounts pursuant to this
Section 2.19), 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 2.19 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 Section
2.19(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 Section 2.19(h), in no event will the indemnified party be
required to pay any amount to an indemnifying party pursuant to
this Section 2.19(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 indemnification
payments or additional amounts giving rise to such refund had never
been paid. This Section 2.19(h) 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 2.19 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 Credit Document.

 

2.20. Obligation
to Mitigate. If any Lender becomes an Affected Lender or
requests compensation under Section 2.18, or if the
Borrower is required to pay any Indemnified Taxes or additional
amount to any Lender or to any Governmental Authority for the
account of any Lender pursuant to Section 2.19, then such
Lender shall (at the request of the Borrower) use reasonable
efforts to designate a different lending office for funding or
booking its Loans hereunder or to assign and delegate its rights
and obligations hereunder to another of its offices, branches or
Affiliates if, in the judgment of such Lender, such designation or
assignment and delegation (a) would cause such Lender to cease to
be an Affected Lender or would eliminate or reduce amounts payable
pursuant to Section 2.18 or 2.19, as the case may be, in the
future and (b) would not subject such Lender to any unreimbursed
cost or expense and would not otherwise be disadvantageous to such
Lender. The Borrower hereby agrees to pay all reasonable costs and
expenses incurred by any Lender in connection with any such
designation or assignment and delegation.

 

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

 

 

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(i) Defaulting Lender Waterfall.
Any payment of principal, interest, fees or other amounts received
by the Administrative Agent for the account of such Defaulting
Lender (whether voluntary or mandatory, at maturity, pursuant to
Section 8 or otherwise) or received by the Administrative Agent
from a Defaulting Lender pursuant to Section 10.4 shall be applied
at such time or times as may be determined by the Administrative
Agent as follows: first, to
the payment of any amounts owing by such Defaulting Lender to the
Administrative Agent or the Collateral Agent under the Credit
Documents; second, to the
payment on a pro rata basis of any amounts owing by such Defaulting
Lender to any Issuing Bank hereunder; third, to Cash Collateralize each
Issuing Bank’s Fronting Exposure with respect to such
Defaulting Lender in accordance with Section 2.21(d); fourth, as the Borrower may request (so
long as no Default or Event of Default shall have occurred and be
continuing), to the funding of any Loan in respect of which such
Defaulting Lender has failed to fund its portion thereof as
required by this Agreement, as determined by the Administrative
Agent; fifth, if so
determined by the Administrative Agent and the Borrower, to be held
in a deposit account and released pro rata in order to (x) satisfy
such Defaulting Lender’s potential future funding obligations
with respect to Loans under this Agreement and (y) Cash
Collateralize each Issuing Bank’s future Fronting Exposure
with respect to such Defaulting Lender with respect to future
Letters of Credit issued under this Agreement, in accordance with
Section 2.21(d); sixth, to
the payment of any amounts owing to the Lenders, any Issuing Bank
as a result of any judgment of a court of competent jurisdiction
obtained by any Lender or Issuing Bank against such Defaulting
Lender as a result of such Defaulting Lender’s breach of its
obligations under this Agreement; seventh, so long as no Default or Event
of Default shall have occurred and be continuing, to the payment of
any amounts owing to the Borrower as a result of any judgment of a
court of competent jurisdiction obtained by the Borrower against
such Defaulting Lender as a result of such Defaulting
Lender’s breach of its obligations under this Agreement; and
eighth, to such Defaulting
Lender or as otherwise directed by a court of competent
jurisdiction; provided that if (x) such
payment is a payment of the principal amount of any Loans or
reimbursement obligations with respect to Letters of Credit in
respect of which such Defaulting Lender has not fully funded its
applicable Pro Rata Share, and (y) such Loans were made or the
related Letters of Credit were issued at a time when the conditions
set forth in Section 3.2 were satisfied or waived, such payment
shall be applied solely to pay the Loans of, and reimbursement or
participation obligations with respect to Letters of Credit owed
to, all Non-Defaulting Lenders on a pro rata basis prior to being
applied to the payment of any Loans of, or reimbursement or
participation obligations with respect to Letters of Credit owed
to, such Defaulting Lender until such time as all Loans and funded
and unfunded participations in Letters of Credit are held by the
Lenders pro rata in accordance with the applicable Commitments
without giving effect to Section 2.21(a)(iii). Any payments,
prepayments or other amounts paid or payable to a Defaulting Lender
that are applied (or held) to pay amounts owed by a Defaulting
Lender or to post Cash Collateral pursuant to this Section
2.21(a)(i) shall be deemed paid to and redirected by such
Defaulting Lender, and each Lender irrevocably consents
hereto.

 

(ii) Certain
Fees. (A) No Defaulting Lender shall be entitled to receive
any fee pursuant to Section 2.10(a) for any period during which
that Lender is a Defaulting Lender (and the Borrower shall not be
required to pay any such fee that otherwise would have been
required to have been paid to that Defaulting Lender); provided that such Defaulting
Lender shall be entitled to receive fees pursuant to Section
2.10(a)(ii) for any period during which that Lender is a Defaulting
Lender only to extent allocable to its Pro Rata Share of the stated
amount of Letters of Credit for which it has provided Cash
Collateral pursuant to Section 2.21(d).

 

 

-104-

 

 

(B) With respect to any
fees not required to be paid to any Defaulting Lender pursuant to
clause (A) above, the Borrower shall (x) pay to each Non-Defaulting
Lender that portion of any such fee otherwise payable to such
Defaulting Lender with respect to such Defaulting Lender’s
participation in Letters of Credit that has been reallocated to
such Non-Defaulting Lender pursuant to clause (iii) below, (y) pay
to each Issuing Bank the amount of any such fee otherwise payable
to such Defaulting Lender to the extent allocable to such Issuing
Bank’s Fronting Exposure to such Defaulting Lender, and (z)
not be required to pay the remaining amount of any such
fee.

 

(iii) Reallocation
of Participations to Reduce Fronting Exposure. All or any
part of such Defaulting Lender’s participation in Letters of
Credit shall be reallocated among the Non-Defaulting Lenders in
accordance with their respective applicable Pro Rata Shares
(calculated without regard to such Defaulting Lender’s
Revolving Commitment) but only to the extent that (x) the
conditions set forth in Section 3.2 are satisfied at the time of
such reallocation (and, unless the Borrower shall have otherwise
notified the Administrative Agent at such time, the Borrower shall
be deemed to have represented and warranted that such conditions
are satisfied at such time), and (y) such reallocation does not
cause the aggregate Revolving Exposure of any Non-Defaulting Lender
to exceed such Non-Defaulting Lender’s Revolving Commitment.
No reallocation hereunder shall constitute a waiver or release of
any claim of any party hereunder against a Defaulting Lender
arising from such Lender having become a Defaulting Lender,
including any claim of a Non-Defaulting Lender as a result of such
Non-Defaulting Lender’s increased exposure following such
reallocation.

 

(iv) Cash
Collateral. If the reallocation described in Section
2.21(a)(iii) cannot, or can only partially, be effected, the
Borrower shall, without prejudice to any right or remedy available
to it hereunder or under law, Cash Collateralize the Issuing
Banks’ Fronting Exposures in accordance with
Section 2.21(d).

 

(v) Participation as Requisite
Lender. The Commitments and Loans of such Defaulting Lender
shall not be included in determining whether the Requisite Lenders
or any other requisite Lenders have taken or may take any action
hereunder or under any other Credit Document (including any consent
to any amendment, waiver or other modification pursuant to Section
10.5); provided
that any amendment, waiver or other modification that under clauses
(i), (ii), (iii), (iv), (v) or (vi) of Section 10.5(b) requires the
consent of all Lenders affected thereby shall require the consent
of such Defaulting Lender in accordance with the terms
thereof.

 

(b) Defaulting Lender Cure. If the
Borrower, the Administrative Agent and each Issuing Bank agree in
writing that a Revolving Lender is no longer a Defaulting Lender,
the Administrative Agent will so notify the parties hereto,
whereupon as of the effective date specified in such notice and
subject to any conditions set forth therein (which may include
arrangements with respect to any Cash Collateral), such Revolving
Lender will, to the extent applicable, purchase at par that portion
of outstanding Revolving Loans and unfunded participations in
Letters of Credit of the other Revolving Lenders or take such other
actions as the Administrative Agent may determine to be necessary
to cause the Revolving Loans and funded and unfunded participations
in Letters of Credit to be held by the Revolving Lenders in
accordance with their respective applicable Pro Rata Shares
(without giving effect to Section 2.21(a)(iii)), whereupon
such Revolving 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 such
Revolving 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 Non-Defaulting Lender
will constitute a waiver or release of any claim of any party
hereunder arising from a Revolving Lender’s having been a
Defaulting Lender.

 

 

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(c) New Letters of Credit. So long
as any Lender is a Defaulting Lender, no Issuing Bank shall be
required to issue, extend, renew or increase any Letter of Credit
unless it is satisfied that the participations in any existing
Letters of Credit as well as the new, extended, renewed or
increased Letter of Credit has been or will be fully allocated
among the Non-Defaulting Lenders in a manner consistent with
Section 2.21(a)(iii) and such Defaulting Lender shall not
participate therein except to the extent such Defaulting
Lender’s participation has been or will be fully Cash
Collateralized in accordance with Section 2.21(d).

 

(d) Cash Collateral for Letters of
Credit. (i) Any Cash Collateral provided by any Defaulting
Lender pursuant to Section 2.21(a)(i) shall be held by the
Administrative Agent as Cash Collateral securing such Defaulting
Lender’s obligation to fund participations in respect of
Letters of Credit, and each Defaulting Lender hereby grants to the
Administrative Agent, for the benefit of the Issuing Banks, and
agrees to maintain, a first priority security interest in all such
Cash Collateral as security for such obligations. The
Administrative Agent shall have exclusive dominion and control,
including the exclusive right of withdrawal, over any deposit
account containing any such Cash Collateral.

 

(ii) At
any time that there shall exist a Defaulting Lender, within one
Business Day following the written request of the Administrative
Agent or any Issuing Bank (with a copy to the Administrative Agent)
the Borrower shall Cash Collateralize in accordance with Section
2.3(h) each Issuing Bank’s Fronting Exposure with respect to
such Defaulting Lender (determined after giving effect to Section
2.21(a)(iii) and any Cash Collateral provided by such Defaulting
Lender) in an amount not less than the amount of Fronting Exposure
with respect to such Defaulting Lender.

 

(iii) Notwithstanding
anything to the contrary contained in this Agreement or any other
Credit Document, Cash Collateral provided under this Section 2.21
in respect of Letters of Credit shall be applied to the
satisfaction of the Defaulting Lender’s obligation to fund
participations in respect of Letters of Credit (including, as to
Cash Collateral provided by a Defaulting Lender, any interest
accrued on such obligation) for which the Cash Collateral was so
provided, prior to any other application of such property as may
otherwise be provided for herein.

 

 

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2.22. Replacement
of Lenders. If (a) any Lender has become an Affected Lender,
(b) any Lender requests compensation under Section 2.18,
(c) the Borrower is required to pay any Indemnified Taxes or
additional amount to any Lender or any Governmental Authority for
the account of any Lender pursuant to Section 2.19, (d) any
Lender becomes and continues to be a Defaulting Lender or a
Disqualified Institution or (e) any Lender fails to consent to
a proposed waiver, amendment or other modification of any Credit
Document, or to any departure of any Credit Party therefrom, that
under Section 10.5 requires the consent of all the Lenders (or
all the affected Lenders or all the Lenders or all the affected
Lenders of the affected Class) and with respect to which the
Requisite Lenders (or, in circumstances where Section 10.5(d) does
not require the consent of the Requisite Lenders, a Majority in
Interest of the Lenders of the affected Class) shall have granted
their consent, then the Borrower may, at its sole expense and
effort, upon notice to such Lender and the Administrative Agent,
require such Lender to assign and delegate, without recourse (in
accordance with and subject to the restrictions contained in
Section 10.6, including the consent requirements set forth
therein), all its interests, rights and obligations under this
Agreement and the other Credit Documents (other than existing
rights to payment under Sections 2.17(c), 2.18 and 2.19) (or, in
the case of any such assignment and delegation resulting from a
failure to provide a consent, all such interests, rights and
obligations under this Agreement and the other Credit Documents as
a Lender of an applicable Class) to an Eligible Assignee that shall
assume such obligations (which may be another Lender, if a Lender
accepts such assignment and delegation); provided that (i) the
Borrower shall have caused to be paid to the Administrative Agent
the registration and processing fee referred to in
Section 10.6(d), (ii) such Lender shall have received
payment of an amount equal to the outstanding principal of its
Loans and, if applicable, participations in drawings under Letters
of Credit, accrued interest thereon, accrued fees and all other
amounts payable to it hereunder (including any amounts under
Section 2.17(c)) and any prepayment fee under
Section 2.12(c) or 2.12(d) (if applicable, in each case only
to the extent such amounts relate to its interest as a Lender of an
applicable Class) from the assignee (in the case of such principal
and accrued interest and fees) or the Borrower (in the case of all
other amounts), (iii) such assignment and delegation does not
conflict with applicable law, (iv) in the case of any such
assignment and delegation resulting from a claim for compensation
under Section 2.18 or payments required to be made pursuant to
Section 2.19, such assignment will result in a reduction in
such compensation or payments thereafter and (v) in the case of any
such assignment and delegation resulting from the failure to
provide a consent, the assignee shall have given such consent. A
Lender shall not be required to make any such assignment and
delegation if, prior thereto, as a result of a waiver or consent by
such Lender or otherwise, the circumstances entitling the Borrower
to require such assignment and delegation have ceased to apply.
Each party hereto agrees that an assignment and delegation required
pursuant to this Section 2.22 may be effected pursuant to an
Assignment Agreement executed by the Borrower, the Administrative
Agent and the assignee and that the Lender required to make such
assignment and delegation need not be a party thereto.

 

2.23. Incremental
Facilities. (a) The Borrower may on one or more occasions,
by written notice to the Administrative Agent, request (i) during
the Revolving Commitment Period, the establishment of Incremental
Revolving Commitments and/or (ii) the establishment of
Incremental Term Loan Commitments, provided that the aggregate
amount of all the Incremental Commitments established hereunder on
any date shall not exceed the Incremental Amount as of such date.
Each such notice shall specify (A) the date on which the Borrower
proposes that the Incremental Revolving Commitments or the
Incremental Term Loan Commitments, as applicable, shall be
effective, which shall be a date not less than five Business Days
(or such shorter period as may be agreed to by the Administrative
Agent) after the date on which such notice is delivered to the
Administrative Agent and (B) the amount of the Incremental
Revolving Commitments or Incremental Term Loan Commitments, as
applicable, being requested (it being agreed that (x) any
Lender approached to provide any Incremental Commitment may elect
or decline, in its sole discretion, to provide such Incremental
Commitment and (y) any Person that the Borrower proposes to
become an Incremental Lender, if such Person is not then a Lender,
must be an Eligible Assignee and must be approved by the
Administrative Agent and, in the case of any proposed Incremental
Revolving Lender, each Issuing Bank) (such approvals not to be
unreasonably withheld, conditioned or delayed).

 

 

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(b) The terms and
conditions of any Incremental Revolving Commitment and Revolving
Loans and other extensions of credit to be made thereunder shall be
identical to those of the Revolving Commitments and Revolving Loans
and other extensions of credit made thereunder, and shall be
treated as a single Class with such Revolving Commitments and
Revolving Loans; provided that, if the Borrower
determines to increase the interest rate or fees payable in respect
of Incremental Revolving Commitments or Revolving Loans and other
extensions of credit made thereunder, such increase shall be
permitted if the interest rate or fees payable in respect of the
other Revolving Commitments or Revolving Loans and other extensions
of credit made thereunder, as applicable, shall be increased to
equal such interest rate or fees payable in respect of such
Incremental Revolving Commitments or Revolving Loans and other
extensions of credit made thereunder, as the case may be. The terms
and conditions of any Incremental Term Loan Commitments and the
Incremental Term Loans to be made thereunder shall be as set forth
in the applicable Incremental Facility Agreement; provided that (i)
(A) no Incremental Term Loan Maturity Date in respect of any
Incremental Tranche A Term Loans shall be earlier than the latest
Maturity Date in respect of any other TLA Term Loans in effect on
the date of incurrence of such Incremental Tranche A Term Loans and
(B) no Incremental Term Loan Maturity Date in respect of any
Incremental Term Loans (other than Incremental Tranche A Term
Loans) shall be earlier than the latest Maturity Date in effect on
the date of incurrence of such Incremental Term Loans, (ii) (A) the
weighted average life to maturity of any Incremental Tranche A Term
Loans shall be no shorter than the longest remaining weighted
average life to maturity of any other Class of TLA Term Loans
outstanding on the date of incurrence of such Incremental Tranche A
Term Loans (and, for purposes of determining the weighted average
life to maturity of any such other Class of Term Loans, the effects
of any prepayments made prior to the date of the determination
shall be disregarded) and (B) the weighted average life to maturity
of any Incremental Term Loans (other than Incremental Tranche A
Term Loans) shall be no shorter than the longest remaining weighted
average life to maturity of any other Class of Term Loans
outstanding on the date of incurrence of such Incremental Term
Loans (and, for purposes of determining the weighted average life
to maturity of any such other Class of Term Loans, the effects of
any prepayments made prior to the date of the determination shall
be disregarded), it being understood that, subject to this clause
(ii), the amortization schedule applicable to (and the effect
thereon of any prepayments of) any Incremental Term Loans shall be
determined by the Borrower and the applicable Incremental Lenders,
(iii) the Weighted Average Yield, determined as of the date of
incurrence of such Incremental Term Loans, shall not be greater
than (A) in the case of any Incremental Tranche A Term Loans, the
Weighted Average Yield with respect to the Tranche A Term Loans and
(B) in the case of any Incremental Term Loans (other than
Incremental Tranche A Term Loans), the Weighted Average Yield with
respect to the Tranche B Term Loans, in each case determined as of
such date (giving effect to any amendments to the Weighted Average
Yield on the Tranche A Term Loans or Tranche B Term Loans, as
applicable, that became effective subsequent to the Closing Date
but prior to such date, but excluding the effect of any increase in
interest margins with respect thereto pursuant to this clause
(iii)), plus 0.50% per annum unless the Applicable Rate (together
with, as provided in the proviso below, the Adjusted Eurodollar
Rate and Base Rate floors) with respect to the Tranche A Term Loans
or Tranche B Term Loans, as applicable, is increased, or fees to
Lenders then holding the Tranche A Term Loans or Tranche B Term
Loans, as applicable, are paid, so as to cause (x) the Weighted
Average Yield with respect to the Tranche A Term Loans to equal the
Weighted Average Yield with respect to such Incremental Tranche A
Term Loans minus 0.50% or (y) the Weighted Average Yield with
respect to the Tranche B Term Loans to equal the Weighted Average
Yield with respect to such Incremental Term Loans (other than
Incremental Tranche A Term Loans) minus 0.50%, as applicable,
provided that any increase in the effective Weighted Average Yield
with respect to the Tranche A Term Loans or the Tranche B Term
Loans, as the case may be, due to the application of an Adjusted
Eurodollar Rate or Base Rate floor to any Incremental Term Loans
shall be effected solely through an increase in the Adjusted
Eurodollar Rate or Base Rate floor applicable to the Tranche A Term
Loans or the Tranche B Term Loans, as the case may be, and only to
the extent an increase in such floor with respect to the Tranche A
Term Loans or the Tranche B Term Loans, as the case may be, would
cause an increase in the interest rate then in effect with respect
thereto, (iv) Incremental Term Loans may participate in any
mandatory prepayments on a pro rata basis (or on a basis that is
less than pro rata) with the other Term Loans, but may not provide
for mandatory prepayment requirements that are more favorable than
those applicable to the other Term Loans, (v) any Incremental
Commitments and any Loans thereunder shall rank pari passu in right
of payment, and shall be secured by the Collateral on an equal and
ratable basis, with the other Commitments and Loans, and shall be
extensions of credit to the Borrower that are Guaranteed only by
the Credit Parties and (vi) except for the terms referred to above
and subject to Section 2.23(c), to the extent the terms of any
Incremental Term Loans (other than interest rates (whether fixed or
floating), interest margins, benchmark rate floors, fees, original
issue discounts and prepayment terms (including “no
call” terms and other restrictions thereon) and premiums) are
not consistent with (A) in the case of any Incremental Tranche A
Term Loans, those of the Tranche A Term Loans and (B) in the case
of any Incremental Term Loans (other than Incremental Tranche A
Term Loans), those of the Tranche B Term Loans, in each case, as in
effect on the date of incurrence of such Incremental Term Loans,
such differences shall be reasonably acceptable to the
Administrative Agent (except for terms benefitting the Incremental
Term Lenders (x) where this Agreement is amended to include such
beneficial terms for the benefit of all Lenders (or, in the case of
any Incremental Tranche A Term Loans, all Lenders holding TLA Term
Loans or Revolving Commitments) or (y) applicable only to periods
after the latest Maturity Date in effect as of the date of
incurrence of such Incremental Term Loans). In the event any
Incremental Term Loans have the same terms as any existing Class of
Term Loans then outstanding or any Extended/Modified Term Loans or
Refinancing Term Loans then substantially concurrently established
(in each case, disregarding any differences in original issue
discount or upfront fees if not affecting the fungibility thereof
for US federal income tax purposes), such Incremental Term Loans
may, at the election of the Borrower, be treated as a single Class
with such outstanding Term Loans or such Extended/Modified Term
Loans or Refinancing Term Loans, and the scheduled Installments set
forth in Section 2.11 with respect to any such Class of Term Loans
may be increased to reflect scheduled amortization of such
Incremental Term Loans.

 

 

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(c) The Incremental
Commitments shall be effected pursuant to one or more Incremental
Facility Agreements executed and delivered by the Borrower, each
Incremental Lender providing such Incremental Commitments and the
Administrative Agent; provided that no Incremental
Commitments shall become effective unless (i) on the date of
effectiveness thereof, both immediately prior to and immediately
after giving Pro Forma Effect to such Incremental Commitments (and
assuming that the full amount of such Incremental Commitments shall
have been funded as Loans on such date), and the use of proceeds
thereof, no
Default or Event of Default shall have occurred and be continuing
or would result therefrom and the representations and warranties of
each Credit Party set forth in the Credit Documents shall be true
and correct (A) in the case of the representations and warranties
qualified as to materiality, in all respects, and (B) otherwise, in
all material respects, in each case on and as of such date, except
in the case of any such representation and warranty that
specifically relates to an earlier date, in which case such
representation and warranty shall be so true and correct on and as
of such earlier date; provided that, in the case of
Incremental Term Loan Commitments established to finance, in whole
or in part, a Limited Conditionality Transaction, the conditions
set forth in this clause (i) may be tested in accordance with
Section 1.5 to the extent agreed by the Borrower and the
Incremental Lenders providing such Incremental Term Loan
Commitments, all as set forth in the applicable Incremental
Facility Agreement, (ii) the Administrative Agent shall have
received a certificate, dated the date of effectiveness thereof and
signed by an Authorized Officer of the Borrower, confirming
compliance with the conditions set forth in clause (i) above
and, if such Incremental Term Loan Commitments or any portion
thereof are being established in reliance on clause (b) of the
definition of the term “Incremental Amount”, setting
forth a reasonably detailed calculation of the Incremental Amount
under such clause, (iii) the Borrower shall make any payments
required to be made pursuant to Section 2.17(c) in connection
with such Incremental Commitments and the related transactions
under this Section 2.23 and (iv) the Borrower shall have delivered
to the Administrative Agent such legal opinions, board resolutions,
secretary’s certificates, officer’s certificates,
reaffirmation agreements and other documents as shall reasonably be
requested (consistent in all material respects with the documents
delivered under Section 3.1 on the Closing Date) by the
Administrative Agent in connection with any such transaction. Each
Incremental Facility Agreement may, without the consent of any
Lender, effect such amendments to this Agreement and the other
Credit Documents as may be necessary or appropriate, in the opinion
of the Administrative Agent, to give effect to the provisions of
this Section 2.23, including any amendments necessary to treat
the applicable Incremental Term Loan Commitments and Incremental
Term Loans as a new Class of Commitments and Loans hereunder
(including for purposes of prepayments and voting (it being agreed
that such new Class of Commitments and Loans may be included in the
definitions of “Majority in Interest”, “Pro Rata
Share”, “Requisite Lenders” and, as applicable,
“Requisite Tranche A/Revolving Lenders” and may be
afforded class voting rights requiring the consent of Lenders under
such Class in addition to any other consent of Lenders that might
otherwise be required under Section 10.5) and to enable such new
Class of Commitments and Loans to be extended under Section 2.24 or
refinanced under Section 2.25).

 

(d) Upon the
effectiveness of an Incremental Commitment of any Incremental
Lender, (i) in the case of an Incremental Term Loan
Commitment, such Incremental Lender shall be deemed to be a
“Lender” (and a Lender in respect of Commitments and
Loans of the applicable Class) hereunder, and henceforth shall be
entitled to all the rights of, and benefits accruing to, Lenders
(or Lenders in respect of Commitments and Loans of the applicable
Class) hereunder and shall be bound by all agreements,
acknowledgements and other obligations of Lenders (or Lenders in
respect of Commitments and Loans of the applicable Class) hereunder
and under the other Credit Documents, and (ii) in the case of any
Incremental Revolving Commitment, (A) such Incremental Revolving
Commitment shall constitute (or, in the event such Incremental
Lender already has a Revolving Commitment, shall increase) the
Revolving Commitment of such Incremental Lender and (B) the
Total Revolving Commitments shall be increased by the amount of
such Incremental Revolving Commitment, in each case, subject to
further increase or reduction from time to time as set forth in the
definition of the term “Revolving Commitment”. For the
avoidance of doubt, upon the effectiveness of any Incremental
Revolving Commitment, the Revolving Exposure of the Incremental
Revolving Lender holding such Commitment, and the Pro Rata Shares
of all the Revolving Lenders, shall automatically be adjusted to
give effect thereto.

 

 

 

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(e) On the date of
effectiveness of any Incremental Revolving
Commitments:

 

(i) the aggregate
principal amount of the Revolving Loans (the “Existing Revolving Borrowings”)
outstanding immediately prior to the effectiveness of such
Incremental Revolving Commitments shall be deemed to be
repaid,

 

(ii) each
Incremental Revolving Lender shall pay to the Administrative Agent
in same day funds an amount equal to the difference, if positive,
between:

 

(A) the product of (1)
such Lender’s Pro Rata Share of the applicable Class
(calculated after giving effect to such effectiveness) multiplied
by (2) the aggregate amount of the Resulting Revolving Borrowings
(as hereinafter defined) and

 

(B) the product of
(x) such Lender’s Pro Rata Share of the applicable Class
(calculated without giving effect to such effectiveness) multiplied
by (y) the aggregate principal amount of the Existing
Revolving Borrowings,

 

(iii) after
the Administrative Agent receives the funds specified in
clause (ii) above, the Administrative Agent shall pay to each
Revolving Lender the portion of such funds that is equal to the
difference, if positive, between:

 

(A) the product of
(1) such Lender’s Pro Rata Share of the applicable Class
(calculated without giving effect to such effectiveness) multiplied
by (2) the aggregate amount of the Existing Revolving
Borrowings, and

 

(B) the product of
(1) such Lender’s Pro Rata Share of the applicable Class
(calculated after giving effect to such effectiveness) multiplied
by (2) the aggregate amount of the Resulting Revolving
Borrowings,

 

(iv) after
the effectiveness of such Incremental Revolving Commitments, the
Borrower shall be deemed to have made new Revolving Borrowings (the
“Resulting Revolving
Borrowings”) in an aggregate amount equal to the
aggregate amount of the Existing Revolving Borrowings and of the
Types and for the Interest Periods specified in a Funding Notice
delivered to the Administrative Agent in accordance with
Section 2.2 (and the Borrower shall deliver such Funding
Notice),

 

(v) each Revolving
Lender shall be deemed to hold its applicable Pro Rata Share of
each Resulting Revolving Borrowing (calculated after giving effect
to such effectiveness), and

 

(vi) the
Borrower shall pay each Revolving Lender any and all accrued but
unpaid interest on its Loans comprising the Existing Revolving
Borrowings.

 

The
deemed payments of the Existing Revolving Borrowings made pursuant
to clause (i) above shall be subject to compensation by the
Borrower pursuant to the provisions of Section 2.17(c) if the
date of the effectiveness of such Incremental Revolving Commitments
occurs other than on the last day of the Interest Period relating
thereto.

 

(f) Subject to the
terms and conditions set forth herein and in the applicable
Incremental Facility Agreement, each Incremental Term Lender
holding an Incremental Term Loan Commitment of any Class shall make
a loan to the Borrower in an amount equal to such Incremental Term
Loan Commitment on the date specified in such Incremental Facility
Agreement.

 

 

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(g) The Administrative
Agent shall notify the Lenders promptly upon receipt by the
Administrative Agent of any notice from the Borrower referred to in
Section 2.23(a) and of the effectiveness of any Incremental
Commitments, in each case advising the Lenders of the details
thereof and, in the case of effectiveness of any Incremental
Revolving Commitments, of the Pro Rata Shares of the Revolving
Lenders after giving effect thereto and of the assignments required
to be made pursuant to Section 2.23(e).

 

2.24. Extension/Modification
Offers. (a) The Borrower may on one or more occasions, by
written notice to the Administrative Agent, make one or more offers
(each, an “Extension/Modification Offer”) to
all the Lenders of any Class (each Class subject to such an
Extension/Modification Offer being referred to as an
“Extension/Modification
Request Class”), on the same terms and conditions, and
on a pro rata basis, to each Lender within any
Extension/Modification Request Class, to make one or more
Extension/Modification Permitted Amendments pursuant to procedures
reasonably specified by the Administrative Agent and reasonably
acceptable to the Borrower. Such notice shall set forth (i) the
terms and conditions of the requested Extension/Modification
Permitted Amendment and (ii) the date on which such
Extension/Modification Permitted Amendment is requested to become
effective (which shall not be less than five Business Days or more
than 60 Business Days after the date of such notice, unless
otherwise agreed to by the Administrative Agent).
Extension/Modification Permitted Amendments shall become effective
only with respect to the Loans and Commitments of the Lenders of
the Extension/Modification Request Class that accept the applicable
Extension/Modification Offer (such Lenders, the “Extending/Modifying Lenders”) and,
in the case of any Extending/Modifying Lender, only with respect to
such Lender’s Loans and Commitments of such
Extension/Modification Request Class as to which such
Lender’s acceptance has been made. Any Extended/Modified
Loans or Extended/Modified Commitments shall constitute a separate
Class of Loans or Commitments from the Extension/Modification
Request Class from which they were converted and, in the event any
Extended/Modified Term Loans have the same terms as any existing
Class of Term Loans then outstanding or any Incremental Term Loans
or Refinancing Term Loans then substantially concurrently
established (in each case, disregarding any differences in original
issue discount or upfront fees if not affecting the fungibility
thereof for US federal income tax purposes), such Extended/Modified
Term Loans may, at the election of the Borrower, be treated as a
single Class with such outstanding Term Loans or such Incremental
Term Loans or Refinancing Term Loans, and the scheduled
Installments set forth in Section 2.11 with respect to any such
Class of Term Loans may be increased to reflect scheduled
amortization of such Extended/Modified Term Loans. The
Extension/Modification Offer shall not be required to be in any
minimum amount or any minimum increment, provided that the Borrower may,
at its option and subject to its right to waive any such condition
in its sole discretion, specify as a condition to the effectiveness
of any Extension/Modification Permitted Amendment that a minimum
amount, as specified in the Extension/Modification Offer, of Loans
and Commitments of the Extension/Modification Request Class consent
thereto. The Borrower may amend, revoke or replace any
Extension/Modification Offer at any time prior to the effectiveness
of the applicable Extension/Modification Agreement. In connection
with any Extension/Modification Offer, the Borrower shall agree to
such procedures, if any, as may be reasonably established by, or
acceptable to, the Administrative Agent to accomplish the purposes
of this Section 2.24.

 

 

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(b) An
Extension/Modification Permitted Amendment shall be effected
pursuant to an Extension/Modification Agreement executed and
delivered by the Borrower, each applicable Extending/Modifying
Lender and the Administrative Agent; provided that no
Extension/Modification Permitted Amendment shall become effective
unless the Borrower shall have delivered to the Administrative
Agent such legal opinions, board resolutions, secretary’s
certificates, officer’s certificates, reaffirmation
agreements and other documents as shall reasonably be requested
(consistent in all material respects with the documents delivered
under Section 3.1 on the Closing Date) by the Administrative Agent
in connection therewith. The Administrative Agent shall promptly
notify each Lender as to the effectiveness of each
Extension/Modification Agreement. Each Extension/Modification
Agreement may, without the consent of any Lender other than the
applicable Extending/Modifying Lenders, effect such amendments to
this Agreement and the other Credit Documents as may be necessary
or appropriate, in the opinion of the Administrative Agent, to give
effect to the provisions of this Section 2.24, including (i) a
reduction to the scheduled Installments set forth in Section 2.11
with respect to Loans of the Extension/Modification Request Class
to reflect the treatment of the Extended/Modified Loans as a new
Class of Loans (it being understood that the amount of any
scheduled amortization payable to any non-Extending/Modifying
Lender with respect to its Loans of the Extension/Modification
Request Class shall not be reduced as a result thereof) and (ii)
any amendments necessary to treat the applicable Loans and/or
Commitments of the Extending/Modifying Lenders as a new
“Class” of loans and/or commitments hereunder
(including for purposes of prepayments and voting) (it being agreed
that such new Class of Loans may be included in the definitions of
“Majority in Interest”, “Pro Rata Share”,
“Requisite Lenders” and, as applicable,
“Requisite Tranche A/Revolving Lenders” and may be
afforded class voting rights requiring the consent of Lenders under
such Class in addition to any other consent of Lenders that might
otherwise be required under Section 10.5); provided that, in the case of
any Extension/Modification Offer relating to Revolving Commitments
or Revolving Loans, (A) the borrowing and repayment (except
for repayments required upon the maturity, repayments made in
connection with any Refinancing Facility Agreement and repayments
made in connection with a permanent repayment and termination of
the applicable Commitments) of Loans under the Commitments of such
new Class and the remaining Revolving Commitments shall be made on
a ratable basis as between the Commitments of such new Class and
the remaining Revolving Commitments, (B) the allocation of the
participation exposure with respect to any then-existing or
subsequently issued Letter of Credit as between the Commitments of
such new Class and the remaining Revolving Commitments shall be
made on a ratable basis as between the Commitments of such new
Class and the remaining Revolving Commitments (and the applicable
Extension/Modification Agreement shall contain reallocation and
cash collateralization provisions, in form and substance reasonably
satisfactory to the Administrative Agent and the Borrower, with
respect to Letters of Credit outstanding on the Revolving Maturity
Date) and (C) the Revolving Commitment Period and the
Revolving Maturity Date, as such terms are used in reference to
Letters of Credit of any Issuing Bank, may not be extended without
the prior written consent of such Issuing Bank.

 

 

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2.25. Refinancing
Facilities. (a) The Borrower may, on one or more occasions,
by written notice to the Administrative Agent, request the
establishment hereunder of (i) one or more additional Classes of
revolving commitments (the “Refinancing Revolving
Commitments”) pursuant to which each Person providing
such a commitment (a “Refinancing Revolving Lender”)
will make revolving loans to the Borrower (“Refinancing Revolving Loans”) and,
if applicable under such Class, acquire participations in the
Letters of Credit and all the then existing Revolving Commitments
will be refinanced in full or (ii) one or more additional Classes
of term loan commitments (the “Refinancing Term Loan
Commitments”) pursuant to which each Person providing
such a commitment (a “Refinancing Term Lender”) will
make term loans to the Borrower (the “Refinancing Term Loans”). Each
such notice shall specify (A) the date on which the Borrower
proposes that the Refinancing Commitments shall be effective, which
shall be a date not less than five Business Days (or such shorter
period as may be agreed to by the Administrative Agent) after the
date on which such notice is delivered to the Administrative Agent,
(B) the amount of the Refinancing Commitments requested to be
established and (C) the identity of each Person proposed to become
a Refinancing Lender in connection therewith (it being agreed that
(x) any Lender approached to provide any Refinancing Commitment may
elect or decline, in its sole discretion, to provide such
Refinancing Commitment and (y) any Person that the Borrower
proposes to be a Refinancing Lender, if such Person is not then a
Lender, must be an Eligible Assignee and must be approved by the
Administrative Agent and, in the case of any proposed Refinancing
Revolving Lender if such Lender is to acquire participations in the
Letters of Credit, each Issuing Bank (such approvals not to be
unreasonably withheld, conditioned or delayed)).

 

(b) The terms and
conditions of any Refinancing Commitments and the Refinancing Loans
to be made thereunder shall be as determined by the Borrower and
the applicable Refinancing Lenders and set forth in the applicable
Refinancing Facility Agreement; provided that an Issuing Bank
shall not be required to issue, amend or extend any Letter of
Credit under any Refinancing Revolving Commitments unless such
Issuing Bank shall have consented to act in such capacity under
such Refinancing Revolving Commitments; provided further that (i) the stated
termination date applicable to the Refinancing Commitments and the
Refinancing Term Loan Maturity Date of any Class shall not be
earlier than the Maturity Date of the Class of Commitments or Loans
being refinanced, (ii) in the case of any Refinancing Term
Loans, the weighted average life to maturity of such Refinancing
Term Loans shall be no shorter than the remaining weighted average
life to maturity of the Class of Term Loans being refinanced (and,
for purposes of determining the weighted average life to maturity
of such Class of Term Loans being refinanced, the effects of any
prepayments made prior to the date of the determination shall be
disregarded), it being understood that, subject to this clause
(ii), the amortization schedule applicable to (and the effect
thereon of any prepayments of) any Refinancing Term Loans shall be
determined by the Borrower and the applicable Refinancing Lenders,
(iii) in the case of any partial refinancing of the Tranche B
Term Loans, the Weighted Average Yield with respect to such
Refinancing Term Loans, determined as of the date of incurrence of
such Refinancing Term Loans, shall not be greater than the Weighted
Average Yield with respect to the Tranche B Term Loans, determined
as of such date (giving effect to any amendments to the Weighted
Average Yield on the Tranche B Term Loans that became effective
subsequent to the Closing Date but prior to such date, but
excluding the effect of any increase in interest margins with
respect thereto pursuant to this clause (iii)), plus 0.50% per
annum unless the Applicable Rate (together with, as provided in the
proviso below, the Adjusted Eurodollar Rate and Base Rate floors)
with respect to the Tranche B Term Loans to remain outstanding
after such refinancing is increased, or fees to Lenders then
holding the Tranche B Term Loans to remain outstanding after such
refinancing are paid, so as to cause the Weighted Average Yield
with respect to the Tranche B Term Loans to remain outstanding
after such refinancing to equal the Weighted Average Yield with
respect to such Refinancing Term Loans minus 0.50%, provided that any increase in
the effective Weighted Average Yield with respect to the Tranche B
Term Loans due to the application of an Adjusted Eurodollar Rate or
Base Rate floor to such Indebtedness shall be effected solely
through an increase in the Adjusted Eurodollar Rate or Base Rate
floor applicable to the Tranche B Term Loans and only to the extent
an increase in such floor with respect to the Tranche B Term Loans
would cause an increase in the interest rate then in effect with
respect thereto, (iv) any Refinancing Term Loans may participate in
any mandatory prepayments hereunder on a pro rata basis (or on a
basis that is less than pro rata) with the other Term Loans, but
may not provide for mandatory prepayment requirements that are more
favorable than those applicable to the other Term Loans,
(v) any Refinancing Commitments and Refinancing Loans made
thereunder shall rank pari
passu in right of payment, and shall be secured by the
Collateral on an equal and ratable basis, with the other Loans and
Commitments hereunder, and shall be extensions of credit to the
Borrower that are Guaranteed only by the Credit Parties, and (vi)
except for the terms referred to above, to the extent the terms of
any Refinancing Commitments or Refinancing Loans (other than
interest rates (whether fixed or floating), interest margins,
benchmark rate floors, fees, original issue discounts and
prepayment terms (including “no call” terms and other
restrictions thereon) and premiums) are not consistent with those
of the Class of Loans being refinanced, such differences shall be
reasonably acceptable to the Administrative Agent (except for terms
benefitting the Refinancing Lenders (A) where this Agreement
is amended to include such beneficial terms for the benefit of all
Lenders (or, in the case of any Refinancing Term Loans that are TLA
Term Loans, all Lenders holding TLA Term Loans or Revolving
Commitments) or (B) applicable only to periods after the latest
Maturity Date in effect as of the date of establishment or
incurrence of such Refinancing Commitments or Refinancing Loans);
provided
further that
clauses (i), (ii) and (vi) shall not apply if, at the time of the
incurrence of such Refinancing Loans and after giving effect to the
application of the proceeds thereof, such Refinancing Loans shall
be the sole Class of Loans outstanding under this Agreement. In the
event any Refinancing Term Loans have the same terms as any
existing Class of Term Loans then outstanding or any Incremental
Term Loans or Extended/Modified Term Loans then substantially
concurrently established (in each case, disregarding any
differences in original issue discount or upfront fees if not
affecting the fungibility thereof for US federal income tax
purposes), such Refinancing Term Loans may, at the election of the
Borrower, be treated as a single Class with such outstanding Term
Loans or such Incremental Term Loans or Extended/Modified Term
Loans, and the scheduled Installments set forth in Section 2.11
with respect to any such Class of Term Loans may be increased to
reflect scheduled amortization of such Refinancing Term
Loans.

 

 

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(c) The Refinancing
Commitments shall be effected pursuant to one or more Refinancing
Facility Agreements executed and delivered by the Borrower, each
Refinancing Lender providing such Refinancing Commitments, the
Administrative Agent and, in the case of Refinancing Revolving
Commitments, as applicable, each Issuing Bank; provided that no Refinancing
Commitments shall become effective unless (i) the Borrower shall
have delivered to the Administrative Agent such legal opinions,
board resolutions, secretary’s certificates, officer’s
certificates, reaffirmation agreements and other documents as shall
reasonably be requested (consistent in all material respects with
the documents delivered under Section 3.1 on the Closing Date)
by the Administrative Agent in connection therewith, (ii) in
the case of any Refinancing Revolving Commitments, substantially
concurrently with the effectiveness thereof, all the Revolving
Commitments then in effect shall be terminated and the Borrower
shall make any prepayment or deposit required to be made under
Section 2.13(f) as a result thereof and shall pay all interest on
the amounts prepaid and all fees accrued on the Revolving
Commitments (it being understood, however, that any Letters of
Credit may continue to be outstanding under the Refinancing
Revolving Commitments, in each case on terms agreed by each
applicable Issuing Bank and specified in the applicable Refinancing
Facility Agreement) and (iii) in the case of any Refinancing
Term Loan Commitments, (A) substantially concurrently with the
effectiveness thereof, the Borrower shall obtain Refinancing Term
Loans thereunder and shall repay or prepay then outstanding Term
Borrowings of any Class in an aggregate principal amount equal to
the aggregate amount of such Refinancing Term Loan Commitments
(less the aggregate amount of accrued and unpaid interest with
respect to such outstanding Term Borrowings, any original issue
discount or upfront fees applicable to such Refinancing Term Loans
and any reasonable fees, premium and expenses relating to such
refinancing) and (B) any such prepayment of Term Borrowings of
any Class shall be applied to reduce the subsequent Installments to
be made pursuant to Section 2.11 with respect to Term Borrowings of
such Class on a pro rata basis (in accordance with the principal
amounts of such Installments) and, in the case of a prepayment of
Eurodollar Rate Term Borrowings, shall be subject to
Section 2.17(c). Each Refinancing Facility Agreement may,
without the consent of any Lender other than the applicable
Refinancing Lenders, effect such amendments to this Agreement and
the other Credit Documents as may be necessary or appropriate, in
the opinion of the Administrative Agent, to give effect to the
provisions of this Section 2.25, including any amendments
necessary to treat the applicable Refinancing Commitments and
Refinancing Loans as a new Class of Commitments or Loans hereunder
(including for purposes of prepayments and voting (it being agreed
that such new Class of Commitments and Loans may be included in the
definitions of “Majority in Interest”, “Pro Rata
Share”, “Requisite Lenders” and, as applicable,
“Requisite Tranche A/Revolving Lenders” and may be
afforded class voting rights requiring the consent of Lenders under
such Class in addition to any other consent of Lenders that might
otherwise be required under Section 10.5) and to enable such new
Class of Commitments and Loans to be extended under Section 2.24 or
refinanced under this Section 2.25).

 

(d) Upon the
effectiveness of a Refinancing Commitment of any Refinancing
Lender, such Refinancing Lender shall be deemed to be a
“Lender” (and a Lender in respect of Commitments and
Loans of the applicable Class) hereunder, and henceforth shall be
entitled to all the rights of, and benefits accruing to, Lenders
(or Lenders in respect of Commitments and Loans of the applicable
Class) hereunder and shall be bound by all agreements,
acknowledgements and other obligations of Lenders (or Lenders in
respect of Commitments and Loans of the applicable Class) hereunder
and under the other Credit Documents.

 

(e) The Administrative
Agent shall notify the Lenders promptly upon receipt by the
Administrative Agent of any notice from the Borrower referred to in
Section 2.25(a) and of the effectiveness of any Refinancing
Commitments, in each case advising the Lenders of the details
thereof.

 

 

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SECTION
3. CONDITIONS
PRECEDENT

 

3.1. Closing
Date. This Agreement and the obligation of each Lender and
each Issuing Bank to make any Credit Extension shall not become
effective until the date on which each of the following conditions
shall be satisfied (or waived in accordance with Section
10.5):

 

(a) Credit Agreement. The
Administrative Agent shall have received from the Borrower and each
Designated Subsidiary (including the Acquired Company and each of
its Subsidiaries that is a Designated Subsidiary) and each other
party hereto either (i) a counterpart of this Agreement signed on
behalf of such party or (ii) evidence satisfactory to the
Administrative Agent (which may include a facsimile or electronic
image scan transmission) that such party has signed a counterpart
of this Agreement.

 

(b) Organizational Documents;
Incumbency. The Administrative Agent shall have received, in
respect of the Borrower and each Designated Subsidiary (including
the Acquired Company and each of its Subsidiaries that is a
Designated Subsidiary), a certificate of such Person (or, in the
case of a partnership, its general partner), dated the Closing Date
and executed by the secretary or an assistant secretary or manager
of such Person, attaching (i) a copy of each Organizational
Document of such Person, which shall be certified as of the Closing
Date or a recent date prior thereto by the appropriate Governmental
Authority, (ii) signature and incumbency certificates of the
officers/manager or general partner of such Person executing each
Credit Document, (iii) resolutions of the Board of Managers, Board
of Directors or similar governing body of such Person approving and
authorizing the execution, delivery and performance of this
Agreement and the other Credit Documents to which it is a party,
certified as of the Closing Date by such secretary or assistant
secretary or manager as being in full force and effect without
modification or amendment, and (iv) a good standing
certificate from the applicable Governmental Authority of such
Person’s jurisdiction of organization, dated the Closing Date
or a recent date prior thereto.

 

(c) Closing Date Refinancing. The
Closing Date Refinancing shall have been consummated or shall be
consummated substantially simultaneously with the initial funding
of Loans on the Closing Date, and the Administrative Agent shall
have received customary payoff letters with respect thereto or
other evidence thereof reasonably satisfactory to the
Administrative Agent and the Arrangers.

 

(d) Collateral and Guarantee
Requirement. Subject to the final paragraph of this
Section 3.1, the Collateral and Guarantee Requirement shall
have been satisfied. The Collateral Agent shall have received a
completed Collateral Questionnaire in form and substance reasonably
satisfactory to the Collateral Agent and the Arrangers, dated the
Closing Date and executed by an Authorized Officer of each of the
Borrower and the Acquired Company, together with all attachments
contemplated thereby, including the results of a search of the UCC
(or equivalent) filings made with respect to the Credit Parties in
the jurisdictions contemplated by the Collateral Questionnaire and
copies of the financing statements (or similar documents) disclosed
by such search and evidence reasonably satisfactory to the
Collateral Agent and the Arrangers that the Liens indicated by such
financing statements (or similar documents) are Permitted Liens or
have been, or substantially contemporaneously with the initial
funding of Loans on the Closing Date will be,
released.

 

 

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(e) Evidence of Insurance. Subject
to the final paragraph of this Section 3.1, the Collateral
Agent shall have received a certificate from the Borrower’s
insurance broker or other evidence reasonably satisfactory to the
Collateral Agent and the Arrangers that the insurance required to
be maintained pursuant to Section 5.5 is in full force and effect,
together with customary endorsements naming the Collateral Agent,
for the benefit of Secured Parties, as additional insured and
lender’s loss payee thereunder to the extent required under
Section 5.5.

 

(f) Opinions of Counsel. The
Administrative Agent shall have received a favorable written
opinion (addressed to the Administrative Agent, the Collateral
Agent, the Lenders and the Issuing Banks and dated the Closing
Date) of each of (i) Kelley Drye & Warren LLP, counsel for
the Credit Parties, (ii) Kelley Drye & Warren LLP,
regulatory counsel for the Credit Parties, (iii) Jones Day, Georgia
counsel for the Credit Parties, and (iv) Spencer Fane LLP, Kansas
counsel for the Credit Parties, in each case in form and substance
reasonably satisfactory to the Administrative Agent and the
Arrangers (and each Credit Party hereby instructs such counsel to
deliver such opinion to the Administrative Agent).

 

(g) Fees and Expenses. The Borrower
shall have paid to the Arrangers, the Administrative Agent and the
Lenders all fees and expenses (including legal fees and expenses
and recording fees) and other amounts due and payable on or prior
to the Closing Date pursuant to the Credit Documents, the
Engagement Letter and the Fee Letters.

 

(h) Solvency Certificate. The
Administrative Agent shall have received the Solvency Certificate,
dated the Closing Date and signed by the chief financial officer of
the Borrower.

 

(i) Closing Date Certificate. The
Administrative Agent shall have received the Closing Date
Certificate, dated the Closing Date and signed by an Authorized
Officer of the Borrower, together with all attachments
thereto.

 

(j) Letter of Direction. The
Administrative Agent and Goldman Sachs, as an Arranger, shall have
received a duly executed letter of direction from the Borrower
addressed to Goldman Sachs, as an Arranger, directing the
disbursement on the Closing Date of the proceeds of the Loans to be
made on such date.

 

(k) PATRIOT Act. At least five days
prior to the Closing Date, the Lenders and the Administrative Agent
shall have received all documentation and other information
(including with respect to the Acquired Company and its
Subsidiaries) required by bank regulatory authorities under
applicable “know-your-customer” and anti-money
laundering rules and regulations, including the PATRIOT
Act.

 

(l) Consummation of the Merger. The
Merger shall have been (or substantially concurrently with the
funding of the Tranche A Term Loans and the Tranche B Term
Loans on the Closing Date shall be) consummated, pursuant to and on
the terms set forth in the Merger Agreement. The Arrangers shall
have received a copy of the Merger Agreement (including a copy of
the Acquired Company Indemnity Letter Agreement), together with all
closing deliverables thereunder, certified by an Authorized Officer
of the Borrower as complete and correct.

 

(m) Distribution of the Consumer/SMB
Business. The Consumer/SMB Business shall have been (or
substantially concurrently with the funding of the Tranche A Term
Loans and the Tranche B Term Loans on the Closing Date shall
be) distributed by the Acquired Company, pursuant to and on the
terms set forth in the Merger Agreement. The Arrangers shall have
received a copy of the definitive agreements relating to the
distribution of the Consumer/SMB Business, together with all
closing deliverables thereunder, certified by an Authorized Officer
of the Acquired Company as complete and correct.

 

 

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(n) Fusion Global Transactions. The
Borrower shall have consummated (or substantially concurrently with
the funding of the Tranche A Term Loans and the Tranche B Term
Loans on the Closing Date shall consummate) the Fusion Global
Arrangement, pursuant to and on the terms set forth in the Merger
Agreement. The Arrangers shall have received a copy of the
definitive agreements relating to the Fusion Global Arrangement,
together with all closing deliverables thereunder, certified by an
Authorized Officer of the Borrower as complete and
correct.

 

(o) Subordinated Notes Issuance or
Amendment. The Borrower shall have received (or
substantially concurrently with the funding of the Tranche A Term
Loans and the Tranche B Term Loans on the Closing Date shall
receive) gross cash proceeds of not less than $10,000,000 from the
issuance of the New Subordinated Note. The Existing Subordinated
Notes shall have been (or substantially concurrently with funding
of the Tranche A Term Loans and the Tranche B Term Loans on the
Closing Date shall be) amended and restated to, among other things,
provide that the Existing Subordinated Notes are subordinated in
right of payment to the Obligations and all Permitted Second Lien
Indebtedness, Permitted Credit Agreement Refinancing Indebtedness
and Permitted Incremental Equivalent Indebtedness (in each case,
other than Subordinated Indebtedness) of the Borrower or any
Guarantor Subsidiary, as applicable, in a manner reasonably
satisfactory to the Arrangers. The Administrative Agent shall have
received a copy of the Permitted Subordinated Indebtedness
Documents with respect to the Subordinated Notes, certified by an
Authorized Officer of the Borrower as complete and correct, and the
terms and conditions of the Subordinated Notes, and the provisions
of the Permitted Subordinated Indebtedness Documents with respect
thereto, shall be reasonably satisfactory to the
Arrangers.

 

(p) Closing Date Common Equity
Issuance. The Closing Date Common Equity Issuance shall have
occurred (or substantially concurrently with the funding of the
Tranche A Term Loans and the Tranche B Term Loans on the
Closing Date shall occur), and the Borrower shall have received (or
substantially concurrently with the funding of the Tranche A Term
Loans and the Tranche B Term Loans on the Closing Date shall
receive) gross cash proceeds of not less than $4,999,998.50
therefrom. The Arrangers shall have received a copy of the
definitive agreements relating to the Closing Date Common Equity
Issuance, together with all closing deliverables thereunder,
certified by an Authorized Officer of the Borrower as complete and
correct.

 

(q) Closing Date Preferred Equity
Issuance. The Borrower shall have issued and sold (or
substantially concurrently with the funding of the Tranche A Term
Loans and the Tranche B Term Loans on the Closing Date shall issue
and sell) the Closing Date Preferred Stock to Holcombe T. Green,
Jr. (or an entity majority-owned and Controlled by Holcombe T.
Green, Jr.), and the Borrower shall have received (or substantially
concurrently with the funding of the Tranche A Term Loans and the
Tranche B Term Loans on the Closing Date shall receive) gross cash
proceeds of not less than $14,700,000 therefrom. The Arrangers
shall have received a copy of the definitive agreements relating to
the Closing Date Preferred Stock, together with all closing
deliverables relating thereto, all of which shall be in form and
substance reasonably satisfactory to the Arrangers and certified by
an Authorized Officer of the Borrower as complete and
correct.

 

(r) Escrow Cash Collateral
Arrangement. The Borrower shall have established a blocked
deposit account maintained with a depository institution reasonably
acceptable to the Collateral Agent and the Arrangers (i) in which
the Escrow Cash Collateral in an amount equal to the Escrow Cash
Amount shall have been (or substantially concurrently with the
funding of the Tranche B Term Loans on the Closing Date shall be)
deposited to be held as cash collateral securing the Obligations
pending use as contemplated by Section 2.5(c) and (ii) that is
subject to a control agreement in favor of the Collateral Agent, in
form and substance reasonably satisfactory to the Collateral Agent
and the Arrangers (the “Escrow Cash Collateral Control
Agreement”), pursuant to which the Escrow Cash
Collateral shall be subject to the sole control and dominion of the
Collateral Agent, to be released by the Collateral Agent solely for
the purposes contemplated by Section 2.5(c) in accordance with the
provisions of Section 9.8(d)(ii) (the “Escrow Cash Collateral
Account”).

 

 

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Each
Lender, by delivering its signature page to this Agreement, and
funding its Loans on the Closing Date and/or providing its
Revolving Commitment on the Closing Date, shall be deemed to have
acknowledged receipt of, and consented to and approved, each Credit
Document and each other document required to be approved by any
Agent, the Requisite Lenders or any other Lenders, as applicable,
on the Closing Date.

 

Notwithstanding the
foregoing, solely with respect to the matters expressly identified
in the Post-Closing Letter Agreement, the satisfaction by the
Credit Parties of the foregoing conditions shall not be required on
the Closing Date, and shall not be a condition to the making of the
Credit Extensions on the Closing Date, but shall be required to be
accomplished in accordance with the Post-Closing Letter
Agreement.

 

3.2. Each
Credit Extension. The obligation of each Lender and each
Issuing Bank to make any Credit Extension on any Credit Date,
including the Closing Date, is subject to the satisfaction (or
waiver in accordance with Section 10.5) of the following conditions
precedent (it being understood and agreed that, in the case of any
Term Loans the proceeds of which are intended to be applied to
finance a Limited Conditionality Transaction, the conditions
precedent set forth in clauses (b) and (c) below may be satisfied
as of the applicable LCT Test Date in accordance with
Section 1.5):

 

(a) the Administrative
Agent and, in the case of any issuance, amendment or extension
(other than an automatic extension permitted under
Section 2.3(a)) of any Letter of Credit, the applicable
Issuing Bank shall have received a fully completed and executed
Funding Notice or Issuance Notice, as the case may be;

 

(b) the representations
and warranties of each Credit Party set forth in the Credit
Documents shall be true and correct (i) in the case of the
representations and warranties qualified or modified as to
materiality in the text thereof, in all respects and (ii)
otherwise, in all material respects, in each case on and as of such
Credit Date, except in the case of any such representation and
warranty that expressly relates to an earlier date, in which case
such representation and warranty shall be so true and correct on
and as of such earlier date; and

 

(c) at the time of and
immediately after giving effect to such Credit Extension, no
Default or Event of Default shall have occurred and be continuing
or would result therefrom.

 

On the
date of any Credit Extension, the Borrower shall be deemed to have
represented and warranted that the conditions specified in Sections
3.2(b) and 3.2(c) have been satisfied and that, after giving effect
to such Credit Extension, the Total Utilization of Revolving
Commitments (or any component thereof) shall not exceed the maximum
amount thereof (or the maximum amount of any such component)
specified in Section 2.2(a) or 2.3(a).

 

SECTION
4. REPRESENTATIONS
AND WARRANTIES

 

In
order to induce the Agents, the Lenders and the Issuing Banks to
enter into this Agreement and to make each Credit Extension to be
made thereby, each Credit Party represents and warrants to each
Agent, each Lender and each Issuing Bank on the Closing Date and on
each Credit Date as follows:

 

 

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4.1. Organization;
Requisite Power and Authority; Qualification. Each of the
Borrower and the Restricted Subsidiaries (a) is duly organized,
validly existing and in good standing under the laws of its
jurisdiction of organization, (b) has all requisite power and
authority (i) to own and operate its properties and to carry
on its business and operations as now conducted and (ii) in the
case of the Credit Parties, to execute and deliver the Credit
Documents to which it is a party and to perform the other
Transactions to be performed by it and (c) is qualified to do
business and in good standing under the laws of every jurisdiction
where its assets are located or where such qualification is
necessary to carry out its business and operations, except, in each
case referred to in clauses (a) (other than with respect to
the Borrower), (b)(i) and (c), where the failure so to be or so to
have, individually or in the aggregate, would not reasonably be
expected to have a Material Adverse Effect.

 

4.2. Equity
Interests and Ownership. Schedule 4.2
sets forth, as of the Closing Date, the name and jurisdiction of
organization of, and the percentage of each class of Equity
Interests owned by the Borrower or any Subsidiary in, (a) each
Subsidiary and (b) each joint venture and other Person in which the
Borrower or any Subsidiary owns any Equity Interests, and
identifies each Designated Subsidiary and each Material Subsidiary.
The Equity Interests owned by any Credit Party in any Subsidiary
have been duly authorized and validly issued and, to the extent
such concept is applicable, are fully paid and non-assessable.
Except as set forth on Schedule
4.2, as of the Closing Date (i) there are no Equity
Interests in any Restricted Subsidiary outstanding that upon
exercise, conversion or exchange would require the issuance by any
Restricted Subsidiary of any additional Equity Interests or other
Securities exercisable for, convertible into, exchangeable for or
evidencing the right to subscribe for or purchase any Equity
Interests in any Restricted Subsidiary and (ii) there are no
existing options, warrants, calls, rights, commitments or other
agreements to which the Borrower or any Restricted Subsidiary is a
party requiring the issuance by any Restricted Subsidiary of any
additional Equity Interests or other Securities exercisable for,
convertible into, exchangeable for or evidencing the right to
subscribe for or purchase any Equity Interests in any Restricted
Subsidiary.

 

4.3. Due
Authorization. The Transactions to be entered into by each
Credit Party have been duly authorized by all necessary corporate
or other organizational and, if required, stockholder, shareholder
or other equityholder action on the part of such Credit
Party.

 

4.4. No
Conflict. The Transactions do not and will not (a) violate
any applicable law, including any order of any Governmental
Authority, except to the extent any such violation, individually or
in the aggregate, would not reasonably be expected to have a
Material Adverse Effect, (b) violate the Organizational Documents
of the Borrower or any Restricted Subsidiary, (c) violate or result
(alone or with notice or lapse of time, or both) in a default under
any Contractual Obligation of the Borrower or any Restricted
Subsidiary, or give rise to a right thereunder to require any
payment, repurchase or redemption to be made by the Borrower or any
Restricted Subsidiary, or give rise to a right of, or result in,
any termination, cancelation or acceleration or right of
renegotiation of any obligation thereunder, except to the extent
any such violation, default, right or result, individually or in
the aggregate, would not reasonably be expected to have a Material
Adverse Effect, or (d) except for Liens created under the
Credit Documents or the Second Lien Credit Documents, result in or
require the creation or imposition of any Lien on any asset of the
Borrower or any Restricted Subsidiary.

 

4.5. Governmental
Approvals. The Transactions do not and will not require any
registration with, consent or approval of, notice to, or other
action by any Governmental Authority, except (a) such as have been
obtained or made and are in full force and effect, (b) filings
and recordings with respect to the Collateral necessary to perfect
Liens created under the Credit Documents or the Second Lien Credit
Documents and (c) filings and registrations under applicable
securities laws relating to the Disposition by the Collateral Agent
pursuant to the Pledge and Security Agreement of Collateral that
constitute Securities.

 

 

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4.6. Binding
Obligation. Each Credit Document has been duly executed and
delivered by each Credit Party that is a party thereto and is the
legally valid and binding obligation of such Credit Party,
enforceable against such Credit Party in accordance with its terms,
except as enforceability may be limited by bankruptcy, insolvency,
reorganization, moratorium or similar laws relating to or limiting
creditors’ rights generally or by equitable principles
relating to enforceability.

 

4.7. Historical
Financial Statements; Projections; Pro Forma Financial
Statements. The Historical Borrower Financial Statements
were prepared in conformity with GAAP and present fairly, in all
material respects, the consolidated financial position of the
Borrower and its Subsidiaries as of the respective dates thereof
and the consolidated results of operations and cash flows of the
Borrower and its Subsidiaries for each of the periods then ended,
subject, in the case of any such unaudited financial statements, to
changes resulting from normal year-end audit adjustments and the
absence of footnotes. The Historical Acquired Company Financial
Statements were prepared in conformity with GAAP and present
fairly, in all material respects, the consolidated financial
position of the Acquired Company and its Subsidiaries as of the
respective dates thereof and the consolidated results of operations
and cash flows of the Acquired Company and its Subsidiaries for
each of the periods then ended, subject, in the case of any such
unaudited financial statements, to changes resulting from audit and
normal year-end adjustments and the absence of footnotes. As of the
Closing Date, neither the Borrower nor any Subsidiary has any
contingent liability or liability for Taxes, long-term lease or
unusual forward or long-term commitment that is not reflected in
the Historical Borrower Financial Statements, the Historical
Acquired Company Financial Statements or the notes thereto and
that, in any such case, is material in relation to the business,
operations, assets or financial condition of the Borrower and the
Subsidiaries, taken as a whole.

 

(a) The Projections
have been prepared in good faith based upon assumptions that were
believed by the Borrower to be reasonable at the time made, it
being understood and agreed that the Projections are not a
guarantee of financial performance and actual results may differ
therefrom and such differences may be material.

 

(b) The Pro Forma
Financial Statements (i) have been prepared by the Borrower in good
faith based on assumptions that were believed by the Borrower to be
reasonable at the time made and are believed by the Borrower to be
reasonable on the Closing Date, (ii) accurately reflect in all
material respects all adjustments necessary to give effect to the
Transactions as contemplated by such Pro Forma Financial Statements
and (iii) present fairly, in all material respects, the pro
forma financial position and results of operations of the Borrower
and the Subsidiaries as of the date and for the period stated
therein as if the Transactions as contemplated by such Pro Forma
Financial Statements had occurred on such date or at the beginning
of such period, as the case may be.

 

4.8. No
Material Adverse Effect. Since December 31, 2017, there
has been no event or condition that has had, or would reasonably be
expected to have, individually or in the aggregate, a Material
Adverse Effect.

 

4.9. Adverse
Proceedings. There are no Adverse Proceedings that (a)
individually or in the aggregate would reasonably be expected to
have a Material Adverse Effect or (b) in any manner question the
validity or enforceability of any of the Credit Documents or
otherwise involve any of the Credit Documents or the
Transactions.

 

 

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4.10. Payment
of Taxes. Except as otherwise permitted under Section 5.3,
all Tax returns and reports of the Borrower and its Subsidiaries
required to be filed by any of them have been timely filed, and all
Taxes shown on such Tax returns to be due and payable, and all
assessments, fees and other governmental charges upon the Borrower
and the Subsidiaries and upon their properties, income, businesses
and franchises that are due and payable, have been paid when due
and payable, except (a) Taxes that are being contested in good
faith by appropriate proceedings and for which the Borrower or such
Subsidiary, as applicable, has set aside on its books reserves with
respect thereto to the extent required by GAAP or (b) to the extent
that the failure to do so would not, individually or in the
aggregate, reasonably be expected to have a Material Adverse
Effect.

 

4.11. Properties.
Title. The Borrower
and each Restricted Subsidiary has (i) good, sufficient and
marketable title to (in the case of fee interests in real
property), (ii) valid leasehold interests in (in the case of
leasehold interests in real or personal property), (iii) valid
licensed rights in (in the case of licensed interests in
Intellectual Property) and (iv) good title to (in the case of all
other personal property) all of their material assets reflected in
the Historical Borrower Financial Statements or the Historical
Acquired Company Financial Statements, as applicable, or, after the
first delivery thereof, in the consolidated financial statements of
the Borrower most recently delivered pursuant to Section 5.1,
in each case except for assets disposed of since the date of such
financial statements in the ordinary course of business or as
otherwise permitted by this Agreement (including the Fusion Global
Arrangement and the distribution of the Consumer/SMB Business) and
except for Permitted Liens and defects that, individually or in the
aggregate, do not materially detract from the value of the affected
property or interfere with the ordinary conduct of business of the
Borrower or any Restricted Subsidiary.

 

(a) Real Estate. Set forth on
Schedule
4.11(b) is true and complete list, as of the Closing Date,
of all Real Estate Assets owned in fee by any Credit Party,
identifying each Material Real Estate Asset, if any, and the proper
jurisdiction for the filing of a Mortgage in respect
thereof.

 

(b) Intellectual Property. The
Borrower and each Restricted Subsidiary owns, or is licensed to
use, all Intellectual Property that is necessary for the conduct of
its business as currently conducted, and without conflict with the
rights of any other Person, except to the extent any such conflict,
individually or in the aggregate, would not reasonably be expected
to have a Material Adverse Effect. No Intellectual Property used by
the Borrower or any Restricted Subsidiary in the operation of its
business infringes upon the rights of any other Person, except for
any such infringements that, individually or in the aggregate,
would not reasonably be expected to have a Material Adverse Effect.
No claim or litigation regarding any Intellectual Property owned or
used by the Borrower or any Restricted Subsidiary is pending or, to
the knowledge of the Borrower or any Restricted Subsidiary,
threatened in writing against the Borrower or any Restricted
Subsidiary that, individually or in the aggregate, would reasonably
be expected to have a Material Adverse Effect.

 

4.12. Environmental
Matters. Except with respect to any matters that,
individually or in the aggregate, would not reasonably be expected
to have a Material Adverse Effect, neither the Borrower nor any
Subsidiary (a) has failed to comply with any Environmental Law
or to obtain, maintain or comply with any permit, license or other
approval required under any Environmental Law, (b) has become
subject to any Environmental Liability, (c) has received
notice of any claim with respect to any Environmental Liability or
(d) knows of any basis for any Environmental
Liability.

 

4.13. No
Defaults. No Default or Event of Default has occurred and is
continuing.

 

 

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4.14. Investment
Company Act. None of the Credit Parties is a
“registered investment company” or a company
“controlled” by a “registered investment
company” or a “principal underwriter” of a
“registered investment company” as such terms are
defined in the Investment Company Act of 1940.

 

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

 

(a) No portion of the
proceeds of any Credit Extension will be used, directly or
indirectly, for any purpose that entails a violation (including on
the part of any Lender) of any of the regulations of the Board of
Governors, including Regulations U and X. Not more than 25% of the
value of the assets of the Borrower and the Restricted Subsidiaries
subject to any restrictions on the sale, pledge or other
Disposition of assets under this Agreement, any other Credit
Document or any other agreement to which any Lender or Affiliate of
a Lender is party will at any time be represented by Margin
Stock.

 

4.16. Employee
Benefit Plans. The Borrower, each Restricted Subsidiary and
each of their respective ERISA Affiliates is in compliance with all
applicable provisions and requirements of ERISA and the Internal
Revenue Code and the regulations and published interpretations
thereunder with respect to each Employee Benefit Plan, and has
performed all its obligations under each Employee Benefit Plan,
except where such failure to comply or perform, individually or in
the aggregate, would not reasonably be expected to have a Material
Adverse Effect. Each Employee Benefit Plan which is intended to
qualify under Section 401(a) of the Internal Revenue Code has
received a favorable determination letter or opinion letter from
the IRS indicating that such Employee Benefit Plan is so qualified
and nothing has occurred subsequent to the issuance of such
determination letter or opinion letter which would cause such
Employee Benefit Plan to lose its qualified status. No liability to
the PBGC (other than required premium payments), the IRS, any
Employee Benefit Plan or any trust established under Title IV of
ERISA has been or is expected to be incurred by the Borrower, any
Restricted Subsidiary or any of their respective ERISA Affiliates,
except as would not, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect. No ERISA Event or
Foreign Plan Event has occurred or is reasonably expected to occur,
except as would not, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect. Except to the extent
required under Section 4980B of the Internal Revenue Code or
similar state laws, no Employee Benefit Plan provides health or
welfare benefits (through the purchase of insurance or otherwise)
for any retired or former employee of the Borrower, any Restricted
Subsidiary or any of their respective ERISA Affiliates. The present
value of the aggregate benefit liabilities under each Pension Plan
sponsored, maintained or contributed to by the Borrower, any
Restricted Subsidiary or any of their respective ERISA Affiliates
(determined as of the end of the most recent plan year on the basis
of assumptions used for purposes of Accounting Standards
Codification Topic 715), did not exceed the aggregate current value
of the assets of such Pension Plan. As of the most recent valuation
date for each Multiemployer Plan for which the actuarial report is
available, the potential liability of the Borrower, the Restricted
Subsidiaries and their respective ERISA Affiliates for a complete
withdrawal from such Multiemployer Plan (within the meaning of
Section 4203 of ERISA), when aggregated with such potential
liability for a complete withdrawal from all Multiemployer Plans,
based on information available pursuant to Section 4221(e) of ERISA
is zero. The Borrower, each Restricted Subsidiary and each of their
respective ERISA Affiliates is not in material
“default” (as defined in Section 4219(c)(5) of ERISA)
with respect to payments to a Multiemployer Plan. None of the
Borrower or any of its Subsidiaries is an entity deemed to hold
“plan assets” (within the meaning of 29 CFR §
2510.3-101, as modified by Section 3(42) of ERISA).

 

 

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4.17. Solvency.
On the Closing Date (after giving effect to the borrowing of the
Tranche A Term Loans and the Tranche B Term Loans hereunder
and the other Transactions to occur on such date), the Borrower and
its Subsidiaries, on a consolidated basis, are
Solvent.

 

4.18. Compliance
with Laws. The Borrower and each Subsidiary is in compliance
with all applicable laws, including all orders and other
restrictions imposed by any Governmental Authority, in respect of
the conduct of its business and the ownership and operation of its
properties (including compliance with all applicable Environmental
Laws), except where such failure to comply, individually or in the
aggregate, would not reasonably be expected to have a Material
Adverse Effect.

 

4.19. Disclosure.
None of the Lender Presentation, any other documents, certificates
or statements or any other written information (other than
financial projections (including financial estimates, budgets,
forecasts and other forward-looking information) and information of
general economic or industry-specific nature) furnished to any
Arranger, any Agent, any Lender or any Issuing Bank by or on behalf
of the Borrower or any Subsidiary in connection with the
negotiation of or pursuant to this Agreement or any other Credit
Document or otherwise in connection with the transactions
contemplated hereby or thereby, when taken as a whole, contains any
untrue statement of a material fact or omits to state a material
fact necessary in order to make the statements contained therein
not materially misleading in light of the circumstances under which
they were made (after giving effect to all supplements theretofore
provided); provided
that, with respect to financial projections, financial estimates,
budgets, forecasts and other forward-looking information, the
Credit Parties represent only that such information was prepared in
good faith based upon estimates and assumptions believed by the
Credit Parties to be reasonable at the time such information is so
furnished (it being understood that such information is not a
guarantee of financial or other performance and actual results may
differ therefrom and that such differences may be material). There
are no facts known to the Borrower or any Subsidiary (other than
matters of a general economic or industry-specific nature) that,
individually or in the aggregate, would reasonably be expected to
have a Material Adverse Effect and that have not been disclosed in
such documents, certificates, statements or other
information.

 

4.20. Collateral
Matters. The Pledge and Security Agreement, upon execution
and delivery thereof by the parties thereto, will create in favor
of the Collateral Agent, for the benefit of the Secured Parties, a
valid and enforceable security interest in the Collateral (as
defined therein) and (i) when the Collateral (as defined
therein) constituting certificated securities (as defined in the
UCC) is delivered to the Collateral Agent without “notice of
any adverse claims” (all within the meaning of the UCC),
together with instruments of transfer duly endorsed in blank, the
security interest created under the Pledge and Security Agreement
will constitute a fully perfected security interest in all right,
title and interest of the pledgors thereunder in such Collateral,
prior and superior in right to any other Person (subject to any
Pari Passu Intercreditor Agreement), and (ii) when financing
statements in appropriate form are filed in the applicable filing
offices, the security interest created under the Pledge and
Security Agreement will constitute a fully perfected security
interest in all right, title and interest of the Credit Parties in
the remaining Collateral (as defined therein) to the extent
perfection can be obtained by filing UCC financing statements,
prior and superior in right to any other Person, but subject to
Permitted Liens.

 

(a) Each Mortgage, upon
execution and delivery thereof by the parties thereto, will create
in favor of the Collateral Agent, for the benefit of the Secured
Parties, a legal, valid and enforceable security interest in all
the applicable mortgagor’s right, title and interest in and
to the Real Estate Asset subject thereto and the proceeds thereof,
and when the Mortgages have been filed in the jurisdictions
specified therein, the Mortgages will constitute fully perfected
security interests in all right, title and interest of the
mortgagors in the Real Estate Assets subject thereto and the
proceeds thereof, prior and superior in right to any other Person,
but subject to the Permitted Liens.

 

 

-123-

 

 

(b) Upon the
recordation of the Intellectual Property Security Agreements with
the United States Patent and Trademark Office or the United States
Copyright Office, as applicable, and the filing of the financing
statements referred to in Section 4.20(a), the security interest
created under the Pledge and Security Agreement will constitute a
fully perfected security interest in all right, title and interest
of the Credit Parties in the Intellectual Property in which a
security interest may be perfected by filing in the United States
Patent and Trademark Office or United States Copyright Office, in
each case prior and superior in right to any other Person, but
subject to Permitted Liens (it being understood that subsequent
recordings in the United States Patent and Trademark Office or the
United States Copyright Office may be necessary to perfect a
security interest in such Intellectual Property acquired by the
Credit Parties after the Closing Date).

 

(c) Each Collateral
Document, other than any Collateral Document referred to in the
preceding paragraphs of this Section 4.20, upon execution and
delivery thereof by the parties thereto and the making of the
filings and taking of the other actions provided for therein, will
be effective under applicable law to create in favor of the
Collateral Agent, for the benefit of the Secured Parties, a valid
and enforceable security interest in the Collateral subject
thereto, and will constitute a fully perfected security interest in
all right, title and interest of the Credit Parties in the
Collateral subject thereto to the extent perfection may be achieved
by making the filings and taking the other actions provided for
therein, prior and superior to the rights of any other Person,
except for rights secured by Permitted Liens.

 

4.21. Sanctioned
Persons; Anti-Corruption Laws; PATRIOT Act. None of the
Borrower or any of its Subsidiaries or any of their respective
directors, officers or, to the knowledge of the Borrower or any
Subsidiary, employees, agents or Affiliates is a Sanctioned Person
or otherwise the subject of any sanctions or economic embargoes
administered or enforced by the US Department of State or the
US Department of Treasury (including OFAC), the United Nations
Security Council, the European Union, any European Union member
state, Her Majesty’s Treasury of the United Kingdom or any
other applicable sanctions authority (collectively,
“Sanctions”, and
the associated laws, rules, regulations and orders, collectively,
“Sanctions
Laws”). Each of the Borrower and its Subsidiaries and
their respective directors, officers, and, to the knowledge of the
Borrower or any Subsidiary, employees, agents or Affiliates is in
compliance, in all material respects, with (a) all Sanctions
Laws, (b) the United States Foreign Corrupt Practices Act of 1977,
the Bribery Act 2010 of the United Kingdom and any other applicable
anti-bribery or anti-corruption laws, rules, regulations and orders
(collectively, “Anti-Corruption Laws”) and
(c) the PATRIOT Act and any other applicable terrorism and
money laundering laws, rules, regulations and orders. No part of
the proceeds of the Loans or Letters of Credit will be used,
directly or indirectly, (i) for the purpose of financing any
activities or business of or with any Person or in any country or
territory that at such time is the subject of any Sanctions, (ii)
for any payments to any governmental official or employee,
political party, official of a political party, candidate for
political office, or anyone else acting in an official capacity, in
order to obtain, retain or direct business or obtain any improper
advantage, in violation of any Anti-Corruption Law or (iii) in any
manner that would result in the violation of any Sanctions Laws
applicable to any party hereto.

 

4.22. Communications
Regulatory Matters.

 

(a) The businesses of the Borrower and its
Subsidiaries are being conducted in compliance with all
Communications Laws, except as would not, individually or in the
aggregate, reasonably be expected to have a Material Adverse
Effect. The Borrower and the Restricted Subsidiaries possess all
Licenses required to conduct their businesses in the ordinary
course, and all such Licenses are in full force and
effect.

 

 

-124-

 

 

(b) There is no
condition, event or occurrence existing, nor, to the knowledge of
the Borrower or any Subsidiary, is there any proceeding being
conducted or threatened by any Governmental Authority, which would
reasonably be expected to cause the termination, revocation,
forfeiture, suspension, cancellation, adverse modification or
non-renewal of any of the Licenses held by the Borrower or any
Subsidiary, or the imposition of any penalty or fine by any
Governmental Authority with respect to any such Licenses or the
Borrower or any Subsidiary, in each case which, individually or in
the aggregate, would reasonably be expected to have a Material
Adverse Effect.

 

(c) There is no (i)
outstanding decree, decision, judgment, or order that has been
issued by the FCC or a State PUC against the Borrower or any
Subsidiary or any License held by the Borrower or any Subsidiary or
(ii) notice of violation, order to show cause, complaint,
investigation, inquiry or other administrative or judicial
proceeding pending or, to the knowledge of the Borrower or any
Subsidiary, threatened by or before the FCC or a State PUC against
the Borrower, any Subsidiary or any License held by the Borrower or
any Subsidiary that, assuming an unfavorable decision, ruling or
finding, in the case of each of (i) or (ii) above, would,
individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect.

 

(d) Each of the
Borrower and the Subsidiaries have filed with the FCC and State
PUCs all necessary reports, documents, instruments, information or
applications required to be filed pursuant to the Communications
Laws, and have paid all fees, assessments and other charges
required to be paid pursuant to the Communications Laws, except as
would not, individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect.

 

(e) Except as has been
obtained or will be obtained prior to the Closing Date, no consent,
approval, authorization, order or waiver of, or filing with, the
FCC, the State PUCs or any other Governmental Authority is required
under the Communications Laws to be obtained or made by the
Borrower or any Subsidiary for (i) the execution, delivery and
performance of this Agreement or the other Credit Documents or (ii)
the consummation of the Merger and the other
Transactions.

 

SECTION
5. AFFIRMATIVE
COVENANTS

 

Until
the Commitments shall have expired or been terminated and the
principal of and interest on each Loan and all fees payable
hereunder shall have been paid in full and all Letters of Credit
shall have expired with no pending drawings or been terminated and
the Letter of Credit Usage shall have been reduced to zero, each
Credit Party covenants and agrees with the Agents, the Lenders and
the Issuing Banks that:

 

5.1. Financial
Statements and Other Reports. The Borrower will deliver to
the Administrative Agent and, where applicable, to the
Lenders:

 

 

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(a) Annual Financial Statements.
Commencing with the Fiscal Year ending December 31, 2018, as soon
as available, and in any event within 95 days after the end of
each Fiscal Year, the consolidated balance sheet of the Borrower
and the Subsidiaries as of the end of such Fiscal Year and the
related consolidated statements of operations, stockholders’
equity and cash flows of the Borrower and the Subsidiaries for such
Fiscal Year, setting forth in each case in comparative form the
corresponding figures for the previous Fiscal Year, together with a
report thereon of EisnerAmper LLP or an independent registered
public accounting firm of recognized national standing (which
report shall not contain a “going concern” or like
statement, qualification, exception or emphasis or any
qualification, exception or emphasis as to the scope of audit,
provided that such
report may contain a “going concern” statement solely
as a result of an impending maturity within 12 months of any Loans
or any Permitted Pari Passu Secured Indebtedness or any prospective
(but not actual) failure to comply with Section 6.7(a) or 6.7(c)),
and shall state that such consolidated financial statements present
fairly, in all material respects, the consolidated financial
position of the Borrower and its Subsidiaries as of the dates
indicated and the consolidated results of operations and cash flows
of the Borrower and its Subsidiaries for the periods indicated in
conformity with GAAP applied on a basis consistent with prior years
(except as otherwise disclosed in such financial statements) and
that the examination by such accounting firm in connection with
such consolidated financial statements has been made in accordance
with generally accepted auditing standards;

 

(b) Quarterly Financial Statements.
Commencing with the first such Fiscal Quarter ending after the
Closing Date, as soon as available, and in any event within
45 days after the end of each of the first three Fiscal
Quarters of each Fiscal Year, the consolidated balance sheet of the
Borrower and the Subsidiaries as of the end of such Fiscal Quarter
and the related consolidated statements of operations,
stockholders’ equity and cash flows of the Borrower and its
Subsidiaries for such Fiscal Quarter (in the case of such
statements of operations) and for the period from the beginning of
the then current Fiscal Year to the end of such Fiscal Quarter,
setting forth in each case in comparative form the corresponding
figures for the corresponding periods of (or, in the case of the
balance sheet, as of the end of) the previous Fiscal Year, together
with a Financial Officer Certification with respect
thereto;

 

(c) Compliance Certificate and
Unrestricted Subsidiary Reconciliation Statements. Together
with each delivery of the consolidated financial statements of the
Borrower and its Subsidiaries pursuant to Section 5.1(a) or 5.1(b),
a completed Compliance Certificate executed by the chief financial
officer of the Borrower and, if any Subsidiary shall be an
Unrestricted Subsidiary, with respect to each such financial
statement an Unrestricted Subsidiary Reconciliation Statement
(which may be in a footnote form), which shall be accompanied by a
Financial Officer Certification;

 

(d) Statements of Reconciliation after
Change in Accounting Principles. If, as a result of any
change in GAAP or in the application thereof since the date of the
most recent balance sheet delivered pursuant to Section 5.1(a)
or 5.1(b) (or, prior to the first such delivery, since December 31,
2017), the consolidated financial statements of the Borrower
delivered pursuant to Section 5.1(a) or 5.1(b) will differ in any
material respect from the consolidated financial statements that
would have been delivered pursuant to such Section had no such
change occurred, then, together with the first delivery of such
financial statements after such change, one or more statements of
reconciliation specifying in reasonable detail the effect of such
change on such financial statements, including those for the prior
period;

 

 

-126-

 

 

(e) Notice of Default and Material Adverse
Effect. Promptly upon any officer of the Borrower or any
Restricted Subsidiary obtaining knowledge of any event or condition
set forth below, a certificate of an Authorized Officer of the
Borrower setting forth the details of such event or condition and
any action the Borrower or any Restricted Subsidiary has taken, is
taking or proposes to take with respect thereto:

 

(i) the occurrence of
any Default or Event of Default; or

 

(ii) any
event or condition that has had, or would reasonably be expected to
have, individually or in the aggregate, a Material Adverse
Effect;

 

(f) Notice of Adverse Proceedings.
Promptly upon any officer of the Borrower or any Restricted
Subsidiary obtaining knowledge of (i) any Adverse Proceeding that
would reasonably be expected to have a Material Adverse Effect or
that in any manner questions the validity or enforceability of
any of the Credit Documents or otherwise involves any of the Credit
Documents or (ii) any material and adverse development in any
Adverse Proceeding referred to in clause (i) above, in each case
where such development has not previously been disclosed in writing
by the Borrower to the Administrative Agent and the Lenders, a
certificate of an Authorized Officer of the Borrower setting forth
the details of such Adverse Proceeding or development;

 

(g) [Reserved];

 

(h) Employee Benefit Plans. (i)
Promptly upon any officer of the Borrower or any Restricted
Subsidiary obtaining knowledge of the occurrence of any ERISA Event
or Foreign Plan Event, a written notice specifying the nature
thereof, what action the Borrower, any Restricted Subsidiary or any
of their respective ERISA Affiliates has taken, is taking or
proposes to take with respect thereto and, when known, any action
taken or threatened by the IRS, the Department of Labor, the PBGC
or any other Governmental Authority with respect thereto; and
(ii) with reasonable promptness after written request by the
Administrative Agent, copies of (A) all material written
notices received by the Borrower, any Restricted Subsidiary or any
of their respective ERISA Affiliates from a Multiemployer Plan
sponsor concerning an ERISA Event and (B) copies of such other
material documents or governmental reports or filings relating to
any Employee Benefit Plan with respect to which such ERISA Event
has occurred as the Administrative Agent may reasonably request in
writing;

 

(i) Financial Plan. As soon as
available and in any event no later than 120 days after the
beginning of each Fiscal Year, a consolidated plan and financial
forecast for such Fiscal Year, including (i) a forecasted
consolidated balance sheet and forecasted consolidated statements
of comprehensive income and cash flows of the Borrower and the
Subsidiaries for such Fiscal Year, and an explanation of the
assumptions on which such forecasts are based, and (ii) forecasted
consolidated statements of comprehensive income and cash flows of
the Borrower and the Subsidiaries for each Fiscal Quarter of such
Fiscal Year;

 

(j) Information Regarding Credit Parties
and Collateral. Prompt written notice of any change in
(i) any Credit Party’s legal name, (ii) any Credit
Party’s form of organization, (iii) any Credit
Party’s jurisdiction of organization, (iv) the location of
the chief executive office of any Credit Party and (v) any
Credit Party’s Federal Taxpayer Identification Number or
state organizational identification number;

 

 

-127-

 

 

(k) Collateral Verification.
Commencing with the Fiscal Year ending December 31, 2018, together
with each delivery of the consolidated financial statements of the
Borrower and its Subsidiaries pursuant to Section 5.1(a), a
completed Supplemental Collateral Questionnaire executed by an
Authorized Officer of the Borrower, together with all attachments
contemplated thereby;

 

(l) Filed or Distributed
Information. Promptly upon their becoming available, copies
of all regular and periodic reports and all registration statements
and prospectuses, if any, filed by the Borrower or any Restricted
Subsidiary with the SEC or any Governmental Authority performing
similar functions;

 

(m) Notice of Modifications of Junior
Indebtedness Documents. Promptly upon the effectiveness
thereof, notice of any execution and delivery of any credit
agreement, indenture or other agreement or instrument evidencing or
governing the rights of the holders of any Junior Indebtedness or
of any amendment, waiver or other modification of any such credit
agreement, indenture or other agreement or instrument, together
with a copy thereof; and

 

(n) Other Information. Promptly
after any request therefor, such other information regarding the
business, operations, assets, liabilities (including contingent
liabilities) and condition (financial or otherwise) of the Borrower
or any Subsidiary, or compliance with the terms of any Credit
Document, as the Administrative Agent or any Lender (through the
Administrative Agent) may reasonably request.

 

The
Borrower and each Lender acknowledge that certain of the Lenders
may be Public Lenders and, if documents or notices required to be
delivered pursuant to this Section 5.1 or otherwise are being
distributed through the Platform, any document or notice that the
Borrower has indicated contains Private-Side Information will not
be posted on the portion of the Platform that is designated for
Public Lenders, provided that the Borrower
shall make any disclosure required so that each Unrestricted
Subsidiary Reconciliation Statement shall be suitable for
distribution to Public Lenders. The Borrower agrees to clearly
designate all information provided to any Agent by or on behalf of
any Credit Party that contains only Public-Side Information, and by
doing so shall be deemed to have represented that such information
contains only Public-Side Information. If the Borrower has not
indicated whether a document or notice delivered pursuant to this
Section 5.1 contains Private-Side Information, the Administrative
Agent reserves the right to post such document or notice solely on
the portion of the Platform that is designated for Private
Lenders.

 

Information
required to be delivered pursuant to Section 5.1(a), 5.1(b) or
5.1(l) shall be deemed to have been delivered if such information,
or one or more annual or quarterly reports containing such
information, shall have been posted by the Administrative Agent on
the Platform or shall be available on the website of the SEC at
http://www.sec.gov or on the website of the Borrower at
http://www.fusionconnect.com, provided, in each case, that
the Borrower has notified the Administrative Agent that such
information is available on such website and, if requested by the
Administrative Agent, shall have provided hard copies to the
Administrative Agent. Information required to be delivered pursuant
to this Section 5.1 may also be delivered by electronic
communications pursuant to procedures approved by the
Administrative Agent. The Administrative Agent shall have no
obligation to request the delivery of or to maintain paper copies
of the documents referred to above, and in any event shall have no
responsibility to monitor compliance by the Borrower with this
Section 5.1. Each Lender shall be solely responsible for timely
accessing posted documents and maintaining its copies of such
documents.

 

 

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5.2. Existence,
Licenses, Etc. The Borrower and each Restricted Subsidiary
will at all times preserve and keep in full force and effect (a)
its existence and (b) all rights, franchises, licenses (including
all Licenses) and permits necessary for the ordinary conduct of the
business of the Borrower and the Restricted Subsidiaries;
provided that
(i) other than in the case of clause (a) above with respect to
the Borrower, the foregoing shall not apply to the extent the
failure to do so would not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect and (ii)
the foregoing shall not prohibit any transaction permitted under
Section 6.8.

 

5.3. Payment
of Taxes. The Borrower and each Subsidiary will pay all
Taxes imposed upon it or any of its properties prior to the time
when any penalty or fine shall be incurred with respect thereto;
provided that no
such Tax need be paid if (a) it is being contested in good
faith by appropriate proceedings promptly instituted and diligently
conducted so long as an adequate reserve or other appropriate
provision, as shall be required in conformity with GAAP, shall have
been made therefor or (b) the failure to make such payment
would not, individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect.

 

5.4. Maintenance
of Properties. The Borrower and each Restricted Subsidiary
will maintain or cause to be maintained in good repair, working
order and condition, ordinary wear and tear excepted, all
properties used or useful in the business of the Borrower and the
Restricted Subsidiaries and from time to time will make or cause to
be made all appropriate repairs, renewals and replacements thereof,
in each case except where the failure to do so would not,
individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect.

 

(a) The Borrower and
each Restricted Subsidiary will take all actions reasonably
necessary to protect all Intellectual Property used or useful in
the business of the Borrower and the Restricted Subsidiaries,
including (i) protecting the secrecy and confidentiality of the
confidential information and trade secrets of the Borrower and each
Restricted Subsidiary by having and enforcing a policy requiring
all employees, consultants, licensees, vendors and contractors to
execute confidentiality agreements, (ii) taking all actions
reasonably necessary to ensure that none of the trade secrets of
the Borrower and any Restricted Subsidiary shall fall or has fallen
into the public domain and (iii) protecting the secrecy and
confidentiality of the source code of all computer software
programs and applications owned or licensed by the Borrower and any
Restricted Subsidiary by having and enforcing a policy requiring
any licensees of such source code (including any licensees under
any source code escrow agreement) to enter into license agreements
with appropriate use and nondisclosure restrictions, except in each
case where the failure to take any such action, individually or in
the aggregate, would not reasonably be expected to have a Material
Adverse Effect.

 

5.5. Insurance.
The Borrower and the Restricted Subsidiaries will maintain or cause
to be maintained, with financially sound and reputable insurance
companies, such public liability insurance, third-party property
damage insurance, business interruption insurance and casualty
insurance with respect to liabilities, losses or damage in respect
of the assets and businesses of the Borrower and the Restricted
Subsidiaries as may customarily be carried or maintained under
similar circumstances by Persons of established reputation engaged
in the same or similar businesses operating in the same or similar
locations, in each case in such amounts (with no greater risk
retention), covering such risks and otherwise on such terms and
conditions as shall be customary for such Persons. Without limiting
the generality of the foregoing, the Borrower and the Restricted
Subsidiaries will maintain or cause to be maintained, with
financially sound and reputable insurance companies, flood
insurance with respect to each Flood Hazard Property that is
located in a community that participates in the Flood Program, in
each case in compliance with any applicable regulations of the
Board of Governors or other applicable law. Each such policy of
insurance maintained by or on behalf of the Credit Parties shall
(a) in the case of liability insurance policies (other than
workers’ compensation and other policies for which such
endorsements are not customary), name the Collateral Agent, for the
benefit of the Secured Parties, as an additional insured thereunder
and (b) in the case of business interruption and casualty insurance
policies, contain a lender’s loss payable clause or
endorsement, reasonably satisfactory in form and substance to the
Collateral Agent, that names the Collateral Agent, for the benefit
of the Secured Parties, as the lender’s loss payee
thereunder, and shall provide that it shall not be canceled or not
renewed (i) by reason of nonpayment of premium upon not less than
10 days’ prior written notice thereof by the insurer to the
Collateral Agent (giving the Collateral Agent the right to cure
defaults in the payment of premiums) or (ii) for any other reason
upon not less than 30 days’ (or such shorter number of days
as may be agreed to by the Collateral Agent or as may be the
maximum number of days permitted by applicable law) prior written
notice thereof by the insurer to the Collateral Agent.

 

 

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5.6. Books
and Records; Inspections. The Borrower and each Restricted
Subsidiary will keep proper books of record and accounts in which
full, true and correct entries in conformity in all material
respects with GAAP and applicable law are made of all dealings and
transactions in relation to its business and activities. The
Borrower and each Restricted Subsidiary will permit the
Administrative Agent or any Lender (pursuant to a request made
through the Administrative Agent) (or their authorized
representatives, agents or advisors) to visit and inspect any of
its properties, to examine, copy and make extracts from its
financial and accounting records and to discuss its business,
operations, assets, liabilities (including contingent liabilities)
and condition (financial or otherwise) with its officers and
independent registered public accounting firm, all upon reasonable
notice and at such reasonable times during normal business hours
and as often as may reasonably be requested; provided, that so long as no
Default or Event of Default has occurred and is continuing such
visits and inspections to be limited to not more than one visit and
inspection for the Administrative Agent and all Lenders
(coordinated through the Administrative Agent) in any Fiscal
Year.

 

5.7. Lenders
Meetings. The Borrower will, upon the request of the
Administrative Agent or the Requisite Lenders, participate in a
telephonic conference with the Administrative Agent and Lenders
once during each Fiscal Quarter to be held at such time as may be
agreed to by the Borrower and the Administrative
Agent.

 

5.8. Compliance
with Laws. The Borrower and each Restricted Subsidiary will
comply with all applicable laws (including all Environmental Laws
and all orders of any Governmental Authorities), except (a) in
the case of Sanctions Laws, the PATRIOT Act and other applicable
anti-terrorism and money laundering laws and Anti-Corruption Laws,
where failure to comply, individually or in the aggregate, is not
material and (b) otherwise, where failure to comply,
individually or in the aggregate, would not reasonably be expected
to have a Material Adverse Effect.

 

5.9. Environmental
Matters. Environmental Disclosure. The
Borrower will deliver to the Administrative Agent and the Lenders,
promptly upon the occurrence thereof, written notice describing in
reasonable detail (i) any material Release required to be
reported to any Governmental Authority under any applicable
Environmental Laws, (ii) any remedial action taken by the
Borrower, any Restricted Subsidiary or any other Person in response
to any Release of Hazardous Materials Activities or any
Environmental Liability that, individually or in the aggregate,
would reasonably be expected to have a Material Adverse Effect,
(iii) the Borrower or any Restricted Subsidiary obtaining
knowledge of any occurrence or condition on any Material Real
Estate Asset that would cause any Facility or any part thereof to
be subject to any material restrictions on the ownership,
occupancy, transferability or use thereof under any Environmental
Laws, and (iv) any Environmental Liability involving the
Borrower or any Restricted Subsidiary that, individually or in the
aggregate, would reasonably be expected to have a Material Adverse
Effect.

 

(a) Environmental Response. The
Borrower will, and will cause each Restricted Subsidiary to, take
promptly any and all actions necessary to (i) cure any violation of
applicable Environmental Laws by the Borrower or any Restricted
Subsidiary that would reasonably be expected to have, individually
or in the aggregate, a Material Adverse Effect and (ii) make an
appropriate response to any claim pursuant to Environmental Law
against the Borrower or any Restricted Subsidiary and discharge any
obligations it may have to any Person thereunder where failure to
do so would reasonably be expected to have, individually or in the
aggregate, a Material Adverse Effect.

 

 

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5.10. Subsidiaries.
If any Person becomes a Restricted Subsidiary of the Borrower (or
any Subsidiary of the Borrower not theretofore a Designated
Subsidiary becomes a Designated Subsidiary, including as a result
of a designation of any Unrestricted Subsidiary as a Restricted
Subsidiary or any Subsidiary becoming a Material Subsidiary), the
Borrower will, as promptly as practicable, and in any event within
30 days (or such longer period as the Administrative Agent may
agree to in writing), notify the Administrative Agent in writing
thereof and cause the Collateral and Guarantee Requirement to be
satisfied with respect to such Restricted Subsidiary (if such
Restricted Subsidiary is a Designated Subsidiary) and with respect
to any Equity Interests in or Indebtedness of such Restricted
Subsidiary owned by any Credit Party.

 

5.11. Additional
Collateral. The Borrower will furnish to the Administrative
Agent prompt written notice of (a) the acquisition by any
Credit Party of a Material Real Estate Asset after the Closing Date
and (b) the acquisition by any Credit Party of any other
material assets (other than any assets constituting Excluded
Property) after the Closing Date, other than any such assets
constituting Collateral under the Collateral Documents in which the
Collateral Agent shall have a valid, legal and perfected security
interest (with the priority contemplated by the applicable
Collateral Document) upon the acquisition thereof. The Borrower
will, as promptly as practicable and in any event within 60 days
(or such longer period as the Administrative Agent may agree to in
writing), cause the requirements of clause (g) of the Collateral
and Guarantee Requirement to be satisfied with respect to such
Material Real Estate Asset.

 

5.12. Further
Assurances. Each Credit Party will execute any and all
further documents, financing statements, agreements and
instruments, and take any and all further actions (including the
filing and recording of financing statements, fixture filings,
mortgages, deeds of trust and other documents), that may be
required under any applicable law, or that the Administrative Agent
or the Collateral Agent may reasonably request, to cause the
Collateral and Guarantee Requirement to be and remain satisfied at
all times (to the extent applicable, subject to the grace periods
set forth in Sections 5.10 and 5.11) or otherwise to effectuate the
provisions of the Credit Documents, all at the expense of the
Credit Parties. The Borrower will provide to the Administrative
Agent and the Collateral Agent, from time to time upon request,
evidence reasonably satisfactory to the Administrative Agent or the
Collateral Agent, as applicable, as to the perfection and priority
of the Liens created or intended to be created by the Collateral
Documents.

 

5.13. Maintenance
of Ratings. The Borrower will use commercially reasonable
efforts to maintain continuously a public corporate family rating
(or comparable public ratings) from Moody’s and a public
corporate credit rating (or comparable public rating) from S&P,
in each case in respect of the Borrower, and a public credit rating
from each of Moody’s and S&P in respect of the Tranche A
Term Loans and the Tranche B Term Loans (in each case, with no
requirement as to any minimum rating).

 

5.14. Use
of Proceeds. The Borrower and the other Restricted
Subsidiaries will use the proceeds of the Loans made and the
Letters of Credit issued hereunder solely for the purposes set
forth in Section 2.5 and in compliance with
Section 4.15(b).

 

(a) The Borrower will
not request any Loans or Letters of Credit and no part of the
proceeds of the Loans or Letters of Credit will be used, directly
or indirectly, (i) for the purpose of financing any activities or
business of or with any Person or in any country or territory that
at such time is the subject of any Sanctions, (ii) for any payments
to any governmental official or employee, political party, official
of a political party, candidate for political office, or anyone
else acting in an official capacity, in order to obtain, retain or
direct business or obtain any improper advantage, in violation of
any Anti-Corruption Law or (iii) in any manner that would result in
the violation of any Sanctions Laws applicable to any party
hereto.

 

 

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5.15. Post-Closing
Matters. The Credit Parties shall satisfy each of the
requirements set forth in the Post-Closing Letter Agreement on or
before the date specified in the Post-Closing Letter Agreement for
each such requirement, or such later date as may be permitted with
respect thereto pursuant to the terms of the Post-Closing Letter
Agreement.

 

5.16. Vector
Subordinated Note Cash Collateral Account. The Borrower
shall establish the Vector Subordinated Note Cash Collateral
Account and cause the Vector Subordinated Note Cash Collateral
Account to be subject to the Vector Subordinated Note Cash
Collateral Control Agreement, in each case, in accordance with the
requirements of the Post-Closing Letter Agreement. On the date of
receipt by the Borrower or any Subsidiary of any Vector
Subordinated Note Collateral consisting of Cash or Cash
Equivalents, the Borrower shall notify the Administrative Agent in
writing of such receipt and shall cause an amount equal to such
Cash or Cash Equivalents to be deposited into the Vector
Subordinated Note Cash Collateral Account, and prior to such
deposit, shall hold such Cash or Cash Equivalents in trust for the
benefit of the Collateral Agent and the other Secured Parties;
provided that the
Borrower shall not be required to comply with the foregoing
requirements of this sentence in respect of any such Vector
Subordinated Note Collateral if on the date of receipt of such
Vector Subordinated Note Collateral (a) no Default or Event of
Default shall have occurred and be continuing, (b) the Total
Leverage Ratio shall be less than 2.50:1.00, determined as of the
last day of the then most recently ended Test Period, and (c) the
Borrower shall have delivered to the Administrative Agent a
certificate of an Authorized Officer of the Borrower certifying
that the requirements set forth in clauses (a) and (b) above
have been satisfied and including reasonably detailed calculations
demonstrating satisfaction of the requirement set forth in clause
(b) above.

 

SECTION
6. NEGATIVE
COVENANTS

 

Until
the Commitments shall have expired or been terminated and the
principal of and interest on each Loan and all fees payable
hereunder shall have been paid in full and all Letters of Credit
shall have expired with no pending drawings or been terminated and
the Letter of Credit Usage shall have been reduced to zero, each
Credit Party covenants and agrees with the Agents, the Lenders and
the Issuing Banks that:

 

6.1. Indebtedness.
Neither the Borrower nor any Restricted Subsidiary will, directly
or indirectly, incur or remain liable with respect to any
Indebtedness, except:

 

(a) Indebtedness
created under the Credit Documents, including pursuant to
Sections 2.23, 2.24 or 2.25;

 

(b) Indebtedness of the
Borrower or any Restricted Subsidiary owing to the Borrower or any
Restricted Subsidiary; provided that (i) such
Indebtedness shall not have been transferred to any Person other
than the Borrower or any Restricted Subsidiary, (ii) such
Indebtedness shall be evidenced by the Intercompany Note, and, if
owing to a Credit Party, shall have been pledged pursuant to the
Pledge and Security Agreement, (iii) such Indebtedness owing
by a Credit Party to a Restricted Subsidiary that is not a Credit
Party shall be unsecured and subordinated in right of payment to
the payment in full of the Obligations pursuant to the terms of the
Intercompany Indebtedness Subordination Agreement and
(iv) such Indebtedness is permitted as an Investment under
Section 6.6(d);

 

(c) Guarantees incurred
in compliance with Section 6.6(e);

 

(d) Indebtedness
existing on the date hereof and set forth on Schedule 6.1 and
Refinancing Indebtedness in respect thereof;

 

 

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(e) (i) Indebtedness
of the Credit Parties under the Second Lien Credit Agreement (or
under any documents governing Second Lien Permitted Incremental
Equivalent Indebtedness) in an aggregate principal amount at any
time outstanding, when taken together with the aggregate principal
amount of Refinancing Indebtedness outstanding pursuant to clause
(ii) below, not to exceed the sum of (A) $85,000,000,
plus (B) the
aggregate principal amount of Indebtedness that may be incurred
pursuant to Section 2.23 of the Second Lien Credit Agreement (or
any comparable successor provision); provided that if the Second
Lien Credit Agreement is amended, modified, waived or supplemented
or replaced following the Closing Date, this clause (B) shall
in no event allow on any date of determination an aggregate
principal amount of Indebtedness to be incurred pursuant to this
clause (B) that is in excess of the aggregate principal amount
that could have been incurred on such date pursuant to the
provisions of Section 2.23 in the Second Lien Credit Agreement as
in effect on the Closing Date; provided that, in the case of
any Indebtedness incurred under this clause (e)(i), (I) such
Indebtedness shall constitute Permitted Junior Lien Secured
Indebtedness or Permitted Unsecured Indebtedness, (II) the
stated final maturity of such Indebtedness shall not be earlier
than 91 days after the latest Maturity Date in effect on the date
such Indebtedness is incurred, (III) the weighted average life to
maturity of any such Indebtedness shall be no shorter than the
longest remaining weighted average life to maturity of any Class of
Term Loans outstanding as of the date of the incurrence thereof
(and, for purposes of determining the weighted average life to
maturity of any such Class of Term Loans, the effects of any
prepayments made prior to the date of the determination shall be
disregarded), (IV) such Indebtedness satisfies the Specified
Permitted Indebtedness Documentation Requirements and (V) other
than in the case of any such Indebtedness incurred under the Second
Lien Credit Agreement on the Closing Date, the Administrative Agent
shall have received a certificate, dated the date such Indebtedness
is incurred and signed by an Authorized Officer of the Borrower,
confirming compliance with the conditions set forth in clause (i)
above and, if such Indebtedness or any portion thereof is being
incurred in reliance on clause (i)(B) above, setting forth a
reasonably detailed calculation of the amount of Indebtedness
permitted to be incurred under such clause; and (ii) Refinancing
Indebtedness in respect of any Indebtedness permitted under clause
(i) above or under this clause (ii);

 

(f) (i) Indebtedness of
the Borrower or any Restricted Subsidiary (A) incurred to finance
the acquisition, construction or improvement of any fixed or
capital assets of the Borrower or any Restricted Subsidiary,
including Capital Lease Obligations, provided that such Indebtedness
is incurred prior to or within 180 days after such acquisition or
the completion of such construction or improvement and the
principal amount of such Indebtedness does not exceed the cost of
acquiring, constructing or improving such fixed or capital assets,
or (B) assumed in connection with the acquisition of any fixed
or capital assets of the Borrower or any Restricted Subsidiary,
provided, in the
case of this clause (i), that at the time of incurrence of such
Indebtedness and after giving Pro Forma Effect thereto and the use
of the proceeds thereof, the aggregate principal amount of
Indebtedness then outstanding under this clause (i), together with
the aggregate principal amount of Refinancing Indebtedness then
outstanding under clause (ii) below and with the aggregate
principal amount of Capital Lease Obligations outstanding under
Section 6.1(n), shall not exceed the greater of (x)
$35,000,000 and (y) 7.0% of Consolidated Total Assets as of the
last day of the then most recently ended Test Period; and (ii) any
Refinancing Indebtedness in respect of any Indebtedness permitted
under clause (i) above or under this clause (ii);

 

 

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(g) (i) Indebtedness of
any Person that becomes (other than as a result of a redesignation
of an Unrestricted Subsidiary) a Restricted Subsidiary (or of any
Person not previously a Subsidiary that is merged or consolidated
with or into a Restricted Subsidiary in a transaction permitted
hereunder) after the date hereof, or Indebtedness of any Person
that is assumed or incurred by the Borrower or any Restricted
Subsidiary after the date hereof in connection with an Acquisition
permitted hereunder consummated by the Borrower or any Restricted
Subsidiary after the date hereof (other than the Specified
Acquisition), provided, in the case of this
clause (i), that at the time of the Borrower or any Restricted
Subsidiary becoming liable with respect to such Indebtedness
(whether as a result of such Person becoming a Restricted
Subsidiary (or such merger or consolidation) or such assumption),
and after giving Pro Forma Effect thereto and the use of the
proceeds thereof, the aggregate principal amount of Indebtedness
then outstanding under this clause (i), together with the aggregate
principal amount of Refinancing Indebtedness then outstanding under
clause (ii) below, shall not exceed the greater of
(x) $25,000,000 and (y) 5.0% of Consolidated Total Assets as
of the last day of the then most recently ended Test Period; and
(ii) any Refinancing Indebtedness in respect of any Indebtedness
permitted under clause (i) above or under this clause (ii);
provided
further that the
aggregate principal amount of all Indebtedness outstanding under
this clause (g) incurred by Restricted Subsidiaries that are not
Credit Parties, when aggregated with the aggregate principal amount
of all Indebtedness of Restricted Subsidiaries that are not Credit
Parties outstanding under Section 6.1(o), shall not at any
time exceed $10,000,000;

 

(h) so long as, after
giving Pro Forma Effect to the incurrence of such Indebtedness and
the use of proceeds thereof (but without netting the Cash proceeds
of such Indebtedness (and any other Indebtedness incurred
substantially concurrently therewith), no Event of Default shall
have occurred and be continuing and the Borrower shall be in
compliance with the financial covenant set forth in Section 6.7(a),
determined as of the last day of the then most recently ended Test
Period (provided
that to the extent the proceeds of such Indebtedness are intended
to be applied to finance a Limited Conditionality Transaction, at
the option of the Borrower, the foregoing conditions may be tested
in accordance with Section 1.5), (i) Permitted Pari Passu
Secured Indebtedness, Permitted Junior Lien Secured Indebtedness
and Permitted Unsecured Indebtedness; provided that (A) the aggregate
amount of Indebtedness incurred under this clause (h)(i) on
any date shall not exceed the Incremental Amount as of such date,
(B) the stated final maturity of such Indebtedness shall not be
earlier than the latest Maturity Date in effect on the date such
Indebtedness is incurred, (C) the weighted average life to maturity
of any such Indebtedness shall be no shorter than the longest
remaining weighted average life to maturity of any Class of Term
Loans outstanding as of the date of the incurrence thereof (and,
for purposes of determining the weighted average life to maturity
of any such Class of Term Loans, the effects of any prepayments
made prior to the date of the determination shall be disregarded),
(D) in the case of Permitted Pari Passu Secured Indebtedness,
the Weighted Average Yield, determined as of the date of incurrence
of such Indebtedness, shall not be greater than the Weighted
Average Yield with respect to the Tranche B Term Loans, determined
as of such date (giving effect to any amendments to the Weighted
Average Yield on the Tranche B Term Loans that became effective
subsequent to the Closing Date but prior to such date, but
excluding the effect of any increase in interest margins with
respect thereto pursuant to this clause (D)), plus 0.50% per annum
unless the Applicable Rate (together with, as provided in the
proviso below, the Adjusted Eurodollar Rate and Base Rate floors)
with respect to the Tranche B Term Loans is increased, or fees to
Lenders then holding the Tranche B Term Loans are paid, so as to
cause the Weighted Average Yield with respect to the Tranche B Term
Loans to equal the Weighted Average Yield with respect to such
Indebtedness minus 0.50%, provided that any increase in
the effective Weighted Average Yield with respect to the Tranche B
Term Loans due to the application of an Adjusted Eurodollar Rate or
Base Rate floor to such Indebtedness shall be effected solely
through an increase in the Adjusted Eurodollar Rate or Base Rate
floor applicable to the Tranche B Term Loans and only to the extent
an increase in such floor with respect to the Tranche B Term Loans
would cause an increase in the interest rate then in effect with
respect thereto, (E) such Indebtedness satisfies the Specified
Permitted Indebtedness Documentation Requirements and (F) the
Administrative Agent shall have received a certificate, dated the
date such Indebtedness is incurred and signed by an Authorized
Officer of the Borrower, confirming the absence of Events of
Default as required above and compliance with the conditions set
forth in clause (A) above, setting forth a reasonably detailed
calculation of compliance with Section 6.7(a) on a Pro Forma
Basis and, if such Indebtedness or any portion thereof is being
incurred in reliance on clause (b) of the definition of the term
“Incremental Amount”, setting forth a reasonably
detailed calculation of the Incremental Amount under such clause;
provided
further that such
Indebtedness may be incurred in the form of a bridge or other
interim credit facility intended to be extended, renewed or
refinanced with Long-Term Indebtedness (and such bridge or other
interim credit facility shall be deemed to satisfy clauses (B) and
(C) above so long as (x) such credit facility includes customary
“rollover” provisions that are subject to no conditions
precedent other than (I) the occurrence of the date specified for
the “rollover” and (II) that no payment or bankruptcy
event of default shall have occurred and be continuing and (y)
assuming such credit facility were to be extended pursuant to such
“rollover” provisions, such extended credit facility
would comply with clauses (B) and (C) above); and (ii) any
Refinancing Indebtedness in respect of any Indebtedness permitted
under clause (i) above or under this clause (ii);

 

 

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(i) so long as, after
giving Pro Forma Effect to the incurrence of such Indebtedness and
the use of proceeds thereof (but without netting the Cash proceeds
of such Indebtedness (and any other Indebtedness incurred
substantially concurrently therewith), no Event of Default shall
have occurred and be continuing and the Borrower shall be in
compliance with the financial covenant set forth in Section 6.7(a),
determined as of the last day of the then most recently ended Test
Period, (i) Permitted Pari Passu Secured Indebtedness,
Permitted Junior Lien Secured Indebtedness and Permitted Unsecured
Indebtedness that, in each case, refinances, in whole or in part,
any Term Loans; provided that (A) the original
aggregate principal amount of such Indebtedness shall not exceed
the aggregate principal amount of such Term Loans being refinanced
(except by an amount no greater than accrued and unpaid interest on
such Term Loans, any original issue discount or upfront fees
applicable to such Indebtedness and any reasonable fees, premiums
and expenses relating to such refinancing), (B) the stated final
maturity of such Indebtedness shall not be earlier than the
Maturity Date of the Class of Term Loans being refinanced in effect
at the time such Indebtedness is incurred, (C) the weighted
average life to maturity of such Indebtedness (if other than in the
form of revolving loans) shall be no shorter than the remaining
weighted average life to maturity of the Class of Term Loans being
refinanced (and, for purposes of determining the weighted average
life to maturity of such Class of Term Loans being refinanced, the
effects of any prepayments made prior to the date of the
determination shall be disregarded), (D) in the case of Permitted
Pari Passu Secured Indebtedness (and only if, after giving effect
to any substantially concurrent refinancing of Term Loans, any
Tranche B Term Loans shall remain outstanding), the Weighted
Average Yield, determined as of the date of incurrence of such
Indebtedness, shall not be greater than the Weighted Average Yield
with respect to the Tranche B Term Loans, determined as of such
date (giving effect to any amendments to the Weighted Average Yield
on the Tranche B Term Loans that became effective subsequent to the
Closing Date but prior to such date, but excluding the effect of
any increase in interest margins with respect thereto pursuant to
this clause (D)), plus 0.50% per annum unless the Applicable Rate
(together with, as provided in the proviso below, the Adjusted
Eurodollar Rate and Base Rate floors) with respect to the Tranche B
Term Loans is increased, or fees to Lenders then holding the
Tranche B Term Loans are paid, so as to cause the Weighted Average
Yield with respect to the Tranche B Term Loans to equal the
Weighted Average Yield with respect to such Indebtedness minus
0.50%, provided
that any increase in the effective Weighted Average Yield with
respect to the Tranche B Term Loans due to the application of an
Adjusted Eurodollar Rate or Base Rate floor to such Indebtedness
shall be effected solely through an increase in the Adjusted
Eurodollar Rate or Base Rate floor applicable to the Tranche B Term
Loans and only to the extent an increase in such floor with respect
to the Tranche B Term Loans would cause an increase in the interest
rate then in effect with respect thereto, (E) such Term Loans being
refinanced shall be repaid or prepaid substantially concurrently on
the date such Indebtedness is incurred, (F) such Indebtedness
satisfies the Specified Permitted Indebtedness Documentation
Requirements and (G) the Administrative Agent shall have received a
certificate, dated the date such Indebtedness is incurred and
signed by an Authorized Officer of the Borrower, confirming the
absence of Events of Default as required above and setting forth a
reasonably detailed calculation of compliance with
Section 6.7(a) on a Pro Forma Basis; provided further that such Indebtedness
may be incurred in the form of a bridge or other interim credit
facility intended to be extended, renewed or refinanced with
Long-Term Indebtedness (and such bridge or other interim credit
facility shall be deemed to satisfy clauses (B) and (C) above so
long as (x) such credit facility includes customary
“rollover” provisions that are subject to no conditions
precedent other than (I) the occurrence of the date specified for
the “rollover” and (II) that no payment or bankruptcy
event of default shall have occurred and be continuing and
(y) assuming such credit facility were to be extended pursuant
to such “rollover” provisions, such extended credit
facility would comply with clauses (B) and (C) above); and
(ii) any Refinancing Indebtedness in respect of any
Indebtedness permitted under clause (i) above or under this clause
(ii);

 

 

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(j) to the extent
constituting Indebtedness, indemnification obligations (other than
in respect of any Indebtedness) incurred in connection with any
Acquisition or other Investment permitted by Section 6.6 or any
Disposition permitted by Section 6.8;

 

(k) Indebtedness in
respect of netting services, overdraft protections and otherwise
arising from treasury, depository and cash management services or
in connection with any automated clearing-house transfers of funds,
overdraft or any similar services, in each case in the ordinary
course of business;

 

(l) Indebtedness in
respect of letters of credit, bank guarantees and similar
instruments issued for the account of the Borrower or any
Restricted Subsidiary in the ordinary course of business supporting
obligations of the Borrower or any Restricted Subsidiary (i) under
workers’ compensation, unemployment insurance, health,
disability or other employee benefits and other social security
laws and (ii) under bids, trade contracts, leases (other than
Capital Lease Obligations), supply and service agreements with
vendors, statutory obligations, surety, litigation and appeal
bonds, performance bonds and obligations of a like
nature;

 

(m) Indebtedness of the
Borrower or any other Credit Party in the form of purchase price
adjustments, earnouts, deferred compensation or other similar
arrangements incurred in connection with any Acquisition
consummated prior to the Closing Date or any Acquisition
consummated after the Closing Date that is permitted by Section
6.6; provided that
such Indebtedness is not secured by any Liens on the assets of the
Borrower or any Restricted Subsidiary;

 

(n) Capital Lease
Obligations arising under any Sale/Leaseback Transaction incurred
in compliance with Section 6.9, provided that at the time of
the consummation of such Sale/Leaseback Transaction and after
giving Pro Forma Effect thereto and the use of the proceeds
thereof, (i) the aggregate principal amount of Indebtedness then
outstanding under this clause (n) shall not exceed the greater of
(A) $15,000,000 and (B) 3.0% of Consolidated Total Assets as of the
last day of the then most recently ended Test Period and (ii) the
aggregate principal amount of Indebtedness then outstanding under
this clause (n), together with the aggregate principal amount of
Indebtedness outstanding under Section 6.1(f), shall not
exceed the greater of (A) $35,000,000 and (B) 7.0% of Consolidated
Total Assets as of the last day of the then most recently ended
Test Period;

 

(o) other unsecured
Indebtedness of the Borrower or any Restricted Subsidiary,
provided that at
the time of incurrence of such Indebtedness and after giving Pro
Forma Effect thereto and the use of the proceeds thereof, the
aggregate principal amount of Indebtedness then outstanding under
this clause (o), shall not exceed the greater of (i) $50,000,000
and (ii) 10.0% of Consolidated Total Assets as of the last day of
the then most recently ended Test Period; provided further that the aggregate
principal amount of all Indebtedness outstanding under this clause
(o) incurred by Restricted Subsidiaries that are not Credit
Parties, when aggregated with the aggregate principal amount of all
Indebtedness of Restricted Subsidiaries that are not Credit Parties
outstanding under Section 6.1(g), shall not at any time exceed
$10,000,000;

 

(p) unsecured
Indebtedness owed to current or former officers, directors,
employees or consultants of the Borrower or any Restricted
Subsidiary (or their respective estates, heirs, family members,
spouses and former spouses, domestic partners and former domestic
partners or beneficiaries under their respective estates) to
finance the purchase or redemption of Equity Interests in the
Borrower permitted by Section 6.4; provided that the aggregate
principal amount of Indebtedness permitted under this clause (p)
shall not exceed $5,000,000 at any time outstanding;

 

 

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(q) (i) Indebtedness of
the Credit Parties under the New Subordinated Note and Refinancing
Indebtedness in respect thereof, provided that (A) the aggregate
principal amount of Indebtedness under this clause (q)(i) shall not
exceed $10,000,000 and (B) the stated final maturity of such
Indebtedness shall not be earlier than 91 days after the latest
Maturity Date, and such Indebtedness shall not require any
mandatory or scheduled prepayments, repurchases, redemptions or
other repayments of principal thereof prior to such stated final
maturity, and (ii) Indebtedness of the Credit Parties under the
Existing Subordinated Notes and Refinancing Indebtedness in respect
thereof, provided
that (A) the aggregate principal amount of Indebtedness under this
clause (q)(ii) shall not exceed (x) $3,276,175.38 plus (y) all interest on such
Indebtedness paid-in-kind by the addition thereof to the
outstanding principal amount of such Indebtedness after the Closing
Date and (B) such Indebtedness shall not require any mandatory or
scheduled prepayments, repurchases, redemptions or other repayments
of principal thereof (other than regularly scheduled amortization
payments required by the terms of the Existing Subordinated Notes
as in effect on the Closing Date) prior to the stated final
maturity thereof; provided further, in the case of any
Indebtedness under this clause (q), (I) such Indebtedness shall not
be secured by any Liens on any assets of the Borrower or any
Subsidiary, and shall not be Guaranteed by any Person other than
the Credit Parties, (II) in the case of any such Refinancing
Indebtedness, the terms of such Indebtedness (excluding interest
rates (whether fixed or floating), interest margins, benchmark rate
floors, fees, original issue discounts and any “call
protection”) are, when taken as a whole, not more favorable
to the lenders or holders providing such Indebtedness than (x)
those applicable to the New Subordinated Note or the Existing
Subordinated Notes, as applicable, as in effect on the Closing
Date, when taken as a whole, or (y) those applicable under
this Agreement when taken as a whole, provided that a certificate of
an Authorized Officer of the Borrower delivered to the
Administrative Agent (with the Administrative Agent agreeing to
provide a copy thereof, together with any drafts referred to below,
to the Lenders promptly upon receipt) at least five Business Days
prior to the incurrence of such Refinancing Indebtedness, together
with a reasonably detailed description of the material terms of
such Refinancing Indebtedness or drafts of the documentation
relating thereto, stating that the Borrower has determined in good
faith that such terms satisfy the requirements of this clause (II)
shall be conclusive evidence that such terms satisfy such
requirement unless the Administrative Agent, the Requisite Tranche
A/Revolving Lenders or the Requisite Lenders notify the Borrower in
writing within such five Business Day period that it or they
disagree with such determination (including a reasonable
description of the basis upon which it or they disagree), and (III)
such Indebtedness is subordinated in right of payment to the
Obligations and all Permitted Second Lien Indebtedness, Permitted
Credit Agreement Refinancing Indebtedness and Permitted Incremental
Equivalent Indebtedness (in each case, other than Subordinated
Indebtedness) of the Borrower or any Guarantor Subsidiary, as
applicable, on terms no less favorable to the Secured Parties than
the subordination terms applicable to the New Subordinated Note or
the Existing Subordinated Notes, as applicable, as of the Closing
Date;

 

(r) Indebtedness
consisting of the financing of insurance premiums or take or pay
obligations contained in supply arrangements that do not constitute
Guarantees, in each case, incurred in the ordinary course of
business; and

 

(s) to the extent
constituting Indebtedness, all premiums (if any), interest
(including post-petition interest), fees, expenses, charges and
additional or contingent interest on obligations described in this
Section 6.1.

 

 

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For
purposes of determining compliance with this Section 6.1 (subject
to the final sentence of each of the definitions of
“Permitted Pari Passu Secured Indebtedness” and
“Permitted Junior Lien Secured Indebtedness”), (i) in
the event that an item of Indebtedness meets the criteria of more
than one of the categories of Indebtedness described in this
Section 6.1, the Borrower shall, in its sole discretion, classify
such item of Indebtedness (or any portion thereof) and may include
the amount and type of such Indebtedness in one or more of the
above clauses, and the Borrower may later reclassify such item of
Indebtedness (or any portion thereof) and include it in another of
such clauses in which it could have been included at the time it
was incurred (but not into any clause under which it could not have
been included at the time it was incurred); provided that, notwithstanding
the foregoing, the Subordinated Notes and any Refinancing
Indebtedness in respect thereof may only be incurred in reliance on
Section 6.1(q) and may not be reclassified and (ii) for
purposes of assessing whether any Dollar limit set forth in any
clause of this Section 6.1 has been observed in connection with
incurrence of any Indebtedness, any other Indebtedness
contemporaneously incurred pursuant to and in accordance with the
other available clauses of this Section 6.1 that do not require
such other Indebtedness to observe such Dollar limit shall be
disregarded, even if such other Indebtedness is of the same tranche
or series as such Indebtedness being incurred under such Dollar
limit.

 

6.2. Liens.
Neither the Borrower nor any Restricted Subsidiary will, directly
or indirectly, incur or permit to exist any Lien on or with respect
to any asset of the Borrower or any Restricted Subsidiary, whether
now owned or hereafter acquired or licensed, or assign or sell any
income, profits or revenues (including accounts receivable and
royalties) or rights in respect of any thereof,
except:

 

(a) Liens created under
the Credit Documents;

 

(b) Permitted
Encumbrances;

 

(c) any Lien on any
asset of the Borrower or any Restricted Subsidiary existing on the
date hereof and set forth on Schedule 6.2,
and any extensions, renewals and replacements thereof; provided that (i) such
Lien shall not apply to any other asset of the Borrower or any
Restricted Subsidiary, other than to proceeds and products of, and
after-acquired property that is affixed or incorporated into, the
assets covered by such Lien, and (ii) such Lien shall secure
only those obligations that it secures on the date hereof and any
extensions, renewals and refinancings thereof that do not increase
the outstanding principal amount thereof (except by an amount not
greater than accrued and unpaid interest on such obligations and
any reasonable fees, premiums and expenses relating to such
extension, renewal or refinancing) and, in the case of any such
obligations constituting Indebtedness, that are permitted under
Section 6.1(d) as Refinancing Indebtedness in respect
thereof;

 

(d) Liens on fixed or
capital assets acquired, constructed or improved by the Borrower or
any Restricted Subsidiary; provided that (i) such
Liens secure only Indebtedness outstanding under
Section 6.1(f) and obligations relating thereto not
constituting Indebtedness and (ii) such Liens shall not apply
to any other asset of the Borrower or any Restricted Subsidiary,
other than to proceeds and products of, and after-acquired property
that is affixed or incorporated into, the assets covered by such
Liens; provided
further that
individual financings of equipment or other fixed or capital assets
otherwise permitted to be secured hereunder provided by any Person
(or its Affiliates) may be cross-collateralized to other such
financings provided by such Person (or its
Affiliates);

 

 

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(e) any Lien existing
on any asset prior to the acquisition thereof by the Borrower or
any Subsidiary or existing on any asset of any Person that becomes
(other than as a result of a redesignation of an Unrestricted
Subsidiary) a Restricted Subsidiary (or of any Person not
previously a Subsidiary that is merged or consolidated with or into
a Restricted Subsidiary in a transaction permitted hereunder) after
the date hereof prior to the time such Person becomes a Restricted
Subsidiary (or is so merged or consolidated), and any extensions,
renewals and replacements thereof; provided that (i) such
Lien is not created in contemplation of or in connection with such
acquisition or such Person becoming a Restricted Subsidiary (or
such merger or consolidation), (ii) such Lien shall not apply
to any other asset of the Borrower or any Restricted Subsidiary
(other than, in the case of any such merger or consolidation, the
assets of any special purpose merger Restricted Subsidiary that is
a party thereto), other than to proceeds and products of, and
after-acquired property that is affixed or incorporated into, the
assets covered by such Lien or becomes subject to such Lien
pursuant to an after-acquired property clause as in effect on the
date of such acquisition or the date such Person becomes a
Restricted Subsidiary (or is so merged or consolidated), and
(iii) such Lien shall secure only those obligations that it
secures on the date of such acquisition or the date such Person
becomes a Restricted Subsidiary (or is so merged or consolidated),
and any extensions, renewals and refinancings thereof that do not
increase the outstanding principal amount thereof (except by an
amount not greater than accrued and unpaid interest, fees and
premiums (if any) with respect to such original obligations and
reasonable fees and expenses arising from such extension, renewal
or refinancing) and, in the case of any such obligations
constituting Indebtedness, that are permitted under
Section 6.1;

 

(f) Liens on the
Collateral securing Permitted Second Lien Indebtedness and
obligations relating thereto not constituting
Indebtedness;

 

(g) Liens on the
Collateral securing Permitted Incremental Equivalent Indebtedness
and obligations relating thereto not constituting
Indebtedness;

 

(h) Liens on the
Collateral securing Permitted Credit Agreement Refinancing
Indebtedness and obligations relating thereto not constituting
Indebtedness;

 

(i) in connection with
any Disposition permitted under Section 6.8, customary rights
and restrictions contained in agreements relating to such
Disposition pending the completion thereof;

 

(j) in the case of (i)
any Restricted Subsidiary that is not a wholly owned Subsidiary or
(ii) the Equity Interests in any Person that is not a Restricted
Subsidiary (including any Unrestricted Subsidiary), any
encumbrance, restriction or other Lien, including any put and call
arrangements, related to the Equity Interests in such Restricted
Subsidiary or such other Person set forth (A) in its Organizational
Documents or any related joint venture, shareholders’ or
similar agreement, in each case so long as such encumbrance or
restriction is applicable to all holders of the same class of
Equity Interests or is otherwise of the type that is customary for
agreements of such type or (B) in the case of clause (ii) above, in
any agreement or document governing Indebtedness of such
Person;

 

(k) any Lien on assets
of any CFC or CFC Holding Company that is not a Designated
Subsidiary; provided that (i) such
Lien shall not apply to any Collateral (including any Equity
Interests in any Subsidiary that constitute Collateral) or any
other assets of the Borrower or any Restricted Subsidiary that is
not a CFC or CFC Holding Company and (ii) such Lien shall
secure only Indebtedness or other obligations of such CFC or CFC
Holding Company permitted hereunder;

 

 

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(l) Liens solely on any
cash earnest money deposits, escrow arrangements or similar
arrangements made by the Borrower or any Restricted Subsidiary in
connection with any letter of intent or purchase agreement for any
Acquisition or Investment permitted hereunder;

 

(m) nonexclusive
outbound licenses of Intellectual Property and leases or sub-leases
of equipment or real property, in each case granted by the Borrower
or any Restricted Subsidiary in the ordinary course of business
that do not materially detract from the value of the affected asset
or interfere with the ordinary conduct of business of the Borrower
or any Restricted Subsidiary;

 

(n) any Lien in favor
of the Borrower or any Restricted Subsidiary (other than Liens on
assets of any Credit Party in favor of a Restricted Subsidiary that
is not a Credit Party);

 

(o) Liens on fixed or
capital assets subject to any Sale/Leaseback Transaction permitted
under Section 6.9; provided that (i) such Liens
secure only Indebtedness permitted by Section 6.1(n) and
obligations relating thereto not constituting Indebtedness and (ii)
such Liens shall not apply to any other asset of the Borrower or
any Restricted Subsidiary, other than to proceeds and products of,
and after-acquired property that is affixed or incorporated into,
the assets covered by such Liens;

 

(p) (i) deposits made
in the ordinary course of business to secure obligations to
insurance carriers providing casualty, liability or other insurance
to the Borrower and the Restricted Subsidiaries and (ii) Liens
on insurance policies and the proceeds thereof securing the
financing of the premiums with respect thereto;

 

(q) Cash deposits not
to exceed $5,000,000 at any time securing letters of credit, bank
guarantees and similar instruments issued in currencies other than
Dollars; and

 

(r) other Liens
securing Indebtedness or other obligations; provided that the aggregate
outstanding amount of Indebtedness and other obligations secured by
Liens permitted by this clause (r) shall not exceed
$25,000,000.

 

 

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6.3. No
Further Negative Pledges. Neither the Borrower nor any
Restricted Subsidiary will, directly or indirectly, enter into,
incur or permit to exist any agreement or other arrangement that
prohibits, restricts or imposes any condition upon the ability of
the Borrower or any Restricted Subsidiary to create, incur or
permit to exist any Lien upon any of its assets, whether now owned
or hereafter acquired, to secure any Obligations; provided that the foregoing
shall not apply to (a) restrictions and conditions imposed by
law or by any Credit Document, (b) restrictions and conditions
existing on the date hereof identified on Schedule
6.3, and amendments, modifications, extensions and renewals
thereof (including any such extension or renewal arising as a
result of an extension, renewal or refinancing of any Indebtedness
containing such restriction or condition), provided, in each case, that
the scope of any such restriction or condition shall not have been
expanded as a result thereof, (c) in the case of any Restricted
Subsidiary that is not a wholly owned Subsidiary or the Equity
Interests in any Person that is not a Restricted Subsidiary
(including any Unrestricted Subsidiary), restrictions and
conditions imposed by the Organizational Documents of such
Restricted Subsidiary or such other Person or any related joint
venture, shareholders’ or similar agreement, provided, in each case, that
such restrictions and conditions apply only to such Restricted
Subsidiary and to any Equity Interests in such Restricted
Subsidiary or to the Equity Interests in such other Person
(including any Unrestricted Subsidiary), as applicable,
(d) restrictions and conditions imposed by any agreement or
document governing secured Indebtedness permitted by Section 6.1(f)
or 6.1(n) or governing Liens permitted by Section 6.2(d), 6.2(l),
6.2(o), 6.2(p)(i) or 6.2(q) or by clause (c), (d) or (m) of the
definition of “Permitted Encumbrances”, provided that such restrictions
and conditions apply only to the assets securing such Indebtedness
or subject to such Liens, (e) restrictions and conditions
imposed by agreements relating to Indebtedness assumed in reliance
on Section 6.1(g)(i) or Refinancing Indebtedness in respect thereof
incurred in reliance on Section 6.1(g)(ii), provided that such restrictions
and conditions apply only to Persons that are permitted under such
Sections to be obligors in respect of such Indebtedness and are not
less favorable to the Lenders than the restrictions and conditions
imposed by such Indebtedness (or, in the case of any Refinancing
Indebtedness, by the applicable Original Indebtedness) at the time
such Indebtedness first became subject to Section 6.1, (f) in
connection with the sale of any Equity Interests in a Subsidiary or
any other assets, customary restrictions and conditions contained
in agreements relating to such sale pending the completion thereof,
provided that such
restrictions and conditions apply only to the Subsidiary or the
other assets to be sold and such sale is permitted under Section
6.8, (g) restrictions and conditions imposed by any agreement or
document governing Indebtedness of any Restricted Subsidiary that
is not, and is not required to become, a Credit Party hereunder,
provided that such
restrictions and conditions apply only to such Restricted
Subsidiary, (h) restrictions and conditions imposed by customary
provisions in leases, licenses and other agreements restricting the
assignment thereof or, in the case of any lease or license,
permitting to exist any Lien on the assets leased or licensed
thereunder, (i) customary restrictions in respect of Intellectual
Property contained in licenses or sublicenses of, or other grants
of rights to use or exploit, such Intellectual Property,
(k) restrictions and conditions contained in any Permitted
Second Lien Indebtedness Document or any Permitted Subordinated
Indebtedness Document, in each case, as in effect on the Closing
Date and amendments, modifications, extensions and renewals
thereof, provided,
in each case, that the scope of any such restriction or condition
shall not have been expanded as a result thereof, and (l)
restrictions and conditions contained in any agreement or
instrument evidencing or governing any Indebtedness permitted by
Section 6.1(e), 6.1(g) (other than in respect of existing
Indebtedness assumed in reliance thereon), 6.1(h), 6.1(i) or 6.1(o)
to the extent, in the good faith judgment of the Borrower, such
restrictions and conditions are on customary market terms for
Indebtedness of such type and so long as the Borrower has
determined in good faith that such restrictions and conditions
would not reasonably be expected to impair in any material respect
the ability of the Credit Parties to meet their obligations under
the Credit Documents. Nothing in this Section 6.3 shall be deemed
to modify the requirements set forth in the definition of the term
“Collateral and Guarantee Requirement” or the
obligations of the Credit Parties under Sections 5.10, 5.11 or
5.12 or under the Collateral Documents.

 

 

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6.4. Restricted
Junior Payments. Neither the Borrower nor any Restricted
Subsidiary will declare or pay or make, or agree to declare or pay
or make, directly or indirectly, any Restricted Junior Payment, or
incur any obligation (contingent or otherwise) to do so, except
that:

 

(a) each of the
Borrower and any Restricted Subsidiary may declare and pay
dividends with respect to its Equity Interests payable solely in
additional Equity Interests in such Person to the extent not
otherwise prohibited hereunder;

 

(b) any Restricted
Subsidiary may declare and pay dividends or make other
distributions with respect to its capital stock, partnership or
membership interests or other similar Equity Interests, and declare
and make other Restricted Junior Payments in respect of its Equity
Interests, in each case ratably to the holders of such Equity
Interests (or, if not ratably, on a basis more favorable to the
Borrower and the Restricted Subsidiaries);

 

(c) the Borrower may
make payments in respect of, or repurchases of its Equity Interests
deemed to occur upon the “cashless exercise” of, stock
options, stock purchase rights, stock exchange rights or other
equity-based awards if such payment or repurchase represents a
portion of the exercise price of such options, rights or awards or
withholding taxes, payroll taxes or other similar taxes due upon
such exercise;

 

(d) the Borrower may
make cash payments in lieu of the issuance of fractional shares
representing Equity Interests in the Borrower in connection with
the exercise of warrants, options or other Securities convertible
into or exchangeable for common stock in the Borrower;

 

(e) the Borrower may
make Restricted Junior Payments in respect of its Equity Interests
pursuant to and in accordance with stock option plans or other
benefit plans or agreements for, or otherwise make Restricted
Junior Payments to redeem, retire, purchase or otherwise acquire
any of its Equity Interests held by, future, present or former
directors, officers, employees or consultants of the Borrower and
the Restricted Subsidiaries; provided that (i) the aggregate
amount of the Restricted Junior Payments made in reliance on this
clause (e) in any Fiscal Year shall not exceed the sum of (A)
$2,000,000 plus (B)
an amount equal to any unutilized portion of such amount in
clause (A) in any preceding Fiscal Year ended after the
Closing Date and (ii) Restricted Junior Payments made in reliance
on this clause (e) during any Fiscal Year shall be deemed to use,
first, the amount set forth in clause (A) above for such Fiscal
Year and, second, any portion of the amount set forth in clause (A)
above for any preceding Fiscal Year that has been carried over to
such Fiscal Year pursuant to clause (B) above;

 

(f) the Borrower and
the Restricted Subsidiaries may make additional Restricted Junior
Payments; provided
that, immediately prior to the making thereof, and immediately
after giving Pro Forma Effect thereto, including to any related
incurrence of Indebtedness, (i) no Event of Default shall have
occurred and be continuing, (ii) the Total Net Leverage Ratio,
determined as of the last day of the then most recently ended Test
Period, shall not exceed 1.15:1.00 and (iii) the Borrower shall be
in compliance with Sections 6.7(a) and, during the Fixed Charge
Coverage Ratio Covenant Period, 6.7(c);

 

(g) the Borrower and
the Restricted Subsidiaries may make (i) regularly scheduled
interest and principal payments as and when due in respect of any
Junior Indebtedness, other than payments in respect of Subordinated
Indebtedness prohibited by the subordination provisions thereof,
and (ii) prepayments in respect of any Junior Indebtedness to the
extent required by Section 2.14(c);

 

 

-142-

 

 

(h) the Borrower and
the other Credit Parties may refinance any Junior Indebtedness with
the proceeds of other Indebtedness to the extent permitted under
Section 6.1;

 

(i) so long as no
Default or Event of Default shall have occurred and be continuing,
the Borrower and the Restricted Subsidiaries may make other
Restricted Junior Payments; provided that the aggregate
amount of Restricted Junior Payments made in reliance on this
clause (i) since the Closing Date shall not exceed
$1,000,000;

 

(j) the Borrower and
the Restricted Subsidiaries may make additional Restricted Junior
Payments; provided
that (i) immediately prior to the making thereof, and immediately
after giving Pro Forma Effect thereto, including to any related
incurrence of Indebtedness, (A) no Event of Default shall have
occurred and be continuing, (B) the Total Net Leverage Ratio shall
not be greater than the lesser of (x) 1.65:1.00 and (y) the
maximum Total Net Leverage Ratio permitted under the financial
covenant set forth in Section 6.7(a), in each case, determined
as of the last day of the then most recently ended Test Period, and
(C) in the case of any such Restricted Junior Payment made during
the Fixed Charge Coverage Ratio Covenant Period, the Fixed Charge
Coverage Ratio shall not be less than the minimum Fixed Charge
Coverage Ratio permitted under the financial covenant set forth in
Section 6.7(c), determined for the then most recently ended Test
Period, (ii) the amount of any such Restricted Junior Payment
shall not exceed the Available Basket Amount at the time such
Restricted Junior Payment is made and (iii) the Borrower shall
have delivered to the Administrative Agent a certificate of an
Authorized Officer of the Borrower certifying that all the
requirements set forth in this clause (j) have been satisfied with
respect to such Restricted Junior Payment and including reasonably
detailed calculations demonstrating satisfaction of the
requirements set forth in clauses (i)(B), (i)(C) (if applicable)
and (ii) above;

 

(k) any Restricted
Junior Payment arising solely on account of any Permitted Holder
using its Equity Interests in the Borrower to satisfy such
Permitted Holders’ payment obligations under the Acquired
Company Indemnity Letter Agreement;

 

(l) any Restricted
Junior Payment required to be made to consummate the Iqmax
Disposition; and

 

(m) the Borrower may
redeem the Closing Date Preferred Stock solely with the Net
Proceeds received (and not otherwise applied) by the Borrower
substantially concurrently with the making of such redemption from
any issuance and sale of Equity Interests in the Borrower (other
than any Disqualified Equity Interests and other than any Equity
Interests issued or sold to any Subsidiary of the Borrower);
provided that,
immediately prior to the making of such redemption, and immediately
after giving Pro Forma Effect thereto, no Event of Default shall
have occurred and be continuing.

 

 

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6.5. Restrictions
on Subsidiary Distributions. Neither the Borrower nor any
Restricted Subsidiary will, directly or indirectly, enter into,
incur or permit to exist any agreement or other arrangement that
prohibits, restricts or imposes any condition upon the ability of
any Restricted Subsidiary (a) to pay dividends or make other
distributions on its Equity Interests owned by the Borrower or any
Restricted Subsidiary, (b) to repay or prepay any Indebtedness
owing by such Restricted Subsidiary to the Borrower or any
Restricted Subsidiary, (c) to make loans or advances to the
Borrower or any Restricted Subsidiary or to Guarantee the
Obligations or (d) to transfer, lease or license any of its assets
to the Borrower or any Restricted Subsidiary; provided that the foregoing
shall not apply to (i) restrictions and conditions imposed by
law or by any Credit Document, (ii) restrictions and
conditions existing on the date hereof identified on Schedule
6.5, and amendments, modifications, extensions or renewals
thereof (including any such extension or renewal arising as a
result of an extension, renewal or refinancing of any Indebtedness
containing such restriction or condition), provided, in each case, that
the scope of any such restriction or condition shall not have been
expanded as a result thereof, (iii) in the case of any Restricted
Subsidiary that is not a wholly owned Subsidiary of the Borrower
or, in the case of restrictions and conditions referred to in
clause (d) above, the Equity Interests in any Person that is not a
Restricted Subsidiary (including any Unrestricted Subsidiary),
restrictions and conditions imposed by agreements and documents
governing Indebtedness of such Restricted Subsidiary or such Person
or its Organizational Documents or any related joint venture,
shareholders’ or similar agreement, provided that such restrictions
and conditions apply only to such Restricted Subsidiary or, in the
case of restrictions and conditions referred to in clause (d)
above, to any Equity Interests in such Restricted Subsidiary or
such other Person (including any Unrestricted Subsidiary), as
applicable, (iv) in the case of restrictions and conditions
referred to clause in (d) above, restrictions and conditions
imposed by any agreement relating to secured Indebtedness permitted
by Section 6.1(f) or 6.1(n) or governing Liens permitted by
Section 6.2(d), 6.2(l), 6.2(o), 6.2(p)(i) or 6.2(q) or by
clause (c), (d) or (m) of the definition of “Permitted
Encumbrances”, provided that such restrictions
and conditions apply only to the assets securing such Indebtedness
or subject to such Liens, (v) restrictions and conditions imposed
by any agreement or document relating to Indebtedness assumed in
reliance on Section 6.1(g)(i) or Refinancing Indebtedness in
respect thereof incurred in reliance on Section 6.1(g)(ii),
provided that such
restrictions and conditions apply only to Persons that are
permitted under such Section to be obligors in respect of such
Indebtedness and are not less favorable to the Lenders than the
restrictions and conditions imposed by such Indebtedness (or, in
the case of any Refinancing Indebtedness, by the applicable
Original Indebtedness) at the time such Indebtedness first became
subject to Section 6.1, (vi) in connection with the sale of any
Equity Interests in a Subsidiary or any other assets, customary
restrictions and conditions contained in agreements relating to
such sale pending the completion thereof, provided that such restrictions
and conditions apply only to the Subsidiary or the other assets to
be sold and such sale is permitted under Section 6.8, (vii) in the
case of restrictions or conditions referred to in clauses (c) and
(d) above, restrictions and conditions imposed by any agreement or
document governing Indebtedness of any Restricted Subsidiary that
is not, and is not required to become, a Credit Party hereunder,
provided that such
restrictions and conditions apply only to such Restricted
Subsidiary, (viii) in the case of restrictions and conditions
referred to in clause (d) above, restrictions and conditions
imposed by customary provisions in leases, licenses and other
agreements restricting the assignment thereof or, in the case of
any lease or license, permitting to exist any Lien on the assets
leased or licensed thereunder, (ix) restrictions on cash or
deposits or net worth imposed by customers, suppliers or landlords
under agreements entered into in the ordinary course of business,
(x) in the case of restrictions and conditions referred to in
clause (d) above, customary restrictions in respect of Intellectual
Property contained in licenses or sublicenses of, or other grants
of rights to use or exploit, such Intellectual Property,
(xi) restrictions and conditions contained in any Permitted
Second Lien Indebtedness Document or any Permitted Subordinated
Indebtedness Document, in each case, as in effect on the Closing
Date and amendments, modifications, extensions and renewals
thereof, provided,
in each case, that the scope of any such restriction or condition
shall not have been expanded as a result thereof,
(xii) restrictions and conditions contained in any agreement
or instrument evidencing or governing any Indebtedness permitted by
Section 6.1(e), 6.1(g) (other than in respect of existing
Indebtedness assumed in reliance thereon), 6.1(h), 6.1(i) or 6.1(o)
so long as the Borrower has determined in good faith that such
restrictions and conditions would not reasonably be expected to
impair in any material respect the ability of the Credit Parties to
meet their obligations under the Credit Documents, and
(xiii) in the case of restrictions and conditions referred to
in clause (d) above, restrictions and conditions imposed by the
Vector Facility Arrangements on the assignment or transfer by the
Borrower of its rights under the Vector Subordinated Note. Nothing
in this Section 6.5 shall be deemed to modify the requirements set
forth in the definition of the term “Collateral and Guarantee
Requirement” or the obligations of the Credit Parties under
Sections 5.10, 5.11 or 5.12 or under the Collateral
Documents.

 

 

-144-

 

 

6.6. Investments.
Neither the Borrower nor any Restricted Subsidiary will purchase or
acquire (including pursuant to any merger or consolidation with any
Person that was not a wholly owned Restricted Subsidiary of the
Borrower prior thereto), hold, make or otherwise permit to exist
any Investment in any other Person, or make any Acquisition,
except:

 

(a) Investments in Cash
and Cash Equivalents;

 

(b) Investments
existing on the date hereof that are set forth on Schedule 6.6
(but not any additions thereto (including any capital
contributions) made after the date hereof);

 

(c) Investments by the
Borrower and the Restricted Subsidiaries in Equity Interests in
their Restricted Subsidiaries; provided that (i) such
investees are Restricted Subsidiaries prior to such Investments (or
such Equity Interests in a Restricted Subsidiary are held as the
result of a designation of an Unrestricted Subsidiary as a
Restricted Subsidiary), (ii) any such Equity Interests held by a
Credit Party shall be pledged in accordance with the requirements
of the definition of the term “Collateral and Guarantee
Requirement” and (iii) the aggregate amount of such
Investments by the Credit Parties in, and loans and advances under
clause (d) below by the Credit Parties to, and Guarantees under
clause (e) by the Credit Parties of Indebtedness and other
obligations of, Restricted Subsidiaries that are not Credit Parties
(excluding all such Investments, loans, advances and Guarantees
existing on the date hereof and permitted by clause (b) above)
shall not exceed $20,000,000 at any time outstanding;

 

(d) loans or advances
made by the Borrower or any Restricted Subsidiary to the Borrower
or any Restricted Subsidiary; provided that (i) the
Indebtedness resulting therefrom is permitted by
Section 6.1(b) and (ii) the amount of such loans and
advances made by the Credit Parties to Restricted Subsidiaries that
are not Credit Parties shall be subject to the limitation set forth
in clause (c) above;

 

(e) Guarantees by the
Borrower or any Restricted Subsidiary of Indebtedness or other
obligations of the Borrower or any Restricted Subsidiary (including
any such Guarantees arising as a result of any such Person being a
joint and several co-applicant with respect to any letter of credit
or letter of guaranty); provided that (i) a Restricted
Subsidiary shall not Guarantee any Junior Indebtedness unless (A)
such Restricted Subsidiary has Guaranteed the Obligations pursuant
hereto and (B) in the case of Junior Indebtedness that is
Subordinated Indebtedness such Guarantee is subordinated to such
Guarantee of the Obligations on terms no less favorable to the
Lenders than the subordination provisions of such Subordinated
Indebtedness, (ii) a Subsidiary that has not Guaranteed the
Obligations pursuant hereto shall not Guarantee any Indebtedness of
any Credit Party and (iii) the aggregate amount of
Indebtedness and other obligations of Subsidiaries that are not
Credit Parties that is Guaranteed by any Credit Party shall be
subject to the limitation set forth in clause (c)
above;

 

(f) (i) Investments
received in satisfaction or partial satisfaction of obligations
thereof from financially troubled account debtors and
(ii) deposits, prepayments and other credits to suppliers made
in the ordinary course of business consistent with the past
practices of the Borrower and the Restricted
Subsidiaries;

 

(g) Investments made as
a result of the receipt of noncash consideration from any
Disposition of any asset in compliance with
Section 6.8;

 

 

-145-

 

 

(h) Investments by the
Borrower or any Restricted Subsidiary that result solely from the
receipt by the Borrower or any Restricted Subsidiary from any of
its Subsidiaries of a dividend or other Restricted Junior Payment
in the form of Equity Interests, evidences of Indebtedness or other
Securities (but not any additions thereto made after the date of
the receipt thereof);

 

(i) Investments in the
form of Hedge Agreements permitted under Section 6.12;

 

(j) payroll, travel and
similar advances to directors, officers, employees and consultants
of the Borrower or any Restricted Subsidiary to cover matters that
are expected at the time of such advances to be treated as expenses
of the Borrower or such Restricted Subsidiary for accounting
purposes and that are made in the ordinary course of
business;

 

(k) loans or advances
to directors, officers, employees and consultants (or their
respective estates, heirs, family members, spouses and former
spouses, domestic partners and former domestic partners or
beneficiaries under their respective estates) of the Borrower or
any Restricted Subsidiary in connection with such Person’s
purchase of Equity Interests in the Borrower; provided that the aggregate
amount of Investments permitted by this clause (k) (other than any
such loan or advance where no Cash or Cash Equivalent is actually
advanced by the Borrower or any Restricted Subsidiary) shall not
exceed $5,000,000 at any time outstanding;

 

(l) Permitted
Acquisitions; provided that the Acquisition
Consideration with respect to any such Acquisition of Subsidiaries
that do not become Guarantor Subsidiaries, or any Acquisitions by
Subsidiaries that are not Guarantors, shall not cause the aggregate
amount of all Acquisition Consideration paid in connection with all
such Permitted Acquisitions made in each case in reliance on this
clause (l) to exceed $5,000,000;

 

(m) any other
Acquisition or other Investment (other than Investments between or
among the Borrower or the Restricted Subsidiaries); provided that, immediately
prior to the consummation thereof, and immediately after giving Pro
Forma Effect thereto, including to any related incurrence of
Indebtedness, (i) no Event of Default shall have occurred and be
continuing, (ii) the Total Net Leverage Ratio shall not be
greater than the lesser of (A) 1.90:1.00 and (B) the maximum Total
Net Leverage Ratio permitted under the financial covenant set forth
in Section 6.7(a), in each case, determined as of the last day of
the then most recently ended Test Period, and (iii) in the
case of any such Acquisition or Investment consummated during the
Fixed Charge Coverage Ratio Covenant Period, the Fixed Charge
Coverage Ratio shall not be less than the minimum Fixed Charge
Coverage Ratio permitted under the financial covenant set forth in
Section 6.7(c), determined for the then most recently ended Test
Period; provided
further that, in
the case of any Limited Conditionality Transaction, at the option
of the Borrower, the conditions set forth in clauses (i), (ii) and
(iii) above may be tested in accordance with
Section 1.5;

 

(n) any other
Acquisition or other Investment; provided that (i) immediately
prior to the consummation thereof, and immediately after giving Pro
Forma Effect thereto, including to any related incurrence of
Indebtedness, (A) no Event of Default shall have occurred and be
continuing, (B) the Total Net Leverage Ratio shall not be greater
than the lesser of (x) 2.15:1.00 and (y) the maximum Total Net
Leverage Ratio permitted under the financial covenant set forth in
Section 6.7(a), in each case, determined as of the last day of
the then most recently ended Test Period, and (C) in the case of
any such Acquisition or Investment consummated during the Fixed
Charge Coverage Ratio Covenant Period, the Fixed Charge Coverage
Ratio shall not be less than the minimum Fixed Charge Coverage
Ratio permitted under the financial covenant set forth in Section
6.7(c), determined for the then most recently ended Test Period,
(ii) the Acquisition Consideration with respect to any such
Acquisition or the amount of any such other Investment, in each
case made in reliance on this clause (n), shall not exceed the
Available Basket Amount at the time of the consummation thereof and
(iii) the Borrower shall have delivered to the Administrative
Agent a certificate of an Authorized Officer of the Borrower
certifying that all the requirements set forth in this clause (n)
have been satisfied with respect to such Investment or Acquisition
and including reasonably detailed calculations demonstrating
satisfaction of the requirements set forth in clauses (i) and (ii)
above; provided
further that, in
the case of any Limited Conditionality Transaction, at the option
of the Borrower, the condition set forth in clause (i) above may be
tested in accordance with Section 1.5;

 

 

-146-

 

 

(o) Investments not
constituting Acquisitions; provided that the amount of any
such Investment made in any Fiscal Year and outstanding in reliance
on this clause (o) shall not cause the aggregate amount of all
Investments made in such Fiscal Year and outstanding in reliance on
this clause (o) to exceed for such Fiscal Year the sum of
(i) $1,000,000 plus (ii) an amount equal to
any unutilized portion of such amount in clause (i) in respect of
any preceding Fiscal Year ended after the Closing Date;
provided
further that (A)
the aggregate amount of Investments permitted by this
clause (o) shall not exceed $5,000,000 at any time outstanding
and (B) Investments made in reliance on this clause (o) during any
Fiscal Year shall be deemed to use, first, the amount set forth in
clause (i) above for such Fiscal Year and, second, any portion
of the amount set forth in clause (i) above for any preceding
Fiscal Year that has been carried over to such Fiscal Year pursuant
to clause (ii) above;

 

(p) Investments (i) by
the Borrower or any other Credit Party in any Restricted Subsidiary
that is not a Credit Party to the extent made with Cash or Cash
Equivalents necessary to fund an Acquisition permitted hereunder or
(ii) consisting of the transfer or contribution to any CFC or
CFC Holding Company of Equity Interests in any other CFC or CFC
Holding Company or exchange of Indebtedness owing by any CFC or CFC
Holding Company for Indebtedness, in a like amount, owing by
another CFC or CFC Holding Company;

 

(q) Investments in the
ordinary course of business consisting of (i) endorsements for
collection or deposit and (ii) customary trade arrangements
with customers;

 

(r) Guarantees of
obligations of the Borrower or any Restricted Subsidiary in respect
of leases (other than Capital Lease Obligations) entered into in
the ordinary course of business;

 

(s) Investments held by
a Person that becomes (other than as a result of a redesignation of
an Unrestricted Subsidiary) a Restricted Subsidiary (or of any
Person not previously a Subsidiary that is merged or consolidated
with or into the Borrower or a Restricted Subsidiary in a
transaction permitted hereunder) after the Closing Date,
provided that such
Investments exist at the time such Person becomes a Restricted
Subsidiary (or is so merged or consolidated) and are not made in
contemplation of or in connection with such Person becoming a
Restricted Subsidiary (or such merger or
consolidation);

 

(t) Investments held by
any Unrestricted Subsidiary at the time such Unrestricted
Subsidiary is redesignated as a Restricted Subsidiary pursuant to
the definition of the term “Unrestricted Subsidiary”,
provided that such
Investments have not been made in contemplation of or in connection
with such redesignation;

 

(u) the
Merger;

 

(v) any other
Acquisition or other Investment to the extent consideration
therefor is made with Equity Interests, or with the Net Proceeds
received (and not otherwise applied) by the Borrower within 120
consecutive days prior to the date of consummation of such
Acquisition or Investment from any issuance and sale of Equity
Interests, in each case, in the Borrower (other than any
Disqualified Equity Interests, unless the issuance of such
Disqualified Equity Interests is otherwise permitted hereunder, and
other than any Equity Interests issued or sold to any Subsidiary of
the Borrower);

 

 

-147-

 

 

(w) any other
Acquisition or other Investment consummated on or prior to
December 31, 2018; provided that (i) immediately
prior to the consummation thereof, and immediately after giving Pro
Forma Effect thereto, including to any related incurrence of
Indebtedness, (A) no Event of Default shall have occurred and be
continuing and (B) the Total Leverage Ratio shall not be greater
than 3.65:1.00, determined as of the last day of the then most
recently ended Test Period, (ii) the Acquisition Consideration with
respect to any such Acquisition or the amount of any such other
Investment shall not cause the aggregate amount of all Acquisition
Consideration paid in connection with all Acquisitions made,
together with the aggregate amount of all Investments outstanding,
in each case in reliance on this clause (w), to exceed $75,000,000,
(iii) no Acquisition of, or Investment in, Subsidiaries that
do not become Guarantor Subsidiaries, and no acquisition of assets
by any Restricted Subsidiary that is not a Guarantor Subsidiary,
may be made in reliance on this clause (w), (iv) all actions
required to be taken with respect to any Person or assets acquired
pursuant to such Acquisition or other Investment, as the case may
be, in order to satisfy the requirements set forth in clauses (a),
(b), (c) and (d) of the definition of the term “Collateral
and Guarantee Requirement” (subject to the discretion of the
Collateral Agent set forth in such definition) shall have been
taken (or arrangements for the taking of such actions satisfactory
to the Collateral Agent shall have been made) (it being understood
that all other requirements set forth in such definition that are
applicable to such Acquisition or Investment shall be required to
be satisfied in accordance with (and within the time periods
provided in) Sections 5.10 and 5.11) and (v) the Borrower shall
have delivered to the Administrative Agent a certificate of an
Authorized Officer of the Borrower certifying that all the
requirements set forth in this clause (w) have been satisfied with
respect to such Acquisition or Investment and including reasonably
detailed calculations demonstrating satisfaction of the
requirements set forth in clause (i) above; provided further that, in the case of
any Limited Conditionality Transaction, at the option of the
Borrower, the condition set forth in clause (i) above may be tested
in accordance with Section 1.5; and

 

(x) Investments made by
the Borrower on the Closing Date in the Vector Subordinated
Note.

 

Notwithstanding
anything to the contrary in this Section 6.6, neither the Borrower
nor any Restricted Subsidiary shall make any Investment that
results in or facilitates in any manner any Restricted Junior
Payment not permitted under Section 6.4.

 

6.7. Financial
Covenants. Total
Net Leverage Ratio. The Borrower will not permit the Total
Net Leverage Ratio, as of the last day of any Fiscal Quarter,
beginning with the Fiscal Quarter ending June 30, 2018, to exceed
the correlative ratio set forth below:

 

	

Fiscal Quarter Ending

 

	

Total Net Leverage Ratio

 

	

June
30, 2018 and September 30, 2018

	

5.00:1.00

 

	

December
31, 2018

	

4.50:1.00

	

March
31, 2019 through December 31, 2019

	

4.00:1.00

	

March
31, 2020 through December 31, 2020

	

3.50:1.00

	

March
31, 2021 and thereafter

	

3.00:1.00

 

 

-148-

 

 

(a) Capital Expenditures. The
Borrower will not permit Consolidated Capital Expenditures in any
Fiscal Year to exceed in the aggregate an amount equal to the
greater of (i) $55,000,000 (such amount for any Fiscal Year
being referred to as the “Base CapEx Amount” for such Fiscal
Year) and (ii) if the Borrower or any Restricted Subsidiary shall
have consummated any Material Acquisition (excluding the Merger)
after the Closing Date, the Material Acquisition CapEx Amount for
such Fiscal Year (determined as of the date of consummation of the
Material Acquisition most recently consummated after the Closing
Date and on or prior to the last day of such Fiscal Year);
provided that
(A) commencing with the Fiscal Year ending on
December 31, 2018, the portion of the Base CapEx Amount for
any Fiscal Year that has not been expended to make Consolidated
Capital Expenditures during such Fiscal Year (but not in excess of
50% of the Base CapEx Amount for such Fiscal Year) may be carried
over for expenditure in the immediately following Fiscal Year and
(B) Consolidated Capital Expenditures made during any Fiscal
Year shall be deemed to use, first, the Base CapEx Amount for such
Fiscal Year and, second, any portion of the Base CapEx Amount for
the immediately preceding Fiscal Year that has been carried over to
such Fiscal Year pursuant to clause (A) above.

 

For
purposes of the foregoing:

 

“Material Acquisition CapEx Amount”
means, as of any date of determination for any Fiscal Year, an
amount equal to 10% of the consolidated revenues of the Borrower
and the Restricted Subsidiaries for the most recent period of 12
consecutive months prior to the consummation of the Material
Acquisition (other than the Merger) most recently consummated for
which financial statements are available as of such date of
determination, determined on a Pro Forma Basis to give effect to
such Material Acquisition (and each other Material Acquisition that
shall have been consummated during such period).

 

(b) Fixed Charge Coverage Ratio.
The Borrower will not permit the Fixed Charge Coverage Ratio, as of
the last day of any period of four consecutive Fiscal Quarters,
beginning with the period of four consecutive Fiscal Quarters
ending June 30, 2018, to be less than the correlative ratio set
forth below:

 

	

Four Fiscal Quarter Period Ending

 

	

Fixed Charge

Coverage Ratio

 

	

June
30, 2018 through December 31, 2020

	

1.00:1.00

 

	

March
31, 2021 and thereafter

	

1.25:1.00

 

 

;
provided that the
provisions of this Section 6.7(c), and the obligation of the
Borrower to comply with the Fixed Charge Coverage Ratio Covenant,
shall automatically cease to be in effect upon the termination of
the Fixed Charge Coverage Ratio Covenant Period.

 

 

-149-

 

 

6.8. Fundamental
Changes; Disposition of Assets; Equity Interests of
Subsidiaries. Neither the Borrower nor any Restricted
Subsidiary will merge or consolidate with or into any other Person,
or liquidate, wind-up or dissolve (or suffer any liquidation or
dissolution), and neither the Borrower nor any Restricted
Subsidiary shall Dispose (whether in one transaction or in a series
of transactions) of assets that represent all or substantially all
of the assets of the Borrower and the Restricted Subsidiaries, on a
consolidated basis, except that:

 

(i) any Person may
merge into the Borrower in a transaction in which the Borrower is
the surviving Person;

 

(ii) any
Person (other than the Borrower) may merge or consolidate with or
into any Restricted Subsidiary in a transaction in which the
surviving entity is a Restricted Subsidiary (and if any party to
such merger or consolidation is a Guarantor Subsidiary, the
surviving Person is a Guarantor Subsidiary);

 

(iii) any
Restricted Subsidiary may merge or consolidate with or into any
Person (other than the Borrower) in a transaction permitted under
Section 6.8(b) in which, after giving effect to such
transaction, the surviving Person is not a Subsidiary, except to
the extent such transaction constitutes an Investment in a
Restricted Subsidiary that is not a Credit Party permitted by
Section 6.6;

 

(iv) any
Restricted Subsidiary may liquidate or dissolve if the Borrower
determines in good faith that such liquidation or dissolution is in
the best interests of the Borrower and is not disadvantageous to
the Lenders in any material respect;

 

(v) the Borrower or any
other Credit Party may Dispose of all or substantially all of its
assets to the Borrower or to another Credit Party; and

 

(vi) the
Merger may be consummated;

 

provided that, in the case of
clauses (i), (ii) and (iii) above, any such merger or consolidation
shall not be permitted unless it, and each Investment resulting
therefrom, is also permitted under Section 6.6.

 

(c) Neither the
Borrower nor any Restricted Subsidiary will Dispose of, or
exclusively license, any asset, including any Equity Interest,
owned by it, except:

 

(i) Dispositions of (A)
inventory and obsolete, worn out or surplus equipment in the
ordinary course of business, (B) leasehold improvements to
landlords pursuant to the terms of leases in respect of any
Leasehold Property and (C) Cash and Cash
Equivalents;

 

(ii) Dispositions,
and exclusive licenses, to any Credit Party;

 

(iii) Investments
made in compliance with Sections 6.6 and 6.10;

 

(iv) Dispositions
of accounts receivable in connection with the compromise or
collection thereof in the ordinary course of business consistent
with past practice and not as part of any accounts receivables
financing transaction;

 

 

-150-

 

 

(v) Dispositions of
Equity Interests in, or Indebtedness or other Securities of, any
Unrestricted Subsidiary, provided that all Dispositions
made in reliance on this clause (v) shall be made for fair value
(as determined reasonably and in good faith by the
Borrower);

 

(vi) leases
and licenses entered into by the Borrower or any Restricted
Subsidiary as a licensor or lessor in the ordinary course of
business, provided
that such leases or license do not adversely affect in any material
respect the value of the properties subject thereto (including the
value thereof as Collateral) or interfere in any material respect
with the ordinary conduct of business of the Borrower or any
Restricted Subsidiary;

 

(vii) Dispositions
of assets in any Insurance/Condemnation Event;

 

(viii) to
the extent constituting Dispositions, Restricted Junior Payments
made in compliance with Section 6.4;

 

(ix) other
Dispositions of assets that are not permitted by any other clause
of this Section 6.8(b); provided that (A) all
Dispositions made in reliance on this clause (ix) shall be made for
fair value and at least 75% Cash consideration, (B) the Net
Proceeds thereof shall be applied as required by Section 2.13
and (C) no Default or Event of Default shall have occurred and be
continuing at the time such Disposition is made or would result
therefrom; and

 

(x) the Iqmax
Disposition.

 

(d) Notwithstanding
anything to the contrary set forth herein, (i) neither the Borrower
nor any Restricted Subsidiary will sell, transfer or otherwise
dispose of any Equity Interests in any Restricted Subsidiary unless
(A) such Equity Interests constitute all the Equity Interests
in such Restricted Subsidiary held by the Borrower and the
Restricted Subsidiaries and (B) immediately after giving
effect to such transaction, the Borrower and the Restricted
Subsidiaries shall otherwise be in compliance with Section 6.6
and (ii) no Restricted Subsidiary will issue any additional Equity
Interests in such Restricted Subsidiary other than (A) to the
Borrower or any Restricted Subsidiary in compliance with
Section 6.4, (B) directors’ qualifying shares and
(C) other nominal amounts of Equity Interests that are
required to be held by other Persons under applicable
law.

 

(e) The Borrower will
not permit any Person other than the Borrower, or one or more of
its Restricted Subsidiaries that is not a CFC or CFC Holding
Company, to own any Equity Interests in any Restricted Subsidiary
that is a Domestic Subsidiary (other than any Domestic Subsidiary
that itself is a CFC Holding Company).

 

6.9. Sales
and Leasebacks. Neither the Borrower nor any Restricted
Subsidiary will enter into any Sale/Leaseback Transaction unless
(a) any Capital Lease Obligations arising in connection therewith
are permitted under Section 6.1(n) and (b) any Liens arising
in connection therewith (including Liens deemed to arise in
connection with any such Capital Lease Obligations) are permitted
under Section 6.2(o).

 

 

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6.10. Transactions
with Affiliates. Neither the Borrower nor any Restricted
Subsidiary will, directly or indirectly, enter into or permit to
exist any transaction (including the purchase, sale, lease or
exchange of any property or the rendering of any service) with any
Affiliate of the Borrower or such Restricted Subsidiary on terms
that are less favorable to the Borrower or such Restricted
Subsidiary, as the case may be, than those that would prevail in an
arm’s-length transaction with unrelated third parties;
provided that the
foregoing restriction shall not apply to (a) transactions between
or among the Credit Parties not involving any other Affiliate, (b)
any Restricted Junior Payment permitted under Section 6.4, (c)
issuances by the Borrower of Equity Interests (other than
Disqualified Equity Interests) and receipt by the Borrower of
capital contributions, (d) compensation and indemnification
arrangements for directors, officers, employees and consultants of
the Borrower or any Restricted Subsidiary entered into in the
ordinary course of business (including, for the avoidance of doubt,
grants of stock options, stock purchase rights, stock exchange
rights or other equity-based awards to directors, employees and
officers and any “key-man” insurance policy maintained
by a Credit Party), (e) loans and advances permitted under Section
6.6(j) or 6.6(k), (f) the Transactions and the payment of fees and
expenses in connection with the consummation of the Transactions,
(g) the Acquired Company Indemnity Letter Agreement and
(h) the transactions set forth on Schedule 6.10
(without giving effect to any amendment, restatement, supplement or
other modification thereto after the Closing Date that could
reasonably be expected to be adverse in any material respect to the
Lenders).

 

6.11. Conduct
of Business. Neither the Borrower nor any Restricted
Subsidiary will engage in any business other than the businesses
engaged in by the Borrower and the Restricted Subsidiaries on the
Closing Date (for the avoidance of doubt, after giving effect to
the distribution of the Consumer/SMB Business as contemplated by
Section 3.1(m) and the consummation of the Fusion Global
Arrangement as contemplated by Section 3.1(n)), provided that the Borrower and
the Restricted Subsidiaries shall be permitted to engage in any
business that is similar, complementary or related to, or a
reasonable extension of, the business engaged in by the Borrower
and the Restricted Subsidiaries on the Closing Date (giving effect
to the foregoing parenthetical).

 

6.12. Hedge
Agreements. Neither the Borrower nor any Restricted
Subsidiary will enter into any Hedge Agreement, except
(a) Hedge Agreements entered into to hedge or mitigate risks
to which the Borrower or any Restricted Subsidiary has actual
exposure (other than in respect of Equity Interests or Indebtedness
of the Borrower or any Restricted Subsidiary) and (b) Hedge
Agreements entered into 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 Restricted Subsidiary.

 

6.13. Amendments
or Waivers of Organizational Documents and Certain
Agreements. Neither the Borrower nor any Restricted
Subsidiary will agree to any amendment, restatement, supplement or
other modification to, or waiver of any of its rights under, (a)
its Organizational Document, (b) any certificate of designation or
other agreement or instrument governing or evidencing the Closing
Date Preferred Stock or (c) any agreement or instrument governing
or evidencing Junior Indebtedness, in each case, to the extent such
amendment, modification or waiver could reasonably be expected to
be adverse in any material respect to the Lenders, it being
understood that any Junior Indebtedness may be modified to permit
any extension or refinancing thereof to the extent otherwise
permitted by this Agreement.

 

6.14. Fiscal
Year. Neither the Borrower nor any Restricted Subsidiary
will change its Fiscal Year to end on a date other than December
31.

 

 

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SECTION
7. GUARANTEE

 

7.1. Guarantee
of the Obligations. The Guarantors jointly and severally
hereby irrevocably and unconditionally guarantee the due and
punctual payment in full of all Obligations when and as the same
shall become due. In furtherance of the foregoing, the Guarantors
hereby jointly and severally agree that upon the failure of the
Borrower or any other Person to pay any of the Obligations when and
as the same shall become due, whether at stated maturity, by
required prepayment, acceleration, demand or otherwise (including
amounts that would become due but for the operation of the
automatic stay under Section 362(a) of the Bankruptcy Code or
any similar provision of, or stay imposed under, any other Debtor
Relief Law), the Guarantors will upon demand pay, or cause to be
paid, in Cash, to the Administrative Agent, for the ratable benefit
of Secured Parties, an amount equal to the sum of all Obligations
then due as aforesaid.

 

7.2. Indemnity
by the Borrower; Contribution by the Guarantors. In addition
to all such rights of indemnity and subrogation as any Guarantor
Subsidiary may have under applicable law (but subject to Section
7.5), the Borrower agrees that (i) in the event a payment shall be
made by any Guarantor Subsidiary under its Obligations Guarantee,
the Borrower shall indemnify such Guarantor Subsidiary for the full
amount of such payment and such Guarantor Subsidiary shall be
subrogated to the rights of the Person to whom such payment shall
have been made to the extent of such payment and (ii) in the event
any Collateral provided by any Guarantor Subsidiary shall be sold
pursuant to any Collateral Document to satisfy in whole or in part
any Obligations, the Borrower shall indemnify such Guarantor
Subsidiary in an amount equal to the fair market value of the
assets so sold.

 

(a) The Guarantor
Subsidiaries desire to allocate among themselves, in a fair and
equitable manner, their obligations arising under this Section 7
and under the Collateral Documents. Accordingly, in the event any
payment or distribution is made on any date by a Guarantor
Subsidiary under its Obligations Guarantee such that its Aggregate
Payments exceed its Fair Share as of such date (such Guarantor
Subsidiary being referred to as a “Claiming Guarantor”) and the
Borrower does not indemnify such Claiming Guarantor in accordance
with Section 7.2(a), such Claiming Guarantor shall be entitled to a
contribution from each other Guarantor Subsidiary in an amount
sufficient to cause each Guarantor Subsidiary’s Aggregate
Payments to equal its Fair Share as of such date (and for all
purposes of this Section 7.2(b), any sale or other
dispositions of Collateral of a Guarantor Subsidiary pursuant to an
exercise of remedies under any Collateral Document shall be deemed
to be a payment by such Guarantor Subsidiary under its Obligations
Guarantee in an amount equal to the fair market value of such
Collateral, less any amount of the proceeds of such sale or other
dispositions returned to such Guarantor Subsidiary).
“Fair Share”
means, with respect to any Guarantor Subsidiary as of any date of
determination, an amount equal to (i) the ratio of (A) the
Fair Share Contribution Amount with respect to such Guarantor
Subsidiary to (B) the aggregate of the Fair Share Contribution
Amounts with respect to all Guarantor Subsidiaries multiplied by (ii) the
aggregate amount paid or distributed on or before such date by all
Claiming Guarantors under their Obligations Guarantees.
“Fair Share Contribution
Amount” means, with respect to any Guarantor
Subsidiary as of any date of determination, the maximum aggregate
amount of the obligations of such Guarantor Subsidiary under its
Obligations Guarantee that would not render its obligations
thereunder subject to avoidance as a preference, fraudulent
transfer or conveyance or transfer at undervalue under Section 548
of the Bankruptcy Code or any comparable applicable provisions of
state or foreign law; provided that solely for
purposes of calculating the “Fair Share Contribution
Amount” with respect to any Guarantor Subsidiary for purposes
of this Section 7.2(b), any assets or liabilities of such
Guarantor Subsidiary arising by virtue of any rights to
subrogation, reimbursement or indemnification or any rights to or
obligations of contribution under this Section 7 shall not be
considered as assets or liabilities of such Guarantor Subsidiary.
“Aggregate
Payments” means, with respect to any Guarantor
Subsidiary as of any date of determination, an amount equal to
(A) the aggregate amount of all payments and distributions
made on or before such date by such Guarantor Subsidiary in respect
of its Obligations Guarantee (including any payments and
distributions made under this Section 7.2(b)), minus (B) the aggregate
amount of all payments received on or before such date by such
Guarantor Subsidiary from the Borrower pursuant to
Section 7.2(a) or the other Guarantor Subsidiaries pursuant to
this Section 7.2(b). The amounts payable under this
Section 7.2(b) shall be determined as of the date on which the
related payment or distribution is made by the applicable Claiming
Guarantor. The allocation among Guarantor Subsidiaries of their
obligations as set forth in this Section 7.2(b) shall not be
construed in any way to limit the liability of any Guarantor
Subsidiary hereunder or under any Collateral Document.

 

 

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7.3. Liability
of Guarantors Absolute. Each Guarantor agrees that its
obligations under this Section 7 are irrevocable, absolute,
independent and unconditional and shall not be affected by any
circumstance that constitutes a legal or equitable discharge of a
guarantor or surety other than payment in full in Cash of the
Obligations. In furtherance of the foregoing and without limiting
the generality thereof, each Guarantor agrees as
follows:

 

(a) its Obligations
Guarantee is a guarantee of payment when due and not of
collectability and is a primary obligation of such Guarantor and
not merely a contract of surety;

 

(b) the Administrative
Agent may enforce its Obligations Guarantee upon the occurrence of
an Event of Default notwithstanding the existence of any dispute
between the Borrower and any Secured Party with respect to the
existence of such Event of Default;

 

(c) the obligations of
each Guarantor hereunder are independent of the obligations of the
Borrower or of any other guarantor (including any other Guarantor)
of the Obligations, and a separate action or actions may be brought
and prosecuted against such Guarantor whether or not any action is
brought against the Borrower, any such other Guarantor or any other
Person and whether or not the Borrower, any such other Guarantor or
any other Person is joined in any such action or
actions;

 

(d) payment by any
Guarantor of a portion, but not all, of the Obligations shall in no
way limit, affect, modify or abridge any Guarantor’s
liability for any portion of the Obligations that has not been paid
(and, without limiting the generality of the foregoing, if the
Administrative Agent is awarded a judgment in any suit brought to
enforce any Guarantor’s covenant to pay a portion of the
Obligations, such judgment shall not be deemed to release such
Guarantor from its covenant to pay the portion of the Obligations
that is not the subject of such suit, and such judgment shall not,
except to the extent satisfied by such Guarantor, limit, affect,
modify or abridge any other Guarantor’s liability hereunder
in respect of the Obligations);

 

(e) any Secured Party
may, upon such terms as it deems appropriate, without notice or
demand and without affecting the validity or enforceability of the
Obligations Guarantees or giving rise to any reduction, limitation,
impairment, discharge or termination of any Guarantor’s
liability under this Section 7, at any time and from time to time
(i) renew, extend, accelerate, increase the rate of interest
on, or otherwise change the time, place, manner or terms of payment
of the Obligations, (ii) settle, compromise, release or discharge,
or accept or refuse any offer of performance with respect to, or
substitutions for, the Obligations or any agreement relating
thereto, and/or subordinate the payment of the same to the payment
of any other obligations, (iii) request and accept other
guarantees of the Obligations and take and hold security for the
payment of the Obligations, (iv) release, surrender, exchange,
substitute, compromise, settle, rescind, waive, alter, subordinate
or modify, with or without consideration, any security for payment
of the Obligations, any other guarantees of the Obligations or any
other obligation of any Person (including any other Guarantor) with
respect to the Obligations, (v) enforce and apply any security
now or hereafter held by or for the benefit of such Secured Party
in respect of the Obligations and direct the order or manner of
sale thereof, or exercise any other right or remedy that such
Secured Party may have against any such security, in each case as
such Secured Party in its discretion may determine consistent
herewith or with the applicable Hedge Agreement or Specified Cash
Management Services Agreement and any applicable security
agreement, including foreclosure on any such security or exercise
of a power of sale pursuant to one or more judicial or nonjudicial
sales, whether or not every aspect of any such sale is commercially
reasonable, and even though such action operates to impair or
extinguish any right of reimbursement or subrogation or other right
or remedy of any Guarantor against any other Credit Party or any
security for the Obligations, and (vi) exercise any other
rights available to it under the Credit Documents, any Hedge
Agreements or any Specified Cash Management Services Agreements;
and

 

 

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(f) the Obligations
Guarantees and the obligations of the Guarantors thereunder shall
be valid and enforceable and shall not be subject to any reduction,
limitation, impairment, discharge or termination for any reason,
including the occurrence of any of the following, whether or not
any Guarantor shall have had notice or knowledge of any of them (in
any case other than payment in full in Cash of the Obligations or
release of a Guarantor Subsidiary’s Obligations Guarantee in
accordance with Section 9.8(d)(ii)): (i) any failure or
omission to assert or enforce or agreement or election not to
assert or enforce, 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 the Credit Documents, any Hedge Agreements or any Specified
Cash Management Services Agreements, at law, in equity or
otherwise) with respect to the Obligations or any agreement
relating thereto, or with respect to any other guarantee of or
security for the payment of the Obligations, (ii) any
rescission, waiver, amendment or modification of, or any consent to
departure from, any of the terms or provisions (including
provisions relating to events of default) of any Credit Document,
any Hedge Agreement or any Specified Cash Management Services
Agreement or any agreement or instrument executed pursuant thereto,
or of any other guarantee or security for the Obligations, in each
case whether or not in accordance with the terms hereof or such
Credit Document, such Hedge Agreement or such Specified Cash
Management Services Agreement or any agreement relating to such
other guarantee or security, (iii) the Obligations, or any
agreement relating thereto, at any time being found to be illegal,
invalid or unenforceable in any respect, (iv) the application
of payments received from any source (other than payments received
pursuant to the other Credit Documents, any Hedge Agreement or any
Specified Cash Management Services Agreement under which any
Obligations arose or from the proceeds of any security for the
Obligations, except to the extent such security also serves as
collateral for Indebtedness other than the Obligations) to the
payment of obligations other than the Obligations, even though any
Secured Party could have elected to apply such payment to all or
any part of the Obligations, (v) any Secured Party’s
consent to the change, reorganization or termination of the
corporate structure or existence of the Borrower or any Subsidiary
and to any corresponding restructuring of the Obligations,
(vi) any failure to perfect or continue perfection of a
security interest in any collateral that secures any of the
Obligations, (vii) any defenses, set-offs or counterclaims
that the Borrower or any other Person may allege or assert against
any Secured Party in respect of the Obligations, including failure
of consideration, breach of warranty, statute of frauds, statute of
limitations, accord and satisfaction and usury, and (viii) any
other act or thing or omission, or delay to do any other act or
thing, that may or might in any manner or to any extent vary the
risk of any Guarantor as an obligor in respect of the
Obligations.

 

7.4. Waivers
by the Guarantors. Each Guarantor hereby waives, for the
benefit of the Secured Parties: (a) any right to require any
Secured Party, as a condition of payment or performance by such
Guarantor in respect of its obligations under this Section 7, (i)
to proceed against the Borrower, any other guarantor (including any
other Guarantor) of the Obligations or any other Person, (ii) to
proceed against or exhaust any security held from the Borrower, any
such other guarantor or any other Person, (iii) to proceed
against or have resort to any balance of any deposit account or
credit on the books of any Secured Party in favor of any Credit
Party or any other Person, or (iv) to pursue any other remedy in
the power of any Secured Party whatsoever; (b) any defense arising
by reason of the incapacity, lack of authority or any disability or
other defense of the Borrower or any other Guarantor, including any
defense based on or arising out of the lack of validity or the
unenforceability of the Obligations or any agreement or instrument
relating thereto or by reason of the cessation of the liability of
the Borrower or any other Guarantor from any cause other than
payment in full in Cash of the Obligations; (c) any defense based
upon any law that provides that the obligation of a surety must be
neither larger in amount nor in other respects more burdensome than
that of the principal; (d) any defense based upon any Secured
Party’s errors or omissions in the administration of the
Obligations; (e) (1) any principles or provisions of any law
that are or might be in conflict with the terms hereof or any legal
or equitable discharge of such Guarantor’s obligations
hereunder, (2) the benefit of any statute of limitations affecting
such Guarantor’s liability hereunder or the enforcement
hereof, (3) any rights to set-offs, recoupments and counterclaims
and (4) promptness, diligence and any requirement that any
Secured Party protect, secure, perfect or insure any security
interest or lien or any property subject thereto; (f) notices,
demands, presentments, protests, notices of protest, notices of
dishonor and notices of any action or inaction, including
acceptance hereof, notices of default under the Credit Documents,
any Hedge Agreement or any Specified Cash Management Services
Agreement or any agreement or instrument related thereto, notices
of any renewal, extension or modification of the Obligations or any
agreement related thereto, notices of any extension of credit to
the Borrower or any other Guarantor and notices of any of the
matters referred to in Section 7.3 and any right to consent to
any thereof; and (g) any defenses or benefits that may be derived
from or afforded by law which limit the liability of or exonerate
guarantors or sureties, or which may conflict with the terms
hereof.

 

 

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7.5. Guarantors’
Rights of Subrogation, Contribution, Etc. Until the
Obligations shall have been indefeasibly paid in full in Cash, the
Commitments shall have terminated and all Letters of Credit shall
have expired with no pending drawings or been cancelled, each
Guarantor hereby waives any claim, right or remedy, direct or
indirect, that such Guarantor now has or may hereafter have against
the Borrower or any other Guarantor or any of its assets in
connection with its Obligations Guarantee or the performance by
such Guarantor of its obligations thereunder, in each case whether
such claim, right or remedy arises in equity, under contract, by
statute, under common law or otherwise and including (a) any right
of subrogation, reimbursement or indemnity that such Guarantor now
has or may hereafter have against the Borrower with respect to the
Obligations, including any such right of indemnity under Section
7.2(a), (b) any right to enforce, or to participate in, any
claim, right or remedy that any Secured Party now has or may
hereafter have against the Borrower, and (c) any benefit of, and
any right to participate in, any collateral or security now or
hereafter held by or for the benefit of any Secured Party. In
addition, until the Obligations shall have been indefeasibly paid
in full in Cash, the Commitments shall have terminated and all
Letters of Credit shall have expired with no pending drawings or
been cancelled, each Guarantor shall withhold exercise of any right
of contribution such Guarantor may have against any other guarantor
(including any other Guarantor) of the Obligations, including any
such right of contribution under Section 7.2(b). Each Guarantor
further agrees that, to the extent the waiver or agreement to
withhold the exercise of its rights of subrogation, reimbursement,
indemnity and contribution as set forth herein is found by a court
of competent jurisdiction to be void or voidable for any reason,
any rights of subrogation, reimbursement or indemnity such
Guarantor may have against the Borrower or against any collateral
or security, and any rights of contribution such Guarantor may have
against any such other Guarantor, shall be junior and subordinate
to any rights any Secured Party may have against the Borrower or
any other Guarantor, to all right, title and interest any Secured
Party may have in any such collateral or security, and to any right
any Secured Party may have against such other Guarantor. If any
amount shall be paid to any Guarantor on account of any such
subrogation, reimbursement, indemnity or contribution rights at any
time when all Obligations shall not have been indefeasibly paid in
full in Cash, all Commitments not having terminated and all Letters
of Credit not having expired or been cancelled, such amount shall
be held in trust for the Administrative Agent, for the benefit of
the Secured Parties, and shall forthwith be paid over to the
Administrative Agent, for the benefit of Secured Parties, to be
credited and applied against the Obligations, whether matured or
unmatured, in accordance with the terms hereof.

 

7.6. Continuing
Guarantee. The Obligations Guarantee is a continuing
guarantee and shall remain in effect (except, in the case of a
Guarantor Subsidiary, if such Guarantor Subsidiary’s
Obligations Guarantee shall have been released in accordance with
Section 9.8(d)(ii)) until all of the Obligations (excluding
contingent obligations as to which no claim has been made and the
Specified Hedge Obligations and Specified Cash Management Services
Obligations) shall have been paid in full in Cash, the Commitments
shall have terminated and all Letters of Credit shall have expired
with no pending drawings or been cancelled. Each Guarantor hereby
irrevocably waives any right to revoke its Obligations Guarantee as
to future transactions giving rise to any Obligations.

 

7.7. Authority
of the Guarantors or the Borrower. It is not necessary for
any Secured Party to inquire into the capacity or powers of any
Guarantor or the Borrower or any Related Party acting or purporting
to act on behalf of any such Person.

 

 

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7.8. Financial
Condition of the Credit Parties. Any Credit Extension may be
made or continued from time to time, and any Obligations arising
under Hedge Agreements or Specified Cash Management Services
Agreements may be incurred from time to time, in each case without
notice to or authorization from any Guarantor regardless of the
financial or other condition of the Borrower or any Subsidiary at
the time of any such making or continuation or at the time such
other Obligations are incurred, as the case may be. No Secured
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 Subsidiary. Each
Guarantor has adequate means to obtain information from the
Borrower and the Subsidiaries on a continuing basis concerning the
financial condition of the Borrower and the Subsidiaries and their
ability to perform the Obligations, and each Guarantor assumes the
responsibility for being and keeping informed of the financial
condition of the Borrower and the Subsidiaries and of all
circumstances bearing upon the risk of nonpayment of the
Obligations. Each Guarantor hereby waives and relinquishes any duty
on the part of any Secured Party to disclose any matter, fact or
thing relating to the business, results of operations, assets,
liabilities, condition (financial or otherwise) or prospects of the
Borrower or any Subsidiary now or hereafter known by any Secured
Party.

 

7.9. Bankruptcy,
Etc. The obligations of the Guarantors hereunder shall not
be reduced, limited, impaired, discharged, deferred, suspended or
terminated by any case or proceeding, voluntary or involuntary,
involving the bankruptcy, insolvency, receivership, reorganization,
liquidation, arrangement or similar proceeding of the Borrower or
any other Guarantor or by any defense that the Borrower or any
other Guarantor may have by reason of the order, decree or decision
of any court or administrative body resulting from any such
proceeding.

 

(a) Each Guarantor
acknowledges and agrees that any interest on any portion of the
Obligations that accrues after the commencement of any case or
proceeding referred to in Section 7.9(a) (or, if interest on any
portion of the Obligations ceases to accrue by operation of law by
reason of the commencement of such case or proceeding, such
interest as would have accrued on such portion of the Obligations
if such case or proceeding had not been commenced) shall be
included in the Obligations because it is the intention of the
Guarantors and the Secured Parties that the Obligations that are
guaranteed by the Guarantors pursuant to this Section 7 should be
determined without regard to any rule of law or order that may
relieve the Borrower or any Subsidiary of any portion of any
Obligations. The Guarantors will permit any trustee in bankruptcy,
receiver, debtor in possession, assignee for the benefit of
creditors or similar Person to pay to the Administrative Agent, for
the benefit of the Secured Parties, or allow the claim of any
Secured Party or of the Administrative Agent, for the benefit of
the Secured Parties, in respect of, any such interest accruing
after the date on which such case or proceeding is
commenced.

 

In the
event that all or any portion of the Obligations are paid by the
Borrower or any Subsidiary, the obligations of the Guarantors under
this Section 7 shall continue and remain in full force and effect
or be reinstated, as the case may be (notwithstanding any prior
release of any Obligations Guarantee), in the event that all or any
part of such payment(s) are rescinded or recovered directly or
indirectly from any Secured Party as a preference, fraudulent
transfer or conveyance or transfer at undervalue or otherwise, and
any such payments that are so rescinded or recovered shall
constitute Obligations for all purposes hereunder.

 

 

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7.10. 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
any other Guarantor to honor all of such Guarantor’s
obligations under this Obligations Guarantee or any other Credit
Document in respect of Swap Obligations, provided that each Qualified
ECP Guarantor shall only be liable under this Section 7.10 for the
maximum amount of such liability that can be incurred without
rendering its obligations under this Section 7.10, or otherwise
under this Obligations Guarantee, as it relates to such Guarantor,
voidable under applicable law relating to preferences, fraudulent
conveyance or fraudulent transfer, transfer at undervalue, and not
for any greater amount. The obligations of each Qualified ECP
Guarantor under this Section 7.10 shall remain in full force and
effect until the Obligations shall have been indefeasibly paid in
full, the Commitments shall have terminated and all Letters of
Credit shall have expired with no pending drawings or been
cancelled. Each Qualified ECP Guarantor intends that this Section
7.10 constitute, and this Section 7.10 shall be deemed to
constitute, a “keepwell, support, or other agreement”
for the benefit of each other Guarantor for all purposes of Section
1a(18)(A)(v)(II) of the Commodity Exchange Act.

 

SECTION
8. EVENTS
OF DEFAULT

 

8.1. Events
of Default. If any one or more of the following conditions
or events shall occur:

 

(a) Failure to Make Payments When
Due. Failure by the Borrower (i) to pay, when due, any
principal of any Loan, whether at stated maturity, by acceleration,
by notice of voluntary prepayment, by mandatory prepayment or
otherwise, (ii) to pay, when due, any amount payable to the
applicable Issuing Bank in reimbursement of any drawing under any
Letter of Credit or to deposit, when due, any Cash Collateral
required pursuant to Section 2.13(f) or 2.21 or (iii) to pay,
within five Business Days after the date due, any interest on any
Loan or any fee or any other amount due hereunder;

 

(b) Default in Other Agreements.
(i) Failure by the Borrower or any Restricted Subsidiary, after the
expiration of any applicable grace period, to make any payment that
shall have become due and payable (whether of principal, interest
or otherwise) in respect of any Material Indebtedness, or (ii) any
condition or event shall occur that results in any Material
Indebtedness becoming due, or being required to be prepaid,
repurchased, redeemed or defeased, prior to its stated maturity or,
in the case of any Hedge Agreement, being terminated, or that
enables or permits the holder or holders of any Material
Indebtedness or any trustee or agent on its or their behalf, or, in
the case of any Hedge Agreement, the applicable counterparty, with
or without the giving of notice but only after the expiration of
any applicable grace period, to cause such Material Indebtedness to
become due, or to require the prepayment, repurchase, redemption or
defeasance thereof, prior to its stated maturity or, in the case of
any Hedge Agreement, to cause the termination thereof; provided that this
clause (b) shall not apply to (A) any secured
Indebtedness becoming due as a result of the voluntary sale or
transfer of the assets securing such Indebtedness; (B) any
Indebtedness becoming due as a result of a voluntary refinancing
thereof permitted under Section 6.1; or (C) any Indebtedness
becoming due as a result of a voluntary (or, to the extent
permitted by Section 2.14(c) or, in the case of Permitted Pari
Passu Secured Indebtedness, Sections 2.13(a), 2.13(b) and 2.13(e),
mandatory) prepayment, repurchase, redemption or defeasance thereof
permitted hereunder;

 

(c) Breach of Certain Covenants.
Failure of any Credit Party to perform or comply with any term or
condition contained in Section 2.5, 5.1(e)(i), 5.2 (with respect to
the Borrower only), 5.14, 5.16 or 6, provided that any failure to
comply with Section 6.7(c) will not constitute a Default or an
Event of Default with respect to the Tranche B Term Loans unless
and until the Administrative Agent at the request of (or with the
consent of) the Requisite Tranche A/Revolving Lenders shall have
declared the Tranche A Term Loans and/or the Revolving Loans to be
due and payable and/or the Revolving Commitments to be
terminated;

 

 

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(d) Breach of Representations, Etc.
Any representation, warranty, certification or other statement made
or deemed made by or on behalf of any Credit Party in any Credit
Document or in any report, certificate or statement at any time
provided in writing by or on behalf of any Credit Party pursuant to
or in connection with any Credit Document or the Transactions shall
be incorrect in any material respect as of the date made or deemed
made (or if any representation or warranty is expressly stated to
have been made as of a specific date incorrect in any material
respect as of such specific date);

 

(e) Other Defaults under Credit
Documents. Failure of any Credit Party to perform or comply
with any term or condition contained herein or in any other Credit
Document, other than any such term or condition referred to in any
other clause of this Section 8.1, and, except as may be
expressly set forth in any such other Credit Document, such failure
shall not have been remedied within 30 days after receipt by the
Borrower of notice from the Administrative Agent or the Requisite
Lenders of such failure;

 

(f) Involuntary Bankruptcy; Appointment of
Receiver, Etc. (i) A court of competent jurisdiction shall
enter a decree or order for relief in respect of the Borrower or
any Restricted Subsidiary that is a Material Subsidiary in an
involuntary case under any Debtor Relief Laws, which decree or
order is not stayed; or any other similar relief shall be granted
under any applicable federal, state or foreign law; or (ii) an
involuntary case shall be commenced against the Borrower or any
Restricted Subsidiary that is a Material Subsidiary under any
Debtor Relief Laws; or a decree or order of a court having
jurisdiction in the premises for the involuntary appointment of an
interim receiver, receiver, liquidator, sequestrator, trustee,
custodian or other officer having similar powers over the Borrower
or any Restricted Subsidiary that is a Material Subsidiary, or over
all or a substantial part of its property, shall have been entered;
or there shall have occurred the involuntary appointment of an
interim receiver, receiver, liquidator, sequestrator, trustee,
custodian or other officer having similar powers over the Borrower
or any Restricted Subsidiary that is a Material Subsidiary, or over
all or a substantial part of its property; or a warrant of
attachment, execution or similar process shall have been issued
against all or a substantial part of the property of the Borrower
or any Restricted Subsidiary that is a Material Subsidiary, and any
such event described in this clause (ii) shall continue for 60 days
without having been dismissed, bonded or discharged;

 

(g) Voluntary Bankruptcy; Appointment of
Receiver, Etc. The Borrower or any Restricted Subsidiary
that is a Material Subsidiary shall have an order for relief
entered with respect to it or shall commence a voluntary case under
any Debtor Relief Laws, or shall consent to the entry of an order
for relief in an involuntary case, or to the conversion of an
involuntary case to a voluntary case, under any Debtor Relief Laws,
or shall consent to the appointment of or taking possession by an
interim receiver, receiver, liquidator, sequestrator, trustee,
custodian or other officer having similar powers over the Borrower
or any Restricted Subsidiary that is a Material Subsidiary, or over
all or a substantial part of its property (other than any
liquidation permitted by Section 6.8(a)(iv)); or the Borrower
or any other Restricted Subsidiary that is a Material Subsidiary
shall make any general assignment for the benefit of creditors; or
the Borrower or any Restricted Subsidiary that is a Material
Subsidiary shall be unable, or shall fail generally, or shall admit
in writing its inability, to pay its debts as such debts become
due; or the board of directors (or similar governing body) of the
Borrower or any Restricted Subsidiary that is a Material Subsidiary
(or any committee thereof) shall adopt any resolution or otherwise
authorize any action to approve any of the actions referred to in
this Section 8.1(g) or in Section 8.1(f);

 

 

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(h) Judgments and Attachments. One
or more judgments for the payment of money in an aggregate amount
of $10,000,000 or more (other than any such judgment covered by
insurance (other than under a self-insurance program) provided by a
financially sound insurer to the extent a claim therefor has been
made in writing and liability therefor has not been denied in
writing by the insurer), shall be rendered against the Borrower,
any Restricted Subsidiary or any combination thereof and the same
shall remain undischarged for a period of 60 consecutive days
during which execution shall not be effectively stayed, or any
action shall be legally taken by a judgment creditor to attach or
levy upon any assets of the Borrower or any Restricted Subsidiary
to enforce any such judgment;

 

(i) Employee Benefit Plans. The
occurrence of one or more ERISA Events or Foreign Plan Events that
have had, or could reasonably be expected to result in liability
which would reasonably be expected to have, individually or in the
aggregate, a Material Adverse Effect;

 

(j) Change of Control. A Change of
Control shall occur;

 

(k) Obligations Guarantees, Collateral
Documents and other Credit Documents. Any Obligations
Guarantee (other than any Obligations Guarantee by any Restricted
Subsidiary that is not a Material Subsidiary) purported to be
created under the Credit Documents for any reason shall cease to
be, or shall be asserted by any Credit Party not to be, in full
force and effect (other than in accordance with its terms), or
shall be declared to be null and void; any Lien purported to be
created under any Collateral Document shall cease to be, or shall
be asserted by any Credit Party not to be, a valid and perfected
Lien on any material Collateral, with the priority required by the
applicable Collateral Document, except as a result of (i) a
Disposition of the applicable Collateral in a transaction permitted
under the Credit Documents, (ii) the release thereof as
provided in Section 9.8(d) or (iii) the Collateral Agent’s
failure to maintain possession of any stock certificate, promissory
note or other instrument delivered to it under the Collateral
Documents; or this Agreement or any Collateral Document shall cease
to be in full force and effect (other than in accordance with its
terms), or shall be declared null and void, or any Credit Party
shall contest the validity or enforceability of any Credit Document
or deny that it has any further liability, including with respect
to future advances by Lenders, under any Credit Document to which
it is a party (other than in accordance with its
terms);

 

(l) Intercreditor Agreement. (i)
Any Credit Party shall knowingly contest, or knowingly support
another Person in any action that seeks to contest, the validity or
effectiveness of the Intercreditor Agreement or any other Permitted
Intercreditor Agreement (other than pursuant to the terms hereof or
thereof) or (ii) the Intercreditor Agreement, or any other
Permitted Intercreditor Agreement entered into after the date
hereof, shall, in whole or in part, terminate, cease to be
effective or cease to be legally valid, binding and enforceable
against any party thereto (other than pursuant to the terms hereof
or thereof); or

 

(m) Certain Subordination
Agreements. (i) Any Credit Party or any holder of Permitted
Subordinated Indebtedness shall knowingly contest, or knowingly
support another Person in any action that seeks to contest, the
validity or effectiveness of the subordination of any Permitted
Subordinated Indebtedness to the Obligations on the terms required
under this Agreement or (ii) any agreement (including any
subordination provisions set forth in the Permitted Subordinated
Indebtedness Documents) providing for subordination of any
Permitted Subordinated Indebtedness to the Obligations shall, in
whole or in part, terminate, cease to be effective or cease to be
legally valid, binding and enforceable against any Credit Party or
any holder of such Permitted Subordinated
Indebtedness;

 

 

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THEN, (i) upon the occurrence of any
Event of Default described in Section 8.1(f) or 8.1(g),
automatically, and (ii) upon (A) the occurrence and during the
continuance of any other Event of Default and (B) notice to the
Borrower by the Administrative Agent provided at the request of (or
with the consent of) the Requisite Lenders (or, with respect to the
Tranche A Term Loans, the Revolving Exposure and/or the Revolving
Commitments only, at the request of (or with the consent of) the
Requisite Tranche A/Revolving Lenders, in the case of an Event
of Default arising from any failure to comply with Section 6.7(c)),
which notice may be given with respect to all or any of the
following actions, at the same or different times, (1) the
Commitments and the obligation of each Issuing Bank to issue any
Letter of Credit shall immediately terminate, (2) the unpaid
principal amount of and accrued interest on the Loans and all other
Obligations (other than the Specified Hedge Obligations and the
Specified Cash Management Services Obligations) shall immediately
become due and payable, and the Borrower shall immediately be
required to deposit Cash Collateral in respect of Letter of Credit
Usage in accordance with Section 2.3(h), in each case without
presentment, demand, protest or other requirement of any kind, all
of which are hereby expressly waived by each Credit Party, and (3)
the Administrative Agent may cause the Collateral Agent to enforce
any and all Liens created pursuant to the Collateral
Documents.

 

SECTION
9. AGENTS

 

9.1. Appointment
of Agents. Wilmington Trust is hereby appointed
Administrative Agent and Collateral Agent hereunder and under the
other Credit Documents, and each Lender and Issuing Bank hereby
authorizes Wilmington Trust to act as the Administrative Agent and
the Collateral Agent in accordance with the terms hereof and of the
other Credit Documents. Each such Agent hereby agrees to act in its
capacity as such upon the express conditions contained herein and
in the other Credit Documents, as applicable. Other than
Sections 9.7 and 9.8(d), the provisions of this Section 9 are
solely for the benefit of the Agents, the Lenders and the Issuing
Banks, and no Credit Party shall have any rights as a third party
beneficiary of any such provisions. In performing its functions and
duties hereunder, no Agent assumes, and shall not be deemed to have
assumed, any obligation towards or relationship of agency or trust
with or for the Borrower or any Subsidiary.

 

9.2. Powers
and Duties. Each Lender and Issuing Bank irrevocably
authorizes each Agent to take such actions and to exercise such
powers, rights and remedies hereunder and under the other Credit
Documents as are specifically delegated or granted to such Agent by
the terms hereof and thereof, together with such actions, powers,
rights and remedies as are reasonably incidental thereto. Each
Agent shall have only those duties and responsibilities that are
expressly specified herein and in the other Credit Documents. No
Agent shall have, by reason hereof or of any of the other Credit
Documents, a fiduciary relationship in respect of any Lender, any
Issuing Bank or any other Person (regardless of whether or not a
Default or an Event of Default has occurred), it being understood
and agreed that the use of the term “agent” (or any
other similar term) herein or in any other Credit Documents with
reference to any Agent is not intended to connote any fiduciary or
other implied obligations arising under any agency doctrine of any
applicable law, and that such term is used as a matter of market
custom; and nothing herein or in any of the other Credit Documents,
expressed or implied, is intended to or shall be so construed as to
impose upon any Agent any obligations in respect hereof or of any
of the other Credit Documents except as expressly set forth herein
or therein. Without limiting the generality of the foregoing, no
Agent shall, except as expressly set forth herein and in the other
Credit Documents, have any duty to disclose, or 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 serving as such Agent or any of its Affiliates in any
capacity.

 

 

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9.3. General
Immunity.

 

(a) No Responsibility for Certain
Matters. No Agent shall be responsible to any Lender or
Issuing Bank for (i) the execution, effectiveness, genuineness,
validity, enforceability, collectability or sufficiency hereof or
of any other Credit Document; (ii) the creation, perfection,
maintenance, preservation, continuation or priority of any Lien or
security interest created, purported to be created or required
under any Credit Document; (iii) the value or the sufficiency of
any Collateral; (iv) the satisfaction of any condition set forth in
Section 3 or elsewhere herein, other than to confirm receipt of
items expressly required to be delivered to such Agent; (v) the
failure of any Credit Party, Lender, Issuing Bank or other Agent to
perform its obligations hereunder or under any other Credit
Document; or (vi) any representations, warranties, recitals or
statements made herein or therein or in any written or oral
statements or in any financial or other statements, instruments,
reports or certificates or any other documents furnished or made by
any Agent to the Lenders or the Issuing Banks or by or on behalf of
any Credit Party to any Agent, any Lender or any Issuing Bank in
connection with the Credit Documents and the transactions
contemplated thereby or for the financial condition or affairs of
any Credit Party or any other Person liable for the payment of any
Obligations, nor shall any Agent be required to ascertain or
inquire as to the performance or observance of any of the terms,
conditions, provisions, covenants or agreements contained in any of
the Credit Documents or as to the use of the proceeds of the Loans
or as to the existence or possible existence of any Default or
Event of Default (nor shall any Agent be deemed to have knowledge
of the existence or possible existence of any Default or Event of
Default unless and until written notice thereof (stating that it is
a “notice of default”) is given to such Agent by the
Borrower or any Lender) or to make any disclosures with respect to
the foregoing. Notwithstanding anything herein to the contrary, the
Administrative Agent shall not have any liability arising from, or
be responsible for any loss, cost or expense suffered by the
Borrower, any Subsidiary, any Lender or any Issuing Bank as a
result of, confirmations of the amount of outstanding Loans, the
Letter of Credit Usage or the component amounts thereof, the
calculation of the Yield Maintenance Amount or the Weighted Average
Yield with respect to any Indebtedness, any exchange rate
determination or currency conversion, the determination of whether
any Class of Term Loans constitutes Incremental Tranche A Term
Loans or TLA Term Loans, the terms and conditions of any Permitted
Intercreditor Agreement or any Permitted Subordinated Indebtedness
Document or of any subordination terms applicable to any Permitted
Subordinated Indebtedness or the calculation of the outstanding
amount of Specified Hedge Obligations or Specified Cash Management
Services Obligations, in each case except to the extent caused by
such Agent’s gross negligence or willful misconduct, as
determined by a final, non-appealable judgment of a court of
competent jurisdiction.

 

 

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(b) Exculpatory Provisions. None of
any Agent or any of its Related Parties shall be liable to the
Lenders or the Issuing Banks for any action taken or omitted by
such Agent under or in connection with any of the Credit Documents
except to the extent caused by such Agent’s gross negligence
or willful misconduct, as determined by a final, non-appealable
judgment of a court of competent jurisdiction. Each Agent shall be
entitled to refrain from the taking of any action (including the
failure to take an action) in connection herewith or with any of
the other Credit Documents or from the exercise of any power,
discretion or authority (including the making of any requests,
determinations, judgments, calculations or the expression of any
satisfaction or approval) vested in it hereunder or thereunder
unless and until such Agent shall have received instructions in
respect thereof from either the Requisite Tranche A/Revolving
Lenders or the Requisite Lenders (or such other Lenders as may be
required, or as such Agent shall believe in good faith to be
required, to give such instructions under Section 10.5) and upon
receipt of such instructions from the Requisite Tranche A/Revolving
Lenders or the Requisite Lenders (or such other Lenders, as the
case may be), such Agent shall be entitled to act or (where so
instructed) refrain from acting, or to exercise such power,
discretion or authority, in accordance with such instructions;
provided that such
Agent shall not be required to take any action that, in its
opinion, could expose such Agent to liability or be contrary to any
Credit Document or applicable law, including any action that may be
in violation of the automatic stay under any Debtor Relief Laws or
that may effect a forfeiture, modification or termination of
property of a Defaulting Lender in violation of any Debtor Relief
Law. Without prejudice to the generality of the foregoing, (i) each
Agent shall be entitled to rely, and shall be fully protected in
relying, upon any notice, request, certificate, consent, statement,
instrument, document or other writing (including any telephonic
notice, electronic message, Internet or intranet website posting or
other distribution) believed by it to be genuine and to have been
signed, sent or otherwise provided by the proper Person (whether or
not such Person in fact meets the requirements set forth in the
Credit Documents for being the signatory, sender or provider
thereof) and on opinions and judgments of attorneys (who may be
attorneys for the Borrower and the Subsidiaries), accountants,
insurance consultants, architects, engineers and other experts or
professional advisors selected by it, and such Agent shall not be
liable for any action it takes or omits to take in good faith in
reliance on any of the foregoing documents; and (ii) no Lender or
Issuing Bank shall have any right of action whatsoever against any
Agent as a result of such Agent acting or (where so instructed)
refraining from acting hereunder or any of the other Credit
Documents in accordance with the instructions of the Requisite
Tranche A/Revolving Lenders or the Requisite Lenders (or such other
Lenders as may be required, or as such Agent shall believe in good
faith to be required, to give such instructions under Section
10.5). In determining compliance with any condition hereunder to
the making of any Credit Extension that by its terms must be
fulfilled to the satisfaction of a Lender or an Issuing Bank, the
Administrative Agent may presume the satisfaction of such Lender or
Issuing Bank unless the Administrative Agent shall have received
written notice to the contrary from such Lender or Issuing Bank
reasonably in advance of such Credit Extension.

 

(c) Delegation of Duties. Each
Agent may perform any and all of its duties and exercise any and
all of its powers, rights and remedies under this Agreement or any
other Credit Document by or through any one or more sub-agents
appointed by such Agent. Each Agent and any such of its sub-agents
may perform any and all of its duties and exercise any and all of
its powers, rights and remedies by or through their respective
Affiliates. The exculpatory, indemnification and other provisions
set forth in this Section 9.3 and in Sections 9.6 and 10.3 shall
apply to any such sub-agent or Affiliate (and to their respective
Related Parties) as if they were named as such Agent. No Agent
shall be responsible for the negligence or misconduct of any
sub-agent appointed by it except to the extent that a court of
competent jurisdiction determines in a final, non-appealable
judgment that such Agent acted with gross negligence or willful
misconduct in the selection of such sub-agent. Notwithstanding
anything herein to the contrary, with respect to each sub-agent
appointed by any Agent, (i) such sub-agent shall be a third party
beneficiary under the exculpatory, indemnification and other
provisions set forth in this Section 9.3 and Sections 9.6 and 10.3
and shall have all of the rights and benefits of a third party
beneficiary, including an independent right of action to enforce
such provisions directly, without the consent or joinder of any
other Person, against any or all of the Credit Parties and the
Lenders and (ii) such sub-agent shall only have obligations to
such Agent, and not to any Credit Party, any Lender or any other
Person, and no Credit Party, Lender or any other Person shall have
any rights, directly or indirectly, as a third party beneficiary or
otherwise, against such sub-agent.

 

 

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(d) Concerning Arrangers and Certain Other
Indemnitees. Notwithstanding anything herein to the
contrary, none of the Arrangers, the Syndication Agent or any of
the co-agents, bookrunners or managers listed on the cover page
hereof shall have any duties or responsibilities under this
Agreement or any of the other Credit Documents, except in its
capacity, as applicable, as the Administrative Agent, the
Collateral Agent, a Lender or an Issuing Bank hereunder or, in the
case of any Auction Manager or any other Person appointed under the
Credit Documents to serve as an agent or in a similar capacity, the
duties and responsibilities that are expressly specified in the
applicable Credit Documents with respect thereto, but all such
Persons shall have the benefit of the exculpatory, indemnification
and other provisions set forth in this Section 9 and in Section
10.3 and shall have all of the rights and benefits of a third party
beneficiary with respect thereto, including an independent right of
action to enforce such provisions directly, without the consent or
joinder of any other Person, against any or all of the Credit
Parties and the Lenders. The exculpatory, indemnification and other
provisions set forth in this Section 9 and in Section 10.3 shall
apply to any Affiliate or other Related Party of any Arranger or
any Agent in connection with the arrangement and syndication of the
credit facilities provided for herein (including pursuant to
Section 2.23, 2.24 and 2.25) and any amendment, supplement or
modification hereof or of any other Credit Document (including in
connection with any Extension/Modification Offer), as well as
activities as an Agent.

 

9.4. Acts
in Individual Capacity. Nothing herein or in any other
Credit Document shall in any way impair or affect any of the rights
and powers of, or impose any duties or obligations upon, any Agent
in its individual capacity as a Lender or an Issuing Bank
hereunder. With respect to its Loans, Letters of Credit and
participations in the Letters of Credit, each Agent shall have the
same rights and powers hereunder as any other Lender or Issuing
Bank and may exercise the same as if it were not performing the
duties and functions delegated to it hereunder. Each Agent and its
Affiliates may accept deposits from, lend money to, own securities
of, act as the financial advisor or in any other advisory capacity
for and generally engage in any kind of banking, trust, financial
advisory, commodity, derivative or other business with the Borrower
or any of its Affiliates as if it were not performing the duties
and functions specified herein, and may accept fees and other
consideration from the Borrower and its Affiliates for services in
connection herewith and otherwise, in each case without having to
account therefor to the Lenders or the Issuing Banks. Each Agent
and its Affiliates, when acting under any agreement in respect of
any such activity or under any related agreements, will be acting
for its own account as principal and will be under no obligation or
duty as a result of such Agent’s role in connection with the
credit facility provided herein or otherwise to take any action or
refrain from taking any action (including refraining from
exercising any right or remedy that might be available to
it).

 

9.5. Lenders’
and Issuing Banks’ Representations, Warranties and
Acknowledgments. Each Lender and Issuing Bank represents and
warrants that it has made, and will continue to make, its own
independent investigation of the financial condition and affairs of
the Borrower and the Subsidiaries in connection with Credit
Extensions or taking or not taking action under or based upon any
Credit Document, in each case without reliance on any Agent, any
Arranger or any of their respective Related Parties. No Agent shall
have any duty or responsibility, either initially or on a
continuing basis, to make any such investigation or any such
appraisal on behalf of Lenders or Issuing Banks or to provide any
Lender or Issuing Bank with any credit or other information with
respect thereto, whether coming into its possession before the
making of the Credit Extensions or at any time or times
thereafter.

 

 

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(a) Each Lender, by
delivering its signature page to this Agreement, an Assignment Agreement, a
Refinancing Facility Agreement or an Incremental Facility Agreement
and funding its Loans on the Closing Date and/or providing its
Revolving Commitment on the Closing Date or by funding any
Refinancing Term Loan, any Incremental Term Loan or providing any
Incremental Revolving Commitment, as the case may be, shall be
deemed to have acknowledged receipt of, and consented to and
approved, each Credit Document and each other document required to
be approved by any Agent, the Requisite Lenders or any other
Lenders, as applicable, on the Closing Date or as of the date of
funding of such Refinancing Term Loans or Incremental Term Loans or
the date of the effectiveness of such Incremental Revolving
Commitment.

 

(b) Each Lender and
Issuing Bank acknowledges and agrees that Wilmington Trust or one
or more of its Affiliates will be acting as the administrative
agent and collateral agent under the Second Lien Credit Agreement
and may (but is not obligated to) act as administrative agent,
collateral agent or a similar representative for the holders of any
other Permitted Second Lien Indebtedness, any Permitted Credit
Agreement Refinancing Indebtedness and any Permitted Incremental
Equivalent Indebtedness and, in its capacity as the administrative
agent and collateral agent under the Second Lien Credit Agreement,
is a party to the Intercreditor Agreement and, in such other
capacities, may be a party to a Permitted Intercreditor Agreement.
Each Lender, Issuing Bank and Credit Party waives any conflict of
interest, now contemplated or arising hereafter, in connection
therewith and agrees not to assert against Wilmington Trust or any
of its Affiliates any claims, causes of action, damages or
liabilities of whatever kind or nature relating to any such
conflict of interest.

 

9.6. Right
to Indemnity. Each Lender, in proportion to its applicable
Pro Rata Share (determined as set forth below), severally agrees to
indemnify each Agent and each Related Party thereof, to the extent
that such Agent or such Related Party shall not have been
reimbursed by any Credit Party (and without limiting any Credit
Party’s obligations under the Credit Documents to do so), for
and against any and all liabilities, obligations, losses, damages,
penalties, claims, actions, judgments, suits, costs, expenses
(including fees, expenses and other charges of counsel) or
disbursements of any kind or nature whatsoever that may be imposed
on, incurred by or asserted against such Agent or any such Related
Party in exercising the powers, rights and remedies, or performing
the duties and functions, of such Agent under the Credit Documents
or any other documents contemplated by or referred to therein or
otherwise in relation to its capacity as an Agent; provided that no Lender shall
be liable for any portion of such liabilities, obligations, losses,
damages, penalties, claims, actions, judgments, suits, costs,
expenses or disbursements resulting from such Agent’s gross
negligence or willful misconduct, as determined by a final,
non-appealable judgment of a court of competent jurisdiction. If
any indemnity furnished to any Agent for any purpose shall, in the
opinion of such Agent, be insufficient or become impaired, such
Agent may call for additional indemnity and cease, or not commence,
to do the acts indemnified against until such additional indemnity
is furnished; provided that in no event shall
this sentence require any Lender to indemnify such Agent against
any liability, obligation, loss, damage, penalty, claim, action,
judgment, suit, cost, expense or disbursement in excess of such
Lender’s applicable Pro Rata Share thereof; and provided further that this sentence
shall not be deemed to require any Lender to indemnify such Agent
against any liability, obligation, loss, damage, penalty, claim,
action, judgment, suit, cost, expense or disbursement described in
the proviso in the immediately preceding sentence. For purposes of
this Section 9.6, “Pro Rata Share” shall be determined
as of the time that the applicable indemnity payment is sought (or,
in the event at such time all the Commitments shall have terminated
and all the Loans shall have been repaid in full, as of the time
most recently prior thereto when any Loans or Commitments remained
outstanding).

 

 

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9.7. Successor
Administrative Agent and Collateral Agent. Subject to the
terms of this Section 9.7, the Administrative Agent may resign at
any time from its capacity as such. In connection with such
resignation, the Administrative Agent shall give notice of its
intent to resign to the Lenders, the Issuing Banks and the
Borrower. Upon receipt of any such notice of resignation, the
Requisite Lenders, subject to, unless an Event of Default shall
have occurred and is continuing, the prior written consent of the
Borrower (not to be unreasonably withheld, conditioned or delayed),
shall have the right to appoint a successor. If no successor shall
have been so appointed by the Requisite Lenders and shall have
accepted such appointment within 30 days after the resigning
Administrative Agent gives notice of its intent to resign, then the
resigning Administrative Agent may, on behalf of the Lenders and
the Issuing Banks, appoint a successor; provided that in no event shall
any such successor Administrative Agent be a Defaulting Lender or a
Disqualified Institution. If the Administrative Agent shall be a
Defaulting Lender pursuant to clause (d) of the definition of such
term, the Requisite Lenders may, to the extent permitted by
applicable law, by notice in writing to the Borrower and the
Administrative Agent remove the Administrative Agent in its
capacity as such and, subject to, unless an Event of Default shall
have occurred and is continuing, the prior written consent of the
Borrower (not to be unreasonably withheld, conditioned or delayed),
appoint a successor. Any resignation or removal of the
Administrative Agent shall be deemed to be a resignation of the
Collateral Agent, and any successor Administrative Agent appointed
pursuant to this Section 9.7 shall, upon its acceptance of such
appointment, become the successor Collateral Agent for all purposes
of the Credit Documents. Upon the acceptance of its appointment as
Administrative Agent and Collateral Agent hereunder by a successor,
such successor shall succeed to and become vested with all the
rights, powers, privileges and duties of the resigning or removed
Administrative Agent and Collateral Agent, and the resigning or
removed Administrative Agent and Collateral Agent shall be
discharged from its duties and obligations hereunder and under the
other Credit Documents. The fees payable by the Borrower to a
successor Administrative Agent and Collateral Agent shall be the
same as those payable to its predecessor unless otherwise agreed by
the Borrower and such successor. Notwithstanding the foregoing, in the
event (a) no successor to a resigning Administrative Agent shall
have been so appointed and shall have accepted such appointment
within 30 days after the resigning Administrative Agent gives
notice of its intent to resign, the resigning Administrative Agent
may give notice of the effectiveness of its resignation to the
Lenders, the Issuing Banks and the Borrower or (b) no successor to
a removed Administrative Agent shall have been so appointed and
shall have accepted such appointment by the day that is 30 days
following of the issuance of a notice of removal, the removal shall
become effective on such 30th day, and on the date of effectiveness
of such resignation or removal, as the case may be, (i) the
resigning or removed Administrative Agent and Collateral Agent
shall be discharged from its duties and obligations hereunder and
under the other Credit Documents, provided that, solely for
purposes of maintaining any security interest granted to the
Collateral Agent under any Collateral Document for the benefit of
the Secured Parties, the resigning or removed Collateral Agent
shall continue to be vested with such security interest as
collateral agent for the benefit of the Secured Parties and, in the
case of any Collateral in the possession of the Collateral Agent,
shall continue to hold such Collateral, in each case until such
time as a successor Collateral Agent is appointed and accepts such
appointment in accordance with this paragraph (it being understood
and agreed that the resigning or removed Collateral Agent shall
have no duty or obligation to take any further action under any
Collateral Document, including any action required to maintain the
perfection of any such security interest), and (ii) the Requisite
Lenders shall succeed to and become vested with all the rights,
powers, privileges and duties of the resigning or removed
Administrative Agent and Collateral Agent, provided that (A) all payments
required to be made hereunder or under any other Credit Document to
the Administrative Agent for the account of any Person other than
the Administrative Agent shall be made directly to such Person and
(B) all notices and other communications required or contemplated
to be given or made to the Administrative Agent or the Collateral
Agent shall also directly be given or made to each Lender and each
Issuing Bank. Following the effectiveness of the Administrative
Agent’s and Collateral Agent’s resignation from its
capacity as such, the provisions of this Section 9 and of Section
10.3 shall continue in effect for the benefit of such resigning or
removed 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 it was acting as Administrative Agent or Collateral
Agent, as applicable, and in respect of the matters referred to in
the proviso under clause (a) above. If the Person serving as the
resigning or removed Administrative Agent shall also be an Issuing
Bank, then, unless otherwise agreed to by such Person, upon the
effectiveness of the resignation or removal thereof in its capacity
as the Administrative Agent, (A) such Person shall no longer be
obligated to issue, amend, extend or renew any Letter of Credit,
but shall continue to have all the rights of an Issuing Bank under
this Agreement with respect to Letters of Credit issued by it prior
to the effectiveness of such resignation, (B) the Borrower shall
pay all unpaid fees accrued for the account of such Person in its
capacity as an Issuing Bank pursuant to Section 2.10(b) and
(C) the Borrower may appoint a replacement Issuing Bank (which
appointment shall be made in accordance with the procedures set
forth in Section 2.3(i), mutatis mutandis).

 

 

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9.8. Collateral
Documents and Obligations Guarantee. Agents under Collateral Documents and
the Obligations Guarantee. Each Secured Party hereby further
authorizes the Administrative Agent and the Collateral Agent to be
the agent for and representative of the Secured Parties with
respect to the Guarantees purported to be created under the Credit
Documents, the Collateral and the Credit Documents and authorizes
the Administrative Agent and the Collateral Agent to execute and
deliver, on behalf of such Secured Party, any Collateral Documents
that the Administrative Agent or the Collateral Agent determines in
its discretion to execute and deliver in connection with the
satisfaction of the Collateral and Guarantee Requirement (and
hereby grants to the Administrative Agent and the Collateral Agent
any power of attorney that may be required under any applicable law
in connection with such execution and delivery on behalf of such
Secured Party).

 

(a) Right to Realize on Collateral and
Enforce Obligations Guarantee. Notwithstanding anything
contained in any of the Credit Documents to the contrary, the
Credit Parties, the Administrative Agent, the Collateral Agent and
each Secured Party hereby agree that (i) except with respect
to the exercise of set-off rights of any Lender or Issuing Bank or
with respect to a Secured Party’s right to file a proof of
claim in any proceeding under the Debtor Relief Laws or as provided
in clause (ii) below, no Secured Party shall have any right
individually to realize upon any of the Collateral or to enforce
any Guarantees purported to be created under the Credit Documents,
it being understood and agreed that all powers, rights and remedies
under the Credit 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 that all powers, rights and remedies under the
Collateral Documents may be exercised solely by the Collateral
Agent for the benefit of the Secured Parties in accordance with the
terms thereof, (ii) all powers, rights and remedies under the
Credit Documents exercised by the Administrative Agent or the
Collateral Agent, as applicable, in respect of the Vector
Subordinated Note Collateral, including any enforcement action in
respect thereof, shall be exercised at the direction of the
Majority in Interest of the Revolving Lenders and (iii) in the
event of a foreclosure, exercise of a power of sale or similar
enforcement action by the Collateral Agent on any of the Collateral
pursuant to a public or private sale or other disposition
(including pursuant to Section 363(k), Section
1129(b)(2)(a)(ii) or any other applicable section of the Bankruptcy
Code, any analogous Debtor Relief Laws or any law relating to the
granting or perfection of security interests), the Collateral Agent
(or any Lender, except with respect to a “credit bid”
pursuant to Section 363(k), Section 1129(b)(2)(a)(ii) or any
other applicable section of the Bankruptcy Code any analogous
Debtor Relief Laws or any law relating to the granting or
perfection of security interests) may be the purchaser or licensor
of any or all of such Collateral at any such sale or other
disposition and the Collateral Agent, as agent for and
representative of the Secured Parties (but not any Lender or
Lenders in its or their respective individual capacities) shall be
entitled, upon instructions from the Requisite Lenders (subject to
procedures reasonably satisfactory to the Collateral Agent), for
the purpose of bidding and making settlement or payment of the
purchase price for all or any portion of the Collateral sold or
licensed at any such sale or other disposition, to use and apply
any of the Obligations as a credit on account of the purchase price
for any Collateral payable by the Collateral Agent at such sale or
other disposition. In connection with any such bid referred to in
clause (iii) above, (A) the Collateral Agent shall be authorized to
form one or more acquisition vehicles to make a bid, (B) the
Collateral Agent shall be authorized to adopt documents providing
for the governance of the acquisition vehicle or vehicles
(provided that any
actions by the Collateral Agent with respect to such acquisition
vehicle or vehicles, including any disposition of the assets or
Equity Interests thereof, shall be governed, directly or
indirectly, by the vote of the Requisite Lenders, irrespective of
the termination of this Agreement and without giving effect to the
limitations on actions by the Requisite Lenders contained in
Section 10.5(a), (C) the Collateral Agent shall be authorized
to assign the relevant Obligations to any such acquisition vehicle
pro rata among the Lenders, as a result of which each of the
Lenders shall be deemed to have received a pro rata portion of any
Equity Interests and/or debt instruments issued by such an
acquisition vehicle on account of the assignment of the Obligations
to be credit bid, all without the need for any Secured Party or
acquisition vehicle to take any further action, and (D) to the
extent that Obligations that are assigned to an acquisition vehicle
are not used to acquire Collateral for any reason (as a result of
another bid being higher or better, because the amount of
Obligations assigned to the acquisition vehicle exceeds the amount
of debt credit bid by the acquisition vehicle or otherwise), such
Obligations shall automatically be reassigned to the Lenders pro
rata and the Equity Interests and/or debt instruments issued by any
acquisition vehicle on account of the Obligations that had been
assigned to the acquisition vehicle shall automatically be
cancelled, without the need for any Secured Party or any
acquisition vehicle to take any further action.

 

 

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(b) Specified Hedge Obligations. No
obligations under any Hedge Agreement that constitute Specified
Hedge Obligations or under any Specified Cash Management Services
Provider Agreement will create (or be deemed to create) in favor of any Secured Party that
is a party thereto any rights in connection with the management or
release of any Collateral or of the obligations of any Guarantor
under the Credit Documents except as expressly provided in Section
10.5(c)(iii) of this Agreement. Notwithstanding anything to the
contrary herein, neither the Administrative Agent nor the
Collateral Agent shall owe any fiduciary duty, duty of loyalty,
duty of care, duty of disclosure or any other obligation whatsoever
to any holder of any Specified Hedge Obligations or Specified Cash
Management Services Obligations.

 

(c) Release of Collateral and Obligations
Guarantees. Notwithstanding anything to the contrary herein
or in any other Credit Document:

 

(i) When all
Obligations (excluding contingent obligations as to which no claim
has been made and the Specified Hedge Obligations and Specified
Cash Management Services Obligations) have been paid in full, all
Commitments have terminated and no Letter of Credit shall be
outstanding, upon request of the Borrower, the Administrative Agent
and the Collateral Agent shall (without notice to, or vote or
consent of, any Secured Party) take such actions as shall be
required to release its security interest in all Collateral, and to
release all Guarantees provided for in any Credit Document, whether
or not on the date of such release there may be outstanding
Specified Hedge Obligations or Specified Cash Management Services
Obligations.

 

(ii) (A)
If (x) any Guarantor Subsidiary shall have been designated as an
Unrestricted Subsidiary in accordance with the terms hereof or (y)
all the Equity Interests in any Guarantor Subsidiary held by the
Borrower and the Subsidiaries shall be sold or otherwise disposed
of (including by merger or consolidation) in any transaction
permitted by this Agreement, and as a result of such sale or other
disposition such Guarantor Subsidiary shall cease to be a
Subsidiary of the Borrower, such Guarantor Subsidiary shall, upon
effectiveness of such designation, or the consummation of such sale
or other disposition, automatically be discharged and released from
its Obligations Guarantee and all security interests created by the
Collateral Documents in Collateral owned by such Guarantor
Subsidiary shall be automatically released, without any further
action by any Secured Party or any other Person; provided that no such discharge
or release shall occur unless substantially concurrently therewith,
such Subsidiary shall have been discharged and released from its
Guarantee of all Permitted Second Lien Indebtedness, all Permitted
Credit Agreement Refinancing Indebtedness, all Permitted
Incremental Equivalent Indebtedness and all Permitted Subordinated
Indebtedness, and all Liens on the assets of such Subsidiary
securing any such Indebtedness shall have been
released.

 

(B) Upon any sale or
other transfer by any Credit Party (other than to the Borrower or
any Restricted Subsidiary) of any Collateral in a transaction
permitted under this Agreement, or upon the effectiveness of any
written consent to the release of the security interest created
under any Collateral Document in any Collateral pursuant to
Section 10.5, the security interests in such Collateral
created by the Collateral Documents shall be automatically
released, without any further action by any Secured Party or any
other Person; provided that no such release
shall occur unless substantially concurrently therewith, such
Collateral shall cease to be subject to any security interests
securing any Permitted Second Lien Indebtedness, any Permitted
Credit Agreement Refinancing Indebtedness and any Permitted
Incremental Equivalent Indebtedness.

 

 

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(C) Upon receipt by the
Collateral Agent of a certificate from an Authorized Officer of the
Borrower in form and substance reasonably satisfactory to the
Collateral Agent, certifying that (x) the Escrow Cash Release
Conditions have been satisfied and the proceeds of the Escrow Cash
Collateral will be applied, substantially concurrently with the
release thereof, to pay Acquisition Consideration for the Specified
Acquisition and related customary fees and expenses and, to the
extent permitted by Section 2.5(c), will otherwise be used for
working capital and other general corporate purposes of the
Borrower and the Restricted Subsidiaries, and/or (y) the proceeds
of the Escrow Cash Collateral (or the applicable portion thereof
specified in such certificate) will be applied, substantially
concurrently with the release thereof, to prepay the Tranche B
Term Borrowings pursuant to Section 2.13(d), in each case on the
requested date of release of the Escrow Cash Collateral, the
Collateral Agent shall release the Escrow Cash Collateral from the
Escrow Cash Collateral Account (I) if the Escrow Cash Collateral is
to be applied to pay such Acquisition Consideration and related
fees and expenses and, to the extent permitted by Section 2.5(c),
to be used for such working capital and other general corporate
purposes, to the Borrower or (II) if the Escrow Cash Collateral is
to be applied to prepay Tranche B Term Borrowings, to the
Administrative Agent, on behalf of the Borrower, and upon such
release by the Collateral Agent, the Escrow Cash Collateral Control
Agreement shall be terminated and all security interests created by
the Escrow Cash Collateral Control Agreement or any other
Collateral Document in the Escrow Cash Collateral shall be
automatically released, without any further action by any Secured
Party or any other Person.

 

(D) Upon receipt by the
Collateral Agent of a certificate from an Authorized Officer of the
Borrower in form and substance reasonably satisfactory to the
Collateral Agent (and including reasonably detailed calculations
demonstrating satisfaction of the requirement set forth in clause
(y) below), certifying that (x) no Default or Event of Default has
occurred and is continuing and (y) the Total Leverage Ratio is less
than 2.50:1.00, determined as of the last day of the then most
recently ended Test Period, the Collateral Agent shall release to
the Borrower any Cash or Cash Equivalents constituting Vector
Subordinated Note Collateral then on deposit in the Vector
Subordinated Note Cash Collateral Account and all security
interests created by the Vector Subordinated Note Cash Collateral
Control Agreement or any other Collateral Document in such Cash or
Cash Equivalents shall be automatically released, without any
further action by any Secured Party or any other
Person.

 

(iii) Each
Secured Party authorizes the Collateral Agent to subordinate, at
the request of the Borrower, any Lien on any property granted to or
held by the Collateral Agent under any Credit Document to the
holder of any Lien on such property that is permitted by
Section 6.2(d) or 6.2(o); provided that no such
subordination shall occur unless substantially concurrently
therewith, any Lien on such property securing any Permitted Second
Lien Indebtedness, any Permitted Credit Agreement Refinancing
Indebtedness and any Permitted Incremental Equivalent Indebtedness
shall also be so subordinated.

 

(iv) In
connection with any termination, release or subordination pursuant
to this Section 9.8(d), the Administrative Agent and the Collateral
Agent shall execute and deliver to any Credit Party, at such Credit
Party’s expense, all documents that such Credit Party shall
reasonably request to evidence such termination, release or
subordination. Any execution and delivery of documents pursuant to
this Section 9.8(d) shall be without recourse to or warranty by the
Administrative Agent or the Collateral Agent.

 

 

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(v) Additional Exculpatory
Provisions. The Collateral Agent shall not be responsible
for or have a duty to ascertain or inquire into any representation
or warranty regarding the existence, value or collectability of any
Collateral, the existence, priority or perfection of the Collateral
Agent’s Lien on any Collateral or any certificate prepared by
any Credit Party in connection therewith, nor shall the Collateral
Agent be responsible or liable to the Secured Parties for any
failure to monitor or maintain any portion of the
Collateral.

 

(d) Acceptance of Benefits. Each
Secured Party, whether or not a party hereto, will be deemed, by
its acceptance of the benefits of the Collateral or the Guarantees
purported to be created under the Credit Documents, to have agreed
to the provisions of this Section 9 (including the authorization
and the grant of the power of attorney pursuant to Section 9.8(a)),
Section 10.24 and all the other provisions of this Agreement
relating to Collateral, any such Guarantee or any Collateral
Document and to have agreed to be bound by the Credit Documents as
a Secured Party thereunder. It is understood and agreed that the
benefits of the Collateral and any such Guarantee to any Secured
Party are made available on an express condition that, and is
subject to, such Secured Party not asserting that it is not bound
by the appointments and other agreements expressed herein to be
made, or deemed herein to be made, by such Secured
Party.

 

9.9. Withholding
Taxes. To the extent required by any applicable law, the
Administrative Agent may withhold from any payment to any Lender or
Issuing Bank an amount equivalent to any applicable withholding
Tax. If the IRS or any other Governmental Authority asserts a claim
that the Administrative Agent did not properly withhold Tax from
amounts paid to or for the account of any Lender or Issuing Bank
because the appropriate form was not delivered or was not properly
executed or because such Lender or Issuing Bank failed to notify
the Administrative Agent of a change in circumstance which rendered
the exemption from, or reduction of, withholding Tax ineffective or
for any other reason, or if the Administrative Agent reasonably
determines that a payment was made to a Lender or Issuing Bank
pursuant to this Agreement without deduction of applicable
withholding Tax from such payment, such Lender or Issuing Bank
shall indemnify the Administrative Agent fully for all amounts
paid, directly or indirectly, by the Administrative Agent as Tax or
otherwise, including any penalties or interest and together with
all expenses (including legal expenses, allocated internal costs
and out-of-pocket expenses) incurred.

 

9.10. Administrative
Agent May File Bankruptcy Disclosure and Proofs of Claim. In
case of the pendency of any proceeding under any Debtor Relief Laws
with respect to any Credit Party, the Administrative Agent
(irrespective of whether the principal of any Loan or any
Obligation under a Letter of Credit shall then be due and payable
as herein expressed or by declaration or otherwise and irrespective
of whether the Administrative Agent shall have made any demand on
the Borrower) shall be entitled and empowered (but not obligated)
by intervention in such proceeding or otherwise:

 

(a) to file a verified
statement pursuant to rule 2019 of the Federal Rules of Bankruptcy
Procedure that, in its sole opinion, complies with such
rule’s disclosure requirements for entities representing more
than one creditor;

 

(b) 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,
the Issuing Banks, the Administrative Agent, the Collateral Agent
and any other Secured Party (including any claim under Sections
2.7, 2.9, 2.15, 2.17, 2.18, 2.19, 10.2 and 10.3) allowed in such
judicial proceeding; and

 

 

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(c) 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 proceeding is hereby authorized
by each Lender, each Issuing Bank and each other Secured Party 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, the Issuing Banks or the other
Secured Parties, to pay to the Administrative Agent any amount due
to the Administrative Agent, in such capacity or in its capacity as
the Collateral Agent, or to its Related Parties under the Credit
Documents (including under Sections 10.2 and 10.3). To the extent
that the payment of any such amounts due to the Administrative
Agent, in such capacity or in its capacity as the Collateral Agent,
or to its Related Parties out of the estate in any such proceeding
shall be denied for any reason, payment of the same shall be
secured by a Lien on, and shall be paid out of, any and all
distributions, dividends, money, securities and other property that
the Lenders, the Issuing Banks or the other Secured Parties may be
entitled to receive in such proceeding, whether in liquidation or
under any plan of reorganization or arrangement or otherwise.
Nothing contained herein shall be deemed to authorize the
Administrative Agent to authorize or consent to or accept or adopt
on behalf of any Lender or any Issuing Bank any plan of
reorganization, arrangement, adjustment or composition affecting
the Obligations or the rights of any Lender or Issuing Bank, or to
vote in respect of the claim of any Lender or Issuing Bank in any
such proceeding.

 

9.11. Certain
ERISA Matters.

 

(a) Each Lender (x)
represents and warrants, as of the date such Person became a Lender
party hereto, to, and (y) covenants, from the date such Person
became a Lender party hereto to the date such Person ceases being a
Lender party hereto, for the benefit of the Administrative Agent
and the Arrangers and their respective Affiliates, and not, for the
avoidance of doubt, to or for the benefit of the Borrower or any
other Credit 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 29 CFR
§ 2510.3-101, as modified by Section 3(42) of ERISA) of one or
more Benefit Plans in connection with the Loans, the Letters of
Credit or the Commitments,

 

(ii) the
transaction exemption set forth in one or more PTEs, such as PTE
84-14 (a class exemption for certain transactions determined by
independent qualified professional asset managers), PTE 95-60 (a
class exemption for certain transactions involving insurance
company general accounts), PTE 90-1 (a class exemption for certain
transactions involving insurance company pooled separate accounts),
PTE 91-38 (a class exemption for certain transactions involving
bank collective investment funds) or PTE 96-23 (a class exemption
for certain transactions determined by in-house asset managers), is
applicable with respect to such Lender’s entrance into,
participation in, administration of and performance of the Loans,
the Letters of Credit, the Commitments and this
Agreement,

 

 

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(iii) (A)
such Lender is an investment fund managed by a “Qualified
Professional Asset Manager” (within the meaning of Part VI of
PTE 84-14), (B) such Qualified Professional Asset Manager made the
investment decision on behalf of such Lender to enter into,
participate in, administer and perform the Loans, the Letters of
Credit, the Commitments and this Agreement, (C) the entrance into,
participation in, administration of and performance of the Loans,
the Letters of Credit, the Commitments and this Agreement satisfies
the requirements of sub-sections (b) through (g) of Part I of PTE
84-14 and (D) to the best knowledge of such Lender, the
requirements of subsection (a) of Part I of PTE 84-14 are satisfied
with respect to such Lender’s entrance into, participation
in, administration of and performance of the Loans, the Letters of
Credit, the Commitments and this Agreement, or

 

(iv) such
other representation, warranty and covenant as may be agreed in
writing between the Administrative Agent, in its sole discretion,
and such Lender.

 

(b) In addition, unless
sub-clause (i) in the immediately preceding clause (a) is true with
respect to a Lender or such Lender has not provided another
representation, warranty and covenant as provided in sub-clause
(iv) in the immediately preceding clause (a), such Lender further
(x) represents and warrants, as of the date such Person became a
Lender party hereto, to, and (y) covenants, from the date such
Person became a Lender party hereto to the date such Person ceases
being a Lender party hereto, for the benefit of, the Administrative
Agent and the Arrangers and their respective Affiliates, and not,
for the avoidance of doubt, to or for the benefit of the Borrower
or any other Credit Party, that:

 

(i) none of the
Administrative Agent or the Arrangers or any of their respective
Affiliates is a fiduciary with respect to the assets of such Lender
(including in connection with the reservation or exercise of any
rights by the Administrative Agent under this Agreement, the Loans
or any documents related to hereto or thereto),

 

(ii) the
Person making the investment decision on behalf of such Lender with
respect to the entrance into, participation in, administration of
and performance of the Loans, the Letters of Credit, the
Commitments and this Agreement is independent (within the meaning
of 29 CFR § 2510.3-21) and is a bank, an insurance carrier, an
investment adviser, a broker-dealer or other person that holds, or
has under management or control, total assets of at least $50
million, in each case as described in 29 CFR §
2510.3-21(c)(1)(i)(A)-(E),

 

(iii) the
Person making the investment decision on behalf of such Lender with
respect to the entrance into, participation in, administration of
and performance of the Loans, the Letters of Credit, the
Commitments and this Agreement is capable of evaluating investment
risks independently, both in general and with regard to particular
transactions and investment strategies (including in respect of the
Obligations),

 

(iv) the
Person making the investment decision on behalf of such Lender with
respect to the entrance into, participation in, administration of
and performance of the Loans, the Letters of Credit, the
Commitments and this Agreement is a fiduciary under ERISA or the
Code, or both, with respect to the Loans, the Letters of Credit,
the Commitments and this Agreement and is responsible for
exercising independent judgment in evaluating the transactions
hereunder, and

 

 

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(v) no fee or other
compensation is being paid directly to the Administrative Agent or
the Arrangers and their respective Affiliates for investment advice
(as opposed to other services) in connection with the Loans, the
Letters of Credit, the Commitments or this Agreement.

 

(c) The Administrative
Agent and the Arrangers and their respective Affiliates hereby
informs the Lenders that each such Person is not undertaking to
provide impartial investment advice, or to give advice in a
fiduciary capacity, in connection with the transactions
contemplated hereby, and that such Person has a financial interest
in the transactions contemplated hereby in that such Person or an
Affiliate thereof (i) may receive interest or other payments with
respect to the Loans, the Letters of Credit, the Commitments and
this Agreement, (ii) may recognize a gain if it extended the Loans,
the Letters of Credit or the Commitments for an amount less than
the amount being paid for an interest in the Loans, the Letters of
Credit or the Commitments by such Lender or (iii) may receive fees
or other payments in connection with the transactions contemplated
hereby, the Loan Documents or otherwise, including structuring
fees, commitment fees, arrangement fees, facility fees, upfront
fees, underwriting fees, ticking fees, agency fees, administrative
agent or collateral agent fees, utilization fees, minimum usage
fees, letter of credit fees, fronting fees, deal-away or alternate
transaction fees, amendment fees, processing fees, term out
premiums, banker’s acceptance fees, breakage or other early
termination fees or fees similar to the foregoing.

 

9.12. Concerning
the Vector Facility Arrangements. Each Lender, Issuing Bank
and Credit Party acknowledges and agrees that Goldman Sachs or one
or more of its Affiliates will be the Vector Senior Loan Facility
Lender party to the Vector Facility Arrangements, and that any
Vector Collateral provided as collateral to secure obligations of
the Vector Lenders thereunder (including any such assets in the
form of Tranche B Term Loans held by any Vector Lenders) is held by
Goldman Sachs or any such Affiliate solely in its individual
capacity, for its own benefit, and not in its capacity as an Agent
for the benefit of any Secured Party. Each Lender, Issuing Bank and
Credit Party further acknowledges and agrees that in exercising
rights and remedies with respect to any Vector Collateral or
otherwise in respect of the Vector Facility Arrangements, Goldman
Sachs or any of its Affiliates may enforce the provisions of the
Vector Facility Arrangements and exercise its rights thereunder,
including enforcing the subordination provisions under the Vector
Subordinated Note, directing the voting by any Vector Lender of its
Tranche B Term Loans hereunder and making determinations of the
current market value of the Tranche B Term Loans, and exercise
remedies thereunder and under applicable law, all in such order and
in such manner as it may determine in its sole discretion and as if
it were not an Agent (or an Affiliate of an Agent) hereunder (and
notwithstanding the fact that such exercise of rights and
enforcement of remedies could have an adverse effect on the value
of the loan made by the Borrower under the Vector Subordinated Note
or its ability to obtain the repayment thereof), and will be under
no obligation or duty as a result of its (or its Affiliate’s)
role as an Agent or Lender hereunder to take any action or refrain
from taking any action (including refraining from enforcing or
exercising any right or remedy that might be available to it) in
respect of the Vector Facility Arrangements (and that as a result
of exercising rights and remedies with respect to any Vector
Collateral, Goldman Sachs or any of its Affiliates may foreclose
upon (and become and be a Lender hereunder holding a significant
portion of the Tranche B Term Loans), and/or may assign or cause
the assignment to any Eligible Assignee of, all or any part of the
Tranche B Term Loans held by the Vector Lenders that constitute
Vector Collateral), and each Lender and Issuing Bank agrees not to
assert, and hereby waives, to the fullest extent permitted by law,
any right to demand, request, plead or otherwise assert or claim
the benefit of any marshalling or other similar right that may be
available under applicable law with respect to the Vector
Collateral. Each Lender, Issuing Bank and Credit Party waives any
conflict of interest, now contemplated or arising hereafter, in
connection with the Vector Facility Arrangements and agrees not to
assert against Goldman Sachs or any of its Affiliates any claims,
causes of action, damages or liabilities of whatever kind or nature
relating to any such conflict of interest.

 

 

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SECTION
10. MISCELLANEOUS

 

10.1. Notices.
Notices Generally.
Any notice or other communication hereunder given to any Credit
Party, the Administrative Agent, the Collateral Agent, any Lender
or any Issuing Bank shall be given to such Person at its address,
fax number or e-mail address as set forth on Schedule 10.1
or, in the case of any Lender or Issuing Bank, at such address, fax
number or e-mail address as shall have been provided by such Lender
or Issuing Bank to the Administrative Agent in writing;
provided that,
notwithstanding the foregoing, no notice or other communication
hereunder may be provided to any Credit Party by means of a fax.
Except in the case of notices and other communications expressly
permitted to be given by telephone and as otherwise provided in
Section 10.1(b), each notice or other communication hereunder
shall be in writing and shall be delivered in person or sent by
e-mail, courier service or certified or registered United States
mail or, except for notices or other communications to any Credit
Party, facsimile and shall be deemed to have been given when
delivered in person or by courier service and signed for against
receipt thereof, when sent by facsimile as shown on the
transmission report therefor (or, if not sent during normal
business hours for the recipient, at the opening of business on the
next Business Day for the recipient), as provided in Section
10.1(b) if sent by e-mail or upon receipt if sent by United States
mail; provided that
no notice or other communication given to the Administrative Agent
or the Collateral Agent shall be effective until received by it;
and provided
further that any
such notice or other communication shall, at the request of the
Administrative Agent, be provided to any sub-agent appointed
pursuant to Section 9.3(c) from time to time. Any party hereto
may change its address (including its e-mail address, fax or
telephone number) for notices and other communications hereunder by
notice to each of the Administrative Agent and the
Borrower.

 

(a) Electronic
Communications.

 

(i) Notices and other
communications to any Lender and any Issuing Bank hereunder may be
delivered or furnished by electronic communication (including
e-mail and Internet or intranet websites, including the Platform)
pursuant to procedures approved by the Administrative Agent;
provided that the
foregoing shall not apply to notices to any Lender or any Issuing
Bank pursuant to Section 2 if such Lender or such Issuing Bank
has notified the Administrative Agent that it is incapable of
receiving notices under such Section by electronic communication.
Each of the Administrative Agent, the Collateral Agent and 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
or rescinded by such Person by notice to each other such Person;
provided,
further, that
notices and other communications to the Administrative Agent or the
Collateral Agent may be delivered to it at the e-mail address
specified in Section 10.1(a). Unless the Administrative Agent
otherwise prescribes, (A) notices and other communications
sent to an e-mail address, if not sent during the normal business
hours of the recipient, shall be deemed to have been sent at the
opening of business on the next Business Day for the recipient; and
(B) 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 (A) of notification that such notice or
communication is available and identifying the website address
therefor.

 

 

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(ii) Each
party hereto understands that the distribution of materials through
an electronic medium is not necessarily secure and that there are
confidentiality and other risks associated with such distribution,
and agrees and assumes the risks associated with such electronic
distribution, except to the extent caused by the willful misconduct
or gross negligence of the Administrative Agent, as determined by a
final, non-appealable judgment of a court of competent
jurisdiction.

 

(iii) THE
PLATFORM AND ANY APPROVED ELECTRONIC COMMUNICATIONS ARE PROVIDED
“AS IS” AND “AS AVAILABLE”. NONE OF THE
AGENTS OR ANY OF THEIR RELATED PARTIES WARRANTS AS TO THE ACCURACY,
ADEQUACY OR COMPLETENESS OF THE APPROVED ELECTRONIC COMMUNICATIONS
OR THE PLATFORM, AND EACH OF THE AGENTS AND THEIR RELATED PARTIES
EXPRESSLY DISCLAIMS LIABILITY FOR ERRORS OR OMISSIONS IN THE
PLATFORM AND THE APPROVED ELECTRONIC 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 OR ANY OF ITS RELATED PARTIES IN
CONNECTION WITH THE PLATFORM OR THE APPROVED ELECTRONIC
COMMUNICATIONS.

 

(iv) Each
Credit Party, each Lender and each Issuing Bank agrees that the
Administrative Agent may, but shall not be obligated to, store any
Approved Electronic Communications on the Platform in accordance
with the Administrative Agent’s customary document retention
procedures and policies.

 

(b) Private Side Information
Contacts. Each Public Lender agrees to cause at least one
individual at or acting 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 information that is not made
available through the “Public Side Information” portion
of the Platform and that may contain Private-Side Information. In
the event that any Public Lender has determined for itself not to
access any information disclosed through the Platform or otherwise,
such Public Lender acknowledges that (i) other Lenders may have
availed themselves of such information and (ii) none of any Credit
Party or any Agent has any responsibility for such Public
Lender’s decision to limit the scope of the information it
has obtained in connection with this Agreement and the other Credit
Documents.

 

 

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10.2. Expenses.
The Borrower agrees to pay promptly (a) all reasonable and
documented out-of-pocket costs and expenses (including the
reasonable fees, expenses and other charges of counsel) incurred by
any Agent, any Arranger or any of their respective Affiliates in
connection with the structuring, arrangement and syndication of the
credit facilities provided for herein and any credit or similar
facility refinancing, extending or replacing, in whole or in part,
the credit facilities provided herein, including the preparation,
execution, delivery and administration of this Agreement, the other
Credit Documents or any amendments, modifications or waivers of the
provisions hereof or thereof (whether or not the transactions
contemplated thereby shall be consummated) or any other document or
matter requested by the Borrower or any other Credit Party, (b) all
reasonable and documented out-of-pocket costs and expenses of
creating, perfecting, recording, maintaining and preserving Liens
in favor of the Collateral Agent for the benefit of the Secured
Parties, including filing and recording fees, expenses and taxes,
stamp or documentary taxes, search fees, title insurance premiums
and reasonable fees, expenses and other charges of counsel to the
Collateral Agent and of counsel providing any opinions that the
Administrative Agent or the Collateral Agent may reasonably request
in respect of the Collateral or the Liens created pursuant to the
Collateral Documents, (c) all reasonable and documented
out-of-pocket costs, fees, expenses and other charges of any
auditors, accountants, consultants or appraisers of any Agent or
Arranger, (d) all reasonable and documented out-of-pocket costs and
expenses (including the reasonable fees, expenses and other charges
of any appraisers, consultants, advisors and agents employed or
retained by the Collateral Agent and its counsel) in connection
with the custody or preservation of any of the Collateral or any
insurance process, and (e) after the occurrence and during the
continuance of a Default or an Event of Default, all out-of-pocket
costs and expenses, including reasonable fees, expenses and other
charges of counsel and costs of settlement, incurred by any Agent,
Arranger, Lender or Issuing Bank in enforcing any Obligations of or
in collecting any payments due from any Credit Party hereunder or
under the other Credit Documents by reason of such Default or Event
of Default (including in connection with the sale, lease or license
of, collection from, or other realization upon any of the
Collateral or the enforcement of any Obligations Guarantee) or in
connection with any refinancing or restructuring of the credit
arrangements provided hereunder in the nature of a
“work-out” or pursuant to any insolvency or bankruptcy
cases or proceedings; provided that, in the case of
clauses (a), (b), (c) and (d) above, costs and expenses with
respect to counsel shall be limited to one firm of primary counsel,
one firm of regulatory counsel and, if reasonably necessary, one
firm of local counsel in each applicable jurisdiction for all
Persons entitled to reimbursement under this Section 10.2 (and, if
any such Person shall have advised the Borrower that there is an
actual or perceived conflict of interest, one additional firm of
primary counsel, one additional firm of regulatory counsel and, if
reasonably necessary, one additional firm of local counsel in each
applicable jurisdiction for each group of affected Persons that are
similarly situated) (in each case, excluding allocated costs of
in-house counsel). All amounts due under this Section 10.2 shall be
payable promptly after written demand therefor.

 

10.3. Indemnity.
In addition to the payment of expenses pursuant to Section 10.2,
each Credit Party agrees to defend (subject to the applicable
Indemnitee’s selection of counsel), indemnify, pay and hold
harmless each Agent (and each sub-agent thereof), Arranger, Lender
and Issuing Bank and each of their respective Related Parties
(each, an “Indemnitee”), from and against any
and all Indemnified Liabilities. THE FOREGOING INDEMNIFICATION SHALL APPLY
WHETHER OR NOT SUCH INDEMNIFIED LIABILITIES ARE IN ANY WAY OR TO
ANY EXTENT OWED, IN WHOLE OR IN PART, UNDER ANY CLAIM OR THEORY OF
STRICT LIABILITY, OR ARE CAUSED, IN WHOLE OR IN PART, BY OR OUT OF
ANY NEGLIGENT ACT OR OMISSION OF ANY KIND BY ANY INDEMNITEE;
provided that no
Credit Party shall have any obligation to any Indemnitee hereunder
with respect to any Indemnified Liabilities to the extent such
Indemnified Liabilities have been found by a final, non-appealable
judgment of a court of competent jurisdiction to have resulted from
(i) the gross negligence or willful misconduct of such Indemnitee
or its Related Parties, (ii) a material breach in bad faith by such
Indemnitee or its Related Parties of its express obligations under
this Agreement or (iii) any action, investigation, claim,
litigation or proceeding not involving an act or omission by any
Credit Party or the equityholders or Affiliates of any Credit Party
(or the Related Parties of any Credit Party) that is brought by an
Indemnitee against another Indemnitee (other than against any Agent
or any Arranger (or any holder of any other title or role) in its
capacity as such). This Section 10.3(a) shall not apply with
respect to Taxes other than any Taxes that represent Indemnified
Liabilities arising from any non-Tax claim.

 

 

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(a) To the extent
permitted by applicable law, no Credit Party shall assert, and each
Credit Party hereby waives, any claim against any Agent, any
Arranger, any Lender or any Issuing Bank or any Related Party of
any of the foregoing on any theory of liability, for indirect,
consequential, special or punitive damages (as opposed to direct or
actual damages) (whether or not the claim therefor is based on
contract, tort or any duty imposed by any applicable legal
requirement) arising out of, in connection with, as a result of, or
in any way related to this Agreement or any other Credit Document
or any agreement or instrument contemplated hereby or thereby or
referred to herein or therein, the transactions contemplated hereby
or thereby, the syndication of the credit facilities provided for
herein, any Loan or the use of the proceeds thereof or any act or
omission or event occurring in connection therewith, and each
Credit Party hereby waives, releases and agrees not to sue upon any
such claim for indirect, consequential, special or punitive
damages, whether or not accrued and whether or not known or
suspected to exist in its favor.

 

(b) Each Credit Party
agrees that no Agent, Arranger, Lender or Issuing Bank or any
Related Party of any of the foregoing will have any liability to
any Credit Party or any Person asserting claims on behalf of or in
right of any Credit Party or any other Person in connection with or
as a result of this Agreement or any other Credit Document or any
agreement or instrument contemplated hereby or thereby or referred
to herein or therein, the transactions contemplated hereby or
thereby, any Loan or the use of the proceeds thereof or any act or
omission or event occurring in connection therewith except (but
subject to Section 10.3(b)), in the case of any Credit Party, to
the extent that any losses, claims, damages, liabilities or
expenses have been found by a final, non-appealable judgment of a
court of competent jurisdiction to have resulted from (i) the gross
negligence or willful misconduct of such Agent, Arranger, Lender or
Issuing Bank or its Related Parties in performing its obligations
under this Agreement or any other Credit Document or (ii) a
material breach in bad faith by such Agent, Arranger, Lender or
Issuing Bank or its Related Parties of its express obligations
under this Agreement.

 

10.4. Set-Off.
In addition to any rights now or hereafter granted under applicable
law and not by way of limitation of any such rights, upon the
occurrence and during the continuance of any Event of Default each
Lender and each Issuing Bank is hereby authorized by each Credit
Party at any time or from time to time, without notice to any
Credit Party, any such notice being hereby expressly waived, to
set-off and to appropriate and to apply any and all deposits
(general or special, including Indebtedness evidenced by
certificates of deposit, whether matured or unmatured, but not
including trust accounts) and any other Indebtedness at any time
held or owing by such Lender or such Issuing Bank to or for the
credit or the account of any Credit Party against and on account of
the obligations and liabilities of any Credit Party to such Lender
or such Issuing Bank hereunder and under the other Credit
Documents, including all claims of any nature or description
arising out of or connected hereto or thereto, irrespective of
whether or not (a) such Lender or such Issuing Bank shall have made
any demand hereunder or (b) the principal of or the interest on the
Loans or any amounts in respect of the Letters of Credit or any
other amounts due hereunder shall have become due and payable and
although such obligations and liabilities, or any of them, may be
contingent or unmatured; provided that in the event that
any Defaulting Lender shall exercise any such right of set-off, all
amounts so set-off shall be paid over immediately to the
Administrative Agent for further application in accordance with the
provisions of Section 2.21 and, pending such payment, shall be
segregated by such Defaulting Lender from its other funds and
deemed held in trust for the benefit of the Administrative Agent,
the Issuing Banks and the Lenders. Each Lender and Issuing Bank
agrees to notify the Administrative Agent promptly after any such
set-off and application; provided that the failure to
give such notice shall not affect the validity of such set-off and
application.

 

 

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10.5. Amendments
and Waivers. Requisite Lenders’
Consent. Except as provided in Section 2.23, 2.24 or
2.25 or in the definition of “Letter of Credit
Sublimit”, none of this Agreement, any other Credit Document
or any provision hereof or thereof may be waived, amended or
modified, and no consent to any departure by any Credit Party
therefrom may be made, except, subject to the additional
requirements of Sections 10.5(b) and 10.5(c) and as otherwise
provided in Sections 10.5(d) and 10.5(e), in the case of this
Agreement, pursuant to an agreement or agreements in writing
entered into by the Borrower and the Requisite Lenders and, in the
case of any other Credit Document, pursuant to an agreement or
agreements in writing entered into by the Administrative Agent or
the Collateral Agent, as applicable, and the Credit Party or Credit
Parties that are parties thereto, in each case with the consent of
the Requisite Lenders.

 

(a) Affected Lenders’
Consent. In addition to any consent required pursuant to
Section 10.5(a), without the written consent of each Lender
that would be directly affected thereby, no waiver, amendment or
other modification of this Agreement or any other Credit Document,
or any consent to any departure by any Credit Party therefrom,
shall be effective if the effect thereof would be to:

 

(i) increase any
Commitment or postpone the scheduled expiration date of any
Commitment (it being understood that no waiver, amendment or other
modification of any condition precedent, covenant, Default or Event
of Default shall constitute an increase in any Commitment of any
Lender);

 

(ii) extend
the scheduled final maturity date of any Loan;

 

(iii) except
as expressly permitted by Section 10.8, extend the scheduled
expiration date of any Letter of Credit beyond the Revolving
Commitment Termination Date or waive, amend or otherwise modify the
provisions of Section 10.8 that expressly provide for the
release of the Revolving Lenders from their participations in, and
other obligations with respect to, Letters of Credit;

 

(iv) waive,
reduce or postpone any scheduled amortization payment (but not any
voluntary or mandatory prepayment) of any Loan or any reimbursement
obligation in respect of any Letter of Credit;

 

(v) reduce the rate of
interest on any Loan (other than any waiver of any increase in the
interest rate applicable to any Loan pursuant to Section 2.9 or
Section 2.23(b)(iii)) or any fee or any premium payable hereunder
(other than under Section 2.23(b)(iii)), or waive or postpone the
time for payment of any such interest, fee or premium;

 

(vi) reduce
the principal amount of any Loan or any reimbursement obligation in
respect of any Letter of Credit;

 

(vii) waive,
amend or otherwise modify any provision of this Section 10.5(b),
Section 10.5(c) or any other provision of this Agreement or any
other Credit Document that expressly provides that the consent of
all Lenders is required to waive, amend or otherwise modify any
rights thereunder or to make any determination or grant any consent
thereunder (including such provision set forth in Section
10.6(a));

 

 

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(viii) amend
the percentage specified in the definition of the term
“Requisite Lenders” or amend the term “Pro Rata
Share” or waive, amend or otherwise modify Section 2.16
hereof or Section 5.02 of the Pledge and Security Agreement (and
any comparable provision of any other Collateral Document) in a
manner that would alter the pro rata sharing of payments required
thereby; provided
that additional extensions of credit made pursuant to Section 2.23,
2.24 or 2.25 shall be included, and with the consent of the
Requisite Lenders other additional extensions of credit pursuant
hereto may be included, in the determination of “Requisite
Lenders” or “Pro Rata Share” on substantially the
same basis as the Term Loan Commitments, the Term Loans, the
Revolving Commitments and the Revolving Exposures are included on
the Closing Date; or

 

(ix) release
all or substantially all the Collateral from the Liens of the
Collateral Documents, or all or substantially all the Guarantor
Subsidiaries from the Guarantees created under the Credit Documents
(or limit liability of all or substantially all the Guarantor
Subsidiaries in respect of any such Guarantee), in each case except
as expressly provided in the Credit Documents and except in
connection with a “credit bid” undertaken by the
Collateral Agent at the direction of the Requisite Lenders pursuant
to section 363(k), section 1129(b)(2)(a)(ii) or any other
section of the Bankruptcy Code or any other sale or other
disposition of assets in connection with other Debtor Relief Laws
or an enforcement action with respect to the Collateral permitted
pursuant to the Credit Documents (in which case only the consent of
the Requisite Lenders will be required for such release) (it being
understood that (A) an amendment or other modification of the
type of obligations secured by the Collateral Documents or
Guaranteed hereunder or thereunder shall not be deemed to be a
release of the Collateral from the Liens of the Collateral
Documents or a release or limitation of any such Guarantee and
(B) an amendment or other modification of Section 6.8 shall
only require the consent of the Requisite Lenders);

 

provided that, for the
avoidance of doubt, all Lenders shall be deemed directly affected
by any waiver, amendment or other modification, or any consent,
described in the preceding clauses (vii), (viii) and
(ix).

 

(b) Other Consents. No waiver,
amendment or other modification of this Agreement or any other
Credit Document, or any consent to any departure by any Credit
Party therefrom, shall:

 

(i) (A) waive, amend or
otherwise modify Section 2.14 or any other provision of any Credit
Document in a manner that by its terms would disproportionately and
adversely affect the rights or duties of Lenders of any Class
differently than Lenders of any other Class, without the consent of
Lenders representing a Majority in Interest of each affected Class,
provided that the
Requisite Lenders may waive, in whole or in part, any prepayment of
Loans hereunder so long as the application, as between Classes, of
any portion of such prepayment that is still required to be made is
not altered, or (B) waive, amend or otherwise modify this Section
10.5(c)(i) or any other provision of this Agreement or any other
Credit Document that expressly provides that the consent of all
Lenders of any Class or a Majority in Interest of Lenders of any
Class is required to waive, amend or otherwise modify any rights
thereunder or to make any determination or grant any consent
thereunder, in each case without the consent of each Lender of such
Class or a Majority in Interest of the Lenders of such Class, as
the case may be; provided that nothing in this
Section 10.5(c)(i) shall be deemed to restrict the amendments
contemplated by Section 2.23, 2.24 or 2.25;

 

 

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(ii) waive,
amend or otherwise modify the rights, duties, privileges,
protections, indemnities, immunities or obligations of, or any fees
or other amounts payable to, any Agent or any Issuing Bank
(including any waiver, amendment or other modification of the
obligation of Lenders to purchase participations in Letters of
Credit as provided in Section 2.3(e)) without the prior
written consent of such Agent or such Issuing Bank, as the case may
be;

 

(iii) waive,
amend or otherwise modify this Agreement or the Pledge and Security
Agreement so as to alter the ratable treatment of Obligations
arising under the Credit Documents, on the one hand, and the
Specified Hedge Obligations or Specified Cash Management Services
Obligations, on the other, or amend or otherwise modify the
definition of the term “Obligations”, “Specified
Hedge Obligations”, Specified Hedge Obligations,
“Specified Cash Management Services Obligations” or
“Secured Parties” (or any comparable term used in any
Collateral Document), in each case in a manner adverse to any
Secured Party holding Specified Hedge Obligations or Specified Cash
Management Services Obligations then outstanding without the
written consent of such Secured Party (it being understood that an
amendment or other modification of the type of obligations secured
by the Collateral Documents or Guaranteed hereunder or thereunder,
so long as such amendment or other modification by its express
terms does not alter the Specified Hedge Obligations or Specified
Cash Management Services Obligations being so secured or
Guaranteed, shall not be deemed to be adverse to any Secured Party
holding Specified Hedge Obligations or Specified Cash Management
Services Obligations, as applicable);

 

(iv) amend
the percentage specified in the definition of the term
“Requisite Tranche A/Revolving Lenders” without
the prior written consent of each Lender having or holding
Revolving Exposure, unused Revolving Commitments and/or Tranche A
Term Loan Exposure; provided that additional
extensions of credit made pursuant to Section 2.23, 2.24 or 2.25
may be included, and with the consent of the Requisite Tranche
A/Revolving Lenders other additional extensions of credit pursuant
hereto may be included, as applicable, in the determination of
“Requisite Tranche A/Revolving Lenders” on
substantially the same basis the Revolving Exposures, the Revolving
Commitments and the Tranche A Term Loan Exposures are included on
the Closing Date;

 

(v) waive, amend or
otherwise modify the provisions of Section 6.7(c) (or the
definition of “Fixed Charge Coverage Ratio” or any
component definition thereof solely as any such definition is used
for purposes of Section 6.7(c)), in each case without the prior
written consent of the Requisite Tranche A/Revolving
Lenders;

 

(vi) waive,
amend or otherwise modify the provisions of Section 5.16,
9.8(b)(ii) or 9.8(d)(ii)(D), clause (iv) of the last sentence of
Section 2.16 or the last paragraph of Section 5.02 of the Pledge
and Security Agreement, the definition of the term “Vector
Subordinated Note Cash Collateral Account”, “Vector
Subordinated Note Cash Collateral Account Control Agreement”
or “Vector Subordinated Note Collateral” or any other
provision in any Credit Document expressly relating to the Vector
Subordinated Note Cash Collateral Account, the Vector Subordinated
Note Cash Collateral Account Control Agreement or the Vector
Subordinated Note Collateral or, except as expressly contemplated
by Section 9.8(d)(ii)(D), release any Vector Subordinated Note
Collateral from the Liens of the Collateral Documents, in each case
without the prior written consent of the Majority in Interest of
the Revolving Lenders; or

 

 

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(vii) waive,
amend or otherwise modify the provisions of Section 9.12 without
the prior written consent of Goldman Sachs (and Goldman Sachs shall
be a third party beneficiary of such provisions and this Section
10.5(c)(vii) and shall have all of the rights and benefits of a
third party beneficiary, including an independent right of action
to enforce such provisions and this Section 10.5(c)(vii) directly,
without the consent or joinder of any other Person, against any or
all of the Credit Parties and the Lenders).

 

(c) Class Amendments.
Notwithstanding anything to the contrary in Section 10.5(a),
any waiver, amendment or modification of this Agreement or any
other Credit Document, or any consent to any departure by any
Credit Party therefrom, that by its terms affects the rights or
duties under this Agreement of the Lenders of a particular Class or
Classes (but not Lenders of any other Class), may be effected by an
agreement or agreements in writing entered into by the Borrower and
the requisite number or percentage in interest of each affected
Class of Lenders that would be required to consent thereto under
this Section 10.5 if such Class of Lenders were the only Class
of Lenders hereunder at the time.

 

(d) Certain Permitted Amendments.
Notwithstanding anything herein or in any other Credit Document to
the contrary:

 

(i) any provision of
this Agreement or any other Credit Document may be amended by an
agreement in writing entered into by the Borrower and the
Administrative Agent to cure any obvious error or any ambiguity,
omission, defect or inconsistency of a technical nature, so long as
the Lenders shall have received at least five Business Days’
prior written notice thereof and the Administrative Agent shall not
have received, within five Business Days of the date of such notice
to the Lenders, a written notice from the Requisite Lenders stating
that the Requisite Lenders object to such amendment;

 

(ii) in
connection with any transaction permitted by Section 2.23, 2.24 or
2.25, this Agreement and the other Credit Documents may be amended
or modified as contemplated by Section 2.23, 2.24 or 2.25,
including to add any covenant applicable to the Borrower and/or the
Restricted Subsidiaries or any other provisions for the benefit of
the Lenders;

 

(iii) in
connection with the incurrence of any Permitted Second Lien
Indebtedness, any Permitted Credit Agreement Refinancing
Indebtedness or any Permitted Incremental Equivalent Indebtedness,
this Agreement and the other Credit Documents may be amended by an
agreement in writing entered into by the Borrower and the
Administrative Agent to add any covenant applicable to the Borrower
and/or the Restricted Subsidiaries (including any Previously Absent
Financial Maintenance Covenant) or any other provisions for the
benefit of the Lenders;

 

(iv) the
Administrative Agent and the Collateral Agent may, without the
consent of any other Secured Party, (A) consent to a departure by
any Credit Party from any covenant of such Credit Party set forth
in this Agreement or any other Credit Document to the extent such
departure is consistent with the authority of the Collateral Agent
set forth in the definition of the term “Collateral and
Guarantee Requirement” or (B) waive, amend or modify any
provision in any Credit Document (other than this Agreement), or
consent to a departure by any Credit Party therefrom, to the extent
the Administrative Agent or the Collateral Agent determines that
such waiver, amendment, modification or consent is necessary in
order to eliminate any conflict between such provision and the
terms of this Agreement;

 

 

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(v) any provision of
this Agreement or any other Credit Document may be amended by an
agreement in writing entered into by the Borrower, the
Administrative Agent (and, if their rights or obligations are
affected thereby or if their consent would be required under the
preceding provisions of this paragraph, the Issuing Banks) and the
Lenders that will remain parties hereto after giving effect to such
amendment if (A) by the terms of such agreement the Commitments of
each Lender not consenting to the amendment provided for therein
shall be reduced to zero upon the effectiveness of such amendment
and (B) at the time such amendment becomes effective, each Lender
not consenting thereto receives payment in full of the principal of
and interest accrued on each Loan made by it and all other amounts
owing to it or accrued for its account under this
Agreement;

 

(vi) this
Agreement and the other Credit Documents may be amended in the
manner provided in Section 10.24; and

 

(vii) the
provisions of Section 6.7(c) (and the definition of “Fixed
Charge Coverage Ratio” and any component definition thereof
solely as any such definition is used for purposes of Section
6.7(c)), in each case may be waived, amended or otherwise modified
by an agreement in writing entered into by the Borrower and the
Requisite Tranche A/Revolving Lenders (but without the
necessity of obtaining the consent of the Requisite Lenders or any
other Lender).

 

Each
Lender and Issuing Bank hereby expressly authorizes the
Administrative Agent and/or the Collateral Agent to enter into any
waiver, amendment or other modification of this Agreement and the
other Credit Documents contemplated by this Section
10.5(e).

 

(e) Requisite Execution of Amendments,
Etc. With the concurrence of any Lender, the Administrative
Agent may, but shall have no obligation to, execute waivers,
amendments, modifications or consents on behalf of such Lender. Any
waiver or consent shall be effective only in the specific instance
and for the specific purpose for which it is given. No notice to or
demand on any Credit Party in any case shall entitle any Credit
Party to any other or further notice or demand in similar or other
circumstances. Any amendment, modification, waiver or consent
effected in accordance with this Section 10.5 shall be binding
upon each Person that is at the time thereof a Lender and each
Person that subsequently becomes a Lender.

 

10.6. Successors
and Assigns; Participations. Generally. This Agreement shall
be binding upon and inure to the benefit of the parties hereto and
their respective successors and assigns permitted hereby. No Credit
Party’s rights or obligations under the Credit Documents, and
no interest therein, may be assigned or delegated by any Credit
Party (except, in the case of any Guarantor Subsidiary, any
assignment or delegation by operation of law as a result of any
merger or consolidation of such Guarantor Subsidiary permitted by
Section 6.8) without the prior written consent of the
Administrative Agent and each Lender, and any attempted assignment
or delegation without such consent 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, the
participants referred to in Section 10.6(g) (to the extent provided
in clause (iii) of such Section) and, to the extent expressly
contemplated hereby, Affiliates of any Agent or any Lender, the
other Indemnitees and other express third party beneficiaries
hereof) any legal or equitable right, remedy or claim under or by
reason of this Agreement.

 

 

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(a) Register. The Borrower, the
Administrative Agent, the Collateral Agent, the Lenders and the
Issuing Banks shall deem and treat the Persons recorded as Lenders
in the Register as Lenders hereunder for all purposes of this
Agreement and the holders and owners of the corresponding
Commitments and Loans recorded therein for all purposes hereof. No
assignment or transfer of any Commitment or Loan shall be effective
unless and until recorded in the Register, and following such
recording, unless otherwise determined by the Administrative Agent
(such determination to be made in the sole discretion of the
Administrative Agent, which determination may be conditioned on the
consent of the assigning Lender and the assignee), shall be
effective notwithstanding any defect in the Assignment Agreement
relating thereto. Each assignment and transfer shall be recorded in
the Register following receipt by the Administrative Agent of the
fully executed Assignment Agreement, together with the required
forms and certificates regarding tax matters and any fees payable
in connection therewith, in each case as provided in Section
10.6(d); provided
that the Administrative Agent shall not be required to accept such
Assignment Agreement or so record the information contained therein
if the Administrative Agent reasonably believes that such
Assignment Agreement lacks any written consent required by this
Section 10.6 or is otherwise not in proper form, it being
acknowledged that the Administrative Agent shall have no duty or
obligation (and shall incur no liability) with respect to obtaining
(or confirming the receipt) of any such written consent or with
respect to the form of (or any defect in) such Assignment
Agreement, any such duty and obligation being solely with the
assigning Lender and the assignee. Each assigning Lender and the
assignee, by its execution and delivery of an Assignment Agreement,
shall be deemed to have represented to the Administrative Agent
that all written consents required by this Section 10.6 with
respect thereto (other than the consent of the Administrative
Agent, the Borrower and the Issuing Banks, if applicable) have been
obtained and that such Assignment Agreement is otherwise duly
completed and in proper form. The date of such recordation of an
assignment and transfer is referred to herein as the
“Assignment Effective
Date” with respect thereto. Any request, authority or
consent of any Person that, at the time of making such request or
giving such authority or consent, is recorded in the Register as a
Lender shall be conclusive and binding on any subsequent holder,
assignee or transferee of the corresponding Commitments or
Loans.

 

(b) Right to Assign. Each Lender
shall have the right at any time to sell, assign or transfer all or
a portion of its rights and obligations under this Agreement,
including all or a portion of its Commitment or Loans or other
Obligations owing to it to:

 

(i) any Eligible
Assignee of the type referred to in clause (a) of the definition of
the term “Eligible Assignee” upon (A) the giving of
notice to the Borrower and the Administrative Agent; provided that in the case of
any assignment of a Revolving Commitment or any Revolving Exposure,
such Eligible Assignee is a Revolving Lender or an Affiliate of a
Revolving Lender and (B) in the case of assignments of Revolving
Commitments or a Revolving Lender’s obligations in respect of
its participation in Letters of Credit, the receipt of prior
written consent (each such consent not to be unreasonably withheld
or delayed) of each Issuing Bank; or

 

(ii) any
Eligible Assignee of the type referred to in clause (b) of the
definition of the term “Eligible Assignee” (or, in the
case of any assignment of a Revolving Commitment or a Revolving
Exposure, any Eligible Assignee that does not meet the requirements
of clause (i) above), upon (A) the giving of notice to the
Borrower, the Administrative Agent and, in the case of assignments
of Revolving Commitments or Revolving Loans, each Issuing Bank and
(B) except in the case of assignments made by or to any
Arranger or any Affiliate thereof during the primary syndication of
any credit facilities established hereunder, receipt of prior
written consent (each such consent not to be unreasonably withheld
or delayed) of (1) the Borrower, provided that the consent of
the Borrower to any assignment (x) shall not be required if an
Event of Default shall have occurred and is continuing pursuant to
Section 8.1(a), 8.1(f) or 8.1(g) and (y) shall be deemed to
have been granted unless the Borrower shall have objected thereto
by written notice to the Administrative Agent within 10 Business
Days after having received notice thereof, (2) the Administrative
Agent and (3) in the case of assignments of Revolving Commitments
or a Revolving Lender’s obligations in respect of its
participation in Letters of Credit, each Issuing Bank;

 

 

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provided that:

 

(A) in the case of any
such assignment or transfer (other than to any Eligible Assignee
meeting the requirements of clause (i) above), the amount of the
Commitment or Loans of the assigning Lender subject thereto shall
not be less than (A) $2,500,000 in the case of assignments of any
Revolving Commitment or Revolving Loan or (B) $1,000,000 in the
case of assignments of any Term Loan Commitment or Term Loan of any
Class (with concurrent assignments to Eligible Assignees that are
Affiliates or Related Funds thereof to be aggregated for purposes
of the foregoing minimum assignment amount requirements) or, in
each case, such lesser amount as shall be agreed to by the Borrower
and the Administrative Agent or as shall constitute the aggregate
amount of the Commitments or Loans of the applicable Class of the
assigning Lender, provided that the consent of
the Borrower to any lesser amount (x) shall not be required if an
Event of Default shall have occurred and is continuing pursuant to
Section 8.1(a), 8.1(f) or 8.1(g) and (y) shall be deemed to have
been granted if notice shall be given to the Borrower requesting
its consent to a lesser amount and the Borrower shall not have
objected thereto by written notice to the Administrative Agent
within 10 Business Days after having received such
request;

 

(B) each partial
assignment or transfer shall be of a uniform, and not varying,
percentage of all rights and obligations of the assigning Lender
hereunder; provided
that a Lender may assign or transfer all or a portion of its
Commitment or of the Loans owing to it of any Class without
assigning or transferring any portion of its Commitment or of the
Loans owing to it, as the case may be, of any other Class;
and

 

(C) 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, such Defaulting
Lender’s applicable Pro Rata Share of Revolving Loans
previously requested but not funded by such Defaulting Lender, to
each of which the applicable assignee and assignor hereby
irrevocably consent), to (1) pay and satisfy in full all payment
liabilities then owed by such Defaulting Lender to the
Administrative Agent, each Issuing Bank and each Revolving Lender
hereunder (and interest accrued thereon), and (2) acquire (and fund
as appropriate) its applicable Pro Rata Share of all Revolving
Loans and participations in Letters of Credit; provided that, notwithstanding
the foregoing, in the event that any assignment of rights and
obligations of any Defaulting Lender hereunder shall become
effective under applicable law without compliance with the
provisions of this clause (C), then the assignee of such interest
shall be deemed to be a Defaulting Lender for all purposes of this
Agreement until such compliance occurs.

 

(c) Mechanics. Assignments and
transfers of Loans and Commitments by Lenders shall be effected by
the execution and delivery to the Administrative Agent of an
Assignment Agreement. In connection with all assignments, there
shall be delivered to the Administrative Agent such forms,
certificates or other evidence, if any, with respect to United
States federal income tax withholding matters as the assignee
thereunder may be required to deliver pursuant to Section 2.19(g),
together with payment to the Administrative Agent by the assignor
or the assignee of a registration and processing fee of $3,500
(except that no such registration and processing fee shall be
payable (i) in connection with an assignment by or to any Arranger
or any Affiliate thereof during the primary syndication of any
credit facilities established hereunder, (ii) in the case of an
assignee that is an Affiliate or Related Fund of a Lender or a
Person under common management with a Lender, (iii) in
connection with an assignment by or to Goldman Sachs or any
Affiliate thereof or (iv) otherwise waived by the
Administrative Agent in its sole discretion).

 

 

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(d) Representations and Warranties of
Assignee. Each Lender, upon execution and delivery hereof
(or of any Incremental Facility Agreement or Refinancing Facility
Agreement) or upon succeeding to an interest in the Commitments and
Loans, as the case may be, represents and warrants as of the
Closing Date (or, in the case of any Incremental Facility Agreement
or Refinancing Facility Agreement, as of the date of the
effectiveness thereof) or as of the applicable Assignment Effective
Date, as applicable, that (i) it is an Eligible Assignee, (ii) it
has experience and expertise in the making of or investing in
commitments or loans such as the applicable Commitments or Loans,
as the case may be, (iii) it will make or invest in, as the
case may be, its Commitments or Loans for its own account in the
ordinary course and without a view to distribution of such
Commitments or Loans within the meaning of the Securities Act or
the Exchange Act or other United States federal securities laws (it
being understood that, subject to the provisions of this Section
10.6, the disposition of such Commitments or Loans or any interests
therein shall at all times remain within its exclusive control) and
(iv) it will not provide any information obtained by it in its
capacity as a Lender to the Borrower, any Permitted Holder or any
Affiliate of the Borrower. In the case of any assignment by or to
any Vector Lender, the assignee or the assignor (in each case, if
not a Vector Lender), as the case may be, acknowledges and agrees
that in connection with such assignment, (A) such Vector Lender and
its Affiliates may have MNPI (as defined below), (B) such assignee
or assignor, as applicable, has independently, without reliance on
such Vector Lender, the Administrative Agent, the Arrangers or any
of their respective Affiliates, made its own analysis and
determination to participate in such assignment notwithstanding
such assignee’s or assignor’s lack of knowledge of any
such MNPI, (C) none of such Vector Lender, the Administrative
Agent, the Arrangers or any of their respective Affiliates shall
have any liability to such assignee or assignor, as the case may
be, and such assignee or assignor, as applicable, hereby waives and
releases, to the extent permitted by applicable law, any claims it
may have against such Vector Lender, the Administrative Agent, the
Arrangers and their respective Affiliates, under applicable law or
otherwise, with respect to the nondisclosure of any such MNPI and
(D) such MNPI may not be available to the Administrative
Agent, the Arrangers or the other Lenders. “MNPI” means material non-public
information (for purposes of United States federal, state or other
applicable securities laws) with respect to the Borrower, its
Subsidiaries and their respective Securities, it being understood
that MNPI may include information that is not available to Lenders,
including Private Lenders. It is understood and agreed that the
Administrative Agent and each Lender shall be entitled to rely, and
shall incur no liability for relying, upon the representations and
warranties and the acknowledgments and agreements of an assignee or
assignor, as applicable, set forth in this Section 10.6(e) and in
the applicable Assignment Agreement.

 

(e) Effect of Assignment. Subject
to the terms and conditions of this Section 10.6, as of the
Assignment Effective Date with respect to any assignment and
transfer of any Commitment or Loan, (i) the assignee thereunder
shall have the rights and obligations of a “Lender”
hereunder to the extent of its interest in such Commitment or Loan
as reflected in the Register and shall thereafter be a party hereto
and a “Lender” for all purposes hereof, (ii) the
assigning Lender thereunder shall, to the extent that rights and
obligations hereunder have been assigned and transferred to the
assignee, relinquish its rights (other than any rights that survive
the termination hereof under Section 10.8) and be released from its
obligations hereunder (and, in the case of an assignment covering
all the remaining rights and obligations of an assigning Lender
hereunder, such Lender shall cease to be a party hereto as a
“Lender” (but not, if applicable, as an Issuing Bank or
in any other capacity hereunder) on such Assignment Effective Date,
provided that such
assigning Lender shall continue to be entitled to the benefit of
all rights that survive the termination hereof under Section 10.8),
and provided
further that except
to the extent otherwise expressly agreed by the affected parties,
no assignment by a Defaulting Lender will constitute a waiver or
release of any claim of any party hereunder arising from such
Lender’s having been a Defaulting Lender, and (iii) the
assigning Lender shall, upon the effectiveness thereof or as
promptly thereafter as practicable, surrender its applicable Notes
(if any) to the Administrative Agent for cancellation, and
thereupon the Borrower shall issue and deliver new Notes, if so
requested by the assignee and/or assigning Lender, to such assignee
and/or to such assigning Lender, with appropriate insertions, to
reflect the new Commitments and/or outstanding Loans of the
assignee and/or the assigning Lender.

 

 

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(f) Participations.

 

(i) Each Lender shall
have the right at any time to sell one or more participations to
any Eligible Assignee in all or any part of its Commitments or
Loans or in any other Obligation; 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 Credit Parties, the Administrative Agent, the
Collateral Agent, the Issuing Banks and the other Lenders shall
continue to deal solely and directly with such Lender in connection
with such Lender’s rights and obligations under this
Agreement. Each Lender that sells a participation pursuant to this
Section 10.6(g) shall, acting solely for United States federal
income tax purposes as a non-fiduciary agent of the Borrower,
maintain a register on which it records the name and address of
each participant to which it has sold a participation and the
principal amounts (and stated interest) of each such
participant’s interest in the Commitments or Loans or other
rights and obligations of such Lender under this Agreement or any
other Credit Document (the “Participant Register”);
provided that no
Lender shall have any obligation to disclose all or any portion of
the Participant Register to any Person (including the identity of
any participant or any information relating to a
participant’s interest in any Commitments, Loans or other
rights and obligations under any Credit Document), except to the
extent that such disclosure is necessary to establish that such
Commitment, Loan or other right or obligation is in registered form
under Section 5f.103-1(c) of the United States Treasury
Regulations. Unless otherwise required by the IRS, any disclosure
required by the foregoing sentence shall be made by the relevant
Lender directly and solely to the IRS. 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 under 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.

 

(ii) The
holder of any such participation, other than an Affiliate of the
Lender granting such participation, shall not be entitled to
require such Lender to take or omit to take any action hereunder,
except that any participation agreement may provide that the
participant’s consent must be obtained with respect to the
consent of such Lender to any waiver, amendment, modification or
consent that is described in Section 10.5(b) that affects such
participant or requires the approval of all the
Lenders.

 

(iii) The
Credit Parties agree that each participant shall be entitled to the
benefits of Sections 2.17(c), 2.18 and 2.19 (subject to the
requirements and limitations therein, including the requirements
under Section 2.19(g) (it being understood that the documentation
required under Section 2.19(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 Section
10.6(c); provided
that such participant (x) agrees to be subject to the provisions of
Sections 2.20 and 2.22 as if it were an assignee under Section
10.6(c) and (y) such participant shall not be entitled to receive
any greater payment under Section 2.18 or 2.19 with respect to any
participation than the applicable Lender would have been entitled
to receive with respect to such participation sold to such
participant, 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. To the extent
permitted by law, each participant also shall be entitled to the
benefits of Section 10.4 as though it were a Lender, provided that such participant
agrees to be subject to Section 2.16 as though it were a
Lender.

 

 

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(g) Certain Other Assignments and
Participations. In addition to any other assignment or
participation permitted pursuant to this Section 10.6, any Lender
may assign, pledge and/or grant a security interest in all or any
portion of its Loans or the other Obligations owed to such Lender,
and its Notes, if any, to secure obligations of such Lender,
including (i) to any Federal Reserve Bank as collateral security
pursuant to Regulation A of the Board of Governors and any
operating circular issued by any Federal Reserve Bank or to any
other central bank and (ii) in the case of any Vector Lender,
pursuant to the Vector Facility Arrangements; provided that no Lender, as
between the Borrower and such Lender, shall be relieved of any of
its obligations hereunder as a result of any such assignment and
pledge; and provided further that in no event shall
the applicable Federal Reserve Bank, other central bank, pledgee or
trustee be considered to be a “Lender”
hereunder.

 

(h) Term Loan Repurchases.
Notwithstanding anything to the contrary contained in this Section
10.6 or any other provision of this Agreement, the Borrower may
repurchase outstanding Term Loans, and each Term Lender shall have
the right at any time to sell, assign or transfer all or a portion
of its Term Loans to the Borrower, on the following
basis:

 

(i) Term Loan Repurchase Auctions.
The Borrower may conduct one or more modified Dutch auctions (each,
an “Auction”) to
repurchase all or any portion of the Term Loans of any Class,
provided that (A)
the Borrower delivers a written notice of such Auction to the
Auction Manager and the Administrative Agent (for distribution to
the Term Lenders of such Class) no later than 12:00
p.m. (New York City
time) at least five Business Days in advance of a proposed
commencement date of such Auction (or such shorter period as may be
acceptable to the Administrative Agent), which notice shall specify
(x) the dates on which such Auction will commence and
conclude, (y) the maximum principal amount of Term Loans and the
Class thereof that the Borrower desires to repurchase in such
Auction and (z) the range of discounts to par at which the Borrower
would be willing to repurchase such Term Loans, (B) the maximum
dollar amount of such Auction shall be no less than an aggregate
$10,000,000 or an integral multiple of $1,000,000 in excess
thereof, (C) such Auction shall be open for at least two Business
Days after the date of the commencement thereof, (D) such Auction
shall be open for participation by all the Term Lenders of such
Class on a ratable basis, (E) a Term Lender of such Class that
elects to participate in such Auction will be permitted to tender
for repurchase all or a portion of such Lender’s Term Loans
of such Class, (F) each repurchase of Term Loans of any Class shall
be of a uniform, and not varying, percentage of all rights of the
assigning Term Lender hereunder with respect thereto (and shall be
allocated among the Term Loans of such Class of such Term Lender in
a manner that would result in such Term Lender’s remaining
Term Loans of such Class being included in each Term Borrowing in
accordance with its applicable Pro Rata Share thereof), (G) at the
time of the commencement and conclusion of such Auction, no Event
of Default shall have occurred and be continuing, (H) the Borrower
shall not use the proceeds of Revolving Loans to make such
repurchase and (I) such Auction shall be conducted pursuant to such
procedures as the Auction Manager may establish, so long as such
procedures are consistent with this Section 10.6(i) and are
reasonably acceptable to the Administrative Agent and the Borrower.
In connection with any Auction, the Auction Manager and the
Administrative Agent may request one or more certificates of an
Authorized Officer of the Borrower as to the satisfaction of the
conditions set forth in clauses (G) and (H)
above.

 

 

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(ii) Open
Market Purchases. The Borrower may repurchase all or any
portion of the Term Loans of any Class on a non pro rata basis
through open market purchases (each an “Open Market Purchase”),
provided that (A)
the Borrower delivers a written notice of such Open Market Purchase
to the Administrative Agent promptly upon consummation thereof, (B)
each repurchase of Term Loans of any Class shall be of a uniform,
and not varying, percentage of all rights of the assigning Term
Lender hereunder with respect thereto (and shall be allocated among
the Term Loans of such Class of such Term Lender in a manner that
would result in such Term Lender’s remaining Term Loans of
such Class being included in each Term Borrowing in accordance with
its applicable Pro Rata Share thereof), (C) at the time of and
immediately following such Open Market Purchase, no Event of
Default shall have occurred and be continuing and (D) the Borrower
shall not use the proceeds of Revolving Loans to make such
repurchase. In connection with any Open Market Purchase, the
Administrative Agent may request one or more certificates of an
Authorized Officer of the Borrower as to the satisfaction of the
conditions set forth in clauses (C) and (D)
above.

 

(iii) Concerning
the Repurchased Term Loans. Repurchases by the Borrower of
Term Loans pursuant to this Section 10.6(i) shall not constitute
voluntary prepayments for purposes of Section 2.11 or 2.13. The
aggregate principal amount of the Term Loans of any Class
repurchased by the Borrower pursuant to this Section 10.6(i) shall
be applied to reduce the subsequent Installments to be paid
pursuant to Section 2.11 with respect to Term Loans of such
Class in an inverse order of maturity. Upon the repurchase by the
Borrower pursuant to this Section 10.6(i) of any Term Loans,
such Term Loans shall, without further action by any Person,
automatically be deemed cancelled and no longer outstanding (and
may not be resold by the Borrower) for all purposes of this
Agreement and the other Credit Documents, including with respect to
(A) the making of, or the application of, any payments to the
Lenders under this Agreement or any other Credit Document, (B) the
making of any request, demand, authorization, direction, notice,
consent or waiver under this Agreement or any other Credit Document
or (C) the determination of Requisite Lenders, or for any
similar or related purpose, under this Agreement or any other
Credit Document. The Administrative Agent is authorized to make
appropriate entries in the Register to reflect any cancelation of
the Term Loans repurchased and cancelled pursuant to this
Section 10.6(i). Any payment made by the Borrower in
connection with a repurchase permitted by this Section 10.6(i)
shall not be subject to the provisions of Section 2.15, 2.16 or
2.17(c). Failure by the Borrower to make any payment to a Lender
required to be made in consideration of a repurchase of Term Loans
permitted by this Section 10.6(i) shall not constitute a Default or
an Event of Default under Section 8.1(a). Each Term Lender shall,
to the extent that its Term Loans shall have been repurchased and
assigned to the Borrower pursuant to this Section 10.6(i),
relinquish its rights in respect thereof.

 

10.7. Independence
of Covenants. All covenants hereunder shall be given
independent effect so that if a particular action or condition is
not permitted by any of such covenants, the fact that it would be
permitted by an exception to, or would otherwise be within the
limitations of, another covenant shall not avoid the occurrence of
a Default or an Event of Default if such action is taken or
condition exists.

 

 

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10.8. Survival
of Representations, Warranties and Agreements. All
covenants, agreements, representations and warranties made by the
Credit Parties in the Credit Documents and in the certificates or
other documents delivered in connection with or pursuant to this
Agreement or any other Credit Document shall be considered to have
been relied upon by the other parties hereto and shall survive the
execution and delivery of the Credit Documents and the making of
any Loans and issuance of any Letters of Credit, regardless of any
investigation made by any such other party or on its behalf and
notwithstanding that any Agent, Arranger, Lender or Issuing Bank
may have had notice or knowledge of any Default or Event of Default
or incorrect representation or warranty at the time any Credit
Document is executed and delivered or any credit is extended
hereunder, and shall continue in full force and effect as long as
the principal of or any accrued interest on any Loan or any fee or
any other amount payable under this Agreement is outstanding and
unpaid or any Letter of Credit is outstanding and so long as the
Commitments have not expired or terminated. Notwithstanding the
foregoing or anything else to the contrary set forth in this
Agreement or any other Credit Document, in the event that, in
connection with the refinancing or repayment in full of the credit
facilities provided for herein, any Issuing Bank at its option and
in its sole discretion shall have provided to the Administrative
Agent a written consent to the release of the Revolving Lenders
from their obligations hereunder with respect to any Letter of
Credit issued by such Issuing Bank (whether as a result of the
obligations of the Borrower (and any other account party) in
respect of such Letter of Credit having been collateralized in full
by a deposit of cash with such Issuing Bank, or being supported by
a letter of credit that names such Issuing Bank as the beneficiary
thereunder, or otherwise), then from and after such time such
Letter of Credit shall cease to be a “Letter of Credit”
outstanding hereunder for all purposes of this Agreement and the
other Credit Documents (other than Sections 2.18, 2.19, 10.2 and
10.3 (and the defined terms used in such Sections)), and the
Revolving Lenders shall be deemed to have no participations in such
Letter of Credit, and no obligations with respect thereto, under
Section 2.3(e). The provisions of Sections 2.17(c), 2.18,
2.19, 9, 10.2, 10.3 and 10.4 shall survive and remain in full force
and effect regardless of the consummation of the transactions
contemplated hereby, the repayment of the Loans or the termination
of this Agreement or any provision hereof.

 

10.9. No
Waiver; Remedies Cumulative. No failure or delay on the part
of any Agent, Arranger, Lender or Issuing Bank in the exercise of
any power, right or privilege hereunder or under any other Credit
Document shall impair such power, right or privilege or be
construed to be a waiver thereof or of any Default or Event of
Default or acquiescence therein, nor shall any single or partial
exercise of any such power, right or privilege, or any abandonment
or discontinuance of steps to enforce such power, right or
privilege, preclude any other or further exercise thereof or the
exercise of any other power, right or privilege. The powers,
rights, privileges and remedies of the Agents, the Arrangers, the
Lenders and the Issuing Banks hereunder and under the other Credit
Documents are cumulative and shall be in addition to and
independent of all powers, rights, privileges and remedies they
would otherwise have. Without limiting the generality of the
foregoing, the execution and delivery of this Agreement or the
making of any Loan hereunder shall not be construed as a waiver of
any Default or Event of Default, regardless of whether any Agent,
Arranger, Lender or Issuing Bank may have had notice or knowledge
of such Default or Event of Default at the time.

 

10.10. Marshalling;
Payments Set Aside. None of the Agents, the Arrangers, the
Lenders or the Issuing Banks shall be under any obligation to
marshal any assets in favor of any Credit Party or any other Person
or against or in payment of any or all of the Obligations. To the
extent that any Credit Party makes a payment or payments to any
Agent, Arranger, Lender or Issuing Bank (or to the Administrative
Agent or the Collateral Agent, on behalf of any Agent, Arranger,
Lender or Issuing Bank), or any Agent, Arranger, Lender or Issuing
Bank enforces any security interests or exercises any right of
set-off, and such payment or payments or the proceeds of such
enforcement or set-off or any part thereof are subsequently
invalidated, declared to be fraudulent, preferential or at
undervalue, set aside and/or required to be repaid to a trustee,
receiver or any other party under any Debtor Relief Laws, any other
state or federal law, common law or any equitable cause, then, to
the extent of such recovery, the obligation or part thereof
originally intended to be satisfied, and all Liens, rights and
remedies therefor or related thereto, shall be revived and
continued in full force and effect as if such payment or payments
had not been made or such enforcement or set-off had not
occurred.

 

 

-189-

 

 

10.11. Severability.
In case any provision in or obligation hereunder or under any other
Credit Document shall be invalid, illegal or unenforceable in any
jurisdiction, the validity, legality and enforceability of the
remaining provisions or obligations, or of such provision or
obligation in any other jurisdiction, shall not in any way be
affected or impaired thereby.

 

10.12. Independent
Nature of Lenders’ Rights. Nothing contained herein or
in any other Credit Document, and no action taken by the Lenders
pursuant hereto or thereto, shall be deemed to constitute the
Lenders as a partnership, an association, a joint venture or any
other kind of entity. The amounts payable at any time hereunder to
each Lender shall be a separate and independent debt, and each
Lender shall be entitled to protect and enforce its rights arising
hereunder and it shall not be necessary for any other Lender to be
joined as an additional party in any proceeding for such
purpose.

 

10.13. Headings.
Section headings herein are included herein for convenience of
reference only and shall not constitute a part hereof for any other
purpose or be given any substantive effect.

 

10.14. APPLICABLE
LAW. THIS AGREEMENT AND THE
RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER (INCLUDING ANY
CLAIMS SOUNDING IN CONTRACT LAW OR TORT LAW ARISING OUT OF THE
SUBJECT MATTER HEREOF AND ANY DETERMINATIONS WITH RESPECT TO
POST-JUDGMENT INTEREST) SHALL BE GOVERNED BY, AND SHALL BE
CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
NEW YORK, WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES THEREOF
THAT WOULD RESULT IN THE APPLICATION OF ANY LAW OTHER THAN THE LAW
OF THE STATE OF NEW YORK.

 

10.15. CONSENT
TO JURISDICTION. SUBJECT TO
CLAUSE (E) BELOW, ALL JUDICIAL PROCEEDINGS BROUGHT AGAINST ANY
PARTY HERETO ARISING OUT OF OR RELATING HERETO OR ANY OTHER CREDIT
DOCUMENT, OR ANY OF THE OBLIGATIONS, SHALL BE BROUGHT EXCLUSIVELY
IN ANY FEDERAL COURT OF THE UNITED STATES OF AMERICA SITTING IN THE
BOROUGH OF MANHATTAN OR, IF THAT COURT DOES NOT HAVE SUBJECT MATTER
JURISDICTION, IN ANY STATE COURT LOCATED IN THE CITY AND COUNTY OF
NEW YORK. BY EXECUTING AND DELIVERING THIS AGREEMENT, EACH PARTY
HERETO, FOR ITSELF AND IN CONNECTION WITH ITS PROPERTIES,
IRREVOCABLY (A) ACCEPTS GENERALLY AND UNCONDITIONALLY THE EXCLUSIVE
JURISDICTION AND VENUE OF SUCH COURTS (SUBJECT TO CLAUSE (E)
BELOW); (B) WAIVES ANY DEFENSE OF FORUM NON CONVENIENS; (C) AGREES
THAT SERVICE OF ALL PROCESS IN ANY SUCH PROCEEDING IN ANY SUCH
COURT MAY BE MADE BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT
REQUESTED, TO THE APPLICABLE PARTY AT ITS ADDRESS PROVIDED IN
ACCORDANCE WITH SECTION 10.1; (D) AGREES THAT SERVICE AS PROVIDED
IN CLAUSE (C) ABOVE IS SUFFICIENT TO CONFER PERSONAL JURISDICTION
OVER THE APPLICABLE CREDIT PARTY IN ANY SUCH PROCEEDING IN ANY SUCH
COURT, AND OTHERWISE CONSTITUTES EFFECTIVE AND BINDING SERVICE IN
EVERY RESPECT; AND (E) AGREES THAT THE AGENTS, THE ARRANGERS, THE
LENDERS AND THE ISSUING BANKS RETAIN THE RIGHT TO SERVE PROCESS IN
ANY OTHER MANNER PERMITTED BY LAW OR TO BRING PROCEEDINGS AGAINST
ANY CREDIT PARTY IN THE COURTS OF ANY OTHER JURISDICTION IN
CONNECTION WITH THE EXERCISE OF ANY RIGHTS UNDER ANY CREDIT
DOCUMENT OR ANY EXERCISE OF REMEDIES IN RESPECT OF COLLATERAL OR
THE ENFORCEMENT OF ANY JUDGMENT, AND HEREBY SUBMITS TO THE
JURISDICTION OF, AND CONSENTS TO VENUE IN, ANY SUCH
COURT.

 

 

-190-

 

 

10.16. WAIVER
OF JURY TRIAL. EACH OF THE
PARTIES HERETO HEREBY AGREES TO WAIVE ITS RIGHTS TO A JURY TRIAL OF
ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING HEREUNDER OR
UNDER ANY OF THE OTHER CREDIT DOCUMENTS OR ANY DEALINGS BETWEEN
THEM RELATING TO THE SUBJECT MATTER OF THIS LOAN TRANSACTION OR THE
LENDER/BORROWER RELATIONSHIP THAT IS BEING ESTABLISHED. THE SCOPE
OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL
DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE
SUBJECT MATTER OF THIS TRANSACTION, INCLUDING CONTRACT CLAIMS, TORT
CLAIMS, BREACH OF DUTY CLAIMS AND ALL OTHER COMMON LAW AND
STATUTORY CLAIMS. EACH PARTY HERETO ACKNOWLEDGES THAT THIS WAIVER
IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP,
THAT EACH HAS ALREADY RELIED ON THIS WAIVER IN ENTERING INTO THIS
AGREEMENT, AND THAT EACH WILL CONTINUE TO RELY ON THIS WAIVER IN
ITS RELATED FUTURE DEALINGS. EACH PARTY HERETO FURTHER WARRANTS AND
REPRESENTS 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 WAIVER IS
IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR
IN WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY
REFERRING TO THIS SECTION 10.16 AND EXECUTED BY EACH OF THE PARTIES
HERETO), AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS,
RENEWALS, SUPPLEMENTS OR MODIFICATIONS HERETO OR ANY OF THE OTHER
CREDIT DOCUMENTS OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING
TO THE LOANS MADE HEREUNDER. IN THE EVENT OF LITIGATION, THIS
AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE
COURT.

 

 

-191-

 

 

10.17. Confidentiality.
Each Agent and each Lender (which term shall for the purposes of
this Section 10.17 include each Issuing Bank) shall hold all
Confidential Information (as defined below) obtained by such Agent
or such Lender in accordance with such Agent’s and such
Lender’s customary procedures for handling confidential
information of such nature, it being understood and agreed by the
Borrower that, in any event, the Administrative Agent and the
Collateral Agent may disclose Confidential Information to the
Lenders and the other Agents and that each Agent and each Lender
may disclose Confidential Information (a) to Affiliates of such
Agent or Lender and to its and their respective Related Parties,
independent auditors and other advisors, experts or agents who need
to know such Confidential Information (and to other Persons
authorized by a Lender or Agent to organize, present or disseminate
such information in connection with disclosures otherwise made in
accordance with this Section 10.17) (it being understood that the
Persons to whom such disclosure is made will be informed of the
confidential nature of such Confidential Information and instructed
to keep such Confidential Information confidential or shall
otherwise be subject to an obligation of confidentiality),
(b) to any potential or prospective assignee, transferee or
participant in connection with the contemplated assignment,
transfer or participation of any Loans or other Obligations or any
participations therein or to any direct or indirect contractual
counterparties (or the professional advisors thereto) to any swap
or derivative transaction relating to the Borrower or any of its
Affiliates and their obligations (provided that such assignees,
transferees, participants, counterparties and advisors are advised
of and agree to be bound by either the provisions of this Section
10.17 or other provisions at least as restrictive as this
Section 10.17 or otherwise reasonably acceptable to the
Administrative Agent, the Collateral Agent or the applicable
Lender, as the case may be, and the Borrower, including pursuant to
the confidentiality terms set forth in the Confidential Information
Memorandum or other marketing materials relating to the credit
facilities governed by this Agreement; and provided further that without the
Borrower’s prior written consent, no such disclosure may be
made to any Disqualified Institution), (c) on a confidential basis,
to any rating agency, (d) on a confidential basis, to the CUSIP
Service Bureau or any similar agency in connection with the
issuance and monitoring of CUSIP numbers with respect to the Loans,
(e) for purposes of establishing a “due diligence”
defense or in connection with the exercise of any remedies
hereunder or under any other Credit Document, (f) as required by
law or pursuant to legal or judicial process (in which case, unless
specifically prohibited by applicable law or court order, such
Agent or such Lender shall make reasonable efforts to notify the
Borrower promptly thereof), (g) as required or requested by any
Governmental Authority or by any regulatory or quasi-regulatory
authority (including any self-regulatory organization) having
jurisdiction or claiming to have jurisdiction over such Agent or
such Lender or any of their respective Affiliates, (h) received by
it on a non-confidential basis from a source (other than the
Borrower or its Affiliates or Related Parties) not known by it to
be prohibited from disclosing such information to such persons by a
legal, contractual or fiduciary obligation, (i) to the extent that
such information was already in possession of such Agent or such
Lender, as the case may be, or any of its Affiliates or is
independently developed by it or any of its Affiliates and (j) with
the consent of the Borrower. For purposes of the foregoing,
“Confidential
Information” means, with respect to any Agent or any
Lender, any non-public information regarding the business, assets,
liabilities and operations of the Borrower and the Subsidiaries
obtained by such Agent or Lender under the terms of this Agreement
and identified as confidential by the Borrower. In addition, each
Agent and each Lender may disclose the existence of this Agreement
and the information about this Agreement to market data collectors,
similar services providers to the lending industry, and service
providers to the Agents and the Lenders in connection with the
administration and management of this Agreement and the other
Credit Documents. It is agreed that, notwithstanding the
restrictions of any prior confidentiality agreement binding on any
Arranger or any Agent, such parties may disclose
Confidential Information as provided in this
Section 10.17.

 

 

-192-

 

 

10.18. Usury
Savings Clause. 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 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 that 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 that 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 the Administrative Agent an amount equal to the difference
between the amount of interest paid and the amount of interest that
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 that 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.

 

10.19. Counterparts.
This Agreement may be executed in any number of counterparts, each
of which when so executed and delivered shall be deemed an
original, but all such counterparts together shall constitute but
one and the same instrument. Delivery of an executed counterpart of
a signature page of this Agreement by facsimile or in electronic
format (i.e., “pdf” or “tif”) shall be
effective as delivery of a manually executed counterpart of this
Agreement.

 

10.20. Effectiveness;
Entire Agreement. Subject to Section 3, this Agreement shall
become effective when it shall have been executed by the
Administrative Agent and there shall have been delivered to the
Administrative Agent counterparts hereof that, when taken together,
bear the signatures of each of the other parties hereto.
THIS AGREEMENT AND THE OTHER CREDIT
DOCUMENTS CONSTITUTE THE ENTIRE CONTRACT AMONG THE PARTIES RELATING
TO THE SUBJECT MATTER HEREOF AND SUPERSEDE ANY AND ALL PREVIOUS
AGREEMENTS AND UNDERSTANDINGS, ORAL OR WRITTEN, RELATING TO THE
SUBJECT MATTER HEREOF (BUT DO NOT SUPERSEDE ANY PROVISIONS OF ANY
ENGAGEMENT LETTER OR FEE LETTER BETWEEN OR AMONG ANY CREDIT PARTIES
AND ANY AGENT OR ARRANGER OR ANY AFFILIATE OF ANY OF THE FOREGOING
THAT BY THE TERMS OF SUCH DOCUMENTS ARE STATED TO SURVIVE THE
EFFECTIVENESS OF THIS AGREEMENT, ALL OF WHICH PROVISIONS SHALL
REMAIN IN FULL FORCE AND EFFECT).

 

10.21. PATRIOT
Act. Each Lender and the Administrative Agent (for itself
and not on behalf of any Lender) hereby notifies each Credit Party
that pursuant to the requirements of the PATRIOT Act it is required
to obtain, verify and record information that identifies each
Credit Party, which information includes the name and address of
each Credit Party and other information that will allow such Lender
or the Administrative Agent, as applicable, to identify such Credit
Party in accordance with the PATRIOT Act.

 

10.22. Electronic
Execution of Assignments. The words “execution”,
“signed”, “signature” and words of like
import in any Assignment Agreement shall be deemed to include
electronic signatures or the keeping of records in electronic form,
each of which shall be of the same legal effect, validity or
enforceability as a manually executed signature or the use of a
paper-based recordkeeping system, as the case may be, to the extent
and as provided for in any applicable law, including the Federal
Electronic Signatures in Global and National Commerce Act, the New
York State Electronic Signatures and Records Act, or any other
similar state laws based on the Uniform Electronic Transactions
Act.

 

 

-193-

 

 

10.23. No
Fiduciary Duty. Each Agent, each Arranger, each Lender, each
Issuing Bank and their respective Affiliates (collectively, solely
for purposes of this paragraph, the “Lenders”) may have economic
interests that conflict with those of the Credit Parties, their
equityholders and/or their Affiliates. Each Credit Party agrees
that nothing in the Credit Documents or otherwise will be deemed to
create an advisory, fiduciary or agency relationship or fiduciary
or other implied duty between any Agent, Arranger or Lender, on the
one hand, and such Credit Party or its equityholders or its
Affiliates, on the other. The Credit Parties acknowledge and agree
that (a) the transactions contemplated by the Credit Documents
(including the exercise of rights and remedies hereunder and
thereunder) are arm’s-length commercial transactions between
the Agents, Arrangers and Lenders, on the one hand, and the Credit
Parties, on the other, and (b) in connection therewith and with the
process leading thereto, (i) no Agent, Arranger or Lender has
assumed an advisory or fiduciary responsibility in favor of any
Credit Party, its equityholders or its Affiliates with respect to
the transactions contemplated hereby (or the exercise of rights or
remedies with respect thereto) or the process leading thereto
(irrespective of whether any Agent, Arranger or Lender has advised,
is currently advising or will advise any Credit Party, its
equityholders or its Affiliates on other matters) or any other
obligation to any Credit Party except the obligations expressly set
forth in the Credit Documents and (ii) each Agent, Arranger and
Lender is acting solely as principal and not as the agent or
fiduciary of any Credit Party, its management, equityholders,
creditors or any other Person. Each Credit Party acknowledges and
agrees that it has consulted its own legal and financial advisors
to the extent it has deemed appropriate and that it is responsible
for making its own independent judgment with respect to such
transactions and the process leading thereto. Each Credit Party
agrees that it will not assert, and hereby waives to the maximum
extent permitted by applicable law, any claim that any Agent,
Arranger or Lender has rendered advisory services of any nature or
respect, or owes a fiduciary or similar duty to such Credit Party,
in connection with any such transaction or the process leading
thereto.

 

10.24. Permitted
Intercreditor Agreements. Each of the Lenders and the other
Secured Parties acknowledges that obligations of the Credit Parties
under the Second Lien Credit Agreement are, and under any other
Permitted Second Lien Indebtedness, any Permitted Credit Agreement
Refinancing Indebtedness or any Permitted Incremental Equivalent
Indebtedness may be, secured by Liens on assets of the Credit
Parties that constitute Collateral and that the relative Lien
priority and other creditor rights of the Secured Parties and the
secured parties under the Second Lien Credit Agreement will be set
forth in the Intercreditor Agreement, and the relative Lien
priority and other creditor rights of the Secured Parties and the
secured parties under any other Permitted Second Lien Indebtedness,
any Permitted Credit Agreement Refinancing Indebtedness or any
Permitted Incremental Equivalent Indebtedness will be set forth in
the applicable Permitted Intercreditor Agreement. Each of the
Lenders and the other Secured Parties hereby acknowledges that it
has received a copy of the Intercreditor Agreement. Each of the
Lenders and the other Secured Parties hereby irrevocably authorizes
and directs the Administrative Agent and the Collateral Agent to
execute and deliver, in each case on behalf of such Secured Party
and without any further consent, authorization or other action by
such Secured Party, (i) on the Closing Date, the Intercreditor
Agreement and any documents relating thereto and (ii) from
time to time upon the request of the Borrower, in connection with
the establishment, incurrence, amendment, refinancing or
replacement of any Permitted Second Lien Indebtedness, any
Permitted Credit Agreement Refinancing Indebtedness or any
Permitted Incremental Equivalent Indebtedness, any Permitted
Intercreditor Agreement (it being understood that the
Administrative Agent and the Collateral Agent are hereby authorized
and directed to determine the terms and conditions of any such
Permitted Intercreditor Agreement as contemplated by the definition
of the terms “Intercreditor Agreement”, “Junior
Lien Intercreditor Agreement” and “Pari Passu
Intercreditor Agreement”) and any documents relating
thereto.

 

 

-194-

 

 

(a) Each of the Lenders
and the other Secured Parties hereby irrevocably (i) consents to
the treatment of Liens to be provided for under any Permitted
Intercreditor Agreement, (ii) agrees that, upon the execution and
delivery thereof, such Secured Party will be bound by the
provisions of any Permitted Intercreditor Agreement as if it were a
signatory thereto and will take no actions contrary to the
provisions of any Permitted Intercreditor Agreement, (iii) agrees
that no Secured Party shall have any right of action whatsoever
against the Administrative Agent or any Collateral Agent as a
result of any action taken by the Administrative Agent or the
Collateral Agent pursuant to this Section 10.24 or in accordance
with the terms of any Permitted Intercreditor Agreement,
(iv) authorizes and directs the Administrative Agent and the
Collateral Agent to carry out the provisions and intent of each
such document and (v) authorizes and directs the Administrative
Agent and the Collateral Agent to take such actions as shall be
required to release Liens on the Collateral in accordance with the
terms of any Permitted Intercreditor Agreement.

 

(b) Each of the Lenders
and the other Secured Parties hereby irrevocably further authorizes
and directs the Administrative Agent and the Collateral Agent to
execute and deliver, in each case on behalf of such Secured Party
and without any further consent, authorization or other action by
such Secured Party, any amendments, supplements or other
modifications of any Permitted Intercreditor Agreement that the
Borrower may from time to time request and that are reasonably
acceptable to the Administrative Agent (i) to give effect to any
establishment, incurrence, amendment, extension, renewal,
refinancing or replacement of any Obligations, any Permitted Second
Lien Indebtedness, any Permitted Credit Agreement Refinancing
Indebtedness or any Permitted Incremental Equivalent Indebtedness,
(ii) to confirm for any party that such Permitted Intercreditor
Agreement is effective and binding upon the Administrative Agent
and the Collateral Agent on behalf of the Secured Parties or (iii)
to effect any other amendment, supplement or modification so long
as the resulting agreement would constitute a Permitted
Intercreditor Agreement if executed at such time as a new
agreement.

 

(c) Each of the Lenders
and the other Secured Parties hereby irrevocably further authorizes
and directs the Administrative Agent and the Collateral Agent to
execute and deliver, in each case on behalf of such Secured Party
and without any further consent, authorization or other action by
such Secured Party, any amendments, supplements or other
modifications of any Collateral Document to add or remove any
legend that may be required pursuant to any Permitted Intercreditor
Agreement.

 

(d) Each of the
Administrative Agent and the Collateral Agent shall have the
benefit of the provisions of Sections 9, 10.2 and 10.3 with respect
to all actions taken by it pursuant to this Section 10.24 or
in accordance with the terms of any Permitted Intercreditor
Agreement to the full extent thereof.

 

(e) The provisions of
this Section 10.24 are intended as an inducement to the secured
parties under the Second Lien Credit Documents or under any other
Permitted Second Lien Indebtedness Documents, any Permitted Credit
Agreement Refinancing Indebtedness or Permitted Incremental
Equivalent Indebtedness to extend credit to the Borrower thereunder
and such secured parties are intended third party beneficiaries of
such provisions.

 

10.25. Acknowledgement
and Consent to Bail-In of EEA Financial Institutions.
Notwithstanding anything to the contrary in any Credit Document or
in any other agreement, arrangement or understanding among the
parties hereto, each party hereto acknowledges that any liability
of any EEA Financial Institution arising under any Credit 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:

 

 

-195-

 

 

(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 Credit 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 intentionally left blank]

 

 

 

 

-196-

 

 

IN WITNESS WHEREOF, the parties hereto
have caused this Agreement to be duly executed and delivered by
their respective officers thereunto duly authorized as of the date
first written above.

 

	

FUSION CONNECT, INC., as Borrower

	

   

	

By:

	

/s/
Kevin Dotts

	
 

	

Name: Kevin
Dotts

	
 

	

Title: Executive
Vice President, Chief Financial Officer and Principal Accounting
Officer

 

	

FUSION
NBS ACQUISITION CORP.

FUSION
LLC

FUSION
BCHI ACQUISITION LLC

BIRCH
COMMUNICATIONS, LLC

CBEYOND,
INC.

CBEYOND
COMMUNICATIONS, LLC

BIRCH
MANAGEMENT LLC

BIRCH
TELECOM, LLC

BIRCH
TEXAS HOLDINGS, INC.

BIRCH
TELECOM OF KANSAS, LLC

BIRCH
TELECOM OF OKLAHOMA, LLC

BIRCH
TELECOM OF MISSOURI, LLC

BIRCH
TELECOM OF TEXAS LTD., L.L.P.

BIRCAN
HOLDINGS, LLC

PRIMUS
HOLDINGS, INC.

FUSION MPHC ACQUISITION CORP., as
Guarantors

 

	

By:

	

/s/
Kevin Dotts

	
 

	

Name: Kevin
Dotts

	
 

	

Title: Executive
Vice President, Chief Financial Officer and Principal Accounting
Officer

 

 

 

 
[Signature Page to
Fusion First Lien Credit and Guaranty
Agreement]

 

 

	

WILMINGTON TRUST, NATIONAL ASSOCIATION, as the
Administrative Agent and the Collateral
Agent,

	

     

	

By:

	

/s/
Jamie Roseberg

	
 

	

Name:
Jamie Roseberg

Title:
Banking Officer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
[Signature Page to
Fusion First Lien Credit and Guaranty
Agreement]

 

 

	

GOLDMAN SACHS LENDING PARTNERS LLC, as a
Lender,

 

	

By:

	

/s/
Robert Ehudin

	
 

	

Authorized
Signatory

Robert
Ehudin

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
[Signature Page to
Fusion First Lien Credit and Guaranty
Agreement]

 

 

	

MORGAN STANLEY SENIOR FUNDING, INC., as a
Lender,

 

	

	
By:

	

/s/
Reagan Philipp

	
 

	

Name: Reagan
Philipp

	
 

	

Title: Authorized
Signatory

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
[Signature Page to
Fusion First Lien Credit and Guaranty
Agreement]

 

 

	

MUFG UNION BANK, N.A., as a Lender,

 

	

	
By:

	

/s/
Matthew Hillman

	
 

	

Name: Matthew
Hillman

	
 

	

Title: Vice
President

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
[Signature Page to
Fusion First Lien Credit and Guaranty
Agreement]

EXHIBIT
A

TO FUSION
CONNECT, INC.

FIRST LIEN CREDIT AND GUARANTY
AGREEMENT

 

ASSIGNMENT AGREEMENT

 

This
Assignment and Assumption Agreement (this “Assignment”) is dated as of the
Assignment Effective Date set forth below and is entered into by
and between the Assignor identified below and the Assignee
identified below. Capitalized terms used but not defined herein
shall have the meanings given to them in the First Lien Credit and
Guaranty Agreement identified below (as it may be amended,
supplemented or otherwise modified from time to time, the
“Credit
Agreement”), receipt of a copy of which is hereby
acknowledged by the Assignee. The Standard Terms and Conditions set
forth in Annex 1 attached hereto are hereby agreed to and
incorporated herein by reference and made a part of this Assignment
as if set forth herein in full.

 

For an
agreed consideration, the Assignor hereby irrevocably sells and
assigns to the Assignee, and the Assignee hereby irrevocably
purchases and assumes from the Assignor, subject to and in
accordance with the Standard Terms and Conditions set forth in
Annex 1 attached hereto and the Credit Agreement, as of the
Assignment Effective Date inserted by the Administrative Agent as
contemplated below, (a) the interest in and to all of the
Assignor’s rights and obligations in its capacity as a Lender
under the Credit Agreement and any other documents or instruments
delivered pursuant thereto that represents the amount and
percentage interest identified below of all of the Assignor’s
outstanding rights and obligations under the facility identified
below (including any Letters of Credit and Guarantees included in
such facilities) and (b) to the extent permitted to be assigned
under applicable law, all claims, suits, causes of action and any
other right of the Assignor in its capacity as a Lender under the
Credit Agreement against any Person, whether known or unknown,
arising under or in connection with the Credit Agreement, any other
documents or instruments delivered pursuant thereto or the
Transactions governed thereby or in any way based on or related to
any of the foregoing, including, but not limited to, contract
claims, tort claims, malpractice claims, statutory claims and all
other claims at law or in equity related to the rights and
obligations sold and assigned pursuant to clause (a) above (the
rights and obligations sold and assigned by the Assignor to the
Assignee pursuant to clauses (a) and (b) above being referred to
herein collectively as the “Assigned Interest”). Such sale and
assignment is without recourse to the Assignor and, except as
expressly provided in this Assignment and the
Credit Agreement, without representation or warranty by the
Assignor.

 

 

 

 

 

	

1.

	

Assignor:
__________________________

	
 

	
 

	

2.

	

Assignee:
__________________________

	
 

	
 

	

3.

	

Is the
Assignee a Lender/an Affiliate of a Lender/a Related Fund? Yes:
⁪ No: ⁪

Specify
if “Yes”.

	

4.

	

Borrower:
Fusion Connect, Inc.

	
 

	
 

	

5.

	

Administrative
Agent: Wilmington Trust, National Association, as the
Administrative Agent under the Credit Agreement.

	
 

	
 

	

6.

	

Credit
Agreement: First Lien Credit and Guaranty Agreement, dated as of
May 4, 2018, among Fusion Connect, Inc., certain Subsidiaries
of Fusion Connect, Inc. party thereto, the Lenders party thereto
and Wilmington Trust, National Association, as Administrative Agent
and Collateral Agent.

	
 

	
 

	

7.

	

Assigned
Interest:

 

	

Facility
Assigned

 

	

Aggregate
Amount of Commitments/Loans of the Applicable Class of all
Lenders

 

	

Amount
of Commitment/Loans of the Applicable Class Assigned1

 

	

Percentage
Assigned of Commitments/Loans of the Applicable Class of all
Lenders2

 

	

Tranche
A Term Loans

 

	

$______________

 

	

$______________

 

	

____________%

 

	

Tranche
B Term Loans

 

	

$______________

 

	

$______________

 

	

____________%

 

	

Revolving
Commitment/Loans

 

	

$______________

 

	

$______________

 

	

____________%

 

	

[
]3

 

	

$______________

 

	

$______________

 

	

____________%

 

 

 

1     In
the case of any assignment (other than to an Eligible Assignee
meeting the requirements of Section 10.6(c)(i) of the Credit
Agreement), the amount of Commitment or Loans assigned shall not be
less than (a) $2,500,000 in the case of assignments of any
Revolving Commitment or Revolving Loan or (b) $1,000,000 in the
case of assignments of any Term Loan Commitment or Term Loan of any
Class, or, in each case, a lesser amount permitted under Section
10.6(c) of the Credit Agreement. Any partial assignment shall be of
a uniform, and not varying, percentage of all rights and
obligations of the Assignor unless otherwise permitted under
Section 10.6(c)(ii)(B) of the Credit Agreement.

2     Set
forth, to at least 9 decimals, as a percentage of the Loans of the
applicable Class of all Lenders thereunder.

3     In
the event any new Class of Loans is established under Section 2.23,
2.24 or 2.25 of the Credit Agreement, refer to the Class of Loans
assigned.

 

 

8. 

Assignment
Effective Date: ______________, 20__ [TO BE INSERTED BY
ADMINISTRATIVE AGENT AND WHICH DATE SHALL BE THE ASSIGNMENT
EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER
THEREFOR.]

 

9. 

Notice and Wire
Instructions:

 

	
 

	

 [NAME OF ASSIGNOR]

Notices:

_________________________

_________________________

_________________________

Attention:

Facsimile:

with a
copy to:

_________________________ _________________________

_________________________

Attention:

Facsimile:

Wire
Instructions:

	
 

	

 [NAME OF ASSIGNEE]

Notices:

_________________________

_________________________

_________________________

Attention:

Facsimile:

with a
copy to:

_________________________

_________________________

_________________________

Attention:

Facsimile:

Wire
Instructions:

 

 

 

 

The
terms set forth in this Assignment are hereby agreed
to:

 

ASSIGNOR:

 

[NAME
OF ASSIGNOR]

 

By:_______________________

Name:

Title:

 

ASSIGNEE:

 

[NAME
OF ASSIGNEE]

 

By:_______________________

Name:

Title:

 

[Consented
to by:

 

FUSION CONNECT, INC.

 

 

By:_______________________

Name:

Title:]4

 

[Consented
to and]5
Accepted by:

 

WILMINGTON TRUST, NATIONAL ASSOCIATION, as

   Administrative
Agent

 

By:_______________________

Authorized
Person

 

 

[Consented
to by:

 

[●],
as

   Issuing
Bank

 

By:_______________________

Name:

Title:]
6

4 If consent of the
Borrower is required, and not deemed granted, under Section 10.6(c)
of the Credit Agreement.

 

5 If consent of the
Administrative Agent is required under Section 10.6(c) of the
Credit Agreement.

 

6 If consent of the
Issuing Banks is required under Section 10.6(c) of the Credit
Agreement.

 

 

ANNEX
1

STANDARD
TERMS AND CONDITIONS FOR ASSIGNMENT AND ASSUMPTION
AGREEMENT

 

1.

Representations and
Warranties.

 

1.1.

Assignor. The Assignor (a)
represents and warrants that (i) it is the legal and beneficial
owner of the Assigned Interest, (ii) the Assigned Interest is free
and clear of any lien, encumbrance or other adverse claim and (iii)
it has full power and authority, and has taken all action
necessary, to execute and deliver this Assignment and to consummate
the transactions contemplated hereby; and (b) assumes no
responsibility with respect to (i) any statements, warranties or
representations made in or in connection with the Credit Agreement
or any other Credit Document, other than this Assignment, (ii) the
execution, legality, validity, enforceability, genuineness,
sufficiency or value of any Credit Document, or any collateral
thereunder, (iii) the financial condition of the Borrower, the
Subsidiaries or any other Affiliate of the Borrower or any other
Person obligated in respect of any Credit Document or (iv) the
performance or observance by the Borrower, the Subsidiaries or any
other Affiliate of the Borrower or any other Person of any of their
respective obligations under any Credit Document.

 

1.2.

Assignee. The Assignee (a)
represents and warrants that (i) it has full power and authority,
and has taken all action necessary, to execute and deliver this
Assignment and to consummate the transactions contemplated hereby
and to become a Lender under the Credit Agreement, (ii) it is an
Eligible Assignee, (iii) it has experience and expertise in
the making of or investing in commitments or loans such as the
Assigned Interest, (iv) it will acquire the Assigned Interest for
its own account in the ordinary course and without a view to
distribution of the Assigned Interest within the meaning of the
Securities Act or the Exchange Act or other United States federal
securities laws (it being understood that, subject to the
provisions of Section 10.6 of the Credit Agreement, the disposition
of the Assigned Interest or any interests therein shall at all
times remain within its exclusive control), (v) it will not provide
any information or materials obtained by it in its capacity as
Lender to the Borrower, any Permitted Holder or any Affiliate of
the Borrower, (vi) from and after the Assignment Effective
Date, it shall be bound by the provisions of the Credit Agreement
(including as to each Permitted Intercreditor Agreement) and, to
the extent of the Assigned Interest, shall have the obligations of
a Lender thereunder, (vii) it has received a copy of the Credit
Agreement and such other documents and information as it has deemed
appropriate to make its own credit analysis and decision to enter
into this Assignment and to purchase the Assigned Interest on the
basis of which it has made such analysis and decision,
(viii) attached to this Assignment is any tax documentation
required to be delivered by it pursuant to the terms of the Credit
Agreement, duly completed and executed by the Assignee, and (ix) it
has reviewed the Memorandum for Lenders dated April 30, 2018 (the
“Lender Memo”)
posted by Goldman Sachs Lending Partners LLC (“Goldman Sachs”) on the Platform
and (A) acknowledges the information contained therein, including
the respective rights and obligations of the various parties
described therein, and (B) confirms and agrees that none of the
collateral (including any cash collateral) or other credit support
provided by the SPV TLB Lender (as such term is defined in the
Lender Memo) or the TLB Lender (as such term is defined in the
Lender Memo) to Goldman Sachs will secure the Obligations and that
the Assignee shall have no rights thereto or interests therein, and
(b) agrees that (i) it will, independently and without
reliance on any Agent, any Issuing Bank, any Arranger, the Assignor
or any other Lender, and based on such documents and information as
it shall deem appropriate at that time, continue to make its own
credit decisions in taking or not taking action under the Credit
Documents, and (ii) it will perform in accordance with their
terms all of the obligations which by the terms of the Credit
Documents are required to be performed by it as a
Lender.

 

 

 

1.3.

MNPI. In the case of any
assignment by or to any Vector Lender, the Assignee or the Assignor
(in each case, if not a Vector Lender), as the case may be,
acknowledges and agrees that in connection with such assignment,
(a) such Vector Lender and its Affiliates may have MNPI (as defined
below), (b) such Assignee or Assignor, as applicable, has
independently, without reliance on such Vector Lender, the
Administrative Agent, the Arrangers or any of their respective
Affiliates, made its own analysis and determination to participate
in such assignment notwithstanding such Assignee’s or
Assignor’s lack of knowledge of any such MNPI, (c) none of
such Vector Lender, the Administrative Agent, the Arrangers or any
of their respective Affiliates shall have any liability to such
Assignee or Assignor, as the case may be, and such Assignee or
Assignor, as applicable, hereby waives and releases, to the extent
permitted by applicable law, any claims it may have against such
Vector Lender, the Administrative Agent, the Arrangers and their
respective Affiliates, under applicable law or otherwise, with
respect to the nondisclosure of any such MNPI and (d) such MNPI may
not be available to the Administrative Agent, the Arrangers or the
other Lenders. “MNPI” means material non-public
information (for purposes of United States federal, state or other
applicable securities laws) with respect to the Borrower, its
Subsidiaries and their respective Securities, it being understood
that MNPI may include information that is not available to Lenders,
including Private Lenders.

 

1.

Payments. From and after the
Assignment Effective Date, the Administrative Agent shall make all
payments in respect of the Assigned Interest (including payments of
principal, interest, fees and other amounts) to the Assignor for
amounts that have accrued to but excluding the Assignment Effective
Date and to the Assignee for amounts that have accrued from and
after the Assignment Effective Date.

 

2.

General Provisions. This
Assignment shall be binding upon the parties hereto and their
respective successors and assigns permitted in accordance with the
Credit Agreement and shall inure to the benefit of the parties
hereto and their respective successors and assigns. This Assignment
may be executed in any number of counterparts, each of which when
so executed and delivered shall be deemed to be an original, but
all such counterparts together shall constitute but one and the
same instrument. Delivery of an executed counterpart of a signature
page of this Assignment by facsimile or other electronic format
(i.e., “pdf” or “tif”) shall be effective
as delivery of a manually executed counterpart of this Assignment.
THIS ASSIGNMENT AND THE RIGHTS AND
OBLIGATIONS OF THE PARTIES HEREUNDER (INCLUDING ANY CLAIMS SOUNDING
IN CONTRACT LAW OR TORT LAW ARISING OUT OF THE SUBJECT MATTER
HEREOF AND ANY DETERMINATIONS WITH RESPECT TO POST-JUDGMENT
INTEREST) SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD
TO CONFLICT OF LAWS PRINCIPLES THEREOF THAT WOULD RESULT IN THE
APPLICATION OF ANY LAW OTHER THAN THE LAW OF THE STATE OF NEW
YORK.

 

 

EXHIBIT
B

TO
FUSION CONNECT, INC.

FIRST
LIEN CREDIT AND GUARANTY AGREEMENT

 

CLOSING DATE CERTIFICATE

 

May 4,
2018

 

The
undersigned hereby certifies as follows:

 

1. I am an Authorized
Officer of Fusion Connect, Inc., a Delaware corporation (the
“Borrower”).

 

2. I have reviewed the
terms of the First Lien Credit and Guaranty Agreement, dated as of
May 4, 2018 (the “Credit
Agreement”), among the Borrower, certain Subsidiaries
of the Borrower party thereto, the Lenders party thereto and
Wilmington Trust, National Association, as Administrative Agent and
Collateral Agent, and in my opinion I have made, or have caused to
be made under my supervision, such examination or investigation as
is reasonably necessary to enable me to certify as to the matters
referred to herein. Capitalized terms used but not otherwise
defined herein shall have the meanings specified in the Credit
Agreement.

 

3. Based upon my
review and examination described in paragraph 2 above, I certify,
on behalf of the Borrower, in my capacity as an Authorized Officer
of the Borrower and not in my individual or personal capacity and
without personal liability, that:

 

(a) the representations
and warranties of each Credit Party set forth in the Credit
Documents are true and correct (i) in the case of the
representations and warranties qualified or modified as to
materiality in the text thereof, in all respects, and
(ii) otherwise, in all material respects, in each case on and
as of the date hereof, except in the case of any such
representation and warranty that expressly relates to an earlier
date, in which case such representation and warranty is so true and
correct on and as of such earlier date;

 

(b) no Default or Event
of Default has occurred and is continuing or would result from any
Credit Extension made by a Lender on the date hereof;
and

 

(c) subject to the
final paragraph of Section 3.1 of the Credit Agreement, the
Collateral and Guarantee Requirement has been
satisfied.

 

 

 

 

 

 

The
foregoing certifications are made and delivered as of the date
first stated above.

 

 

 

	

FUSION
CONNECT, INC.,

 

	

by

	
 

	
 

	
 

	

Name: [●]

	
 

	

Title: [●]

 

 

 

 

 

 

 

 

 

[Signature
Page to Closing Date Certificate]

 

 

 EXHIBIT
C

TO
FUSION CONNECT, INC.

FIRST
LIEN CREDIT AND GUARANTY AGREEMENT

 

COMPLIANCE CERTIFICATE

 

[The form of this Compliance Certificate has been prepared for
convenience only, and is not to affect, or to be taken into
consideration in interpreting, the terms of the Credit Agreement
referred to below. The obligations of the Borrower and the other
Credit Parties under the Credit Agreement are as set forth in the
Credit Agreement, and nothing in this Compliance Certificate, or
the form hereof, shall modify such obligations or constitute a
waiver of compliance therewith in accordance with the terms of the
Credit Agreement. In the event of any conflict between the terms of
this Compliance Certificate and the terms of the Credit Agreement,
the terms of the Credit Agreement shall govern and control, and the
terms of this Compliance Certificate are to be modified
accordingly.]

 

Reference is made
to the First Lien Credit and Guaranty Agreement, dated as of
May 4, 2018 (as it may be amended, supplemented or otherwise
modified from time to time, the “Credit Agreement”), among Fusion
Connect, Inc., a Delaware corporation (the “Borrower”), certain Subsidiaries
of the Borrower party thereto, the Lenders party thereto and
Wilmington Trust, National Association, as Administrative Agent and
Collateral Agent. Capitalized terms used but not otherwise defined
herein shall have the meanings specified in the Credit
Agreement.

 

The
undersigned hereby certifies, in [his][her] capacity as the chief
financial officer of the Borrower and not in [his][her] individual
capacity, as follows:

 

1. I am the chief
financial officer of the Borrower.

 

2. [Attached as
Schedule I hereto, pursuant to Section 5.1(a) of the Credit
Agreement, are the consolidated balance sheet of the Borrower and
the Subsidiaries as of the end of the Fiscal Year ended December
31, 20[ ], and the related consolidated statements of operations,
shareholders’ equity and cash flows of the Borrower and the
Subsidiaries for such Fiscal Year, setting forth in each case in
comparative form the corresponding figures for the previous Fiscal
Year, together with a report thereon of [EisnerAmper
LLP].]

 

[or]

 

[Attached as
Schedule I hereto, pursuant to Section 5.1(b) of the Credit
Agreement, are the consolidated balance sheet of the Borrower and
the Subsidiaries as of the end of the Fiscal Quarter ended
[         ], 20[ ],
and the related consolidated statements of operations,
stockholders’ equity and cash flows of the Borrower and the
Subsidiaries for such Fiscal Quarter (in the case of such
statements of operations) and for the period from the beginning of
the then current Fiscal Year to the end of such Fiscal Quarter,
setting forth in each case in comparative form the corresponding
figures for the corresponding periods of (or, in the case of the
balance sheet, as of the end of) the previous Fiscal Year. Such
financial statements present fairly, in all material respects, the
consolidated financial position of the Borrower and the
Subsidiaries as of the dates indicated and the consolidated results
of their operations and their cash flows for the periods indicated
in conformity with GAAP applied on a consistent basis (except as
otherwise disclosed in such financial statements), subject to
changes resulting from normal year-end audit adjustments and the
absence of footnotes.]

 

 

 

 

 

 

3. [Appended to
Schedule I hereto is the Unrestricted Subsidiary Reconciliation
Statement required by Section 5.1(c) of the Credit
Agreement.]7

 

[Appended to
Schedule I hereto [is][are] the statement(s) of reconciliation
required by Section 5.1(d) of the Credit Agreement.]8

 

[Attached as
Schedule II hereto is the consolidated plan and financial forecast
for the Fiscal Year ending December 31, 20[ ] required by Section
5.1(i) of the Credit Agreement, including (a) a forecasted
consolidated balance sheet and forecasted consolidated statements
of comprehensive income and cash flows of the Borrower and the
Subsidiaries for such Fiscal Year, and an explanation of the
assumptions on which such forecasts are based, and (b) forecasted
consolidated statements of comprehensive income and cash flows of
the Borrower and the Subsidiaries for each Fiscal Quarter of such
Fiscal Year. Such forecasted consolidated financial statements have
been prepared in good faith based upon assumptions that are
believed by the Borrower to be reasonable as of the date of this
Compliance Certificate.]9

 

Set
forth on Annex A hereto is a true and accurate calculation of the
Total Net Leverage Ratio as of the end of the Fiscal Quarter ended
[ ], 20[ ].

 

Set
forth on Annex B hereto is a true and accurate calculation of the
First Lien Net Leverage Ratio as of the end of the Fiscal Quarter
ended [ ], 20[ ].

 

[Set
forth on Annex C hereto is a true and accurate calculation of the
Fixed Charge Coverage Ratio for the four consecutive Fiscal Quarter
period ended [ ], 20[ ].]10

 

[Set
forth on Annex D hereto is a true and accurate calculation of the
aggregate Consolidated Capital Expenditures made during the Fiscal
Year ended December 31, 20[ ].]11

 

[Set
forth on Annex E hereto is a true and accurate calculation of the
Consolidated Excess Cash Flow for the Fiscal Year ended December
31, 20[ ], together with a true and accurate calculation of the
aggregate principal amount of prepayment of the Term Borrowings
required under Section 2.13(e) of the Credit
Agreement.]12

 

 

7 To be included only
if required under Section 5.1(c) of the Credit Agreement. The
Unrestricted Subsidiary Reconciliation Statement may be in a
footnote form included in the financial statements attached as
Schedule I.

 

8 To be included only
if required under Section 5.1(d) of the Credit
Agreement.

 

9 To be included in
the Compliance Certificate delivering annual financial statements
(to the extent then available, but in any event to be delivered
within 120 days after the beginning of each Fiscal
Year).

 

10 To be included only
during the Fixed Charge Coverage Ratio Covenant
Period.

 

11 To be included in
the Compliance Certificate delivering annual financial
statements.

 

12 To be included in
the Compliance Certificate delivering annual financial statements,
commencing with the Fiscal Year ending December 31,
2019.

 

 

 

 

 

4. [Enclosed with this
Compliance Certificate is a completed Supplemental Collateral
Questionnaire required by Section 5.1(k) of the Credit
Agreement.]13

 

I have
reviewed the terms of the Credit Agreement and I have made, or have
caused to be made under my supervision, a review in reasonable
detail of the transactions and condition of the Borrower and the
Subsidiaries during the accounting period covered by the attached
financial statements. The foregoing examination did not disclose,
and I have no knowledge of, the existence of any event or condition
that constitutes a Default or an Event of Default during or at the
end of the accounting period covered by the attached financial
statements or as of the date of this Compliance Certificate, except
as set forth in a separate attachment, if any, to this Compliance
Certificate, describing in detail the nature of the condition or
event, the period during which it has existed and the action that
the Borrower or any Restricted Subsidiary has taken, is taking or
proposes to take with respect to each such event or
condition.

 

13 To be included in
the Compliance Certificate delivering annual financial
statements.

 

 

 

The
foregoing certifications are made and delivered on [ ], 20[ ]
pursuant to Section 5.1(c) of the Credit
Agreement.

 

 

 

	

FUSION
CONNECT, INC.,

 

	

by

	
 

	
 

	
 

	

Name: [
]

	
 

	

Title: [
]

 

 

 

 

 

 

 

 

 

 

ANNEX
A

TO
COMPLIANCE CERTIFICATE

AS OF
THE END OF OR FOR THE PERIOD OF FOUR CONSECUTIVE FISCAL QUARTERS
ENDED ON [mm/dd/yy]14

 

	

1.

 

	

Consolidated Net
Income: (i) − (ii)
=

 

	

$[___,___,___]

 

	
 

	
(i) the net income
(or loss) of the Borrower and the Restricted Subsidiaries for such
period determined on a consolidated basis in conformity with
GAAP:

 

 

	

$[___,___,___]

 

	
 

	
(ii) to the extent
included in (i): (a) + (b)
=

	

$[___,___,___]

 

	
 

	
(a) the cumulative
effect of a change in accounting principles during such
period:

 

 

	

$[___,___,___]

 

	
 

	
(b) the net income
(or loss) of any Person (including any Unrestricted Subsidiary or
any Person accounted for under the equity method of accounting)
that is not the Borrower or a Restricted Subsidiary except, in the
case of net income, to the extent of the amount of Cash dividends
or similar Cash distribution actually paid by such Person to the
Borrower or any Restricted Subsidiary during such
period:

 

 

	

$[___,___,___]

 

	

2.

 

	

Consolidated
Adjusted EBITDA:15 (i) + (ii) − (iii) =16

 

	

$[___,___,___]

 

	
 

	
(i) Consolidated Net
Income (see row 1 above):

	

$[___,___,___]

 

	
 

	
(ii) to the extent
deducted (and not added back) in arriving at such Consolidated Net
Income (or, in the case of amounts pursuant to (h) and (q) below,
to the extent not already included in Consolidated Net Income), the
sum for the Borrower and the Restricted Subsidiaries of the
following amounts for such period:17 (a) + (b) + (c) + (d) + (e) + (f) + (g) + (h) + (i) + (j) + (k) + (l) + (m) + (n) 

+ (o) + (p) + (q) + (r)
=

 

	

$[___,___,___]

 

	
 

	
(a) total interest
expense and, to the extent not reflected in such total interest
expense, any losses on Hedge Agreements entered into for the
purpose of hedging interest rate risk, net of interest income and
gains on such Hedge Agreements, and bank and letter of credit fees
and costs of surety bonds in connection with financing
activities:

 

 

	

$[___,___,___]

 

 

 

14 Present income
statement information for the period of four consecutive Fiscal
Quarters ended on such date, and balance sheet information as of
such date.

 

15 For purposes of
calculating Consolidated Adjusted EBITDA for any period, if during
such period the Borrower or any Restricted Subsidiary shall have
consummated a Material Acquisition or a Material Disposition,
Consolidated Adjusted EBITDA for such period shall be calculated
after giving Pro Forma Effect thereto in accordance with
Section 1.2(b) of the Credit Agreement.

16
Subject to the immediately preceding note, Consolidated Adjusted
EBITDA for (A) the Fiscal Quarter ended March 31, 2017, shall be
deemed to be equal to $37,350,000, (B) the Fiscal Quarter ended
June 30, 2017, shall be deemed to be equal to $40,745,000, (C)
the Fiscal Quarter ended September 30, 2017, shall be deemed
to be equal to $39,783,000 and (D) the Fiscal Quarter ended
December 31, 2017, shall be deemed to be equal to
$43,778,000.

17 Items to be set
forth without duplication.

 

 

 

 

	
 

	
(b) provision for
Federal, state and foreign taxes based on income, profits or
capital gains, including in respect of repatriated
funds:

 

 

	

$[___,___,___]

 

	
 

	
(c) depreciation and
amortization, including amortization of intangible assets
established through purchase accounting and amortization of
deferred financing fees or costs, but excluding amortization of any
other prepaid cash expense that was paid and not expensed in a
prior period:

 

 

	

$[___,___,___]

 

	
 

	
(d) non-cash
charges, including impairment charges and any other write-down or
write-off of assets, noncash fair value adjustments of Investments
and noncash stock-based and similar incentive-based
compensation (including with respect to any profits interest
relating to membership interests in any partnership or limited
liability company), but excluding any such noncash charge or loss
to the extent that it represents an amortization of a prepaid cash
expense that was paid and not expensed in a prior period or
write-down or write-off with respect to accounts receivable
(including any addition to bad debt reserves or bad debt expense)
or inventory:

 

 

	

$[___,___,___]

 

	
 

	
(e) extraordinary
losses, determined in conformity with GAAP:

 

 

	

$[___,___,___]

 

	
 

	
(f) unusual or
non-recurring charges, including, in each case, to the extent
unusual or non-recurring, operating expenses directly attributable
to the implementation of cost savings initiatives, merger costs,
severance costs, relocation costs, integration and
facilities’ opening costs, signing costs, retention or
completion bonuses, transition costs, costs related to
closure/consolidation of facilities, costs associated with tax
projects/audits and costs consisting of professional, consulting or
other fees relating to any of the foregoing;provided that the
aggregate amount added back pursuant to this clause (f) and
pursuant to clauses (g), (m) and, other than with respect to the
Approved Cost Savings18, (h) for any Test
Period shall not exceed (A) for any Test Period ending on or
prior to December 31, 2018, 5% of Consolidated Adjusted EBITDA for
such Test Period and (B) for any Test Period ending thereafter, 15%
of Consolidated Adjusted EBITDA for such Test Period, in the case
of each of clauses (A) and (B) above, calculated prior to giving
effect to any addback pursuant to this clause (f) or pursuant to
clause (g), (h) or (m):

 

 

	

$[___,___,___]

 

 

 

18 “Approved Cost Savings” means
“run rate” net cost savings, operating expense
reductions and other operating improvements and synergies
attributable to (a) the Transactions and reflected in the model
delivered to the Arrangers prior to the Closing Date or (b) the
Specified Acquisition and reflected in the quality of earnings
report delivered to the Arrangers in respect of the Specified
Acquisition prior to the Closing Date;provided that, in the case of
this clause (b), (i) such Acquisition is consummated on or prior to
December 31, 2018 and (ii) the Approved Cost Savings permitted by
this clause (b) shall not exceed $16,700,000 in the
aggregate.

 

2

 

 

 

	
 

	
(g) restructuring
charges, accruals and reserves (including restructuring charges
related to the Merger or to Acquisitions consummated after the
Closing Date);provided that the aggregate amount added back
pursuant to this clause (g) and pursuant to clauses (f), (m) and,
other than with respect to the Approved Cost Savings, (h) for any
Test Period shall not exceed (A) for any Test Period ending on or
prior to December 31, 2018, 5% of Consolidated Adjusted EBITDA for
such Test Period and (B) for any Test Period ending thereafter, 15%
of Consolidated Adjusted EBITDA for such Test Period, in the case
of each of clauses (A) and (B), calculated prior to giving effect
to any addback pursuant to this clause (g) or pursuant to clause
(f), (h) or (m):

 

 

	

$[___,___,___]

 

	
 

	
(h) the amount of
“run rate” net cost savings, operating expense
reductions and other operating improvements and synergies
reasonably projected by the Borrower in good faith to be realized
in connection with the Transactions or any other Pro Forma Event or
the implementation of any operational initiative, including the
termination, abandonment or discontinuance of operations and
product lines (calculated on a Pro Forma Basis as though such cost
savings, operating expense reductions, other operating improvements
and synergies had been realized on the first day of the applicable
Test Period), net of the amount of actual benefits realized during
such period from such actions;provided that (A) such cost
savings, operating expense reductions and other operating
improvements and synergies are reasonably identifiable, factually
supportable and reasonably expected to be realized within 12 months
after the Closing Date or within 12 months after the consummation
of such other Pro Forma Event or the adoption of such initiative,
as applicable, (B) no cost savings, operating expense reductions
and other operating improvements and synergies shall be added
pursuant to this clause (h) to the extent duplicative of any items
otherwise added in calculating Consolidated Adjusted EBITDA,
whether pursuant to the requirement of Section 1.2(b) of the Credit
Agreement or otherwise, for such period and (C) other than with
respect to the Approved Cost Savings, the aggregate amount added
back pursuant to this clause (h) and pursuant to clauses (f), (g)
and (m) for any Test Period shall not exceed (x) for any Test
Period ending on or prior to December 31, 2018, 5% of Consolidated
Adjusted EBITDA for such Test Period and (y) for any Test Period
ending thereafter, 15% of Consolidated Adjusted EBITDA for such
Test Period, in the case of each of clauses (x) and (y) above,
calculated prior to giving effect to any addback pursuant to this
clause (h) or pursuant to clause (f), (g) or (m):

 

 

	

$[___,___,___]

 

 

 

 

3

 

 

 

	
 

	
(i) the amount of
any noncontrolling interest consisting of income of any Restricted
Subsidiary that is not wholly owned by the Borrower attributable to
noncontrolling Equity Interests of third parties in such Restricted
Subsidiary:

 

 

	

$[___,___,___]

 

	
 

	
(j) after-tax losses
attributable to any Disposition of assets (other than Dispositions
in the ordinary course of business):

 

 

	

$[___,___,___]

 

	
 

	
(k) the amount of
any net losses from discontinued operations, determined in
conformity with GAAP:

 

 

	

$[___,___,___]

 

	
 

	
(l) (A) transaction
fees, costs and expenses incurred in connection with the
Transactions prior to the Closing Date, (B) transaction fees, costs
and expenses in an aggregate amount not to exceed $1,500,000
incurred in connection with the Transactions after the Closing Date
but prior to the one year anniversary of the Closing Date and
(C) transaction fees, costs and expenses in an aggregate
amount not to exceed $1,000,000 incurred on or prior to December
31, 2018 in connection with the Specified Acquisition (whether or
not the Specified Acquisition is consummated):

 

 

	

$[___,___,___]

 

	
 

	
(m) transaction
fees, costs and expenses incurred during such period, or any
amortization thereof for such period, in connection with any
Acquisition, any Investment (other than intercompany Investments in
the ordinary course of business), any Disposition (other than
Dispositions in the ordinary course of business), any incurrence,
repayment or refinancing of Indebtedness (or any amendment or other
modification of any Indebtedness) or any issuance of Equity
Interests, including any such transaction consummated prior to the
Closing Date and any such transaction undertaken but not
completed;provided that the aggregate amount added back pursuant to
this clause (m) and pursuant to clauses (f), (g) and, other than
with respect to the Approved Cost Savings, (h) for any Test Period
shall not exceed (A) for any Test Period ending on or prior to
December 31, 2018, 5% of Consolidated Adjusted EBITDA for such Test
Period and (B) for any Test Period ending thereafter, 15% of
Consolidated Adjusted EBITDA for such Test Period, in the case of
each of clauses (A) and (B) above, calculated prior to giving
effect to any addback pursuant to this clause (m) or pursuant to
clause (f), (g) or (h):

 

 

	

$[___,___,___]

 

	
 

	
(n) any loss
attributable to the early extinguishment of Indebtedness or
obligations under any Hedge Agreement:

 

 

	

$[___,___,___]

 

	
 

	
(o) any unrealized
loss attributable to the mark-to-market movement in the valuation
of obligations under any Hedge Agreement pursuant to FASB
Accounting Standards Codification 815, as amended:

 

 

	

$[___,___,___]

 

 

 

 

4

 

 

 

	
 

	
(p) any unrealized
loss attributable to the mark-to-market movement in the valuation
of amounts denominated in foreign currencies resulting from the
application of FASB Accounting Standards Codification
830:

 

 

	

$[___,___,___]

 

	
 

	
(q) any expenses,
charges or losses that are covered by indemnification or other
reimbursement provisions in connection with any Investment,
Acquisition or Disposition (other than in the ordinary course of
business) permitted under the Credit Documents or in connection
with any Insurance/Condemnation Event (disregarding the exception
in the definition of such term), including lost profits covered by
business interruption insurance, in each case, to the extent (A)
actually reimbursed by the applicable third party insurer or other
third party during such period or (B) (1) the Borrower has received
notification from the applicable third party insurer or other third
party that it intends to reimburse such expenses, charges or losses
or such lost profits and (2) there exists reasonable evidence that
such expenses, charges or losses or lost profits will in fact be
reimbursed by such insurer or other third party within 270 days
after the related amount is first added to Consolidated Adjusted
EBITDA pursuant to this clause (q), provided that no amount may be
added pursuant to this clause (q) to the extent that (x) such
insurer or other third party shall have denied in writing
reimbursement for such amount and (y) such amount has not actually
been reimbursed within 270 days after it is first added to
Consolidated Adjusted EBITDA pursuant to this clause (q) (with a
deduction for any amount so added back to the extent not so
reimbursed within such 270 days):

 

 

	

$[___,___,___]

 

	
 

	
(r) any contingent
or deferred payments (including earnout payments, noncompete
payments and consulting payments) actually made to sellers during
such period in connection with any Acquisition, and any losses for
such period arising from the remeasurement of the fair value of any
liability recorded with respect to any earnout or other contingent
or deferred consideration arising from any
Acquisition:

 

 

	

$[___,___,___]

 

	
 

	
(iii) to the extent
included in arriving at such Consolidated Net Income (or, in the
case of amounts pursuant to clause (i) below, to the extent not
already deducted from Consolidated Net Income), the sum for the
Borrower and the Restricted Subsidiaries of the following amounts
for such period:19 (a) + (b) +(c) + (d) + (e)
+ (f) + (g) + (h) + (i) =

 

 

	

$[___,___,___]

 

 

 

19 Items to be set
forth without duplication.

 

5

 

 

 

	
 

	
(a) non-cash gains or
items of income (other than the accrual of revenue in the ordinary
course), excluding any non-cash items of income in respect of which
Cash was received in a prior period or will be received in a future
period:

 

 

	

$[___,___,___]

 

	
 

	
(b) extraordinary gains
or items of income, determined in conformity with
GAAP:

 

 

	

$[___,___,___]

 

	
 

	
(c) unusual or
non-recurring gains or items of income:

 

 

	

$[___,___,___]

 

	
 

	
(d) gains attributable
to any Disposition of assets (other than Dispositions in the
ordinary course of business):

 

 

	

$[___,___,___]

 

	
 

	
(e) the amount of any
net income from discontinued operations, determined in conformity
with GAAP:

 

 

	

$[___,___,___]

 

	
 

	
(f) any gain
attributable to the early extinguishment of Indebtedness or
obligations under any Hedge Agreement:

 

 

	

$[___,___,___]

 

	
 

	
(g) any unrealized gain
attributable to the mark-to-market movement in the valuation of
obligations under any Hedge Agreement pursuant to FASB Accounting
Standards Codification 815, as amended:

 

 

	

$[___,___,___]

 

	
 

	
(h) any unrealized gain
attributable to the mark-to-market movement in the valuation of
amounts denominated in foreign currencies resulting from the
application of FASB Accounting Standards Codification
830:

 

 

	

$[___,___,___]

 

	
 

	
(i) the amount of any
noncontrolling interest consisting of losses of any Restricted
Subsidiary that is not wholly owned by the Borrower attributable to
noncontrolling Equity Interests of third parties in such Restricted
Subsidiary:

 

 

	

$[___,___,___]

 

	

3.

 

	

Consolidated
Total Net Debt:20 (i) + (ii) + (iii) + (iv) + (v) + (vi) − (vii) =

 

	

$[___,___,___]

 

	
 

	

(i) the
sum of the aggregate principal amount of Indebtedness of the
Borrower and the Restricted Subsidiaries outstanding as of such
date, in the amount that would be required to be reflected on a
balance sheet prepared as of such date on a consolidated basis in
conformity with GAAP (but subject to Section 1.2(a) of the
Credit Agreement), consisting solely of Indebtedness for borrowed
money, obligations evidenced by bonds, debentures, notes or similar
instruments and purchase money indebtedness:

 

	

$[___,___,___]

 

 

 

20 Items to be set
forth without duplication.

 

6

 

 

 

	
 

	

(ii)
the aggregate amount of Capital Lease Obligations of the Borrower
and the Restricted Subsidiaries outstanding as of such
date:

 

	

$[___,___,___]

 

	
 

	

(iii)
to the extent the amount thereof would be required to be reflected
on a balance sheet prepared as of such date on a consolidated basis
in conformity with GAAP (but subject to Section 1.2(a) of the
Credit Agreement), the aggregate amount of purchase price
adjustments, earnouts, deferred compensation or other similar
arrangements incurred by the Borrower and the Restricted
Subsidiaries in connection with any Acquisition:

 

	

$[___,___,___]

 

	
 

	

(iv)
the aggregate amount outstanding as of such date of unreimbursed
drawings or other disbursements under all letters of credit and
letters of guaranty in respect of which the Borrower or any
Restricted Subsidiary is an account party:

 

	

$[___,___,___]

 

	
 

	

(v) all
obligations, contingent or otherwise, of the Borrower or any
Restricted Subsidiary in respect of bankers’ acceptances
outstanding as of such date:

 

	

$[___,___,___]

 

	
 

	

(vi)
Guarantees outstanding as of such date by the Borrower or any
Restricted Subsidiary of Indebtedness of the type described in
clauses (i) through (v) above of any Person other than the Borrower
or any Restricted Subsidiary:

 

	

$[___,___,___]

 

	
 

	

(vii)
the aggregate amount of Unrestricted Cash as of such date (but
disregarding the proceeds of Indebtedness that is incurred on such
date):21

 

	

$[___,___,___]

 

	

4.

 

	

Total
Net Leverage Ratio: (i) / (ii)
=

 

	

[
]:1.00

 

	
 

	

Consolidated
Total Net Debt (see row 3 above):

	

$[___,___,___]

 

	
 

	

Consolidated
Adjusted EBITDA (see row 2 above):

	

$[___,___,___]

 

21 With respect to the
calculation of Consolidated Total Net Debt for purposes of testing
the covenant set forth in Section 6.7(a) of the Credit Agreement
(including any such testing to determine compliance therewith on a
Pro Forma Basis as required by any other provision of the Credit
Agreement), the aggregate amount of such Unrestricted Cash deducted
pursuant to this clause (vii) shall not exceed
$30,000,000.

 

7

ANNEX
B

TO
COMPLIANCE CERTIFICATE

 

AS OF
THE END OF OR FOR THE PERIOD OF FOUR CONSECUTIVE FISCAL QUARTERS
ENDED ON [mm/dd/yy]22

 

	
 

	
 

	
 

	

1.

 

	

Consolidated First
Lien Net Debt:23 (i) + (ii) + (iii) + (iv) + (v) + (vi) − (vii) =

 

	

$[___,___,___]

 

	
 

	

(i) the
sum of the aggregate principal amount of Indebtedness of the
Borrower and the Restricted Subsidiaries outstanding as of such
date that is secured by any Lien on any asset of the Borrower or
any Restricted Subsidiary (other than Liens that are contractually
subordinated to the Liens of the Collateral Agent created pursuant
to the Credit Documents), in the amount that would be required to
be reflected on a balance sheet prepared as of such date on a
consolidated basis in conformity with GAAP (but subject to
Section 1.2(a) of the Credit Agreement), consisting solely of
Indebtedness for borrowed money, obligations evidenced by bonds,
debentures, notes or similar instruments and purchase money
indebtedness:

 

	

  $[___,___,___]

 

	
 

	

(ii)
the aggregate amount of Capital Lease Obligations of the Borrower
and the Restricted Subsidiaries outstanding as of such
date:

 

	

$[___,___,___]

 

	
 

	

(iii)
to the extent the amount thereof would be required to be reflected
on a balance sheet prepared as of such date on a consolidated basis
in conformity with GAAP (but subject to Section 1.2(a) of the
Credit Agreement), the aggregate amount of purchase price
adjustments, earnouts, deferred compensation or other similar
arrangements incurred by the Borrower and the Restricted
Subsidiaries in connection with any Acquisition, in each case, that
are secured by any Lien on any asset of the Borrower or any
Restricted Subsidiary (other than Liens that are contractually
subordinated to the Liens of the Collateral Agent created pursuant
to the Credit Documents):

 

	

$[___,___,___]

 

	
 

	

(iv)
the aggregate amount outstanding as of such date of unreimbursed
drawings or other disbursements under all letters of credit and
letters of guaranty in respect of which the Borrower or any
Restricted Subsidiary is an account party, in each case that are
secured by any Lien on any asset of the Borrower or any Restricted
Subsidiary (other than Liens that are contractually subordinated to
the Liens of the Collateral Agent created pursuant to the Credit
Documents):

 

	

$[___,___,___]

 

	
 

	

(v) all
obligations, contingent or otherwise, of the Borrower or any
Restricted Subsidiary in respect of bankers’ acceptances
outstanding as of such date that are secured by any Lien on any
asset of the Borrower or any Restricted Subsidiary (other than
Liens that are contractually subordinated to the Liens of the
Collateral Agent created pursuant to the Credit
Documents):

 

	

$[___,___,___]

 

 

 

22 Present income
statement information for the period of four consecutive Fiscal
Quarters ended on such date, and balance sheet information as of
such date.

 

23 Items to be set
forth without duplication.

 

 

 

	
 

	

(vi)
Guarantees outstanding as of such date by the Borrower or any
Restricted Subsidiary of Indebtedness of the type described in
clauses (i) through (v) above of any Person other than the Borrower
or any Restricted Subsidiary (whether or not such Indebtedness is
secured) if such Guarantees (including letters of credit providing
for such Guarantees) are secured by any Lien on any asset of the
Borrower or any Restricted Subsidiary (other than Liens that are
contractually subordinated to the Liens of the Collateral Agent
created pursuant to the Credit Documents):

 

	

$[___,___,___]

 

	
 

	

(vii)
the aggregate amount of Unrestricted Cash as of such date (but
disregarding the proceeds of Indebtedness that is incurred on such
date):

 

	

$[___,___,___]

 

	

2.

 

	

First
Lien Net Leverage Ratio: (i) / (ii)
=

 

	

[
]:1.00

 

	
 

	

(i)
Consolidated First Lien Net Debt (see row 1 above):

	

$[___,___,___]

 

	
 

	

(ii)
Consolidated Adjusted EBITDA (see row 2 of Annex A):

	

$[___,___,___]

 

 

 

 

 

 

2

ANNEX
C

TO
COMPLIANCE CERTIFICATE

 

FOR THE
PERIOD OF FOUR CONSECUTIVE QUARTERS ENDED ON [mm/dd/yy]

 

	

1.

 

	

Consolidated
Interest Expense:24 (i) − (ii) – (iii)
=25

 

	

$[___,___,___]

 

	
 

	
(i) the sum, without
duplication, of: (a) + (b)
=

	

$[___,___,___]

 

	
 

	
(a) the total
interest expense (including imputed interest expense in respect of
Capital Lease Obligations) for the Borrower and the Restricted
Subsidiaries for such period, determined on a consolidated basis in
conformity with GAAP, including all commissions, discounts and
other fees and charges owed with respect to letters of credit and
bankers’ acceptance financing and net payments, if any, made
(less net payments, if any, received) pursuant to obligations under
Hedge Agreements in respect of any Indebtedness:

 

 

	

$[___,___,___]

 

	
 

	
(b) any interest or
other financing costs becoming payable during such period in
respect of Indebtedness of the Borrower or any Restricted
Subsidiary to the extent such interest or other financing costs
shall have been capitalized rather than included in total interest
expense for such period in accordance with GAAP:

 

 

	

$[___,___,___]

 

	
 

	
(ii) cash interest
income of the Borrower and the Restricted Subsidiaries for such
period, determined on a consolidated basis in accordance with
GAAP:

 

 

	

$[___,___,___]

 

	
 

	
(iii) to the extent
included in clause (i) above, the sum, without duplication, of:
(a) + (b) + (c) + (d) + (e) + (f)
+ (g) + (h) =

 

 

	

$[___,___,___]

 

	
 

	
(a) amortization or
write-down of capitalized interest, deferred financing costs or
debt issuance costs, commissions, fees and expenses, pay-in-kind
interest expense, the amortization of original issue discount
resulting from the issuance of Indebtedness below par and any other
amounts of non-cash interest (including as a result of the effects
of purchase accounting):

 

 

	

$[___,___,___]

 

 

 

24 For purposes of
calculating Consolidated Interest Expense for any period, if during
such period the Borrower or any Restricted Subsidiary shall have
consummated a Material Acquisition or a Material Disposition,
Consolidated Adjusted EBITDA for such period shall be calculated
after giving Pro Forma Effect thereto in accordance with
Section 1.2(b) of the Credit Agreement.

25
Subject to the immediately preceding note, Consolidated Interest
Expense shall be deemed to be (A) for the four Fiscal Quarter
period ended on the last day of the first Fiscal Quarter ending
after the Closing Date, Consolidated Interest Expense for such
Fiscal Quarter multiplied by four, (B) for the four Fiscal Quarter
period ended on the last day of the second Fiscal Quarter ending
after the Closing Date, Consolidated Interest Expense for the two
Fiscal Quarters then most recently ended multiplied by two, and (C)
for the four Fiscal Quarter period ended on the last day of the
third Fiscal Quarter ending after the Closing Date, Consolidated
Interest Expense for the three Fiscal Quarters then most recently
ended multiplied by 4/3;provided that, in the event the Closing
Date shall have occurred after the first day of the first Fiscal
Quarter ending after the Closing Date, Consolidated Interest
Expense for such Fiscal Quarter shall be deemed, for purposes of
clauses (A), (B) and (C) above, to be Consolidated Interest Expense
for the period from and including the Closing Date to and including
the last day of such Fiscal Quarter, multiplied by a fraction equal
to (x) 90 divided by (y) the number of days actually elapsed from
and including the Closing Date to and including the last day of
such Fiscal Quarter.

 

 

 

 

	
 

	
(b) the accretion or
accrual of discounted liabilities during such period:

 

 

	

$[___,___,___]

 

	
 

	
(c) non-cash interest
expense attributable to the movement of the mark-to-market
valuation of obligations under Hedge Agreements or other derivative
instruments pursuant to FASB Accounting Standards Codification
815:

 

 

	

$[___,___,___]

 

	
 

	
(d) any one-time cash
costs associated with breakage in respect of Hedge Agreements for
interest rates:

 

 

	

$[___,___,___]

 

	
 

	
(e) all additional
interest or liquidated damages then owing pursuant to any
registration rights agreement and any comparable “additional
interest” or liquidated damages with respect to any
securities designed to compensate the holders thereof for a failure
to publicly register such securities:

 

 

	

$[___,___,___]

 

	
 

	
(f) any expense
resulting from the discounting of any Indebtedness in connection
with the application of recapitalization accounting or, if
applicable, purchase accounting:

 

 

	

$[___,___,___]

 

	
 

	
(g) fees and expenses
associated with the consummation of the Transactions:

 

 

	

$[___,___,___]

 

	
 

	
(h) commitment and
other financing fees (excluding, for the avoidance of doubt, the
commitment fees in respect of the Revolving
Commitments):

 

 

	

$[___,___,___]

 

	

2.

 

	

Consolidated
Fixed Charges: (i) + (ii) + (iii) +
(iv) + (v) =

 

	

$[___,___,___]

 

	
 

	
(i) Consolidated
Interest Expense for such period (see row 1 above):

	

$[___,___,___]

 

	
 

	
(ii) the
aggregate amount of scheduled principal payments made during such
period in respect of Long-Term Indebtedness of the Borrower and the
Restricted Subsidiaries (other than payments made by the Borrower
or any Restricted Subsidiary to the Borrower or a Restricted
Subsidiary):

 

 

	

$[___,___,___]

 

	
 

	
(iii)  the
aggregate amount of principal payments (other than scheduled
principal payments) made during such period in respect of Long-Term
Indebtedness of the Borrower and the Restricted Subsidiaries (other
than payments made by the Borrower or any Restricted Subsidiary to
the Borrower or a Restricted Subsidiary), to the extent that such
payments reduced any scheduled principal payments that would have
become due within one year after the date of the applicable
payment:

 

 

	

$[___,___,___]

 

	
 

	
(iv) the
aggregate amount of principal payments on Capital Lease
Obligations, determined in conformity with GAAP, made by the
Borrower and the Restricted Subsidiaries during such
period:

 

 

	
 

 

 

 

2

 

 

 

	
 

	
(v)  Consolidated
Capital Expenditures26 for such period
(except to the extent financed by incurring Long-Term
Indebtedness):

 

 

	

$[___,___,___]

 

	

3.

 

	

Fixed
Charge Coverage Ratio: (i) / (ii)
=

 

	

[
]:1.00

 

	
 

	
(i) Consolidated
Adjusted EBITDA (see row 2 of Annex A):

	

$[___,___,___]

 

	
 

	
(ii) Consolidated
Fixed Charges (see row 2 above):

	

$[___,___,___]

 

 

 

 

 

 

 

 

 

 

26 “Consolidated Capital Expenditures”
means, for any period, the aggregate of all expenditures made by
the Borrower and the Restricted Subsidiaries during such period
that are required to be included in “purchase of property,
plant and equipment” or similar items on a consolidated
statement of cash flows, or that are otherwise required to be
capitalized on a consolidated balance sheet, of the Borrower and
the Restricted Subsidiaries for such period prepared in conformity
with GAAP;provided that Consolidated Capital Expenditures shall not
include any expenditures (a) to the extent made with Net
Proceeds reinvested pursuant to Section 2.13(a) or 2.13(b) of
the Credit Agreement or (b) that constitute an Acquisition
permitted under Section 6.6 of the Credit Agreement;provided
further that, except for purposes of calculating Consolidated
Excess Cash Flow for any period, in the event the Borrower or any
Restricted Subsidiary consummates an Acquisition, Consolidated
Capital Expenditures shall not include any such expenditures made
by any Person, business unit, division, product line or line of
business acquired pursuant to such Acquisition, in each case, prior
to the date of the consummation of such
Acquisition.

 

3

ANNEX
D

TO
COMPLIANCE CERTIFICATE

 

FOR THE
FISCAL YEAR ENDED [mm/dd/yy]

 

	

2.

 

	

Capital
Expenditures

 

	
 

	
 

	

(i)
Consolidated Capital Expenditures27:

 

	

$[___,___,___]

 

	
 

	

(ii)
Maximum permitted Consolidated Capital Expenditures: (a) + (b) =

 

	

$[___,___,___]

 

	
 

	
(a) the greater of
(1) and (2)

 

(1)
Base CapEx Amount:

 

	

$[___,___,___]

$55,000,000

 

	
 

	

(2) if
the Borrower or any Restricted Subsidiary shall have consummated
any Material Acquisition (excluding the Merger) after the Closing
Date, the Material Acquisition CapEx Amount28 for such Fiscal
Year (determined as of the date of consummation of the Material
Acquisition most recently consummated after the Closing Date and on
or prior to the last day of such Fiscal Year):

 

	

$[___,___,___]

	
 

	
(b) permitted carryover
of unused Base CapEx Amount from prior Fiscal Year, if
any29:

	

$[___,___,___]

 

 

 

27 “Consolidated Capital Expenditures”
means, for any period, the aggregate of all expenditures made by
the Borrower and the Restricted Subsidiaries during such period
that are required to be included in “purchase of property,
plant and equipment” or similar items on a consolidated
statement of cash flows, or that are otherwise required to be
capitalized on a consolidated balance sheet, of the Borrower and
the Restricted Subsidiaries for such period prepared in conformity
with GAAP;provided that Consolidated Capital Expenditures shall not
include any expenditures (a) to the extent made with Net
Proceeds reinvested pursuant to Section 2.13(a) or 2.13(b) of
the Credit Agreement or (b) that constitute an Acquisition
permitted under Section 6.6 of the Credit Agreement;provided
further that, except for purposes of calculating Consolidated
Excess Cash Flow for any period, in the event the Borrower or any
Restricted Subsidiary consummates an Acquisition, Consolidated
Capital Expenditures shall not include any such expenditures made
by any Person, business unit, division, product line or line of
business acquired pursuant to such Acquisition, in each case, prior
to the date of the consummation of such
Acquisition.

28 “Material Acquisition CapEx Amount”
means, as of any date of determination for any Fiscal Year, an
amount equal to 10% of the consolidated revenues of the Borrower
and the Restricted Subsidiaries for the most recent period of 12
consecutive months prior to the consummation of the Material
Acquisition (other than the Merger) most recently consummated for
which financial statements are available as of such date of
determination, determined on a Pro Forma Basis to give effect to
such Material Acquisition (and each other Material Acquisition that
shall have been consummated during such period).

29 (A) commencing
with the Fiscal Year ending on December 31, 2018, the portion
of the Base CapEx Amount for any Fiscal Year that has not been
expended to make Consolidated Capital Expenditures during such
Fiscal Year (but not in excess of 50% of the Base CapEx Amount for
such Fiscal Year) may be carried over for expenditure in the
immediately following Fiscal Year and (B) Consolidated Capital
Expenditures made during any Fiscal Year shall be deemed to use,
first, the Base CapEx Amount for such Fiscal Year and, second, any
portion of the Base CapEx Amount for the immediately preceding
Fiscal Year that has been carried over to such Fiscal Year pursuant
to clause (A) above.

 

 

ANNEX
E

TO
COMPLIANCE CERTIFICATE

 

FOR THE
FISCAL YEAR ENDED [mm/dd/yy]

 

 

 

 

	

3.

 

	

Consolidated
Excess Cash Flow: (i) − (ii)
=

 

	

$[___,___,___]

 

	
 

	

(i)
the sum, without duplication, of: (a) + (b) + (c) + (d) + (e) + (f) + (g)
=

 

	

$[___,___,___]

 

	
 

	
(a) Consolidated Net
Income for such period:

 

 

	

$[___,___,___]

 

	
 

	
(b) the aggregate
amount of all non-cash charges (including depreciation expense,
amortization expense and deferred tax expense), to the extent
deducted in arriving at Consolidated Net Income:

 

 

	

$[___,___,___]

 

	
 

	
(c) the sum of (A)
the amount, if any, by which Consolidated Working Capital decreased
during such period (except as a result of the reclassification of
items from short-term to long-term or vice versa) and (B) the net
amount, if any, by which the consolidated deferred revenues of the
Borrower and the Restricted Subsidiaries increased during such
period, in each case, other than any such decreases or increases,
as applicable, arising from an Acquisition or from a Disposition of
assets (other than in the ordinary course of business) by the
Borrower or any of the Restricted Subsidiaries completed during
such period:

 

 

	

$[___,___,___]

 

	
 

	
(d) the aggregate
amount of net non-cash loss on any Disposition of assets by the
Borrower and the Restricted Subsidiaries (other than Dispositions
in the ordinary course of business), to the extent deducted in
arriving at Consolidated Net Income:

 

 

	

$[___,___,___]

 

	
 

	
(e) the aggregate
amount of cash payments received in respect of Hedge Agreements
during such period, to the extent not included in arriving at
Consolidated Net Income:

 

 

	

$[___,___,___]

 

	
 

	
(f) the aggregate
amount of any non-cash loss for such period attributable to the
early extinguishment of Indebtedness or Hedge Agreements, to the
extent deducted in arriving at such Consolidated Net
Income:

 

 

	

$[___,___,___]

 

	
 

	
(g) income tax
expense, to the extent deducted in arriving at such Consolidated
Net Income:

 

 

	

$[___,___,___]

 

	
 

	

(ii)
the sum, without duplication, of: (a) + (b) + (c) + (d) + (e) + (f) + (g) + (h) + (i) + (j) + (k)
+ (l) + (m) + (n) + (o) =

	

$[___,___,___]

 

	
 

	
(a) the aggregate
amount of all non-cash credits included in arriving at Consolidated
Net Income:

 

 

	

$[___,___,___]

 

	
 

	
(b) without
duplication of amounts deducted pursuant to clause (k) below in any
prior period, the Consolidated Capital Expenditures30 made by the
Borrower and the Restricted Subsidiaries in Cash during such
period, except to the extent financed with Excluded
Sources:

 

 

	

$[___,___,___]

 

 

 

30 “Consolidated Capital Expenditures”
means, for any period, the aggregate of all expenditures made by
the Borrower and the Restricted Subsidiaries during such period
that are required to be included in “purchase of property,
plant and equipment” or similar items on a consolidated
statement of cash flows, or that are otherwise required to be
capitalized on a consolidated balance sheet, of the Borrower and
the Restricted Subsidiaries for such period prepared in conformity
with GAAP;provided that Consolidated Capital Expenditures shall not
include any expenditures (a) to the extent made with Net
Proceeds reinvested pursuant to Section 2.13(a) or 2.13(b) of
the Credit Agreement or (b) that constitute an Acquisition
permitted under Section 6.6 of the Credit Agreement;provided
further that, except for purposes of calculating Consolidated
Excess Cash Flow for any period, in the event the Borrower or any
Restricted Subsidiary consummates an Acquisition, Consolidated
Capital Expenditures shall not include any such expenditures made
by any Person, business unit, division, product line or line of
business acquired pursuant to such Acquisition, in each case, prior
to the date of the consummation of such
Acquisition.

 

 

 

 

	
 

	
(c) the aggregate
principal amount of Indebtedness of the Borrower and the Restricted
Subsidiaries repaid or prepaid (including, to the extent of Cash
spent, through repurchases and redemptions) by the Borrower and the
Restricted Subsidiaries in Cash during such period (including
(A) the principal component of payments in respect of Capital
Lease Obligations, (B) scheduled Installments of Term Loans made
pursuant to Section 2.11 of the Credit Agreement, (C) the
amount of any mandatory prepayment of Term Loans or any Permitted
Pari Passu Secured Indebtedness actually made with the Net Proceeds
of an Asset Sale or an Insurance/Condemnation Event, in each case,
to the extent such Net Proceeds resulted in an increase to
Consolidated Net Income and not in excess of the amount of such
increase, and (D) to the extent of Cash spent, repurchases by the
Borrower of Term Loans pursuant to Section 10.6(i)(ii) of the
Credit Agreement, but excluding (1) all other repayments or
prepayments (including repurchases and redemptions) of Term Loans
and Permitted Pari Passu Secured Indebtedness, (2) all
repayments or prepayments (including repurchases and redemptions)
of any revolving credit loans (other than in respect of any
revolving credit facility to the extent there is an equivalent
permanent reduction in commitments thereunder, other than in
connection with a refinancing thereof) and (3) repayments or
prepayments (including repurchases and redemptions) of Permitted
Second Lien Indebtedness or any other Junior Indebtedness (it being
understood and agreed that any amount excluded pursuant to clauses
(1) through (3) above may not be deducted under any other clause of
this definition)), except to the extent financed with Excluded
Sources:

 

 

	

$[___,___,___]

 

	
 

	
(d) the aggregate
amount of net non-cash gain on any Disposition of assets by the
Borrower and the Restricted Subsidiaries (other than Dispositions
in the ordinary course of business), to the extent included in
arriving at Consolidated Net Income:

 

 

	

$[___,___,___]

 

	
 

	
(e) the sum of (i) the
amount, if any, by which Consolidated Working Capital increased
during such period (except as a result of the reclassification of
items from short-term to long-term or vice versa) and (ii) the net
amount, if any, by which the consolidated deferred revenues of the
Borrower and the Restricted Subsidiaries decreased during such
period, in each case, other than any such increases or decreases,
as applicable, arising from an Acquisition or from a Disposition of
assets (other than in the ordinary course of business) by the
Borrower or any of the Restricted Subsidiaries completed during
such period:

 

 

	

$[___,___,___]

 

 

 

 

2

 

 

 

	
 

	
(f) the aggregate
amount of any non-cash gain for such period attributable to the
early extinguishment of Indebtedness, Hedge Agreements or other
derivative instruments, to the extent included in arriving at
Consolidated Net Income:

 

 

	

$[___,___,___]

 

	
 

	
(g) the aggregate
amount of Cash payments made by the Borrower and the Restricted
Subsidiaries during such period in respect of long-term liabilities
of the Borrower and the Restricted Subsidiaries other than
Indebtedness, except to the extent financed with Excluded
Sources:

 

 

	

$[___,___,___]

 

	
 

	
(h) without duplication
of amounts deducted pursuant to clause (k) below in any prior
period, the aggregate amount of Cash paid by the Borrower and the
Restricted Subsidiaries during such period to consummate any
Acquisition or Investment (other than intercompany Investments)
permitted under Section 6.6(l), 6.6(m) or 6.6(o) of the Credit
Agreement, except to the extent financed with Excluded
Sources:

 

 

	

$[___,___,___]

 

	
 

	
(i) the aggregate
amount of Restricted Junior Payments permitted by Section 6.4(e),
6.4(g)(i) or 6.4(i) of the Credit Agreement paid by the Borrower
and the Restricted Subsidiaries in Cash during such period, except
to the extent financed with Excluded Sources:

 

 

	

$[___,___,___]

 

	
 

	
(j) the aggregate
amount of any premium, make-whole or penalty payments actually paid
in Cash by the Borrower and the Restricted Subsidiaries during such
period that are required to be made in connection with any
prepayment of Indebtedness, except to the extent financed with
Excluded Sources:

 

 

	

$[___,___,___]

 

	
 

	
(k) without duplication
of amounts deducted from Excess Cash Flow in any prior period, the
aggregate Contract Consideration entered into prior to or during
such period relating to Acquisitions or Consolidated Capital
Expenditures, in each case, to be consummated or made during the
period of four consecutive Fiscal Quarters of the Borrower
following the end of such period;provided that to the extent that
the aggregate amount of Cash actually utilized to finance such
Acquisitions or Consolidated Capital Expenditures during such
period of four consecutive Fiscal Quarters is less than the
Contract Consideration, the amount of such shortfall shall be added
to the calculation of Consolidated Excess Cash Flow at the end of
such period of four consecutive Fiscal Quarters:

 

 

	

$[___,___,___]

 

	
 

	
(l) to the extent not
deducted in arriving at Consolidated Net Income, directors’
fees (including salary and bonus) and board consulting fees and
related reimbursement of reasonable out-of-pocket expenses paid by
the Borrower and the Restricted Subsidiaries in Cash in such
period:

 

 

	

$[___,___,___]

 

 

 

 

3

 

 

 

	
 

	
(m) to the extent not
deducted in arriving at Consolidated Net Income, transaction fees,
costs and expenses incurred in connection with the Transactions or
any Acquisition paid by the Borrower and the Restricted
Subsidiaries in Cash in such period:

 

 

	

$[___,___,___]

 

	
 

	
(n) to the extent not
deducted in arriving at Consolidated Net Income, income taxes,
including penalties and interest, paid by the Borrower and the
Restricted Subsidiaries in Cash in such period:

 

 

	

$[___,___,___]

 

	
 

	
(o) to the extent not
deducted in arriving at Consolidated Net Income, the aggregate
amount of Cash payments made by the Borrower and the Restricted
Subsidiaries in respect of Hedge Agreements during such
period:

 

 

	

$[___,___,___]

 

 

 

 

 

 

 

 

 

 

4

EXHIBIT
D

TO
FUSION CONNECT, INC.

FIRST
LIEN CREDIT AND GUARANTY AGREEMENT

 

FUSION
CONNECT, INC.

420
Lexington Avenue

Suite
1718

New
York, New York 10170

 

Wilmington
Trust, National Association

50
South Sixth Street, Suite 1290

Minneapolis,
MN 55402

Attention:
Josh James

Telephone:
(612) 217-5637

Fax:
(612) 217-5651

Email:
jjames@wilmingtontrust.com

 

CONVERSION/CONTINUATION NOTICE

 

Reference is made
to the First Lien Credit and Guaranty Agreement, dated as of
May 4, 2018 (as it may be amended, supplemented or otherwise
modified from time to time, the “Credit Agreement”), among Fusion
Connect, Inc., a Delaware corporation (the “Borrower”), certain Subsidiaries
of the Borrower party thereto, the Lenders party thereto and
Wilmington Trust, National Association, as Administrative Agent and
Collateral Agent. Capitalized terms used but not otherwise defined
herein shall have the meanings specified in the Credit
Agreement.

 

Pursuant to
Section 2.8 of the Credit Agreement, the Borrower hereby
notifies the Administrative Agent of the following information with
respect to the conversion or continuation requested
hereby:

 

1.

Class (e.g.,
Revolving, Tranche A Term or Tranche B Term) and Type (e.g., Base
Rate or Eurodollar Rate) of existing Borrowing to which this
request applies31:

 

_______________________________________________

 

4. Principal amount of
existing Borrowing to be converted/continued32:

 

______________________________________________

 

3. 

Type (e.g., Base
Rate or Eurodollar Rate) and principal amount of each new Borrowing
resulting from the requested conversion/continuation33:

 

______________________________________________

 

5.

Interest Period of
each new Borrowing resulting from the requested
conversion/continuation (if applicable)34:

 

______________________________________________

 

5. 

Effective date of
election35:
__________________________________________

 

 

 

Date: [
], 20[  ]

FUSION
CONNECT, INC.

 

 

 

By:
__________________________

Name:

Title:

 

31     If
a Eurodollar Rate Borrowing, specify last day of current Interest
Period.

 

32     If
different options are being elected with respect to different
portions of the existing Borrowing, indicate the portions thereof
to be allocated to each resulting Borrowing.

 

33     Base
Rate Borrowing or Eurodollar Rate Borrowing. If different options
are being elected with respect to different portions of the
Borrowing, specify type for each resulting new
Borrowing.

 

34     Applicable
only if the resulting Borrowing is to be a Eurodollar Rate
Borrowing, and subject to the definition of “Interest
Period”, which generally allows the Borrower to request one,
two, three or six month periods (or such longer period as consented
to by each Lender of the applicable Class of Loans and notified in
writing to the Administrative Agent). If no election of Interest
Period is specified, then the Borrower will be deemed to have
specified an Interest Period of one month. If different options are
being elected with respect to different portions of the existing
Borrowing, specify for each resulting Borrowing.

 

35 Must be a Business
Day. Conversion/Continuation Notice to be delivered to the
Administrative Agent (a) in the case of a conversion to a Base Rate
Borrowing, not later than 11:00 a.m. (New York City time) one
Business Day in advance of the proposed Conversion/Continuation
Date and (b) in the case of a conversion to, or a continuation of,
a Eurodollar Rate Borrowing, not later than 2:00 p.m. (New York
City time) at least three Business Days in advance of the proposed
Conversion/Continuation Date.

 

 

EXHIBIT
E

TO
FUSION CONNECT, INC.

FIRST
LIEN CREDIT AND GUARANTY AGREEMENT

 

FIRST LIEN COUNTERPART AGREEMENT

 

This
FIRST LIEN COUNTERPART AGREEMENT, dated [ ], 20[ ]
(this “Counterpart
Agreement”), is delivered pursuant to the First Lien
Credit and Guaranty Agreement, dated as of May 4, 2018 (as it
may be amended, supplemented or otherwise modified from time to
time, the “Credit
Agreement”), among Fusion Connect, Inc., a Delaware
corporation (the “Borrower”), certain Subsidiaries
of the Borrower party thereto, the Lenders party thereto and
Wilmington Trust, National Association, as Administrative Agent and
Collateral Agent. Capitalized terms used but not otherwise defined
herein shall have the meanings specified in the Credit
Agreement.

 

SECTION
1. In accordance with Section 5.10 of the Credit Agreement,
the undersigned by its signature below becomes a Guarantor
Subsidiary under the Credit Agreement with the same force and
effect as if originally named therein as a Guarantor Subsidiary,
and the undersigned hereby (a) agrees to all the terms and
provisions of the Credit Agreement applicable to it as a Guarantor
Subsidiary (and, accordingly, as a Credit Party) thereunder and (b)
in furtherance of the foregoing, hereby irrevocably and
unconditionally guarantees, jointly and severally with the other
Guarantors, the due and punctual payment in full of all Obligations
when and as the same shall become due, whether at stated maturity,
by required prepayment, acceleration, demand or otherwise
(including amounts that would become due but for the operation of
the automatic stay under Section 362(a) of the Bankruptcy Code
or any similar provision of any other Debtor Relief Law), all in
accordance with, and subject to the provisions of, Section 7 of the
Credit Agreement.

 

SECTION
2. The undersigned hereby represents and warrants, as to itself,
that the representations and warranties set forth in Sections 4.1,
4.3, 4.4, 4.5 and 4.6 of the Credit Agreement are true and correct
on and as of the date hereof.

 

SECTION
3. The undersigned agrees to execute any and all further documents,
agreements and instruments, and take all such further actions, that
the Administrative Agent may reasonably request to effectuate the
transactions contemplated by, and to carry out the intent of, this
Counterpart Agreement.

 

SECTION
4. Neither this Counterpart Agreement nor any provision hereof may
be waived, amended or modified, and no consent to any departure by
the undersigned therefrom may be made, except in accordance with
the Credit Agreement. Any notice or other communication herein
required or permitted to be given shall be given pursuant to
Section 10.1 of the Credit Agreement. In case any provision in
or obligation under this Counterpart Agreement shall be invalid,
illegal or unenforceable in any jurisdiction, the validity,
legality and enforceability of the remaining provisions or
obligations, or of such provision or obligation in any other
jurisdiction, shall not in any way be affected or impaired
thereby.

 

SECTION
5. THIS COUNTERPART AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES HEREUNDER (INCLUDING ANY CLAIMS SOUNDING IN CONTRACT LAW OR
TORT LAW ARISING OUT OF THE SUBJECT MATTER HEREOF AND ANY
DETERMINATIONS WITH RESPECT TO POST-JUDGMENT INTEREST) SHALL BE
GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICT
OF LAWS PRINCIPLES THEREOF THAT WOULD RESULT IN THE APPLICATION OF
ANY LAW OTHER THAN THE LAW OF THE STATE OF NEW YORK.

 

[Remainder
of page intentionally left blank]

 

 

IN WITNESS WHEREOF, the undersigned has
caused this First Lien Counterpart Agreement to be duly executed
and delivered by its duly authorized officer as of the date above
first written.

 

[NAME
OF DESIGNATED SUBSIDIARY]

 

By:
_______

Name:

Title:

 

 

ACKNOWLEDGED
AND ACCEPTED,

as of
the date above first written:

 

WILMINGTON TRUST, NATIONAL ASSOCIATION,

as
Administrative Agent

 

By:_____________________

Name:

Title:

 

 

EXHIBIT
F

TO
FUSION CONNECT, INC.

FIRST
LIEN CREDIT AND GUARANTY AGREEMENT

 

FUSION
CONNECT, INC.

420
Lexington Avenue

Suite
1718

New
York, New York 10170

 

Wilmington
Trust, National Association

50
South Sixth Street, Suite 1290

Minneapolis,
MN 55402

Attention:
Josh James

Telephone:
(612) 217-5637

Fax:
(612) 217-5651

Email:
jjames@wilmingtontrust.com

 

 

FUNDING NOTICE

 

Reference is made
to the First Lien Credit and Guaranty Agreement, dated as of
May 4, 2018 (as it may be amended, supplemented or otherwise
modified from time to time, the “Credit Agreement”), among Fusion
Connect, Inc., a Delaware corporation (the “Borrower”), certain Subsidiaries
of the Borrower party thereto, the Lenders party thereto and
Wilmington Trust, National Association, as Administrative Agent and
Collateral Agent. Capitalized terms used but not otherwise defined
herein shall have the meanings specified in the Credit
Agreement.

 

Pursuant to
Section [2.1][2.2] of the Credit Agreement, the Borrower
desires that Lenders make the following Loans to the Borrower in
accordance with the applicable terms and conditions of the Credit
Agreement on [ ], 20[ ] (the “Credit Date”):

 

 

 

 

 

 

	

Tranche
A Term Loans36:

□           Base
Rate Loans:

□ Eurodollar Rate Loans, with
an initial Interest Period of ________ month(s)37:

 

	

 

 

$[___,___,___]

 

 

$[___,___,___]

 

	

Tranche
B Term Loans38:

□           Base
Rate Loans:

□ Eurodollar Rate Loans, with
an initial Interest Period of ________ month(s)39:

 

	

 

 

$[___,___,___]

 

 

$[___,___,___]

 

	
 

	
 

	

Revolving
Loans40:

□           Base
Rate Loans:

□ Eurodollar Rate Loans, with
an initial Interest Period of ________ month(s)41:

 

	

 

 

$[___,___,___]

 

 

$[___,___,___]

 

 

 

Wiring
instructions for account to which

proceeds of Loans
are to be
remitted:                                                                                                
[ ]

 

 

 

36 Funding Notice must
be delivered to the Administrative Agent (a) with respect to a Base
Rate Term Borrowing, not later than 11:00 a.m. (New York City time)
at least one Business Day in advance of the proposed Credit Date
(which shall be a Business Day) and (b) with respect to a
Eurodollar Rate Term Borrowing, not later than 2:00 p.m. (New York
City time) at least three Business Days in advance of the proposed
Credit Date (which shall be a Business Day) (or, in each case, with
respect to any Borrowing of Incremental Term Loans or Refinancing
Term Loans, not later than such other time as shall be specified
therefor in the applicable Incremental Facility Agreement or
Refinancing Facility Agreement). Eurodollar Rate Term Borrowings
generally shall be in an aggregate amount of $1,000,000 or an
integral multiple of $500,000 in excess of such
amount.

37 Subject to the
definition of “Interest Period”, which generally allows
the Borrower to request one, two, three or six month periods (or
such longer period as consented to by each Lender of the applicable
Class of Loans and notified in writing to the Administrative
Agent). If no election is specified, then the Borrower will be
deemed to have specified an Interest Period of one
month.

38 See Note
1.

39 Subject to the
definition of “Interest Period”. See Note
2.

40 Funding Notice must
be delivered to the Administrative Agent (a) with respect to a Base
Rate Revolving Borrowing, not later than 11:00 a.m. (New York City
time) at least one Business Day in advance of the proposed Credit
Date (which shall be a Business Day) and (b) with respect to a
Eurodollar Rate Revolving Borrowing, not later than 2:00 p.m. (New
York City time) at least three Business Days in advance of the
proposed Credit Date (which shall be a Business Day). Revolving
Borrowings generally shall be in an aggregate amount of $1,000,000
or an integral multiple of $500,000 in excess of such
amount.

41 Subject to the
definition of “Interest Period”. See Note
2.

 

 

The
Borrower hereby certifies that:42

 

(a) The
representations and warranties of each Credit Party set forth in
the Credit Documents are true and correct (i) in the case of the
representations and warranties qualified as to materiality in the
text thereof, in all respects, and (ii) otherwise, in all material
respects, in each case on and as of the Credit Date set forth
above, except in the case of any such representation and warranty
that expressly relates to an earlier date, in which case such
representation and warranty is so true and correct on and as of
such earlier date.

 

(b) At
the time of and immediately after giving effect to such Credit
Extension, no Default or Event of Default has occurred and is
continuing or would result therefrom.

 

Date: [ ], 20[
] 

FUSION CONNECT,
INC.

 

 

 

 

By:           ________________________________

Name:

Title:

42 In the case of any
Term Loans the proceeds of which are intended to be applied to
finance a Limited Conditionality Transaction, the certifications
set forth in clauses (a) and (b) may be satisfied as of the
applicable LCT Test Date in accordance with Section 1.5 of the
Credit Agreement.

 

 

   
EXHIBIT G

      
TO FUSION CONNECT, INC.

     
FIRST LIEN CREDIT AND GUARANTY AGREEMENT

FIRST
LIEN INTERCOMPANY INDEBTEDNESS SUBORDINATION AGREEMENT, dated as of
May 4, 2018 (this “Agreement”), among FUSION CONNECT,
INC., a Delaware corporation (the “Borrower”), the other Intercompany
Lenders and Intercompany Debtors (each as defined below) from time
to time party hereto and Wilmington Trust, National Association, as
Administrative Agent.

 

Reference is made
to the First Lien Credit and Guaranty Agreement, dated as of
May 4, 2018 (as it may be amended, supplemented or otherwise
modified from time to time, the “Credit Agreement”), among the
Borrower, certain Subsidiaries of the Borrower party thereto, the
Lenders party thereto and Wilmington Trust, National Association,
as Administrative Agent and Collateral Agent.

 

The
Credit Agreement provides that Indebtedness owing by a Credit Party
to any Restricted Subsidiary that is not a Credit Party shall be
subordinated in right of payment to the Obligations. For purposes
of this Agreement, (a) “Intercompany Indebtedness” means
any Indebtedness owed by any Credit Party to any Restricted
Subsidiary that is not a Credit Party, together with all interest
(including interest accruing during
the pendency of any bankruptcy, insolvency, receivership or other
similar proceeding, regardless of whether allowed or allowable in
such proceeding) on the principal of such Indebtedness and all
other monetary obligations of any Credit Party arising from or in
respect of such Indebtedness, including obligations to pay fees,
expense reimbursement obligations and indemnification obligations,
whether primary, secondary, direct, contingent, fixed or otherwise
(including monetary obligations incurred during the pendency of any
bankruptcy, insolvency, receivership or other similar proceeding,
regardless of whether allowed or allowable in such proceeding), (b)
each of the Credit Parties, in its capacity as an obligor in
respect of any Intercompany Indebtedness, is referred to herein as
an “Intercompany
Debtor”, (c) each of
the Restricted Subsidiaries that is not a Credit Party, in its
capacity as an obligee in respect of any Intercompany Indebtedness,
is referred to herein as an “Intercompany Lender” and
(d) the Lenders, the Agents (including former Agents, as
applicable) and the other Secured Parties are sometimes
collectively referred to as “Senior Lenders”.

 

The
Senior Lenders have agreed to extend credit to the Borrower, and to
permit the Credit Parties to incur Intercompany Indebtedness,
subject to the terms and conditions set forth in the Credit
Agreement. The Borrower and the other Restricted Subsidiaries are
required to execute and deliver this Agreement pursuant to the
terms of the Credit Agreement. In accordance with the Credit
Agreement, each of the Restricted Subsidiaries party hereto that is
not a Credit Party desires to enter into this Agreement in order to
subordinate, on the terms set forth herein, its rights, as an
Intercompany Lender, to payment under any Intercompany Indebtedness
to the prior payment in full in cash or immediately available funds
of the Obligations (other than contingent obligations as to which
no claim has been made). The Intercompany Lenders are Affiliates of
the Borrower, will derive substantial benefits from the extension
of credit to the Borrower pursuant to the Credit Agreement and are
willing to execute and deliver this Agreement in order to induce
the Senior Lenders to extend such credit. Accordingly, the parties
hereto agree as follows:

 

1. Definitions
and Construction. Terms defined in the Credit Agreement or
the Pledge and Security Agreement referred to therein, as
applicable, are used herein (including the preliminary statements
hereto) as defined therein. The rules of construction specified in
Section 1.3 of the Credit Agreement shall apply to this
Agreement, mutatis
mutandis.

 

 

 

2. Subordination.
(a) Each Intercompany Lender hereby agrees that all its
right, title and interest in, to and under any Intercompany
Indebtedness owed to it by any Intercompany Debtor shall be
subordinate, and junior in right of payment, to the extent and in
the manner hereinafter set forth, to all Obligations of such
Intercompany Debtor until the payment in full in cash or
immediately available funds of all Obligations of such Intercompany
Debtor (such Obligations, including interest thereon (including
interest accruing at the default rate specified in the Credit
Agreement) accruing after the commencement of any proceedings
referred to in paragraph (b) of this Section, whether or not such
interest is an allowed or allowable claim in such proceeding, being
hereinafter collectively referred to as “Senior
Indebtedness”).

 

(a) In
the event of any insolvency or bankruptcy proceedings, and any
receivership, liquidation, reorganization or other similar
proceedings in connection therewith, relating to any Intercompany
Debtor or to its property, and in the event of any proceedings for
voluntary liquidation, dissolution or other winding up of any
Intercompany Debtor, whether or not involving insolvency or
bankruptcy, then (i) the holders of Senior Indebtedness shall be
paid in full in cash or immediately available funds in respect of
all amounts constituting Senior Indebtedness before any
Intercompany Lender shall be entitled to receive (whether directly
or indirectly), or make any demand for, any payment or distribution
of any kind or character, whether in cash securities or other
property (other than Restructured Debt Securities (as defined
below)), and whether directly, by purchase, redemption, exercise of
any right of setoff or otherwise, from such Intercompany Debtor on
account of any Intercompany Indebtedness owed by such Intercompany
Debtor to such Intercompany Lender (provided that the foregoing
shall not impair the right of any such Intercompany Lender to file
a proof of claim in any such proceeding in accordance with the
terms hereof) and (ii) until the holders of Senior Indebtedness are
paid in full in cash or immediately available funds in respect of
all amounts constituting Senior Indebtedness, any payment or
distribution to which such Intercompany Lender would otherwise be
entitled, whether in cash, property or securities (other than a
payment of debt securities of such Intercompany Debtor that are
subordinated and junior in right of payment to the Senior
Indebtedness to at least the same extent as the Intercompany
Indebtedness described in this Agreement is subordinated and junior
in right of payment to the Senior Indebtedness then outstanding
(such securities being hereinafter referred to as
“Restructured Debt
Securities”)) shall instead be made to the holders of
Senior Indebtedness.

 

(b) If
any Event of Default has occurred and is continuing and the
Administrative Agent has provided prior written notice to the
Borrower requesting that no such payment or distribution, or no
such forgiveness or reduction, be made, then (i) no payment or
distribution of any kind or character, whether in cash securities
or other property (other than Restructured Debt Securities), and
whether directly, by purchase, redemption, exercise of any right of
setoff or otherwise, shall be made by or on behalf of any
Intercompany Debtor with respect to any Intercompany Indebtedness
owed to any Intercompany Lender and (ii) no Intercompany
Indebtedness owing by any Intercompany Debtor to any Intercompany
Lender shall be forgiven or otherwise reduced in any way, other
than as a result of payment of such amount in full in cash or
immediately available funds.

 

(c) If
any payment or distribution of any kind or character, whether in
cash, securities or other property (other than Restructured Debt
Securities), and whether directly, by purchase, redemption,
exercise of any right of setoff or otherwise, with respect to any
Intercompany Indebtedness shall (despite these subordination
provisions) be received by any Intercompany Lender from any
Intercompany Debtor in violation of paragraph (b) or (c) of this
Section prior to all Senior Indebtedness having been paid in full
in cash or immediately available funds (other than contingent
obligations as to which no claim has been made), such payment or
distribution shall be held by such Intercompany Lender (segregated
from other property of such Intercompany Lender) for the benefit of
the Administrative Agent, and shall be paid over or delivered to
the Administrative Agent promptly upon receipt to the extent
necessary to pay all Senior Indebtedness in full in cash or
immediately available funds.

 

 

 

 

 

(d) Each
Intercompany Lender and each Intercompany Debtor hereby agrees that
the subordination provisions set forth in this Agreement are for
the benefit of the Administrative Agent and the other holders of
Senior Indebtedness. The Administrative Agent may, on behalf of
itself and such other holders of Senior Indebtedness, proceed to
enforce these subordination provisions set forth
herein.

 

3. Waivers
and Consents. (a) Each
Intercompany Lender waives, to the extent permitted by applicable
law, the right to compel that any property or asset of any
Intercompany Debtor or any property or asset of any other Credit
Party be applied in any particular order to discharge the
Obligations. Each Intercompany Lender expressly waives, to the
extent permitted by applicable law, the right to require the
Administrative Agent or any other Senior Lender to proceed against
any Intercompany Debtor, any guarantor of any Obligation or any
other Person, or to pursue any other remedy in its or their power
that such Intercompany Lender cannot pursue and that would lighten
such Intercompany Lender’s burden, notwithstanding that the
failure of the Administrative Agent or any other Senior Lender to
do so may thereby prejudice such Intercompany Lender. Each
Intercompany Lender agrees that it shall not be discharged,
exonerated or have its obligations hereunder reduced (i) by the
Administrative Agent’s or any other Senior Lender’s
delay in proceeding against or enforcing any remedy against any
Intercompany Debtor, any guarantor of any Obligation or any other
Person; (ii) by the Administrative Agent or any other Senior Lender
releasing any Intercompany Debtor, any guarantor of any Obligation
or any other Person from all or any part of the Obligations; or
(iii) by the discharge of any Intercompany Debtor, any guarantor of
any Obligation or any other Person by an operation of law or
otherwise, with or without the intervention or omission of the
Administrative Agent or any other Senior Lender.

 

(a) Each
Intercompany Lender waives, to the extent permitted by applicable
law, all rights and defenses arising out of an election of remedies
by the Administrative Agent or any other Senior Lender, even though
that election of remedies, including any nonjudicial foreclosure
with respect to any property or asset securing any Obligation, has
impaired the value of such Intercompany Lender’s rights of
subrogation, reimbursement, or contribution against any
Intercompany Debtor or any other Credit Party. Each Intercompany
Lender expressly waives, to the extent permitted by law, any rights
or defenses (other than the defense of payment or performance) it
may have by reason of protection afforded to any Intercompany
Debtor or any other Credit Party with respect to the Obligations
pursuant to any anti-deficiency laws or other laws of similar
import that limit or discharge the principal debtor’s
indebtedness upon judicial or nonjudicial foreclosure of property
or assets securing any Obligation.

 

(b) Each
Intercompany Lender agrees that, without the necessity of any
reservation of rights against it, and without notice to or further
assent by it, any demand for payment of any Obligation made by the
Administrative Agent or any other Senior Lender may be rescinded in
whole or in part by such Person, and any Obligation may be
continued, and the Obligations or the liability of any Intercompany
Debtor or any other Credit Party obligated thereunder, or any right
of offset with respect thereto, may, from time to time, in whole or
in part, be renewed, extended, modified, accelerated, compromised,
waived, surrendered or released by the Administrative Agent or any
other Senior Lender, in each case without notice to or further
assent by such Intercompany Lender, which will remain bound
hereunder, and without impairing, abridging, releasing or affecting
the subordination provided for herein.

 

(c) Each
Intercompany Lender waives, to the extent permitted by applicable
law, any and all notice of the creation, renewal, extension or
accrual of any of the Obligations, and any and all notice of or
proof of reliance by the Senior Lenders upon this Agreement. The
Obligations, and any of them, shall be deemed conclusively to have
been created, contracted or incurred, and the consent to create the
obligations of any Intercompany Debtor in respect of the
Intercompany Indebtedness of such Intercompany Debtor shall be
deemed conclusively to have been given, in reliance upon this
Agreement. Each Intercompany Lender waives, to the extent permitted
by applicable law, any protest, demand for payment and notice of
default in respect of the Obligations.

 

 

 

4. Obligations
Unconditional. All rights and interests of the
Administrative Agent and the other Senior Lenders hereunder, and
all agreements and obligations of each Intercompany Lender and each
Intercompany Debtor hereunder, shall remain in full force and
effect irrespective of:

 

(a) any
lack of validity or enforceability of the Credit Agreement or any
other Credit Document;

 

(b) any
change in the time, manner or place of payment of, or in any other
term of, all or any of the Obligations or any amendment or waiver
or other modification, whether by course of conduct or otherwise,
of, or consent to departure from, the Credit Agreement or any other
Credit Document;

 

(c) any
exchange, release or nonperfection of any Lien in any Collateral,
or any release, amendment, waiver or other modification, whether in
writing or by course of conduct or otherwise, of or consent to
departure from, any guarantee of any Obligation; or

 

(d) any
other circumstances that might otherwise constitute a defense
available to, or a discharge of, any Intercompany Debtor in respect
of the Obligations or of such Intercompany Lender or such
Intercompany Debtor in respect of the subordination provisions set
forth herein (other than the payment in full in cash or immediately
available funds of the Obligations).

 

5. Waiver
of Claims. (a) To the
maximum extent permitted by law, each Intercompany Lender waives
any claim it might have against the Administrative Agent or any
other Senior Lender with respect to, or arising out of, any action
or failure to act or any error of judgment, negligence, or mistake
or oversight whatsoever on the part of the Administrative Agent or
any other Senior Lender or any Related Party of any of the
foregoing with respect to any exercise of rights or remedies under
the Credit Documents in the absence of the gross negligence or
wilful misconduct of such Person or its Related Parties (such
absence to be presumed unless otherwise determined by a final,
non-appealable judgment of a court of competent jurisdiction). None
of the Administrative Agent or any other Senior Lender or any
Related Party of any of the foregoing shall be liable to any
Intercompany Lender for failure to demand, collect or realize upon
any of the Collateral or any guarantee of any Obligation, or for
any delay in doing so, or shall be under any obligation to sell or
otherwise dispose of any Collateral upon the request of any such
Intercompany Lender or any other Person or to take any other action
whatsoever with regard to the Collateral, or any part thereof,
except to the extent such liability has been found by a final,
non-appealable judgment of a court of competent jurisdiction to
have resulted from the gross negligence or willful misconduct of
such Person or its Related Parties.

 

(a) Each
Intercompany Lender, for itself and on behalf of its successors and
assigns, hereby waives, to the extent permitted by applicable law,
any and all now existing or hereafter arising rights it may have to
require the Senior Lenders to marshal assets for the benefit of
such Intercompany Lender, or to otherwise direct the timing, order
or manner of any sale, collection or other enforcement of the
Collateral or enforcement of any rights or remedies under the
Credit Documents. The Senior Lenders are under no duty or
obligation, and each Intercompany Lender hereby waives, to the
extent permitted by applicable law, any right it may have to compel
any Senior Lender, to pursue any Intercompany Debtor or any other
Credit Party that may be liable for the Obligations, or to enforce
any Lien in any Collateral.

 

(b) Each
Intercompany Lender hereby waives, to the extent permitted by
applicable law, and releases all rights which a guarantor or surety
with respect to the Senior Indebtedness could
exercise.

 

 

 

6. Notices.
All communications and notices hereunder shall be in writing and
given in the manner provided in Section 10.1 of the Credit
Agreement. All communications and notices to any Intercompany
Lender or Intercompany Debtor shall be given to it in care of the
Borrower in the manner provided in Section 10.1 of the Credit
Agreement.

 

7. Waivers;
Amendment. (a) No
failure or delay by the Administrative Agent or any other Senior
Lender in exercising any right or power hereunder shall operate as
a waiver thereof, nor shall any single or partial exercise of any
such right or power, or any abandonment or discontinuance of steps
to enforce such a right or power, preclude any other or further
exercise thereof or the exercise of any other right or power. The
rights and remedies of the Administrative Agent and the other
Senior Lenders hereunder are cumulative and are not exclusive of
any rights or remedies that they would otherwise have. No waiver of
any provision of this Agreement or consent to any departure by any
Intercompany Lender or any Intercompany Debtor therefrom shall in
any event be effective unless the same shall be permitted by
paragraph (b) of this Section 7, and then such waiver or
consent shall be effective only in the specific instance and for
the specific purpose for which given. No notice or demand on any
Intercompany Lender or any Intercompany Debtor in any case shall
entitle any Intercompany Lender or any Intercompany Debtor to any
other or further notice or demand in similar or other
circumstances.

 

(a) Neither
this Agreement nor any provision hereof may be waived, amended or
modified except pursuant to an agreement or agreements in writing
entered into by the Administrative Agent, the Borrower and the
Intercompany Lenders or Intercompany Debtors with respect to which
such waiver, amendment or modification is to apply, subject to any
consent required in accordance with Section 10.5 of the Credit
Agreement.

 

8. Successors
and Assigns. (a) This
Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and permitted
assigns permitted hereby.

 

(a) The
Administrative Agent and the other Secured Parties shall have a
full and unfettered right to assign or otherwise transfer the whole
or any part of the benefit of this Agreement to any Person to whom
all or a corresponding part of the Obligations are assigned or
transferred in accordance with the Credit Agreement or pursuant to
applicable law, all without impairing, abridging, releasing or
affecting the subordination provided for herein.

 

9. Survival
of Agreement. All covenants, agreements, representations and
warranties made by the Intercompany Lenders and the Intercompany
Debtors in this Agreement shall be considered to have been relied
upon by the Administrative Agent and the other Senior Lenders and
shall survive the execution and delivery of this Agreement,
regardless of any investigation made by or on behalf of the
Administrative Agent or any other Senior Lender and notwithstanding
that the Administrative Agent or any other Senior Lender may have
had notice or knowledge of any default hereunder or incorrect
representation or warranty at the time this Agreement is executed
and delivered and shall continue in full force and effect until
terminated in accordance with Section 17. The provisions of
Section 5 shall survive and remain in full force and effect
regardless of the termination of this Agreement or any provision
hereof. This Agreement shall apply in respect of the Obligations
notwithstanding any intermediate payment in whole or in part of the
Obligations and shall apply to the ultimate balance of the
Obligations.

 

10. Counterparts;
Effectiveness; Several Agreement. This Agreement may be
executed in any number of counterparts, each of which when so
executed and delivered shall be deemed an original, but all such
counterparts together shall constitute but one and the same
instrument. Delivery of an executed counterpart of a signature page
of this Agreement by facsimile or in electronic format (i.e.,
“pdf” or “tif”) shall be effective as
delivery of a manually executed counterpart of this Agreement. This
Agreement shall become effective as to any Intercompany Lender or
Intercompany Debtor when a counterpart hereof executed on behalf of
such Intercompany Lender or Intercompany Debtor shall have been
delivered to the Administrative Agent and a counterpart hereof
shall have been executed on behalf of the Administrative Agent and
delivered to the Borrower. This Agreement shall be construed as a
separate agreement with respect to each Intercompany Lender and
each Intercompany Debtor and may be amended, modified,
supplemented, waived or released with respect to any Intercompany
Lender or Intercompany Debtor without the approval of any other
Intercompany Lender or Intercompany Debtor and without affecting
the obligations of any other Intercompany Lender or Intercompany
Debtor hereunder.

 

 

 

11. Severability.
In case any provision in or obligation hereunder shall be invalid,
illegal or unenforceable in any jurisdiction, the validity,
legality and enforceability of the remaining provisions or
obligations, or of such provision or obligation in any other
jurisdiction, shall not in any way be affected or impaired
thereby.

 

12. Further
Assurances. The Borrower, each other Intercompany Lender and
each other Intercompany Debtor agrees that it will execute any and
all further documents, agreements and instruments, and take all
such further actions that may be required under any applicable law,
or that the Administrative Agent may reasonably request for the
purposes of obtaining or preserving the full benefits of the
subordination provisions set forth herein and of the rights and
powers herein granted, all at the expense of the Borrower or such
Intercompany Lenders or such Intercompany Debtors.

 

13. GOVERNING
LAW; JURISDICTION; CONSENT TO SERVICE OF PROCESS; APPOINTMENT OF
SERVICE OF PROCESS AGENT. (a) THIS
AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER
(INCLUDING ANY CLAIMS SOUNDING IN CONTRACT LAW OR TORT LAW ARISING
OUT OF THE SUBJECT MATTER HEREOF AND ANY DETERMINATIONS WITH
RESPECT TO POST-JUDGMENT INTEREST) SHALL BE GOVERNED BY, AND SHALL
BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE
OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES THEREOF
THAT WOULD RESULT IN THE APPLICATION OF ANY LAW OTHER THAN THE LAW
OF THE STATE OF NEW YORK.

 

(a) EACH
PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR
ITSELF AND ITS PROPERTY, TO THE JURISDICTION OF ANY FEDERAL COURT
OF THE UNITED STATES OF AMERICA SITTING IN THE BOROUGH OF MANHATTAN
OR, IF THAT COURT DOES NOT HAVE SUBJECT MATTER JURISDICTION, ANY
STATE COURT LOCATED IN THE CITY AND COUNTY OF NEW YORK, AND ANY
APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING
ARISING OUT OF OR RELATING TO THIS AGREEMENT, OR FOR RECOGNITION OR
ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE BORROWER, EACH OTHER
INTERCOMPANY LENDER AND EACH OTHER INTERCOMPANY DEBTOR HEREBY
IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT
OF ANY SUCH ACTION OR PROCEEDING BROUGHT BY IT OR ANY OF ITS
AFFILIATES SHALL BE BROUGHT, AND SHALL BE HEARD AND DETERMINED,
EXCLUSIVELY 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 THE ADMINISTRATIVE AGENT
OR ANY OTHER SENIOR LENDER MAY OTHERWISE HAVE TO BRING ANY ACTION
OR PROCEEDING RELATING TO THIS AGREEMENT AGAINST THE BORROWER, ANY
OTHER INTERCOMPANY LENDER, ANY OTHER INTERCOMPANY DEBTOR OR ANY OF
ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.

 

(b) Each
party hereto hereby irrevocably and unconditionally waives, to the
fullest extent permitted by law, 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 in any
court referred to in paragraph (b) of this Section 13. Each of
the parties hereto hereby irrevocably waives, to the fullest extent
permitted by law, any defense of forum non conveniens to the
maintenance of such action or proceeding in any such
court.

 

 

 

(c) Each
party hereto irrevocably consents to the service of process by
mailing of copies of such process in the manner provided for
notices in Section 6. Nothing in this Agreement will affect
the right of any party to this Agreement or any Secured Party to
serve process in any other manner permitted by law.

 

14. WAIVER
OF JURY TRIAL. EACH PARTY HERETO HEREBY AGREES TO WAIVE ITS RIGHTS
TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR
ARISING HEREUNDER OR ANY DEALINGS BETWEEN THEM RELATING TO THE
SUBJECT MATTER OF THIS AGREEMENT. THE SCOPE OF THIS WAIVER IS
INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE
FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS
TRANSACTION, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY
CLAIMS AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. EACH PARTY
HERETO ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO
ENTER INTO A BUSINESS RELATIONSHIP, THAT EACH HAS ALREADY RELIED ON
THIS WAIVER IN ENTERING INTO THIS AGREEMENT, AND THAT EACH WILL
CONTINUE TO RELY ON THIS WAIVER IN ITS RELATED FUTURE DEALINGS.
EACH PARTY HERETO FURTHER WARRANTS AND REPRESENTS 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 WAIVER IS IRREVOCABLE, MEANING THAT IT MAY
NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN BY A MUTUAL
WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS SECTION 14 AND
EXECUTED BY EACH OF THE PARTIES HERETO), AND THIS WAIVER SHALL
APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR
MODIFICATIONS HERETO OR TO THE TRANSACTIONS CONTEMPLATED HEREBY. IN
THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN
CONSENT TO A TRIAL BY THE COURT.

 

15. Headings.
Article and Section headings used herein are for convenience of
reference only, are not part of this Agreement and shall not affect
the construction of, or to be taken into consideration in
interpreting, this Agreement.

 

16. Provisions
Define Relative Rights. The subordination provisions set
forth herein are intended solely for the purpose of defining the
relative rights of the Intercompany Lenders and the Intercompany
Debtors, on the one hand, and the Administrative Agent and the
other Secured Parties, on the other, and no other Person shall have
any right, benefit or other interest under these subordination
provisions.

 

17. Termination.
This Agreement and the subordination provisions set forth herein
shall automatically terminate when all the Obligations (other than
contingent obligations as to which no claim has been made and the
Specified Hedge Obligations and Specified Cash Management Services
Obligations) have been paid in full in cash or immediately
available funds, all Commitments have terminated and no Letter of
Credit shall be outstanding. If (a) any Restricted Subsidiary shall
have been designated as an Unrestricted Subsidiary in accordance
with the terms of the Credit Agreement or (b) all the Equity
Interests in any Restricted Subsidiary held by the Borrower and the
Subsidiaries shall be sold or otherwise disposed of (including by
merger or consolidation) in any transaction permitted by the Credit
Agreement, and as a result of such sale or other disposition such
Restricted Subsidiary shall cease to be a Subsidiary of the
Borrower, then such Restricted Subsidiary shall, upon effectiveness
of such designation, or the consummation of such sale or other
disposition, automatically be discharged and released from its
obligations hereunder;provided that that no such
discharge and release shall occur unless substantially concurrently
therewith, such Restricted Subsidiary shall cease to be subject to
any obligations under any subordination agreement with respect to
intercompany Indebtedness in favor of any Permitted Second Lien
Indebtedness, any Permitted Credit Agreement Refinancing
Indebtedness, any Permitted Incremental Equivalent Indebtedness and
any Permitted Subordinated Indebtedness.

 

18. Additional
Subsidiaries. Pursuant to the Credit Agreement, certain
Restricted Subsidiaries not a party hereto on the Closing Date are
required to enter into this Agreement. Upon execution and delivery
to the Administrative Agent after the date hereof by any Restricted
Subsidiary of a counterpart signature page hereto, such Restricted
Subsidiary shall become a party hereto with the same force and
effect as if originally named as such herein. The execution and
delivery of such a counterpart signature page shall not require the
consent of any party hereto. The rights and obligations under this
Agreement of each other party hereto shall remain in full force and
effect notwithstanding the addition of any new Restricted
Subsidiary as a party to this Agreement.

 

 

 

6.

 

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to
be duly executed by their respective authorized officers as of the
day and year first above written.

 

 

 

 

	

FUSION
CONNECT, INC.,

 

 

	
 

	

by

	
 

	
 

	

Name:

	
 

	

Title:

 

 

[Signature Page to Intercompany Indebtedness Subordination
Agreement]

 

 

 

 

	

[
]

 

	

by

	
 

	
 

	
 

	

Name:

	
 

	

Title:

 

[Signature Page to Intercompany Indebtedness Subordination
Agreement]

 

 

 

	

WILMINGTON
TRUST, NATIONAL ASSOCIATION, as Administrative Agent,

	
 

	

by

	
 

	
 

	

Name:

	
 

	

Title:

 

[Signature Page to Intercompany Indebtedness Subordination
Agreement]

 

EXHIBIT
H

TO
FUSION CONNECT, INC.

FIRST
LIEN CREDIT AND GUARANTY AGREEMENT

 

GLOBAL
INTERCOMPANY NOTE

 

 

May 4,
2018

 

FOR
VALUE RECEIVED, each of the undersigned, to the extent a borrower
from time to time from any other Person listed on the signature
pages hereto (each, in such capacity, a “Payor”), hereby promises to pay on
demand to such other Person listed below (each, in such capacity, a
“Payee”), in
lawful money of the United States of America, or in such other
currency as agreed to by such Payor and such Payee, in immediately
available funds, at such location as such Payee shall from time to
time designate, the unpaid principal amount of all Indebtedness
owed by such Payor to such Payee. Each Payor promises also to pay
interest on the unpaid principal amount of all such Indebtedness in
like money at said location from the date that such Indebtedness
was incurred until it is paid in full at such rate per annum as
shall be agreed upon from time to time by such Payor and such
Payee.

 

Reference is made
to (a) that certain First Lien Credit and Guaranty Agreement, dated
as of May 4, 2018 (as it may be amended, supplemented or
otherwise modified from time to time, the “First Lien Credit Agreement”),
among Fusion Connect, Inc., a Delaware corporation (the
“Borrower”),
certain subsidiaries of the Borrower party thereto, the lenders
party thereto and Wilmington Trust, National Association, as
administrative agent and collateral agent (in its capacity as
collateral agent, the “First
Lien Collateral Agent”), and (b) that certain
Second Lien Credit and Guaranty Agreement, dated as of May 4,
2018 (as it may be amended, supplemented or otherwise modified from
time to time, the “Second
Lien Credit Agreement” and, together with the First
Lien Credit Agreement, the “Credit Agreements”), among Fusion
Connect, Inc., a Delaware corporation (the “Borrower”), certain subsidiaries
of the Borrower party thereto, the lenders party thereto and
Wilmington Trust, National Association, as administrative agent and
collateral agent (in its capacity as collateral agent, the
“Second Lien Collateral
Agent” and, together with the First Lien Collateral
Agent, the “Collateral
Agents”).

 

Capitalized terms
used in this Global Intercompany Note (this “Note”) but not otherwise defined
herein shall have the meanings given to them in (a) the First Lien
Credit Agreement, or in the Pledge and Security Agreement referred
to therein, or (b) the Second Lien Credit Agreement, or in the
Pledge and Security Agreement referred to therein, as
applicable.

 

This
Note is subject to the terms of each Credit Agreement, and shall be
pledged by each Payee that is a Credit Party to each Collateral
Agent, for the benefit of the related Secured Parties, pursuant to
the related Credit Documents as security for the payment and
performance in full of the Obligations under each Credit Agreement
and the related other Credit Documents, to the extent required
pursuant to the terms thereof. Each Payee hereby acknowledges and
agrees that upon the occurrence and during the continuance of an
Event of Default under a Credit Agreement, (a) the applicable
Collateral Agent may exercise any and all rights of any Credit
Party with respect to this Note and (b) upon demand of the
applicable Collateral Agent, all amounts evidenced by this Note
that are owed by any Payor to any Credit Party shall become
immediately due and payable, without presentment, demand, protest
or notice of any kind (it being understood that the applicable
Collateral Agent may make any such demand for all or any subset of
the amounts owing to such Credit Party and upon any or all Payors
obligated to such Credit Party, all without the consent or
permission of any Payor or Payee). Each Payor also hereby
acknowledges and agrees that this Note constitutes notice of
assignment for security, pursuant to the relevant Credit Documents,
of the Indebtedness and all other amounts evidenced by this Note
and further acknowledges the receipt of such notice of assignment
for security.

 

 

 

Upon
the commencement of any insolvency or bankruptcy proceeding, or any
receivership, liquidation, reorganization or other similar
proceeding in connection therewith, in respect of any Payor owing
any amounts evidenced by this Note to any Credit Party, or in
respect of all or a substantial part of any such Payor’s
property, or upon the commencement of any proceeding for voluntary
liquidation, dissolution or other winding up of any such Payor, all
amounts evidenced by this Note owing by such Payor to any and all
Credit Parties shall become immediately due and payable, without
presentment, demand, protest or notice of any kind.

 

Each
Payee is hereby authorized to record all loans and advances made by
it to any Payor (all of which shall be evidenced by this Note), and
all repayments or prepayments thereof, in its books and records,
such books and records constituting prima facie evidence of the
accuracy of the information contained therein;provided, however, that the failure of
any such Payee to so record any such information in accordance with
this clause shall not affect any such Payor’s obligations
hereunder.

 

Each
Payor hereby waives diligence, presentment, demand, protest or
notice of any kind whatsoever in connection with this Note. All
payments under this Note shall be made without set-off,
counterclaim or deduction of any kind.

 

This
Note shall be binding upon each Payor and its successors and
assigns, and the terms and provisions of this Note shall inure to
the benefit of each Payee and its successors and assigns, including
subsequent holders hereof.

 

From
time to time after the date hereof, additional Restricted
Subsidiaries of the Borrower may become parties hereto (as Payor
and/or Payee, as the case may be) by executing a counterpart
signature page to this Note (each additional Restricted Subsidiary,
an “Additional
Party”). Upon delivery of such counterpart signature
page to the Payees, notice of which is hereby waived by the other
Payors, each Additional Party shall be a Payor and/or a Payee, as
the case may be, and shall be as fully a party hereto as if such
Additional Party were an original signatory hereof. Each Payor
expressly agrees that its obligations arising hereunder shall not
be affected or diminished by the addition or release of any other
Payor or Payee hereunder. This Note shall be fully effective as to
any Payor or Payee that is or becomes a party hereto regardless of
whether any other Person becomes or fails to become or ceases to be
a Payor or Payee hereunder.

 

No
amendment, modification or waiver of, or consent with respect to,
any provisions of this Note shall be effective unless the same
shall be in writing and signed and delivered by each Payor and
Payee whose rights or obligations shall be affected
thereby;provided
that, until such time as (a) all the Obligations (other than
contingent obligations as to which no claim has been made and the
Specified Hedge Obligations and Specified Cash Management Services
Obligations) under each Credit Agreement and the related other
Credit Documents have been paid in full in cash or immediately
available funds, (b) all Commitments have terminated and (c) no
Letter of Credit shall be outstanding, as applicable, each
Administrative Agent shall have provided its prior written consent
to such amendment, modification, waiver or consent (which consent
shall not be unreasonably withheld or delayed).

 

 

 

THIS
NOTE AND ALL INDEBTEDNESS EVIDENCED HEREBY ARE SUBJECT TO THE
SUBORDINATION PROVISIONS OF (a) THE INTERCOMPANY INDEBTEDNESS
SUBORDINATION AGREEMENT, DATED AS OF MAY 4, 2018 (AS AMENDED,
RESTATED, SUPPLEMENTED OR OTHERWISE MODIFIED FROM TIME TO TIME, THE
“FIRST LIEN INTERCOMPANY
INDEBTEDNESS SUBORDINATION AGREEMENT”), AMONG THE
BORROWER, SUBSIDIARIES OF THE BORROWER PARTY THERETO AND WILMINGTON
TRUST, NATIONAL ASSOCIATION, AS ADMINISTRATIVE AGENT UNDER THE
FIRST LIEN CREDIT AGREEMENT, AND (b) THE INTERCOMPANY INDEBTEDNESS
SUBORDINATION AGREEMENT, DATED AS OF MAY 4, 2018 (AS AMENDED,
RESTATED, SUPPLEMENTED OR OTHERWISE MODIFIED FROM TIME TO TIME, THE
“SECOND LIEN INTERCOMPANY
INDEBTEDNESS SUBORDINATION AGREEMENT” AND, TOGETHER
WITH THE FIRST LIEN INTERCOMPANY INDEBTEDNESS SUBORDINATION
AGREEMENT, THE “INTERCOMPANY
INDEBTEDNESS SUBORDINATION AGREEMENTS”), AMONG THE
BORROWER, SUBSIDIARIES OF THE BORROWER PARTY THERETO AND WILMINGTON
TRUST, NATIONAL ASSOCIATION, AS ADMINISTRATIVE AGENT UNDER THE
SECOND LIEN CREDIT AGREEMENT. NOTWITHSTANDING ANYTHING CONTAINED
HEREIN TO THE CONTRARY, NEITHER THE PRINCIPAL OF NOR THE INTEREST
ON, NOR ANY OTHER AMOUNTS PAYABLE IN RESPECT OF, ANY INDEBTEDNESS
CREATED OR EVIDENCED BY THIS NOTE SHALL BE PAID OR PAYABLE, EXCEPT
TO THE EXTENT PERMITTED UNDER THE INTERCOMPANY INDEBTEDNESS
SUBORDINATION AGREEMENTS, WHICH ARE INCORPORATED HEREIN BY
REFERENCE WITH THE SAME FORCE AND EFFECT AS IF FULLY SET FORTH
HEREIN.

 

 

 

THIS
NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK.

 

 

PAYORS:

	

FUSION
CONNECT, INC.,

 

 

	
 

	

by

	
 

	
 

	

Name:

	
 

	

Title:

 

	

FUSION
NBS ACQUISITION CORP.

FUSION,
LLC

FUSION
BCHI ACQUISITION, LLC

BIRCH
COMMUNICATIONS, LLC

CBEYOND,
INC.

CBEYOND
COMMUNICATIONS, LLCBIRCH MANAGEMENT LLC

BIRCH
TELECOM LLC

BIRCH
TEXAS HOLDINGS, INC.

BIRCH
TELECOM OF KANSAS, LLC

BIRCH
TELECOM OF OKLAHOMA, LLC

BIRCH
TELECOM OF MISSOURI, LLC

BIRCH
TELECOM OF TEXAS LTD., L.L.P.

BIRCAN
HOLDINGS, LLCPRIMUS HOLDINGS, INC.FUSION MPHC ACQUISITION
CORP.,

	

By:

	
 

	
 

	

Name:

	
 

	

Title:

 

 

	

PRIMUS
MANAGEMENT ULCBIRCAN MANAGEMENT ULC,

 

 

	
 

	

by

	
 

	
 

	

Name:

	
 

	

Title:

 

[Signature
Page to Global Intercompany Note]

 

 

 

PAYEES:

	

FUSION
CONNECT, INC.,

 

 

	
 

	

by

	
 

	
 

	

Name:

	
 

	

Title:

 

	

FUSION
NBS ACQUISITION CORP.

FUSION,
LLC

FUSION
BCHI ACQUISITION, LLC

BIRCH
COMMUNICATIONS, LLC

CBEYOND,
INC.

CBEYOND
COMMUNICATIONS, LLCBIRCH MANAGEMENT LLC

BIRCH
TELECOM LLC

BIRCH
TEXAS HOLDINGS, INC.

BIRCH
TELECOM OF KANSAS, LLC

BIRCH
TELECOM OF OKLAHOMA, LLC

BIRCH
TELECOM OF MISSOURI, LLC

BIRCH
TELECOM OF TEXAS LTD., L.L.P.

BIRCAN
HOLDINGS, LLCPRIMUS HOLDINGS, INC.FUSION MPHC ACQUISITION
CORP.,

	

By:

	
 

	
 

	

Name:

	
 

	

Title:

 

 

	

PRIMUS
MANAGEMENT ULCBIRCAN MANAGEMENT ULC,

 

 

	
 

	

by

	
 

	
 

	

Name:

	
 

	

Title:

[Signature
Page to Global Intercompany Note]

 

EXHIBIT
I

TO
FUSION CONNECT, INC.

FIRST
LIEN CREDIT AND GUARANTY AGREEMENT

 

 

 

FORM OF INTERCREDITOR AGREEMENT

 

 

[See
attached]

 

 

EXHIBIT
J

TO
FUSION CONNECT, INC.

FIRST
LIEN CREDIT AND GUARANTY AGREEMENT

 

FUSION
CONNECT, INC.

420
Lexington Avenue

Suite
1718

New
York, New York 10170

 

Wilmington
Trust, National Association

50
South Sixth Street, Suite 1290

Minneapolis,
MN 55402

Attention:
Josh James

Telephone:
(612) 217-5637

Fax:
(612) 217-5651

Email:
jjames@wilmingtontrust.com

 

[Issuing
Bank and address]

 

ISSUANCE NOTICE

 

Reference is made
to the First Lien Credit and Guaranty Agreement, dated as of
May 4, 2018 (as amended, supplemented or otherwise modified
from time to time, the “Credit Agreement”), among Fusion
Connect, Inc., a Delaware corporation (the “Borrower”), certain Subsidiaries
of the Borrower party thereto, the Lenders party thereto and
Wilmington Trust, National Association, as Administrative Agent and
Collateral Agent. Capitalized terms used but not otherwise
defined herein shall have the meanings specified in the Credit
Agreement.

 

Pursuant to
Section 2.3 of the Credit Agreement, the Borrower desires that
a Letter of Credit be [issued][amended][extended]43 (the
“Credit
Extension”) in accordance with the terms and
conditions of the Credit Agreement on [ ], 20[ ] (the
“Credit
Date”).44

 

Attached hereto for
each such [issuance][amendment][extension] are the
following:45

 

1. the stated amount
of the requested Letter of Credit;

 

2. the name and
address of the beneficiary;

 

3. the expiration
date; and

 

4. either (i) the
verbatim text of such requested Letter of Credit or (ii) a
description of the proposed terms and conditions of such Letter of
Credit, including a precise description of any documents to be
presented by the beneficiary that, if presented by the beneficiary
prior to the expiration date of such Letter of Credit, would
require the Issuing Bank to make payment under such Letter of
Credit.

 

 

43 To be used if
extending the Letter of Credit other than by automatic extension
permitted pursuant to Section 2.3(a) of the Credit
Agreement.

 

44 Issuance Notice
must be delivered to the Administrative Agent and the applicable
Issuing Bank no later than 11:00 a.m. (New York City time) at least
two Business Days in advance of the proposed Credit Date (or such
shorter time as may be agreed to by such Issuing
Bank).

 

45 If requested by the
applicable Issuing Bank, also attach a completed and executed
letter of credit application on such Issuing Bank’s standard
form. Discuss with the Issuing Bank what information would be
required.

 

 

 

The
Borrower hereby certifies that:

 

5. as of the
applicable Credit Date and after giving effect to such Credit
Extension (i) the Total Utilization of Revolving Commitments does
not exceed the Total Revolving Commitments, (ii) the Letter of
Credit Usage does not exceed the Letter of Credit Sublimit and
(iii) the Letter of Credit Usage attributable to Letters of
Credit issued by the Issuing Bank does not exceed the Letter of
Credit Issuing Commitment of the Issuing Bank;

 

6. the representations
and warranties of each Credit Party set forth in the Credit
Documents are true and correct (i) in the case of the
representations and warranties qualified or modified as to
materiality in the text thereof, in all respects, and (ii)
otherwise, in all material respects, in each case on and as of the
applicable Credit Date, except in the case of any such
representation and warranty that expressly relates to an earlier
date, in which case such representation and warranty is so true and
correct on and as of such earlier date; and

 

7. at the time of and
immediately after giving effect to such Credit Extension, no
Default or Event of Default has occurred and is
continuing.

 

 

 

Date: [ ], 20[
] 

FUSION
CONNECT, INC.

 

 

 

By:           __________________________________

Name:

Title:

 

EXHIBIT
K

TO
FUSION CONNECT, INC.

FIRST
LIEN CREDIT AND GUARANTY AGREEMENT

 

 

FORM OF FIRST LIEN PLEDGE AND SECURITY AGREEMENT

 

[See
attached]

 

 

EXHIBIT
L

TO
FUSION CONNECT, INC.

FIRST
LIEN CREDIT AND GUARANTY AGREEMENT

 

SOLVENCY CERTIFICATE

 

Date:
May 4, 2018

 

To the
Administrative Agent and each of the Lenders

party
to the Credit Agreement referred to below:

 

Pursuant Section
3.1(h) of the First Lien Credit and Guaranty Agreement, dated as of
May 4, 2018 (as amended, supplemented or otherwise modified
from time to time, the “Credit Agreement”), among Fusion
Connect, Inc., a Delaware corporation (the “Borrower”), certain Subsidiaries
of the Borrower party thereto, the Lenders party thereto and
Wilmington Trust, National Association, as Administrative Agent and
Collateral Agent, the undersigned, solely in the
undersigned’s capacity as the chief financial officer of the
Borrower, hereby certifies, on behalf of the Borrower and not in
the undersigned’s individual or personal capacity and without
personal liability, that, as of the Closing Date, after giving
effect to the Transactions contemplated thereby (including the
making of the Loans on the Closing Date and the application of the
proceeds thereof):

 

(a) the
sum of the debt and other liabilities (including contingent
liabilities) of the Borrower and the Subsidiaries, on a
consolidated basis, does not exceed the present fair saleable value
of the present assets of the Borrower and the Subsidiaries, on a
consolidated basis;

 

(b) the
capital of the Borrower and the Subsidiaries, on a consolidated
basis, is not unreasonably small in relation to their business as
conducted or proposed to be conducted, on a consolidated
basis;

 

(c) the
Borrower and the Subsidiaries, on a consolidated basis, have not
incurred and do not intend to incur, or believe (nor should they
reasonably believe) that they will incur, debts and liabilities
(including contingent liabilities), on a consolidated basis, beyond
the ability of the Borrower and the Subsidiaries, on a consolidated
basis, to pay such debts and liabilities as they become due
(whether at maturity or otherwise); and

 

(d) the
Borrower and the Subsidiaries, on a consolidated basis, are
“solvent” within the meaning given to that term and
similar terms under any applicable Debtor Relief Laws and other
applicable laws relating to preferences, fraudulent transfers and
conveyances or transfers undervalue.

 

For
purposes of this Solvency Certificate, the amount of any contingent
liability at any time shall be computed as the amount that, in
light of all the facts and circumstances existing at such time,
represents the amount that can reasonably be expected to become an
actual or matured liability (irrespective of whether such
contingent liability meets the criteria for accrual under
GAAP).

 

Capitalized terms
used but not otherwise defined herein shall have the meanings
assigned to them in the Credit Agreement.

 

The
undersigned is familiar with the business and financial position of
the Borrower and the Subsidiaries. In reaching the conclusions set
forth in this Solvency Certificate, the undersigned has made such
investigations and inquiries as the undersigned has deemed
appropriate, having taken into account the nature of the business
proposed to be conducted by the Borrower and the Subsidiaries after
consummation of the Transactions.

 

 

IN WITNESS WHEREOF, the undersigned has
executed this Solvency Certificate, solely in the
undersigned’s capacity as the chief financial officer of the
Borrower, on behalf of the Borrower and not in the
undersigned’s individual or personal capacity and without
personal liability, as of the date first stated above.

 

	

FUSION CONNECT, INC.

 

	

by

	
 

	
 

	
 

	

Name:

	
 

	

Title:

 

 

 

 

 

 

 

 

 

EXHIBIT
M

TO
FUSION CONNECT, INC.

FIRST
LIEN CREDIT AND GUARANTY AGREEMENT

 

SUPPLEMENTAL COLLATERAL QUESTIONNAIRE

 

Reference is made
to (a) the First Lien Credit and Guaranty Agreement, dated as of
May 4, 2018 (the “First
Lien Credit Agreement”), among Fusion Connect, Inc., a
Delaware corporation (the “Borrower”), certain Subsidiaries
of the Borrower party thereto, the lenders party thereto and
Wilmington Trust, National Association, as administrative agent and
as collateral agent (in its capacity as collateral agent, the
“First Lien Collateral
Agent”), and (b) the Second Lien Credit and
Guaranty Agreement, dated as of May 4, 2018 (the
“Second Lien Credit
Agreement” and, together with the First Lien Credit
Agreement, the “Credit
Agreements”), among the Borrower, certain Subsidiaries
of the Borrower party thereto, the lenders party thereto and
Wilmington Trust, National Association, as administrative agent and
as collateral agent (in its capacity as collateral agent, the
“Second Lien Collateral
Agent” and, together with the First Lien Collateral
Agent, the “Collateral
Agents”). Capitalized terms used but not otherwise
defined herein shall have the meanings specified in (i) the First
Lien Credit Agreement or the Pledge and Security Agreement referred
to therein or (ii) the Second Lien Credit Agreement or the Pledge
and Security Agreement referred to therein, as
applicable.

 

This
Supplemental Collateral Questionnaire dated as of
[          ], 20[
] is delivered pursuant to Section 5.1(k) of each Credit Agreement,
and supplements the information set forth in the Collateral
Questionnaire delivered on the Closing Date (as supplemented from
time to time by each Supplemental Collateral Questionnaire
delivered after the Closing Date and prior to the date hereof, the
“Prior Collateral
Questionnaire”) with respect to each Credit Party
(which term, for purposes of this Supplemental Collateral
Questionnaire, shall be deemed to include each New Subsidiary as
defined in each Pledge and Security Agreement).

 

The
undersigned, an Authorized Officer of the Borrower, solely in
his/her capacity as an Authorized Officer, and not individually and
without personal liability, hereby certifies to each Collateral
Agent and the related other Secured Parties as
follows:

 

SECTION1. Legal
Names. Schedule 1 hereto sets forth the exact legal name of
each Credit Party, as such name appears in its certificate of
organization, and indicates changes, if any, in the foregoing
information compared to the information set forth on Schedule 1 of
the Prior Collateral Questionnaire.

 

SECTION2. Jurisdictions
and Locations. Schedule 2A hereto sets forth (a) the
jurisdiction of organization and the form of organization of each
Credit Party, (b) the organizational identification number, if
any, assigned to each Credit Party by such jurisdiction and the
federal taxpayer identification number, if any, of such Credit
Party and (c) the address (including the county) of the chief
executive office of each Credit Party, and indicates changes, if
any, in the foregoing information compared to the information set
forth on Schedule 2A of the Prior Collateral
Questionnaire.

 

SECTION3. Status
of Filings. All UCC financing statements (including fixtures
filings and transmitting utility filings, as applicable) and all
Intellectual Property Security Agreements or supplements thereto
have been filed of record in each applicable governmental office in
order that, to the extent perfection can be obtained by filing UCC
financing statements and recordation of a security agreement with
the United States Patent and Trademark Office or the United States
Copyright Office, the security interests created under the
Collateral Documents (as defined in each Credit Agreement) shall be
perfected for a period of not less than 18 months after the date of
this Supplemental Collateral Questionnaire (except as noted in
Schedule 3 hereto with respect to any continuation statements to be
filed within such period).

 

 

 

 

SECTION4. Equity
Interests. Schedule 4 hereto sets forth a true and complete
list, for each Credit Party, of all the stock, partnership
interests, limited liability company membership interests or other
Equity Interests owned by such Credit Party, specifying the issuer
and certificate number of (if certificated), and the number and
percentage of ownership represented by, such Equity Interests, and
indicates changes, if any, in such list compared to the list set
forth on Schedule 4 of the Prior Collateral
Questionnaire.

 

SECTION5. Debt
Instruments. Schedule 5 hereto sets forth a true and
complete list, for each Credit Party, of all debt securities,
promissory notes and other evidence of Indebtedness held by such
Credit Party, including (a) all intercompany notes between or among
the Borrower and the other Restricted Subsidiaries and (b) all
promissory notes in the principal amount of $1,000,000 or more owed
to the Borrower or any other Credit Party, in each case specifying
the creditor and debtor thereunder and the type and outstanding
principal amount thereof, and indicates changes, if any, in such
list compared to the list set forth on Schedule 5 of the Prior
Collateral Questionnaire.

 

SECTION6. Material
Real Estate Assets. Schedule 6 hereto sets forth a true and
complete list, with respect to each Material Real Estate Asset, of
(a) the exact name of the Person that owns such property, as such
name appears in its certificate of organization or formation, (b)
if different from the name identified pursuant to clause (a) above,
the name of the current record owner of such property, as such name
appears in the records of the county recorder’s office for
such property identified pursuant to clause (c) below, and (c)
the county recorder’s office in which a Mortgage with respect
to such property must be filed or recorded in order for each
Collateral Agent to provide constructive notice to third parties of
its mortgage lien.

 

SECTION7. Intellectual
Property. Schedule 7 hereto sets forth, in proper form for
filing with the United States Patent and Trademark Office or the
United States Copyright Office, as applicable, a true and complete
list of each Credit Party’s (a) Copyrights, Copyright
Applications and exclusive Copyright Licenses (where a Credit Party
is a licensee), (b) Patents and Patent Applications and
(c) Trademarks and Trademark Applications, in each case
specifying the name of the registered owner, title, type or mark,
registration or application number, expiration date (if already
registered) (except with respect to Copyrights and exclusive
Copyright Licenses) or filing date, a brief description thereof
and, if applicable, the licensee and licensor, and indicates
changes, if any, in such list compared to the list set forth on
Schedule 7 of the Prior Collateral Questionnaire.

 

SECTION8. Commercial
Tort Claims. Schedule 8 hereto sets forth a true and
complete list of commercial tort claims in excess of $2,000,000
held by any Credit Party, including a brief description thereof,
and indicates changes, if any, in such list compared to the list
set forth on Schedule 8 of the Prior Collateral
Questionnaire.

 

SECTION9. Insurance.
Schedule 9 hereto sets forth a true and complete list of all
insurance policies (including life and disability insurance
policies) maintained by the Credit Parties, and indicates changes,
if any, in such list compared to the list set forth on Schedule 9
of the Prior Collateral Questionnaire.

 

SECTION10. Other
Collateral. Schedule 10 hereto sets forth a true and
complete list of all of the following types of collateral, if any,
owned or held by each Credit Party, and indicates changes, if any,
in such list compared to the list set forth on Schedule 10 of the
Prior Collateral Questionnaire: (a) all agreements and contracts
with any Governmental Authority, (b) all FCC Licenses and (c) all
state telecommunications licenses.

 

 

 

 

 

 

SECTION11. Unusual
Transactions. All Accounts of the Credit Parties have been
originated by the Credit Parties in the ordinary course of
business.

 

SECTION12. Transmitting
Utility Companies. Schedule 12 hereto sets forth (a) the
exact legal name of any Credit Party that may be a transmitting
utility (as defined in the UCC) and (b) the address(es) where such
Credit Party owns any fixtures.

 

[Signature
page follows]

 

 

 

IN
WITNESS WHEREOF, the undersigned have duly executed this
Supplemental Collateral Questionnaire on this [ ] day of [ ], 20[
].

 

 

	

FUSION
CONNECT, INC.,

 

	

by

	
 

	
 

	
 

	

Name:

	
 

	

Title:

 

 

 

 

 

 

 

 

 

 

Schedule 1

 

Legal Names

 

	

Exact Legal Name

	

French Form of Name (if applicable)

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

 

 

 

 

Schedule 2A

 

Jurisdictions and Locations

 

 

 

	

Credit Party

	

Jurisdiction of Organization

	

Form of Organization

	

Organizational Identification Number(if any)

	

Federal Taxpayer Identification Number

(if any)

	

Chief Executive Office Address

(including county)

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

 

 

 

Schedule 3

 

Continuation Statement Filings

 

 

 

	

Credit Party

	

Jurisdiction of Organization

	

UCC Financing Statement

to be Continued

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

 

 

 

 

Schedule 4

 

Equity Interests

 

	

Credit Party

	

Issuer

	

Type of Organization

	

Number of Shares Owned

	

Total Shares Outstanding

	

Percentage of Interest Pledged

	

Certificate No. (if uncertificated,
please indicate so)

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

 

 

Schedule 5

 

Debt Instruments

 

	

Credit Party

	

Debtor

	

Type of Instrument

	

Outstanding Principal Amount

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

 

 

 

 

Schedule 6

 

Material Real Estate Assets

 

	

Credit Party/Name of Owner

	

Name/Address/City/State/Zip Code

	

County/ Parish

	

UCC Filing Office/Local Filing Office

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

 

 

 

 

 

Schedule 7

 

Intellectual Property

 

I.

Copyrights

 

 

 

	

Registered Owner

 

	

Title

 

	

Registration Number

 

	

Expiration Date

 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

 

 

II.

Copyright Applications

 

 

 

	

Registered Owner

 

	

Title

 

	

Application Number

 

	

Date Filed

 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

 

 

III.

Exclusive Copyright Licenses (where a Credit Party is a
licensee)

 

 

 

	

Licensee

 

	

Licensor

 

	

Title

 

	

Registration Number

 

	

Expiration Date

 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

 

 

 

 

IV.

Patents

 

 

	

Registered Owner

	

Title of Patent

	

Country

	

Type

	

Registration Number

	

Issue Date

	

Expiration

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

 

 

V.

Patent Applications

 

 

	

Registered Owner

	

Title of Patent

	

Country

	

Type

	

Application Number

	

Date Filed

	
 

	
 

	
 

	
 

	
 

	
 

 

VI.

      Trademarks

 

 

	

Registered
Owner

	

Mark

	

Country

	

Application
No.

	

Registration
No.

	

Registration
Date

	

Expiration
Date

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

 

 

 

 

VII.

Trademark Applications

 

 

 

	

Registered Owner

 

	

Mark

 

	

Country

 

	

Application No.

 

	

Filing Date

 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

 

 

 

 

Schedule 8

 

Commercial Tort Claims

 

 

 

 

 

 

Schedule 9

 

Insurance

 

	

Insurance Policy Coverage

	

Scope of Coverage

	

Lead Insurance Carrier

	

Limit of Liability

	

 

Term

	

Deductibles or Self-Insured Retention

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

 

 

 

Schedule 10

 

Other Collateral

 

 

 

 

 

Schedule 12

 

Transmitting Utility

 

	

Credit Party

	

Jurisdiction where Transmitting Utility Equipment is
Held

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

 

 

 

 

 

       
EXHIBIT N

TO FUSION CONNECT,
INC.

       
FIRST LIEN CREDIT AND GUARANTY AGREEMENT

 

 

FORM OF [REVOLVING][TERM] NOTE

 

	

[$_________]46

	

[          ],
20__

 

FOR
VALUE RECEIVED, the undersigned, FUSION CONNECT, INC., a Delaware
corporation (the “Borrower”), hereby unconditionally
promises to pay to ________________________ (the
“Lender”) or its
registered assigns, in lawful money of the United States of America
and in same day funds, [(a) the principal amount of ____________
DOLLARS ($___________) or (b) if less,]47 the aggregate
unpaid principal amount of all [Revolving][Tranche A Term][Tranche
B Term] Loans made by the Lender to the Borrower pursuant to the
First Lien Credit and Guaranty Agreement, dated as of May 4,
2018 (as amended, supplemented or otherwise modified from time to
time, the “Credit
Agreement”), among the Borrower, certain Subsidiaries
of the Borrower party thereto, the lenders party thereto and
Wilmington Trust, National Association, as administrative agent and
collateral agent, on such dates and in such amounts as are set
forth in the Credit Agreement. Capitalized terms used in this Note
but not otherwise defined herein shall have the meanings given to
them in the Credit Agreement.

 

The
Borrower also promises to pay interest in like money on the unpaid
principal amount hereof from time to time outstanding from and
including the date hereof until maturity (whether by acceleration
or otherwise) and, after maturity, until paid, at the rates per
annum and on the dates specified in the Credit
Agreement.

 

The
holder of this Note (this “Note”) is authorized to endorse on
Schedule A attached hereto and made a part hereof or on a
continuation thereof which shall be attached hereto and made a part
hereof the date, Type and amount of each [Revolving][Tranche A
Term][Tranche B Term] Loan made pursuant to the Credit Agreement
and the date and amount of each payment or prepayment of principal
thereof, each continuation thereof, each conversion of all or a
portion thereof to another Type and, in the case of a Eurodollar
Rate Loan, the length of each Interest Period with respect thereto.
The failure to make any such endorsement shall not affect the
obligations of the Borrower in respect of any such
[Revolving][Tranche A Term][Tranche B Term] Loan.

 

This
Note (a) is one of the Notes referred to in the Credit Agreement,
(b) is subject to the provisions of the Credit Agreement and (c) is
subject to optional prepayment in whole or in part as provided in
the Credit Agreement. Reference is made to the Credit Agreement for
provisions for the acceleration of the maturity hereof. This Note
may not be transferred except in compliance with the terms of the
Credit Agreement. Transfers of this Note must be recorded in the
Register maintained by the Administrative Agent pursuant to the
terms of the Credit Agreement.

 

THIS
NOTE AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER
(INCLUDING ANY CLAIMS SOUNDING IN CONTRACT LAW OR TORT LAW ARISING
OUT OF THE SUBJECT MATTER HEREOF AND ANY DETERMINATIONS WITH
RESPECT TO POST-JUDGMENT INTEREST) SHALL BE GOVERNED BY, AND SHALL
BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE
OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES THEREOF
THAT WOULD RESULT IN THE APPLICATION OF ANY LAW OTHER THAN THE LAW
OF THE STATE OF NEW YORK.

 

46 Include in Term
Note.

47 Include in Term
Note.

 

 

FUSION
CONNECT, INC.

 

By:________________________________

Name:

Title:

 

[Signature
Page to Note]

SCHEDULE
A

to
Note

LOANS,
CONTINUATIONS, CONVERSIONS AND

 

REPAYMENTS
OF EURODOLLAR RATE LOANS

 

	

Date

	

Amount
of Eurodollar Rate Loans

	

Amount
Continued or Converted to Eurodollar Rate Loans

	

Interest
Period and Eurodollar Rate with Respect Thereto

	

Amount
of Principal of Eurodollar Rate Loans Repaid

	

Amount
of Eurodollar Rate Loans Converted to Base Rate Loans

	

Unpaid
Principal Balance of Eurodollar Rate Loans

	

Notation
Made By

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

 

 

SCHEDULE
B

to
Note

LOANS,
CONVERSIONS AND

REPAYMENTS
OF BASE RATE LOANS

 

	

Date

	

Amount
of Base Rate Loans

	

Amount
Convertedto Base Rate Loans

	

Amount
of Principal of Base Rate Loans Repaid

	

Amount
of Base Rate Loans Converted to Eurodollar Rate Loans

	

Unpaid
Principal Balance of Base Rate Loans

	

Notation
Made By

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

 

 

 

 

 

EXHIBIT
O-1

TO
FUSION CONNECT, INC.

FIRST
LIEN CREDIT AND GUARANTY AGREEMENT

 

US TAX COMPLIANCE CERTIFICATE

(For Foreign Lenders That Are Not Partnerships For US Federal
Income Tax Purposes)

 

Reference is hereby made to the First Lien Credit
and Guaranty Agreement dated as of May 4, 2018 (as amended,
supplemented or otherwise modified from time to time, the
“Credit
Agreement”), among Fusion
Connect, Inc., a Delaware corporation (the
“Borrower”), certain Subsidiaries of the Borrower
party thereto, as Guarantors, the Lenders party thereto and
Wilmington Trust, National Association, as Administrative Agent and
Collateral Agent.

 

Pursuant
to the provisions of Section 2.19(g)(ii)(B)(3) of the Credit
Agreement, the undersigned hereby certifies that (a) it is the sole
record and beneficial owner of the Loan(s) (as well as any Note(s)
evidencing such Loan(s)) in respect of which it is providing this
certificate, (b) it is not a bank within the meaning of
Section 881(c)(3)(A) of the Internal Revenue Code, (c) it is
not a ten percent shareholder of the Borrower within the meaning of
Section 881(c)(3)(B) of the Internal Revenue Code and (d) it
is not a controlled foreign corporation related to the Borrower as
described in Section 881(c)(3)(C) of the Internal Revenue
Code.

 

The
undersigned has furnished the Administrative Agent and the Borrower
with a certificate of its non-US Person status on IRS Form W-8BEN
or W-8BEN-E, as applicable. By executing this certificate, the
undersigned agrees that (a) if the information provided on this
certificate changes, the undersigned shall promptly so inform the
Borrower and the Administrative Agent, and (b) the undersigned
shall have at all times furnished the Borrower and the
Administrative Agent with a properly completed and currently
effective certificate in either the calendar year in which each
payment is to be made to the undersigned, or in either of the two
calendar years preceding such payments.

 

Unless
otherwise defined herein, terms defined in the Credit Agreement and
used herein shall have the meanings given to them in the Credit
Agreement.

 

 

EXHIBIT
O-2

TO
FUSION CONNECT, INC.

FIRST
LIEN CREDIT AND GUARANTY AGREEMENT

 

US TAX COMPLIANCE CERTIFICATE

(For Foreign Participants That Are Not Partnerships For US Federal
Income Tax Purposes)

 

Reference is hereby made to the First Lien Credit
and Guaranty Agreement dated as of May 4, 2018 (as amended,
supplemented or otherwise modified from time to time, the
“Credit
Agreement”), among Fusion
Connect, Inc., a Delaware corporation (the
“Borrower”), certain Subsidiaries of the Borrower
party thereto, as Guarantors, the Lenders party thereto and
Wilmington Trust, National Association, as Administrative Agent and
Collateral Agent.

 

Pursuant
to the provisions of Section 2.19(g)(ii)(B)(4) of the Credit
Agreement, the undersigned hereby certifies that (a) it is the sole
record and beneficial owner of the participation in respect of
which it is providing this certificate, (b) it is not a bank within
the meaning of Section 881(c)(3)(A) of the Internal Revenue Code,
(c) it is not a ten percent shareholder of the Borrower within the
meaning of Section 881(c)(3)(B) of the Internal Revenue Code, and
(d) it is not a controlled foreign corporation related to the
Borrower as described in Section 881(c)(3)(C) of the Internal
Revenue Code.

 

The
undersigned has furnished its participating Lender with a
certificate of its non-US Person status on IRS Form W-8BEN or
W-8BEN-E, as applicable. By executing this certificate, the
undersigned agrees that (a) if the information provided on this
certificate changes, the undersigned shall promptly so inform such
Lender in writing, and (b) the undersigned shall have at all times
furnished such Lender with a properly completed and currently
effective certificate in either the calendar year in which each
payment is to be made to the undersigned, or in either of the two
calendar years preceding such payments.

 

Unless
otherwise defined herein, terms defined in the Credit Agreement and
used herein shall have the meanings given to them in the Credit
Agreement.

 

	

[NAME OF PARTICIPANT]

 

	

By:                                                                           

	
 

	

Name:

	
 

	

Title:

 

Date: ________ __, 20[ ]

 

 

EXHIBIT
O-3

TO
FUSION CONNECT, INC.

FIRST
LIEN CREDIT AND GUARANTY AGREEMENT

 

US TAX COMPLIANCE CERTIFICATE

(For Foreign Participants That Are Partnerships For US Federal
Income Tax Purposes)

 

Reference is hereby made to the First Lien Credit
and Guaranty Agreement dated as of May 4, 2018 (as amended,
supplemented or otherwise modified from time to time, the
“Credit
Agreement”), among Fusion
Connect, Inc., a Delaware corporation (the
“Borrower”), certain Subsidiaries of the Borrower
party thereto, as Guarantors, the Lenders party thereto and
Wilmington Trust, National Association, as Administrative Agent and
Collateral Agent.

 

Pursuant
to the provisions of Section 2.19(g)(ii)(B)(4) of the Credit
Agreement, the undersigned hereby certifies that (a) it is the sole
record owner of the participation in respect of which it is
providing this certificate, (b) its direct or indirect
partners/members are the sole beneficial owners of such
participation, (c) with respect to such participation, neither the
undersigned nor any of its direct or indirect partners/members is a
bank extending credit pursuant to a loan agreement entered into in
the ordinary course of its trade or business within the meaning of
Section 881(c)(3)(A) of the Internal Revenue Code, (d) none of its
direct or indirect partners/members is a ten percent shareholder of
the Borrower within the meaning of Section 881(c)(3)(B) of the
Internal Revenue Code and (e) none of its direct or indirect
partners/members is a controlled foreign corporation related to the
Borrower as described in Section 881(c)(3)(C) of the Internal
Revenue Code.

 

The
undersigned has furnished its participating Lender with IRS Form
W-8IMY accompanied by one of the following forms from each of its
partners/members that is claiming the portfolio interest exemption:
(a) an IRS Form W-8BEN or W-8BEN-E, as applicable, or (b) an IRS
Form W-8IMY accompanied by an IRS Form W-8BEN or W-8BEN-E, as
applicable, from each of such partner’s/member’s
beneficial owners that is claiming the portfolio interest
exemption. By executing this certificate, the undersigned agrees
that (i) if the information provided on this certificate changes,
the undersigned shall promptly so inform such Lender and (ii) the
undersigned shall have at all times furnished such Lender with a
properly completed and currently effective certificate in either
the calendar year in which each payment is to be made to the
undersigned, or in either of the two calendar years preceding such
payments.

 

Unless
otherwise defined herein, terms defined in the Credit Agreement and
used herein shall have the meanings given to them in the Credit
Agreement.

 

	

[NAME OF PARTICIPANT]

 

	

By:                                                                           

	
 

	

Name:

	
 

	

Title:

 

Date: ________ __, 20[ ]

 

EXHIBIT
O-4

TO
FUSION CONNECT, INC.

FIRST
LIEN CREDIT AND GUARANTY AGREEMENT

 

US TAX COMPLIANCE CERTIFICATE

(For Foreign Lenders That Are Partnerships For US Federal Income
Tax Purposes)

 

Reference is hereby made to the First Lien Credit
and Guaranty Agreement dated as of May 4, 2018 (as amended,
supplemented or otherwise modified from time to time, the
“Credit
Agreement”), among Fusion
Connect, Inc., a Delaware corporation (the
“Borrower”), certain Subsidiaries of the Borrower
party thereto, as Guarantors, the Lenders party thereto and
Wilmington Trust, National Association, as Administrative Agent and
Collateral Agent.

 

Pursuant
to the provisions of Section 2.19(g)(ii)(B)(4) of the Credit
Agreement, the undersigned hereby certifies that (a) it is the sole
record owner of the Loan(s) (as well as any Note(s) evidencing such
Loan(s)) in respect of which it is providing this certificate, (b)
its direct or indirect partners/members are the sole beneficial
owners of such Loan(s) (as well as any Note(s) evidencing such
Loan(s)), (c) with respect to the extension of credit pursuant
to this Credit Agreement or any other Credit Document, neither the
undersigned nor any of its direct or indirect partners/members is a
bank extending credit pursuant to a loan agreement entered into in
the ordinary course of its trade or business within the meaning of
Section 881(c)(3)(A) of the Internal Revenue Code, (d) none of its
direct or indirect partners/members is a ten percent shareholder of
the Borrower within the meaning of Section 881(c)(3)(B) of the
Internal Revenue Code and (e) none of its direct or indirect
partners/members is a controlled foreign corporation related to the
Borrower as described in Section 881(c)(3)(C) of the Internal
Revenue Code.

 

The
undersigned has furnished the Administrative Agent and the Borrower
with IRS Form W-8IMY accompanied by one of the following forms from
each of its partners/members that is claiming the portfolio
interest exemption: (a) an IRS Form W-8BEN or W-8BEN-E, as
applicable, or (b) an IRS Form W-8IMY accompanied by an IRS Form
W-8BEN or W-8BEN-E, as applicable, from each of such
partner’s/member’s beneficial owners that is claiming
the portfolio interest exemption. By executing this certificate,
the undersigned agrees that (i) if the information provided on this
certificate changes, the undersigned shall promptly so inform the
Borrower and the Administrative Agent, and (ii) the undersigned
shall have at all times furnished the Borrower and the
Administrative Agent with a properly completed and currently
effective certificate in either the calendar year in which each
payment is to be made to the undersigned, or in either of the two
calendar years preceding such payments.

 

Unless
otherwise defined herein, terms defined in the Credit Agreement and
used herein shall have the meanings given to them in the Credit
Agreement.

 

	

[NAME OF LENDER]

 

	

By:                                                                           

	
 

	

Name:

	
 

	

Title:

 

Date:
________ __, 20[ ]Blueprint

SECOND LIEN CREDIT AND GUARANTY AGREEMENT

 

dated as of May 4, 2018,

 

among

 

FUSION CONNECT, INC.,

as Borrower,

 

CERTAIN SUBSIDIARIES OF FUSION CONNECT, INC.,

as Guarantor Subsidiaries,

 

THE LENDERS PARTY HERETO

 

and

 

WILMINGTON TRUST, NATIONAL ASSOCIATION,

as Administrative Agent and Collateral Agent

 

________________________________________________________

 

GOLDMAN SACHS LENDING PARTNERS LLC,

MORGAN STANLEY SENIOR FUNDING, INC.

and

MUFG UNION BANK, N.A.,

as Joint Lead Arrangers and Joint Bookrunners,

 

GOLDMAN SACHS LENDING PARTNERS LLC,

as Syndication Agent

 

________________________________________________________

 

$85,000,000 Senior Secured Second Lien Credit Facility

________________________________________________________

 

THE
TRANCHE B TERM LOANS ISSUED PURSUANT TO THIS AGREEMENT WERE ISSUED
WITH ORIGINAL ISSUE DISCOUNT FOR PURPOSES OF SECTION 1271 ET SEQ.
OF THE UNITED STATES INTERNAL REVENUE CODE OF 1986, AS AMENDED FROM
TIME TO TIME. BEGINNING NO LATER THAN 10 DAYS AFTER THE CLOSING
DATE, A LENDER MAY OBTAIN THE ISSUE PRICE, AMOUNT OF ORIGINAL ISSUE
DISCOUNT, ISSUE DATE AND YIELD TO MATURITY OF THE TRANCHE B TERM
LOANS BY SUBMITTING A WRITTEN REQUEST FOR SUCH INFORMATION TO THE
BORROWER AT THE ADDRESS SET FORTH IN SCHEDULE 10.01.

 

 

 

 

TABLE OF CONTENTS

Page

 

	

SECTION 1.

	

DEFINITIONS AND INTERPRETATION

	

1

	

1.1.

	

Definitions

	

1

	

1.2.

	

Accounting Terms; Pro Forma Calculations

	

62

	

1.3.

	

Interpretation, Etc

	

63

	

1.4.

	

Classification of Loans and Borrowings

	

64

	

1.5.

	

Conditionality Testing Date

	

64

	

1.6.

	

Effectuation of Transactions

	

64

	

SECTION 2.

	

LOANS

	

65

	

2.1.

	

Loans

	

65

	

2.2.

	

[Reserved]

	

65

	

2.3.

	

[Reserved]

	

66

	

2.4.

	

Pro Rata Shares; Obligations Several; Availability of
Funds

	

66

	

2.5.

	

Use of Proceeds

	

66

	

2.6.

	

Evidence of Debt; Register; Notes

	

67

	

2.7.

	

Interest on Loans

	

67

	

2.8.

	

Conversion/Continuation

	

68

	

2.9.

	

Default Interest

	

69

	

2.10.

	

Fees

	

69

	

2.11.

	

Scheduled Installments; Repayment on Maturity Date

	

70

	

2.12.

	

Voluntary Prepayments; Call Protection

	

70

	

2.13.

	

Mandatory Prepayments/Commitment Reductions

	

71

	

2.14.

	

Application of Prepayments; Waivable Mandatory
Prepayments

	

75

	

2.15.

	

General Provisions Regarding Payments

	

76

	

2.16.

	

Ratable Sharing

	

77

	

2.17.

	

Making or Maintaining Eurodollar Rate Loans

	

77

	

2.18.

	

Increased Costs; Capital Adequacy and Liquidity

	

80

	

2.19.

	

Taxes; Withholding, Etc

	

81

	

2.20.

	

Obligation to Mitigate

	

85

	

2.21.

	

Defaulting Lenders

	

85

	

2.22.

	

Replacement of Lenders

	

85

	

2.23.

	

Incremental Facilities

	

86

	

2.24.

	

Extension/Modification Offers

	

88

	

2.25.

	

Refinancing Facilities

	

89

	

SECTION 3.

	

CONDITIONS PRECEDENT

	

90

	

3.1.

	

Closing Date

	

90

	

3.2.

	

Each Credit Extension

	

94

	

SECTION 4.

	

REPRESENTATIONS AND WARRANTIES

	

94

	

4.1.

	

Organization; Requisite Power and Authority;
Qualification

	

94

	

4.2.

	

Equity Interests and Ownership

	

95

	

4.3.

	

Due Authorization

	

95

	

4.4.

	

No Conflict

	

95

	

4.5.

	

Governmental Approvals

	

95

	

4.6.

	

Binding Obligation

	

95

	

4.7.

	

Historical Financial Statements; Projections; Pro Forma Financial
Statements

	

96

	

4.8.

	

No Material Adverse Effect

	

96

 

 

i

 

 

	

4.9.

	

Adverse Proceedings

	

96

	

4.10.

	

Payment of Taxes

	

96

	

4.11.

	

Properties

	

97

	

4.12.

	

Environmental Matters

	

97

	

4.13.

	

No Defaults

	

97

	

4.14.

	

Investment Company Act

	

97

	

4.15.

	

Federal Reserve Regulations

	

97

	

4.16.

	

Employee Benefit Plans

	

98

	

4.17.

	

Solvency

	

98

	

4.18.

	

Compliance with Laws

	

98

	

4.19.

	

Disclosure

	

99

	

4.20.

	

Collateral Matters

	

99

	

4.21.

	

Sanctioned Persons; Anti-Corruption Laws; PATRIOT Act

	

100

	

4.22.

	

Communications Regulatory Matters

	

100

	

SECTION 5.

	

AFFIRMATIVE COVENANTS

	

101

	

5.1.

	

Financial Statements and Other Reports

	

101

	

5.2.

	

Existence, Licenses, Etc

	

104

	

5.3.

	

Payment of Taxes

	

104

	

5.4.

	

Maintenance of Properties

	

104

	

5.5.

	

Insurance

	

105

	

5.6.

	

Books and Records; Inspections

	

106

	

5.7.

	

Lenders Meetings

	

106

	

5.8.

	

Compliance with Laws

	

106

	

5.9.

	

Environmental Matters

	

106

	

5.10.

	

Subsidiaries

	

107

	

5.11.

	

Additional Collateral

	

107

	

5.12.

	

Further Assurances

	

107

	

5.13.

	

Maintenance of Ratings

	

107

	

5.14.

	

Use of Proceeds

	

107

	

5.15.

	

Post-Closing Matters

	

108

	

SECTION 6.

	

NEGATIVE COVENANTS

	

108

	

6.1.

	

Indebtedness

	

108

	

6.2.

	

Liens

	

113

	

6.3.

	

No Further Negative Pledges

	

116

	

6.4.

	

Restricted Junior Payments

	

117

	

6.5.

	

Restrictions on Subsidiary Distributions

	

119

	

6.6.

	

Investments

	

120

	

6.7.

	

Financial Covenants

	

123

	

6.8.

	

Fundamental Changes; Disposition of Assets; Equity Interests of
Subsidiaries

	

124

	

6.9.

	

Sales and Leasebacks

	

126

	

6.10.

	

Transactions with Affiliates

	

126

	

6.11.

	

Conduct of Business

	

127

	

6.12.

	

Hedge Agreements

	

127

	

6.13.

	

Amendments or Waivers of Organizational Documents and Certain
Agreements

	

127

	

6.14.

	

Fiscal Year

	

127

	

SECTION 7.

	

GUARANTEE

	

127

	

7.1.

	

Guarantee of the Obligations

	

127

	

7.2.

	

Indemnity by the Borrower; Contribution by the
Guarantors

	

128

 

 

ii

 

 

	

7.3.

	

Liability of Guarantors Absolute

	

129

	

7.4.

	

Waivers by the Guarantors

	

130

	

7.5.

	

Guarantors’ Rights of Subrogation, Contribution,
Etc

	

131

	

7.6.

	

Continuing Guarantee

	

131

	

7.7.

	

Authority of the Guarantors or the Borrower

	

131

	

7.8.

	

Financial Condition of the Credit Parties

	

131

	

7.9.

	

Bankruptcy, Etc

	

132

	

SECTION 8.

	

EVENTS OF DEFAULT

	

132

	

8.1.

	

Events of Default

	

132

	

SECTION 9.

	

AGENTS

	

135

	

9.1.

	

Appointment of Agents

	

135

	

9.2.

	

Powers and Duties

	

136

	

9.3.

	

General Immunity

	

136

	

9.4.

	

Acts in Individual Capacity

	

138

	

9.5.

	

Lenders’ Representations, Warranties and
Acknowledgments

	

138

	

9.6.

	

Right to Indemnity

	

139

	

9.7.

	

Successor Administrative Agent and Collateral Agent

	

140

	

9.8.

	

Collateral Documents and Obligations Guarantee

	

141

	

9.9.

	

Withholding Taxes

	

143

	

9.10.

	

Administrative Agent May File Bankruptcy Disclosure and Proofs of
Claim

	

144

	

9.11.

	

Certain ERISA Matters

	

144

	

9.12.

	

Concerning the Vector Facility Arrangements

	

146

	

SECTION 10.

	

MISCELLANEOUS

	

147

	

10.1.

	

Notices

	

147

	

10.2.

	

Expenses

	

149

	

10.3.

	

Indemnity

	

149

	

10.4.

	

Set-Off

	

150

	

10.5.

	

Amendments and Waivers

	

150

	

10.6.

	

Successors and Assigns; Participations

	

154

	

10.7.

	

Independence of Covenants

	

159

	

10.8.

	

Survival of Representations, Warranties and Agreements

	

159

	

10.9.

	

No Waiver; Remedies Cumulative

	

160

	

10.10.

	

Marshalling; Payments Set Aside

	

160

	

10.11.

	

Severability

	

160

	

10.12.

	

Independent Nature of Lenders’ Rights

	

160

	

10.13.

	

Headings

	

160

	

10.14.

	

APPLICABLE LAW

	

161

	

10.15.

	

CONSENT TO JURISDICTION

	

161

	

10.16.

	

WAIVER OF JURY TRIAL

	

161

	

10.17.

	

Confidentiality

	

162

	

10.18.

	

Usury Savings Clause

	

163

	

10.19.

	

Counterparts

	

163

	

10.20.

	

Effectiveness; Entire Agreement

	

163

	

10.21.

	

PATRIOT Act

	

163

	

10.22.

	

Electronic Execution of Assignments

	

163

	

10.23.

	

No Fiduciary Duty

	

164

	

10.24.

	

Permitted Intercreditor Agreements

	

164

	

10.25.

	

Acknowledgement and Consent to Bail-In of EEA Financial
Institutions

	

165

 

 

iii

 

 

SCHEDULES:        

2.1             

Commitments

4.2

Equity
Interests and Ownership

4.11(b)

Real
Estate

6.1

Indebtedness

6.2

Liens

6.3

Negative
Pledges

6.5

Restrictions on
Subsidiary Distributions

6.6

Investments

6.10

Affiliate
Transactions

10.1

Notices

 

EXHIBITS:     

A      

Assignment
Agreement

B

Closing
Date Certificate

C

Compliance
Certificate

D

Conversion/Continuation
Notice

E

Counterpart
Agreement

F

Funding
Notice

G

Intercompany
Indebtedness Subordination Agreement

H

Intercompany
Note

I

Intercreditor
Agreement

J

Pledge
and Security Agreement

K

Solvency
Certificate

L

Supplemental
Collateral Questionnaire

M

Form of
Note

N-1

Form of US Tax
Certificate For Foreign Lenders That Are Not Partnerships For US
Federal Income Tax Purposes

N-2

Form of US Tax
Certificate For Foreign Participants That Are Not Partnerships For
US Federal Income Tax Purposes

N-3

Form of US Tax
Certificate For Foreign Participants That Are Partnerships For US
Federal Income Tax Purposes

N-4

Form of US Tax
Certificate For Foreign Lenders That Are Partnerships For US
Federal Income Tax Purposes

 

 

iv

 

 

SECOND LIEN CREDIT AND GUARANTY
AGREEMENT dated as of May 4, 2018, among FUSION CONNECT, INC., a Delaware
corporation (the “Borrower”), CERTAIN SUBSIDIARIES OF THE BORROWER
party hereto, as Guarantor Subsidiaries, the LENDERS party hereto and WILMINGTON TRUST, NATIONAL ASSOCIATION
(“Wilmington
Trust”), as Administrative Agent and Collateral
Agent.

 

The
Lenders have agreed to extend a credit facility to the Borrower
consisting of Tranche B Term Loans in an aggregate principal
amount of $85,000,000.

 

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

 

SECTION
1. DEFINITIONS AND
INTERPRETATION

 

1.1. Definitions. As
used in this Agreement (including the recitals hereto), the
following terms have the meanings specified below:

 

“Acquired Company” means Birch
Communications Holdings, Inc., a Georgia corporation.

 

“Acquired Company Indemnity Letter
Agreement” means the letter agreement dated August 26,
2017, pursuant to which BCHI Holdings, LLC, a Georgia limited
liability company, agreed to indemnify the Borrower and its
Subsidiaries with respect to certain Adverse Proceedings, as such
letter agreement is in effect on the Closing Date.

 

“Acquisition” means the purchase or
other acquisition (in one transaction or a series of transactions,
including pursuant to any merger or consolidation) of all or
substantially all the issued and outstanding Equity Interests in,
or all or substantially all the assets of (or all or substantially
all the assets constituting a business unit, division, product line
or line of business of), any Person.

 

“Acquisition Consideration” means,
with respect to any Acquisition, the purchase consideration for
such Acquisition, whether paid in Cash or other property (valued at
the fair value thereof, as determined reasonably and in good faith
by an Authorized Officer of the Borrower), but excluding any
component thereof consisting of Equity Interests in the Borrower
(other than any Disqualified Equity Interests) and whether payable
at or prior to the consummation of such 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 including (a)
any earnouts and other agreements to make any payment the amount of
which is, or the terms of payment of which are, in any respect
subject to or contingent upon the revenues, income, cash flows or
profits (or the like) of the Person or assets being acquired,
provided that any
such future payment that is subject to a contingency shall be
considered Acquisition Consideration only to the extent of the
reserve, if any, required under GAAP to be established by the
Borrower or any Restricted Subsidiary in respect thereof at the
time of the consummation of such Acquisition, and (b) the aggregate
amount of Indebtedness assumed by the Borrower or any Restricted
Subsidiary in connection with such Acquisition.

 

 

 

“Adjusted Eurodollar Rate” means,
for any Interest Period for a Eurodollar Rate Loan, the rate per
annum obtained by dividing (a) (i) the rate per annum
determined by the Administrative Agent to be the rate that appears
on the page of the Reuters Screen that displays the London
interbank offered rate as administered by ICE Benchmark
Administration (or any other Person that takes over the
administration of such rate) (such page currently being LIBOR01
page) for deposits (for delivery on the first day of such Interest
Period) with a term equivalent to such Interest Period in Dollars,
determined as of approximately 11:00 a.m. (London time) on the
Interest Rate Determination Date for such Interest Period, or
(ii) in the event the rate referred to in the preceding
clause (i) does not appear on such page or if the Reuters
Screen shall cease to be available, the rate per annum determined
by the Administrative Agent to be the offered rate on such other
page or other service that displays the London interbank offered
rate as administered by ICE Benchmark Administration (or any other
Person that takes over the administration of such rate) for
deposits (for delivery on the first day of such Interest Period)
with a term equivalent to such Interest Period in Dollars,
determined as of approximately 11:00 a.m. (London time) on such
Interest Rate Determination Date, by (b) an amount equal to
one minus the Applicable Reserve Requirement; provided that, notwithstanding
the foregoing, (A) if the Adjusted Eurodollar Rate, determined
as provided above, would otherwise be less than zero, then the
Adjusted Eurodollar Rate shall be deemed to be zero and (B) in
the case of Tranche B Term Loans, the Adjusted Eurodollar Rate
shall at no time be less than 1.00% per annum.

 

“Administrative Agent” means
Wilmington Trust, in its capacity as administrative agent for the
Lenders hereunder and under the other Credit Documents, and its
successors in such capacity as provided in Section 9.

 

“Administrative Agent Fee Letter”
means the Fee Letter, dated as of the Closing Date, between
Wilmington Trust and the Borrower.

 

“Adverse Proceeding” means any
action, suit, proceeding, hearing or investigation, in each case
whether administrative, judicial or otherwise, by or before any
Governmental Authority or any arbitrator, that is pending or, to
the knowledge of the Borrower or any Subsidiary, threatened in
writing against or affecting the Borrower or any Subsidiary or any
property of the Borrower or any Subsidiary.

 

“Affected Lender” as defined in
Section 2.17(b).

 

“Affected Loans” as defined in
Section 2.17(b).

 

“Affiliate” means, with respect to
any Person, any other Person directly or indirectly Controlling,
Controlled by or under common Control with the Person specified;
provided that for
purposes of Section 6.10, the term “Affiliate”
also means any Person that directly or indirectly beneficially owns
Equity Interests in the Person specified representing 10% or more
of the aggregate ordinary voting power or the aggregate equity
value represented by the issued and outstanding Equity Interests in
the Person specified and any Person that would be an Affiliate of
any such beneficial owner pursuant to this definition (but without
giving effect to this proviso).

 

“Agent” means each of (a) the
Administrative Agent, (b) the Collateral Agent, (c) the Syndication
Agent, (d) the Arrangers and (e) any other Person appointed under
the Credit Documents to serve in an agent or similar capacity,
including any Auction Manager.

 

“Aggregate Amounts Due” as defined
in Section 2.16.

 

 

-2-

 

“Aggregate Payments” as defined in
Section 7.2(b).

 

“Agreement” means this Second Lien
Credit and Guaranty Agreement dated as of May 4,
2018.

 

“Anti-Corruption Laws” as defined in
Section 4.21.

 

“Applicable ECF Percentage” means,
with respect to any Fiscal Year, (a) 50% if the Total Net Leverage
Ratio as of the last day of such Fiscal Year is greater than
2.90:1.00, (b) 25% if the Total Net Leverage Ratio as of the
last day of such Fiscal Year is equal to or less than 2.90:1.00 but
greater than 2.40:1.00 and (c) 0% if the Total Net Leverage Ratio
as of the last day of such Fiscal Year is equal to or less than
2.40:1.00.

 

“Applicable Rate” means, on any
day, (a) with respect to any Tranche B Term Loan, (i) 9.50%
per annum, in the case of a Base Rate Loan, and (ii) 10.50% per
annum, in the case of a Eurodollar Rate Loan, and (b) with respect
to Loans of any other Class, the rate per annum specified in the
Incremental Facility Agreement, the Extension/Modification
Agreement or the Refinancing Facility Agreement, as the case may
be, establishing Loans of such Class.

 

“Applicable Reserve Requirement”
means, at any time, for any Eurodollar Rate Loan, the maximum rate,
expressed as a decimal, at which reserves (including any basic,
marginal, special, supplemental, emergency or other reserves) are
required to be maintained by member banks of the United States
Federal Reserve System against “Eurocurrency
liabilities” (as such term is defined in Regulation D) under
regulations issued from time to time by the Board of Governors or
other applicable banking regulator. Without limiting the effect of
the foregoing, the Applicable Reserve Requirement shall reflect any
other reserves required to be maintained by such member banks with
respect to (a) any category of liabilities that includes deposits
by reference to which the applicable Adjusted Eurodollar Rate or
any other interest rate for a Loan is to be determined or (b) any
category of extensions of credit or other assets that includes
Eurodollar Rate Loans. A Eurodollar Rate Loan shall be deemed to
constitute Eurocurrency liabilities and as such shall be deemed
subject to reserve requirements without the benefit of credits for
proration, exceptions or offsets that may be available from time to
time to the applicable Lender. The rate of interest on Eurodollar
Rate Loans shall be adjusted automatically on and as of the
effective date of any change in the Applicable Reserve
Requirement.

 

“Approved Cost Savings” means
“run rate” net cost savings, operating expense
reductions and other operating improvements and synergies
attributable to (a) the Transactions and reflected in the model
delivered to the Arrangers prior to the Closing Date or (b) the
Specified Acquisition and reflected in the quality of earnings
report delivered to the Arrangers in respect of the Specified
Acquisition prior to the Closing Date; provided that, in the case of
this clause (b), (i) such Acquisition is consummated on or prior to
December 31, 2018 and (ii) the Approved Cost Savings permitted by
this clause (b) shall not exceed $16,700,000 in the
aggregate.

 

“Approved Electronic
Communications” means any notice, demand,
communication, information, document or other material that any
Credit Party, or its counsel or advisors, provides to any Agent
that is distributed to any Agent or any Lender by means of
electronic communications pursuant to Section 10.1(b).

 

 

-3-

 

“Arrangers” means Goldman Sachs,
MSSF and MUFG, each in its capacity as a joint lead arranger and
joint bookrunner for the credit facility established under this
Agreement.

 

“Asset Sale” means any Disposition
of assets (other than Dispositions made in reliance on Section
6.8(b)(i), (ii), (iii), (iv), (vi), (vii) or (viii)), other than
any such Disposition (or series of related Dispositions) resulting
in aggregate Net Proceeds not exceeding $5,000,000 during any
Fiscal Year.

 

“Assignment Agreement” means an
Assignment and Assumption Agreement substantially in the form of
Exhibit A, with such amendments or modifications thereto as
may be approved by the Administrative Agent.

 

“Assignment Effective
Date” as
defined in Section 10.6(b).

 

“Auction” as defined in Section
10.6(i)(i).

 

“Auction Manager” means (a) the
Administrative Agent or (b) any other financial institution agreed
to by the Borrower and the Administrative Agent (whether or not an
Affiliate of the Administrative Agent) to act as an auction manager
in connection with any Auction; provided that the Borrower
shall not designate the Administrative Agent as the Auction Manager
without the prior written consent of the Administrative Agent (it
being understood that the Administrative Agent shall be under no
obligation to agree to act as the Auction Manager).

 

“Authorized Officer” means, with
respect to any Person, any individual holding the position of chief
executive officer, president, chief operating officer, chief
financial officer, principal accounting officer, treasurer,
secretary, assistant secretary, executive vice president or senior
vice president of such Person; provided that, when such term
is used in reference to any document executed by, or a
certification of, an Authorized Officer, the secretary or assistant
secretary of such Person shall have delivered an incumbency
certificate to the Administrative Agent as to the authority of such
individual.

 

“Available Basket Amount” means, as
of any date:

 

(a)  the
Available Excess Cash Flow Amount as of such date; plus

 

(b)  the
Declined Mandatory Prepayment Retained Amount as of such date;
plus

 

(c)  [reserved];
plus

 

(d)  the
aggregate amount of Returns and, without duplication, dividends,
distributions and other returns on capital received in Cash or Cash
Equivalents as of such date in respect of any Acquisition or other
Investments made (or deemed made pursuant to the definition of the
term “Unrestricted Subsidiary”) using the Available
Basket Amount, provided that the aggregate
amount by which the Available Basket Amount is increased pursuant
to this clause (d) in respect of any Acquisition or other
Investment shall not exceed the amount by which the Available
Basket Amount shall have been reduced on account of the Acquisition
Consideration with respect to such Acquisition or the original
amount of any such other Investment; plus

 

 

-4-

 

(e)  without
duplication of amounts otherwise increasing the Available Basket
Amount pursuant to clause (d) above, in the event any Unrestricted
Subsidiary has been designated as a Restricted Subsidiary, or has
been merged or consolidated with the Borrower or a Restricted
Subsidiary (where the surviving entity in such merger or
consolidation is the Borrower or a Restricted Subsidiary), or
transfers or conveys all or substantially all of its assets to, or
is liquidated into, the Borrower or a Restricted Subsidiary, on or
prior to such date, the lesser of (i) the amount of all Investments
made using the Available Basket Amount in such Unrestricted
Subsidiary (including any such Investment deemed made pursuant to
the definition of the term “Unrestricted Subsidiary”),
net of the aggregate amount, if any, by which the Available Basket
Amount shall have been increased prior to such time in respect of
such Investments pursuant to clause (d) above, and (ii) the fair
value of such Unrestricted Subsidiary (as determined reasonably and
in good faith by an Authorized Officer of the Borrower) at the time
it is designated as a Restricted Subsidiary or the time of such
merger, consolidation, transfer, conveyance or liquidation, as
applicable; minus

 

(f)  the
portion of the Available Basket Amount utilized after the Closing
Date and on or prior to such date pursuant to Section 6.4(j)
or 6.6(n), with the utilization pursuant to Section 6.6(n) for
any Acquisition being the Acquisition Consideration in respect
thereof and the utilization pursuant to Section 6.6(n) for any
other Investment (or any deemed Investment in respect of any
designation of an Unrestricted Subsidiary) being the amount thereof
as of the date the applicable Investment is made, determined in
accordance with the definition of “Investment” (or the
definition of “Unrestricted Subsidiary”).

 

“Available Excess Cash Flow Amount”
means, as of any date, an amount equal to the sum, for the Fiscal
Years of the Borrower in respect of which financial statements and
the related Compliance Certificate have been delivered in
accordance with Sections 5.1(a) and 5.1(c), and for which
prepayments required by Section 2.13(e) (if any) have been made, in
each case on or prior to such date (commencing with the Fiscal Year
ending December 31, 2019), of the products of (a) the amount of
Consolidated Excess Cash Flow (to the extent such amount exceeds
zero) for each such Fiscal Year multiplied by (b) the
Retained ECF Percentage for such Fiscal Year (it being understood
that the Retained ECF Percentage of Consolidated Excess Cash Flow
for any such Fiscal Year shall be included in the Available Excess
Cash Flow Amount regardless of whether a prepayment is required for
such Fiscal Year under Section 2.13(e)).

 

“Bail-In Action” means 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” means, 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.

 

“Bankruptcy Code” means
Title 11 of the United States Code entitled
“Bankruptcy”.

 

 

-5-

 

“Base Rate” means, for any day, the
rate per annum equal to the greatest of (a) the Prime Rate in
effect on such day, (b) the Federal Funds Effective Rate in effect
on such day plus 1⁄2 of 1% per annum and (c) the Adjusted
Eurodollar Rate that would be applicable to a Eurodollar Rate Loan
with an Interest Period of one month commencing on such day plus
1%; provided that,
notwithstanding the foregoing, (i) if the Base Rate,
determined as provided above, would otherwise be less than 1.00%
per annum, then the Base Rate shall be deemed to be 1.00% per annum
and (ii) in the case of Tranche B Term Loans, the Base Rate
shall at no time be less than 2.00% per annum. Any change in the
Base Rate due to a change in the Prime Rate, the Federal Funds
Effective Rate or the Adjusted Eurodollar Rate shall be effective
on the effective day of such change in the Prime Rate, the Federal
Funds Effective Rate or the Adjusted Eurodollar Rate, as the case
may be.

 

“Base Rate Borrowing” means a
Borrowing comprised of Base Rate Loans.

 

“Base Rate Loan” means a Loan
bearing interest at a rate determined by reference to the Base
Rate.

 

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

 

“Borrower” as defined in the
preamble hereto.

 

“Borrowing” means Loans of the same Class and
Type made, converted or continued on the same date and, in the case
of Eurodollar Rate Loans, as to which a single Interest Period is
in effect.

 

“Business Day” means any day other
than a Saturday or Sunday, a day that is a legal holiday under the
laws of the State of New York or a day on which banking
institutions located in such State are authorized or required by
law to remain closed; provided that, with respect to
all notices, determinations, fundings and payments in connection
with the Adjusted Eurodollar Rate or any Eurodollar Rate Loan, such
day is also a day for trading by and between banks in Dollar
deposits in the London interbank market.

 

“Capital Lease Obligations” of any
Person means the obligations of such Person to pay rent or other
amounts under any lease of (or other arrangement conveying the
right to use) real or personal property, or a combination thereof,
which obligations are required to be classified and accounted for
as capital leases on a balance sheet of such Person in conformity
with GAAP, subject to Section 1.2(a). The amount of such
obligations shall be the capitalized amount thereof determined in
conformity with GAAP, subject to Section 1.2(a), and the final
maturity of such obligations shall be the date of the last payment
due under such lease (or other arrangement) before such lease (or
other arrangement) may be terminated by the lessee without payment
of a premium or penalty. For purposes of Section 6.2, a Capital
Lease Obligation shall be deemed to be secured by a Lien on the
property being leased and such property shall be deemed to be owned
by the lessee.

 

“Cash” means money, currency or a
credit balance in any demand or deposit account.

 

 

-6-

 

“Cash Equivalents” means, as at any
date of determination, any of the following: (a) marketable
securities (i) issued or directly and unconditionally guaranteed as
to interest and principal by the United States of America or (ii)
issued by any agency of the United States of America and backed by
the full faith and credit of the United States of America, in each
case maturing within one year after such date; (b) marketable
direct obligations issued by any State of the United States of
America or the District of Columbia or any political subdivision of
any such State or District or any public instrumentality thereof,
in each case maturing within one year after such date and having,
at the time of the acquisition thereof, a rating of at least A-1
from S&P or at least P-1 from Moody’s; (c) commercial
paper maturing no more than 270 days from the date of creation
thereof and having, at the time of the acquisition thereof, a
rating of at least A-1 from S&P or at least P-1 from
Moody’s; (d) time deposits, certificates of deposit or
bankers’ acceptances maturing within 270 days after such date
and issued or accepted by any commercial bank organized or licensed
to conduct a banking business under the laws of the United States
of America, any State thereof or the District of Columbia that
(i) is at least “adequately capitalized” (as
defined in the regulations of its primary Federal banking
regulator) and (ii) has Tier 1 capital (as defined in such
regulations) of not less than $500,000,000; (e) fully
collateralized repurchase agreements with a term of not more than
30 days from such date for securities described in clause (a) or
clause (b) above and entered into with a financial institution
satisfying the criteria described in clause (d) above; (f) shares
of any money market mutual fund that (i) has substantially all
its assets invested continuously in the types of investments
referred to in clauses (a) through (e) above, (ii) has net
assets of not less than $5,000,000,000 and (iii) has ratings of at
least AA+ from S&P or at least Aa1 from Moody’s; and (g)
in the case of any Foreign Subsidiary, other short-term investments
that are analogous to the foregoing, are of comparable credit
quality and are customarily used by companies in the jurisdiction
of such Foreign Subsidiary for cash management
purposes.

 

“CFC” means (a) any Person that is
a “controlled foreign corporation” (within the meaning
of Section 957 of the Internal Revenue Code), but only if a Credit
Party or a “United States person” (within the meaning
of Section 7701(a)(30) of the Internal Revenue Code) that is an
Affiliate of a Credit Party is, with respect to such Person, a
“United States shareholder” (within the meaning of
Section 951(b) of the Internal Revenue Code) described in Section
951(a)(1) of the Internal Revenue Code and (b) each Subsidiary of
any Person described in clause (a).

 

“CFC Holding Company” means each
Subsidiary that is treated as a partnership or a disregarded entity
for United States federal income tax purposes and that has no
material assets other than assets that consist (directly or
indirectly through disregarded entities or partnerships) of Equity
Interests or indebtedness (as determined for United States tax
purposes) in one or more CFCs or CFC Holding
Companies.

 

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

 

 

-7-

 

“Change of Control” means
(a)  the acquisition of ownership, directly or
indirectly, beneficially or of record, by any Person or group
(within the meaning of the Exchange Act and the rules of the SEC
thereunder), other than Permitted Holders, of Equity Interests in
the Borrower representing more than 35% of the aggregate ordinary
voting power represented by the issued and outstanding Equity
Interests in the Borrower, or (b) the occurrence of any
“change of control” (or similar event, however
denominated) with respect to the Borrower under and as defined in
any Permitted Section 6.1(e) Indebtedness Document, any
Permitted Incremental Equivalent Indebtedness, any Permitted Credit
Agreement Refinancing Indebtedness, any Permitted Subordinated
Indebtedness or in any indenture or other agreement or instrument
evidencing, governing the rights of the holders of or otherwise
relating to any other Material Indebtedness of the Borrower or any
Restricted Subsidiary.

 

“Claiming Guarantor” as defined in
Section 7.2(b).

 

“Class”, when used in reference to
(a) any Loan or Borrowing, refers to whether such Loan, or the
Loans comprising such Borrowing, are Tranche B Term Loans or
Loans of another “Class” established pursuant to
Section 2.23, 2.24 or 2.25 as contemplated below, (b) any
Commitment, refers to whether such Commitment is a Tranche B
Term Loan Commitment or a Commitment of another “Class”
established pursuant to Section 2.23 or 2.25 as contemplated below
and (c) any Lender, refers to whether such Lender has a Loan or
Commitment of a particular Class. Additional Classes of Loans,
Borrowings, Commitments and Lenders may be created pursuant to
Section 2.23, 2.24 or 2.25 and, as provided in Section 2.23, 2.24
or 2.25, any Incremental Loans, any Extended/Modified Loans or any
Refinancing Loans may be treated as a single Class with any other
Class of Loans having the same terms as such Incremental Loans,
Extended/Modified Loans or Refinancing Loans, as
applicable.

 

“Closing Date” means the date on
which the conditions specified in Section 3.1 have been
satisfied (or waived in accordance with Section 10.5).

 

“Closing Date Certificate” means a
Closing Date Certificate substantially in the form of
Exhibit B.

 

“Closing Date Common Equity
Issuance” means the issuance and sale, on the Closing
Date, by the Borrower of shares of its common stock, par value
$0.01 per share, for gross cash proceeds of
$4,999,998.50.

 

“Closing Date Preferred Stock”
means a new series of preferred stock of the Borrower, designated
as Series D Cumulative Preferred Stock, par value $0.01 per share,
issued and sold on the Closing Date by the Borrower to Holcombe T.
Green, Jr. (or an entity majority-owned and Controlled by Holcombe
T. Green, Jr.), for gross cash proceeds of
$14,700,000.

 

“Closing Date Prepayment” means the
prepayment on or prior to the Closing Date of a portion of the
Existing Subordinated Notes in an aggregate principal amount of
$3,000,000, plus a further reduction on the Closing Date in the
aggregate principal amount of the Existing Subordinated Notes
resulting from the set-off against the aggregate principal amount
thereof on the Closing Date of a $920,000 receivable owed by one or
more of the holders of the Existing Subordinated
Notes.

 

 

-8-

 

“Closing Date Refinancing” means (a) the payment
and discharge of the principal of and interest accrued on all
outstanding Indebtedness and all other amounts outstanding or
accrued, including all prepayment premium, under the Existing Debt
Documents, the termination of the commitments thereunder and the
cancellation or termination, or the cash collateralizing or
backstopping with letters of credit issued under the First Lien
Credit Agreement in a manner reasonably satisfactory to the
Administrative Agent, of all letters of credit outstanding
thereunder, (b) the termination and release of all Guarantees
and Liens supporting or securing any of the Indebtedness or other
obligations referred to in the foregoing clause (a) or created
under the documentation governing any such Indebtedness and (c) the
making of the Closing Date Prepayment.

 

“Collateral” means, collectively,
all of the property (including Equity Interests) on which Liens are
purported to be granted pursuant to the Collateral Documents as
security for the Obligations.

 

“Collateral Agent” means Wilmington Trust, in its
capacity as collateral agent for the Secured Parties under the
Credit Documents, and its successors in such capacity as provided
in Section 9.

 

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

 

(a)  the
Administrative Agent shall have received from the Borrower and each
Designated Subsidiary either (i) a counterpart of this Agreement
duly executed and delivered on behalf of such Person, or (ii) in
the case of any Person that becomes a Designated Subsidiary after
the Closing Date, a Counterpart Agreement duly executed and
delivered on behalf of such Person;

 

(b)  the
Collateral Agent shall have received from the Borrower and each
Designated Subsidiary (i) either (A) a counterpart of the Pledge
and Security Agreement, duly executed and delivered on behalf of
such Person, or (B) in the case of any Person that becomes a
Designated Subsidiary after the Closing Date, a supplement to the
Pledge and Security Agreement, in the form specified therein, duly
executed and delivered on behalf of such Person, and (ii) an
acknowledgment of the Intercreditor Agreement and, if then in
effect, each other Permitted Intercreditor Agreement, in each case,
in the form specified therein, duly executed and delivered on
behalf of such Person;

 

(c)  in
the case of any Person that becomes a Designated Subsidiary after
the Closing Date, the Administrative Agent shall have received, to
the extent requested by the Administrative Agent, documents,
opinions and certificates of the type referred to in
Sections 3.1(b), 3.1(d), 3.1(e), 3.1(f) and 3.1(k) with
respect to such Designated Subsidiary;

 

(d)  all
Equity Interests owned by or on behalf of any Credit Party shall
have been pledged pursuant to the Pledge and Security Agreement
(provided that the
Credit Parties shall not be required to pledge (i) more than 65% of
the outstanding voting Equity Interests in any CFC or CFC Holding
Company or (ii) Equity Interests that constitute Excluded
Property), and the Collateral Agent shall, to the extent required
by the Pledge and Security Agreement and subject to the
requirements of the Intercreditor Agreement and any other Permitted
Intercreditor Agreement then in effect, have received certificates
or other instruments representing all such Equity Interests,
together with undated stock powers or other instruments of transfer
with respect thereto endorsed in blank;

 

 

-9-

 

(e)  (i)
the Borrower and each Restricted Subsidiary shall have duly
executed and delivered a counterpart of each of the Intercompany
Note and the Intercompany Indebtedness Subordination Agreement and
(ii) all Indebtedness of any other Person in a principal amount of
$1,000,000 or more that is owing to any Credit Party shall be
evidenced by a promissory note, and the Intercompany Note, each
other promissory note (if any) evidencing Indebtedness of the
Borrower or any Restricted Subsidiary to any Credit Party and each
promissory note referred to in clause (ii) above shall, in each
case, have been pledged pursuant to the Pledge and Security
Agreement and the Collateral Agent shall, subject to the
requirements of the Intercreditor Agreement and any other Permitted
Intercreditor Agreement then in effect, have received the
Intercompany Note and all such other promissory notes, together
with undated instruments of transfer with respect thereto endorsed
in blank;

 

(f)  all
instruments and documents, including UCC financing statements
(including transmitting utility financing statements), required by
applicable law or reasonably requested by the Collateral Agent to
be filed, registered or recorded to create the Liens intended to be
created by the Collateral Documents and to perfect such Liens to
the extent required by, and with the priority required by, the
Collateral Documents shall have been filed, registered or recorded;
and

 

(g)  the
Collateral Agent shall have received (i) a Mortgage with respect to
each Material Real Estate Asset, if any, duly executed and
delivered by the record owner of such Material Real Estate Asset,
(ii) a fully paid policy or policies of title insurance issued by a
nationally recognized title insurance company insuring the Lien of
each Mortgage as a valid and enforceable Lien on the Material Real
Estate Asset described therein, free of any other Liens other than
Permitted Liens, which policies shall be in form and substance
reasonably satisfactory to the Collateral Agent, together with such
endorsements, coinsurance and reinsurance as the Collateral Agent
may reasonably request, (iii) a completed Flood Certificate with
respect to each Material Real Estate Asset, which Flood Certificate
shall be addressed to the Collateral Agent and shall otherwise
comply with the Flood Program and if the Flood Certificate with
respect to any Material Real Estate Asset states that any
“Building” (as defined in 12 CFR Chapter III, Section
339.2) included as part of such Material Real Estate Asset is
located in a Flood Zone, (A) a written notification from the
applicable Credit Party to the Collateral Agent as to the existence
of such Material Real Estate Asset and as to whether the community
in which such Material Real Estate Asset is located is
participating in the Flood Program and (B) if such Material Real
Estate Asset is located in a community that participates in the
Flood Program, evidence that the applicable Credit Party has
obtained a policy of flood insurance that is in compliance with all
applicable requirements of the Flood Program and other applicable
law (including as to the amount of insurance coverage required
thereunder), provided that the foregoing
requirements of this clause (iii) shall be completed (and copies of
such Flood Certificate and, if applicable, such acknowledgement and
evidence of flood insurance shall have been made available to the
Lenders) at least 20 Business Days (or such shorter period as shall
be acceptable to the Collateral Agent) prior to the execution and
delivery of a Mortgage with respect to such Material Real Estate
Asset, (iv) with respect to any Material Real Estate Asset
encumbered by a Lien that is to be subordinated to the Lien created
in accordance with this Agreement and the other Credit Documents,
an amendment or agreement of subordination duly executed and
delivered with respect to any Lien or encumbrance that, but for
such subordination, would have priority over the Mortgage delivered
to the Collateral Agent and (v) such surveys, abstracts,
appraisals, legal opinions and other documents as the Collateral
Agent may reasonably request with respect to any such Mortgage or
Material Real Estate Asset.

 

 

-10-

 

The
foregoing definition shall not require the creation or perfection
of pledges of or security interests in, or the obtaining of title
insurance, legal opinions, consents, approvals or other
deliverables with respect to, any particular assets of the Credit
Parties if and for so long as the Collateral Agent, in consultation
with the Borrower, determines that the cost of creating or
perfecting such pledges or security interests in such assets, or
obtaining such deliverables shall be excessive in relation to the
benefit that would be afforded to the Lenders therefrom. The
Collateral Agent may grant extensions of time for the creation and
perfection of security interests in or the obtaining of title
insurance, legal opinions or other deliverables with respect to
particular assets or the provision of any Obligations Guarantee by
any Restricted Subsidiary (including extensions beyond the Closing
Date or in connection with assets acquired, or Restricted
Subsidiaries formed or acquired, after the Closing Date) where it
determines that such action cannot be accomplished without undue
effort or expense by the time or times at which it would otherwise
be required to be accomplished by this Agreement or the Collateral
Documents.

 

Notwithstanding the
foregoing provisions of this definition or anything in this
Agreement or any other Credit Document to the
contrary:

 

(aa)
the Collateral and Guarantee Requirement shall not apply to any of
the following assets (collectively, the “Excluded Property”; each
capitalized term used in this clause (aa) but not defined in this
Agreement having the meaning given to it in the Pledge and Security
Agreement): (i) any Leasehold Property and any Real Estate Asset
that is not a Material Real Estate Asset, (ii) any motor vehicles
and other assets subject to certificates of title, except to the
extent perfection of a security interest therein may be
accomplished by the filing of UCC financing statements or an
equivalent thereof in appropriate form in the applicable
jurisdiction, (iii) any Commercial Tort Claim as to which the claim
thereunder is less than $2,000,000, (iv) (A) any assets if,
for so long as and to the extent a security interest may not be
granted in such assets as a matter of applicable law, (B) any
lease, license (including any License), contract or other agreement
or any rights or interests thereunder if, for so long as and to the
extent the grant of a security interest therein would (x)
constitute or result in (1) the unenforceability of any right,
title or interest of the applicable Credit Party in or (2) a breach
or termination pursuant to the terms of, or a default under, such
lease, license, contract or other agreement or (y) require a
consent, approval, license or authorization not obtained from a
Governmental Authority or third party, except, in each case under
this clause (B), to the extent that such breach or default is
ineffective under the UCC or other applicable law or principles of
equity, and (C) any property subject to a Lien securing any
purchase money obligation or Capital Lease Obligation (or any
Refinancing Indebtedness in respect thereof) if, for so long as and
to the extent the grant of a security interest therein would
constitute or result in a breach or a default under the related
agreements, provided that this
clause (C) shall apply only if such Lien and such purchase
money obligation or Capital Lease Obligation are permitted
hereunder, except, in each case under this clause (iv) to the
extent that such law or the terms in such lease, license, contract
or other agreement providing for such prohibition, breach, right of
termination or default or requiring such consent, approval, license
or authorization is ineffective under the UCC or other applicable
law or principles of equity, provided further that this clause (iv)
shall not exclude Proceeds thereof and Accounts and Payment
Intangibles arising therefrom the assignment of which is deemed
effective under the UCC, (v) any governmental licenses or
state or local franchises, charters and authorizations of a
Governmental Authority if, for so long as and to the extent the
grant of a security interest therein is prohibited or restricted by
applicable law (including the CPCN issued in Colorado to Cbeyond
Communications LLC and to Fusion LLC (formerly known as Network
Billing Systems, LLC)), except, in each case under this clause (v),
to the extent that such prohibition or restriction is ineffective
under the UCC or other applicable law or principles of equity,
provided that this
clause (v) shall not exclude Proceeds thereof and Accounts and
Payment Intangibles arising therefrom the assignment of which is
deemed effective under the UCC, (vi) Equity Interests in any Person
that is not a wholly owned Restricted Subsidiary if, for so long as
and to the extent (A) the Organizational Documents of such
Person or any related joint venture, shareholders’ or similar
agreement prohibits or restricts such pledge without the consent of
any Person other than the Borrower or a Restricted Subsidiary (it
being understood that none of the Credit Parties shall be required
to seek the consent of third parties thereunder), or (B) in
the case of any Person that is not a Restricted Subsidiary
(including any Unrestricted Subsidiary), such Equity Interests have
been pledged in connection with any Indebtedness of such Person
(but only to the extent that such Equity Interests remain pledged
in connection with such Indebtedness), (vii) any “intent to
use” trademark application for which a statement of use has
not been filed with the United States Patent and Trademark Office,
but only to the extent that the grant of a security interest
therein would invalidate such trademark application, (viii) any
Letter-of-Credit Rights (except to the extent constituting a
Supporting Obligation of other Collateral as to which perfection of
a security interest therein may be accomplished solely by the
filing of a UCC financing statement in the applicable jurisdiction
(it being understood that no actions shall be required to perfect a
security interest in a Letter-of-Credit Rights, other than the
filing of a UCC financing statement)), and (ix) the deposit
account, and all Cash on deposit therein, pledged or assigned as
collateral to East West Bank to secure the Existing EWB Letter of
Credit, and in each case of this clause (aa) other than any
Proceeds, substitutions or replacements of the foregoing (unless
such Proceeds, substitutions or replacements themselves would
constitute assets described in clauses (i) through (ix)
above); provided,
in each case, that such assets shall constitute Excluded Property
only if they are not subject to any Lien securing any Permitted
Section 6.1(e) Indebtedness, any Permitted Credit Agreement
Refinancing Indebtedness or any Permitted Incremental Equivalent
Indebtedness; and

 

 

-11-

 

(bb)  (i)
no delivery of certificates or other instruments representing
Equity Interests in any Subsidiaries that are not Material
Subsidiaries shall be required, (ii) there shall be no requirement
to obtain any control agreements with respect to any deposit
accounts or securities accounts, (iii) there shall be no
requirement to obtain any landlord waivers, estoppels, collateral
access letters or similar third party agreements and (iv) no
security or pledge agreements governed under the laws of any non-US
jurisdiction shall be required, and no actions in any non-US
jurisdiction shall be required in order to create or perfect any
security interest in assets located or titled outside the United
States.

 

“Collateral Documents” means the
Pledge and Security Agreement, the Mortgages, if any, the
Intellectual Property Security Agreements, and all other
instruments, documents and agreements delivered by or on behalf of
any Credit Party pursuant to this Agreement or any of the other
Credit Documents in order to grant to, or perfect in favor of, the
Collateral Agent, for the benefit of the Secured Parties, a Lien on
any property of such Credit Party as security for the
Obligations.

 

“Collateral Questionnaire” means
the Collateral Questionnaire delivered by the Borrower pursuant to
Section 3.1(d).

 

“Commitment” means a Tranche B Term
Loan Commitment, an Incremental Commitment of any Class or a
Refinancing Commitment of any Class.

 

“Communications Laws” means (a) the
Communications Act of 1934, (b) the rules and regulations of the
FCC promulgated under Title 47 of the U.S. Code of Federal
Regulations, as they may be amended or supplemented from time to
time and decisions, policies, reports and orders issued pursuant to
the adoption of such rules and regulations, (c) the Communications
Assistance for Law Enforcement Act, codified at 47 U.S.C.
§1001, et. seq., (d) such other laws of the United States
codified or otherwise included in Title 47 of the U.S. Code as may
be applicable to the conduct of the business of the Borrower and
the Restricted Subsidiaries, (e) any other law of any Governmental
Authority with jurisdiction over telecommunications related
matters, including all laws administered by any State PUC, and (f)
the terms and conditions of any License granted or issued to the
Borrower or any Restricted Subsidiaries.

 

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

 

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

 

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

 

(a) without duplication
and to the extent deducted (and not added back) in arriving at such
Consolidated Net Income (or, in the case of amounts pursuant to
clause (viii) or (xvii) below, to the extent not already included
in Consolidated Net Income), the sum for the Borrower and the
Restricted Subsidiaries of the following amounts for such
period:

 

 

 

-12-

 

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

 

(ii) provision
for Federal, state and foreign taxes based on income, profits or
capital gains, including in respect of repatriated
funds,

 

(iii) depreciation
and amortization, including amortization of intangible assets
established through purchase accounting and amortization of
deferred financing fees or costs, but excluding amortization of any
other prepaid cash expense that was paid and not expensed in a
prior period,

 

(iv) non-cash
charges, including impairment charges and any other write-down or
write-off of assets, noncash fair value adjustments of Investments
and noncash stock-based and similar incentive-based compensation
(including with respect to any profits interest relating to
membership interests in any partnership or limited liability
company), but excluding any such noncash charge or loss to the
extent that it represents an amortization of a prepaid cash expense
that was paid and not expensed in a prior period or write-down or
write-off with respect to accounts receivable (including any
addition to bad debt reserves or bad debt expense) or
inventory,

 

(v) extraordinary
losses, determined in conformity with GAAP,

 

(vi) unusual
or non-recurring charges, including, in each case, to the extent
unusual or non-recurring, operating expenses directly attributable
to the implementation of cost savings initiatives, merger costs,
severance costs, relocation costs, integration and
facilities’ opening costs, signing costs, retention or
completion bonuses, transition costs, costs related to
closure/consolidation of facilities, costs associated with tax
projects/audits and costs consisting of professional, consulting or
other fees relating to any of the foregoing; provided that the aggregate
amount added back pursuant to this clause (vi) and pursuant to
clauses (vii), (xiii) and, other than with respect to the Approved
Cost Savings, (viii) of this definition for any Test Period shall
not exceed (A) for any Test Period ending on or prior to December
31, 2018, 5% of Consolidated Adjusted EBITDA for such Test
Period and (B) for any Test Period ending thereafter, 15% of
Consolidated Adjusted EBITDA for such Test Period, in the case of
each of clauses (A) and (B), calculated prior to giving effect to
any addback pursuant to this clause (vi) or pursuant to clause
(vii), (viii) or (xiii) of this definition,

 

(vii) restructuring
charges, accruals and reserves (including restructuring charges
related to the Merger or to Acquisitions consummated after the
Closing Date); provided that the aggregate
amount added back pursuant to this clause (vii) and pursuant to
clauses (vi), (xiii) and, other than with respect to the Approved
Cost Savings, (viii) of this definition for any Test Period shall
not exceed (A) for any Test Period ending on or prior to December
31, 2018, 5% of Consolidated Adjusted EBITDA for such Test Period
and (B) for any Test Period ending thereafter, 15% of Consolidated
Adjusted EBITDA for such Test Period, in the case of each of
clauses (A) and (B), calculated prior to giving effect to any
addback pursuant to this clause (vii) or pursuant to clause (vi),
(viii) or (xiii) of this definition,

 

 

-13-

 

(viii) the
amount of “run rate” net cost savings, operating
expense reductions and other operating improvements and synergies
reasonably projected by the Borrower in good faith to be realized
in connection with the Transactions or any other Pro Forma Event or
the implementation of any operational initiative, including the
termination, abandonment or discontinuance of operations and
product lines (calculated on a Pro Forma Basis as though such cost
savings, operating expense reductions, other operating improvements
and synergies had been realized on the first day of the applicable
Test Period), net of the amount of actual benefits realized during
such period from such actions; provided that (A) such
cost savings, operating expense reductions and other operating
improvements and synergies are reasonably identifiable, factually
supportable and reasonably expected to be realized within 12 months
after the Closing Date or within 12 months after the consummation
of such other Pro Forma Event or the adoption of such initiative,
as applicable, (B) no cost savings, operating expense reductions
and other operating improvements and synergies shall be added
pursuant to this clause (viii) to the extent duplicative of any
items otherwise added in calculating Consolidated Adjusted EBITDA,
whether pursuant to the requirement of Section 1.2(b) or otherwise,
for such period and (C) other than with respect to the Approved
Cost Savings, the aggregate amount added back pursuant to this
clause (viii) and pursuant to clauses (vi), (vii) and (xiii) of
this definition for any Test Period shall not exceed (x) for any
Test Period ending on or prior to December 31, 2018, 5% of
Consolidated Adjusted EBITDA for such Test Period and (y) for any
Test Period ending thereafter, 15% of Consolidated Adjusted EBITDA
for such Test Period, in the case of each of clauses (x) and (y),
calculated prior to giving effect to any addback pursuant to this
clause (viii) or pursuant to clause (vi), (vii) or (xiii) of this
definition,

 

(ix) the
amount of any noncontrolling interest consisting of income of any
Restricted Subsidiary that is not wholly owned by the Borrower
attributable to noncontrolling Equity Interests of third parties in
such Restricted Subsidiary,

 

(x) after-tax losses
attributable to any Disposition of assets (other than Dispositions
in the ordinary course of business),

 

(xi) the
amount of any net losses from discontinued operations, determined
in conformity with GAAP,

 

(xii) (A)
transaction fees, costs and expenses incurred in connection with
the Transactions prior to the Closing Date, (B) transaction fees,
costs and expenses in an aggregate amount not to exceed $1,500,000
incurred in connection with the Transactions after the Closing Date
but prior to the one year anniversary of the Closing Date and
(C) transaction fees, costs and expenses in an aggregate
amount not to exceed $1,000,000 incurred on or prior to December
31, 2018 in connection with the Specified Acquisition (whether or
not the Specified Acquisition is consummated),

 

 

-14-

 

(xiii) transaction
fees, costs and expenses incurred during such period, or any
amortization thereof for such period, in connection with any
Acquisition, any Investment (other than intercompany Investments in
the ordinary course of business), any Disposition (other than
Dispositions in the ordinary course of business), any incurrence,
repayment or refinancing of Indebtedness (or any amendment or other
modification of any Indebtedness) or any issuance of Equity
Interests, including any such transaction consummated prior to the
Closing Date and any such transaction undertaken but not completed;
provided that the
aggregate amount added back pursuant to this clause (xiii) and
pursuant to clauses (vi), (vii) and, other than with respect to the
Approved Cost Savings, (viii) of this definition for any Test
Period shall not exceed (A) for any Test Period ending on or prior
to December 31, 2018, 5% of Consolidated Adjusted EBITDA for such
Test Period and (B) for any Test Period ending thereafter, 15% of
Consolidated Adjusted EBITDA for such Test Period, in the case of
each of clauses (A) and (B), calculated prior to giving effect to
any addback pursuant to this clause (xiii) or pursuant to clause
(vi), (vii) or (viii) of this definition,

 

(xiv) any
loss attributable to the early extinguishment of Indebtedness or
obligations under any Hedge Agreement,

 

(xv) any
unrealized loss attributable to the mark-to-market movement in the
valuation of obligations under any Hedge Agreement pursuant to FASB
Accounting Standards Codification 815, as amended,

 

(xvi) any
unrealized loss attributable to the mark-to-market movement in the
valuation of amounts denominated in foreign currencies resulting
from the application of FASB Accounting Standards Codification
830,

 

(xvii) any
expenses, charges or losses that are covered by indemnification or
other reimbursement provisions in connection with any Investment,
Acquisition or Disposition (other than in the ordinary course of
business) permitted under the Credit Documents or in connection
with any Insurance/Condemnation Event (disregarding the exception
in the definition of such term), including lost profits covered by
business interruption insurance, in each case, to the extent (A)
actually reimbursed by the applicable third party insurer or other
third party during such period or (B) (1) the Borrower has received
notification from the applicable third party insurer or other third
party that it intends to reimburse such expenses, charges or losses
or such lost profits and (2) there exists reasonable evidence that
such expenses, charges or losses or lost profits will in fact be
reimbursed by such insurer or other third party within 270 days
after the related amount is first added to Consolidated Adjusted
EBITDA pursuant to this clause (xvii), provided that no amount may be
added pursuant to this clause (xvii) to the extent that (x) such
insurer or other third party shall have denied in writing
reimbursement for such amount and (y) such amount has not actually
been reimbursed within 270 days after it is first added to
Consolidated Adjusted EBITDA pursuant to this clause (xvii) (with a
deduction for any amount so added back to the extent not so
reimbursed within such 270 days),

 

 

-15-

 

(xviii) any
contingent or deferred payments (including earnout payments,
noncompete payments and consulting payments) actually made to
sellers during such period in connection with any Acquisition, and
any losses for such period arising from the remeasurement of the
fair value of any liability recorded with respect to any earnout or
other contingent or deferred consideration arising from any
Acquisition, less

 

(b) without duplication
and to the extent included in arriving at such Consolidated Net
Income (or, in the case of amounts pursuant to clause (ix) below,
to the extent not already deducted from Consolidated Net Income),
the sum for the Borrower and the Restricted Subsidiaries of the
following amounts for such period:

 

(i) non-cash gains or
items of income (other than the accrual of revenue in the ordinary
course), excluding any non-cash items of income in respect of which
Cash was received in a prior period or will be received in a future
period,

 

(ii) extraordinary
gains or items of income, determined in conformity with
GAAP,

 

(iii) unusual
or non-recurring gains or items of income,

 

(iv) gains
attributable to any Disposition of assets (other than Dispositions
in the ordinary course of business),

 

(v) the amount of any
net income from discontinued operations, determined in conformity
with GAAP,

 

(vi) any
gain attributable to the early extinguishment of Indebtedness or
obligations under any Hedge Agreement,

 

(vii) any
unrealized gain attributable to the mark-to-market movement in the
valuation of obligations under any Hedge Agreement pursuant to FASB
Accounting Standards Codification 815, as amended,

 

(viii) any
unrealized gain attributable to the mark-to-market movement in the
valuation of amounts denominated in foreign currencies resulting
from the application of FASB Accounting Standards Codification 830,
and

 

(ix) the
amount of any noncontrolling interest consisting of losses of any
Restricted Subsidiary that is not wholly owned by the Borrower
attributable to noncontrolling Equity Interests of third parties in
such Restricted Subsidiary.

 

For
purposes of calculating Consolidated Adjusted EBITDA for any
period, if during such period the Borrower or any Restricted
Subsidiary shall have consummated a Material Acquisition or a
Material Disposition, Consolidated Adjusted EBITDA for such period
shall be calculated after giving Pro Forma Effect thereto in
accordance with Section 1.2(b).

 

 

-16-

 

Notwithstanding the
foregoing, but subject to the immediately preceding paragraph,
Consolidated Adjusted EBITDA for (A) the Fiscal Quarter ended March
31, 2017, shall be deemed to be equal to $37,350,000, (B) the
Fiscal Quarter ended June 30, 2017, shall be deemed to be
equal to $40,745,000, (C) the Fiscal Quarter ended
September 30, 2017, shall be deemed to be equal to $39,783,000
and (D) the Fiscal Quarter ended December 31, 2017, shall be deemed
to be equal to $43,778,000.

 

“Consolidated Capital Expenditures”
means, for any period, the aggregate of all expenditures made by
the Borrower and the Restricted Subsidiaries during such period
that are required to be included in “purchase of property,
plant and equipment” or similar items on a consolidated
statement of cash flows, or that are otherwise required to be
capitalized on a consolidated balance sheet, of the Borrower and
the Restricted Subsidiaries for such period prepared in conformity
with GAAP; provided
that Consolidated Capital Expenditures shall not include any
expenditures (a) to the extent made with Net Proceeds
reinvested pursuant to Section 2.13(a) or 2.13(b) or (b) that
constitute an Acquisition permitted under Section 6.6; provided further that, except for
purposes of calculating Consolidated Excess Cash Flow for any
period, in the event the Borrower or any Restricted Subsidiary
consummates an Acquisition, Consolidated Capital Expenditures shall
not include any such expenditures made by any Person, business
unit, division, product line or line of business acquired pursuant
to such Acquisition, in each case, prior to the date of the
consummation of such Acquisition.

 

“Consolidated Excess Cash Flow”
means, for any period, an amount equal to:

 

(a) the sum, without
duplication, of:

 

(i) Consolidated Net
Income for such period;

 

(ii) the
aggregate amount of all non-cash charges (including depreciation
expense, amortization expense and deferred tax expense), to the
extent deducted in arriving at Consolidated Net
Income;

 

(iii) the
sum of (A) the amount, if any, by which Consolidated Working
Capital decreased during such period (except as a result of the
reclassification of items from short-term to long-term or vice
versa) and (B) the net amount, if any, by which the consolidated
deferred revenues of the Borrower and the Restricted Subsidiaries
increased during such period, in each case, other than any such
decreases or increases, as applicable, arising from an Acquisition
or from a Disposition of assets (other than in the ordinary course
of business) by the Borrower or any of the Restricted Subsidiaries
completed during such period;

 

(iv) the
aggregate amount of net non-cash loss on any Disposition of assets
by the Borrower and the Restricted Subsidiaries (other than
Dispositions in the ordinary course of business), to the extent
deducted in arriving at Consolidated Net Income;

 

(v) the aggregate
amount of cash payments received in respect of Hedge Agreements
during such period, to the extent not included in arriving at
Consolidated Net Income;

 

(vi) the
aggregate amount of any non-cash loss for such period attributable
to the early extinguishment of Indebtedness or Hedge Agreements, to
the extent deducted in arriving at such Consolidated Net
Income;

 

 

-17-

 

(vii) income
tax expense, to the extent deducted in arriving at such
Consolidated Net Income; minus

 

(b) the sum, without
duplication, of:

 

(i) the aggregate
amount of all non-cash credits included in arriving at Consolidated
Net Income;

 

(ii) without
duplication of amounts deducted pursuant to clause (xi) below in
any prior period, the Consolidated Capital Expenditures made by the
Borrower and the Restricted Subsidiaries in Cash during such
period, except to the extent financed with Excluded
Sources;

 

(iii) the
aggregate principal amount of Indebtedness of the Borrower and the
Restricted Subsidiaries repaid or prepaid (including, to the extent
of Cash spent, through repurchases and redemptions) by the Borrower
and the Restricted Subsidiaries in Cash during such period
(including (A) the principal component of payments in respect
of Capital Lease Obligations, (B) scheduled Installments of Loans
made pursuant to Section 2.11 and scheduled installments of
term loans made pursuant to Section 2.11 of the First Lien Credit
Agreement (or any comparable provision in any other Permitted
Section 6.1(e) Indebtedness Document), (C) the amount of any
mandatory prepayment of Loans, any Permitted Pari Passu Secured
Indebtedness or any Permitted Senior Lien Secured Indebtedness
actually made with the Net Proceeds of an Asset Sale or an
Insurance/Condemnation Event, in each case, to the extent such Net
Proceeds resulted in an increase to Consolidated Net Income and not
in excess of the amount of such increase, and (D) to the extent of
Cash spent, repurchases by the Borrower of Loans pursuant to
Section 10.6(i)(ii), but excluding (1) all other repayments or
prepayments (including repurchases and redemptions) of Loans,
Permitted Pari Passu Secured Indebtedness and Permitted Senior Lien
Secured Indebtedness, (2) all repayments or prepayments
(including repurchases and redemptions) of any revolving credit
loans (other than in respect of any revolving credit facility to
the extent there is an equivalent permanent reduction in
commitments thereunder, other than in connection with a refinancing
thereof) and (3) repayments or prepayments (including
repurchases and redemptions) of Junior Indebtedness (it being
understood and agreed that any amount excluded pursuant to clauses
(1) through (3) above may not be deducted under any other clause of
this definition)), except to the extent financed with Excluded
Sources;

 

(iv) the
aggregate amount of net non-cash gain on any Disposition of assets
by the Borrower and the Restricted Subsidiaries (other than
Dispositions in the ordinary course of business), to the extent
included in arriving at Consolidated Net Income;

 

(v) the sum of (i) the
amount, if any, by which Consolidated Working Capital increased
during such period (except as a result of the reclassification of
items from short-term to long-term or vice versa) and (ii) the net
amount, if any, by which the consolidated deferred revenues of the
Borrower and the Restricted Subsidiaries decreased during such
period, in each case, other than any such increases or decreases,
as applicable, arising from an Acquisition or from a Disposition of
assets (other than in the ordinary course of business) by the
Borrower or any of the Restricted Subsidiaries completed during
such period;

 

 

-18-

 

(vi) the
aggregate amount of any non-cash gain for such period attributable
to the early extinguishment of Indebtedness, Hedge Agreements or
other derivative instruments, to the extent included in arriving at
Consolidated Net Income;

 

(vii) the
aggregate amount of Cash payments made by the Borrower and the
Restricted Subsidiaries during such period in respect of long-term
liabilities of the Borrower and the Restricted Subsidiaries other
than Indebtedness, except to the extent financed with Excluded
Sources;

 

(viii) without
duplication of amounts deducted pursuant to clause (xi) below in
any prior period, the aggregate amount of Cash paid by the Borrower
and the Restricted Subsidiaries during such period to consummate
any Acquisition or Investment (other than intercompany Investments)
permitted under Section 6.6(l), 6.6(m) or 6.6(o), except to the
extent financed with Excluded Sources;

 

(ix) the
aggregate amount of Restricted Junior Payments permitted by Section
6.4(e), 6.4(g)(i) or 6.4(i) paid by the Borrower and the Restricted
Subsidiaries in Cash during such period, except to the extent
financed with Excluded Sources;

 

(x) the aggregate
amount of any premium, make-whole or penalty payments actually paid
in Cash by the Borrower and the Restricted Subsidiaries during such
period that are required to be made in connection with any
prepayment of Indebtedness, except to the extent financed with
Excluded Sources;

 

(xi) without
duplication of amounts deducted from Excess Cash Flow in any prior
period, the aggregate consideration required to be paid in Cash by
the Borrower or any of the Restricted Subsidiaries pursuant to
binding contracts (the “Contract Consideration”)
entered into prior to or during such period relating to
Acquisitions or Consolidated Capital Expenditures, in each case, to
be consummated or made during the period of four consecutive Fiscal
Quarters of the Borrower following the end of such period;
provided that to
the extent that the aggregate amount of Cash actually utilized to
finance such Acquisitions or Consolidated Capital Expenditures
during such period of four consecutive Fiscal Quarters is less than
the Contract Consideration, the amount of such shortfall shall be
added to the calculation of Consolidated Excess Cash Flow at the
end of such period of four consecutive Fiscal
Quarters;

 

(xii) to
the extent not deducted in arriving at Consolidated Net Income,
directors’ fees (including salary and bonus) and board
consulting fees and related reimbursement of reasonable
out-of-pocket expenses paid by the Borrower and the Restricted
Subsidiaries in Cash in such period;

 

(xiii) to
the extent not deducted in arriving at Consolidated Net Income,
transaction fees, costs and expenses incurred in connection with
the Transactions or any Acquisition paid by the Borrower and the
Restricted Subsidiaries in Cash in such period;

 

(xiv) to
the extent not deducted in arriving at Consolidated Net Income,
income taxes, including penalties and interest, paid by the
Borrower and the Restricted Subsidiaries in Cash in such period;
and

 

 

-19-

 

(xv) to
the extent not deducted in arriving at Consolidated Net Income, the
aggregate amount of Cash payments made by the Borrower and the
Restricted Subsidiaries in respect of Hedge Agreements during such
period.

 

“Consolidated Fixed Charges” means,
for any period, the sum, without duplication, of (a) Consolidated
Interest Expense for such period, (b) the aggregate amount of
scheduled principal payments made during such period in respect of
Long-Term Indebtedness of the Borrower and the Restricted
Subsidiaries (other than payments made by the Borrower or any
Restricted Subsidiary to the Borrower or a Restricted Subsidiary),
(c) the aggregate amount of principal payments (other than
scheduled principal payments) made during such period in respect of
Long-Term Indebtedness of the Borrower and the Restricted
Subsidiaries (other than payments made by the Borrower or any
Restricted Subsidiary to the Borrower or a Restricted Subsidiary),
to the extent that such payments reduced any scheduled principal
payments that would have become due within one year after the date
of the applicable payment, (d) the aggregate amount of principal
payments on Capital Lease Obligations, determined in conformity
with GAAP, made by the Borrower and the Restricted Subsidiaries
during such period and (e) Consolidated Capital Expenditures
for such period (except to the extent financed by incurring
Long-Term Indebtedness).

 

“Consolidated Interest Expense”
means, for any period:

 

(a) the sum, without
duplication, of (i) the total interest expense (including imputed
interest expense in respect of Capital Lease Obligations) for the
Borrower and the Restricted Subsidiaries for such period,
determined on a consolidated basis in conformity with GAAP,
including all commissions, discounts and other fees and charges
owed with respect to letters of credit and bankers’
acceptance financing and net payments, if any, made (less net
payments, if any, received) pursuant to obligations under Hedge
Agreements in respect of any Indebtedness, and (ii) any interest or
other financing costs becoming payable during such period in
respect of Indebtedness of the Borrower or any Restricted
Subsidiary to the extent such interest or other financing costs
shall have been capitalized rather than included in total interest
expense for such period in accordance with GAAP, minus

 

(b) cash interest
income of the Borrower and the Restricted Subsidiaries for such
period, determined on a consolidated basis in accordance with GAAP,
minus

 

(c) to the extent
included in clause (a) for such period, the sum, without
duplication, of (i) amortization or write-down of capitalized
interest, deferred financing costs or debt issuance costs,
commissions, fees and expenses, pay-in-kind interest expense, the
amortization of original issue discount resulting from the issuance
of Indebtedness below par and any other amounts of non-cash
interest (including as a result of the effects of purchase
accounting), (ii) the accretion or accrual of discounted
liabilities during such period, (iii) non-cash interest expense
attributable to the movement of the mark-to-market valuation of
obligations under Hedge Agreements or other derivative instruments
pursuant to FASB Accounting Standards Codification 815, (iv) any
one-time cash costs associated with breakage in respect of Hedge
Agreements for interest rates, (v) all additional interest or
liquidated damages then owing pursuant to any registration rights
agreement and any comparable “additional interest” or
liquidated damages with respect to any securities designed to
compensate the holders thereof for a failure to publicly register
such securities, (vi) any expense resulting from the discounting of
any Indebtedness in connection with the application of
recapitalization accounting or, if applicable, purchase accounting,
(vii) fees and expenses associated with the consummation of the
Transactions and (viii) commitment and other financing fees
(excluding, for the avoidance of doubt, the commitment fees in
respect of revolving commitments under any Permitted
Section 6.1(e) Indebtedness).

 

 

-20-

 

 

For
purposes of calculating Consolidated Interest Expense for any
period, if during such period the Borrower or any Restricted
Subsidiary shall have consummated a Material Acquisition (other
than the Transactions) or a Material Disposition, Consolidated
Interest Expense for such period shall be calculated after giving
Pro Forma Effect thereto in accordance with Section
1.2(b).

 

Notwithstanding the
foregoing (but subject to the immediately preceding paragraph),
Consolidated Interest Expense shall be deemed to be (A) for the
four Fiscal Quarter period ended on the last day of the first
Fiscal Quarter ending after the Closing Date, Consolidated Interest
Expense for such Fiscal Quarter multiplied by four, (B) for the
four Fiscal Quarter period ended on the last day of the second
Fiscal Quarter ending after the Closing Date, Consolidated Interest
Expense for the two Fiscal Quarters then most recently ended
multiplied by two, and (C) for the four Fiscal Quarter period ended
on the last day of the third Fiscal Quarter ending after the
Closing Date, Consolidated Interest Expense for the three Fiscal
Quarters then most recently ended multiplied by 4/3; provided that, in the event the
Closing Date shall have occurred after the first day of the first
Fiscal Quarter ending after the Closing Date, Consolidated Interest
Expense for such Fiscal Quarter shall be deemed, for purposes of
clauses (A), (B) and (C) above, to be Consolidated Interest Expense
for the period from and including the Closing Date to and including
the last day of such Fiscal Quarter, multiplied by a fraction equal
to (x) 90 divided by (y) the number of days actually elapsed from
and including the Closing Date to and including the last day of
such Fiscal Quarter.

 

“Consolidated Net Income” means,
for any period, the net income (or loss) of the Borrower and the
Restricted Subsidiaries for such period, determined on a
consolidated basis in conformity with GAAP; provided that there shall be
excluded, without duplication, (a) the cumulative effect of a
change in accounting principles during such period and (b) the net
income (or loss) of any Person (including any Unrestricted
Subsidiary or any Person accounted for under the equity method of
accounting) that is not the Borrower or a Restricted Subsidiary
except, in the case of net income, to the extent of the amount of
Cash dividends or similar Cash distributions actually paid by such
Person to the Borrower or any Restricted Subsidiary during such
period.

 

“Consolidated Total Assets” means,
as of any date, the consolidated total assets of the Borrower and
the Restricted Subsidiaries as of the last day of the most recently
ended Fiscal Quarter for which financial statements have been
delivered pursuant to Section 5.1(a) or 5.1(b) (or, prior
to the first such delivery, for which financial statements are
included in the Historical Financial Statements), determined on a
consolidated basis in conformity with GAAP, but excluding therefrom
any Escrow Cash Collateral. Consolidated Total Assets as of any
date prior to the Closing Date shall be determined on a Pro Forma
basis to give effect to the Merger and the other Transactions to
occur on the Closing Date.

 

“Consolidated Total Debt” means, as
of any date, without duplication:

 

(a)  the
sum of the aggregate principal amount of Indebtedness of the
Borrower and the Restricted Subsidiaries outstanding as of such
date, in the amount that would be required to be reflected on a
balance sheet prepared as of such date on a consolidated basis in
conformity with GAAP (but subject to Section 1.2(a)),
consisting solely of Indebtedness for borrowed money, obligations
evidenced by bonds, debentures, notes or similar instruments and
purchase money indebtedness, plus

 

(b)  the
aggregate amount of Capital Lease Obligations of the Borrower and
the Restricted Subsidiaries outstanding as of such date,
plus

 

 

-21-

 

(c) to
the extent the amount thereof would be required to be reflected on
a balance sheet prepared as of such date on a consolidated basis in
conformity with GAAP (but subject to Section 1.2(a)), the
aggregate amount of purchase price adjustments, earnouts, deferred
compensation or other similar arrangements incurred by the Borrower
and the Restricted Subsidiaries in connection with any Acquisition,
plus

 

(d)  the
aggregate amount outstanding as of such date of unreimbursed
drawings or other disbursements under all letters of credit and
letters of guaranty in respect of which the Borrower or any
Restricted Subsidiary is an account party, plus

 

(e)  all
obligations, contingent or otherwise, of the Borrower or any
Restricted Subsidiary in respect of bankers’ acceptances
outstanding as of such date, plus

 

(f)  Guarantees
outstanding as of such date by the Borrower or any Restricted
Subsidiary of Indebtedness of the type described in clauses (a)
through (e) above of any Person other than the Borrower or any
Restricted Subsidiary.

 

“Consolidated Total Net Debt”
means, as of any date, without duplication:

 

(a)  the
sum of the aggregate principal amount of Indebtedness of the
Borrower and the Restricted Subsidiaries outstanding as of such
date, in the amount that would be required to be reflected on a
balance sheet prepared as of such date on a consolidated basis in
conformity with GAAP (but subject to Section 1.2(a)),
consisting solely of Indebtedness for borrowed money, obligations
evidenced by bonds, debentures, notes or similar instruments and
purchase money indebtedness, plus

 

(b)  the
aggregate amount of Capital Lease Obligations of the Borrower and
the Restricted Subsidiaries outstanding as of such date,
plus

 

(c) to
the extent the amount thereof would be required to be reflected on
a balance sheet prepared as of such date on a consolidated basis in
conformity with GAAP (but subject to Section 1.2(a)), the aggregate
amount of purchase price adjustments, earnouts, deferred
compensation or other similar arrangements incurred by the Borrower
and the Restricted Subsidiaries in connection with any Acquisition,
plus

 

(d)  the
aggregate amount outstanding as of such date of unreimbursed
drawings or other disbursements under all letters of credit and
letters of guaranty in respect of which the Borrower or any
Restricted Subsidiary is an account party, plus

 

(e)  all
obligations, contingent or otherwise, of the Borrower or any
Restricted Subsidiary in respect of bankers’ acceptances
outstanding as of such date, plus

 

(f)  Guarantees
outstanding as of such date by the Borrower or any Restricted
Subsidiary of Indebtedness of the type described in clauses (a)
through (e) above of any Person other than the Borrower or any
Restricted Subsidiary, minus

 

 

-22-

 

(g)  the
aggregate amount of Unrestricted Cash as of such date (but
disregarding the proceeds of Indebtedness that is incurred on such
date); provided
that, with respect to the calculation of Consolidated Total Net
Debt for purposes of testing the covenant set forth in Section
6.7(a) (including any such testing to determine compliance
therewith on a Pro Forma Basis as required by any other provision
hereof), the aggregate amount of such Unrestricted Cash deducted
pursuant to this clause (g) shall not exceed
$30,000,000.

 

“Consolidated Working Capital”
means, as of any date, the excess of (a) the sum of all
amounts (other than Cash and Cash Equivalents) that would, in
conformity with GAAP, be set forth opposite the caption
“total current assets” (or any like caption) on a
consolidated balance sheet of the Borrower and the Restricted
Subsidiaries as of such date (excluding all amounts attributable to
Unrestricted Subsidiaries), but excluding, without duplication, (i)
assets relating to current and deferred income taxes and (ii) the
effects from applying purchase accounting, less (b) the sum of all
amounts that would, in conformity with GAAP, be set forth opposite
the caption “total current liabilities” (or any like
caption) on a consolidated balance sheet of the Borrower and the
Restricted Subsidiaries as of such date (excluding all amounts
attributable to Unrestricted Subsidiaries), excluding, without
duplication, (i) the current portion of any Long-Term
Indebtedness, (ii) all Indebtedness (including letter of
credit obligations) under any revolving credit facility, to the
extent otherwise included therein, (iii) the current portion
of interest, (iv) the current portion of current and deferred
income Taxes, (v) non-cash compensation liabilities and
(vi) the effects from applying purchase
accounting.

 

“Consumer/SMB Business” means the
“Consumer/SMB Business” as defined in the Merger
Agreement as in effect on the Closing Date.

 

“Contractual Obligation” means,
with respect to any Person, any provision of any Security issued by
such Person or any indenture, mortgage, deed of trust, contract,
undertaking or other agreement or instrument to which such Person
is a party or by which such Person or any of its properties is
bound or to which such Person or any of its properties is
subject.

 

“Control” means, with respect to
any Person, the possession, directly or indirectly, of the power to
direct or cause the direction of the management and policies, or
the dismissal or appointment of the management, of such Person,
whether through the ability to exercise voting power, the ownership
of Securities, by contract, or otherwise. The words
“Controlling”, “Controlled by” and
“under common Control with” have correlative
meanings.

 

“Conversion/Continuation Date”
means the effective date of a continuation or conversion, as the
case may be, as set forth in the applicable Conversion/Continuation
Notice.

 

“Conversion/Continuation Notice”
means a Conversion/Continuation Notice substantially in the form of
Exhibit D.

 

“Counterpart Agreement” means a
Second Lien Counterpart Agreement substantially in the form of
Exhibit E.

 

“Credit Date” means the date of any
Credit Extension.

 

“Credit Document” means each of
this Agreement, the Collateral Documents, the Post-Closing Letter
Agreement, the Counterpart Agreements, the Extension/Modification
Agreements, the Incremental Facility Agreements, the Refinancing
Facility Agreements, the Permitted Intercreditor Agreements and,
except for purposes of Section 10.5, the Notes, if any, the
Collateral Questionnaire and all other documents, certificates,
instruments or agreements executed and delivered by or on behalf of
any Credit Party for the benefit of any Agent or any Lender in
connection herewith on or after the date hereof and which are
designated as “Credit Documents” pursuant to an
agreement between the Borrower and the Administrative
Agent.

 

 

-23-

 

“Credit Extension” means the making
of a Loan.

 

“Credit Parties” means the Borrower
and the Guarantor Subsidiaries.

 

“Debtor Relief Laws” means the
Bankruptcy Code and all other liquidation, conservatorship,
bankruptcy, assignment for the benefit of creditors, moratorium,
arrangement (including under corporate statutes), 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.

 

“Declined Mandatory Prepayment Retained
Amount” means any portion of the amount of any
mandatory prepayment of Loans required pursuant to Section 2.13(a),
2.13(b) or 2.13(e) that has been declined by the Lenders in
accordance with Section 2.14(c), but only to the extent retained by
the Borrower in accordance with Section 2.14(c).

 

“Default” means a condition or
event that, after notice or lapse of time or both, would constitute
an Event of Default.

 

“Defaulting Lender” means any
Lender that (a) has failed (i) to fund all or any portion of
its Loans within two Business Days of the date such Loans were
required to be funded hereunder, unless such Lender notifies the
Administrative Agent and the Borrower in good faith in writing that
such failure is the result of such Lender’s determination
that one or more conditions precedent to funding (which conditions
precedent, together with the applicable Default, if any, shall be
specifically identified in such writing) has not been satisfied, or
(ii) to pay to the Administrative Agent, the Collateral Agent or
any Lender any other amount required to be paid by it hereunder
within two Business Days of the date when due, (b) has notified the
Borrower or the Administrative Agent in writing that it does not
intend to comply with its funding obligations hereunder, or has
made a public statement to that effect (unless such writing or
public statement relates to such Lender’s obligation to fund
a Loan hereunder and states that such position is based on such
Lender’s determination that a condition precedent to funding
(which condition precedent, together with the applicable Default,
if any, shall be specifically identified in such writing or public
statement) cannot be satisfied), (c) has failed, within three
Business Days after written request by the Administrative Agent or
the Borrower, to confirm in writing to the Administrative Agent and
the Borrower that it will comply with its prospective funding
obligations hereunder (provided that such Lender shall
cease to be a Defaulting Lender pursuant to this clause (c) upon
receipt of such written confirmation by the Administrative Agent
and the Borrower), or (d) is, or a direct or indirect parent
company of such Lender is, (i) the subject of a Bail-In
Action, (ii) insolvent, or is generally unable to pay its debts as
they become due, or admits in writing its inability to pay its
debts as they become due, or makes a general assignment for the
benefit of its creditors or (iii) the subject of a proceeding under
any Debtor Relief Laws, or a receiver, trustee, conservator,
intervenor or sequestrator or the like (including the Federal
Deposit Insurance Corporation or any other state or federal
regulatory authority acting in a like capacity with respect to such
Lender) has been appointed for such Lender or its direct or
indirect parent company, or such Lender or its direct or indirect
parent company has taken any action in furtherance of or indicating
its consent to 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 such Lender or any direct or
indirect parent company thereof by a Governmental Authority so long
as such ownership interest does not result in or provide such
Lender with immunity from the jurisdiction of courts within the
United States or from the enforcement of judgments or writs of
attachment on its assets or permit such Lender (or such
Governmental Authority) to reject, repudiate, disavow or disaffirm
any contracts or agreements made with such Lender. Any
determination by the Administrative Agent that a Lender is a
Defaulting Lender under any one or more of clauses (a) through (d)
above shall be conclusive and binding absent manifest error, and
such Lender shall be deemed to be a Defaulting Lender upon delivery
of written notice of such determination to the Borrower and each
Lender.

 

 

-24-

 

“Designated Subsidiary” means each
Restricted Subsidiary of the Borrower, including the Acquired
Company and its Restricted Subsidiaries, other than (a) any
Subsidiary that is not a wholly owned Subsidiary, (b) any
Subsidiary that is a CFC or a CFC Holding Company, (c) any
Subsidiary of a CFC or CFC Holding Company, (d) any Subsidiary
that is not a Material Subsidiary, (e) any Subsidiary that is
prohibited by applicable law or, in the case of any Subsidiary
acquired after the Closing Date, any Contractual Obligation in
effect at the time such Subsidiary is acquired (and not entered
into in contemplation of or in connection with such acquisition)
from providing an Obligations Guarantee (including any such
prohibition arising from any requirement to obtain a consent,
approval (including regulatory approval), license or authorization
of any Governmental Authority that has not been obtained in order
to provide such Obligations Guarantee); provided that to the extent any
such consent, approval, license or authorization is required from
the FCC or any State PUC, the Borrower and the Restricted
Subsidiaries shall use commercially reasonable efforts (including
by making all applicable filings and submitting all applicable
notices) to obtain the same promptly after such Restricted
Subsidiary is otherwise required to become a Designated Subsidiary,
(f) any captive insurance company, (g) any not-for-profit
Subsidiary or (h) any Subsidiary where the burden or cost of
providing an Obligations Guarantee by such Subsidiary is excessive
in relation to the benefit that would be afforded to the Lenders
thereby, as determined by the Administrative Agent in consultation
with the Borrower; provided that, notwithstanding
the foregoing, a Subsidiary shall be a Designated Subsidiary if
such Subsidiary shall be an obligor (including pursuant to a
Guarantee) in respect of any Permitted Section 6.1(e)
Indebtedness, any Permitted Credit Agreement Refinancing
Indebtedness, any Permitted Incremental Equivalent Indebtedness or
any Permitted Subordinated Indebtedness. Notwithstanding the
foregoing, neither Primus Management ULC, a British Columbia
unlimited liability company, nor Bircan Management ULC, a British
Columbia unlimited liability company, shall be a “Designated
Subsidiary” unless so designated by the Borrower in writing
to the Administrative Agent.

 

“Disposition” means any sale,
transfer, lease or other disposition (including any sale or
issuance of Equity Interests in a Subsidiary) of any property by
any Person, including any sale, transfer or other disposition, with
or without recourse, of any notes or accounts receivable or any
rights and claims associated therewith. “Dispose” has the meaning
correlative thereto.

 

“Disqualified Equity Interest”
means, with respect to any Person, any Equity Interest in such
Person that, by its terms (or by the terms of any security or other
Equity Interests into which it is convertible or for which it is
exchangeable, either mandatorily or at the option of the holder
thereof), or upon the occurrence of any event or condition,
(a) matures or is mandatorily redeemable (other than solely
for Equity Interests in such Person that are not Disqualified
Equity Interests and Cash in lieu of fractional shares of such
Equity Interests), whether pursuant to a sinking fund obligation or
otherwise, (b) is redeemable at the option of the holder
thereof (other than solely for Equity Interests in such Person that
do not constitute Disqualified Equity Interests and Cash in lieu of
fractional shares of such Equity Interests), in whole or in part,
or is required to be repurchased by the Borrower or any Restricted
Subsidiary, in whole or in part, at the option of the holder
thereof (other than solely for Equity Interests in such Person that
do not constitute Disqualified Equity Interests and Cash in lieu of
fractional shares of such Equity Interests) or (c) is or becomes
convertible into or exchangeable for, either mandatorily or at the
option of the holder thereof, Indebtedness or any other Equity
Interests (other than solely for Equity Interests in such Person
that do not constitute Disqualified Equity Interests and Cash in
lieu of fractional shares of such Equity Interests), in each case,
prior to the date that is 91 days after the latest Maturity Date
(determined as of the date of issuance thereof or, in the case of
any such Equity Interests outstanding on the date hereof, the date
hereof), except, in the case of clauses (a) and (b), as a result of
a “change of control” or “asset sale”, so
long as any rights of the holders thereof upon the occurrence of
such a change of control or asset sale event are subject to the
prior payment in full of all Obligations and, if any are then in
effect, the termination of the Commitments; provided that an Equity
Interest in any Person that is issued to any employee or to any
plan for the benefit of employees or by any such plan to such
employees shall not constitute a Disqualified Equity Interest
solely because it may be required to be repurchased by such Person
or any of its Subsidiaries in order to satisfy applicable statutory
or regulatory obligations or as a result of such employee’s
termination, death or disability; provided further that the Closing Date
Preferred Stock shall not constitute a Disqualified Equity
Interest.

 

 

-25-

 

“Disqualified Institution” means
(a) such competitors of the Borrower and its Subsidiaries as have
been identified by name in writing by the Borrower to the
Administrative Agent from time to time and (b) any Affiliate of any
such Person identified pursuant to clause (a) above (i) that
has been identified by name in writing by the Borrower to the
Administrative Agent from time to time or (ii) where such
Affiliate’s relationship to such Person is readily apparent
on its face on the basis of the name of such Affiliate, in each
case under this clause (b), other than any such Affiliate that is a
bona fide fixed income investor or debt fund that is engaged in the
making, purchasing, holding or otherwise investing in commercial
loans, bonds or similar extensions of credit in the ordinary course
of business; provided that no Person shall
be a Disqualified Institution until the date on which the list of
Disqualified Institutions that have been so identified by name
pursuant to this definition shall have been made available to the
Lenders on the Platform. It is understood and agreed that any
identification by the Borrower pursuant to this definition shall
not apply retroactively to disqualify any assignment or
participation to any Person that shall have become a Lender or a
participant prior thereto (but that no further assignments or
delegations to, or sales of participations by, may be made to any
such Person thereafter and such Person shall thereafter for all
other purposes be a Disqualified Institution). The Administrative
Agent will promptly make such list available on the Platform upon
the written request of the Borrower that it do so. Notwithstanding
anything to the contrary in this Agreement, each of the parties
hereto acknowledges and agrees that the Administrative Agent shall
not have any duty to ascertain, monitor or enforce compliance with
the list of Disqualified Institutions and shall not have any
liability with respect to any assignment or participation made to a
Disqualified Institution.

 

“Dollars” and the sign
“$” mean the
lawful money of the United States of America.

 

“Domestic Subsidiary” means any
Subsidiary organized under the laws of the United States of
America, any State thereof or the District of
Columbia.

 

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

 

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

 

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

 

“Eligible Assignee” means (a) any
Lender, any Affiliate of any Lender and any Related Fund (any two
or more Related Funds of any Lender being treated as a single
Eligible Assignee for all purposes hereof) and (b) any
commercial bank, insurance company, investment or mutual fund or
other Person that is an “accredited investor” (as
defined in Regulation D under the Securities Act) and that
extends credit or buys loans in the ordinary course of business;
provided that in no
event shall any natural person (or any holding company, investment
vehicle or trust for, or owned and operated for the primary benefit
of, a natural person), any Defaulting Lender, any Disqualified
Institution, the Borrower, any Subsidiary or any other Affiliate of
the Borrower be an Eligible Assignee.

 

 

-26-

 

“Employee Benefit Plan” means any
of (a) an “employee benefit plan”, as defined in
Section 3(3) of ERISA, that is subject to Parts II, III or IV of
Title I of ERISA or Title IV of ERISA and that is or was sponsored,
maintained or contributed to by, or required to be contributed to
by, the Borrower, any Restricted Subsidiary or any of their
respective ERISA Affiliates, (b) a “plan” as defined in
Section 4975 of the Code or (c) any Person whose assets include
(for purposes of ERISA Section 3(42) or otherwise for purposes of
Title I of ERISA or Section 4975 of the Code) the assets of any
such “employee benefit plan” or “plan”, in
each case, other than a Foreign Plan.

 

“Engagement Letter” means the Engagement Letter dated
February 13, 2018, among Goldman Sachs Bank USA, MSSF, The Bank of
Tokyo-Mitsubishi UFJ, Ltd. and the Borrower.

 

“Environmental Laws” means all
applicable laws (including common law), statutes, ordinances,
orders, rules, regulations, judgments, Governmental Authorizations
or any other requirements of Governmental Authorities relating to
pollution or to the protection of the environment, natural
resources, threatened or endangered species or human health and
safety.

 

“Environmental Liability” means all
liabilities, obligations, damages, losses, claims, actions, suits,
judgments, orders, fines, penalties, fees, expenses and costs,
(including administrative oversight costs, natural resource
damages, monitoring and remediation costs and reasonable fees and
expenses of attorneys and consultants), whether contingent or
otherwise, arising out of or relating to: (a) compliance
or non-compliance with any Environmental Law, (b) the
generation, use, handling, transportation, storage, treatment,
recycling, disposal (or arrangement for such activities) of any
Hazardous Materials, (c) exposure to any Hazardous Materials,
(d) the presence or Release of any Hazardous Materials or
(e) any contract, agreement or other consensual arrangement
pursuant to which liability is assumed or imposed with respect to
any of the foregoing.

 

“Equity Interests” means any and
all shares, interests, participations or other equivalents (however
designated) of capital stock of a corporation, any and all
equivalent ownership interests in a Person (other than a
corporation), including partnership interests and membership
interests, and any and all warrants, rights or options to purchase
or acquire any of the foregoing (other than, prior to the date of
such conversion, Indebtedness that is convertible into any such
Equity Interests).

 

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

 

“ERISA Affiliate” means, with
respect to any Person, (a) any corporation that is a member of
a controlled group of corporations within the meaning of Section
414(b) of the Internal Revenue Code of which such Person is a
member, (b) any trade or business (whether or not incorporated)
that is a member of a group of trades or businesses under common
control within the meaning of Section 414(c) of the Internal
Revenue Code of which such Person is a member and (c) any member of
an affiliated service group within the meaning of
Section 414(m) or 414(o) of the Internal Revenue Code of which
such Person, any corporation described in clause (a) above or any
trade or business described in clause (b) above is a member. Any
Person that was, but has since ceased to be, an ERISA Affiliate
(within the meaning of the previous sentence) of the Borrower or
any Restricted Subsidiary shall continue to be considered an ERISA
Affiliate of the Borrower or such Restricted Subsidiary within the
meaning of this definition with respect to the period such Person
was an ERISA Affiliate of the Borrower or such Restricted
Subsidiary and with respect to liabilities arising after such
period for which the Borrower or such Restricted Subsidiary could
be liable under the Internal Revenue Code or ERISA.

 

 

-27-

 

“ERISA Event” means (a) the
occurrence of a “reportable event” within the meaning
of Section 4043 of ERISA and the regulations issued thereunder
with respect to any Pension Plan (excluding those for which the
provision for 30 day notice to the PBGC has been waived by
regulation), (b) the failure of the Borrower, any Restricted
Subsidiary or any of their respective ERISA Affiliates to meet the
minimum funding standard of Section 412 of the Internal Revenue
Code or Section 302 of ERISA with respect to any Pension Plan
(whether or not waived in accordance with Section 412(c) of
the Internal Revenue Code) or the failure to make by its due date a
required installment under Section 430(j) of the Internal Revenue
Code with respect to any Pension Plan or the failure of the
Borrower, any Restricted Subsidiary or any of their respective
ERISA Affiliates to make any required contribution to a
Multiemployer Plan, (c) the filing pursuant to Section 412(c)
of the Internal Revenue Code or Section 302(c) of ERISA of an
application for a waiver of the minimum funding standard with
respect to any Pension Plan, (d) the provision by the administrator
of any Pension Plan pursuant to Section 4041(a)(2) of ERISA of a
notice of intent to terminate such plan in a distress termination
described in Section 4041(c) of ERISA, (e) the withdrawal by the
Borrower, any Restricted Subsidiary or any of their respective
ERISA Affiliates from any Pension Plan with two or more
contributing sponsors or the termination of any such Pension Plan
resulting in liability to the Borrower, any Restricted Subsidiary
or any of their respective Affiliates pursuant to Section 4063 or
4064 of ERISA during a plan year in which such entity was a
“substantial employer” as defined in Section 4001(a)(2)
of ERISA, (f) the institution by the PBGC of proceedings to
terminate any Pension Plan, or the appointment of a trustee to
administer, any Pension Plan, (g) the incurrence by the Borrower,
any Restricted Subsidiary or any of their respective ERISA
Affiliates of any liability with respect to the withdrawal or
partial withdrawal from any Pension Plan, (h) the imposition of
liability on the Borrower, any Restricted Subsidiary or any of
their respective ERISA Affiliates pursuant to Section 4062(e) or
4069 of ERISA, (i) the withdrawal of the Borrower, any Restricted
Subsidiary or any of their respective ERISA Affiliates in a
complete or partial withdrawal (within the meaning of Sections 4203
and 4205 of ERISA) from any Multiemployer Plan if there is any
liability therefor, (j) the receipt by the Borrower, any Restricted
Subsidiary or any of their respective ERISA Affiliates of notice
from any Multiemployer Plan (i) that such Multiemployer Plan is in
insolvency pursuant to Section 4245 of ERISA, (ii) that such
Multiemployer Plan is in “endangered” or
“critical” status (within the meaning of Section 432 of
the Internal Revenue Code or Section 305 of ERISA) or (iii) that
such Multiemployer Plan intends to terminate or has terminated
under Section 4041A or 4042 of ERISA, (k) a determination that any
Pension Plan is in “at risk” status (as defined in
Section 430(i)(4) of the Internal Revenue Code or Section 303(i)(4)
of ERISA) with respect to any plan year, (l) the occurrence of
an act or omission that could reasonably be expected to give rise
to the imposition on the Borrower, any Restricted Subsidiary or any
of their respective ERISA Affiliates of fines, penalties, taxes or
related charges under Chapter 43 of the Internal Revenue Code or
under Section 409, Section 502(c), 502(i) or 502(l), or Section
4071 of ERISA in respect of any Employee Benefit Plan, (m) the
assertion of a claim (other than routine claims for benefits)
against any Employee Benefit Plan other than a Multiemployer Plan
or the assets thereof, or against the Borrower, any Restricted
Subsidiary or any of their respective ERISA Affiliates in
connection with any Employee Benefit Plan, (n) receipt from the IRS
of notice of the failure of any Pension Plan (or any other Employee
Benefit Plan intended to be qualified under Section 401(a) of the
Internal Revenue Code) to qualify under Section 401(a) of the
Internal Revenue Code, or the failure of any trust forming part of
any Pension Plan to qualify for exemption from taxation under
Section 501(a) of the Internal Revenue Code, (o) the imposition of
a Lien pursuant to Section 430(k) of the Internal Revenue Code or
Section 303(k) of ERISA or a violation of Section 436 of the
Internal Revenue Code or (p) the occurrence of a non-exempt
“prohibited transaction” (as defined in Section 4975 of
the Internal Revenue Code or Section 406 of ERISA) with respect to
which the Borrower, any Restricted Subsidiary or any of their
respective ERISA Affiliates is a “disqualified person”
(within the meaning of Section 4975 of the Internal Revenue Code)
or a “party in interest” (within the meaning of Section
406 of ERISA).

 

 

-28-

 

“Escrow Cash Amount” means
$62,000,000.

 

“Escrow Cash Collateral” means Cash
proceeds from the borrowing of the “Tranche B Term
Borrowings” made under the First Lien Credit Agreement in an
aggregate amount equal to the Escrow Cash Amount that has been
deposited into the Escrow Cash Collateral Account, together with
any interest or profits thereon.

 

“Escrow Cash Collateral Account” as
defined in the First Lien Credit Agreement.

 

“Escrow Cash Collateral Control
Agreement” as defined in the First Lien Credit
Agreement.

 

“Escrow Cash Collateral Outside
Date” as defined in the First Lien Credit
Agreement.

 

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

 

“Eurodollar Rate Borrowing” means a
Borrowing comprised of Eurodollar Rate Loans.

 

“Eurodollar Rate Loan” means a Loan
bearing interest at a rate determined by reference to the Adjusted
Eurodollar Rate.

 

“Event of Default” means any
condition or event set forth in Section 8.1.

 

“Exchange Act” means the Securities
Exchange Act of 1934.

 

“Excluded Property” as defined in
the definition of the term “Collateral and Guarantee
Requirement”.

 

“Excluded Sources” means the
proceeds of any issuance or incurrence of Indebtedness by, or the
issuance of any Equity Interests by, or the making of capital
contributions to, the Borrower or any of the Restricted
Subsidiaries, the proceeds of any Disposition outside the ordinary
course of business and any other proceeds not included in
Consolidated Net Income.

 

“Excluded Taxes” means any of the
following Taxes imposed on or with respect to a Recipient or
required to be withheld or deducted from a payment to a Recipient:
(a) Taxes imposed on or measured by net income (however
denominated), franchise Taxes and branch profits Taxes, in each
case, (i) imposed as a result of such Recipient being organized
under the laws of, or having its principal office or, in the case
of any Lender, its 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, US 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
requested by the Borrower under Section 2.22) or (ii) such Lender
changes its lending office, except in each case to the extent that,
pursuant to Section 2.19, amounts with respect to such Taxes were
payable either to such Lender’s assignor immediately before
such Lender acquired the applicable interest in such Loan or
Commitment or to such Lender immediately before it changed its
lending office, (c) Taxes attributable to such Recipient’s
failure to comply with Section 2.19(g) and (d) any US federal
withholding Taxes imposed under FATCA.

 

 

-29-

 

“Existing Debt Documents” means (a)
the Credit Agreement, dated as of November 14, 2016, as amended,
among Fusion NBS Acquisition Corp., East West Bank, as
Administrative Agent, Swingline Lender, an Issuing Bank and a
Lender, and the other lenders party thereto, (b) the Fifth Amended
and Restated Securities Purchase Agreement and Security Agreement,
dated as of November 14, 2016, as amended, among Fusion NBS
Acquisition Corp., the Borrower, the subsidiaries of the Borrower
guarantors thereto, Praesidian Capital Opportunity Fund III, LP, as
Agent, and the lenders party thereto, (c) that certain Second
Amended and Restated Unsecured Promissory Note, dated November 14,
2016, payable by the Borrower to Marvin Rosen and (d) the Credit
Agreement, dated as of July 18, 2014, as amended, among the
Acquired Company, Birch Communications, Inc., Cbeyond, Inc., the
other guarantors party thereto, the lenders party thereto and PNC
Bank, National Association, as Administrative Agent.

 

“Existing EWB Letter of Credit”
means the Irrevocable Standby Letter of Credit No. 17OSL03973
in the amount of $450,000 issued on August 23, 2017 by East West
Bank.

 

“Existing Subordinated Notes” means
the subordinated notes, each dated October 28, 2016, as amended and
restated as of May 4, 2018, in favor of Holcombe T. Green, Jr., R.
Kirby Godsey and the Holcombe T. Green, Jr. 2013 Five-Year Annuity
Trust.

 

“Extended/Modified Loans” as
defined in the definition of “Extension/Modification
Permitted Amendment”.

 

“Extended/Modified Loan Maturity
Date” means, with respect to Extended/Modified Loans
of any Class, the scheduled date on which such Extended/Modified
Loans shall become due and payable in full hereunder, as specified
in the applicable Extension/Modification Agreement.

 

“Extending/Modifying Lenders” as
defined in Section 2.24(a).

 

“Extension/Modification Agreement”
means an Extension/Modification Agreement, in form and substance
reasonably satisfactory to the Administrative Agent, among the
Borrower, the Administrative Agent and one or more
Extending/Modifying Lenders, effecting one or more
Extension/Modification Permitted Amendments and such other
amendments hereto and to the other Credit Documents as are
contemplated by Section 2.24.

 

“Extension/Modification Offer” as
defined in Section 2.24(a).

 

“Extension/Modification Permitted
Amendment” means an amendment to this Agreement and
the other Credit Documents, effected in connection with an
Extension/Modification Offer pursuant to Section 2.24, providing
for (a) an extension of the Maturity Date and/or (b) an
increase or decrease in the yield (including any increase or
decrease in, or an introduction of, interest margins, benchmark
rate floors, fixed interest rates or fees or premiums), in each
case, applicable to the Loans of the Extending/Modifying Lenders of
the applicable Extension/Modification Request Class (such Loans
being referred to as the “Extended/Modified Loans”) and, in
connection therewith:

 

(i)  any
modification of (including the introduction of) any scheduled
amortization applicable to such Extended/Modified Loans,
provided that the
weighted average life to maturity of such Extended/Modified Loans
shall be no shorter than the remaining weighted average life to
maturity of the Loans of the applicable Extension/Modification
Request Class, determined at the time of such
Extension/Modification Offer (and, for purposes of determining the
weighted average life to maturity of any such Loans, the effects of
any prepayments made prior to the date of the determination shall
be disregarded),

 

 

-30-

 

(ii)  a
modification of voluntary or mandatory prepayments applicable to
such Extended/Modified Loans (including prepayment premiums,
“no call” terms and other restrictions thereon),
provided that in
the case of any Extended/Modified Loans, such requirements may
provide that such Extended/Modified Loans may participate in any
mandatory prepayments on a pro rata basis (or on a basis that is
less than pro rata) with the Loans of the applicable
Extension/Modification Request Class, but may not provide for
mandatory prepayment requirements that are more favorable than
those applicable to the Loans of the applicable
Extension/Modification Request Class, and/or

 

(iii)  any
addition of any affirmative or negative covenants applicable to the
Borrower and/or any Subsidiary, provided that to the extent
such covenants are not consistent with those applicable to the
Loans of the applicable Extension/Modification Request Class, such
differences shall be reasonably acceptable to the Administrative
Agent (except for covenants (A) beneficial to the Lenders
where this Agreement is amended to include such covenants for the
benefit of all Lenders or (B) applicable only to periods after the
latest Maturity Date in effect at the time of effectiveness of the
applicable Extension/Modification Agreement).

 

“Extension/Modification Request
Class” as defined in
Section 2.24(a).

 

“Facility” means any real property
(including all buildings, fixtures or other improvements located
thereon) now, hereafter or heretofore owned, leased, operated or
used by the Borrower or any Restricted Subsidiary or any of their
respective predecessors or Affiliates.

 

“Fair Share” as defined in
Section 7.2(b).

 

“Fair Share Contribution Amount” as
defined in Section 7.2(b).

 

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

 

“FCC” means the Federal
Communications Commission, or any Governmental Authority succeeding
to the functions thereof.

 

“Federal Funds Effective Rate”
means, for any day, the rate per annum equal to the weighted
average of the rates on overnight Federal Funds transactions with
members of the Federal Reserve System on such day, 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 Effective 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 Effective Rate for such day shall
be the average rate quoted to the Administrative Agent on such day
on such transactions by major financial institutions selected by
the Administrative Agent. Notwithstanding the foregoing, if the
Federal Funds Effective Rate, determined as above, would otherwise
be less than zero, then the Federal Funds Effective Rate shall be
deemed to be zero for all purposes of this Agreement.

 

 

-31-

 

“Fee Letters” means (a) the Fee
Letter, dated April 30, 2018, between Goldman Sachs and the
Borrower, (b) the Amended and Restated Arranger Fee Letter, dated
May 4, 2018, among Goldman Sachs, MSSF, MUFG and the Borrower and
(c) the Administrative Agent Fee Letter.

 

“Financial Officer Certification”
means (a) with respect to any consolidated financial statements of
any Person, a certificate of the chief financial officer of such
Person stating that such financial statements present fairly, in
all material respects, the consolidated financial position of such
Person and its Subsidiaries as of the dates indicated and the
consolidated results of their operations and their cash flows for
the periods indicated in conformity with GAAP applied on a
consistent basis (except as otherwise disclosed in such financial
statements), subject to changes resulting from normal year-end
audit adjustments and the absence of footnotes, and (b) with
respect to any Unrestricted Subsidiary Reconciliation Statement, a
certificate of the chief financial officer of the Borrower stating
that such reconciliation statement accurately reflects all
adjustments necessary to treat the Unrestricted Subsidiaries as if
they were not consolidated with the Borrower and to otherwise
eliminate all accounts of the Unrestricted Subsidiaries and
reflects no other adjustment from the related GAAP financial
statement (except as otherwise disclosed in such reconciliation
statement).

 

“Financing Transactions” means
(a) the execution, delivery and performance by each Credit
Party of the Credit Documents to which it is to be a party, the
creation of the Liens provided for in the Collateral Documents and,
in the case of the Borrower, the borrowing of Loans and the use of
the proceeds thereof and (b) the execution, delivery and
performance by each Credit Party of the First Lien Credit Documents
to which it is to be a party, the creation of the Liens provided
for in the First Lien Credit Documents and, in the case of the
Borrower, the borrowing of the loans, the use of the proceeds
thereof and the issuance of letters of credit under the First Lien
Credit Agreement.

 

“First Lien Credit Agreement” means
the First Lien Credit and Guaranty Agreement, dated as of the date
hereof, among the Borrower, the Guarantor Subsidiaries, the lenders
party thereto and Wilmington Trust, as administrative agent and
collateral agent thereunder.

 

“First Lien Credit Documents” means
the “Credit Documents” as defined in the First Lien
Credit Agreement.

 

“First Lien Permitted Incremental Equivalent
Indebtedness” has the meaning assigned to the term
“Permitted Incremental Equivalent Indebtedness” (or any
comparable successor provision) in the First Lien Credit
Agreement.

 

“Fiscal Quarter” means a fiscal
quarter of any Fiscal Year.

 

“Fiscal Year” means the fiscal year
of the Borrower and the Subsidiaries ending on December 31 of each
calendar year.

 

“Fixed Charge Coverage Ratio” means
the ratio, as of the last day of any period of four consecutive
Fiscal Quarters, of (a) Consolidated Adjusted EBITDA for such
period to (b) Consolidated Fixed Charges for such
period.

 

“Flood Hazard Property” means any
Real Estate Asset subject to a Mortgage or required pursuant to the
terms hereof to become subject to a Mortgage in favor of the
Collateral Agent, for the benefit of the Secured Parties, and
located in an area designated by the Federal Emergency Management
Agency as having special flood or mud slide hazards.

 

 

-32-

 

“Flood Certificate” means a life of
loan “Standard Flood Hazard Determination Form” of the
Federal Emergency Management Agency.

 

“Flood Program” means the National Flood Insurance
Program created by the US Congress pursuant to (a) the National
Flood Insurance Act of 1968, as now or hereafter in effect or any
successor statute thereto, (b) the Flood Disaster Protection Act of
1973, as now or hereafter in effect or any successor statute
thereto, (c) the National Flood Insurance Reform Act of 1994, as
now or hereafter in effect or any successor statute thereto, (d)
the Flood Insurance Reform Act of 2004, as now or hereafter in
effect or any successor statute thereto and (e) the Biggert-Waters
Flood Insurance Reform Act of 2012, as now or hereafter in effect
or any successor statute thereto, including any and all rules and
regulations promulgated thereunder.

 

“Flood Zone” means areas having special flood
hazards as described in the National Flood Insurance Act of 1968,
as now or hereafter in effect or any successor statute
thereto.

 

“Foreign Lender” means a Lender
that is not a US Person.

 

“Foreign Plan” means any plan that
would be an Employee Benefit Plan but for the fact that is not
subject to United States law and that is maintained or contributed
to by the Borrower, any Restricted Subsidiary or, to the extent
that the Borrower or any Restricted Subsidiary shall have liability
with respect to such Pension Plan, any of their respective ERISA
Affiliates for or on behalf of its employees whose principal place
of employment is outside of the United States.

 

“Foreign Plan Event” means, with
respect to any Foreign Plan, (a) the failure to make or, if
applicable, accrue in accordance with normal accounting practices,
any employer or employee contributions required by applicable laws
or by the terms of such Foreign Plan, (b) the existence of
unfunded liabilities in excess of the amount permitted under any
applicable law, or in excess of the amount that would be permitted
absent a waiver from the applicable Governmental Authority, (c) the
receipt of a notice from a Governmental Authority relating to the
intention to terminate any such Foreign Plan, or alleging the
insolvency of any such Foreign Plan, or alleging the insolvency of
the Borrower or any Restricted Subsidiary that sponsors,
contributes to or participates in such Foreign Plan, (d) the
initiation of any action or filing by the Borrower or any
Restricted Subsidiary to voluntarily terminate or wind up in whole
or in part any Foreign Plan where any such Foreign Plan is not
fully funded and that would result in the incurrence of a liability
by the Borrower or any Restricted Subsidiary, (e) the incurrence of
liability by the Borrower or any Restricted Subsidiary under
applicable law on account of the complete or partial termination of
such Foreign Plan or the complete or partial withdrawal of any
participating employer therein, (f) the failure to timely register
or loss of good standing with applicable Governmental Authorities
of any such Foreign Plan required to be so registered or maintain
such standing if such failure to register or loss of such standing
would result in the incurrence of a liability by the Borrower or
any Restricted Subsidiary or (g) the failure of any Foreign Plan to
comply with any material provisions of applicable laws or with the
material terms of such Foreign Plan if such failure would result in
the incurrence of a liability by the Borrower or any Restricted
Subsidiary.

 

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

 

“Funding Notice” means a notice
substantially in the form of Exhibit F.

 

“Fusion Global Arrangement” means
the “Fusion Global Arrangement” as defined in the
Merger Agreement as in effect on the Closing Date.

 

 

-33-

 

“GAAP” means, at any time, subject
to Section 1.2(a), United States generally accepted accounting
principles as in effect at such time, applied in accordance with
the consistency requirements thereof.

 

“Goldman Sachs” means Goldman Sachs
Lending Partners LLC.

 

“Governmental Act” means any act or
omission, whether rightful or wrongful, of any present or future de
jure or de facto government or Governmental Authority.

 

“Governmental Authority” means any
federal, state, municipal, national, supranational or other
government, governmental department, commission, board, bureau,
court, agency or instrumentality or political subdivision thereof
or any entity, officer or examiner exercising executive,
legislative, judicial, regulatory or administrative functions of or
pertaining to any government or any court, in each case whether
associated with the United States of America, any State thereof or
the District of Columbia or a foreign entity or government
(including any supra-national body exercising such powers or
functions, such as the European Union or the European Central
Bank).

 

“Governmental Authorization” means
any permit, license, registration, approval, exemption,
authorization, plan, directive, binding agreement, consent order or
consent decree made to, or issued, promulgated or entered into by
or with, any Governmental Authority.

 

“Guarantee” of or by any Person
(the “guarantor”) means any obligation,
contingent or otherwise, of the guarantor guaranteeing or having
the economic effect of guaranteeing any Indebtedness or other
obligation of any other Person (the “primary obligor”) in any manner,
whether directly or indirectly, and including any obligation of the
guarantor, direct or indirect, (a) to purchase or pay (or
advance or supply funds for the purchase or payment of) such
Indebtedness or other obligation or to purchase (or to advance or
supply funds for the purchase of) any security for the payment
thereof, (b) to purchase or lease property, Securities or
services for the purpose of assuring the owner of such Indebtedness
or other obligation of the payment thereof, (c) to maintain
working capital, equity capital or any other financial statement
condition or liquidity of the primary obligor so as to enable the
primary obligor to pay such Indebtedness or other obligation or (d)
as an account party in respect of any letter of credit or letter of
guaranty issued to support such Indebtedness or other obligation;
provided that the
term “Guarantee” shall not include (i) endorsements for
collection or deposit in the ordinary course of business or (ii)
customary indemnity obligations entered into in connection with any
Acquisition or any Disposition permitted hereunder (other than any
such obligations with respect to Indebtedness). The amount, as of
any date of determination, of any Guarantee shall be the principal
amount outstanding on such date of Indebtedness or other obligation
guaranteed thereby (or, in the case of (A) any Guarantee the terms
of which limit the monetary exposure of the guarantor or (B) any
Guarantee of an obligation that does not have a principal amount,
the maximum monetary exposure as of such date of the guarantor
under such Guarantee (as determined, in the case of clause (A),
pursuant to such terms or, in the case of clause (B), reasonably
and in good faith by the chief financial officer of the
Borrower)).

 

“Guarantor Subsidiary” means each
Restricted Subsidiary that is a party hereto as a
“Guarantor” and a party to the Pledge and Security
Agreement as a “Grantor” thereunder.

 

“Guarantors” means each Guarantor
Subsidiary; provided that the term
“Guarantors” shall also include the Borrower solely for
purposes of the Guarantee of Obligations of the other Credit
Parties pursuant to Section 7.

 

 

-34-

 

“Hazardous Materials” means any
petroleum or petroleum products, radioactive materials or wastes,
asbestos in any form, polychlorinated biphenyls, hazardous or toxic
substances and any other chemical, material, waste or substance
that is prohibited, limited or regulated, or that could result in
liability, under any Environmental Law.

 

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

 

“Highest Lawful Rate” means 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 that are presently in effect or, to the
extent allowed by law, under such applicable laws that may
hereafter be in effect and that allow a higher maximum nonusurious
interest rate than applicable laws now allow.

 

“Historical Acquired Company Financial
Statements” means the audited consolidated balance
sheets and related audited consolidated statements of operations
and comprehensive income, stockholders’ equity and cash
flows, in each case prepared in conformity with GAAP, of the
Acquired Company and its consolidated Subsidiaries for the fiscal
year ended December 31, 2017.

 

“Historical Borrower Financial
Statements” means the audited consolidated balance
sheets and related consolidated statements of operations, changes
in stockholders’ equity and cash flows, in each case prepared
in conformity with GAAP, of the Borrower and its consolidated
Subsidiaries for the Fiscal Year ended December 31,
2017.

 

“Incremental Amount” means, as of
any date of determination, an amount not in excess of (a) (i) the
sum of (A) $50,000,000 and (B) the aggregate principal amount of
Tranche B Term Loans prepaid prior to such date pursuant to
Section 2.12(a), in each case, to the extent not financed with the
proceeds of any Long-Term Indebtedness and excluding any such
reduction in connection with a refinancing thereof (and, in each
case, excluding any prepayments thereof in excess of the amount
thereof outstanding on the Closing Date or incurred in reliance on
this clause (a)), minus (ii) the sum of
(A) the aggregate amount of Incremental Commitments
established prior to such date in reliance on this clause (a), (B)
the aggregate principal amount of any Permitted Incremental
Equivalent Indebtedness incurred prior to such date in reliance on
this clause (a) and (C) the aggregate principal amount of any
Permitted Section 6.1(e) Indebtedness incurred in reliance on
clause (a)(i)(A) of the definition of “Incremental
Amount” under the First Lien Credit Agreement (or any
comparable successor provision) (the amounts available on such date
under this clause (a) above being referred to as the
“Unrestricted Incremental
Amount”), plus (b) an additional amount
so long as, in the case of this clause (b), after giving Pro Forma
Effect to the incurrence of Indebtedness with respect to which the
Incremental Amount is being determined and the use of proceeds
thereof (but without netting the Cash proceeds of such Indebtedness
(and any other Indebtedness incurred substantially concurrently
therewith), and assuming, solely for purposes of this
determination, that the entire amount of the Incremental
Commitments with respect to which the Incremental Amount is being
determined are fully funded as Loans), (i) the Total Net Leverage
Ratio, determined as of the last day of the Test Period most
recently ended on or prior to such date, shall not exceed 3.65:1.00
(the “Total Incremental
Leverage Limit”) and (ii) the Borrower shall be
in compliance with Section 6.7(a), determined as of the last
day of the Test Period most recently ended on or prior to such
date; provided that
(I) if, for purposes of determining capacity under clause (b)
above, Pro Forma Effect is given to the entire committed amount of
any Indebtedness with respect to which the Incremental Amount is
being determined, such committed amount may thereafter be borrowed
and reborrowed, in whole or in part, from time to time, without any
further testing under this definition (provided that such committed
amount shall, solely for purposes of calculating availability under
clause (b) above, at all times thereafter be deemed to be
fully funded as Indebtedness for borrowed money), (II) in the
case of any Incremental Commitments or Permitted Incremental
Equivalent Indebtedness established or incurred concurrently in
reliance on the Unrestricted Incremental Amount and in reliance on
clause (b) above, the Total Net Leverage Ratio shall be permitted
to exceed the Total Incremental Leverage Limit to the extent of the
amounts of such Incremental Commitments or Permitted Incremental
Equivalent Indebtedness established or incurred in reliance on the
Unrestricted Incremental Amount, (III) in the case of any
Incremental Commitments or Permitted Incremental Equivalent
Indebtedness established or incurred in reliance on clause (b)
above, any other Indebtedness incurred concurrently therewith
pursuant to and in accordance with any clause of Section 6.1 that
does not require observance of the Total Net Leverage Ratio shall,
solely in the case of subclause (i) of clause (b)
above, be disregarded for purposes of calculating the Total Net
Leverage Ratio under such subclause of clause (b) above,
(IV) in the case of any Incremental Commitment or Permitted
Incremental Equivalent Indebtedness established or incurred in
reliance on clause (b) above, to the extent the proceeds thereof
are intended to be applied to finance a Limited Conditionality
Transaction, at the election of the Borrower, Pro Forma Compliance
with the Total Net Leverage Ratio and Section 6.7(a) as
required under clause (b) above (but not, for the avoidance of
doubt, actual compliance with Section 6.7(a)) may be tested in
accordance with the provisions of Section 1.5, and (V) any
Incremental Commitments and Permitted Incremental Equivalent
Indebtedness may be established or incurred in reliance on
clause (a) or (b) above regardless of whether there is
capacity under any such other clause above, or may be established
or incurred in reliance in part on clause (a) or (b) above and in
part on any such other clause above, all as determined by the
Borrower in its sole discretion, provided that absent an
election by the Borrower, to the extent that the applicable
requirements have been satisfied, such incurrence shall be deemed
to have been made pursuant to clause (b) above.

 

 

 

-35-

 

“Incremental Borrowing” means a
Borrowing comprised of Incremental Loans of a single
Class.

 

“Incremental Commitment” means,
with respect to any Lender, the commitment, if any, of such Lender,
established pursuant to an Incremental Facility Agreement and
Section 2.23, to make Incremental Loans of any Class hereunder,
expressed as an amount representing the maximum principal amount of
the Incremental Loans of such Class to be made by such Lender,
subject to any increase or reduction pursuant to the terms and
conditions hereof. The initial amount of each Lender’s
Incremental Commitment of any Class, if any, is set forth in the
Incremental Facility Agreement or Assignment Agreement pursuant to
which such Lender shall have established or assumed its Incremental
Commitment of such Class.

 

“Incremental Facility Agreement”
means an Incremental Facility Agreement, in form and substance
reasonably satisfactory to the Administrative Agent, among the
Borrower, the Administrative Agent and one or more Incremental
Lenders, establishing Incremental Commitments of any Class,
specifying the purposes for which the proceeds of the Loans made
pursuant thereto will be used and effecting such other amendments
hereto and to the other Credit Documents as are contemplated by
Section 2.23.

 

“Incremental Lender” means a Lender
with an Incremental Commitment or an Incremental Loan.

 

“Incremental Loan” means a term
loan made by an Incremental Lender to the Borrower pursuant to
Section 2.23.

 

“Incremental Maturity Date” means,
with respect to Incremental Loans of any Class, the scheduled date
on which such Incremental Loans shall become due and payable in
full hereunder, as specified in the applicable Incremental Facility
Agreement.

 

“incur” means to create, incur,
assume or, in the case of any Indebtedness, otherwise become liable
with respect to such Indebtedness.

 

“Indebtedness” means, with respect
to any Person, without duplication, (a) all obligations of
such Person for borrowed money, (b) all obligations of such
Person evidenced by bonds, debentures, notes or similar
instruments, (c) all obligations of such Person under
conditional sale or other title retention agreements relating to
property acquired by such Person (excluding trade accounts payable
incurred in the ordinary course of business), (d) all
obligations of such Person in respect of deferred purchase price of
property or services (excluding (i) current accounts payable
incurred in the ordinary course of business, (ii) deferred
compensation payable to directors, officers, employees or
consultants of such Person or any of its Subsidiaries and
(iii) purchase price adjustments, earnouts, deferred
compensation or other similar arrangements incurred in connection
with any Acquisition, except to the extent that the amount payable
pursuant to such purchase price adjustment, earnout, deferred
compensation or similar arrangement is reflected on such
Person’s consolidated balance sheet in conformity with GAAP),
(e) all Capital Lease Obligations of such Person, (f) the
maximum aggregate amount (determined after giving effect to any
prior drawings or reductions that have been reimbursed) of all
letters of credit and letters of guaranty in respect of which such
Person is an account party, (g) the principal component of all
obligations, contingent or otherwise, of such Person in respect of
bankers’ acceptances, (h) all Indebtedness of others
secured by any Lien on any property owned or acquired by such
Person, whether or not the Indebtedness secured thereby has been
assumed by such Person, valued, as of any date of determination, at
the lesser of (i) the principal amount of such Indebtedness and
(ii) the fair value of such property (as determined in good faith
by such Person), (i) all Guarantees by such Person of
Indebtedness of others and (j) all Disqualified Equity Interests in
such Person, valued, as of the date of determination, at the
greater of (i) the maximum aggregate amount that would be
payable upon maturity, redemption, repayment or repurchase thereof
(or of Disqualified Equity Interests or Indebtedness into which
such Disqualified Equity Interests are convertible or exchangeable)
and (ii) the maximum liquidation preference of such Disqualified
Equity Interests. The Indebtedness of any Person shall include the
Indebtedness of any other Person (including any partnership in
which such Person is a general partner) to the extent such Person
is liable therefor as a result of such Person’s ownership
interest in or other relationship with such other Person, except to
the extent the terms of such Indebtedness provide that such Person
is not liable therefor.

 

 

-36-

 

“Indemnified Liabilities” means any
and all liabilities (including Environmental Liabilities),
obligations, losses, damages (including natural resource damages),
penalties, claims, actions, judgments, suits, costs (including the
costs of any investigation, study, sampling, testing, abatement,
cleanup, removal, remediation or other response action necessary to
remove, remediate, clean up or abate any Hazardous Materials),
expenses and disbursements of any kind or nature whatsoever
(including the reasonable out-of-pocket fees, expenses and other
charges of counsel and consultants for the Indemnitees in
connection with any investigative, administrative or judicial
proceeding or hearing commenced or threatened by any Person
(including by any Credit Party or any Affiliate thereof), whether
or not any such Indemnitee shall be designated as a party or a
potential party thereto (but limited, in the case of any one such
proceeding or hearing, to fees, expenses and other charges of one
firm of primary counsel, one firm of regulatory counsel, and, if
reasonably necessary, one firm of local counsel in each applicable
jurisdiction for all the Indemnitees (and, if any Indemnitee shall
have advised the Borrower that there is an actual or perceived
conflict of interest, one additional firm of primary counsel, one
additional firm of regulatory counsel and, if reasonably necessary,
one additional firm of local counsel in each applicable
jurisdiction for each group of affected Indemnitees that are
similarly situated (in each case, excluding allocated costs of
in-house counsel)), and any fees or expenses incurred by the
Indemnitees in enforcing this indemnity), whether direct, indirect,
special, consequential or otherwise and whether based on any
federal, state or foreign laws, statutes, rules or regulations
(including securities and commercial laws, statutes, rules or
regulations and Environmental Laws), on common law or equitable
causes of action or on contract or otherwise, that may be imposed
on, incurred by or asserted against any such Indemnitee, in any
manner relating to or arising out of (a) this Agreement or the
other Credit Documents or the transactions contemplated hereby or
thereby (including the Lenders’ agreement to make Credit
Extensions, the syndication of the credit facilities provided for
herein or the use or intended use of the proceeds thereof, the
Vector Facility Arrangements, any amendments, waivers or consents
with respect to any provision of this Agreement or any of the other
Credit Documents, or any enforcement of any of the Credit Documents
(including any sale of, collection from, or other realization upon
any of the Collateral or the enforcement of the Obligations
Guarantee)), (b) any commitment letter, engagement letter, fee
letter or other letter or agreement delivered by any Agent, any
Arranger or any Lender to the Borrower or any of its Affiliates in
connection with the arrangement of the credit facilities provided
for herein or in connection with the transactions contemplated by
this Agreement or (c) any actual or alleged presence or
Release of Hazardous Materials on, at or under or from any property
currently or formerly owned, leased or operated by the Borrower or
any Affiliate or any Environmental Liability related in any way to
the Borrower or any Affiliate.

 

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

 

“Indemnitee” as defined in Section
10.3.

 

“Installment” means, when used in
respect of any Loans or Borrowings of any Class established under
Section 2.23, 2.24 or 2.25, each payment of the principal
amount thereof due under Section 2.11(b) (including the
payment due on the Maturity Date applicable to the Loans of such
Class).

 

“Insurance/Condemnation Event”
means any casualty or other insured damage to, or any taking under
the power of eminent domain or by condemnation or similar
proceeding of, or any Disposition under a threat of such taking of,
all or any part of any assets of the Borrower or any Restricted
Subsidiary, other than any of the foregoing resulting in aggregate
Net Proceeds not exceeding $5,000,000 during any Fiscal
Year.

 

 

-37-

 

“Intellectual Property” as defined
in the Pledge and Security Agreement.

 

“Intellectual Property Security
Agreements” as defined in the Pledge and Security
Agreement.

 

“Intercompany Indebtedness Subordination
Agreement” means a Second Lien Intercompany
Indebtedness Subordination Agreement substantially in the form of
Exhibit G.

 

“Intercompany Note” means a
promissory note substantially in the form of
Exhibit H.

 

“Intercreditor Agreement” means the
Intercreditor Agreement in substantially the form set forth in
Exhibit I, with such changes therefrom as may be agreed to by the
Administrative Agent and the Borrower or as are contemplated by
Section 10.24.

 

“Interest Payment Date” means (a)
with respect to any Base Rate Loan, the last Business Day of March,
June, September and December of each year, commencing on
the first such date to occur after the Closing Date, and (b) with
respect to any Eurodollar Rate Loan, the last day of each Interest
Period applicable to such Loan and, in the case of any such Loan
with an Interest Period of longer than three months’
duration, each date that is three months, or an integral multiple
thereof, after the commencement of such Interest
Period.

 

“Interest Period” means, with
respect to any Eurodollar Rate Borrowing, the period commencing on
the date of such Borrowing and ending on the numerically
corresponding day in the calendar month that is one month, two
months, three months or six months thereafter (or, in the case of
any Eurodollar Rate Borrowing of any Class, such longer period
thereafter as shall have been consented to by each Lender of such
Class and notified in writing to the Administrative Agent), as
selected by the Borrower in the applicable Funding Notice or
Conversion/Continuation Notice; provided that (a) if an
Interest Period would otherwise end on a day that is not a Business
Day, such Interest Period shall be extended to the next succeeding
Business Day unless no succeeding Business Day occurs in such
month, in which case such Interest Period shall end on the
immediately preceding Business Day, (b) any Interest Period
that commences on the last Business Day of a calendar month (or on
a day for which there is no numerically corresponding day in the
calendar month at the end of such Interest Period) shall, subject
to clause (c) below, end on the last Business Day of the last
calendar month of such Interest Period and (c) notwithstanding
anything to the contrary in this Agreement, no Interest Period for
a Eurodollar Rate Borrowing of any Class may extend beyond the
Maturity Date for Borrowings of such Class. For purposes hereof,
the date of a Eurodollar Rate Borrowing shall initially be the date
on which such Borrowing is made and thereafter shall be the
effective date of the most recent conversion or continuation of
such Borrowing.

 

“Interest Rate Determination Date”
means, with respect to any Interest Period, the date that is two
Business Days prior to the first day of such Interest
Period.

 

“Internal Revenue Code” means the
Internal Revenue Code of 1986.

 

 

-38-

 

“Investment” means, with respect to
a specified Person, any Equity Interests, evidences of Indebtedness
or other Securities (including any option, warrant or other right
to acquire any of the foregoing) of, or any capital contribution or
loans or advances (other than trade advances made in the ordinary
course of business that would be recorded as accounts receivable on
the balance sheet of the specified Person prepared in conformity
with GAAP) to, Guarantees of any Indebtedness of (including any
such Guarantees arising as a result of the specified Person being a
co-maker of any note or other instrument or a joint and several
co-applicant with respect to any letter of credit or letter of
guaranty), or any other investments in (including any investment in
the form of transfer of property for consideration that is less
than the fair value thereof (as determined reasonably and in good
faith by the chief financial officer of the Borrower)), any other
Person that are held or made by the specified Person. The amount,
as of any date of determination, of (a) any Investment in the form
of a loan or an advance shall be the aggregate principal amount
thereof made on or prior to such date of determination, minus the
amount, as of such date of determination, of any Returns with
respect thereto, but without any adjustment for write-downs or
write-offs (including as a result of forgiveness of any portion
thereof) with respect to such loan or advance after the date
thereof, (b) any Investment in the form of a Guarantee shall be
determined in accordance with the definition of the term
“Guarantee”, (c) any Investment in the form of a
purchase or other acquisition for value of any Equity Interests,
evidences of Indebtedness or other Securities of any Person shall
be the fair value (as determined reasonably and in good faith by
the chief financial officer of the Borrower) of the consideration
therefor (including any Indebtedness assumed in connection
therewith), plus
the fair value (as so determined) of all additions, as of such date
of determination, thereto, and minus the amount, as of such
date of determination, of any Returns with respect thereto, but
without any other adjustment for increases or decreases in value
of, or write-ups, write-downs or write-offs with respect to, such
Investment after the time of such Investment, (d) any Investment
(other than any Investment referred to in clause (a), (b) or (c)
above) in the form of a transfer of Equity Interests or other
property by the investor to the investee, including any such
transfer in the form of a capital contribution, shall be the fair
value (as determined reasonably and in good faith by the chief
financial officer of the Borrower) of such Equity Interests or
other property as of the time of such transfer (less, in the case
of any investment in the form of transfer of property for
consideration that is less than the fair value thereof, the fair
value (as so determined) of such consideration as of the time of
the transfer), minus the amount, as of such
date of determination, of any Returns with respect thereto, but
without any other adjustment for increases or decreases in value
of, or write-ups, write-downs or write-offs with respect to, such
Investment after the time of such transfer, and (e) any Investment
(other than any Investment referred to in clause (a), (b), (c) or
(d) above) in any Person resulting from the issuance by such Person
of its Equity Interests to the investor shall be the fair value (as
determined reasonably and in good faith by the chief financial
officer of the Borrower) of such Equity Interests at the time of
the issuance thereof.

 

“Iqmax Disposition” means the
Disposition by the Borrower and the Restricted Subsidiaries of the
assets acquired pursuant to that certain Asset Purchase Agreement,
dated as of January 24, 2018, by and between Network Billing
Systems, LLC and Iqmax, Inc., such Disposition to be consummated in
accordance with the terms of such Asset Purchase
Agreement.

 

“IRS” means the United States
Internal Revenue Service.

 

“Junior Indebtedness” means
(a) any Permitted Credit Agreement Refinancing Indebtedness,
any Permitted Incremental Equivalent Indebtedness and any Permitted
Section 6.1(e) Indebtedness that, in each case, is Permitted Junior
Lien Secured Indebtedness or Permitted Unsecured Indebtedness and
(b) the Subordinated Notes, any other Permitted Subordinated
Indebtedness or any other Subordinated Indebtedness, other than any
Subordinated Indebtedness owing to the Borrower or any Restricted
Subsidiary.

 

 

-39-

 

“Junior Lien Intercreditor
Agreement” means, with respect to any Permitted Junior
Lien Secured Indebtedness, any intercreditor agreement, in form and
substance reasonably satisfactory to the Collateral Agent and the
Borrower, that contains terms and conditions that are within the
range of terms and conditions customary for intercreditor
agreements that are of the type that govern intercreditor
relationships between holders of senior secured credit facilities
and holders of the same type of Indebtedness as such Permitted
Junior Lien Secured Indebtedness.

 

“LCT Test Date” as defined in
Section 1.5.

 

“Leasehold Property” means, as of
any time of determination, any leasehold interest then owned by any
Credit Party in any leased real property.

 

“Lender” means each Person listed
on the signature pages hereto as a Lender, and any other Person
that shall have become a party hereto in accordance with the terms
hereof pursuant to an Assignment Agreement, an Incremental Facility
Agreement or a Refinancing Facility Agreement, other than any such
Person that shall have ceased to be a party hereto pursuant to an
Assignment Agreement.

 

“Lender Presentation” means the
Lender Presentation dated February 2018 and the Transaction Update
dated April 2018, relating to this Agreement and the credit
facilities provided for herein.

 

“License” means any license,
permit, consent, certificate, franchise approval, waiver,
registration or authorization granted or issued by the FCC, any
State PUC or any other Governmental Authority with authority to
regulate the provision of telecommunications services.

 

“Lien” means any lien, mortgage,
pledge, assignment, security interest, hypothecation, charge or
encumbrance of any kind (including any conditional sale or other
title retention agreement, and any lease or license in the nature
thereof) and any option, trust or other preferential arrangement
having the practical effect of any of the foregoing.

 

“Limited Conditionality
Transaction” means an Acquisition or Investment
(other than an intercompany Investment) permitted by this Agreement
that the Borrower or a Restricted Subsidiary is contractually
committed to consummate (it being understood that such commitment
may be subject to conditions precedent, which conditions precedent
may be amended, satisfied or waived in accordance with the terms of
the applicable agreement) and the consummation of which is not
conditioned on the availability of, or on obtaining, third party
financing.

 

“Loan” means a Tranche B Term Loan,
an Incremental Loan of any Class, an Extended/Modified Loan of any
Class or a Refinancing Loan of any Class.

 

“Long-Term Indebtedness” means any
Indebtedness that, in conformity with GAAP, constitutes (or, when
incurred, constituted) a long-term liability.

 

“Majority in Interest”, when used
in reference to Lenders of any Class, means, at any time, Lenders
having Term Loan Exposure of such Class representing more than 50%
of the Term Loan Exposure of all the Lenders of such Class at such
time. For purposes of this definition, the amount of Term Loan
Exposures of any Class shall be determined by excluding the Term
Loan Exposure of such Class of any Defaulting Lender.

 

 

-40-

 

“Margin Stock” as defined in
Regulation U.

 

“Material Acquisition” means any
Acquisition, or a series of related Acquisitions, by the Borrower
or any Restricted Subsidiary; provided that the portion of
the Consolidated Adjusted EBITDA, calculated on a Pro Forma Basis
for such Acquisition or Acquisitions, attributable to the Persons
or the assets so acquired for the most recent period of 12
consecutive months for which financial statements are available at
the time of the consummation thereof exceeds $10,000,000;
provided
further that the
Specified Acquisition shall in any event constitute a Material
Acquisition.

 

“Material Adverse Effect” means a
material adverse effect on (a) the business, results of operations,
assets or financial condition of the Borrower and the Restricted
Subsidiaries, taken as a whole, (b) the ability of the Credit
Parties to fully and timely perform their obligations under the
Credit Documents, taken as a whole, (c) the legality, validity,
binding effect or enforceability against the Credit Parties of any
Credit Documents to which they are party or (d) the rights,
remedies and benefits available to, or conferred upon, any Agent,
any Arranger, any Lender or any Secured Party under the Credit
Documents, taken as a whole.

 

“Material Disposition” means any
Disposition, or a series of related Dispositions, by the Borrower
or any Restricted Subsidiary of (a) all or substantially all
the issued and outstanding Equity Interests in any Person or (b)
assets comprising all or substantially all the assets of (or all or
substantially all the assets constituting a business unit,
division, product line or line of business of) any Person;
provided that the
portion of the Consolidated Adjusted EBITDA for the most recent
Test Period attributable to the Persons or assets so Disposed
exceeds $10,000,000.

 

“Material Indebtedness” means
Indebtedness (other than the Loans and Guarantees under the Credit
Documents), or obligations in respect of one or more Hedge
Agreements, of any one or more of the Borrower and the Restricted
Subsidiaries in an aggregate principal amount of $12,000,000 or
more, provided that
any Permitted Section 6.1(e) Indebtedness, Permitted
Incremental Equivalent Indebtedness, Permitted Credit Agreement
Refinancing Indebtedness and Permitted Subordinated Indebtedness
shall at all times constitute “Material Indebtedness”.
In the case of any Material Indebtedness that is a Guarantee of any
other Indebtedness, each reference to “Material
Indebtedness” shall be deemed to include a reference to such
Guaranteed Indebtedness. For purposes of determining Material
Indebtedness, the “principal amount” of the obligations
of the Borrower or any Restricted Subsidiary in respect of any
Hedge Agreement at any time shall be the maximum aggregate amount
(giving effect to any netting agreements) that the Borrower or such
Restricted Subsidiary would be required to pay if such Hedge
Agreement were terminated at such time.

 

“Material Real Estate Asset” means
each Real Estate Asset owned in fee by a Credit Party that,
together with the improvements thereon and all contiguous and all
related parcels and the improvements thereon forming part of such
Real Estate Asset, has a fair value, as of the Closing Date or as
of the time of the acquisition thereof, of greater than $5,000,000
in the aggregate.

 

 

-41-

 

“Material Subsidiary” means each
Restricted Subsidiary (a) the consolidated total assets of
which (determined on a consolidated basis for such Restricted
Subsidiary and its Restricted Subsidiaries) equal 5.0% or more of
the Consolidated Total Assets or (b) the consolidated revenues
of which (determined on a consolidated basis for such Restricted
Subsidiary and its Restricted Subsidiaries) equal 5.0% or more of
the consolidated revenues of the Borrower and the Restricted
Subsidiaries, in each case as of the end of or for the most recent
period of four consecutive Fiscal Quarters of the Borrower for
which financial statements have been delivered pursuant to
Section 5.1(a) or 5.1(b) (or, prior to the delivery
of any such financial statements, as of the end of or for the
period of four consecutive Fiscal Quarters ending with the last
Fiscal Quarter included in the Historical Borrower Financial
Statements); provided that if at the end of
or for any such most recent period of four consecutive Fiscal
Quarters the combined consolidated total assets or combined
consolidated revenues of all Restricted Subsidiaries that under
clauses (a) and (b) above would not constitute Material
Subsidiaries would, but for this proviso, exceed 10.0% of the
Consolidated Total Assets or 10.0% of the consolidated revenues of
the Borrower and the Restricted Subsidiaries, then one or more of
such excluded Restricted Subsidiaries shall for all purposes of
this Agreement be deemed to be Material Subsidiaries in descending
order based on the amounts (determined on a consolidated basis for
such Restricted Subsidiary and its Restricted Subsidiaries) of
their consolidated total assets or consolidated revenues, as the
case may be, until such excess shall have been eliminated;
provided
further that the
Borrower may specify any wholly owned Domestic Subsidiary to be a
Material Subsidiary, irrespective of whether such Subsidiary meets
the requirements set forth under clause (a) or (b) above. For
purposes of this definition, the Consolidated Total Assets and
consolidated revenues of the Borrower as of any date prior to, or
for any period that commenced prior to, the Closing Date shall be
determined on a Pro Forma Basis to give effect to the Merger and
the other Transactions to occur on the Closing Date.

 

“Maturity Date” means the Tranche B
Term Loan Maturity Date, the Incremental Maturity Date with respect
to the Incremental Loans of any Class, the Extended/Modified Loan
Maturity Date with respect to the Extended/Modified Loans of any
Class or the Refinancing Maturity Date with respect to the
Refinancing Loans of any Class, as the context
requires.

 

“Merger” means the merger of the
Acquired Company with and into Merger Sub, with Merger Sub
surviving such merger as a wholly owned Subsidiary of the Borrower,
pursuant to the Merger Agreement.

 

“Merger Agreement” means the
Agreement and Plan of Merger dated as of August 26, 2017, as
amended by the First Amendment to Agreement and Plan of Merger
dated as of September 15, 2017, the Second Amendment to Agreement
and Plan of Merger dated as of September 29, 2017, the Amended and
Restated Third Amendment to Agreement and Plan of Merger dated as
of October 27, 2017, the Fourth Amendment to Agreement and Plan of
Merger, dated as of January 24, 2018, the Fifth Amendment to
Agreement and Plan of Merger, dated as of January 25, 2018, the
Sixth Amendment to Agreement and Plan of Merger, dated as of March
12, 2018, the Seventh Amendment to Agreement and Plan of Merger,
dated as of April 4, 2018, the Eighth Amendment to Agreement and
Plan of Merger, dated as of April 26, 2018, and the Ninth Amendment
to Agreement and Plan of Merger, dated as of April 27, 2018,
by and among the Borrower, Merger Sub and the Acquired Company,
together with the exhibits (including the forms of the
stockholders’ agreement and the registration rights
agreement), disclosure letters and other documents relating
thereto.

 

“Merger Sub” means Fusion BCHI
Acquisition LLC, a Delaware limited liability company.

 

 

-42-

 

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

 

“Mortgage” means a mortgage, deed
of trust, assignment of leases and rents or other security document
granting a Lien on any Material Real Estate Asset in favor of the
Collateral Agent, for the benefit of the Secured Parties, as
security for the Obligations. Each Mortgage shall be in form and
substance reasonably satisfactory to the Collateral
Agent.

 

“MSSF” means Morgan Stanley Senior
Funding, Inc.

 

“MUFG” means MUFG Union Bank,
N.A.

 

“Multiemployer Plan” means any
Employee Benefit Plan that is a “multiemployer plan” as
defined in Section 3(37) of ERISA.

 

“Net Proceeds” means, with respect
to any event, (a) the Cash (which term, for purposes of this
definition, shall include Cash Equivalents) proceeds received in
respect of such event, including any Cash received in respect of
any noncash proceeds, but only as and when received, net of (b) the
sum, without duplication, of (i) all reasonable fees and
out-of-pocket expenses (including any underwriting discounts and
commissions) paid in connection with such event by the Borrower or
any Restricted Subsidiary to Persons that are not Affiliates of the
Borrower or any Restricted Subsidiary, (ii) in the case of any
Asset Sale or Insurance/Condemnation Event, (A) the amount of
all payments (including in respect of principal, accrued interest
and premiums) required to be made by the Borrower and the
Restricted Subsidiaries as a result of such event to repay
Indebtedness of the Borrower or the Restricted Subsidiaries of the
types referred to in clauses (a) through (e) of the definition of
“Indebtedness” (other than Loans, Permitted
Section 6.1(e) Indebtedness, Permitted Credit Agreement
Refinancing Indebtedness, Permitted Incremental Equivalent
Indebtedness, Permitted Subordinated Indebtedness and any
Indebtedness owed to the Borrower or any Subsidiary) secured by the
assets subject thereto, (B) the amount of all Taxes paid (or
reasonably estimated to be payable) by the Borrower or any
Restricted Subsidiary, and the amount of any reserves established
by the Borrower or any Restricted Subsidiary in conformity with
GAAP to fund purchase price adjustment, indemnification and similar
contingent liabilities reasonably estimated to be payable that are
directly attributable to the occurrence of such event and (C) the
repayment of customer deposits required upon such Asset Sale or
Insurance/Condemnation Event and (iii) in the case of any proceeds
from any Asset Sale or Insurance/Condemnation Event affecting the
assets of a Restricted Subsidiary that is not a wholly owned
Subsidiary, the portion of such proceeds received by such
Restricted Subsidiary attributable to the noncontrolling interests
in such Restricted Subsidiary, in each case as determined
reasonably and in good faith by the chief financial officer of the
Borrower. For purposes of this definition, in the event any
contingent liability reserve established with respect to any event
as described in clause (b)(ii)(B) above shall be reduced, the
amount of such reduction shall, except to the extent such reduction
is made as a result of a payment having been made in respect of the
contingent liabilities for which such reserve has been established,
be deemed to be receipt, on the date of such reduction, of Cash
proceeds in respect of such event.

 

“New Subordinated Note” means the
subordinated unsecured note issued by the Borrower on the Closing
Date to Holcombe T. Green, Jr. (or an entity majority-owned and
Controlled by Holcombe T. Green, Jr. or his heirs, beneficiaries,
trusts or estate) in an aggregate principal amount of
$10,000,000.

 

 

-43-

 

“Note” means a promissory note
issued to any Lender pursuant to Section 2.6(c).

 

“Obligations” means all obligations
of every nature of each Credit Party under this Agreement and the
other Credit Documents, whether for principal, interest (including
default interest accruing pursuant to Section 2.9 and interest
(including such default interest) that would continue to accrue
pursuant to the Credit Documents on any such obligation after the
commencement of any proceeding under the Debtor Relief Laws with
respect to any Credit Party, whether or not such interest is
allowed or allowable against such Credit Party in any such
proceeding), fees (including prepayment fees), expenses,
indemnification or otherwise.

 

“Obligations Guarantee” means the
Guarantee of the Obligations created under
Section 7.

 

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

 

“Open Market Purchases” as defined
in Section 10.6(i)(ii).

 

“Organizational Documents” means
(a) with respect to any corporation or company, its certificate or
articles of incorporation, organization or association, as amended,
and its bylaws, as amended, (b) with respect to any limited
partnership, its certificate or declaration of limited partnership,
as amended, and its partnership agreement, as amended, (c) with
respect to any general partnership, its partnership agreement, as
amended, and (d) with respect to any limited liability company, its
certificate of formation or articles of organization, as amended,
and its operating agreement, as amended. In the event any term or
condition of this Agreement or any other Credit Document requires
any Organizational Document to be certified by a secretary of state
or similar governmental official, the reference to any such
“Organizational Document” shall only be to a document
of a type customarily certified by such governmental
official.

 

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

 

“Other Taxes” means any and 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, this Agreement or any other Credit
Document, except any such Taxes that are Other Connection Taxes
imposed with respect to an assignment (other than an assignment
made pursuant to Section 2.22).

 

“Pari Passu Intercreditor
Agreement” means, with respect to any Permitted Pari
Passu Secured Indebtedness, an intercreditor agreement, in form and
substance reasonably satisfactory to the Collateral Agent and the
Borrower, that contains terms and conditions that are within the
range of terms and conditions customary for intercreditor
agreements that are of the type that govern intercreditor
relationships between holders of senior secured credit facilities
and holders of the same type of Indebtedness as such Permitted Pari
Passu Secured Indebtedness.

 

 

-44-

 

“Participant Register” as defined
in Section 10.6(g).

 

“PATRIOT Act” means the Uniting and
Strengthening America by Providing Appropriate Tools Required to
Intercept and Obstruct Terrorism Act (Title III of Pub. L.
107-56).

 

“PBGC” means the Pension Benefit
Guaranty Corporation.

 

“Pension Plan” means any Employee
Benefit Plan, other than a Multiemployer Plan, that is subject to
Section 412 of the Internal Revenue Code or Section 302 of
ERISA.

 

“Permitted Acquisition” means any
Acquisition by the Borrower or any Restricted Subsidiary;
provided
that:

 

(a)  (i) in
the case of any Acquisition of Equity Interests in a Person, each
of such Person and its Subsidiaries will become a Restricted
Subsidiary (or will be merged or consolidated with or into the
Borrower or any Restricted Subsidiary, with the continuing or
surviving Person being the Borrower (in the case of any such
transaction involving the Borrower) or a Restricted Subsidiary) and
(ii) in the case of any Acquisition of other assets, such assets
will be owned by the Borrower or any Restricted
Subsidiary;

 

(b)  all
actions required to be taken with respect to such Person or such
assets, as the case may be, in order to satisfy the requirements
set forth in clauses (a), (b), (c) and (d) of the definition of the
term “Collateral and Guarantee Requirement” (subject to
the discretion of the Collateral Agent set forth in such
definition) shall have been taken (or arrangements for the taking
of such actions satisfactory to the Collateral Agent shall have
been made) (it being understood that all other requirements set
forth in such definition that are applicable to such Acquisition
shall be required to be satisfied in accordance with (and within
the time periods provided in) Sections 5.10 and 5.11);

 

(c)  the
Total Net Leverage Ratio, determined as of the last day of the Test
Period most recently ended prior to the consummation thereof
(giving Pro Forma Effect to such Acquisition and any other Pro
Forma Events in connection therewith (including incurrence of
Indebtedness)), shall not be greater than the lesser of (i) the
greater of (A) 3.65:1.00 and (B) the Total Net Leverage Ratio as of
such last day (but determined prior to giving Pro Forma Effect to
such Acquisition or any other Pro Forma Events in connection
therewith (including incurrence of Indebtedness)) and (ii) the
maximum Total Net Leverage Ratio permitted under the financial
covenant set forth in Section 6.7(a); provided that the
Administrative Agent shall have received a certificate of an
Authorized Officer of the Borrower demonstrating that the condition
set forth in this clause (c) have been satisfied; provided, further, that, in the case of
any Limited Conditionality Transaction, at the election of the
Borrower, the condition set forth in this clause (c) may be
tested in accordance with Section 1.5;

 

(d)  the
business of any such acquired Person, or such acquired assets, as
the case may be, constitute a business permitted under
Section 6.11;

 

(e)  immediately
prior and after giving effect thereto, no Event of Default shall
have occurred and be continuing or would result therefrom;
provided that, in
the case of any Limited Conditionality Transaction, at the election
of the Borrower, the condition set forth in this clause (e)
may be tested in accordance with Section 1.5; and

 

 

-45-

 

(f)  the
Acquisition Consideration paid in respect of such Acquisition shall
not be in the form of Cash or Cash Equivalents unless the Fixed
Charge Coverage Ratio, determined as of the last day of the Test
Period most recently ended prior to the consummation thereof
(giving Pro Forma Effect to such Acquisition and any other Pro
Forma Events in connection therewith (including incurrence of
Indebtedness)), (i) in the case of any such Acquisition consummated
on or prior to the third anniversary of the Closing Date, shall be
greater than or equal to 1.15:1.00 and (ii) in the case of any such
Acquisition consummated at any time thereafter, shall be greater
than or equal to 1.25:1.00; provided that the
Administrative Agent shall have received a certificate of an
Authorized Officer of the Borrower demonstrating that the condition
set forth in this clause (f) has been satisfied; provided, further, that, in the case of
any Limited Conditionality Transaction, at the election of the
Borrower, the condition set forth in this clause (f) may be tested
in accordance with Section 1.5.

 

“Permitted Credit Agreement Refinancing
Indebtedness” means Indebtedness permitted under
Section 6.1(i).

 

“Permitted Encumbrances”
means:

 

(a)  Liens
imposed by law for Taxes that are not overdue by more than 30 days
or are being contested in compliance with Section 5.3, if
adequate reserves with respect thereto are maintained by the
applicable Person in conformity with GAAP;

 

(b)  carriers’,
warehousemen’s, mechanics’, materialmen’s,
repairmen’s and other like Liens imposed by law (other than
any Lien imposed pursuant to Section 430(k) of the Internal Revenue
Code or Section 303(k) of ERISA), arising in the ordinary course of
business and securing obligations that are not overdue by more than
60 days or are being contested in good faith by appropriate
proceedings promptly and diligently conducted, if adequate reserves
with respect thereto are maintained by the applicable Person in
conformity with GAAP;

 

(c)  pledges
and deposits made (i) in the ordinary course of business in
compliance with workers’ compensation, unemployment insurance
and other social security laws (other than any Lien imposed
pursuant to Section 430(k) of the Internal Revenue Code or Section
303(k) of ERISA) and (ii) in respect of letters of credit, bank
guarantees or similar instruments issued for the account of the
Borrower or any Restricted Subsidiary in the ordinary course of
business supporting obligations of the type set forth in clause (i)
above;

 

(d)  pledges
and deposits made (i) in the ordinary course of business to secure
the performance of bids, trade contracts (other than for payment of
Indebtedness), leases (other than capital leases), statutory
obligations (other than any Lien imposed pursuant to Section 430(k)
of the Internal Revenue Code or Section 303(k) of ERISA), public
utility services provided to the Borrower or a Restricted
Subsidiary, surety, litigation and appeal bonds, performance bonds
and other obligations of a like nature and (ii) in respect of
letters of credit, bank guarantees or similar instruments issued
for the account of the Borrower or any Restricted Subsidiary in the
ordinary course of business supporting obligations of the type set
forth in clause (i) above;

 

(e)  judgment
liens in respect of judgments that do not constitute an Event of
Default under Section 8.1(h);

 

 

-46-

 

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

 

(g)  any
zoning or similar law or right reserved to or vested in any
Governmental Authority to control or regulate the use of any real
property that is not violated by the current use and operation of
the affected real property;

 

(h)  ground
leases in respect of real property on which facilities owned or
leased by the Borrower or any Restricted Subsidiary are
located;

 

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

 

(j)
banker’s liens, rights of set-off or similar rights and
remedies as to deposit accounts or other funds maintained with
depository institutions; provided that such deposit
accounts or funds are not established or deposited for the purpose
of providing collateral for any Indebtedness and are not subject to
restrictions on access by the Borrower or any Restricted Subsidiary
in excess of those required by applicable banking
regulations;

 

(k)  Liens
arising by virtue of precautionary UCC financing statement filings
(or similar filings under applicable law) regarding operating
leases entered into by the Borrower and the Restricted Subsidiaries
in the ordinary course of business;

 

(l)  Liens
representing any interest or title of a licensor, lessor or
sublicensor or sublessor, or a licensee, lessee or sublicensee or
sublessee, in the property subject to any lease (other than any
capital lease), license or sublicense or concession agreement
permitted by this Agreement;

 

(m)  Liens
in favor of customs and revenue authorities arising as a matter of
law to secure payment of customs duties in connection with the
importation of goods;

 

(n)  deposits
of Cash with the owner or lessor of premises leased and operated by
the Borrower or any Restricted Subsidiary to secure the performance
of its obligations under the lease for such premises, in each case
in the ordinary course of business;

 

(o)  Liens
that are contractual rights of set-off; and

 

(p)  Liens
on Cash and Cash Equivalents securing obligations in respect of
Hedge Agreements permitted under Section 6.12;

 

provided that the term “Permitted Encumbrances”
shall not include any Lien securing Indebtedness, other than Liens
referred to in clauses (c) and (d) above securing letters of
credit, bank guarantees and similar instruments.

 

 

-47-

 

“Permitted Holders” means (a)
Holcombe T. Green, Jr., R. Kirby Godsey, Holcombe Green, III,
Marvin S. Rosen and Matthew D. Rosen and their respective heirs,
beneficiaries, trusts, estates and controlled Affiliates
(including, for so long as such Person constitutes such a
controlled Affiliate, BCHI Holdings, LLC, a Georgia limited
liability company) and (b) any employee benefit plan of the
Borrower or any Subsidiary, or any Person acting in its capacity as
trustee, agent or other fiduciary or administrator of any such
plan.

 

“Permitted Incremental Equivalent
Indebtedness” means Indebtedness permitted under
Section 6.1(h).

 

“Permitted Intercreditor Agreement”
means the Intercreditor Agreement, any Junior Lien Intercreditor
Agreement, any Pari Passu Intercreditor Agreement or any Senior
Lien Intercreditor Agreement.

 

“Permitted Junior Lien Secured
Indebtedness” means any secured Indebtedness of the
Borrower and/or any other Credit Party in the form of one or more
series of junior lien secured bona fide “high yield”
notes, bonds or debentures or junior lien secured term loans, and
the Guarantees thereof by any Credit Party; provided that (a) such
Indebtedness is secured by Liens on all or a portion of the
Collateral on a junior priority basis with the Liens on the
Collateral securing the Obligations and is not secured by any
assets of the Borrower or any Subsidiary other than the Collateral,
(b) such Indebtedness is not Guaranteed by any Person other than
the Credit Parties and (c) the administrative agent, collateral
agent, trustee and/or any similar representative acting on behalf
of the holders of such Indebtedness shall have become party to a
Junior Lien Intercreditor Agreement, providing that the Liens on
the Collateral securing such Indebtedness shall rank junior in
priority to the Liens on the Collateral securing the Obligations;
provided that if
such Indebtedness is the initial Permitted Junior Lien Secured
Indebtedness incurred by the Borrower and the other Credit Parties,
then the Borrower and the other Credit Parties shall have executed
and delivered the Junior Lien Intercreditor Agreement (or an
acknowledgement thereof in the form specified therein) and the
Collateral Agent agrees to execute and deliver, on behalf of the
Lenders and the other Secured Parties, the Junior Lien
Intercreditor Agreement. It is understood and agreed that,
notwithstanding the final paragraph of Section 6.1, Permitted
Junior Lien Secured Indebtedness may only be incurred and
outstanding in reliance on Section 6.1(e), 6.1(h) or
6.1(i).

 

“Permitted Lien” means any Lien
permitted by Section 6.2.

 

“Permitted Pari Passu Secured
Indebtedness” means any secured Indebtedness of the
Borrower and/or any other Credit Party in the form of one or more
series of senior secured bona fide “high yield” notes,
bonds or debentures (but not loans), and the Guarantees thereof by
any Credit Party; provided that (a) such
Indebtedness is secured by Liens on all or a portion of the
Collateral on a pari passu basis with the Liens on the Collateral
securing the Obligations (it being understood that the
determination as to whether such Liens are on a pari passu basis
shall be made without regard to control of remedies) and is not
secured by any assets of the Borrower or any Subsidiary other than
the Collateral, (b) such Indebtedness is not Guaranteed by any
Person other than the Credit Parties and (c) the administrative
agent, collateral agent, trustee and/or any similar representative
acting on behalf of the holders of such Indebtedness shall have
become party to a Pari Passu Intercreditor Agreement providing that
the Liens on the Collateral securing such Indebtedness shall rank
equal in priority to the Liens on the Collateral securing the
Obligations (it being understood that the determination as to
whether such Liens rank equal in priority shall be made without
regard to control of remedies); provided that if such
Indebtedness is the initial Permitted Pari Passu Secured
Indebtedness incurred by the Borrower and the other Credit Parties,
then the Borrower and the other Credit Parties shall have executed
and delivered the Pari Passu Intercreditor Agreement (or an
acknowledgement thereof in the form specified therein) and the
Collateral Agent agrees to execute and deliver, on behalf of the
Lenders and the other Secured Parties, the Pari Passu Intercreditor
Agreement. It is understood and agreed that, notwithstanding the
final paragraph of Section 6.1, Permitted Pari Passu Secured
Indebtedness may only be incurred and outstanding in reliance on
Section 6.1(e), 6.1(h) or 6.1(i).

 

 

-48-

 

“Permitted Section 6.1(e)
Indebtedness” means Indebtedness permitted under
Section 6.1(e). As of the date hereof, Indebtedness under the
First Lien Credit Agreement constitutes Permitted Section 6.1(e)
Indebtedness.

 

“Permitted Section 6.1(e) Indebtedness
Documents” means the First Lien Credit Agreement and
the other First Lien Credit Documents and any other credit
agreement, indenture or other agreement or instrument evidencing or
governing the rights of the holders of any Permitted
Section 6.1(e) Indebtedness.

 

“Permitted Senior Lien Secured
Indebtedness” means any Permitted Section 6.1(e)
Indebtedness that is secured by Liens on all or a portion of the
Collateral on a senior basis to the Liens on the Collateral
securing the Obligations; provided that (a) such
Indebtedness is not secured by any assets of the Borrower or any
Subsidiary other than the Collateral, (b) such Indebtedness is not
Guaranteed by any Person other than the Credit Parties and
(c) the administrative agent, collateral agent, trustee and/or
any similar representative acting on behalf of the holders of such
Indebtedness shall have become party to a Senior Lien Intercreditor
Agreement, providing that the Liens on the Collateral securing such
Indebtedness shall rank senior in priority to the Liens on the
Collateral securing the Obligations; provided that if such
Indebtedness is the initial Permitted Senior Lien Secured
Indebtedness incurred by the Borrower and the other Credit Parties,
then the Borrower and the other Credit Parties shall have executed
and delivered the Senior Lien Intercreditor Agreement (or an
acknowledgement thereof in the form specified therein) and the
Collateral Agent agrees to execute and deliver, on behalf of the
Lenders and the other Secured Parties, the Senior Lien
Intercreditor Agreement. It is understood and agreed that,
notwithstanding the final paragraph of Section 6.1, Permitted
Senior Lien Secured Indebtedness may only be incurred and
outstanding in reliance on Section 6.1(e).

 

“Permitted Subordinated
Indebtedness” means Indebtedness permitted under
Section 6.1(q). As of the date hereof, the Subordinated Notes
constitute Permitted Subordinated Indebtedness.

 

“Permitted Subordinated Indebtedness
Document” means the Subordinated Notes and any other
credit agreement, indenture or other agreement or instrument
evidencing or governing the rights of the holders of any Permitted
Subordinated Indebtedness.

 

“Permitted Unsecured Indebtedness”
means any Indebtedness of the Borrower and/or any other Credit
Party in the form of one or more series of unsecured, senior or
subordinated bona fide “high yield” notes, bonds or
debentures or unsecured, senior or subordinated term loans;
provided that (a)
such Indebtedness is not secured by any Liens on any assets of the
Borrower or any Subsidiary and (b) such Indebtedness is not
Guaranteed by any Person other than the Credit
Parties.

 

“Person” means any natural person,
corporation, limited partnership, general partnership, limited
liability company, limited liability partnership, joint stock
company, joint venture, association, company, trust, bank, trust
company, land trust, business trust or other organization, whether
or not a legal entity, and any Governmental Authority.

 

“Platform” means Debtdomain,
IntraLinks/IntraAgency, SyndTrak or another similar website or
other information platform.

 

“Pledge and Security Agreement”
means the Second Lien Pledge and Security Agreement dated as of the
date hereof, among the Borrower, the other Credit Parties and the
Collateral Agent, substantially in the form of
Exhibit J.

 

 

-49-

 

“Post-Closing Letter Agreement”
means the Second Lien Post-Closing Letter Agreement dated as of the
date hereof, among the Borrower, the Administrative Agent and the
Collateral Agent.

 

“Previously Absent Financial Maintenance
Covenant” means, at any time, (a) any financial
maintenance covenant that is not included in this Agreement at such
time for the benefit of all Lenders and (b) any financial
maintenance covenant that is included in this Agreement at such
time for the benefit of all Lenders but has covenant levels or
effectiveness triggers that are more restrictive on the Borrower
and the Restricted Subsidiaries than the covenant levels or
effectiveness triggers set forth in this Agreement at such
time.

 

“Prime Rate” means 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 70% of the nation’s 10
largest banks), as in effect from time to time. The Prime Rate is a
reference rate and does not necessarily represent the lowest or
best rate actually charged to any customer. Any Agent and any
Lender may make commercial loans or other loans at rates of
interest at, above or below the Prime Rate.

 

“Private Lenders” means Lenders
that wish to receive Private-Side Information.

 

“Private-Side Information” means
any information with respect to the Borrower and the Subsidiaries
that is not Public-Side Information.

 

“Pro Forma Basis”,
“Pro Forma
Compliance” and “Pro Forma Effect” means, with
respect to any Pro Forma Event, that such Pro Forma Event 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 Pro Forma Event, (i) in the case of a
Disposition of a business unit, division, product line or line of
business of the Borrower or any Restricted Subsidiary, a
Disposition that otherwise results in a Restricted Subsidiary
ceasing to be a Subsidiary or a designation of a Subsidiary as an
Unrestricted Subsidiary, shall be excluded, and (ii) in the case of
an Acquisition by the Borrower or a Restricted Subsidiary, whether
by merger, consolidation or otherwise, or any other Investment that
results in a Person becoming a Restricted Subsidiary or a
designation of a Subsidiary as a Restricted Subsidiary, shall be
included, (b) any repayment, retirement, redemption, satisfaction
and discharge or defeasance of Indebtedness in connection therewith
and (c) any Indebtedness incurred or assumed by the Borrower or any
of the Restricted 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 12 months). “Pro
Forma Basis,” “Pro Forma Compliance” and
“Pro Forma Effect” in respect of any Pro Forma Event
shall be calculated in a reasonable and factually supportable
manner by the Borrower and in the manner that is consistent with
the definition of Consolidated Adjusted EBITDA. For the avoidance
of doubt, the amount of net cost savings, operating expense
reductions, other operating improvements and synergies projected by
the Borrower in good faith to be realized as a result of actions
taken or to be taken in connection with any Pro Forma Event may be
included in Consolidated Adjusted EBITDA in the manner, and subject
to the limitations, set forth in the definition of such
term.

 

 

-50-

 

“Pro Forma Event” means (a) any
Acquisition by the Borrower or a Restricted Subsidiary, whether by
merger, consolidation or otherwise, or any other Investment (other
than intercompany Investments), (b) any Disposition of a business
unit, division, product line or line of business of the Borrower or
a Restricted Subsidiary and any other Disposition that results in a
Restricted Subsidiary ceasing to be a Subsidiary, (c) any
designation of a Subsidiary as a Restricted Subsidiary or as an
Unrestricted Subsidiary, (d) any incurrence or repayment,
retirement, redemption, satisfaction and discharge or defeasance of
Indebtedness, (e) any Restricted Junior Payment and (f) any other
transaction where the consummation thereof, or the determination of
whether such transaction is permitted to be consummated under this
Agreement, requires that a financial covenant or test be calculated
on a Pro Forma Basis after giving Pro Forma Effect to such
transaction.

 

“Pro Forma Financial Statements”
means pro forma condensed combined balance sheet as of September
30, 2017 and the pro forma condensed consolidated statements of
operations for the Fiscal Year ended December 31, 2016, in each
case, of the Borrower and its consolidated Subsidiaries, prepared
after giving effect to the Transactions as contemplated by such pro
forma financial statements as if they had occurred as of the end of
such period (in the case of such balance sheet) or on January 1,
2016 (in the case of such statement of operations), in each case as
included in the Definitive Proxy Statement (Form DEF 14A) for the
Borrower filed with the SEC on December 28, 2017, as amended by the
Borrower’s Form 8-K filed with the SEC on February 13,
2018.

 

“Pro Rata Share” means, with
respect to any Lender, at any time, (a) when used in reference
to payments, computations and other matters relating to the
Tranche B Term Loans or Tranche B Term Borrowings, the
percentage obtained by dividing (i) the Tranche B Term
Loan Exposure of such Lender at such time by (ii) the
aggregate Tranche B Term Loan Exposure of all the Lenders at
such time, (b) when used in reference to payments,
computations and other matters relating to Commitments, Loans or
Borrowings of any other Class, the percentage obtained by dividing
(i) the Term Loan Exposure of such Lender with respect to such
Class at such time by (ii) the aggregate Term Loan Exposure of all
the Lenders with respect to such Class at such time, and
(c) when used for any other purpose (including under Section
9.6), the percentage obtained by dividing (i) an amount equal
to the sum of the Tranche B Term Loan Exposure and the Term
Loan Exposure of each such other Class of such Lender at such time
by (ii) an amount equal to the sum of the aggregate
Tranche B Term Loan Exposure and the aggregate Term Loan
Exposure of each such other Class of all the Lenders at such
time.

 

“Projections” means the projections
of the Borrower and the Restricted Subsidiaries for each Fiscal
Quarter of Fiscal Year 2018 and for each Fiscal Year thereafter
through and including Fiscal Year 2025 heretofore provided to the
Lenders.

 

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

 

“Public Lenders” means Lenders that
do not wish to receive Private-Side Information.

 

“Public-Side Information” means
information that is either (a) available to all holders of Traded
Securities of the Borrower or any Subsidiary or (b) not material
non-public information (for purposes of United States federal,
state or other applicable securities laws).

 

“Real Estate Asset” means any
interest (fee, leasehold or otherwise) owned by any Credit Party in
any real property.

 

 

-51-

 

“Recipient” means any Agent and any
Lender, as applicable.

 

“Refinancing Commitments” as
defined in Section 2.25(a).

 

“Refinancing Facility Agreement”
means a Refinancing Facility Agreement, in form and substance
reasonably satisfactory to the Administrative Agent, among the
Borrower, the Administrative Agent and one or more Refinancing
Lenders, establishing Refinancing Commitments and effecting such
other amendments hereto and to the other Credit Documents as are
contemplated by Section 2.25.

 

“Refinancing Indebtedness” means,
in respect of any Indebtedness (the “Original Indebtedness”), any
Indebtedness that extends, renews or refinances such Original
Indebtedness (or any Refinancing Indebtedness in respect thereof);
provided that (a)
the principal amount of such Refinancing Indebtedness shall not
exceed the principal amount of such Original Indebtedness except by
an amount not greater than accrued and unpaid interest on such
Original Indebtedness, any original issue discount applicable to
such Refinancing Indebtedness, any unused commitments in respect of
such Original Indebtedness (only if and to the extent that, had
such Original Indebtedness been incurred under such commitments at
the time such Refinancing Indebtedness is incurred, it would have
been permitted hereunder) and any reasonable fees, premiums and
expenses relating to such extension, renewal or refinancing; (b)
the stated final maturity of such Refinancing Indebtedness shall
not be earlier than that of such Original Indebtedness, and such
stated final maturity shall not be subject to any conditions that
could result in such stated final maturity occurring on a date that
precedes the stated final maturity of such Original Indebtedness
(other than as a result of an acceleration of any such stated
maturity upon an event of default or a voluntary termination by the
Borrower or any Restricted Subsidiary of any commitments to extend
credit in respect thereof); (c) the weighted average life to
maturity of such Refinancing Indebtedness shall not be shorter than
the remaining weighted average life to maturity of such Original
Indebtedness (and, for purposes of determining the weighted average
life to maturity of such Original Indebtedness, the effects of any
prepayments made prior to the date of the determination shall be
disregarded); (d) such Refinancing Indebtedness shall not
constitute an obligation (including pursuant to a Guarantee) of any
Restricted Subsidiary that shall not have been (or, in the case of
after-acquired Restricted Subsidiaries, shall not have been
required to become) an obligor in respect of such Original
Indebtedness; (e) if such Original Indebtedness shall have been
subordinated to the Obligations, such Refinancing Indebtedness
shall also be subordinated to the Obligations on terms not less
favorable in any material respect to the Lenders, provided that a certificate of
an Authorized Officer of the Borrower delivered to the
Administrative Agent (with the Administrative Agent agreeing to
provide a copy thereof, together with the drafts referred to below,
to the Lenders promptly upon receipt) at least five Business Days
prior to the incurrence of such Refinancing Indebtedness, together
with drafts of the subordination terms to be applicable thereto,
stating that the Borrower has determined in good faith that such
subordination terms satisfy the requirement of this clause (e)
shall be conclusive evidence that such terms satisfy such
requirement unless the Administrative Agent or the Requisite
Lenders notify the Borrower in writing within such five Business
Day period that it or they disagree with such determination
(including a reasonably detailed description of the basis upon
which it or they disagree); (f) if such Original Indebtedness shall
be Permitted Credit Agreement Refinancing Indebtedness or Permitted
Incremental Equivalent Indebtedness, then (i) such Refinancing
Indebtedness satisfies the Specified Permitted Indebtedness
Documentation Requirements, (ii) if such Original Indebtedness was
Permitted Pari Passu Secured Indebtedness, such Refinancing
Indebtedness, if secured, shall be Permitted Pari Passu Secured
Indebtedness or Permitted Junior Lien Secured Indebtedness and
(iii) if such Original Indebtedness was Permitted Junior Lien
Secured Indebtedness, such Refinancing Indebtedness, if secured,
shall be Permitted Junior Lien Secured Indebtedness; (g) if
such Original Indebtedness was Permitted Section 6.1(e)
Indebtedness, then such Refinancing Indebtedness shall be Permitted
Senior Lien Secured Indebtedness, Permitted Pari Passu Secured
Indebtedness, Permitted Junior Lien Secured Indebtedness or
Permitted Unsecured Indebtedness; and (h) such Refinancing
Indebtedness shall not be secured by any Lien on any asset other
than the assets that secured (or, in the case of after-acquired
assets, would be required to secure pursuant to the terms thereof)
such Original Indebtedness or, to the extent such assets would have
been required to secure such Original Indebtedness pursuant to the
terms thereof, that are proceeds and products of, or after-acquired
property that is affixed or incorporated into, the assets that
secured such Original Indebtedness.

 

 

-52-

 

“Refinancing Lender” as defined in
Section 2.25(a).

 

“Refinancing Loans” as defined in
Section 2.25(a).

 

“Refinancing Maturity Date” means,
with respect to Refinancing Loans of any Class, the scheduled date
on which such Refinancing Loans shall become due and payable in
full hereunder, as specified in the applicable Refinancing Facility
Agreement.

 

“Register” as defined in
Section 2.6(b).

 

“Regulation D” means
Regulation D of the Board of Governors.

 

“Regulation T” means
Regulation T of the Board of Governors.

 

“Regulation U” means
Regulation U of the Board of Governors.

 

“Regulation X” means
Regulation X of the Board of Governors.

 

“Related Fund” means, with respect
to any Lender that is an investment fund, any other investment fund
that invests in commercial loans and that is managed or advised by
the same investment advisor as such Lender or by an Affiliate of
such investment advisor.

 

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

 

“Release” means any release, spill,
emission, leaking, dumping, injection, pouring, deposit, disposal,
discharge, dispersal, leaching or migration into or through the
environment or from, under, within or upon any building, structure,
facility or fixture.

 

“Requisite Lenders” means, at any
time, Lenders having or holding Tranche B Term Loan Exposure
and Term Loan Exposure of any other Class representing more than
50% of the sum of the Tranche B Term Loan Exposure and Term Loan
Exposure of each such other Class of all the Lenders at such time.
For purposes of this definition, the amount of Tranche B Term Loan
Exposure and Term Loan Exposure of any other Class shall be
determined by excluding the Tranche B Term Loan Exposure and Term
Loan Exposure of each such other Class of any Defaulting
Lender.

 

“Restricted Junior Payment” means
(a) any dividend or other distribution, direct or indirect
(whether in Cash, Securities or other property), with respect to
any Equity Interests in the Borrower or any Restricted Subsidiary,
(b) any payment or distribution, direct or indirect (whether in
Cash, Securities or other property), including any sinking fund or
similar deposit, on account of any redemption, retirement,
purchase, acquisition, exchange, conversion, cancelation or
termination of, or any other return of capital with respect to, any
Equity Interests in the Borrower or any Restricted Subsidiary, and
(c) any payment or other distribution, direct or indirect (whether
in Cash, Securities or other property) of or in respect of
principal of or interest or premium on any Junior Indebtedness, or
any payment or other distribution (whether in Cash, Securities or
other property), including any sinking fund or similar deposit, on
account of the redemption, retirement, purchase, acquisition,
defeasance (including in-substance or legal defeasance), exchange,
conversion, cancelation or termination of any Junior
Indebtedness.

 

 

-53-

 

“Restricted Subsidiary” means any
Subsidiary that is not an Unrestricted Subsidiary.

 

“Retained ECF Percentage” means,
with respect to any Fiscal Year, (a) 100% minus (b) the Applicable
ECF Percentage with respect to such Fiscal Year.

 

“Returns” means (a) with respect to
any Investment in the form of a loan or advance, the repayment to
the investor in Cash or Cash Equivalents of principal thereof and
(b) with respect to any other Investment, any return of capital
received by the investor in Cash or Cash Equivalents in respect of
such Investment.

 

“Rollover Indebtedness” means
Indebtedness of any Credit Party issued to any Lender in lieu of
such Lender’s applicable Pro Rata Share of any prepayment of
any Borrowing made pursuant to Section 2.12(a)(i).

 

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

 

“Sale/Leaseback Transaction” means
an arrangement relating to property owned by the Borrower or any
Restricted Subsidiary whereby the Borrower or such Restricted
Subsidiary Disposes of such property to any Person and the Borrower
or any Restricted Subsidiary leases such property, or other
property that it intends to use for substantially the same purpose
or purposes as the property Disposed of, from such Person or its
Affiliates.

 

“Sanctioned Country” means, at any
time, a country, region or territory that is itself the subject or
target of any Sanctions (at the date of this Agreement, Crimea,
Cuba, Iran, North Korea, Sudan and Syria).

 

“Sanctioned Person” means, at any
time, (a) any Person listed in any Sanctions-related list of
designated Persons maintained by the US Department of State, the US
Department of Treasury (including OFAC), the United Nations
Security Council, the European Union, any European Union member
state, Her Majesty’s Treasury of the United Kingdom or the
Department of Foreign Affairs, Trade and Development (Canada), (b)
any Person operating, organized or resident in a Sanctioned Country
or (c) any Person controlled or 50% or more owned by any such
Person or Persons described in clause (a) or (b)
above.

 

“Sanctions” as defined in
Section 4.21.

 

“Sanctions Laws” as defined in
Section 4.21.

 

“SEC” means the United States Securities
and Exchange Commission.

 

“Secured Parties” as defined in the
Pledge and Security Agreement.

 

“Securities” means any stock,
shares, partnership interests, voting trust certificates,
certificates of interest or participation in any profit-sharing
agreement or arrangement, options, warrants, bonds, debentures,
notes or other evidences of indebtedness, secured or unsecured,
convertible, subordinated or otherwise, or in general any
instruments commonly known as “securities” or any
certificates of interest, shares or participations in temporary or
interim certificates for the purchase or acquisition of, or any
right to subscribe to, purchase or acquire, any of the
foregoing.

 

 

-54-

 

“Securities Act” means the
Securities Act of 1933.

 

“Senior Lien Intercreditor
Agreement” means, with respect to any Permitted Senior
Lien Secured Indebtedness, the Intercreditor Agreement or any other
intercreditor agreement, in form and substance reasonably
satisfactory to the Collateral Agent and the Borrower, that
contains terms and conditions that are within the range of terms
and conditions customary for intercreditor agreements that are of
the type that govern intercreditor relationships between holders of
second lien secured credit facilities and holders of the same type
of Indebtedness as such Permitted Senior Lien Secured
Indebtedness.

 

“Senior Lien Obligations Discharge
Date” shall be deemed to have occurred upon
(a) payment in full in cash of the principal of all
Indebtedness under the First Lien Credit Agreement and all the
other Permitted Senior Lien Secured Indebtedness, (b) payment in
full in cash of all other “Obligations” (as defined in
the First Lien Credit Agreement) set forth in clause (a) of the
definition of such term in the First Lien Credit Agreement (or any
comparable term under any other Permitted Senior Lien Secured
Indebtedness) that are due and payable or otherwise accrued and
owing at or prior to the time such principal is paid (excluding,
for the avoidance of doubt, contingent expense reimbursement and
indemnification obligations that are not yet due and payable), (c)
cancellation of or the entry into arrangements satisfactory to the
issuer thereof with respect to all letters of credit issued and
outstanding under the First Lien Credit Agreement or the
obligations under which otherwise constitute Permitted Senior Lien
Secured Indebtedness and (d) termination or expiration of all
commitments to lend under the First Lien Credit Agreement or in
respect of any other Permitted Senior Lien Secured Indebtedness, it
being understood that notwithstanding any prior occurrence of a
Senior Lien Obligations Discharge Date, if on any subsequent date
any Permitted Senior Lien Secured Indebtedness shall be in effect
or outstanding (or any such Permitted Senior Lien Secured
Indebtedness shall be reinstated), from and after such date, no
Senior Lien Obligations Discharge Date shall be deemed to have
occurred for purposes of this Agreement.

 

“Solvency Certificate” means a Solvency Certificate
executed by the chief financial officer of the Borrower
substantially in the form of Exhibit K.

 

“Solvent” means, with respect to
the Borrower and the Subsidiaries, on a consolidated basis, that as
of the date of determination, (a) the sum of the debt and other
liabilities (including contingent liabilities) of the Borrower and
the Subsidiaries, on a consolidated basis, does not exceed the
present fair saleable value of the present assets of the Borrower
and the Subsidiaries, on a consolidated basis, (b) the capital of
the Borrower and the Subsidiaries, on a consolidated basis, is not
unreasonably small in relation to their business as conducted or
proposed to be conducted, on a consolidated basis, (c) the Borrower
and the Subsidiaries, on a consolidated basis, have not incurred
and do not intend to incur, or believe (nor should they reasonably
believe) that they will incur, debts and liabilities (including
contingent liabilities), on a consolidated basis, beyond the
ability of the Borrower and the Subsidiaries, on a consolidated
basis, to pay such debts and liabilities as they become due
(whether at maturity or otherwise) and (d) the Borrower and the
Subsidiaries, on a consolidated basis, are “solvent”
within the meaning given to that term and similar terms under any
applicable Debtor Relief Laws and other applicable laws relating to
preferences, fraudulent transfers and conveyances or transfers
undervalue. For purposes of this definition, 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 (irrespective of whether such
contingent liabilities meet the criteria for accrual under
GAAP).

 

 

-55-

 

“Specified Acquisition” means an
Acquisition identified to the Arrangers prior to the Closing Date
(for the avoidance of doubt, not constituting the Acquisition of
the Acquired Company), the business of which constitutes a business
engaged in (or any business that is similar, complementary or
related to, or a reasonable extension of, the business engaged in)
by the Borrower and the Restricted Subsidiaries (excluding, for
purposes of this definition, the Acquired Company and its
Subsidiaries) on the Closing Date; provided that such Acquisition
(a) if such Acquisition is consummated prior to the Escrow Cash
Collateral Outside Date, to the extent of the Acquisition
Consideration therefor (other than any portion thereof funded with
Net Proceeds received (and not otherwise applied) by the Borrower
after the Closing Date but on or prior to the date of consummation
of such Acquisition from any issuance and sale of Equity Interests
in the Borrower (other than any Disqualified Equity Interests and
other than any Equity Interests issued or sold to any Subsidiary of
the Borrower)), is consummated solely in reliance on Section 6.6(w)
and (b) in any event, is consummated on or prior to December 31,
2018.

 

“Specified Permitted Indebtedness Documentation
Requirements” means, with respect to any Indebtedness,
the requirements that the terms of such Indebtedness (excluding
interest rates (whether fixed or floating), interest margins,
benchmark rate floors, fees, original issue discounts and
prepayment or redemption terms (including “no call”
terms and other restrictions thereunder) and premiums) are, when
taken as a whole, either (a) not materially more favorable to the
lenders or holders providing such Indebtedness than those
applicable under this Agreement when taken as a whole (other than terms benefitting such lenders or
holders (i) where this Agreement is amended to include such
beneficial terms for the benefit of all Lenders or (ii)
applicable only to periods after the latest Maturity Date in effect
at the time of incurrence of such Indebtedness) or (b) solely in the case of Permitted Pari
Passu Secured Indebtedness, otherwise on current market terms for
such type of Indebtedness; provided that a certificate of
an Authorized Officer of the Borrower delivered to the
Administrative Agent (with the Administrative Agent agreeing to
provide a copy thereof, together with any drafts referred to below,
to the Lenders promptly upon receipt) at least five Business Days
prior to the incurrence of such Indebtedness, together with a
reasonably detailed description of the material terms and
conditions of such Indebtedness or drafts of the documentation
relating thereto, stating that the Borrower has determined in good
faith that such terms and conditions satisfy the requirements of
this definition shall be conclusive evidence that such terms and
conditions satisfy such requirement unless the Administrative Agent
or the Requisite Lenders notify the Borrower in writing within such
five Business Day period that it or they disagree with such
determination (including a reasonably detailed description of the
basis upon which it or they disagree); provided further that such Indebtedness
shall not include any Previously Absent Financial Maintenance
Covenant unless such Previously Absent Financial Maintenance
Covenant applies only to periods after the latest Maturity Date in
effect at the time of incurrence of such Indebtedness or this
Agreement is amended to include such Previously Absent Financial
Maintenance Covenant for the benefit of all Lenders.

 

“State PUC” means any Governmental
Authority of any State that exercises authority over intrastate
telecommunications rates or provision of telecommunications
services or the ownership, construction or operation of any
intrastate network facility or telecommunications systems or over
Persons that own, construct or operate an intrastate network
facility or telecommunications systems, in each case by reason of
the nature or type of the business subject to regulation and not
pursuant to laws and regulations of general applicability to
Persons conducting business in such state.

 

“Subordinated Indebtedness” of any
Person means Indebtedness of such Person that is contractually
subordinated in right of payment to any other Indebtedness of such
Person, including, for the avoidance of doubt, the Subordinated
Notes.

 

 

-56-

 

“Subordinated Notes” means the
Existing Subordinated Notes and the New Subordinated
Note.

 

“Subsidiary” means, with respect to
any Person (the “parent”) at any date, (a) any
Person the accounts of which would be consolidated with those of
the parent in the parent’s consolidated financial statements
if such financial statements were prepared in conformity with GAAP
as of such date and (b) any other Person  of which Equity
Interests representing more than 50% of the equity value or more
than 50% of the ordinary voting power or, in the case of a
partnership, more than 50% of the general partnership interests
are, as of such date, owned, controlled or held, by the parent or
one or more subsidiaries of the parent or by the parent and one or
more subsidiaries of the parent. Unless otherwise specified, all
references herein to Subsidiaries shall be deemed to refer to
Subsidiaries of the Borrower.

 

“Supplemental Collateral
Questionnaire” means a certificate in the form of
Exhibit L or any other form approved by the Collateral
Agent.

 

“Syndication Agent” means Goldman
Sachs, in its capacity as syndication agent for the credit facility
established under this Agreement.

 

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

 

“Term Loan Exposure” means, with
respect to any Lender, for any Class of Commitments or Loans at any
time, (a) prior to the making of the Loans of such Class, the
Commitment of such Class of such Lender at such time and (b) after
the making of the Loans of such Class, the aggregate principal
amount of the Loans of such Class of such Lender at such
time.

 

“Test Period” means, for any date
of determination, the most recent period of four consecutive Fiscal
Quarters of the Borrower for which financial statements have been
delivered pursuant to Section 5.1(a) or 5.1(b) (or, prior to the
first delivery of any such financial statements, the period of four
consecutive Fiscal Quarters of the Borrower ended December 31,
2017).

 

“Total Leverage Ratio” means the
ratio, as of any date, of (a) Consolidated Total Debt as of such
date to (b) Consolidated Adjusted EBITDA for the period of four
consecutive Fiscal Quarters of the Borrower ended on such date (or,
if such date is not the last day of a Fiscal Quarter, most recently
prior to such date).

 

“Total Net Leverage Ratio” means
the ratio, as of any date, of (a) Consolidated Total Net Debt as of
such date to (b) Consolidated Adjusted EBITDA for the period of
four consecutive Fiscal Quarters of the Borrower ended on such date
(or, if such date is not the last day of a Fiscal Quarter, most
recently prior to such date).

 

“Traded Securities” means any debt
or equity Securities issued pursuant to a public offering
registered under the Securities Act or Rule 144A offering or other
similar private placement.

 

“Tranche B Term Borrowing” means a
Borrowing comprised of Tranche B Term Loans.

 

 

-57-

 

“Tranche B Term Loan” means a
term loan made by a Lender to the Borrower pursuant to
Section 2.1(a)(i).

 

“Tranche B Term Loan
Commitment” means, with respect to any Lender, the
commitment, if any, of such Lender to make a Tranche B Term Loan
hereunder, expressed as an amount representing the maximum
principal amount of the Tranche B Term Loan to be made by such
Lender, subject to any increase or reduction pursuant to the terms
and conditions hereof. The initial amount of each Lender’s
Tranche B Term Loan Commitment, if any, is set forth on
Schedule
2.1 or in the Assignment Agreement pursuant to which such
Lender shall have assumed its Tranche B Term Loan Commitment. The
aggregate amount of the Tranche B Term Loan Commitments as of the
Closing Date is $85,000,000.

 

“Tranche B Term Loan Exposure”
means, with respect to any Lender at any time, (a) prior to
the making of Tranche B Term Loans hereunder, the Tranche B Term
Loan Commitment of such Lender at such time and (b) after the
making of Tranche B Term Loans hereunder, the aggregate principal
amount of the Tranche B Term Loans of such Lender outstanding
at such time.

 

“Tranche B Term Loan Maturity
Date” means the date that is five years and six months
after the Closing Date (or, if such date is not a Business Day, the
immediately preceding Business Day).

 

“Transactions” means (a) the
Financing Transactions, (b) the Closing Date Refinancing, (c) the
Merger and the other transactions contemplated by the Merger
Agreement, including the distribution of the Consumer/SMB Business
and the consummation of the Fusion Global Arrangement or the
dissolution of Fusion Global Services LLC, (d) the issuance of the
New Subordinated Note, (e) the Closing Date Common Equity Issuance,
(f) the issuance and sale of the Closing Date Preferred Stock and
(g) the payment of fees and expenses in connection with the
foregoing.

 

“Treasury Rate” means, as of any
date of determination of the Yield Maintenance Amount, the yield to
maturity at the time of computation of 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 of determination (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 of
determination to but excluding the date that is 18 months after the
Closing Date; provided, however, that if the period
from such date of determination to but excluding the date that is
18 months after the Closing Date is not equal to the constant
maturity of the United States Treasury security for which a weekly
average yield is given, the Treasury Rate shall be obtained by
linear interpolation (calculated to the nearest one-twelfth of a
year) from the weekly average yields of United States Treasury
securities for which such yields are given, except that if the
period from such date of determination to but excluding the date
that is 18 months after 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 shall be
used.

 

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

 

“UCC” means the Uniform Commercial
Code (or any similar or equivalent legislation) as in effect from
time to time in any applicable jurisdiction.

 

 

-58-

 

“Unrestricted Cash” means, on any
date, Cash and Cash Equivalents (excluding, for the avoidance of
doubt, security deposits held by the Borrower or any Restricted
Subsidiary) owned on such date by the Borrower or any Restricted
Subsidiary, as reflected on a balance sheet prepared as of such
date in conformity with GAAP (but only to the extent the number
reflected is a positive number), provided that (a) except in the
case of any Cash or Cash Equivalents consisting of Vector
Subordinated Note Collateral, such Cash and Cash Equivalents do not
appear (and would not be required to appear) as
“restricted” on a consolidated balance sheet of such
Person prepared in conformity with GAAP, (b) such Cash and Cash
Equivalents are free and clear of all Liens, other than
(i) nonconsensual Liens permitted by Section 6.2 (including
clause (a) of the definition of the term “Permitted
Encumbrances”), (ii) Liens referred to in clause (i) of the
definition of the term “Permitted Encumbrances”, (iii)
Liens created under the Credit Documents and (iv) Liens
securing any Permitted Section 6.1(e) Indebtedness, any Permitted
Credit Agreement Refinancing Indebtedness or any Permitted
Incremental Equivalent Indebtedness, and (c) except in the
case of contractual restrictions in respect of any Vector
Subordinated Note Collateral pursuant to the Vector Subordinated
Note Cash Collateral Control Agreement or the First Lien Credit
Agreement, the use of such Cash and Cash Equivalents for
application to the payment of Indebtedness is not prohibited in any
material respect by applicable law or any material Contractual
Obligation and such Cash and Cash Equivalents are not contractually
restricted in any material respect from being distributed to the
Borrower; provided
further that the
Escrow Cash Collateral shall not constitute Unrestricted
Cash.

 

“Unrestricted Subsidiary” means (a)
any Subsidiary of the Borrower that is designated as an
Unrestricted Subsidiary in the manner provided below and not
subsequently redesignated as a “Restricted Subsidiary”
in the manner provided below and (b) each Subsidiary of an
Unrestricted Subsidiary.

 

The
Borrower may designate any Subsidiary to be an “Unrestricted
Subsidiary” by delivering to the Administrative Agent a
certificate of the chief financial officer of the Borrower
specifying such designation and certifying that such designated
Subsidiary satisfies the requirements set forth in this definition;
provided that no
Subsidiary may be designated as an Unrestricted Subsidiary unless
(a) immediately after giving Pro Forma Effect to such
designation, no Default or Event of Default has occurred and is
continuing or would result therefrom, (b) immediately after
giving Pro Forma Effect to such designation, (i) the Total Net
Leverage Ratio shall not be greater than the lesser of (A)
4.00:1.00 and (B) the maximum Total Net Leverage Ratio permitted
under the financial covenant set forth in Section 6.7(a), in each
case, determined as of the last day of the then most recently ended
Test Period, and (ii) the combined “EBITDA” of all the
Unrestricted Subsidiaries (calculated in accordance with the
definition of the term Consolidated Adjusted EBITDA, mutatis mutandis) for the most recent
period Test Period then ended shall not exceed 5% of the
Consolidated Adjusted EBITDA for such Test Period, (c) such
Subsidiary does not own any Equity Interests in any of the
Restricted Subsidiaries, (d) neither such Subsidiary nor any of its
Subsidiaries owns or holds any License that is required for the
conduct of business in the ordinary course by the Borrower and the
Restricted Subsidiaries or is otherwise material to the Borrower
and the Restricted Subsidiaries, (e) each Subsidiary of such
Subsidiary has been designated as (and, for so long as it is a
Subsidiary of the Borrower, continues as) an “Unrestricted
Subsidiary” in accordance with this definition, (f) the
Investments in such Unrestricted Subsidiary by the Borrower and the
Restricted Subsidiaries (including, after giving effect to the next
sentence, those resulting from such designation) are permitted
under Section 6.6, (g) such Subsidiary shall have been or will
promptly be designated an “unrestricted subsidiary” (or
otherwise not be subject to the covenants) under any Permitted
Section 6.1(e) Indebtedness, any Permitted Credit Agreement
Refinancing Indebtedness, any Permitted Incremental Equivalent
Indebtedness and any Permitted Subordinated Indebtedness and (h) no
Subsidiary may be designated as an Unrestricted Subsidiary if it
was previously an Unrestricted Subsidiary that has been
redesignated as a Restricted Subsidiary. Upon the designation of
any Subsidiary as an Unrestricted Subsidiary, the Borrower and the
Restricted Subsidiaries shall be deemed to have made an Investment
in such Unrestricted Subsidiary in an amount equal at the time of
such designation to the fair value of such Subsidiary (as
determined reasonably and in good faith by the chief financial
officer of the Borrower). The Borrower shall cause each
Unrestricted Subsidiary to satisfy at all times the requirements
set forth in clauses (c), (d) and (g) above.

 

 

-59-

 

The
Borrower may designate any Unrestricted Subsidiary as a
“Restricted Subsidiary” by delivering to the
Administrative Agent a certificate of the chief financial officer
of the Borrower specifying such redesignation and certifying that
such redesignation satisfies the requirements set forth in this
paragraph; provided
that (a) immediately after giving Pro Forma Effect to such
redesignation, no Default or Event of Default has occurred and is
continuing or would result therefrom and (b) the redesignation of
an Unrestricted Subsidiary as a Restricted Subsidiary shall
constitute the incurrence, at the time of such redesignation, of
any Indebtedness, Liens and Investments of such Subsidiary existing
at such time.

 

“Unrestricted Subsidiary Reconciliation
Statement” means, with respect to any balance sheet or
statement of comprehensive income, shareholders’ equity or
cash flows of the Borrower, such financial statement (in
substantially the same form) prepared on the basis of consolidating
the accounts of the Borrower and the Restricted Subsidiaries and
treating Unrestricted Subsidiaries as if they were not consolidated
with the Borrower and otherwise eliminating all accounts of
Unrestricted Subsidiaries, together with an explanation of
reconciliation adjustments in reasonable detail.

 

“US Person” means any Person that
is a “United States Person” as defined in
Section 7701(a)(30) of the Internal Revenue Code and a
disregarded entity (for US federal income tax purposes) owned by
such Person.

 

“US Tax Compliance Certificate” as
defined in Section 2.19(g)(ii)(B)(3).

 

“Vector Collateral” means any
assets of any Vector Lender provided as collateral to secure
obligations of the Vector Lenders under the Vector Senior Loan
Facility (including any such assets in the form of “Tranche B
Term Loans” made under the First Lien Credit Agreement held
by any Vector Lender).

 

“Vector Facility Arrangements”
means the Vector Senior Loan Facility and the Vector Subordinated
Note.

 

“Vector Lender” means Vector SPV or
any Affiliate thereof that holds term loans made under the First
Lien Credit Agreement and is an obligor under the Vector Senior
Loan Facility.

 

“Vector Senior Loan Facility
Lender” means Goldman Sachs or any of its
Affiliates.

 

“Vector Senior Loan Facility” means
the Credit Agreement dated as of May 4, 2018, among Vector SPV, as
borrower, the Vector Senior Loan Facility Lender, Goldman Sachs, as
administrative agent, and U.S. Bank National Association, as
collateral agent and collateral custodian, pursuant to which, and
on the terms and conditions set forth therein, the Vector Senior
Loan Facility Lender shall make a senior secured loan to Vector
SPV, which loan shall be secured by, among other things, the
“Tranche B Term Loans” made under the First Lien Credit
Agreement held by Vector SPV and a cash reserve funded in part with
the proceeds of the Vector Subordinated Note.

 

“Vector SPV” means Vector Fusion
Holdings (Cayman) Ltd., an exempted company incorporated with
limited liability under the laws of the Cayman Islands that is a
subsidiary of Vector Capital V, L.P.

 

“Vector Subordinated Note” means
the Subordinated Note dated May 4, 2018, and in a principal amount
of $25,000,000, issued by Vector SPV to the Borrower for cash
consideration of $25,000,000.

 

 

-60-

 

“Vector Subordinated Note Cash Collateral
Account” as defined in the First Lien Credit
Agreement.

 

“Vector Subordinated Note Cash Collateral
Control Agreement” as defined in the First Lien Credit
Agreement.

 

“Vector Subordinated Note
Collateral” as defined in the First Lien Credit
Agreement.

 

“Weighted Average Yield” means, at
any time, with respect to any Loan or other Indebtedness, the
weighted average yield to stated maturity of such Loan or other
Indebtedness based on the interest rate or rates applicable thereto
and giving effect to all upfront or similar fees or original issue
discount payable by the Borrower or any of its Affiliates to the
Lenders or other applicable creditors advancing such Loan or other
Indebtedness with respect thereto (but not any arrangement fees,
structuring fees, commitment fees, underwriting fees or other fees
not paid generally to all such Lenders or other applicable
creditors, and excluding any ticking or amendment fees previously
paid with respect to such Loans or other Indebtedness) (in each
case, with upfront or similar fees or original issue discount being
deemed to constitute like amounts of original issue discount, and
such fees and original discount being equated to interest margins
in a manner consistent with generally accepted financial practice
based on an assumed life to maturity of the lesser of four years
and the tenor of such Loan or other Indebtedness) and to any
interest rate “floor”. For purposes of determining the
Weighted Average Yield of any floating rate Indebtedness at any
time, the rate of interest applicable to such Indebtedness at such
time shall be assumed to be the rate applicable at all times prior
to maturity; provided that appropriate
adjustments shall be made for any scheduled changes in rates of
interest provided for in the documents governing such Indebtedness.
Determinations of the Weighted Average Yield shall be made in a
manner consistent with accepted financial practice.

 

“wholly owned”, when used in
reference to a Subsidiary of any Person, means that all the Equity
Interests in such Subsidiary (other than directors’
qualifying shares and other nominal amounts of Equity Interests
that are required to be held by other Persons under applicable law)
are owned, beneficially and of record, by such Person, another
wholly owned Subsidiary of such Person or any combination
thereof.

 

“Wilmington Trust” as defined in
the preamble hereto.

 

“Write-Down and Conversion Powers”
means, 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.

 

 

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“Yield Maintenance Amount” means,
with respect to any Tranche B Term Loan that is prepaid pursuant to
Section 2.12(a)(i) (for the avoidance of doubt, including on
account of the requirements set forth in Section 2.25) or 2.13(c)
or is subject to any amendment or other modification of this
Agreement that, directly or indirectly, reduces the Weighted
Average Yield of such Tranche B Term Loan (or is required to be
assigned pursuant to Section 2.22 in connection with such
amendment or modification), an amount equal to the present value of
the sum of (a) the aggregate amount of interest that would have
otherwise been payable on the principal amount of such Tranche B
Term Loan so prepaid or subject to such amendment or modification
(or assignment) (assuming that such Tranche B Term Loan will bear
interest at a rate per annum equal to the sum of (i) the Adjusted
Eurodollar Rate for an Interest Period of three months (giving
effect to any floor rate) as of the date of such prepayment or
amendment or modification (or assignment) plus (ii) the Applicable
Rate with respect to Tranche B Term Loans that are Eurodollar Rate
Loans) from the date of such prepayment or amendment or
modification (or assignment) through the date that is 18 months
after the Closing Date, plus (b) 4.00% of the principal amount of
such Tranche B Term Loan so prepaid or subject to such amendment or
modification (or assignment), discounted in accordance with
accepted financial practice at a discount rate (applied on the same
periodic basis as that on which interest on the Tranche B Term
Loans is payable) equal to the Treasury Rate plus 50 basis points
per annum. Determinations of the Yield Maintenance Amount shall be
made in a manner consistent with accepted financial
practice.

 

1.2. Accounting
Terms; Pro Forma Calculations. (a) Except as otherwise
expressly provided herein, all terms of an accounting or financial
nature used herein shall be construed in conformity with GAAP as in
effect from time to time; provided that (i) if the
Borrower, by notice to the Administrative Agent, shall request an
amendment to any provision hereof to eliminate the effect of any
change occurring after the date hereof in GAAP or in the
application thereof on the operation of such provision (or if the
Administrative Agent or the Requisite Lenders, by notice to the
Borrower, shall 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 and
(ii) notwithstanding any other provision contained herein, all
terms of an accounting or financial nature used herein shall be
construed, and all computations of amounts and ratios referred to
herein shall be made, (A) without giving effect to any election
under Financial Accounting Standards Board Accounting Standards
Codification 825 (or any other Accounting Standards Codification or
Financial Accounting Standard having a similar result or effect)
(and related interpretations) to value any Indebtedness or other
liabilities of the Borrower or any Subsidiary at “fair
value”, as defined therein, (B) without giving effect to
any treatment of Indebtedness in respect of convertible debt
instruments under Accounting Standards Codification 470-20 (or any
other Accounting Standards Codification or Financial Accounting
Standard having a similar result or effect) to value any such
Indebtedness in a reduced or bifurcated manner as described
therein, and such Indebtedness shall at all times be valued at the
full stated principal amount thereof, and (C) without giving
effect to any change to GAAP occurring after the date hereof as a
result of the adoption of any proposals set forth in the
Proposed Accounting Standards
Update, Leases (Topic 842), issued by the Financial
Accounting Standards Board on May 16, 2013, or any other proposals
issued by the Financial Accounting Standards Board in connection
therewith, in each case if such change would require treating any
lease (or similar arrangement conveying the right to use) as a
capital lease where such lease (or similar arrangement) was not
required to be so treated under GAAP as in effect on December 31,
2015. It is understood and agreed that when any term of an
accounting or financial nature refers to a determination being made
on a “consolidated basis”, when such reference is made
with respect to the Borrower and the Restricted Subsidiaries (or
any Restricted Subsidiary and its Restricted Subsidiaries), such
determination shall exclude from such consolidation the accounts of
the Unrestricted Subsidiaries.

 

 

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(b) All computations
required to be made hereunder giving effect to any Acquisition,
Disposition or other Pro Forma Event shall be calculated after
giving Pro Forma Effect thereto (and, in the case of any
computations made hereunder to determine whether such Acquisition,
Disposition or other Pro Forma Event is permitted to be consummated
hereunder, to any other such Pro Forma Event consummated since the
first day of the period covered by any component of such Pro Forma
computation and on or prior to the date of such computation) as if
such Pro Forma Event occurred on the first day of the most recent
Test Period. It is understood that, prior to the last day of the
Test Period ending on June 30, 2018, for purposes of any
provision hereof that requires compliance with Section 6.7(a) on a
Pro Forma Basis, such compliance will be determined based on the
ratio set forth in Section 6.7(a) that would be first applicable
under such Section.

 

(c) Prior to the
release of the Escrow Cash Collateral in accordance with
Section 9.8(d)(ii), “Tranche B Term Loans” made
under the First Lien Credit Agreement in an aggregate principal
amount equal to the amount of Escrow Cash Collateral on deposit in
the Escrow Cash Collateral Account at any time, but in no event in
excess of the Escrow Cash Amount, shall be deemed not to be
outstanding solely for purposes of determining actual compliance by
the Borrower with Section 6.7(a).

 

1.3. Interpretation,
Etc. Any of the terms defined herein may, unless the context
otherwise requires, be used in the singular or the plural,
depending on the reference. References herein to any Article,
Section, Schedule or Exhibit shall be to an Article or a
Section of, or a Schedule or an Exhibit to, this Agreement,
unless otherwise specifically provided. The words
“include”, “includes” and
“including” shall be deemed to be followed by the
phrase “without limitation”. The word
“will” shall be construed to have the same meaning and
effect as the word “shall”. The words
“asset” and “property” shall be construed
to have the same meaning and effect and to refer to any and all
real and personal, tangible and intangible assets and properties,
including Cash, Securities, accounts and contract rights. The word
“law” shall be construed as referring to all statutes,
rules, regulations, codes and other laws (including official
rulings and interpretations thereunder having the force of law or
with which affected Persons customarily comply), and all judgments,
orders, writs and decrees, of all Governmental Authorities. The
words “not otherwise applied”, and words of similar
import, when used with reference to any amount of Net Proceeds of
any issuance or sale of Equity Interests that is proposed to be
applied to any particular use, payment or transaction, shall be
construed to mean that such amount was not previously applied, or
is not simultaneously being applied, to any other use, payment or
transaction other than such particular use, payment or transaction.
Except as otherwise expressly provided herein and unless the
context requires otherwise, (a) any definition of or reference
to any agreement, instrument or other document (including this
Agreement and the other Credit Documents) shall be construed as
referring to such agreement, instrument or other document as from
time to time amended, supplemented or otherwise modified (subject
to any restrictions on such amendments, supplements or
modifications set forth herein), (b) any definition of or reference
to any statute, rule or regulation shall be construed as referring
thereto as from time to time amended, supplemented or otherwise
modified (including by succession of comparable successor laws),
and all references to any statute shall be construed as referring
to all rules, regulations, rulings and official interpretations
promulgated or issued thereunder, (c) any reference herein to any
Person shall be construed to include such Person’s successors
and assigns (subject to any restrictions on assignment set forth
herein) and, in the case of any Governmental Authority or any
self-regulating entity, any other Governmental Authority or entity
that shall have succeeded to any or all functions thereof, and (d)
the words “herein”, “hereof” and
“hereunder”, and words of similar import, shall be
construed to refer to this Agreement in its entirety and not to any
particular provision hereof. Terms defined in the UCC as in effect
in the State of New York on the Closing Date and not otherwise
defined herein shall, unless the context otherwise indicates, have
the meanings provided by those definitions.

 

 

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1.4. Classification
of Loans and Borrowings. For purposes of this Agreement,
Loans and Borrowings may be classified and referred to by Class
(e.g., a
“Tranche B Term Loan” or “Tranche B Term Loan
Borrowing”) or by Type (e.g., a “Eurodollar Rate
Loan” or “Eurodollar Rate Borrowing”) or by Class
and Type (e.g., a
“Eurodollar Rate Tranche B Term Loan” or
“Eurodollar Rate Tranche B Term Loan
Borrowing”).

 

1.5. Conditionality
Testing Date. Solely for purposes of determining compliance
with any provision of this Agreement (including compliance with the
Fixed Charge Coverage Ratio, the Total Leverage Ratio, the Total
Net Leverage Ratio or any other financial metric, the absence of
any Default or Event of Default and the accuracy of any
representation or warranty) that expressly permits such compliance
to be determined or tested in accordance with the provisions of
this Section 1.5 in connection with a Limited Conditionality
Transaction (but, for the avoidance of doubt, not for purposes of
determining whether the Borrower has actually complied with Section
6.7 itself), the date of determination of whether such provision
has been satisfied shall, at the option of the Borrower and upon
delivery by the Borrower on or prior to the applicable LCT Test
Date of a written notice to that effect to the Administrative
Agent, be the date on which the definitive agreements for such
Limited Conditionality Transaction are entered into (the
“LCT Test
Date”), with such determination to give effect on a
Pro Forma Basis to such Limited Conditionality Transaction and the
other transactions to be entered into in connection therewith
(including any incurrence of Indebtedness or Liens and the use of
proceeds thereof) as if they had occurred at the beginning of the
most recent Test Period ending prior to the LCT Test Date. For the
avoidance of doubt, if the Borrower has exercised such option and
any of the ratios, financial metrics or amounts for which
compliance was determined or tested as of the LCT Test Date are
exceeded as a result of fluctuations in any such ratio, financial
metric or amount, including due to fluctuations in Consolidated
Adjusted EBITDA, at or prior to the consummation of the Limited
Conditionality Transaction, such ratio, financial metric or amount
will be deemed not to have been exceeded as a result of such
fluctuations solely for purposes of determining whether such
provision has been satisfied in connection with such Limited
Conditionality Transaction. If the Borrower has exercised such
option in connection with any Limited Conditionality Transaction,
then, in connection with any subsequent calculation of ratios,
financial metrics or amounts (but, for the avoidance of doubt, not
for purposes of determining whether the Borrower has actually
complied with Section 6.7 itself) on or following the relevant LCT
Test Date and prior to the earlier of (a) the date on which such
Limited Conditionality Transaction is consummated and (b) the date
that the definitive agreements for such Limited Conditionality
Transaction are terminated or expire without consummation of such
Limited Conditionality Transaction (with the Borrower agreeing to
provide the Administrative Agent with prompt notice thereof), any
such ratio, financial metric or basket shall be calculated on a Pro
Forma Basis assuming such Limited Conditionality Transaction and
the other transactions in connection therewith (including any
incurrence of Indebtedness or Liens and the use of proceeds
thereof) have been consummated.

 

1.6. Effectuation
of Transactions. All references herein to the Borrower and
the Subsidiaries or the Restricted Subsidiaries shall be deemed to
be (unless the context otherwise requires) references to such
Persons, and all the representations and warranties of the Borrower
and the other Credit Parties contained in this Agreement and the
other Credit Documents shall be deemed made, in each case, after
giving effect to the Merger and the other Transactions to occur on
the Closing Date.

 

 

-64-

 

SECTION
2. LOANS

 

2.1. Loans.
(a) Commitments.
(i) Subject to the terms and conditions hereof, each Lender agrees
to make, on the Closing Date, a term loan to the Borrower in
Dollars in a principal amount not to exceed such Lender’s
Tranche B Term Loan Commitment. Amounts borrowed pursuant to
this Section 2.1(a)(i) that are repaid or prepaid may not be
reborrowed. Each Lender’s Tranche B Term Loan Commitment
shall terminate immediately and without any further action upon the
making of a Tranche B Term Loan, as applicable, by such Lender or,
if earlier, at 5:00 p.m. (New York City time) on the Closing
Date.

 

(ii) Additional
Classes of Commitments may be established as provided in
Section 2.23 or 2.25, and the Loans thereunder shall be made
in accordance with, and subject to the terms and conditions set
forth in, such Section.

 

(b) Borrowing Mechanics for
Loans.

 

(i) Each Loan shall be
made as part of a Borrowing consisting of Loans of the same Class
and Type made by the Lenders of such Class proportionately to their
applicable Pro Rata Shares. At the commencement of each Interest
Period for any Eurodollar Rate Borrowing, such Borrowing shall be
in an aggregate amount of $1,000,000 or an integral multiple of
$500,000 in excess of such amount; provided that a Eurodollar Rate
Borrowing that results from a continuation of an outstanding
Eurodollar Rate Borrowing may be in an aggregate amount that is
equal to the amount of such outstanding Borrowing.

 

(ii) To
request a Borrowing, the Borrower shall deliver to the
Administrative Agent a fully completed and executed Funding Notice
(A) in the case of a Eurodollar Rate Borrowing, not later than
2:00 p.m. (New York City time) at least three Business Days in
advance of the proposed Credit Date (which shall be a Business Day)
and (B) in the case of a Base Rate Borrowing, not later than 11:00
a.m. (New York City time) at least one Business Day in advance of
the proposed Credit Date (which shall be a Business Day) (or, in
each case, with respect to any Borrowing of Incremental Loans or
Refinancing Loans, not later than such other time as shall be
specified therefor in the applicable Incremental Facility Agreement
or Refinancing Facility Agreement). Promptly upon receipt by the
Administrative Agent of a Funding Notice in accordance with this
paragraph, the Administrative Agent shall notify each Lender of the
applicable Class of the details thereof and of the amount of such
Lender’s Loan to be made as part of the requested Borrowing.
Following delivery of a Funding Notice for a Eurodollar Rate
Borrowing, any failure to make such Borrowing shall be subject to
Section 2.17(c).

 

(iii) Each
Lender shall make the principal amount of each Loan required to be
made by it hereunder on any Credit Date available to the
Administrative Agent not later than 1:00 p.m. (New York City
time) on such Credit Date (or, with respect to any Borrowing of
Incremental Loans or Refinancing Loans, not later than such other
time as shall be specified therefor in the applicable Incremental
Facility Agreement or Refinancing Facility Agreement) by wire
transfer of same day funds in Dollars to the account of the
Administrative Agent most recently designated by it for such
purpose by notice to the Lenders. The Administrative Agent will
make each such Loan available to the Borrower by promptly remitting
the amounts so received, in like funds, to the account specified by
the Borrower in the applicable Funding Notice.

 

2.2. [Reserved].

 

 

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2.3. [Reserved].

 

2.4. Pro
Rata Shares; Obligations Several; Availability of Funds. (a)
All Loans on the occasion of any Borrowing shall be made by the
Lenders in proportion to their applicable Pro Rata Shares. The
failure of any Lender to make any Loan shall not relieve any other
Lender of its obligations hereunder; provided that the Commitments
and other obligations of the Lenders hereunder are several, and no
Lender shall be responsible for the failure of any other Lender to
make any Loan or to satisfy any of its other obligations
hereunder.

 

(b) Unless the
Administrative Agent shall have been notified by a Lender prior to
the applicable Credit Date that such Lender does not intend to make
available to the Administrative Agent the amount of such
Lender’s Loan requested to be made on such Credit Date, the
Administrative Agent may assume that such Lender has made such
amount available to the Administrative Agent on such Credit Date
and may, in its sole discretion, but shall not be obligated to,
make available to the Borrower a corresponding amount. In such
event, if a Lender has not in fact made the amount of its Loan
available to the Administrative Agent, then such Lender and the
Borrower severally agree to pay to the Administrative Agent
forthwith on demand, such corresponding amount, with interest
thereon for each day from and including the date such amount is
made available to the Borrower to but excluding the date of such
payment to the Administrative Agent, at (i) in the case of a
payment to be made by such Lender, (A) at any time prior to the
third Business Day following the date such amount is made available
to the Borrower, the customary rate set by the Administrative Agent
for the correction of errors among banks and (B) thereafter, the
Base Rate or (ii) in the case of a payment to be made by the
Borrower, the interest rate applicable hereunder to Base Rate Loans
of the applicable Class. If the Borrower and such Lender shall both
pay such interest to the Administrative Agent for the same or an
overlapping period, the Administrative Agent shall promptly remit
to the Borrower the amount of such interest paid by the Borrower
for such period. If such Lender pays such amount to the
Administrative Agent, then such amount shall constitute such
Lender’s Loan included in the applicable
Borrowing.

 

2.5. Use
of Proceeds. The Borrower will use the proceeds of the
Tranche B Term Loans made on the Closing Date, together with the
proceeds of the term loans made under the First Lien Credit
Agreement on the Closing Date, the proceeds of the New Subordinated
Note and the Closing Date Common Equity Issuance, (a) to consummate
the Closing Date Refinancing, (b) to pay fees and expenses in
connection with the Transactions and (c) to the extent any
excess proceeds of the Tranche B Term Loans remain after the
application of proceeds under clauses (a) and (b) above, for
working capital and other general corporate purposes of the
Borrower and the Restricted Subsidiaries. The Borrower will use the
proceeds of any Incremental Loan for the purposes specified in the
applicable Incremental Facility Agreement, and the proceeds of any
Refinancing Loan solely for the repayment or prepayment of
Borrowings as set forth in Section 2.25(c) and the payment of
any related fees, premiums and expenses. The Borrower will use the
proceeds of the “Tranche B Term Loans” made under the
First Lien Credit Agreement on the Closing Date constituting Escrow
Cash Collateral solely to consummate the Specified Acquisition or
to make the mandatory prepayment of “Tranche B Term
Loans” required under the First Lien Credit Agreement and, to
the extent any excess proceeds thereof remain after such
application in accordance with the provisions of the First Lien
Credit Agreement, for working capital and other general corporate
purposes of the Borrower and the Restricted
Subsidiaries.

 

 

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2.6. Evidence
of Debt; Register; Notes. (a) Lenders’ Evidence of
Debt. Each Lender shall maintain records evidencing the
Obligations of the Borrower owing to such Lender, including the
principal amount of the Loans made by such Lender and each
repayment and prepayment in respect thereof. Such records
maintained by any Lender shall be prima facie evidence thereof,
absent manifest error; provided that the failure to
maintain any such records, or any error therein, shall not in any
manner affect the obligation of the Borrower to pay any amounts due
hereunder in accordance with the terms hereof; provided further that in the event of
any inconsistency between the records maintained by any Lender and
the records maintained by the Administrative Agent, the records
maintained by the Administrative Agent shall govern and
control.

 

(b) Register. The Administrative
Agent shall maintain records of the name and address of, and the
Commitments of and the principal amount of and stated interest on
the Loans owing to, each Lender from time to time (the
“Register”). The
entries in the Register shall be prima facie evidence thereof,
absent manifest error; provided that the failure to
maintain the Register, or any error therein, shall not in any
manner affect the obligation of any Lender to make a Loan or other
payment hereunder or the obligation of the Borrower to pay any
amounts due hereunder, in each case in accordance with the terms of
this Agreement. The Register shall be available for inspection by
the Borrower or any Lender (but, in the case of a Lender, only with
respect to (i) any entry relating to such Lender’s
Commitments or Loans and (ii) the identity of the other
Lenders (but not information as to such other Lenders’
Commitments or Loans)) at any reasonable time and from time to time
upon reasonable prior notice. The Borrower hereby designates the
Person serving as the Administrative Agent to serve as the
Borrower’s non-fiduciary agent solely for purposes of
maintaining the Register as provided in this Section 2.6(b)
and agrees that, in consideration of such Person serving in such
capacity, such Person and its Related Parties shall constitute
“Indemnitees”.

 

(c) Notes. Upon the request of any
Lender by written notice to the Borrower (with a copy to the
Administrative Agent), the Borrower shall promptly prepare, execute
and deliver to such Lender a promissory note payable to such Lender
(or, if requested by such Lender, to such Lender and its registered
assigns) to evidence such Lender’s Loans of any Class, which
shall be substantially in the form attached hereto as Exhibit
M.

 

2.7. Interest
on Loans. (a) Subject to Section 2.9, each Loan of any
Class shall bear interest on the outstanding principal amount
thereof from the date made through repayment (whether by
acceleration or otherwise) thereof as follows:

 

(i) if a Base Rate
Loan, at the Base Rate plus the Applicable Rate with respect to
Loans of such Class; or

 

(ii) if
a Eurodollar Rate Loan, at the Adjusted Eurodollar Rate plus the
Applicable Rate with respect to Loans of such Class.

 

The
applicable Base Rate or Adjusted Eurodollar Rate shall be
determined by the Administrative Agent, and such determination
shall be conclusive and binding on the parties hereto, absent
manifest error.

 

 

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(b) The basis for
determining the rate of interest with respect to any Loan, and the
Interest Period with respect to any Eurodollar Rate Borrowing,
shall be selected by the Borrower pursuant to the applicable
Funding Notice or Conversion/Continuation Notice delivered in
accordance herewith; provided that there shall be no
more than 10 (or such greater number as may be agreed to by the
Administrative Agent) Eurodollar Rate Borrowings outstanding at any
time. In the event the Borrower fails to specify in any Funding
Notice the Type of the requested Borrowing, then the requested
Borrowing shall be made as a Base Rate Borrowing. In the event the
Borrower fails to deliver in accordance with Section 2.8 a
Conversion/Continuation Notice with respect to any Eurodollar Rate
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 a Base Rate Borrowing. In the event the Borrower
requests the making of, or the conversion to or continuation of,
any Eurodollar Rate Borrowing but fails to specify in the
applicable Funding Notice or Conversion/Continuation Notice the
Interest Period to be applicable thereto, the Borrower shall be
deemed to have specified an Interest Period of one month. No
Borrowing of any Class may be converted into a Borrowing of another
Class.

 

(c) Interest payable
pursuant to Section 2.7(a) shall be computed (i) in the case of
Base Rate Loans, on the basis of a 360-day year (or, in the case of
Base Rate Loans determined by reference to the Prime Rate, a
365-day or 366-day year, as applicable), and (ii) in the case of
Eurodollar Rate Loans, on the basis of a 360-day year, in each case
for the actual number of days elapsed in the period during which
such interest accrues. In computing interest on any Loan, the date
of the making of such Loan or the first day of an Interest Period
applicable to such Loan or, with respect to a Base Rate Loan being
converted from a Eurodollar Rate Loan, the date of conversion of
such Eurodollar Rate Loan to such Base Rate Loan, as the case may
be, shall be included, and the date of payment of such Loan or the
expiration date of an Interest Period applicable to such Loan or,
with respect to a Base Rate Loan being converted to a Eurodollar
Rate Loan, the date of conversion of such Base Rate Loan to such
Eurodollar Rate Loan, as the case may be, shall be excluded;
provided that if a
Loan is repaid on the same day on which it is made, one day’s
interest shall accrue on such Loan.

 

(d) Except as otherwise
set forth herein, accrued interest on each Loan shall be payable in
arrears (i) on each Interest Payment Date applicable to such Loan,
(ii) upon any voluntary or mandatory repayment or prepayment of
such Loan, to the extent accrued on the amount being repaid or
prepaid, (iii) on the Maturity Date applicable to such Loan
and (iv) in the event of any conversion of a Eurodollar Rate Loan
prior to the end of the Interest Period then applicable thereto, on
the effective date of such conversion.

 

2.8. Conversion/Continuation.
(a) Subject to Section 2.17, the Borrower shall have the
option:

 

(i) to convert at any
time all or any part of any Borrowing from one Type to the other
Type; and

 

(ii) to
continue, at the end of the Interest Period applicable to any
Eurodollar Rate Borrowing, all or any part of such Borrowing as a
Eurodollar Rate Borrowing and to elect an Interest Period
therefor;

 

provided, in each case, that at
the commencement of each Interest Period for any Eurodollar Rate
Borrowing, such Borrowing shall be in an amount that complies with
Section 2.1(b).

 

 

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In the
event any Borrowing shall have been converted or continued in
accordance with this Section 2.8 in part, such conversion or
continuation shall be allocated ratably, in accordance with their
applicable Pro Rata Shares, among the Lenders holding the Loans
comprising such Borrowing, and the Loans comprising each part of
such Borrowing resulting from such conversion or continuation shall
be considered a separate Borrowing.

 

(b) To exercise its
option pursuant to this Section 2.8, the Borrower shall deliver a
fully completed and executed Conversion/Continuation Notice to the
Administrative Agent (i) not later than 11:00 a.m. (New York City
time) one Business Day in advance of the proposed
Conversion/Continuation Date, in the case of a conversion to a Base
Rate Borrowing, and (ii) not later than 2:00 p.m. (New York City
time) at least three Business Days in advance of the proposed
Conversion/Continuation Date, in the case of a conversion to, or a
continuation of, a Eurodollar Rate Borrowing. In lieu of delivering
a Conversion/Continuation Notice, the Borrower may give the
Administrative Agent, not later than the applicable time set forth
above, telephonic notice of any proposed conversion or
continuation; provided that such telephonic
notice shall be promptly confirmed in writing by delivery to the
Administrative Agent of a fully completed and executed
Conversion/Continuation Notice. Except as otherwise provided
herein, a Conversion/Continuation Notice for a conversion to, or a
continuation of, any Eurodollar Rate Borrowing shall be irrevocable
on and after the related Interest Rate Determination Date, and the
Borrower shall be bound to effect a conversion or continuation in
accordance therewith; any failure to effect such conversion or
continuation in accordance therewith shall be subject to Section
2.17(c).

 

(c) Notwithstanding
anything to the contrary herein, if an Event of Default under
Section 8.1(a), 8.1(f) or 8.1(g) or, at the request of the
Requisite Lenders (or a Majority in Interest of Lenders of any
Class), any other Event of Default shall have occurred and be
continuing, then no outstanding Borrowing (of the applicable Class,
in the case of such a request by a Majority in Interest of Lenders
of any Class) may be converted to or continued as a Eurodollar Rate
Borrowing.

 

2.9. Default
Interest. Notwithstanding anything to the contrary herein,
upon the occurrence and during the continuance of any Event of
Default under Section 8.1(a), 8.1(f) or 8.1(g), any principal of or
interest on any Loan or any fee or other amount payable by the
Borrower hereunder shall bear interest (in the case of an Event of
Default under Section 8.1(a), only on overdue amounts), payable on
demand, after as well as before judgment, at a rate per annum equal
to (a) in the case of the principal of any Loan, 2.00% per annum in
excess of the interest rate otherwise applicable hereunder to such
Loan or (b) in the case of any other amount, a rate (computed on
the basis of a year of 360 days for the actual number of days
elapsed) that is 2.00% per annum in excess of the highest interest
rate otherwise payable hereunder for Base Rate Loans. Payment or
acceptance of the increased rates of interest provided for in this
Section 2.9 is not a permitted alternative to timely payment and
shall not constitute a waiver of any Event of Default or otherwise
prejudice or limit any rights or remedies of the Administrative
Agent or any Lender.

 

2.10. Fees.
(a) The Borrower agrees to pay on the Closing Date to Goldman
Sachs, as an Arranger, for the account of each Lender, closing fees
in an amount separately agreed among the Borrower and the
Arrangers.

 

(b) The Borrower agrees
to pay to the Administrative Agent, the Collateral Agent and the
Arrangers, as applicable, such other fees in the amounts and at the
times separately agreed upon (including pursuant to the
Administrative Agent Fee Letter) in respect of the credit
facilities provided herein.

 

 

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(c) Fees paid hereunder
shall not be refundable or creditable under any
circumstances.

 

2.11. Scheduled
Installments; Repayment on Maturity Date. (a) To the extent
not previously paid, all Tranche B Term Loans shall be due and
payable on the Tranche B Term Loan Maturity Date.

 

(b) Subject to Section
2.11(c), the Borrower shall repay Loans of any Class established
under Section 2.23, 2.24 or 2.25 in such amounts and on such
date or dates as shall be specified therefor in the applicable
Incremental Facility Agreement, Extension/Modification Agreement or
Refinancing Facility Agreement. To the extent not previously paid,
all Loans of any such Class shall be due and payable on the
Maturity Date applicable to the Loans of such Class.

 

(c) The Installments of
any Class of Loans established under Section 2.23, 2.24 or 2.25
shall be reduced in connection with any voluntary or mandatory
prepayments of, or any repurchases by the Borrower of, the Loans of
such Class in accordance with Section 2.14.

 

(d) Prior to any
repayment of any Borrowings of any Class under this
Section 2.11, the Borrower shall select the Borrowing or
Borrowings of the applicable Class to be repaid and shall notify
the Administrative Agent of such selection at least one Business
Day in advance of such repayment. Each such notice may be given by
telephone or in writing (and, if given by telephone, shall promptly
be confirmed in writing). Each repayment of a Borrowing shall be
allocated among the Lenders holding Loans comprising such Borrowing
in accordance with their applicable Pro Rata Shares.

 

2.12. Voluntary
Prepayments; Call Protection.

 

(a) Voluntary Prepayments. (i)
At any time and from time to time, the Borrower may, without
premium or penalty (except as applicable under Section 2.12(b)) but
subject to compliance with the conditions set forth in this Section
2.12(a) and with Section 2.17(c), prepay any Borrowing in whole or
in part; provided
that each such partial voluntary prepayment of any Borrowing
shall be in an aggregate principal amount of $5,000,000 or an
integral multiple of $1,000,000 in excess of such
amount.

 

(ii) To
make a voluntary prepayment pursuant to Section 2.12(a)(i),
the Borrower shall notify the Administrative Agent not later than
11:00 a.m. (New York City time) (A) at least one Business Day
prior to the date of prepayment, in the case of prepayment of Base
Rate Borrowings, or (B) at least three Business Days prior to the
date of prepayment, in the case of prepayment of Eurodollar Rate
Borrowings. Each such notice shall specify the prepayment date
(which shall be a Business Day) and the principal amount of each
Borrowing or portion thereof to be prepaid, and may be given by
telephone or in writing (and, if given by telephone, shall promptly
be confirmed in writing). Each such notice shall be irrevocable,
and the principal amount of each Borrowing specified therein shall
become due and payable on the prepayment date specified therein;
provided that a
notice of prepayment of any Borrowing pursuant to Section
2.12(a)(i) may state that such notice is conditioned upon the
occurrence of one or more events specified therein, in which case
such notice may be rescinded by the Borrower (by notice to the
Administrative Agent on or prior to the specified date of
prepayment) if such condition is not satisfied. Promptly following
receipt of any such notice, the Administrative Agent shall advise
the Lenders of the applicable Class of the details thereof. Each
voluntary prepayment of a Borrowing shall be allocated among the
Lenders holding Loans comprising such Borrowing in accordance with
their applicable Pro Rata Shares.

 

 

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(iii) Notwithstanding
any other provision of this Section 2.12 to the contrary, in
connection with a refinancing in full of the credit facilities
established hereunder, any Lender may, with the consent of the
Borrower, elect, by written agreement executed by the Borrower,
such Lender and the Administrative Agent, to accept Rollover
Indebtedness in lieu of all or any part of such Lender’s
applicable Pro Rata Share of any prepayment of any Borrowing made
pursuant to Section 2.12(a)(i).

 

(b) Tranche B Term Loan Call
Protection. In the event that on or prior to the date that
is 36 months after the Closing Date, all or any portion of the
Tranche B Term Borrowings (i) are prepaid pursuant to Section
2.12(a)(i) (for the avoidance of doubt, including on account of the
requirements set forth in Section 2.25) or 2.13(c) or (ii) are
subject to any amendment or other modification of this Agreement
that, directly or indirectly, reduces the Weighted Average Yield of
any Tranche B Term Loans, then each Lender whose Tranche B Term
Loans are so prepaid or subject to such amendment or modification,
or which is required to assign any of its Tranche B Term Loans
pursuant to Section 2.22 in connection with such amendment or
modification, shall be paid a fee equal to (A) if such prepayment
or amendment or modification (or such assignment) occurs on or
prior to the date that is 18 months after the Closing Date, the
Yield Maintenance Amount with respect to the principal amount so
prepaid or subject to such amendment or modification (or such
assignment), (B) if such prepayment or amendment or
modification (or such assignment) occurs after the date that is
18 months after the Closing Date and on or prior to the date
that is 24 months after the Closing Date, 4.00% of the aggregate
principal amount of such Lender’s Tranche B Term Loans so
prepaid or subject to such amendment or modification (or such
assignment), and (C) if such prepayment or amendment or
modification (or such assignment) occurs after the date that is 24
months after the Closing Date but on or prior to the date that is
36 months after the Closing Date, 2.00% of the aggregate principal
amount of such Lender’s Tranche B Term Loans so prepaid or
subject to such amendment or modification (or such assignment);
provided that no
such fee shall be due and payable if such prepayment or amendment
or modification (or such assignment) occurs after the date that is
36 months after the Closing Date.

 

2.13. Mandatory
Prepayments/Commitment Reductions. (a) Asset Sales. Subject to Section
2.13(i), not later than the fifth Business Day following the date
of receipt by the Borrower or any Restricted Subsidiary of any Net
Proceeds in respect of any Asset Sale, the Borrower shall prepay
the Borrowings in an aggregate amount equal to 100% of such Net
Proceeds; provided
that the Borrower may, at least one Business Day prior to the date
of the required prepayment, deliver to the Administrative Agent a
certificate of an Authorized Officer of the Borrower to the effect
that the Borrower intends to cause such Net Proceeds (or a portion
thereof specified in such certificate) to be reinvested in
non-current assets useful in the business of the Borrower and its
Restricted Subsidiaries or in Permitted Acquisitions or other
Acquisitions, in each case, within 365 days after the receipt of
such Net Proceeds, and certifying that, as of the date thereof, no
Event of Default has occurred and is continuing, in which case
during such period the Borrower shall not be required to make such
prepayment to the extent of the amount set forth in such
certificate; provided further that any such Net
Proceeds that are not so reinvested by the end of such period (or
within a period of 270 days thereafter if by the end of such
initial 365-day period the Borrower or any of its Restricted
Subsidiaries shall have entered into a binding agreement with a
third party to so reinvest such Net Proceeds) shall be applied to
prepay the Borrowings promptly upon the expiration of such period.
Notwithstanding the foregoing, the Borrower may use a portion of
any Net Proceeds in respect of any Asset Sale that would otherwise
be required pursuant to this Section 2.13(a) to be applied to
prepay the Borrowings to prepay, repurchase or redeem any Permitted
Section 6.1(e) Indebtedness, any Permitted Credit Agreement
Refinancing Indebtedness or any Permitted Incremental Equivalent
Indebtedness that, in each case, constitutes Permitted Pari Passu
Secured Indebtedness but only to the extent such Permitted Pari
Passu Secured Indebtedness pursuant to the terms thereof is
required to be (or is required to be offered to the holders thereof
to be) prepaid, repurchased or redeemed as a result of such Asset
Sale (with the amount of the prepayment of the Borrowings that
would otherwise have been required pursuant to this Section 2.13(a)
being reduced accordingly), provided that (i) such portion
shall not exceed the product of (A) the amount of such Net Proceeds
multiplied by (B) a fraction of which the numerator is the
outstanding aggregate principal amount of such Permitted Pari Passu
Secured Indebtedness and the denominator is the sum of the
aggregate principal amount of such Permitted Pari Passu Secured
Indebtedness and all Borrowings, in each case at the time of
occurrence of such Asset Sale, and (ii) in the event the holders of
such Permitted Pari Passu Secured Indebtedness shall have declined
such prepayment, repurchase or redemption, the declined amount
shall promptly (and in any event within 10 Business Days after the
date of rejection) be applied to prepay the
Borrowings.

 

 

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(b) Insurance/Condemnation Events.
Subject to Section 2.13(i), not later than the fifth Business Day
following the date of receipt by the Borrower or any Restricted
Subsidiary, or by the Collateral Agent as loss payee, of any Net
Proceeds in respect of any Insurance/Condemnation Event, the
Borrower shall prepay the Borrowings in an aggregate amount equal
to 100% of such Net Proceeds; provided that the Borrower may,
at least one Business Day prior to the date of the required
prepayment, deliver to the Administrative Agent a certificate of an
Authorized Officer of the Borrower to the effect that the Borrower
intends to cause such Net Proceeds (or a portion thereof specified
in such certificate) to be reinvested in replacement assets
(including through the repair, restoration or replacement of the
damaged, destroyed or condemned assets) or other non-current assets
useful in the business of the Borrower and its Restricted
Subsidiaries or in Permitted Acquisitions or other Acquisitions, in
each case, within 365 days after the receipt of such Net Proceeds,
and certifying that, as of the date thereof, no Event of Default
has occurred and is continuing, in which case during such period
the Borrower shall not be required to make such prepayment to the
extent of the amount set forth in such certificate; provided further that any such Net
Proceeds that are not so reinvested by the end of such period (or
within a period of 270 days thereafter if by the end of such
initial 365-day period the Borrower or any of its Restricted
Subsidiaries shall have entered into a binding agreement with a
third party to so reinvest such Net Proceeds) shall be applied to
prepay the Borrowings promptly upon the expiration of such period.
Notwithstanding the foregoing, the Borrower may use a portion of
any Net Proceeds in respect of any Insurance/Condemnation Event
that would otherwise be required pursuant to this Section 2.13(b)
to be applied to prepay the Borrowings to prepay, repurchase or
redeem any Permitted Section 6.1(e) Indebtedness, any Permitted
Credit Agreement Refinancing Indebtedness or any Permitted
Incremental Equivalent Indebtedness that, in each case, constitutes
Permitted Pari Passu Secured Indebtedness but only to the extent
such Permitted Pari Passu Secured Indebtedness pursuant to the
terms thereof is required to be (or is required to be offered to
the holders thereof to be) prepaid, repurchased or redeemed as a
result of such Insurance/Condemnation Event (with the amount of the
prepayment of the Borrowings that would otherwise have been
required pursuant to this Section 2.13(b) being reduced
accordingly), provided that (i) such portion
shall not exceed the product of (A) the amount of such Net Proceeds
multiplied by (B) a fraction of which the numerator is the
outstanding aggregate principal amount of such Permitted Pari Passu
Secured Indebtedness and the denominator is the sum of the
aggregate principal amount of such Permitted Pari Passu Secured
Indebtedness and all Borrowings, in each case at the time of
occurrence of such Insurance/Condemnation Event, and (ii) in the
event the holders of such Permitted Pari Passu Secured Indebtedness
shall have declined such prepayment, repurchase or redemption, the
declined amount shall promptly (and in any event within 10 Business
Days after the date of rejection) be applied to prepay the
Borrowings.

 

(c) Issuance of Debt. On the date
of receipt by the Borrower or any Restricted Subsidiary of any Net
Proceeds from the incurrence of any Indebtedness (other than any
Indebtedness permitted to be incurred pursuant to Section 6.1), the
Borrower shall prepay the Borrowings in an aggregate amount equal
to 100% of such Net Proceeds.

 

(d) [Reserved].

 

 

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(e) Consolidated Excess Cash Flow.
Subject to Section 2.13(i), in the event that there shall be
Consolidated Excess Cash Flow for any Fiscal Year (commencing with
the Fiscal Year ending December 31, 2019), the Borrower shall, not
later than the earlier of (x) 95 days after the end of such
Fiscal Year and (y) five Business Days after the delivery of
the financial statements with respect to such Fiscal Year pursuant
to Section 5.1(a), prepay the Borrowings of each Class in an
aggregate principal amount equal to (i) the product of (A) the
Applicable ECF Percentage for such Fiscal Year multiplied by (B) the
Consolidated Excess Cash Flow for such Fiscal Year multiplied by (C) the
percentage of the aggregate principal amount of the Borrowings of
all Classes outstanding as of the end of such Fiscal Year
represented by the Borrowings of such Class (but, in each case,
disregarding for purposes of determining such percentage any
prepayments or repurchases referred to in clause (ii) below)
minus (ii) the sum
of the aggregate principal amount of the Borrowings of such Class
voluntarily prepaid by the Borrower pursuant to Section 2.12 or, to
the extent of Cash spent, repurchased by the Borrower pursuant to
Section 10.6(i)(i), minus (iii) the product of (A)
the percentage of the aggregate principal amount of the Borrowings
of all Classes outstanding as of the end of such Fiscal Year
represented by the Borrowings of such Class (but, in each case,
disregarding for purposes of determining such percentage any
prepayments or repurchases referred to in clause (ii) above)
multiplied by (B)
the sum of (x) the aggregate principal amount of any optional
prepayments, repurchases or redemptions of any Permitted Section
6.1(e) Indebtedness, any Permitted Credit Agreement Refinancing
Indebtedness or any Permitted Incremental Equivalent Indebtedness,
that, in each case, constitutes Permitted Pari Passu Secured
Indebtedness or Permitted Senior Lien Secured Indebtedness (and, in
each case, does not constitute revolving loans), plus (y) the aggregate
principal amount of any optional prepayments of any revolving loans
under the First Lien Credit Agreement but solely to the extent the
revolving commitments in respect thereof are permanently reduced in
connection therewith (and solely to the extent of the amount of
such permanent reduction and excluding any reduction in connection
with a refinancing thereof), in each case under clauses (ii) and
(iii) above, (I) to the extent such prepayments, repurchases or
redemptions have not been financed with the proceeds of incurrences
of Long-Term Indebtedness and (II) if such prepayments, repurchases
or redemptions occurred (1) during such Fiscal Year (to the
extent not applied to reduce any mandatory prepayment required
under this Section 2.13(e) in respect of any prior Fiscal Year
pursuant to clause (2) below) or (2) at the option of the Borrower,
after the end of such Fiscal Year and prior to the time that the
mandatory prepayment required under this Section 2.13(e) in
respect of such Fiscal Year is due as provided above; provided that no prepayment
shall be required under this Section 2.13(e) unless the amount
thereof would equal or exceed $1,000,000.

 

(f) [Reserved].

 

(g) Notice and Certificate. At
least one Business Day prior to any mandatory prepayment or
reduction pursuant to this Section 2.13, the Borrower (i) shall
notify the Administrative Agent in writing of such prepayment or
reduction and (ii) shall deliver to the Administrative Agent a
certificate of an Authorized Officer of the Borrower setting forth
the calculation of the amount of the applicable prepayment or
reduction. Each such notice shall be irrevocable and shall specify
the prepayment date and the principal amount of each Borrowing or
portion thereof to be prepaid (with such specification to be in
accordance with Section 2.14(b)), or the effective date and the
amount of any such reduction, as applicable, and may be given by
telephone or in writing (and, if given by telephone, shall promptly
be confirmed in writing). Promptly following receipt of any such
notice, the Administrative Agent shall advise the Lenders of the
applicable Class of the details thereof. Each mandatory prepayment
of any Borrowing shall be allocated among the Lenders holding Loans
comprising such Borrowing in accordance with their applicable Pro
Rata Shares and shall be subject to compliance with Section
2.17(c).

 

 

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(h) Foreign Restrictions and Taxes.
Notwithstanding any other provisions of this Section 2.13 to
the contrary, if the Borrower determines in good faith that (i) any
Net Proceeds in respect of any Asset Sale by, or any
Insurance/Condemnation Event affecting the assets of, a Restricted
Subsidiary that is a CFC or a CFC Holding Company, or any portion
of Consolidated Excess Cash Flow attributable to a Restricted
Subsidiary that is a CFC or a CFC Holding Company, are prohibited,
restricted or delayed by applicable foreign law (including currency
controls) from being repatriated to the United States (and that, in
view of the available liquidity and working capital requirements of
the Borrower and the Restricted Subsidiaries that are not CFCs or
CFC Holding Companies (as determined by the Borrower in good faith,
with such determination being permitted to disregard availability
under the revolving commitments under any Permitted Section 6.1(e)
Indebtedness (it being understood that the Borrower shall not be
required to borrow under any such revolving commitments to make any
such mandatory prepayment required under Section 2.13(a), 2.13(b)
or 2.13(e))), such repatriation is reasonably required in order to
provide the Borrower with the funds with which to make such
prepayment as would otherwise be required hereunder), then the
amount thereof so affected will not be required to be applied to
prepay Borrowings as otherwise required under Section 2.13(a),
2.13(b) or 2.13(e), as applicable, provided that (A) the Borrower
shall, and shall cause such CFC or CFC Holding Company to, use
commercially reasonable efforts to take actions reasonably required
by the applicable foreign law to permit such repatriation and (B)
the Borrower shall, subject to Section 2.13(i), prepay Borrowings
in accordance with such applicable Section in a principal amount
equal to such affected amount (or a portion thereof) at such time
as (x) the repatriation of such amount (or such portion thereof)
becomes permitted under applicable foreign law or (y) the Borrower
determines in good faith that, in view of the available liquidity
and working capital requirements of the Borrower and the Restricted
Subsidiaries that are not CFCs or CFC Holding Companies (taking
into account the foregoing considerations), funds are available in
the United States to make such prepayment (or such portion
thereof), provided
further that any
such prepayment shall no longer be required to be made with respect
to any such amounts that, after the use of such commercially
reasonable efforts, have not been repatriated prior to the date
that is one year after the date the original prepayment was
required to be made under Section 2.13(a), 2.13(b) or 2.13(e), as
applicable, or (ii) that repatriation of any Net Proceeds in
respect of any Asset Sale by, or any Insurance/Condemnation Event
affecting the assets of, a Restricted Subsidiary that is a CFC or a
CFC Holding Company, or any portion of Consolidated Excess Cash
Flow attributable to a Restricted Subsidiary that is a CFC or a CFC
Holding Company, would have a material adverse tax consequence
(taking into account any withholding tax, any Subpart F inclusion
and any foreign tax credit or benefit actually realized in
connection with such repatriation) to the Borrower and the
Restricted Subsidiaries (and that, in view of the available
liquidity and working capital requirements of the Borrower and the
Restricted Subsidiaries that are not CFCs or CFC Holding Companies
(as determined by the Borrower in good faith, with such
determination being permitted to disregard availability under the
revolving commitments under any Permitted Section 6.1(e)
Indebtedness (it being understood that the Borrower shall not be
required to borrow under any such revolving commitments to make any
such mandatory prepayment required under Section 2.13(a), 2.13(b)
or 2.13(e))), such repatriation is reasonably required in order to
provide the Borrower with the funds with which to make such
prepayment as would otherwise be required hereunder), then the
amount thereof so affected will not be required to be applied to
prepay Borrowings as otherwise required under Section 2.13(a),
2.13(b) or 2.13(e), as applicable, provided that the Borrower
shall, subject to Section 2.13(i) prepay Borrowings in accordance
with such applicable Section in a principal amount equal to such
affected amount (or a portion thereof) at such time as (A) the
repatriation of such amount (or such portion thereof) would no
longer result in a material adverse tax consequence or (B) the
Borrower determines in good faith that, in view of the available
liquidity and working capital requirements of the Borrower and the
Restricted Subsidiaries that are not CFCs or CFC Holding Companies
(taking into account the foregoing considerations), funds are
available in the United States to make such prepayment (or such
portion thereof), provided further that any such
prepayment shall no longer be required to be made after the date
that is one year after the date the original prepayment was
required to be made under Section 2.13(a), 2.13(b) or 2.13(e), as
applicable.

 

 

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(i) Notwithstanding
anything in this Section 2.13 to the contrary, until the Senior
Lien Obligations Discharge Date, no mandatory prepayment of Loans
pursuant to this Section 2.13 (other than pursuant to Section
2.13(c)) shall be required to be made, except, to the extent
permitted under the First Lien Credit Agreement, the Intercreditor
Agreement, any other Senior Lien Intercreditor Agreement then in
effect and any other Permitted Senior Lien Secured Indebtedness
then outstanding, with respect to the portion (if any) of the Net
Proceeds of the applicable Asset Sale or Insurance/Condemnation
Event or the portion (if any) of the Consolidated Excess Cash Flow
for the applicable Fiscal Year, in each case, available after the
required prepayment of Indebtedness under the First Lien Credit
Agreement or prepayment, repurchase or redemption of other
Permitted Senior Lien Secured Indebtedness, in each case, as a
result of any portion thereof having been declined by the term
lenders under the First Lien Credit Agreement in accordance with
Section 2.14(c) thereof (and by the holders of such other Permitted
Senior Lien Secured Indebtedness pursuant to any comparable
provision thereof).

 

2.14. Application
of Prepayments; Waivable Mandatory Prepayments.

 

(a) Application of Voluntary
Prepayments and Repurchases. Any voluntary prepayment of
Borrowings of any Class pursuant to Section 2.12(a) shall, in the
case of Loans of any Class subject to scheduled amortization of
principal, be applied to reduce any subsequent Installments to be
paid pursuant to Section 2.11 with respect to Borrowings of
such Class in the manner specified by the Borrower in the notice of
prepayment relating thereto (or, if no such manner is specified in
such notice, in direct order of maturity); provided that any prepayment of
Borrowings of any such Class as contemplated by Section 2.25(b)
shall be applied to reduce any subsequent Installments to be paid
pursuant to Section 2.11 with respect to Borrowings of such
Class in the manner specified in Section 2.25(c). Any repurchase of
Loans of any Class as contemplated by Section 10.6(i) shall, in the
case of Loans of any Class subject to scheduled amortization of
principal, be applied to reduce any subsequent Installments to be
paid pursuant to Section 2.11 with respect to Borrowings of
such Class in the manner specified in Section 10.6(i).

 

(b) Application of Mandatory
Prepayments. Any mandatory prepayment of Borrowings pursuant
to Section 2.13 shall (i) be allocated among the Classes
of Borrowings on a pro rata basis (in accordance with the aggregate
principal amount of outstanding Borrowings of each such Class),
provided that (A)
any prepayment of Borrowings pursuant to Section 2.13(e) shall be
allocated to each Class of Borrowings as set forth therein and (B)
the amounts so allocable to Incremental Loans, Extended/Modified
Loans or Refinancing Loans of any Class may be applied to other
Borrowings as provided in the applicable Incremental Facility
Agreement, Extension/Modification Agreement or Refinancing Facility
Agreement and (ii) in the case of Loans of any Class subject
to scheduled amortization of principal, be applied to reduce any
subsequent Installments to be made pursuant to Section 2.11
with respect to Borrowings of such Class as provided in the
applicable Incremental Facility Agreement, Extension/Modification
Agreement or Refinancing Facility Agreement.

 

(c) Waivable Mandatory Prepayments.
Notwithstanding anything herein to the contrary, any Lender may
elect, by notice to the Administrative Agent (which may be given by
telephone or in writing (and, if given by telephone, shall promptly
be confirmed in writing)) at least one Business Day (or such
shorter period as may be established by the Administrative Agent)
prior to the required prepayment date, to decline all or any
portion of any mandatory prepayment of its Loans pursuant to
Section 2.13 (other than Section 2.13(c)), in which case the
aggregate amount of the prepayment that would have been applied to
prepay Loans but was so declined shall be, first, applied by the Borrower on the
required prepayment date to prepay or offer to redeem any Permitted
Section 6.1(e) Indebtedness, any Permitted Credit Agreement
Refinancing Indebtedness or any Permitted Incremental Equivalent
Indebtedness to the extent required thereby and, second, to the extent of the remainder
thereof that is not so applied to prepay or redeem such
Indebtedness, shall be retained by the Borrower.

 

 

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2.15. General
Provisions Regarding Payments. (a) All payments by the
Borrower or any other Credit Party of principal, interest, fees and
other amounts required to be made hereunder or under any other
Credit Document shall be made by wire transfer of same day funds in
Dollars, without defense, recoupment, set-off or counterclaim, free
of any restriction or condition, to the account of the
Administrative Agent in the United States of America most recently
designated by it for such purpose and received by the
Administrative Agent not later than 2:00 p.m. (New York City time)
on the date due for the account of the Persons entitled thereto;
provided that
payments made pursuant to Sections 2.17(c), 2.18, 2.19, 10.2 and
10.3 shall be made directly to the Persons entitled thereto. The
Administrative Agent shall distribute any payment received by it
hereunder for the account of any other Person to the appropriate
recipient promptly following receipt thereof.

 

(b) All payments in
respect of the principal amount of any Loan shall be accompanied by
payment of accrued interest on the principal amount being repaid or
prepaid, and all such payments (and, in any event, any payments in
respect of any Loan on a date when interest is due and payable with
respect to such Loan) shall be applied to the payment of interest
then due and payable before application to principal.

 

(c) If any
Conversion/Continuation Notice is withdrawn as to any Affected
Lender or if any Affected Lender makes Base Rate Loans in lieu of
its applicable Pro Rata Share of any Eurodollar Rate Borrowing, the
Administrative Agent shall give effect thereto in apportioning
payments received thereafter.

 

(d) Subject to the
proviso set forth in the definition of “Interest
Period”, whenever any payment to be made hereunder with
respect to any Loan shall be stated to be due on a day that is not
a Business Day, such payment shall be made on the next succeeding
Business Day, and such extension of time shall be included in the
computation of the payment of interest hereunder.

 

(e) Any payment
hereunder by or on behalf of the Borrower to the Administrative
Agent that is not received by the Administrative Agent in same day
funds prior to 2:00 p.m. (New York City time) on the date due
shall, unless the Administrative Agent shall determine otherwise,
be deemed to have been received, for purposes of computing interest
and fees hereunder (including for purposes of determining the
applicability of Section 2.9), on the Business Day immediately
following the date of receipt (or, if later, the Business Day
immediately following the date the funds received become available
funds).

 

(f) If an Event of
Default shall have occurred and the maturity of the Loans shall
have been accelerated pursuant to Section 8.1, all payments or
proceeds received by the Administrative Agent or the Collateral
Agent in respect of any of the Obligations, or from any sale of,
collection from or other realization upon all or any part of the
Collateral, shall, subject to the requirements of any applicable
Permitted Intercreditor Agreement, be applied in accordance with
the application arrangements set forth in Section 5.02 of the
Pledge and Security Agreement.

 

 

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(g) Unless the
Administrative Agent shall have been notified by 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 its sole discretion, but shall not be obligated to,
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 pay 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 (i) at any time prior to the third
Business Day following the date such amount is distributed to it,
the customary rate set by the Administrative Agent for the
correction of errors among banks and (ii) thereafter, the Base
Rate.

 

2.16. Ratable
Sharing. The Lenders hereby agree among themselves that if
any Lender shall, whether through the exercise of any right of
set-off or banker’s lien, by counterclaim or cross action or
by the enforcement of any right under the Credit Documents or
otherwise, or as adequate protection of a deposit treated as cash
collateral under the Bankruptcy Code, receive payment or reduction
of a portion of the aggregate amount of any principal, interest and
fees owing to such Lender hereunder or under the other Credit
Documents (collectively, the “Aggregate Amounts Due” to such
Lender) resulting in such Lender receiving payment of a greater
proportion of the Aggregate Amounts Due to such Lender than the
proportion received by any other Lender in respect of the Aggregate
Amounts Due to such other Lender, then the Lender receiving such
proportionately greater payment shall (a) notify the
Administrative Agent and each other Lender in writing of the
receipt of such payment and (b) apply a portion of such
payment to purchase (for cash at face value) participations in the
Aggregate Amounts Due to the other Lenders so that all such
payments of Aggregate Amounts Due shall be shared by all the
Lenders ratably in accordance with the Aggregate Amounts Due to
them; provided
that, if all or part of such proportionately greater payment
received by any purchasing Lender is thereafter recovered from such
Lender upon the bankruptcy or reorganization of any Credit Party or
otherwise, such purchase shall be rescinded and the purchase price
paid for such participation shall be returned to such purchasing
Lender ratably to the extent of such recovery, but without
interest. Each Credit Party expressly consents to the foregoing
arrangements and agrees that any holder of a participation so
purchased may exercise any and all rights of banker’s lien,
consolidation, set-off or counterclaim with respect to any and all
monies owing by such Credit Party to such holder with respect
thereto as fully as if such holder were owed the amount of the
participation held by such holder. The provisions of this Section
2.16 shall not be construed to apply to (i) any payment made by the
Borrower pursuant to and in accordance with the express terms of
this Agreement, including any payment made by the Borrower pursuant
to Section 2.22 or any Extension/Modification Agreement,
Incremental Facility Agreement or Refinancing Facility Agreement,
(ii) any acceptance by any Lender of any Rollover Indebtedness in
accordance with Section 2.12(a)(iii) or (iii) any payment obtained
by any Lender as consideration for the assignment of or sale of a
participation in Loans or other Obligations owing to it pursuant to
and in accordance with the express terms of this
Agreement.

 

2.17. Making
or Maintaining Eurodollar Rate Loans.(a) Inability to Determine Applicable
Interest Rate.

 

(i) If prior to the
commencement of any Interest Period for a Eurodollar Rate Borrowing
of any Class:

 

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

 

 

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(B) the Administrative
Agent is notified in writing by a Majority in Interest of the
Lenders of such Class that the Adjusted Eurodollar Rate for such
Interest Period will not adequately and fairly reflect the cost to
such Lenders of making or maintaining their Loans included in such
Eurodollar Rate Borrowing for such Interest Period;

 

then
the Administrative Agent shall give notice (which may be
telephonic) thereof to the Borrower and the Lenders as promptly as
practicable, whereupon, (x) no Loans of such Class may be made
as, or converted to, Eurodollar Rate Loans until such time as the
Administrative Agent notifies the Borrower and the Lenders that the
circumstances giving rise to such notice no longer exist, and (y)
any Funding Notice or Conversion/Continuation Notice given by the
Borrower with respect to the Loans in respect of which such
determination was made shall be deemed rescinded by the Borrower.
The Administrative Agent shall promptly notify the Borrower and the
Lenders when such circumstances no longer exist.

 

(ii) If
at any time the Administrative Agent determines (which
determination shall be conclusive absent manifest error) that
(x) the circumstances set forth in Section 2.17(a)(i)(A) have
arisen (including because the rate described in clause (a) of the
definition of “Adjusted Eurodollar Rate” is not
available or published on a current basis) and such circumstances
are unlikely to be temporary or (y) the circumstances set forth in
Section 2.17(a)(i)(A) have not arisen but the supervisor for
the administrator of the rate described in clause (a) of the
definition of “Adjusted Eurodollar Rate” or a
Governmental Authority having jurisdiction over the Administrative
Agent has made a public statement identifying a specific date after
which the rate described in clause (a) of the definition of
“Adjusted Eurodollar Rate” no longer be used for
determining interest rates for loans, then the Administrative Agent
and the Borrower shall endeavor to establish an alternate rate of
interest to the Adjusted Eurodollar Rate that gives due
consideration to the then prevailing market convention for
determining a rate of interest for syndicated loans denominated in
Dollars in the United States at such time, and the Administrative
Agent and the Borrower 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 of the Applicable Rate); provided that if such alternate
rate of interest shall be less than zero, such rate shall be deemed
to be zero for all purposes of this Agreement. 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 Business Days of the date a copy of
such amendment is provided to the Lenders, a written notice from
the Requisite Lenders stating that the Requisite Lenders object to
such amendment. Until an alternate rate of interest shall be
determined in accordance with this paragraph (but, in the case of
the circumstances described in clause (y) above, only to the extent
the rate described in clause (a) of the definition of
“Adjusted Eurodollar Rate” for such Interest Period is
not available or published at such time on a current basis),
(1) no Loans of any Class may be made as, or converted to,
Eurodollar Rate Loans and (2) any Funding Notice or
Conversion/Continuation Notice given by the Borrower requesting the
making of, or conversion to or continuation of, any Eurodollar Rate
Borrowing shall be deemed rescinded by the Borrower.

 

 

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(b) Illegality or Impracticability of
Eurodollar Rate Loans. In the event that on any date (i) any
Lender shall have determined (which determination shall be final
and conclusive and binding upon all parties hereto) that the
making, maintaining, converting to or continuation of its
Eurodollar Rate Loans has after the Closing Date become unlawful as
a result of compliance by such Lender in good faith with any law
(or would conflict with any treaty, rule, regulation, guideline or
order not having the force of law even though the failure to comply
therewith would not be unlawful), or (ii) the Requisite Lenders
shall have determined (which determination shall be final and
conclusive and binding upon all parties hereto) that the making,
maintaining, converting to or continuation of their Eurodollar Rate
Loans has become impracticable as a result of contingencies
occurring after the Closing Date that materially and adversely
affect the London interbank market or the position of the Lenders
in that market, then, if such Lender or Lenders shall have provided
notice thereof to the Administrative Agent and the Borrower, such
Lender or each of such Lenders, as the case may be, shall be an
“Affected
Lender”. If the Administrative Agent and the Borrower
receive a notice from (A) any Lender pursuant to clause (i) of the
preceding sentence or (B) a notice from Lenders constituting
Requisite Lenders pursuant to clause (ii) of the preceding
sentence, then (1) the obligation of the Lenders (or, in the case
of any notice pursuant to clause (i) of the preceding sentence, of
the applicable Lender) to make Loans as, or to convert Loans to,
Eurodollar Rate Loans shall be suspended until such notice shall be
withdrawn by each applicable Affected Lender, (2) to the extent
such determination by any Affected Lender relates to a Eurodollar
Rate Loan then being requested by the Borrower pursuant to a
Funding Notice or a Conversion/Continuation Notice, the Lenders (or
in the case of any notice pursuant to clause (i) of the preceding
sentence, the applicable Lender) shall make such Loan as (or
continue such Loan as or convert such Loan to, as the case may be)
a Base Rate Loan, (3) the Lenders’ (or in the case of any
notice pursuant to clause (i) of the preceding sentence, the
applicable Lender’s) obligations to maintain Eurodollar Rate
Loans (the “Affected
Loans”) shall be terminated at the earlier to occur of
the expiration of the Interest Period then in effect with respect
to the Affected Loans or when required by law, and (4) the Affected
Loans shall automatically convert into Base Rate Loans on the date
of such termination. Notwithstanding the foregoing, to the extent
any such determination by an Affected Lender relates to a
Eurodollar Rate Loan then being requested by the Borrower pursuant
to a Funding Notice or a Conversion/Continuation Notice, the
Borrower shall have the option, subject to Section 2.17(c), to
rescind such Funding Notice or Conversion/Continuation Notice as to
all Lenders by giving written notice (or telephonic notice promptly
confirmed by written notice) thereof to the Administrative Agent of
such rescission on the date on which the Affected Lender gives
notice of its determination as described above (which notice of
rescission the Administrative Agent shall promptly transmit to each
other Lender). Each Affected Lender shall promptly notify the
Administrative Agent and the Borrower when the circumstances that
led to its notice pursuant to this Section 2.17(b) no longer
exist.

 

(c) Compensation for Breakage or
Non-Commencement of Interest Periods. In the event that (i)
a borrowing of any Eurodollar Rate Loan does not occur on a date
specified therefor in any Funding Notice (or any telephonic request
for a borrowing) given by the Borrower (other than as a result of a
failure by such Lender to make such Loan in accordance with its
obligations hereunder), whether or not such notice may be rescinded
in accordance with the terms hereof, (ii) a conversion to or
continuation of any Eurodollar Rate Loan does not occur on a date
specified therefor in any Conversion/Continuation Notice (or a
telephonic request given for any conversion or continuation) given
by the Borrower, whether or not such notice may be rescinded in
accordance with the terms hereof, (iii) any payment of any
principal of any Eurodollar Rate Loan occurs on a day other than on
the last day of an Interest Period applicable thereto (including as
a result of an Event of Default), (iv) the conversion of any
Eurodollar Rate Loan occurs on a day other than on the last day of
an Interest Period applicable thereto, (v) any Eurodollar Rate Loan
is assigned other than on the last day of an Interest Period
applicable thereto as a result of a request by the Borrower
pursuant to Section 2.22 or (vi) a prepayment of any
Eurodollar Rate Loan does not occur on a date specified therefor in
any notice of prepayment given by the Borrower, whether or not such
notice may be rescinded in accordance with the terms hereof, the
Borrower shall compensate each Lender for all losses, costs,
expenses and liabilities that such Lender may sustain, including
any loss incurred from obtaining, liquidating or employing losses
from third parties, but excluding any loss of margin or any
interest rate “floor”, for the period following any
such payment, assignment or conversion or any such failure to
borrow, pay, prepay, convert or continue. To request compensation
under this Section 2.17(c), a Lender shall deliver to the
Borrower a certificate setting forth in reasonable detail the basis
and calculation of any amount or amounts that such Lender is
entitled to receive pursuant to this Section 2.17(c), which
certificate shall be conclusive and binding absent manifest error.
The Borrower shall pay such Lender the amount shown as due on any
such certificate within 10 Business Days after receipt
thereof.

 

 

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(d) Booking of Eurodollar Rate
Loans. Any Lender may make, carry or transfer Eurodollar
Rate Loans at, to or for the account of any of its branch offices
or the office of any Affiliate of such Lender.

 

(e) Assumptions Concerning Funding of
Eurodollar Rate Loans. Calculation of all amounts payable to
a Lender under this Section 2.17 and under Section 2.18 shall be
made as though such Lender had actually funded each of its relevant
Eurodollar Rate Loans through the purchase of a Eurodollar deposit
bearing interest at the rate obtained pursuant to clause (a)(i) of
the definition of the term Adjusted Eurodollar Rate in an amount
equal to the amount of such Eurodollar Rate Loan and having a
maturity comparable to the relevant Interest Period and through the
transfer of such Eurodollar deposit from an offshore office of such
Lender to a domestic office of such Lender in the United States of
America; provided
that each Lender may fund each of its Eurodollar Rate Loans in any
manner it sees fit and the foregoing assumptions shall be utilized
only for the purposes of calculating amounts payable under this
Section 2.17 and under Section 2.18.

 

2.18. Increased
Costs; Capital Adequacy and Liquidity. (a) Increased Costs Generally. If
any Change in Law shall:

 

(i) impose, modify or
deem applicable any reserve, special deposit, compulsory loan,
insurance charge or similar requirement against assets of, deposits
with or for the account of, or credit extended or participated in
by, any Lender (except any such reserve requirement reflected in
the Adjusted Eurodollar 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, letters of credit,
commitments or other obligations, or its deposits, reserves, other
liabilities or capital attributable thereto; or

 

(iii) impose
on any Lender or the London interbank market any other condition,
cost or expense (other than Taxes) affecting this Agreement or any
Loan made by such Lender;

 

and the
result of any of the foregoing shall be to increase the cost to
such Lender or such other Recipient of making, converting to,
continuing or maintaining any 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 or other Recipient hereunder (whether
of principal, interest or any other amount) then, from time to time
upon request of such Lender or other Recipient, the Borrower will
pay to such Lender or other Recipient, as the case may be, such
additional amount or amounts as will compensate such Lender or
other Recipient, as the case may be, for such additional costs
incurred or reduction suffered.

 

(b) Capital and Liquidity
Requirements. If any Lender determines that any Change in
Law affecting such Lender or any lending office of such Lender or
such Lender’s holding company, if any, regarding capital or
liquidity requirements, has had 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, the Commitments of such Lender 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 or liquidity),
then from time to time upon request of such Lender, the Borrower
will pay to such Lender such additional amount or amounts as will
compensate such Lender or such Lender’s holding company for
any such reduction suffered.

 

 

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(c) Certificates for Reimbursement.
A certificate of a Lender setting forth the amount or amounts
necessary to compensate such Lender or its holding company, as the
case may be, as specified in Section 2.18(a) or 2.18(b) and
delivered to the Borrower, shall be conclusive absent manifest
error. The Borrower shall pay such Lender the amount shown as due
on any such certificate within 10 Business Days after receipt
thereof.

 

(d) Delay in Requests. Failure or
delay on the part of any Lender to demand compensation pursuant to
this Section 2.18 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 2.18 for any increased costs incurred or reductions
suffered more than 120 days prior to the date that such Lender
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 (except that, if the Change in Law
giving rise to such increased costs or reductions is retroactive,
then the 120-day period referred to above shall be extended to
include the period of retroactive effect thereof).

 

(e) Certain Limitations.
Notwithstanding any other provision of this Section to the
contrary, no Lender shall request, or be entitled to receive, any
compensation pursuant to this Section unless it shall be the
general policy or practice of such Lender to seek compensation in
similar circumstances under comparable provisions of other credit
agreements, if any.

 

2.19. Taxes;
Withholding, Etc. (a) [Reserved].

 

(b) Payments Free of Taxes. Any and
all payments by or on account of any obligation of any Credit Party
under any Credit 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 applicable Credit
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 2.19) the applicable Recipient receives an amount
equal to the sum it would have received had no such deduction or
withholding been made.

 

(c) Payment of Other Taxes by the Credit
Parties. Each Credit Party 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 Credit
Parties. The Credit Parties shall jointly and severally
indemnify each Recipient, within 10 days after written 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 2.19) 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 (including in its capacity as the Collateral
Agent) or on behalf of a Lender, shall be conclusive absent
manifest error.

 

 

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(e) Indemnification by the Lenders.
Each Lender shall severally indemnify the Administrative Agent,
within 10 days after demand therefor, for (i) any Indemnified Taxes
attributable to such Lender (but only to the extent that no Credit
Party has already indemnified the Administrative Agent for such
Indemnified Taxes and without limiting the obligation of the Credit
Parties to do so), (ii) any Taxes attributable to such
Lender’s failure to comply with the provisions of Section
10.6(g) 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 Credit 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 Credit
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 2.19(e).

 

(f) Evidence of Payments. As soon
as practicable after any payment of Taxes by any Credit Party to a
Governmental Authority pursuant to this Section 2.19, such Credit
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.

 

(g) Status of Lenders. (i) Any
Lender that is entitled to an exemption from or reduction of
withholding Tax with respect to payments made under any Credit
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, any 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 2.19(g)(ii)(A), (ii)(B) and (ii)(D) below) shall not
be required if in the Lender’s reasonable judgment such
completion, execution or submission would subject such Lender to
any material unreimbursed cost or expense or would materially
prejudice the legal or commercial position of such
Lender.

 

(ii) Without
limiting the generality of the foregoing:

 

(A) Any Lender that is
a US Person shall deliver to the Borrower and the Administrative
Agent prior to the date on which such Lender becomes a Lender under
this Agreement (and from time to time thereafter upon the
reasonable request of the Borrower or the Administrative Agent),
executed originals of IRS Form W-9 certifying that such Lender is
exempt from United States federal backup withholding
tax.

 

 

 

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

 

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

 

(2) executed originals
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 Internal Revenue Code, (x) a
certificate substantially in the form of Exhibit N-1 to the effect
that such Foreign Lender is not a “bank” within the
meaning of Section 881(c)(3)(A) of the Internal Revenue Code, a
“10 percent shareholder” of the Borrower within the
meaning of Section 881(c)(3)(B) of the Internal Revenue Code, or a
“controlled foreign corporation” described in Section
881(c)(3)(C) of the Internal Revenue Code
(a “US Tax
Compliance Certificate”) and (y) executed originals of
IRS Form W-8BEN or W-8BEN-E, as applicable; or

 

(4) to the extent a
Foreign Lender is not the beneficial owner, executed originals of
IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN or
W-8BEN-E, as applicable, a US Tax Compliance Certificate
substantially in the form of Exhibit N-2 or Exhibit N-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 US Tax Compliance
Certificate substantially in the form of Exhibit N-4 on behalf of
each such direct and indirect partner.

 

(C) Any Foreign Lender
shall, to the extent it is legally entitled to do so, deliver to
the Borrower and the Administrative Agent (in such number of copies
as shall be requested by the recipient) on or prior to the date on
which such Foreign Lender becomes a Lender under this Agreement
(and from time to time thereafter upon the reasonable request of
the Borrower or the Administrative Agent), executed originals of
any other form prescribed by applicable law as a basis for claiming
exemption from or a reduction in US 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.

 

 

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(D) If a payment made
to a Lender under any Credit Document would be subject to US
federal withholding Tax imposed by FATCA if such Lender were to
fail to comply with the applicable reporting requirements of FATCA
(including those contained in Section 1471(b) or 1472(b) of the
Internal Revenue Code, as applicable), such Lender shall deliver to
the Borrower and the Administrative Agent at the time or times
prescribed by law and at such time or times reasonably requested by
the Borrower or the Administrative Agent such documentation
prescribed by applicable law (including as prescribed by Section
1471(b)(3)(C)(i) of the Internal Revenue Code) and such additional
documentation reasonably requested by the Borrower or the
Administrative Agent as may be necessary for the Borrower and the
Administrative Agent to comply with their obligations under FATCA
and to determine that such Lender has complied with such
Lender’s obligations under FATCA or to determine the amount
to deduct and withhold from such payment. Solely for purposes of
this clause (D), “FATCA” shall include any amendments
made to FATCA after the date of this Agreement. For purposes of
this Section 2.19, applicable law includes FATCA.

 

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

 

(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 2.19 (including by
the payment of additional amounts pursuant to this
Section 2.19), 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 2.19 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 Section
2.19(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 Section 2.19(h), in no event will the indemnified party be
required to pay any amount to an indemnifying party pursuant to
this Section 2.19(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 indemnification
payments or additional amounts giving rise to such refund had never
been paid. This Section 2.19(h) 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 2.19 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 Credit Document.

 

 

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2.20. Obligation
to Mitigate. If any Lender becomes an Affected Lender or
requests compensation under Section 2.18, or if the
Borrower is required to pay any Indemnified Taxes or additional
amount to any Lender or to any Governmental Authority for the
account of any Lender pursuant to Section 2.19, then such
Lender shall (at the request of the Borrower) use reasonable
efforts to designate a different lending office for funding or
booking its Loans hereunder or to assign and delegate its rights
and obligations hereunder to another of its offices, branches or
Affiliates if, in the judgment of such Lender, such designation or
assignment and delegation (a) would cause such Lender to cease to
be an Affected Lender or would eliminate or reduce amounts payable
pursuant to Section 2.18 or 2.19, as the case may be, in the
future and (b) would not subject such Lender to any unreimbursed
cost or expense and would not otherwise be disadvantageous to such
Lender. The Borrower hereby agrees to pay all reasonable costs and
expenses incurred by any Lender in connection with any such
designation or assignment and delegation.

 

2.21. Defaulting
Lenders. Notwithstanding anything to the contrary contained
in this Agreement, if any Lender becomes a Defaulting Lender, then,
until such time as such Lender is no longer a Defaulting Lender, to
the extent permitted by applicable law, the Commitments and Loans
of such Defaulting Lender shall not be included in determining
whether the Requisite Lenders or any other requisite Lenders have
taken or may take any action hereunder or under any other Credit
Document (including any consent to any amendment, waiver or other
modification pursuant to Section 10.5); provided that any amendment,
waiver or other modification that under clauses (i), (ii), (iii),
(iv), (v) or (vi) of Section 10.5(b) requires the consent of all
Lenders affected thereby shall require the consent of such
Defaulting Lender in accordance with the terms
thereof.

 

2.22. Replacement
of Lenders. If (a) any Lender has become an Affected Lender,
(b) any Lender requests compensation under Section 2.18,
(c) the Borrower is required to pay any Indemnified Taxes or
additional amount to any Lender or any Governmental Authority for
the account of any Lender pursuant to Section 2.19, (d) any
Lender becomes and continues to be a Defaulting Lender or a
Disqualified Institution or (e) any Lender fails to consent to
a proposed waiver, amendment or other modification of any Credit
Document, or to any departure of any Credit Party therefrom, that
under Section 10.5 requires the consent of all the Lenders (or
all the affected Lenders or all the Lenders or all the affected
Lenders of the affected Class) and with respect to which the
Requisite Lenders (or, in circumstances where Section 10.5(d) does
not require the consent of the Requisite Lenders, a Majority in
Interest of the Lenders of the affected Class) shall have granted
their consent, then the Borrower may, at its sole expense and
effort, upon notice to such Lender and the Administrative Agent,
require such Lender to assign and delegate, without recourse (in
accordance with and subject to the restrictions contained in
Section 10.6, including the consent requirements set forth
therein), all its interests, rights and obligations under this
Agreement and the other Credit Documents (other than existing
rights to payment under Sections 2.17(c), 2.18 and 2.19) (or, in
the case of any such assignment and delegation resulting from a
failure to provide a consent, all such interests, rights and
obligations under this Agreement and the other Credit Documents as
a Lender of an applicable Class) to an Eligible Assignee that shall
assume such obligations (which may be another Lender, if a Lender
accepts such assignment and delegation); provided that (i) the
Borrower shall have caused to be paid to the Administrative Agent
the registration and processing fee referred to in
Section 10.6(d), (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 (including any amounts under
Section 2.17(c)) and any prepayment fee under
Section 2.12(b) (if applicable, in each case only to the
extent such amounts relate to its interest as a Lender of an
applicable Class) from the assignee (in the case of such principal
and accrued interest and fees) or the Borrower (in the case of all
other amounts), (iii) such assignment and delegation does not
conflict with applicable law, (iv) in the case of any such
assignment and delegation resulting from a claim for compensation
under Section 2.18 or payments required to be made pursuant to
Section 2.19, such assignment will result in a reduction in
such compensation or payments thereafter and (v) in the case of any
such assignment and delegation resulting from the failure to
provide a consent, the assignee shall have given such consent. A
Lender shall not be required to make any such assignment and
delegation if, prior thereto, as a result of a waiver or consent by
such Lender or otherwise, the circumstances entitling the Borrower
to require such assignment and delegation have ceased to apply.
Each party hereto agrees that an assignment and delegation required
pursuant to this Section 2.22 may be effected pursuant to an
Assignment Agreement executed by the Borrower, the Administrative
Agent and the assignee and that the Lender required to make such
assignment and delegation need not be a party thereto.

 

 

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2.23. Incremental
Facilities. (a) The Borrower may on one or more occasions,
by written notice to the Administrative Agent, request the
establishment of Incremental Commitments, provided that the aggregate
amount of all the Incremental Commitments established hereunder on
any date shall not exceed the Incremental Amount as of such date.
Each such notice shall specify (i) the date on which the Borrower
proposes that the Incremental Commitments shall be effective, which
shall be a date not less than five Business Days (or such shorter
period as may be agreed to by the Administrative Agent) after the
date on which such notice is delivered to the Administrative Agent,
and (ii) the amount of the Incremental Commitments being
requested (it being agreed that (A) any Lender approached to
provide any Incremental Commitment may elect or decline, in its
sole discretion, to provide such Incremental Commitment and
(B) any Person that the Borrower proposes to become an
Incremental Lender, if such Person is not then a Lender, must be an
Eligible Assignee and must be approved by the Administrative Agent
(such approval not to be unreasonably withheld, conditioned or
delayed)).

 

(b) The terms and
conditions of any Incremental Commitment and the Incremental Loans
to be made thereunder shall be as set forth in the applicable
Incremental Facility Agreement; provided that (i) no
Incremental Maturity Date shall be earlier than the latest Maturity
Date in effect on the date of incurrence of such Incremental Loans,
(ii) the weighted average life to maturity of any Incremental
Loans shall be no shorter than the longest remaining weighted
average life to maturity of any other Class of Loans outstanding on
the date of incurrence of such Incremental Loans (and, for purposes
of determining the weighted average life to maturity of any such
other Class of Loans, the effects of any prepayments made prior to
the date of the determination shall be disregarded), it being
understood that, subject to this clause (ii), the amortization
schedule applicable to (and the effect thereon of any prepayments
of) any Incremental Loans shall be determined by the Borrower and
the applicable Incremental Lenders, (iii) the Weighted Average
Yield, determined as of the date of incurrence of such Incremental
Loans, shall not be greater than the Weighted Average Yield with
respect to the Tranche B Term Loans, determined as of such date
(giving effect to any amendments to the Weighted Average Yield on
the Tranche B Term Loans that became effective subsequent to the
Closing Date but prior to such date, but excluding the effect of
any increase in interest margins with respect thereto pursuant to
this clause (iii)), plus 0.50% per annum unless the Applicable
Rate (together with, as provided in the proviso below, the Adjusted
Eurodollar Rate and Base Rate floors) with respect to the Tranche B
Term Loans is increased, or fees to Lenders then holding the
Tranche B Term Loans are paid, so as to cause the Weighted Average
Yield with respect to the Tranche B Term Loans to equal the
Weighted Average Yield with respect to such Incremental Loans minus
0.50%, provided
that any increase in the effective Weighted Average Yield with
respect to the Tranche B Term Loans due to the application of an
Adjusted Eurodollar Rate or Base Rate floor to any Incremental
Loans shall be effected solely through an increase in the Adjusted
Eurodollar Rate or Base Rate floor applicable to the Tranche B Term
Loans and only to the extent an increase in such floor with respect
to the Tranche B Term Loans would cause an increase in the interest
rate then in effect with respect thereto, (iv) Incremental
Loans may participate in any mandatory prepayments on a pro rata
basis (or on a basis that is less than pro rata) with the other
Loans, but may not provide for mandatory prepayment requirements
that are more favorable than those applicable to any other Loans,
(v) any Incremental Commitments and any Loans thereunder shall
rank pari passu in right of payment, and shall be secured by the
Collateral on an equal and ratable basis, with the other
Commitments and Loans, and shall be extensions of credit to the
Borrower that are Guaranteed only by the Credit Parties and
(vi) except for the terms referred to above and subject to
Section 2.23(c), to the extent the terms of any Incremental Loans
(other than interest rates (whether fixed or floating), interest
margins, benchmark rate floors, fees, original issue discounts and
prepayment terms (including “no call” terms and other
restrictions thereon) and premiums) are not consistent with those
of the Tranche B Term Loans as in effect on the date of incurrence
of such Incremental Loans, such differences shall be reasonably
acceptable to the Administrative Agent (except for terms
benefitting the Incremental Lenders (A) where this Agreement is
amended to include such beneficial terms for the benefit of all
Lenders or (B) applicable only to periods after the latest Maturity
Date in effect as of the date of incurrence of such Incremental
Loans). In the event any Incremental Loans have the same terms as
any existing Class of Loans then outstanding or any
Extended/Modified Loans or Refinancing Loans then substantially
concurrently established (in each case, disregarding any
differences in original issue discount or upfront fees if not
affecting the fungibility thereof for US federal income tax
purposes), such Incremental Loans may, at the election of the
Borrower, be treated as a single Class with such outstanding Loans
or such Extended/Modified Loans or Refinancing Loans, and any
scheduled Installments set forth in Section 2.11 with respect to
any such Class of Loans may be increased to reflect scheduled
amortization of such Incremental Loans.

 

 

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(c) The Incremental
Commitments shall be effected pursuant to one or more Incremental
Facility Agreements executed and delivered by the Borrower, each
Incremental Lender providing such Incremental Commitments and the
Administrative Agent; provided that no Incremental
Commitments shall become effective unless (i) on the date of
effectiveness thereof, both immediately prior to and immediately
after giving Pro Forma Effect to such Incremental Commitments (and
assuming that the full amount of such Incremental Commitments shall
have been funded as Loans on such date), and the use of proceeds
thereof, no
Default or Event of Default shall have occurred and be continuing
or would result therefrom and the representations and warranties of
each Credit Party set forth in the Credit Documents shall be true
and correct (A) in the case of the representations and warranties
qualified as to materiality, in all respects, and (B) otherwise, in
all material respects, in each case on and as of such date, except
in the case of any such representation and warranty that
specifically relates to an earlier date, in which case such
representation and warranty shall be so true and correct on and as
of such earlier date; provided that, in the case of
Incremental Commitments established to finance, in whole or in
part, a Limited Conditionality Transaction, the conditions set
forth in this clause (i) may be tested in accordance with
Section 1.5 to the extent agreed by the Borrower and the
Incremental Lenders providing such Incremental Commitments, all as
set forth in the applicable Incremental Facility Agreement,
(ii) the Administrative Agent shall have received a
certificate, dated the date of effectiveness thereof and signed by
an Authorized Officer of the Borrower, confirming compliance with
the conditions set forth in clause (i) above and, if such
Incremental Commitments or any portion thereof are being
established in reliance on clause (b) of the definition of the term
“Incremental Amount”, setting forth a reasonably
detailed calculation of the Incremental Amount under such clause,
and (iii) the Borrower shall have delivered to the Administrative
Agent such legal opinions, board resolutions, secretary’s
certificates, officer’s certificates, reaffirmation
agreements and other documents as shall reasonably be requested
(consistent in all material respects with the documents delivered
under Section 3.1 on the Closing Date) by the Administrative
Agent in connection with any such transaction. Each Incremental
Facility Agreement may, without the consent of any Lender, effect
such amendments to this Agreement and the other Credit Documents as
may be necessary or appropriate, in the opinion of the
Administrative Agent, to give effect to the provisions of this
Section 2.23, including any amendments necessary to treat the
applicable Incremental Commitments and Incremental Loans as a new
Class of Commitments and Loans hereunder (including for purposes of
prepayments and voting (it being agreed that such new Class of
Commitments and Loans may be included in the definitions of
“Majority in Interest”, “Pro Rata Share”
and “Requisite Lenders” and may be afforded class
voting rights requiring the consent of Lenders under such Class in
addition to any other consent of Lenders that might otherwise be
required under Section 10.5) and to enable such new Class of
Commitments and Loans to be extended under Section 2.24 or
refinanced under Section 2.25).

 

(d) Upon the
effectiveness of an Incremental Commitment of any Incremental
Lender, such Incremental Lender shall be deemed to be a
“Lender” (and a Lender in respect of Commitments and
Loans of the applicable Class) hereunder, and henceforth shall be
entitled to all the rights of, and benefits accruing to, Lenders
(or Lenders in respect of Commitments and Loans of the applicable
Class) hereunder and shall be bound by all agreements,
acknowledgements and other obligations of Lenders (or Lenders in
respect of Commitments and Loans of the applicable Class) hereunder
and under the other Credit Documents.

 

(e) Subject to the
terms and conditions set forth herein and in the applicable
Incremental Facility Agreement, each Incremental Lender holding an
Incremental Commitment of any Class shall make a loan to the
Borrower in an amount equal to such Incremental Commitment on the
date specified in such Incremental Facility Agreement.

 

(f) The Administrative
Agent shall notify the Lenders promptly upon receipt by the
Administrative Agent of any notice from the Borrower referred to in
Section 2.23(a) and of the effectiveness of any Incremental
Commitments, in each case advising the Lenders of the details
thereof.

 

 

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2.24. Extension/Modification
Offers. (a) The Borrower may on one or more occasions, by
written notice to the Administrative Agent, make one or more offers
(each, an “Extension/Modification Offer”) to
all the Lenders of any Class (each Class subject to such an
Extension/Modification Offer being referred to as an
“Extension/Modification
Request Class”), on the same terms and conditions, and
on a pro rata basis, to each Lender within any
Extension/Modification Request Class, to make one or more
Extension/Modification Permitted Amendments pursuant to procedures
reasonably specified by the Administrative Agent and reasonably
acceptable to the Borrower. Such notice shall set forth (i) the
terms and conditions of the requested Extension/Modification
Permitted Amendment and (ii) the date on which such
Extension/Modification Permitted Amendment is requested to become
effective (which shall not be less than five Business Days or more
than 60 Business Days after the date of such notice, unless
otherwise agreed to by the Administrative Agent).
Extension/Modification Permitted Amendments shall become effective
only with respect to the Loans of the Lenders of the
Extension/Modification Request Class that accept the applicable
Extension/Modification Offer (such Lenders, the “Extending/Modifying Lenders”) and,
in the case of any Extending/Modifying Lender, only with respect to
such Lender’s Loans of such Extension/Modification Request
Class as to which such Lender’s acceptance has been made. Any
Extended/Modified Loans shall constitute a separate Class of Loans
from the Extension/Modification Request Class from which they were
converted and, in the event any Extended/Modified Loans have the
same terms as any existing Class of Loans then outstanding or any
Incremental Loans or Refinancing Loans then substantially
concurrently established (in each case, disregarding any
differences in original issue discount or upfront fees if not
affecting the fungibility thereof for US federal income tax
purposes), such Extended/Modified Loans may, at the election of the
Borrower, be treated as a single Class with such outstanding Loans
or such Incremental Loans or Refinancing Loans, and any scheduled
Installments set forth in Section 2.11 with respect to any such
Class of Loans may be increased to reflect scheduled amortization
of such Extended/Modified Loans. The Extension/Modification Offer
shall not be required to be in any minimum amount or any minimum
increment, provided
that the Borrower may, at its option and subject to its right to
waive any such condition in its sole discretion, specify as a
condition to the effectiveness of any Extension/Modification
Permitted Amendment that a minimum amount, as specified in the
Extension/Modification Offer, of Loans of the
Extension/Modification Request Class consent thereto. The Borrower
may amend, revoke or replace any Extension/Modification Offer at
any time prior to the effectiveness of the applicable
Extension/Modification Agreement. In connection with any
Extension/Modification Offer, the Borrower shall agree to such
procedures, if any, as may be reasonably established by, or
acceptable to, the Administrative Agent to accomplish the purposes
of this Section 2.24.

 

(b) An
Extension/Modification Permitted Amendment shall be effected
pursuant to an Extension/Modification Agreement executed and
delivered by the Borrower, each applicable Extending/Modifying
Lender and the Administrative Agent; provided that no
Extension/Modification Permitted Amendment shall become effective
unless the Borrower shall have delivered to the Administrative
Agent such legal opinions, board resolutions, secretary’s
certificates, officer’s certificates, reaffirmation
agreements and other documents as shall reasonably be requested
(consistent in all material respects with the documents delivered
under Section 3.1 on the Closing Date) by the Administrative Agent
in connection therewith. The Administrative Agent shall promptly
notify each Lender as to the effectiveness of each
Extension/Modification Agreement. Each Extension/Modification
Agreement may, without the consent of any Lender other than the
applicable Extending/Modifying Lenders, effect such amendments to
this Agreement and the other Credit Documents as may be necessary
or appropriate, in the opinion of the Administrative Agent, to give
effect to the provisions of this Section 2.24, including (i) a
reduction to any scheduled Installments set forth in Section 2.11
with respect to Loans of the Extension/Modification Request Class
to reflect the treatment of the Extended/Modified Loans as a new
Class of Loans (it being understood that the amount of any
scheduled amortization payable to any non-Extending/Modifying
Lender with respect to its Loans of the Extension/Modification
Request Class shall not be reduced as a result thereof) and (ii)
any amendments necessary to treat the applicable Loans of the
Extending/Modifying Lenders as a new “Class” of loans
hereunder (including for purposes of prepayments and voting) (it
being agreed that such new Class of Loans may be included in the
definitions of “Majority in Interest”, “Pro Rata
Share” and “Requisite Lenders” and may be
afforded class voting rights requiring the consent of Lenders under
such Class in addition to any other consent of Lenders that might
otherwise be required under Section 10.5).

 

 

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2.25. Refinancing
Facilities. (a) The Borrower may, on one or more occasions,
by written notice to the Administrative Agent, request the
establishment hereunder of one or more additional Classes of term
loan commitments (the “Refinancing Commitments”) pursuant
to which each Person providing such a commitment (a
“Refinancing
Lender”) will make term loans to the Borrower (the
“Refinancing
Loans”). Each such notice shall specify (i) the date
on which the Borrower proposes that the Refinancing Commitments
shall be effective, which shall be a date not less than five
Business Days (or such shorter period as may be agreed to by the
Administrative Agent) after the date on which such notice is
delivered to the Administrative Agent, (ii) the amount of the
Refinancing Commitments requested to be established and (iii) the
identity of each Person proposed to become a Refinancing Lender in
connection therewith (it being agreed that (x) any Lender
approached to provide any Refinancing Commitment may elect or
decline, in its sole discretion, to provide such Refinancing
Commitment and (y) any Person that the Borrower proposes to be a
Refinancing Lender, if such Person is not then a Lender, must be an
Eligible Assignee and must be approved by the Administrative Agent
(such approval not to be unreasonably withheld, conditioned or
delayed)).

 

(b) The terms and
conditions of any Refinancing Commitments and the Refinancing Loans
to be made thereunder shall be as determined by the Borrower and
the applicable Refinancing Lenders and set forth in the applicable
Refinancing Facility Agreement; provided that (i) the
Refinancing Maturity Date of such Refinancing Loans shall not be
earlier than the Maturity Date of the Class of Loans being
refinanced, (ii) the weighted average life to maturity of such
Refinancing Loans shall be no shorter than the remaining weighted
average life to maturity of the Class of Loans being refinanced
(and, for purposes of determining the weighted average life to
maturity of such Class of Loans being refinanced, the effects of
any prepayments made prior to the date of the determination shall
be disregarded), it being understood that, subject to this clause
(ii), the amortization schedule applicable to (and the effect
thereon of any prepayments of) any Refinancing Loans shall be
determined by the Borrower and the applicable Refinancing Lenders,
(iii) in the case of any partial refinancing of the Tranche B
Term Loans, the Weighted Average Yield with respect to such
Refinancing Loans, determined as of the date of incurrence of such
Refinancing Loans, shall not be greater than the Weighted Average
Yield with respect to the Tranche B Term Loans, determined as of
such date (giving effect to any amendments to the Weighted Average
Yield on the Tranche B Term Loans that became effective subsequent
to the Closing Date but prior to such date, but excluding the
effect of any increase in interest margins with respect thereto
pursuant to this clause (iii)), plus 0.50% per annum unless the
Applicable Rate (together with, as provided in the proviso below,
the Adjusted Eurodollar Rate and Base Rate floors) with respect to
the Tranche B Term Loans to remain outstanding after such
refinancing is increased, or fees to Lenders then holding the
Tranche B Term Loans to remain outstanding after such refinancing
are paid, so as to cause the Weighted Average Yield with respect to
the Tranche B Term Loans to remain outstanding after such
refinancing to equal the Weighted Average Yield with respect to
such Refinancing Term Loans minus 0.50%, provided that any increase in
the effective Weighted Average Yield with respect to the Tranche B
Term Loans due to the application of an Adjusted Eurodollar Rate or
Base Rate floor to such Indebtedness shall be effected solely
through an increase in the Adjusted Eurodollar Rate or Base Rate
floor applicable to the Tranche B Term Loans and only to the extent
an increase in such floor with respect to the Tranche B Term Loans
would cause an increase in the interest rate then in effect with
respect thereto, (iv) any Refinancing Loans may participate in
any mandatory prepayments hereunder on a pro rata basis (or on a
basis that is less than pro rata) with the other Loans, but may not
provide for mandatory prepayment requirements that are more
favorable than those applicable to the other Loans, (v) any
Refinancing Commitments and Refinancing Loans made thereunder shall
rank pari passu in right of
payment, and shall be secured by the Collateral on an equal and
ratable basis, with the other Loans and Commitments hereunder, and
shall be extensions of credit to the Borrower that are Guaranteed
only by the Credit Parties, and (vi) except for the terms referred
to above, to the extent the terms of any Refinancing Loans (other
than interest rates (whether fixed or floating), interest margins,
benchmark rate floors, fees, original issue discounts and
prepayment terms (including “no call” terms and other
restrictions thereon) and premiums) are not consistent with those
of the Class of Loans being refinanced, such differences shall be
reasonably acceptable to the Administrative Agent (except for terms
benefitting the Refinancing Lenders (A) where this Agreement is
amended to include such beneficial terms for the benefit of all
Lenders or (B) applicable only to periods after the latest Maturity
Date in effect as of the date of incurrence of such Refinancing
Loans); provided
further that
clauses (i), (ii) and (vi) shall not apply if, at the time of the
incurrence of such Refinancing Loans and after giving effect to the
application of the proceeds thereof, such Refinancing Loans shall
be the sole Class of Loans outstanding under this Agreement. In the
event any Refinancing Loans have the same terms as any existing
Class of Loans then outstanding or any Incremental Loans or
Extended/Modified Loans then substantially concurrently established
(in each case, disregarding any differences in original issue
discount or upfront fees if not affecting the fungibility thereof
for US federal income tax purposes), such Refinancing Loans may, at
the election of the Borrower, be treated as a single Class with
such outstanding Loans or such Incremental Loans or
Extended/Modified Loans, and any scheduled Installments set forth
in Section 2.11 with respect to any such Class of Loans may be
increased to reflect scheduled amortization of such Refinancing
Loans.

 

 

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(c) The Refinancing
Commitments shall be effected pursuant to one or more Refinancing
Facility Agreements executed and delivered by the Borrower, each
Refinancing Lender providing such Refinancing Commitments and the
Administrative Agent; provided that no Refinancing
Commitments shall become effective unless (i) the Borrower shall
have delivered to the Administrative Agent such legal opinions,
board resolutions, secretary’s certificates, officer’s
certificates, reaffirmation agreements and other documents as shall
reasonably be requested (consistent in all material respects with
the documents delivered under Section 3.1 on the Closing Date)
by the Administrative Agent in connection therewith,
(ii) substantially concurrently with the effectiveness
thereof, the Borrower shall obtain Refinancing Loans thereunder and
shall repay or prepay then outstanding Borrowings of any Class in
an aggregate principal amount equal to the aggregate amount of such
Refinancing Commitments (less the aggregate amount of accrued and
unpaid interest with respect to such outstanding Borrowings, any
original issue discount or upfront fees applicable to such
Refinancing Loans and any reasonable fees, premium and expenses
relating to such refinancing) and (iii) any such prepayment of
Borrowings of any Class shall, if Loans of such Class are subject
to scheduled amortization of principal, be applied to reduce any
subsequent Installments to be made pursuant to Section 2.11 with
respect to Borrowings of such Class on a pro rata basis (in
accordance with the principal amounts of such Installments) and, in
the case of a prepayment of Eurodollar Rate Borrowings, shall be
subject to Section 2.17(c). Each Refinancing Facility
Agreement may, without the consent of any Lender other than the
applicable Refinancing Lenders, effect such amendments to this
Agreement and the other Credit Documents as may be necessary or
appropriate, in the opinion of the Administrative Agent, to give
effect to the provisions of this Section 2.25, including any
amendments necessary to treat the applicable Refinancing
Commitments and Refinancing Loans as a new Class of Commitments or
Loans hereunder (including for purposes of prepayments and voting
(it being agreed that such new Class of Commitments and Loans may
be included in the definitions of “Majority in
Interest”, “Pro Rata Share” and “Requisite
Lenders” and may be afforded class voting rights requiring
the consent of Lenders under such Class in addition to any other
consent of Lenders that might otherwise be required under Section
10.5) and to enable such new Class of Loans to be extended under
Section 2.24 or refinanced under this Section 2.25).

 

(d) Upon the
effectiveness of a Refinancing Commitment of any Refinancing
Lender, such Refinancing Lender shall be deemed to be a
“Lender” (and a Lender in respect of Commitments and
Loans of the applicable Class) hereunder, and henceforth shall be
entitled to all the rights of, and benefits accruing to, Lenders
(or Lenders in respect of Commitments and Loans of the applicable
Class) hereunder and shall be bound by all agreements,
acknowledgements and other obligations of Lenders (or Lenders in
respect of Commitments and Loans of the applicable Class) hereunder
and under the other Credit Documents.

 

(e) The Administrative
Agent shall notify the Lenders promptly upon receipt by the
Administrative Agent of any notice from the Borrower referred to in
Section 2.25(a) and of the effectiveness of any Refinancing
Commitments, in each case advising the Lenders of the details
thereof.

 

SECTION
3. CONDITIONS
PRECEDENT

 

3.1. Closing
Date. This Agreement and the obligation of each Lender to
make any Credit Extension shall not become effective until the date
on which each of the following conditions shall be satisfied (or
waived in accordance with Section 10.5):

 

 

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(a) Credit Agreement. The
Administrative Agent shall have received from the Borrower and each
Designated Subsidiary (including the Acquired Company and each of
its Subsidiaries that is a Designated Subsidiary) and each other
party hereto either (i) a counterpart of this Agreement signed on
behalf of such party or (ii) evidence satisfactory to the
Administrative Agent (which may include a facsimile or electronic
image scan transmission) that such party has signed a counterpart
of this Agreement.

 

(b) Organizational Documents;
Incumbency. The Administrative Agent shall have received, in
respect of the Borrower and each Designated Subsidiary (including
the Acquired Company and each of its Subsidiaries that is a
Designated Subsidiary), a certificate of such Person (or, in the
case of a partnership, its general partner), dated the Closing Date
and executed by the secretary or an assistant secretary or manager
of such Person, attaching (i) a copy of each Organizational
Document of such Person, which shall be certified as of the Closing
Date or a recent date prior thereto by the appropriate Governmental
Authority, (ii) signature and incumbency certificates of the
officers/manager or general partner of such Person executing each
Credit Document, (iii) resolutions of the Board of Managers, Board
of Directors or similar governing body of such Person approving and
authorizing the execution, delivery and performance of this
Agreement and the other Credit Documents to which it is a party,
certified as of the Closing Date by such secretary or assistant
secretary or manager as being in full force and effect without
modification or amendment, and (iv) a good standing
certificate from the applicable Governmental Authority of such
Person’s jurisdiction of organization, dated the Closing Date
or a recent date prior thereto.

 

(c) Closing Date Refinancing. The
Closing Date Refinancing shall have been consummated or shall be
consummated substantially simultaneously with the initial funding
of Loans on the Closing Date, and the Administrative Agent shall
have received customary payoff letters with respect thereto or
other evidence thereof reasonably satisfactory to the
Administrative Agent and the Arrangers.

 

(d) Collateral and Guarantee
Requirement. Subject to the final paragraph of this
Section 3.1, the Collateral and Guarantee Requirement shall
have been satisfied. The Collateral Agent shall have received a
completed Collateral Questionnaire in form and substance reasonably
satisfactory to the Collateral Agent and the Arrangers, dated the
Closing Date and executed by an Authorized Officer of each of the
Borrower and the Acquired Company, together with all attachments
contemplated thereby, including the results of a search of the UCC
(or equivalent) filings made with respect to the Credit Parties in
the jurisdictions contemplated by the Collateral Questionnaire and
copies of the financing statements (or similar documents) disclosed
by such search and evidence reasonably satisfactory to the
Collateral Agent and the Arrangers that the Liens indicated by such
financing statements (or similar documents) are Permitted Liens or
have been, or substantially contemporaneously with the initial
funding of Loans on the Closing Date will be,
released.

 

(e) Evidence of Insurance. Subject
to the final paragraph of this Section 3.1, the Collateral
Agent shall have received a certificate from the Borrower’s
insurance broker or other evidence reasonably satisfactory to the
Collateral Agent and the Arrangers that the insurance required to
be maintained pursuant to Section 5.5 is in full force and effect,
together with customary endorsements naming the Collateral Agent,
for the benefit of Secured Parties, as additional insured and
lender’s loss payee thereunder to the extent required under
Section 5.5.

 

 

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(f) Opinions of Counsel. The
Administrative Agent shall have received a favorable written
opinion (addressed to the Administrative Agent, the Collateral
Agent and the Lenders and dated the Closing Date) of each of
(i) Kelley Drye & Warren LLP, counsel for the Credit
Parties, (ii) Kelley Drye & Warren LLP, regulatory counsel
for the Credit Parties, (iii) Jones Day, Georgia counsel for the
Credit Parties, and (iv) Spencer Fane LLP, Kansas counsel for the
Credit Parties, in each case in form and substance reasonably
satisfactory to the Administrative Agent and the Arrangers (and
each Credit Party hereby instructs such counsel to deliver such
opinion to the Administrative Agent).

 

(g) Fees and Expenses. The Borrower
shall have paid to the Arrangers, the Administrative Agent and the
Lenders all fees and expenses (including legal fees and expenses
and recording fees) and other amounts due and payable on or prior
to the Closing Date pursuant to the Credit Documents, the
Engagement Letter and the Fee Letters.

 

(h) Solvency Certificate. The
Administrative Agent shall have received the Solvency Certificate,
dated the Closing Date and signed by the chief financial officer of
the Borrower.

 

(i) Closing Date Certificate. The
Administrative Agent shall have received the Closing Date
Certificate, dated the Closing Date and signed by an Authorized
Officer of the Borrower, together with all attachments
thereto.

 

(j) Letter of Direction. The
Administrative Agent and Goldman Sachs, as an Arranger, shall have
received a duly executed letter of direction from the Borrower
addressed to Goldman Sachs, as an Arranger, directing the
disbursement on the Closing Date of the proceeds of the Loans to be
made on such date.

 

(k) PATRIOT Act. At least five days
prior to the Closing Date, the Lenders and the Administrative Agent
shall have received all documentation and other information
(including with respect to the Acquired Company and its
Subsidiaries) required by bank regulatory authorities under
applicable “know-your-customer” and anti-money
laundering rules and regulations, including the PATRIOT
Act.

 

(l) Consummation of the Merger. The
Merger shall have been (or substantially concurrently with the
funding of the Tranche B Term Loans on the Closing Date shall
be) consummated, pursuant to and on the terms set forth in the
Merger Agreement. The Arrangers shall have received a copy of the
Merger Agreement (including a copy of the Acquired Company
Indemnity Letter Agreement), together with all closing deliverables
thereunder, certified by an Authorized Officer of the Borrower as
complete and correct.

 

(m) Distribution of the Consumer/SMB
Business. The Consumer/SMB Business shall have been (or
substantially concurrently with the funding of the Tranche B
Term Loans on the Closing Date shall be) distributed by the
Acquired Company, pursuant to and on the terms set forth in the
Merger Agreement. The Arrangers shall have received a copy of the
definitive agreements relating to the distribution of the
Consumer/SMB Business, together with all closing deliverables
thereunder, certified by an Authorized Officer of the Acquired
Company as complete and correct.

 

(n) Fusion Global Transactions. The
Borrower shall have consummated (or substantially concurrently with
the funding of the Tranche B Term Loans on the Closing Date
shall consummate) the Fusion Global Arrangement, pursuant to and on
the terms set forth in the Merger Agreement. The Arrangers shall
have received a copy of the definitive agreements relating to the
Fusion Global Arrangement, together with all closing deliverables
thereunder, certified by an Authorized Officer of the Borrower as
complete and correct.

 

 

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(o) Subordinated Notes Issuance or
Amendment. The Borrower shall have received (or
substantially concurrently with the funding of the Tranche B
Term Loans on the Closing Date shall receive) gross cash proceeds
of not less than $10,000,000 from the issuance of the New
Subordinated Note. The Existing Subordinated Notes shall have been
(or substantially concurrently with funding of the Tranche B Term
Loans on the Closing Date shall be) amended and restated to, among
other things, provide that the Existing Subordinated Notes are
subordinated in right of payment to the Obligations and all
Permitted Section 6.1(e) Indebtedness, Permitted Credit Agreement
Refinancing Indebtedness and Permitted Incremental Equivalent
Indebtedness (in each case, other than Subordinated Indebtedness)
of the Borrower or any Guarantor Subsidiary, as applicable, in a
manner reasonably satisfactory to the Arrangers. The Administrative
Agent shall have received a copy of the Permitted Subordinated
Indebtedness Documents with respect to the Subordinated Notes,
certified by an Authorized Officer of the Borrower as complete and
correct, and the terms and conditions of the Subordinated Notes,
and the provisions of the Permitted Subordinated Indebtedness
Documents with respect thereto, shall be reasonably satisfactory to
the Arrangers.

 

(p) Closing Date Common Equity
Issuance. The Closing Date Common Equity Issuance shall have
occurred (or substantially concurrently with the funding of the
Tranche B Term Loans on the Closing Date shall occur), and the
Borrower shall have received (or substantially concurrently with
the funding of the Tranche B Term Loans on the Closing Date shall
receive) gross cash proceeds of not less than $4,999,998.50
therefrom. The Arrangers shall have received a copy of the
definitive agreements relating to the Closing Date Common Equity
Issuance, together with all closing deliverables thereunder,
certified by an Authorized Officer of the Borrower as complete and
correct.

 

(q) Closing Date Preferred Equity
Issuance. The Borrower shall have issued and sold (or
substantially concurrently with the funding of the Tranche B Term
Loans on the Closing Date shall issue and sell) the Closing Date
Preferred Stock to Holcombe T. Green, Jr. (or an entity
majority-owned and Controlled by Holcombe T. Green, Jr.), and the
Borrower shall have received (or substantially concurrently with
the funding of the Tranche B Term Loans on the Closing Date shall
receive) gross cash proceeds of not less than $14,700,000
therefrom. The Arrangers shall have received a copy of the
definitive agreements relating to the Closing Date Preferred Stock,
together with all closing deliverables relating thereto, all of
which shall be in form and substance reasonably satisfactory to the
Arrangers and certified by an Authorized Officer of the Borrower as
complete and correct.

 

(r) Escrow Cash Collateral
Arrangement. The Borrower shall have established the Escrow
Cash Collateral Account (i) in which the Escrow Cash Collateral in
an amount equal to the Escrow Cash Amount shall have been (or
substantially concurrently with the funding of the Tranche B
Term Loans on the Closing Date shall be) deposited to be held as
cash collateral securing the Obligations pending release as
contemplated by Section 9.8(d)(ii) and (ii) that is subject to the
Escrow Cash Collateral Control Agreement, pursuant to which the
Escrow Cash Collateral shall be subject to the sole control and
dominion of the First Lien Representative (as defined in the
Intercreditor Agreement), including as gratuitous bailee and
gratuitous agent for the Collateral Agent in accordance with the
terms of the Intercreditor Agreement.

 

Each
Lender, by delivering its signature page to this Agreement, and
funding its Loans on the Closing Date, shall be deemed to have
acknowledged receipt of, and consented to and approved, each Credit
Document and each other document required to be approved by any
Agent, the Requisite Lenders or any other Lenders, as applicable,
on the Closing Date.

 

 

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Notwithstanding the
foregoing, solely with respect to the matters expressly identified
in the Post-Closing Letter Agreement, the satisfaction by the
Credit Parties of the foregoing conditions shall not be required on
the Closing Date, and shall not be a condition to the making of the
Credit Extensions on the Closing Date, but shall be required to be
accomplished in accordance with the Post-Closing Letter
Agreement.

 

3.2. Each
Credit Extension. The obligation of each Lender to make any
Credit Extension on any Credit Date, including the Closing Date, is
subject to the satisfaction (or waiver in accordance with Section
10.5) of the following conditions precedent (it being understood
and agreed that, in the case of any Loans the proceeds of which are
intended to be applied to finance a Limited Conditionality
Transaction, the conditions precedent set forth in clauses (b) and
(c) below may be satisfied as of the applicable LCT Test Date in
accordance with Section 1.5):

 

(a) the Administrative
Agent shall have received a fully completed and executed Funding
Notice;

 

(b) the representations
and warranties of each Credit Party set forth in the Credit
Documents shall be true and correct (i) in the case of the
representations and warranties qualified or modified as to
materiality in the text thereof, in all respects and (ii)
otherwise, in all material respects, in each case on and as of such
Credit Date, except in the case of any such representation and
warranty that expressly relates to an earlier date, in which case
such representation and warranty shall be so true and correct on
and as of such earlier date; and

 

(c) at the time of and
immediately after giving effect to such Credit Extension, no
Default or Event of Default shall have occurred and be continuing
or would result therefrom.

 

On the
date of any Credit Extension, the Borrower shall be deemed to have
represented and warranted that the conditions specified in Sections
3.2(b) and 3.2(c) have been satisfied.

 

SECTION
4. REPRESENTATIONS
AND WARRANTIES

 

In
order to induce the Agents and the Lenders to enter into this
Agreement and to make each Credit Extension to be made thereby,
each Credit Party represents and warrants to each Agent and each
Lender on the Closing Date and on each Credit Date as
follows:

 

4.1. Organization;
Requisite Power and Authority; Qualification. Each of the
Borrower and the Restricted Subsidiaries (a) is duly organized,
validly existing and in good standing under the laws of its
jurisdiction of organization, (b) has all requisite power and
authority (i) to own and operate its properties and to carry
on its business and operations as now conducted and (ii) in the
case of the Credit Parties, to execute and deliver the Credit
Documents to which it is a party and to perform the other
Transactions to be performed by it and (c) is qualified to do
business and in good standing under the laws of every jurisdiction
where its assets are located or where such qualification is
necessary to carry out its business and operations, except, in each
case referred to in clauses (a) (other than with respect to
the Borrower), (b)(i) and (c), where the failure so to be or so to
have, individually or in the aggregate, would not reasonably be
expected to have a Material Adverse Effect.

 

 

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4.2. Equity
Interests and Ownership. Schedule 4.2
sets forth, as of the Closing Date, the name and jurisdiction of
organization of, and the percentage of each class of Equity
Interests owned by the Borrower or any Subsidiary in, (a) each
Subsidiary and (b) each joint venture and other Person in which the
Borrower or any Subsidiary owns any Equity Interests, and
identifies each Designated Subsidiary and each Material Subsidiary.
The Equity Interests owned by any Credit Party in any Subsidiary
have been duly authorized and validly issued and, to the extent
such concept is applicable, are fully paid and non-assessable.
Except as set forth on Schedule
4.2, as of the Closing Date (i) there are no Equity
Interests in any Restricted Subsidiary outstanding that upon
exercise, conversion or exchange would require the issuance by any
Restricted Subsidiary of any additional Equity Interests or other
Securities exercisable for, convertible into, exchangeable for or
evidencing the right to subscribe for or purchase any Equity
Interests in any Restricted Subsidiary and (ii) there are no
existing options, warrants, calls, rights, commitments or other
agreements to which the Borrower or any Restricted Subsidiary is a
party requiring the issuance by any Restricted Subsidiary of any
additional Equity Interests or other Securities exercisable for,
convertible into, exchangeable for or evidencing the right to
subscribe for or purchase any Equity Interests in any Restricted
Subsidiary.

 

4.3. Due
Authorization. The Transactions to be entered into by each
Credit Party have been duly authorized by all necessary corporate
or other organizational and, if required, stockholder, shareholder
or other equityholder action on the part of such Credit
Party.

 

4.4. No
Conflict. The Transactions do not and will not (a) violate
any applicable law, including any order of any Governmental
Authority, except to the extent any such violation, individually or
in the aggregate, would not reasonably be expected to have a
Material Adverse Effect, (b) violate the Organizational Documents
of the Borrower or any Restricted Subsidiary, (c) violate or result
(alone or with notice or lapse of time, or both) in a default under
any Contractual Obligation of the Borrower or any Restricted
Subsidiary, or give rise to a right thereunder to require any
payment, repurchase or redemption to be made by the Borrower or any
Restricted Subsidiary, or give rise to a right of, or result in,
any termination, cancelation or acceleration or right of
renegotiation of any obligation thereunder, except to the extent
any such violation, default, right or result, individually or in
the aggregate, would not reasonably be expected to have a Material
Adverse Effect, or (d) except for Liens created under the
Credit Documents or the First Lien Credit Documents, result in or
require the creation or imposition of any Lien on any asset of the
Borrower or any Restricted Subsidiary.

 

4.5. Governmental
Approvals. The Transactions do not and will not require any
registration with, consent or approval of, notice to, or other
action by any Governmental Authority, except (a) such as have been
obtained or made and are in full force and effect, (b) filings
and recordings with respect to the Collateral necessary to perfect
Liens created under the Credit Documents or the First Lien Credit
Documents and (c) filings and registrations under applicable
securities laws relating to the Disposition by the Collateral Agent
pursuant to the Pledge and Security Agreement of Collateral that
constitute Securities.

 

4.6. Binding
Obligation. Each Credit Document has been duly executed and
delivered by each Credit Party that is a party thereto and is the
legally valid and binding obligation of such Credit Party,
enforceable against such Credit Party in accordance with its terms,
except as enforceability may be limited by bankruptcy, insolvency,
reorganization, moratorium or similar laws relating to or limiting
creditors’ rights generally or by equitable principles
relating to enforceability.

 

 

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4.7. Historical
Financial Statements; Projections; Pro Forma Financial
Statements. (a) The Historical Borrower Financial Statements
were prepared in conformity with GAAP and present fairly, in all
material respects, the consolidated financial position of the
Borrower and its Subsidiaries as of the respective dates thereof
and the consolidated results of operations and cash flows of the
Borrower and its Subsidiaries for each of the periods then ended,
subject, in the case of any such unaudited financial statements, to
changes resulting from normal year-end audit adjustments and the
absence of footnotes. The Historical Acquired Company Financial
Statements were prepared in conformity with GAAP and present
fairly, in all material respects, the consolidated financial
position of the Acquired Company and its Subsidiaries as of the
respective dates thereof and the consolidated results of operations
and cash flows of the Acquired Company and its Subsidiaries for
each of the periods then ended, subject, in the case of any such
unaudited financial statements, to changes resulting from audit and
normal year-end adjustments and the absence of footnotes. As of the
Closing Date, neither the Borrower nor any Subsidiary has any
contingent liability or liability for Taxes, long-term lease or
unusual forward or long-term commitment that is not reflected in
the Historical Borrower Financial Statements, the Historical
Acquired Company Financial Statements or the notes thereto and
that, in any such case, is material in relation to the business,
operations, assets or financial condition of the Borrower and the
Subsidiaries, taken as a whole.

 

(b) The Projections
have been prepared in good faith based upon assumptions that were
believed by the Borrower to be reasonable at the time made, it
being understood and agreed that the Projections are not a
guarantee of financial performance and actual results may differ
therefrom and such differences may be material.

 

(c) The Pro Forma
Financial Statements (i) have been prepared by the Borrower in good
faith based on assumptions that were believed by the Borrower to be
reasonable at the time made and are believed by the Borrower to be
reasonable on the Closing Date, (ii) accurately reflect in all
material respects all adjustments necessary to give effect to the
Transactions as contemplated by such Pro Forma Financial Statements
and (iii) present fairly, in all material respects, the pro
forma financial position and results of operations of the Borrower
and the Subsidiaries as of the date and for the period stated
therein as if the Transactions as contemplated by such Pro Forma
Financial Statements had occurred on such date or at the beginning
of such period, as the case may be.

 

4.8. No
Material Adverse Effect. Since December 31, 2017, there
has been no event or condition that has had, or would reasonably be
expected to have, individually or in the aggregate, a Material
Adverse Effect.

 

4.9. Adverse
Proceedings. There are no Adverse Proceedings that
(a) individually or in the aggregate would reasonably be
expected to have a Material Adverse Effect or (b) in any manner
question the validity or enforceability of any of the Credit
Documents or otherwise involve any of the Credit Documents or the
Transactions.

 

4.10. Payment
of Taxes. Except as otherwise permitted under Section 5.3,
all Tax returns and reports of the Borrower and its Subsidiaries
required to be filed by any of them have been timely filed, and all
Taxes shown on such Tax returns to be due and payable, and all
assessments, fees and other governmental charges upon the Borrower
and the Subsidiaries and upon their properties, income, businesses
and franchises that are due and payable, have been paid when due
and payable, except (a) Taxes that are being contested in good
faith by appropriate proceedings and for which the Borrower or such
Subsidiary, as applicable, has set aside on its books reserves with
respect thereto to the extent required by GAAP or (b) to the extent
that the failure to do so would not, individually or in the
aggregate, reasonably be expected to have a Material Adverse
Effect.

 

 

-96-

 

4.11. Properties.
(a) Title. The
Borrower and each Restricted Subsidiary has (i) good, sufficient
and marketable title to (in the case of fee interests in real
property), (ii) valid leasehold interests in (in the case of
leasehold interests in real or personal property), (iii) valid
licensed rights in (in the case of licensed interests in
Intellectual Property) and (iv) good title to (in the case of all
other personal property) all of their material assets reflected in
the Historical Borrower Financial Statements or the Historical
Acquired Company Financial Statements, as applicable, or, after the
first delivery thereof, in the consolidated financial statements of
the Borrower most recently delivered pursuant to Section 5.1,
in each case except for assets disposed of since the date of such
financial statements in the ordinary course of business or as
otherwise permitted by this Agreement (including the Fusion Global
Arrangement and the distribution of the Consumer/SMB Business) and
except for Permitted Liens and defects that, individually or in the
aggregate, do not materially detract from the value of the affected
property or interfere with the ordinary conduct of business of the
Borrower or any Restricted Subsidiary.

 

(b) Real Estate. Set forth on
Schedule
4.11(b) is true and complete list, as of the Closing Date,
of all Real Estate Assets owned in fee by any Credit Party,
identifying each Material Real Estate Asset, if any, and the proper
jurisdiction for the filing of a Mortgage in respect
thereof.

 

(c) Intellectual Property. The
Borrower and each Restricted Subsidiary owns, or is licensed to
use, all Intellectual Property that is necessary for the conduct of
its business as currently conducted, and without conflict with the
rights of any other Person, except to the extent any such conflict,
individually or in the aggregate, would not reasonably be expected
to have a Material Adverse Effect. No Intellectual Property used by
the Borrower or any Restricted Subsidiary in the operation of its
business infringes upon the rights of any other Person, except for
any such infringements that, individually or in the aggregate,
would not reasonably be expected to have a Material Adverse Effect.
No claim or litigation regarding any Intellectual Property owned or
used by the Borrower or any Restricted Subsidiary is pending or, to
the knowledge of the Borrower or any Restricted Subsidiary,
threatened in writing against the Borrower or any Restricted
Subsidiary that, individually or in the aggregate, would reasonably
be expected to have a Material Adverse Effect.

 

4.12. Environmental
Matters. Except with respect to any matters that,
individually or in the aggregate, would not reasonably be expected
to have a Material Adverse Effect, neither the Borrower nor any
Subsidiary (a) has failed to comply with any Environmental Law
or to obtain, maintain or comply with any permit, license or other
approval required under any Environmental Law, (b) has become
subject to any Environmental Liability, (c) has received
notice of any claim with respect to any Environmental Liability or
(d) knows of any basis for any Environmental
Liability.

 

4.13. No
Defaults. No Default or Event of Default has occurred and is
continuing.

 

4.14. Investment
Company Act. None of the Credit Parties is a
“registered investment company” or a company
“controlled” by a “registered investment
company” or a “principal underwriter” of a
“registered investment company” as such terms are
defined in the Investment Company Act of 1940.

 

4.15. 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 purchasing or carrying Margin Stock
or extending credit for the purpose of purchasing or carrying
Margin Stock.

 

 

-97-

 

(b) No portion of the
proceeds of any Credit Extension will be used, directly or
indirectly, for any purpose that entails a violation (including on
the part of any Lender) of any of the regulations of the Board of
Governors, including Regulations U and X. Not more than 25% of the
value of the assets of the Borrower and the Restricted Subsidiaries
subject to any restrictions on the sale, pledge or other
Disposition of assets under this Agreement, any other Credit
Document or any other agreement to which any Lender or Affiliate of
a Lender is party will at any time be represented by Margin
Stock.

 

4.16. Employee
Benefit Plans. The Borrower, each Restricted Subsidiary and
each of their respective ERISA Affiliates is in compliance with all
applicable provisions and requirements of ERISA and the Internal
Revenue Code and the regulations and published interpretations
thereunder with respect to each Employee Benefit Plan, and has
performed all its obligations under each Employee Benefit Plan,
except where such failure to comply or perform, individually or in
the aggregate, would not reasonably be expected to have a Material
Adverse Effect. Each Employee Benefit Plan which is intended to
qualify under Section 401(a) of the Internal Revenue Code has
received a favorable determination letter or opinion letter from
the IRS indicating that such Employee Benefit Plan is so qualified
and nothing has occurred subsequent to the issuance of such
determination letter or opinion letter which would cause such
Employee Benefit Plan to lose its qualified status. No liability to
the PBGC (other than required premium payments), the IRS, any
Employee Benefit Plan or any trust established under Title IV of
ERISA has been or is expected to be incurred by the Borrower, any
Restricted Subsidiary or any of their respective ERISA Affiliates,
except as would not, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect. No ERISA Event or
Foreign Plan Event has occurred or is reasonably expected to occur,
except as would not, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect. Except to the extent
required under Section 4980B of the Internal Revenue Code or
similar state laws, no Employee Benefit Plan provides health or
welfare benefits (through the purchase of insurance or otherwise)
for any retired or former employee of the Borrower, any Restricted
Subsidiary or any of their respective ERISA Affiliates. The present
value of the aggregate benefit liabilities under each Pension Plan
sponsored, maintained or contributed to by the Borrower, any
Restricted Subsidiary or any of their respective ERISA Affiliates
(determined as of the end of the most recent plan year on the basis
of assumptions used for purposes of Accounting Standards
Codification Topic 715), did not exceed the aggregate current value
of the assets of such Pension Plan. As of the most recent valuation
date for each Multiemployer Plan for which the actuarial report is
available, the potential liability of the Borrower, the Restricted
Subsidiaries and their respective ERISA Affiliates for a complete
withdrawal from such Multiemployer Plan (within the meaning of
Section 4203 of ERISA), when aggregated with such potential
liability for a complete withdrawal from all Multiemployer Plans,
based on information available pursuant to Section 4221(e) of ERISA
is zero. The Borrower, each Restricted Subsidiary and each of their
respective ERISA Affiliates is not in material
“default” (as defined in Section 4219(c)(5) of ERISA)
with respect to payments to a Multiemployer Plan. None of the
Borrower or any of its Subsidiaries is an entity deemed to hold
“plan assets” (within the meaning of 29 CFR §
2510.3-101, as modified by Section 3(42) of ERISA).

 

4.17. Solvency.
On the Closing Date (after giving effect to the borrowing of the
Tranche B Term Loans hereunder and the other Transactions to
occur on such date), the Borrower and its Subsidiaries, on a
consolidated basis, are Solvent.

 

4.18. Compliance
with Laws. The Borrower and each Subsidiary is in compliance
with all applicable laws, including all orders and other
restrictions imposed by any Governmental Authority, in respect of
the conduct of its business and the ownership and operation of its
properties (including compliance with all applicable Environmental
Laws), except where such failure to comply, individually or in the
aggregate, would not reasonably be expected to have a Material
Adverse Effect.

 

 

-98-

 

4.19. Disclosure.
None of the Lender Presentation, any other documents, certificates
or statements or any other written information (other than
financial projections (including financial estimates, budgets,
forecasts and other forward-looking information) and information of
general economic or industry-specific nature) furnished to any
Arranger, any Agent or any Lender by or on behalf of the Borrower
or any Subsidiary in connection with the negotiation of or pursuant
to this Agreement or any other Credit Document or otherwise in
connection with the transactions contemplated hereby or thereby,
when taken as a whole, contains any untrue statement of a material
fact or omits to state a material fact necessary in order to make
the statements contained therein not materially misleading in light
of the circumstances under which they were made (after giving
effect to all supplements theretofore provided); provided that, with respect to
financial projections, financial estimates, budgets, forecasts and
other forward-looking information, the Credit Parties represent
only that such information was prepared in good faith based upon
estimates and assumptions believed by the Credit Parties to be
reasonable at the time such information is so furnished (it being
understood that such information is not a guarantee of financial or
other performance and actual results may differ therefrom and that
such differences may be material). There are no facts known to the
Borrower or any Subsidiary (other than matters of a general
economic or industry-specific nature) that, individually or in the
aggregate, would reasonably be expected to have a Material Adverse
Effect and that have not been disclosed in such documents,
certificates, statements or other information.

 

4.20. Collateral
Matters. (a) The Pledge and Security Agreement, upon
execution and delivery thereof by the parties thereto, will create
in favor of the Collateral Agent, for the benefit of the Secured
Parties, a valid and enforceable security interest in the
Collateral (as defined therein) and (i) when the Collateral
(as defined therein) constituting certificated securities (as
defined in the UCC) is delivered to the Collateral Agent (or its
gratuitous bailee) without “notice of any adverse
claims” (all within the meaning of the UCC), together with
instruments of transfer duly endorsed in blank, the security
interest created under the Pledge and Security Agreement will
constitute a fully perfected security interest in all right, title
and interest of the pledgors thereunder in such Collateral, prior
and superior in right to any other Person (subject to the
Intercreditor Agreement, any other Senior Lien Intercreditor
Agreement and any Pari Passu Intercreditor Agreement), and
(ii) when financing statements in appropriate form are filed
in the applicable filing offices, the security interest created
under the Pledge and Security Agreement will constitute a fully
perfected security interest in all right, title and interest of the
Credit Parties in the remaining Collateral (as defined therein) to
the extent perfection can be obtained by filing UCC financing
statements, prior and superior in right to any other Person, but
subject to Permitted Liens.

 

(b) Each Mortgage, upon
execution and delivery thereof by the parties thereto, will create
in favor of the Collateral Agent, for the benefit of the Secured
Parties, a legal, valid and enforceable security interest in all
the applicable mortgagor’s right, title and interest in and
to the Real Estate Asset subject thereto and the proceeds thereof,
and when the Mortgages have been filed in the jurisdictions
specified therein, the Mortgages will constitute fully perfected
security interests in all right, title and interest of the
mortgagors in the Real Estate Assets subject thereto and the
proceeds thereof, prior and superior in right to any other Person,
but subject to the Permitted Liens.

 

(c) Upon the
recordation of the Intellectual Property Security Agreements with
the United States Patent and Trademark Office or the United States
Copyright Office, as applicable, and the filing of the financing
statements referred to in Section 4.20(a), the security interest
created under the Pledge and Security Agreement will constitute a
fully perfected security interest in all right, title and interest
of the Credit Parties in the Intellectual Property in which a
security interest may be perfected by filing in the United States
Patent and Trademark Office or United States Copyright Office, in
each case prior and superior in right to any other Person, but
subject to Permitted Liens (it being understood that subsequent
recordings in the United States Patent and Trademark Office or the
United States Copyright Office may be necessary to perfect a
security interest in such Intellectual Property acquired by the
Credit Parties after the Closing Date).

 

 

-99-

 

(d) Each Collateral
Document, other than any Collateral Document referred to in the
preceding paragraphs of this Section 4.20, upon execution and
delivery thereof by the parties thereto and the making of the
filings and taking of the other actions provided for therein, will
be effective under applicable law to create in favor of the
Collateral Agent, for the benefit of the Secured Parties, a valid
and enforceable security interest in the Collateral subject
thereto, and will constitute a fully perfected security interest in
all right, title and interest of the Credit Parties in the
Collateral subject thereto to the extent perfection may be achieved
by making the filings and taking the other actions provided for
therein, prior and superior to the rights of any other Person,
except for rights secured by Permitted Liens.

 

4.21. Sanctioned
Persons; Anti-Corruption Laws; PATRIOT Act. None of the
Borrower or any of its Subsidiaries or any of their respective
directors, officers or, to the knowledge of the Borrower or any
Subsidiary, employees, agents or Affiliates is a Sanctioned Person
or otherwise the subject of any sanctions or economic embargoes
administered or enforced by the US Department of State or the
US Department of Treasury (including OFAC), the United Nations
Security Council, the European Union, any European Union member
state, Her Majesty’s Treasury of the United Kingdom or any
other applicable sanctions authority (collectively,
“Sanctions”, and
the associated laws, rules, regulations and orders, collectively,
“Sanctions
Laws”). Each of the Borrower and its Subsidiaries and
their respective directors, officers, and, to the knowledge of the
Borrower or any Subsidiary, employees, agents or Affiliates is in
compliance, in all material respects, with (a) all Sanctions
Laws, (b) the United States Foreign Corrupt Practices Act of 1977,
the Bribery Act 2010 of the United Kingdom and any other applicable
anti-bribery or anti-corruption laws, rules, regulations and orders
(collectively, “Anti-Corruption Laws”) and
(c) the PATRIOT Act and any other applicable terrorism and
money laundering laws, rules, regulations and orders. No part of
the proceeds of the Loans will be used, directly or indirectly, (i)
for the purpose of financing any activities or business of or with
any Person or in any country or territory that at such time is the
subject of any Sanctions, (ii) for any payments to any governmental
official or employee, political party, official of a political
party, candidate for political office, or anyone else acting in an
official capacity, in order to obtain, retain or direct business or
obtain any improper advantage, in violation of any Anti-Corruption
Law or (iii) in any manner that would result in the violation of
any Sanctions Laws applicable to any party hereto.

 

4.22. Communications
Regulatory Matters.

 

(a) The businesses of
the Borrower and its Subsidiaries are being conducted in compliance
with all Communications Laws, except as would not, individually or
in the aggregate, reasonably be expected to have a Material Adverse
Effect. The Borrower and the Restricted Subsidiaries possess all
Licenses required to conduct their businesses in the ordinary
course, and all such Licenses are in full force and
effect.

 

(b) There is no
condition, event or occurrence existing, nor, to the knowledge of
the Borrower or any Subsidiary, is there any proceeding being
conducted or threatened by any Governmental Authority, which would
reasonably be expected to cause the termination, revocation,
forfeiture, suspension, cancellation, adverse modification or
non-renewal of any of the Licenses held by the Borrower or any
Subsidiary, or the imposition of any penalty or fine by any
Governmental Authority with respect to any such Licenses or the
Borrower or any Subsidiary, in each case which, individually or in
the aggregate, would reasonably be expected to have a Material
Adverse Effect.

 

 

-100-

 

(c) There is no (i)
outstanding decree, decision, judgment, or order that has been
issued by the FCC or a State PUC against the Borrower or any
Subsidiary or any License held by the Borrower or any Subsidiary or
(ii) notice of violation, order to show cause, complaint,
investigation, inquiry or other administrative or judicial
proceeding pending or, to the knowledge of the Borrower or any
Subsidiary, threatened by or before the FCC or a State PUC against
the Borrower, any Subsidiary or any License held by the Borrower or
any Subsidiary that, assuming an unfavorable decision, ruling or
finding, in the case of each of (i) or (ii) above, would,
individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect.

 

(d) Each of the
Borrower and the Subsidiaries have filed with the FCC and State
PUCs all necessary reports, documents, instruments, information or
applications required to be filed pursuant to the Communications
Laws, and have paid all fees, assessments and other charges
required to be paid pursuant to the Communications Laws, except as
would not, individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect.

 

(e) Except as has been
obtained or will be obtained prior to the Closing Date, no consent,
approval, authorization, order or waiver of, or filing with, the
FCC, the State PUCs or any other Governmental Authority is required
under the Communications Laws to be obtained or made by the
Borrower or any Subsidiary for (i) the execution, delivery and
performance of this Agreement or the other Credit Documents or (ii)
the consummation of the Merger and the other
Transactions.

 

SECTION
5. AFFIRMATIVE
COVENANTS

 

Until
the Commitments shall have expired or been terminated and the
principal of and interest on each Loan and all fees payable
hereunder shall have been paid in full, each Credit Party covenants
and agrees with the Agents and the Lenders that:

 

5.1. Financial
Statements and Other Reports. The Borrower will deliver to
the Administrative Agent and, where applicable, to the
Lenders:

 

(a) Annual Financial Statements.
Commencing with the Fiscal Year ending December 31, 2018, as
soon as available, and in any event within 95 days after the
end of each Fiscal Year, the consolidated balance sheet of the
Borrower and the Subsidiaries as of the end of such Fiscal Year and
the related consolidated statements of operations,
stockholders’ equity and cash flows of the Borrower and the
Subsidiaries for such Fiscal Year, setting forth in each case in
comparative form the corresponding figures for the previous Fiscal
Year, together with a report thereon of EisnerAmper LLP or an
independent registered public accounting firm of recognized
national standing (which report shall not contain a “going
concern” or like statement, qualification, exception or
emphasis or any qualification, exception or emphasis as to the
scope of audit, provided that such report may
contain a “going concern” statement solely as a result
of an impending maturity within 12 months of any Loans or any
Permitted Section 6.1(e) Indebtedness, Permitted Credit Agreement
Refinancing Indebtedness or Permitted Incremental Equivalent
Indebtedness or any prospective (but not actual) failure to comply
with Section 6.7(a) or any financial maintenance covenant set
forth in any Permitted Section 6.1(e) Indebtedness Documents in
respect of any Permitted Senior Lien Secured Indebtedness), and
shall state that such consolidated financial statements present
fairly, in all material respects, the consolidated financial
position of the Borrower and its Subsidiaries as of the dates
indicated and the consolidated results of operations and cash flows
of the Borrower and its Subsidiaries for the periods indicated in
conformity with GAAP applied on a basis consistent with prior years
(except as otherwise disclosed in such financial statements) and
that the examination by such accounting firm in connection with
such consolidated financial statements has been made in accordance
with generally accepted auditing standards;

 

 

-101-

 

(b) Quarterly Financial Statements.
Commencing with the first such Fiscal Quarter ending after the
Closing Date, as soon as available, and in any event within
45 days after the end of each of the first three Fiscal
Quarters of each Fiscal Year, the consolidated balance sheet of the
Borrower and the Subsidiaries as of the end of such Fiscal Quarter
and the related consolidated statements of operations,
stockholders’ equity and cash flows of the Borrower and its
Subsidiaries for such Fiscal Quarter (in the case of such
statements of operations) and for the period from the beginning of
the then current Fiscal Year to the end of such Fiscal Quarter,
setting forth in each case in comparative form the corresponding
figures for the corresponding periods of (or, in the case of the
balance sheet, as of the end of) the previous Fiscal Year, together
with a Financial Officer Certification with respect
thereto;

 

(c) Compliance Certificate and
Unrestricted Subsidiary Reconciliation Statements. Together
with each delivery of the consolidated financial statements of the
Borrower and its Subsidiaries pursuant to Section 5.1(a) or 5.1(b),
a completed Compliance Certificate executed by the chief financial
officer of the Borrower and, if any Subsidiary shall be an
Unrestricted Subsidiary, with respect to each such financial
statement an Unrestricted Subsidiary Reconciliation Statement
(which may be in a footnote form), which shall be accompanied by a
Financial Officer Certification;

 

(d) Statements of Reconciliation after
Change in Accounting Principles. If, as a result of any
change in GAAP or in the application thereof since the date of the
most recent balance sheet delivered pursuant to Section 5.1(a)
or 5.1(b) (or, prior to the first such delivery, since December 31,
2017), the consolidated financial statements of the Borrower
delivered pursuant to Section 5.1(a) or 5.1(b) will differ in any
material respect from the consolidated financial statements that
would have been delivered pursuant to such Section had no such
change occurred, then, together with the first delivery of such
financial statements after such change, one or more statements of
reconciliation specifying in reasonable detail the effect of such
change on such financial statements, including those for the prior
period;

 

(e) Notice of Default and Material Adverse
Effect. Promptly upon any officer of the Borrower or any
Restricted Subsidiary obtaining knowledge of any event or condition
set forth below, a certificate of an Authorized Officer of the
Borrower setting forth the details of such event or condition and
any action the Borrower or any Restricted Subsidiary has taken, is
taking or proposes to take with respect thereto:

 

(i) the occurrence of
any Default or Event of Default; or

 

(ii) any
event or condition that has had, or would reasonably be expected to
have, individually or in the aggregate, a Material Adverse
Effect;

 

(f) Notice of Adverse Proceedings.
Promptly upon any officer of the Borrower or any Restricted
Subsidiary obtaining knowledge of (i) any Adverse Proceeding that
would reasonably be expected to have a Material Adverse Effect or
that in any manner questions the validity or enforceability of
any of the Credit Documents or otherwise involves any of the Credit
Documents or (ii) any material and adverse development in any
Adverse Proceeding referred to in clause (i) above, in each case
where such development has not previously been disclosed in writing
by the Borrower to the Administrative Agent and the Lenders, a
certificate of an Authorized Officer of the Borrower setting forth
the details of such Adverse Proceeding or development;

 

(g) [Reserved];

 

 

-102-

 

(h) Employee Benefit Plans. (i)
Promptly upon any officer of the Borrower or any Restricted
Subsidiary obtaining knowledge of the occurrence of any ERISA Event
or Foreign Plan Event, a written notice specifying the nature
thereof, what action the Borrower, any Restricted Subsidiary or any
of their respective ERISA Affiliates has taken, is taking or
proposes to take with respect thereto and, when known, any action
taken or threatened by the IRS, the Department of Labor, the PBGC
or any other Governmental Authority with respect thereto; and
(ii) with reasonable promptness after written request by the
Administrative Agent, copies of (A) all material written
notices received by the Borrower, any Restricted Subsidiary or any
of their respective ERISA Affiliates from a Multiemployer Plan
sponsor concerning an ERISA Event and (B) copies of such other
material documents or governmental reports or filings relating to
any Employee Benefit Plan with respect to which such ERISA Event
has occurred as the Administrative Agent may reasonably request in
writing;

 

(i) Financial Plan. As soon as
available and in any event no later than 120 days after the
beginning of each Fiscal Year, a consolidated plan and financial
forecast for such Fiscal Year, including (i) a forecasted
consolidated balance sheet and forecasted consolidated statements
of comprehensive income and cash flows of the Borrower and the
Subsidiaries for such Fiscal Year, and an explanation of the
assumptions on which such forecasts are based, and (ii) forecasted
consolidated statements of comprehensive income and cash flows of
the Borrower and the Subsidiaries for each Fiscal Quarter of such
Fiscal Year;

 

(j) Information Regarding Credit Parties
and Collateral. Prompt written notice of any change in
(i) any Credit Party’s legal name, (ii) any Credit
Party’s form of organization, (iii) any Credit
Party’s jurisdiction of organization, (iv) the location of
the chief executive office of any Credit Party and (v) any
Credit Party’s Federal Taxpayer Identification Number or
state organizational identification number;

 

(k) Collateral Verification.
Commencing with the Fiscal Year ending December 31, 2018, together
with each delivery of the consolidated financial statements of the
Borrower and its Subsidiaries pursuant to Section 5.1(a), a
completed Supplemental Collateral Questionnaire executed by an
Authorized Officer of the Borrower, together with all attachments
contemplated thereby;

 

(l) Filed or Distributed
Information. Promptly upon their becoming available, copies
of all regular and periodic reports and all registration statements
and prospectuses, if any, filed by the Borrower or any Restricted
Subsidiary with the SEC or any Governmental Authority performing
similar functions;

 

(m) Notice of Modifications of Permitted
Section 6.1(e) Indebtedness Documents and Junior Indebtedness
Documents. Promptly upon the effectiveness thereof, notice
of any execution and delivery of any Permitted Section 6.1(e)
Indebtedness Document or any credit agreement, indenture or other
agreement or instrument evidencing or governing the rights of the
holders of any Junior Indebtedness or of any amendment, waiver or
other modification of any Permitted Section 6.1(e) Indebtedness
Document or any such credit agreement, indenture or other agreement
or instrument evidencing or governing the rights of the holders of
any Junior Indebtedness, together with a copy thereof;
and

 

(n) Other Information. Promptly
after any request therefor, such other information regarding the
business, operations, assets, liabilities (including contingent
liabilities) and condition (financial or otherwise) of the Borrower
or any Subsidiary, or compliance with the terms of any Credit
Document, as the Administrative Agent or any Lender (through the
Administrative Agent) may reasonably request.

 

 

-103-

 

 

 

The
Borrower and each Lender acknowledge that certain of the Lenders
may be Public Lenders and, if documents or notices required to be
delivered pursuant to this Section 5.1 or otherwise are being
distributed through the Platform, any document or notice that the
Borrower has indicated contains Private-Side Information will not
be posted on the portion of the Platform that is designated for
Public Lenders, provided that the Borrower
shall make any disclosure required so that each Unrestricted
Subsidiary Reconciliation Statement shall be suitable for
distribution to Public Lenders. The Borrower agrees to clearly
designate all information provided to any Agent by or on behalf of
any Credit Party that contains only Public-Side Information, and by
doing so shall be deemed to have represented that such information
contains only Public-Side Information. If the Borrower has not
indicated whether a document or notice delivered pursuant to this
Section 5.1 contains Private-Side Information, the Administrative
Agent reserves the right to post such document or notice solely on
the portion of the Platform that is designated for Private
Lenders.

 

Information
required to be delivered pursuant to Section 5.1(a), 5.1(b) or
5.1(l) shall be deemed to have been delivered if such information,
or one or more annual or quarterly reports containing such
information, shall have been posted by the Administrative Agent on
the Platform or shall be available on the website of the SEC at
http://www.sec.gov or on the website of the Borrower at
http://www.fusionconnect.com, provided, in each case, that
the Borrower has notified the Administrative Agent that such
information is available on such website and, if requested by the
Administrative Agent, shall have provided hard copies to the
Administrative Agent. Information required to be delivered pursuant
to this Section 5.1 may also be delivered by electronic
communications pursuant to procedures approved by the
Administrative Agent. The Administrative Agent shall have no
obligation to request the delivery of or to maintain paper copies
of the documents referred to above, and in any event shall have no
responsibility to monitor compliance by the Borrower with this
Section 5.1. Each Lender shall be solely responsible for timely
accessing posted documents and maintaining its copies of such
documents.

 

5.2. Existence,
Licenses, Etc. The Borrower and each Restricted Subsidiary
will at all times preserve and keep in full force and effect (a)
its existence and (b) all rights, franchises, licenses (including
all Licenses) and permits necessary for the ordinary conduct of the
business of the Borrower and the Restricted Subsidiaries;
provided that
(i) other than in the case of clause (a) above with respect to
the Borrower, the foregoing shall not apply to the extent the
failure to do so would not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect and (ii)
the foregoing shall not prohibit any transaction permitted under
Section 6.8.

 

5.3. Payment
of Taxes. The Borrower and each Subsidiary will pay all
Taxes imposed upon it or any of its properties prior to the time
when any penalty or fine shall be incurred with respect thereto;
provided that no
such Tax need be paid if (a) it is being contested in good
faith by appropriate proceedings promptly instituted and diligently
conducted so long as an adequate reserve or other appropriate
provision, as shall be required in conformity with GAAP, shall have
been made therefor or (b) the failure to make such payment
would not, individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect.

 

5.4. Maintenance
of Properties. (a) The Borrower and each Restricted
Subsidiary will maintain or cause to be maintained in good repair,
working order and condition, ordinary wear and tear excepted, all
properties used or useful in the business of the Borrower and the
Restricted Subsidiaries and from time to time will make or cause to
be made all appropriate repairs, renewals and replacements thereof,
in each case except where the failure to do so would not,
individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect.

 

 

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(b) The Borrower and
each Restricted Subsidiary will take all actions reasonably
necessary to protect all Intellectual Property used or useful in
the business of the Borrower and the Restricted Subsidiaries,
including (i) protecting the secrecy and confidentiality of the
confidential information and trade secrets of the Borrower and each
Restricted Subsidiary by having and enforcing a policy requiring
all employees, consultants, licensees, vendors and contractors to
execute confidentiality agreements, (ii) taking all actions
reasonably necessary to ensure that none of the trade secrets of
the Borrower and any Restricted Subsidiary shall fall or has fallen
into the public domain and (iii) protecting the secrecy and
confidentiality of the source code of all computer software
programs and applications owned or licensed by the Borrower and any
Restricted Subsidiary by having and enforcing a policy requiring
any licensees of such source code (including any licensees under
any source code escrow agreement) to enter into license agreements
with appropriate use and nondisclosure restrictions, except in each
case where the failure to take any such action, individually or in
the aggregate, would not reasonably be expected to have a Material
Adverse Effect.

 

5.5. Insurance.
The Borrower and the Restricted Subsidiaries will maintain or cause
to be maintained, with financially sound and reputable insurance
companies, such public liability insurance, third-party property
damage insurance, business interruption insurance and casualty
insurance with respect to liabilities, losses or damage in respect
of the assets and businesses of the Borrower and the Restricted
Subsidiaries as may customarily be carried or maintained under
similar circumstances by Persons of established reputation engaged
in the same or similar businesses operating in the same or similar
locations, in each case in such amounts (with no greater risk
retention), covering such risks and otherwise on such terms and
conditions as shall be customary for such Persons. Without limiting
the generality of the foregoing, the Borrower and the Restricted
Subsidiaries will maintain or cause to be maintained, with
financially sound and reputable insurance companies, flood
insurance with respect to each Flood Hazard Property that is
located in a community that participates in the Flood Program, in
each case in compliance with any applicable regulations of the
Board of Governors or other applicable law. Each such policy of
insurance maintained by or on behalf of the Credit Parties shall
(a) in the case of liability insurance policies (other than
workers’ compensation and other policies for which such
endorsements are not customary), name the Collateral Agent, for the
benefit of the Secured Parties, as an additional insured thereunder
and (b) in the case of business interruption and casualty insurance
policies, contain a lender’s loss payable clause or
endorsement, reasonably satisfactory in form and substance to the
Collateral Agent, that names the Collateral Agent, for the benefit
of the Secured Parties, as the lender’s loss payee
thereunder, and shall provide that it shall not be canceled or not
renewed (i) by reason of nonpayment of premium upon not less than
10 days’ prior written notice thereof by the insurer to the
Collateral Agent (giving the Collateral Agent the right to cure
defaults in the payment of premiums) or (ii) for any other reason
upon not less than 30 days’ (or such shorter number of days
as may be agreed to by the Collateral Agent or as may be the
maximum number of days permitted by applicable law) prior written
notice thereof by the insurer to the Collateral Agent.

 

 

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5.6. Books
and Records; Inspections. The Borrower and each Restricted
Subsidiary will keep proper books of record and accounts in which
full, true and correct entries in conformity in all material
respects with GAAP and applicable law are made of all dealings and
transactions in relation to its business and activities. The
Borrower and each Restricted Subsidiary will permit the
Administrative Agent or any Lender (pursuant to a request made
through the Administrative Agent) (or their authorized
representatives, agents or advisors) to visit and inspect any of
its properties, to examine, copy and make extracts from its
financial and accounting records and to discuss its business,
operations, assets, liabilities (including contingent liabilities)
and condition (financial or otherwise) with its officers and
independent registered public accounting firm, all upon reasonable
notice and at such reasonable times during normal business hours
and as often as may reasonably be requested; provided, that so long as no
Default or Event of Default has occurred and is continuing such
visits and inspections to be limited to not more than one visit and
inspection for the Administrative Agent and all Lenders
(coordinated through the Administrative Agent) in any Fiscal
Year.

 

5.7. Lenders
Meetings. The Borrower will, upon the request of the
Administrative Agent or the Requisite Lenders, participate in a
telephonic conference with the Administrative Agent and Lenders
once during each Fiscal Quarter to be held at such time as may be
agreed to by the Borrower and the Administrative
Agent.

 

5.8. Compliance
with Laws. The Borrower and each Restricted Subsidiary will
comply with all applicable laws (including all Environmental Laws
and all orders of any Governmental Authorities), except (a) in
the case of Sanctions Laws, the PATRIOT Act and other applicable
anti-terrorism and money laundering laws and Anti-Corruption Laws,
where failure to comply, individually or in the aggregate, is not
material and (b) otherwise, where failure to comply,
individually or in the aggregate, would not reasonably be expected
to have a Material Adverse Effect.

 

5.9. Environmental
Matters. (a) Environmental Disclosure. The
Borrower will deliver to the Administrative Agent and the Lenders,
promptly upon the occurrence thereof, written notice describing in
reasonable detail (i) any material Release required to be
reported to any Governmental Authority under any applicable
Environmental Laws, (ii) any remedial action taken by the
Borrower, any Restricted Subsidiary or any other Person in response
to any Release of Hazardous Materials Activities or any
Environmental Liability that, individually or in the aggregate,
would reasonably be expected to have a Material Adverse Effect,
(iii) the Borrower or any Restricted Subsidiary obtaining
knowledge of any occurrence or condition on any Material Real
Estate Asset that would cause any Facility or any part thereof to
be subject to any material restrictions on the ownership,
occupancy, transferability or use thereof under any Environmental
Laws, and (iv) any Environmental Liability involving the
Borrower or any Restricted Subsidiary that, individually or in the
aggregate, would reasonably be expected to have a Material Adverse
Effect.

 

(b) Environmental Response. The
Borrower will, and will cause each Restricted Subsidiary to, take
promptly any and all actions necessary to (i) cure any violation of
applicable Environmental Laws by the Borrower or any Restricted
Subsidiary that would reasonably be expected to have, individually
or in the aggregate, a Material Adverse Effect and (ii) make an
appropriate response to any claim pursuant to Environmental Law
against the Borrower or any Restricted Subsidiary and discharge any
obligations it may have to any Person thereunder where failure to
do so would reasonably be expected to have, individually or in the
aggregate, a Material Adverse Effect.

 

 

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5.10. Subsidiaries.
If any Person becomes a Restricted Subsidiary of the Borrower (or
any Subsidiary of the Borrower not theretofore a Designated
Subsidiary becomes a Designated Subsidiary, including as a result
of a designation of any Unrestricted Subsidiary as a Restricted
Subsidiary or any Subsidiary becoming a Material Subsidiary), the
Borrower will, as promptly as practicable, and in any event within
30 days (or such longer period as the Administrative Agent may
agree to in writing), notify the Administrative Agent in writing
thereof and cause the Collateral and Guarantee Requirement to be
satisfied with respect to such Restricted Subsidiary (if such
Restricted Subsidiary is a Designated Subsidiary) and with respect
to any Equity Interests in or Indebtedness of such Restricted
Subsidiary owned by any Credit Party.

 

5.11. Additional
Collateral. The Borrower will furnish to the Administrative
Agent prompt written notice of (a) the acquisition by any
Credit Party of a Material Real Estate Asset after the Closing Date
and (b) the acquisition by any Credit Party of any other
material assets (other than any assets constituting Excluded
Property) after the Closing Date, other than any such assets
constituting Collateral under the Collateral Documents in which the
Collateral Agent shall have a valid, legal and perfected security
interest (with the priority contemplated by the applicable
Collateral Document) upon the acquisition thereof. The Borrower
will, as promptly as practicable and in any event within 60 days
(or such longer period as the Administrative Agent may agree to in
writing), cause the requirements of clause (g) of the Collateral
and Guarantee Requirement to be satisfied with respect to such
Material Real Estate Asset.

 

5.12. Further
Assurances. Each Credit Party will execute any and all
further documents, financing statements, agreements and
instruments, and take any and all further actions (including the
filing and recording of financing statements, fixture filings,
mortgages, deeds of trust and other documents), that may be
required under any applicable law, or that the Administrative Agent
or the Collateral Agent may reasonably request, to cause the
Collateral and Guarantee Requirement to be and remain satisfied at
all times (to the extent applicable, subject to the grace periods
set forth in Sections 5.10 and 5.11) or otherwise to effectuate the
provisions of the Credit Documents, all at the expense of the
Credit Parties. The Borrower will provide to the Administrative
Agent and the Collateral Agent, from time to time upon request,
evidence reasonably satisfactory to the Administrative Agent or the
Collateral Agent, as applicable, as to the perfection and priority
of the Liens created or intended to be created by the Collateral
Documents.

 

5.13. Maintenance
of Ratings. The Borrower will use commercially reasonable
efforts to maintain continuously a public corporate family rating
(or comparable public ratings) from Moody’s and a public
corporate credit rating (or comparable public rating) from S&P,
in each case in respect of the Borrower, and a public credit rating
from each of Moody’s and S&P in respect of the Tranche B
Term Loans (in each case, with no requirement as to any minimum
rating).

 

5.14. Use
of Proceeds. (a) The Borrower and the other Restricted
Subsidiaries will use the proceeds of the Loans made hereunder
solely for the purposes set forth in Section 2.5 and in
compliance with Section 4.15(b).

 

(b) The Borrower will
not request any Loans and no part of the proceeds of the Loans will
be used, directly or indirectly, (i) for the purpose of financing
any activities or business of or with any Person or in any country
or territory that at such time is the subject of any Sanctions,
(ii) for any payments to any governmental official or employee,
political party, official of a political party, candidate for
political office, or anyone else acting in an official capacity, in
order to obtain, retain or direct business or obtain any improper
advantage, in violation of any Anti-Corruption Law or (iii) in any
manner that would result in the violation of any Sanctions Laws
applicable to any party hereto.

 

 

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5.15. Post-Closing
Matters. The Credit Parties shall satisfy each of the
requirements set forth in the Post-Closing Letter Agreement on or
before the date specified in the Post-Closing Letter Agreement for
each such requirement, or such later date as may be permitted with
respect thereto pursuant to the terms of the Post-Closing Letter
Agreement.

 

SECTION
6. NEGATIVE
COVENANTS

 

Until
the Commitments shall have expired or been terminated and the
principal of and interest on each Loan and all fees payable
hereunder shall have been paid in full, each Credit Party covenants
and agrees with the Agents and the Lenders that:

 

6.1. Indebtedness.
Neither the Borrower nor any Restricted Subsidiary will, directly
or indirectly, incur or remain liable with respect to any
Indebtedness, except:

 

(a) Indebtedness
created under the Credit Documents, including pursuant to
Sections 2.23, 2.24 or 2.25;

 

(b) Indebtedness of the
Borrower or any Restricted Subsidiary owing to the Borrower or any
Restricted Subsidiary; provided that (i) such
Indebtedness shall not have been transferred to any Person other
than the Borrower or any Restricted Subsidiary, (ii) such
Indebtedness shall be evidenced by the Intercompany Note, and, if
owing to a Credit Party, shall have been pledged pursuant to the
Pledge and Security Agreement, (iii) such Indebtedness owing
by a Credit Party to a Restricted Subsidiary that is not a Credit
Party shall be unsecured and subordinated in right of payment to
the payment in full of the Obligations pursuant to the terms of the
Intercompany Indebtedness Subordination Agreement and
(iv) such Indebtedness is permitted as an Investment under
Section 6.6(d);

 

(c) Guarantees incurred
in compliance with Section 6.6(e);

 

(d) Indebtedness
existing on the date hereof and set forth on Schedule 6.1
and Refinancing Indebtedness in respect thereof;

 

(e) (i) Indebtedness
of the Credit Parties under the First Lien Credit Agreement (or
under any documents governing First Lien Permitted Incremental
Equivalent Indebtedness) in an aggregate principal amount at any
time outstanding, when taken together with the aggregate principal
amount of Refinancing Indebtedness outstanding pursuant to clause
(ii) below, not to exceed the sum of (A) $595,000,000,
less (B) the
aggregate principal amount of “Tranche B Term Loans”
prepaid under the First Lien Credit Agreement pursuant to Section
2.13(d) thereof, plus (C) the aggregate
principal amount of Indebtedness that may be incurred pursuant to
Section 2.23 of the First Lien Credit Agreement (or any comparable
successor provision); provided that if the First Lien
Credit Agreement is amended, modified, waived or supplemented or
replaced following the Closing Date, this clause (C) shall in
no event allow on any date of determination an aggregate principal
amount of Indebtedness to be incurred pursuant to this
clause (C) that is in excess of the aggregate principal amount
that could have been incurred on such date pursuant to the
provisions of Section 2.23 in the First Lien Credit Agreement as in
effect on the Closing Date; provided that, in the case of
any Indebtedness incurred under this clause (e)(i), (I) such
Indebtedness shall constitute Permitted Senior Lien Secured
Indebtedness, Permitted Pari Passu Secured Indebtedness, Permitted
Junior Lien Secured Indebtedness or Permitted Unsecured
Indebtedness and (II) other than in the case of any such
Indebtedness incurred under (or incurred pursuant to commitments
existing under) the First Lien Credit Agreement on the Closing
Date, the Administrative Agent shall have received a certificate,
dated the date such Indebtedness is incurred and signed by an
Authorized Officer of the Borrower, confirming compliance with the
conditions set forth in clause (i) above and, if such Indebtedness
or any portion thereof is being incurred in reliance on
clause (i)(C) above, setting forth a reasonably detailed
calculation of the amount of Indebtedness permitted to be incurred
under such clause; and (ii) Refinancing Indebtedness in respect of
any Indebtedness permitted under clause (i) above or under this
clause (ii);

 

 

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(f) (i) Indebtedness of
the Borrower or any Restricted Subsidiary (A) incurred to finance
the acquisition, construction or improvement of any fixed or
capital assets of the Borrower or any Restricted Subsidiary,
including Capital Lease Obligations, provided that such Indebtedness
is incurred prior to or within 180 days after such acquisition or
the completion of such construction or improvement and the
principal amount of such Indebtedness does not exceed the cost of
acquiring, constructing or improving such fixed or capital assets,
or (B) assumed in connection with the acquisition of any fixed
or capital assets of the Borrower or any Restricted Subsidiary,
provided, in the
case of this clause (i), that at the time of incurrence of such
Indebtedness and after giving Pro Forma Effect thereto and the use
of the proceeds thereof, the aggregate principal amount of
Indebtedness then outstanding under this clause (i), together with
the aggregate principal amount of Refinancing Indebtedness then
outstanding under clause (ii) below and with the aggregate
principal amount of Capital Lease Obligations outstanding under
Section 6.1(n), shall not exceed the greater of (x)
$42,000,000 and (y) 8.0% of Consolidated Total Assets as of the
last day of the then most recently ended Test Period; and (ii) any
Refinancing Indebtedness in respect of any Indebtedness permitted
under clause (i) above or under this clause (ii);

 

(g) (i) Indebtedness of
any Person that becomes (other than as a result of a redesignation
of an Unrestricted Subsidiary) a Restricted Subsidiary (or of any
Person not previously a Subsidiary that is merged or consolidated
with or into a Restricted Subsidiary in a transaction permitted
hereunder) after the date hereof, or Indebtedness of any Person
that is assumed or incurred by the Borrower or any Restricted
Subsidiary after the date hereof in connection with an Acquisition
permitted hereunder consummated by the Borrower or any Restricted
Subsidiary after the date hereof (other than the Specified
Acquisition), provided, in the case of this
clause (i), that at the time of the Borrower or any Restricted
Subsidiary becoming liable with respect to such Indebtedness
(whether as a result of such Person becoming a Restricted
Subsidiary (or such merger or consolidation) or such assumption),
and after giving Pro Forma Effect thereto and the use of the
proceeds thereof, the aggregate principal amount of Indebtedness
then outstanding under this clause (i), together with the aggregate
principal amount of Refinancing Indebtedness then outstanding under
clause (ii) below, shall not exceed the greater of (x) $30,000,000
and (y) 6.0% of Consolidated Total Assets as of the last day of the
then most recently ended Test Period; and (ii) any Refinancing
Indebtedness in respect of any Indebtedness permitted under clause
(i) above or under this clause (ii); provided further that the aggregate
principal amount of all Indebtedness outstanding under this clause
(g) incurred by Restricted Subsidiaries that are not Credit
Parties, when aggregated with the aggregate principal amount of all
Indebtedness of Restricted Subsidiaries that are not Credit Parties
outstanding under Section 6.1(o), shall not at any time exceed
$12,000,000;

 

(h) so long as, after
giving Pro Forma Effect to the incurrence of such Indebtedness and
the use of proceeds thereof (but without netting the Cash proceeds
of such Indebtedness (and any other Indebtedness incurred
substantially concurrently therewith), no Event of Default shall
have occurred and be continuing and the Borrower shall be in
compliance with the financial covenant set forth in
Section 6.7(a), determined as of the last day of the then most
recently ended Test Period (provided that to the extent the
proceeds of such Indebtedness are intended to be applied to finance
a Limited Conditionality Transaction, at the option of the
Borrower, the foregoing conditions may be tested in accordance with
Section 1.5), (i) Permitted Pari Passu Secured Indebtedness,
Permitted Junior Lien Secured Indebtedness and Permitted Unsecured
Indebtedness; provided that (A) the aggregate
amount of Indebtedness incurred under this clause (h)(i) on any
date shall not exceed the Incremental Amount as of such date, (B)
the stated final maturity of such Indebtedness shall not be earlier
than the latest Maturity Date in effect on the date such
Indebtedness is incurred, (C) the weighted average life to maturity
of any such Indebtedness shall be no shorter than the longest
remaining weighted average life to maturity of any Class of Loans
outstanding as of the date of the incurrence thereof (and, for
purposes of determining the weighted average life to maturity of
any such Class of Loans, the effects of any prepayments made prior
to the date of the determination shall be disregarded), (D) in
the case of Permitted Pari Passu Secured Indebtedness, the Weighted
Average Yield, determined as of the date of incurrence of such
Indebtedness, shall not be greater than the Weighted Average Yield
with respect to the Tranche B Term Loans, determined as of such
date (giving effect to any amendments to the Weighted Average Yield
on the Tranche B Term Loans that became effective subsequent to the
Closing Date but prior to such date, but excluding the effect of
any increase in interest margins with respect thereto pursuant to
this clause (D)), plus 0.50% per annum unless the Applicable Rate
(together with, as provided in the proviso below, the Adjusted
Eurodollar Rate and Base Rate floors) with respect to the Tranche B
Term Loans is increased, or fees to Lenders then holding the
Tranche B Term Loans are paid, so as to cause the Weighted Average
Yield with respect to the Tranche B Term Loans to equal the
Weighted Average Yield with respect to such Indebtedness minus
0.50%, provided
that any increase in the effective Weighted Average Yield with
respect to the Tranche B Term Loans due to the application of an
Adjusted Eurodollar Rate or Base Rate floor to such Indebtedness
shall be effected solely through an increase in the Adjusted
Eurodollar Rate or Base Rate floor applicable to the Tranche B Term
Loans and only to the extent an increase in such floor with respect
to the Tranche B Term Loans would cause an increase in the interest
rate then in effect with respect thereto, (E) such Indebtedness
satisfies the Specified Permitted Indebtedness Documentation
Requirements and (F) the Administrative Agent shall have received a
certificate, dated the date such Indebtedness is incurred and
signed by an Authorized Officer of the Borrower, confirming the
absence of Events of Default as required above and compliance with
the conditions set forth in clause (A) above, setting forth a
reasonably detailed calculation of compliance with Section 6.7(a)
on a Pro Forma Basis and, if such Indebtedness or any portion
thereof is being incurred in reliance on clause (b) of the
definition of the term “Incremental Amount”, setting
forth a reasonably detailed calculation of the Incremental Amount
under such clause; provided further that such Indebtedness
may be incurred in the form of a bridge or other interim credit
facility intended to be extended, renewed or refinanced with
Long-Term Indebtedness (and such bridge or other interim credit
facility shall be deemed to satisfy clauses (B) and (C) above so
long as (x) such credit facility includes customary
“rollover” provisions that are subject to no conditions
precedent other than (I) the occurrence of the date specified for
the “rollover” and (II) that no payment or bankruptcy
event of default shall have occurred and be continuing and (y)
assuming such credit facility were to be extended pursuant to such
“rollover” provisions, such extended credit facility
would comply with clauses (B) and (C) above); and (ii) any
Refinancing Indebtedness in respect of any Indebtedness permitted
under clause (i) above or under this clause (ii);

 

 

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(i) so long as, after
giving Pro Forma Effect to the incurrence of such Indebtedness and
the use of proceeds thereof (but without netting the Cash proceeds
of such Indebtedness (and any other Indebtedness incurred
substantially concurrently therewith), no Event of Default shall
have occurred and be continuing and the Borrower shall be in
compliance with the financial covenant set forth in
Section 6.7(a), determined as of the last day of the then most
recently ended Test Period, (i) Permitted Pari Passu Secured
Indebtedness, Permitted Junior Lien Secured Indebtedness and
Permitted Unsecured Indebtedness that, in each case, refinances, in
whole or in part, any Loans; provided that (A) the original
aggregate principal amount of such Indebtedness shall not exceed
the aggregate principal amount of such Loans being refinanced
(except by an amount no greater than accrued and unpaid interest on
such Loans, any original issue discount or upfront fees applicable
to such Indebtedness and any reasonable fees, premiums and expenses
relating to such refinancing), (B) the stated final maturity of
such Indebtedness shall not be earlier than the Maturity Date of
the Class of Loans being refinanced in effect at the time such
Indebtedness is incurred, (C) the weighted average life to
maturity of such Indebtedness (if other than in the form of
revolving loans) shall be no shorter than the remaining weighted
average life to maturity of the Class of Loans being refinanced
(and, for purposes of determining the weighted average life to
maturity of such Class of Loans being refinanced, the effects of
any prepayments made prior to the date of the determination shall
be disregarded), (D) in the case of Permitted Pari Passu Secured
Indebtedness (and only if, after giving effect to any substantially
concurrent refinancing of Loans, any Tranche B Term Loans shall
remain outstanding), the Weighted Average Yield, determined as of
the date of incurrence of such Indebtedness, shall not be greater
than the Weighted Average Yield with respect to the Tranche B Term
Loans, determined as of such date (giving effect to any amendments
to the Weighted Average Yield on the Tranche B Term Loans that
became effective subsequent to the Closing Date but prior to such
date, but excluding the effect of any increase in interest margins
with respect thereto pursuant to this clause (D)), plus 0.50% per
annum unless the Applicable Rate (together with, as provided in the
proviso below, the Adjusted Eurodollar Rate and Base Rate floors)
with respect to the Tranche B Term Loans is increased, or fees to
Lenders then holding the Tranche B Term Loans are paid, so as to
cause the Weighted Average Yield with respect to the Tranche B Term
Loans to equal the Weighted Average Yield with respect to such
Indebtedness minus 0.50%, provided that any increase in
the effective Weighted Average Yield with respect to the Tranche B
Term Loans due to the application of an Adjusted Eurodollar Rate or
Base Rate floor to such Indebtedness shall be effected solely
through an increase in the Adjusted Eurodollar Rate or Base Rate
floor applicable to the Tranche B Term Loans and only to the extent
an increase in such floor with respect to the Tranche B Term Loans
would cause an increase in the interest rate then in effect with
respect thereto, (E) such Loans being refinanced shall be repaid or
prepaid substantially concurrently on the date such Indebtedness is
incurred, (F) such Indebtedness satisfies the Specified
Permitted Indebtedness Documentation Requirements and (G) the
Administrative Agent shall have received a certificate, dated the
date such Indebtedness is incurred and signed by an Authorized
Officer of the Borrower, confirming the absence of Events of
Default as required above and setting forth a reasonably detailed
calculation of compliance with Section 6.7(a) on a Pro Forma Basis;
provided
further that such
Indebtedness may be incurred in the form of a bridge or other
interim credit facility intended to be extended, renewed or
refinanced with Long-Term Indebtedness (and such bridge or other
interim credit facility shall be deemed to satisfy clauses (B) and
(C) above so long as (x) such credit facility includes customary
“rollover” provisions that are subject to no conditions
precedent other than (I) the occurrence of the date specified for
the “rollover” and (II) that no payment or bankruptcy
event of default shall have occurred and be continuing and (y)
assuming such credit facility were to be extended pursuant to such
“rollover” provisions, such extended credit facility
would comply with clauses (B) and (C) above); and (ii) any
Refinancing Indebtedness in respect of any Indebtedness permitted
under clause (i) above or under this clause (ii);

 

 

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(j) to the extent
constituting Indebtedness, indemnification obligations (other than
in respect of any Indebtedness) incurred in connection with any
Acquisition or other Investment permitted by Section 6.6 or any
Disposition permitted by Section 6.8;

 

(k) Indebtedness in
respect of netting services, overdraft protections and otherwise
arising from treasury, depository and cash management services or
in connection with any automated clearing-house transfers of funds,
overdraft or any similar services, in each case in the ordinary
course of business;

 

(l) Indebtedness in
respect of letters of credit, bank guarantees and similar
instruments issued for the account of the Borrower or any
Restricted Subsidiary in the ordinary course of business supporting
obligations of the Borrower or any Restricted Subsidiary (i) under
workers’ compensation, unemployment insurance, health,
disability or other employee benefits and other social security
laws and (ii) under bids, trade contracts, leases (other than
Capital Lease Obligations), supply and service agreements with
vendors, statutory obligations, surety, litigation and appeal
bonds, performance bonds and obligations of a like
nature;

 

(m) Indebtedness of the
Borrower or any other Credit Party in the form of purchase price
adjustments, earnouts, deferred compensation or other similar
arrangements incurred in connection with any Acquisition
consummated prior to the Closing Date or any Acquisition
consummated after the Closing Date that is permitted by Section
6.6; provided that
such Indebtedness is not secured by any Liens on the assets of the
Borrower or any Restricted Subsidiary;

 

(n) Capital Lease
Obligations arising under any Sale/Leaseback Transaction incurred
in compliance with Section 6.9, provided that at the time of
the consummation of such Sale/Leaseback Transaction and after
giving Pro Forma Effect thereto and the use of the proceeds
thereof, (i) the aggregate principal amount of Indebtedness then
outstanding under this clause (n) shall not exceed the greater of
(A) $18,000,000 and (B) 3.5% of Consolidated Total Assets as of the
last day of the then most recently ended Test Period and (ii) the
aggregate principal amount of Indebtedness then outstanding under
this clause (n), together with the aggregate principal amount of
Indebtedness outstanding under Section 6.1(f), shall not
exceed the greater of (A) $42,000,000 and (B) 8.0% of Consolidated
Total Assets as of the last day of the then most recently ended
Test Period;

 

(o) other unsecured
Indebtedness of the Borrower or any Restricted Subsidiary,
provided that at
the time of incurrence of such Indebtedness and after giving Pro
Forma Effect thereto and the use of the proceeds thereof, the
aggregate principal amount of Indebtedness then outstanding under
this clause (o), shall not exceed the greater of (i) $60,000,000
and (ii) 12.0% of Consolidated Total Assets as of the last day of
the then most recently ended Test Period; provided further that the aggregate
principal amount of all Indebtedness outstanding under this clause
(o) incurred by Restricted Subsidiaries that are not Credit
Parties, when aggregated with the aggregate principal amount of all
Indebtedness of Restricted Subsidiaries that are not Credit Parties
outstanding under Section 6.1(g), shall not at any time exceed
$12,000,000;

 

(p) unsecured
Indebtedness owed to current or former officers, directors,
employees or consultants of the Borrower or any Restricted
Subsidiary (or their respective estates, heirs, family members,
spouses and former spouses, domestic partners and former domestic
partners or beneficiaries under their respective estates) to
finance the purchase or redemption of Equity Interests in the
Borrower permitted by Section 6.4; provided that the aggregate
principal amount of Indebtedness permitted under this clause (p)
shall not exceed $6,000,000 at any time outstanding;

 

 

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(q) (i) Indebtedness of
the Credit Parties under the New Subordinated Note and Refinancing
Indebtedness in respect thereof, provided that (A) the aggregate
principal amount of Indebtedness under this clause (q)(i) shall not
exceed $10,000,000 and (B) the stated final maturity of such
Indebtedness shall not be earlier than 91 days after the latest
Maturity Date, and such Indebtedness shall not require any
mandatory or scheduled prepayments, repurchases, redemptions or
other repayments of principal thereof prior to such stated final
maturity, and (ii) Indebtedness of the Credit Parties under the
Existing Subordinated Notes and Refinancing Indebtedness in respect
thereof, provided
that (A) the aggregate principal amount of Indebtedness under this
clause (q)(ii) shall not exceed (x) $3,276,175.38 plus (y) all interest on
such Indebtedness paid-in-kind by the addition thereof to the
outstanding principal amount of such Indebtedness after the Closing
Date and (B) such Indebtedness shall not require any mandatory or
scheduled prepayments, repurchases, redemptions or other repayments
of principal thereof (other than regularly scheduled amortization
payments required by the terms of the Existing Subordinated Notes
as in effect on the Closing Date) prior to the stated final
maturity thereof; provided further, in the case of any
Indebtedness under this clause (q), (I) such Indebtedness shall not
be secured by any Liens on any assets of the Borrower or any
Subsidiary, and shall not be Guaranteed by any Person other than
the Credit Parties, (II) in the case of any such Refinancing
Indebtedness, the terms of such Indebtedness (excluding interest
rates (whether fixed or floating), interest margins, benchmark rate
floors, fees, original issue discounts and any “call
protection”) are, when taken as a whole, not more favorable
to the lenders or holders providing such Indebtedness than (x)
those applicable to the New Subordinated Note or the Existing
Subordinated Notes, as applicable, as in effect on the Closing
Date, when taken as a whole, or (y) those applicable under this
Agreement when taken as a whole, provided that a certificate of
an Authorized Officer of the Borrower delivered to the
Administrative Agent (with the Administrative Agent agreeing to
provide a copy thereof, together with any drafts referred to below,
to the Lenders promptly upon receipt) at least five Business Days
prior to the incurrence of such Refinancing Indebtedness, together
with a reasonably detailed description of the material terms of
such Refinancing Indebtedness or drafts of the documentation
relating thereto, stating that the Borrower has determined in good
faith that such terms satisfy the requirements of this clause (II)
shall be conclusive evidence that such terms satisfy such
requirement unless the Administrative Agent or the Requisite
Lenders notify the Borrower in writing within such five Business
Day period that it or they disagree with such determination
(including a reasonable description of the basis upon which it or
they disagree), and (III) such Indebtedness is subordinated in
right of payment to the Obligations and all Permitted Section
6.1(e) Indebtedness, Permitted Credit Agreement Refinancing
Indebtedness and Permitted Incremental Equivalent Indebtedness (in
each case, other than Subordinated Indebtedness) of the Borrower or
any Guarantor Subsidiary, as applicable, on terms no less favorable
to the Secured Parties than the subordination terms applicable to
the New Subordinated Note or the Existing Subordinated Notes, as
applicable, as of the Closing Date;

 

(r) Indebtedness
consisting of the financing of insurance premiums or take or pay
obligations contained in supply arrangements that do not constitute
Guarantees, in each case, incurred in the ordinary course of
business; and

 

(s) to the extent
constituting Indebtedness, all premiums (if any), interest
(including post-petition interest), fees, expenses, charges and
additional or contingent interest on obligations described in this
Section 6.1.

 

 

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For
purposes of determining compliance with this Section 6.1 (subject
to the final sentence of each of the definitions of
“Permitted Senior Lien Secured Indebtedness”,
“Permitted Pari Passu Secured Indebtedness” and
“Permitted Junior Lien Secured Indebtedness”), (i) in
the event that an item of Indebtedness meets the criteria of more
than one of the categories of Indebtedness described in this
Section 6.1, the Borrower shall, in its sole discretion, classify
such item of Indebtedness (or any portion thereof) and may include
the amount and type of such Indebtedness in one or more of the
above clauses, and the Borrower may later reclassify such item of
Indebtedness (or any portion thereof) and include it in another of
such clauses in which it could have been included at the time it
was incurred (but not into any clause under which it could not have
been included at the time it was incurred); provided that, notwithstanding
the foregoing, the Subordinated Notes and any Refinancing
Indebtedness in respect thereof may only be incurred in reliance on
Section 6.1(q) and may not be reclassified and (ii) for purposes of
assessing whether any Dollar limit set forth in any clause of this
Section 6.1 has been observed in connection with incurrence of any
Indebtedness, any other Indebtedness contemporaneously incurred
pursuant to and in accordance with the other available clauses of
this Section 6.1 that do not require such other Indebtedness to
observe such Dollar limit shall be disregarded, even if such other
Indebtedness is of the same tranche or series as such Indebtedness
being incurred under such Dollar limit.

 

6.2. Liens.
Neither the Borrower nor any Restricted Subsidiary will, directly
or indirectly, incur or permit to exist any Lien on or with respect
to any asset of the Borrower or any Restricted Subsidiary, whether
now owned or hereafter acquired or licensed, or assign or sell any
income, profits or revenues (including accounts receivable and
royalties) or rights in respect of any thereof,
except:

 

(a) Liens created under
the Credit Documents;

 

(b) Permitted
Encumbrances;

 

(c) any Lien on any
asset of the Borrower or any Restricted Subsidiary existing on the
date hereof and set forth on Schedule 6.2,
and any extensions, renewals and replacements thereof; provided that (i) such
Lien shall not apply to any other asset of the Borrower or any
Restricted Subsidiary, other than to proceeds and products of, and
after-acquired property that is affixed or incorporated into, the
assets covered by such Lien, and (ii) such Lien shall secure
only those obligations that it secures on the date hereof and any
extensions, renewals and refinancings thereof that do not increase
the outstanding principal amount thereof (except by an amount not
greater than accrued and unpaid interest on such obligations and
any reasonable fees, premiums and expenses relating to such
extension, renewal or refinancing) and, in the case of any such
obligations constituting Indebtedness, that are permitted under
Section 6.1(d) as Refinancing Indebtedness in respect
thereof;

 

(d) Liens on fixed or
capital assets acquired, constructed or improved by the Borrower or
any Restricted Subsidiary; provided that (i) such
Liens secure only Indebtedness outstanding under
Section 6.1(f) and obligations relating thereto not
constituting Indebtedness and (ii) such Liens shall not apply
to any other asset of the Borrower or any Restricted Subsidiary,
other than to proceeds and products of, and after-acquired property
that is affixed or incorporated into, the assets covered by such
Liens; provided
further that
individual financings of equipment or other fixed or capital assets
otherwise permitted to be secured hereunder provided by any Person
(or its Affiliates) may be cross-collateralized to other such
financings provided by such Person (or its
Affiliates);

 

 

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(e) any Lien existing
on any asset prior to the acquisition thereof by the Borrower or
any Subsidiary or existing on any asset of any Person that becomes
(other than as a result of a redesignation of an Unrestricted
Subsidiary) a Restricted Subsidiary (or of any Person not
previously a Subsidiary that is merged or consolidated with or into
a Restricted Subsidiary in a transaction permitted hereunder) after
the date hereof prior to the time such Person becomes a Restricted
Subsidiary (or is so merged or consolidated), and any extensions,
renewals and replacements thereof; provided that (i) such
Lien is not created in contemplation of or in connection with such
acquisition or such Person becoming a Restricted Subsidiary (or
such merger or consolidation), (ii) such Lien shall not apply
to any other asset of the Borrower or any Restricted Subsidiary
(other than, in the case of any such merger or consolidation, the
assets of any special purpose merger Restricted Subsidiary that is
a party thereto), other than to proceeds and products of, and
after-acquired property that is affixed or incorporated into, the
assets covered by such Lien or becomes subject to such Lien
pursuant to an after-acquired property clause as in effect on the
date of such acquisition or the date such Person becomes a
Restricted Subsidiary (or is so merged or consolidated), and
(iii) such Lien shall secure only those obligations that it
secures on the date of such acquisition or the date such Person
becomes a Restricted Subsidiary (or is so merged or consolidated),
and any extensions, renewals and refinancings thereof that do not
increase the outstanding principal amount thereof (except by an
amount not greater than accrued and unpaid interest, fees and
premiums (if any) with respect to such original obligations and
reasonable fees and expenses arising from such extension, renewal
or refinancing) and, in the case of any such obligations
constituting Indebtedness, that are permitted under
Section 6.1;

 

(f) Liens on the
Collateral securing (i) Permitted Section 6.1(e) Indebtedness,
(ii) “Specified Cash Management Services
Obligations” (as defined in the First Lien Credit Agreement)
or any comparable term in any other Permitted Section 6.1(e)
Indebtedness Documents, (iii) “Specified Hedge
Obligations” (as defined in the First Lien Credit Agreement)
or any comparable term in any other Permitted Section 6.1(e)
Indebtedness Documents and (iv) obligations relating to any of the
foregoing not constituting Indebtedness;

 

(g) Liens on the
Collateral securing Permitted Incremental Equivalent Indebtedness
and obligations relating thereto not constituting
Indebtedness;

 

(h) Liens on the
Collateral securing Permitted Credit Agreement Refinancing
Indebtedness and obligations relating thereto not constituting
Indebtedness;

 

(i) in connection with
any Disposition permitted under Section 6.8, customary rights
and restrictions contained in agreements relating to such
Disposition pending the completion thereof;

 

(j) in the case of (i)
any Restricted Subsidiary that is not a wholly owned Subsidiary or
(ii) the Equity Interests in any Person that is not a Restricted
Subsidiary (including any Unrestricted Subsidiary), any
encumbrance, restriction or other Lien, including any put and call
arrangements, related to the Equity Interests in such Restricted
Subsidiary or such other Person set forth (A) in its Organizational
Documents or any related joint venture, shareholders’ or
similar agreement, in each case so long as such encumbrance or
restriction is applicable to all holders of the same class of
Equity Interests or is otherwise of the type that is customary for
agreements of such type or (B) in the case of clause (ii) above, in
any agreement or document governing Indebtedness of such
Person;

 

(k) any Lien on assets
of any CFC or CFC Holding Company that is not a Designated
Subsidiary; provided that (i) such
Lien shall not apply to any Collateral (including any Equity
Interests in any Subsidiary that constitute Collateral) or any
other assets of the Borrower or any Restricted Subsidiary that is
not a CFC or CFC Holding Company and (ii) such Lien shall
secure only Indebtedness or other obligations of such CFC or CFC
Holding Company permitted hereunder;

 

 

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(l) Liens solely on any
cash earnest money deposits, escrow arrangements or similar
arrangements made by the Borrower or any Restricted Subsidiary in
connection with any letter of intent or purchase agreement for any
Acquisition or Investment permitted hereunder;

 

(m) nonexclusive
outbound licenses of Intellectual Property and leases or sub-leases
of equipment or real property, in each case granted by the Borrower
or any Restricted Subsidiary in the ordinary course of business
that do not materially detract from the value of the affected asset
or interfere with the ordinary conduct of business of the Borrower
or any Restricted Subsidiary;

 

(n) any Lien in favor
of the Borrower or any Restricted Subsidiary (other than Liens on
assets of any Credit Party in favor of a Restricted Subsidiary that
is not a Credit Party);

 

(o) Liens on fixed or
capital assets subject to any Sale/Leaseback Transaction permitted
under Section 6.9; provided that (i) such Liens
secure only Indebtedness permitted by Section 6.1(n) and
obligations relating thereto not constituting Indebtedness and (ii)
such Liens shall not apply to any other asset of the Borrower or
any Restricted Subsidiary, other than to proceeds and products of,
and after-acquired property that is affixed or incorporated into,
the assets covered by such Liens;

 

(p) (i) deposits made
in the ordinary course of business to secure obligations to
insurance carriers providing casualty, liability or other insurance
to the Borrower and the Restricted Subsidiaries and (ii) Liens
on insurance policies and the proceeds thereof securing the
financing of the premiums with respect thereto;

 

(q) Cash deposits not
to exceed $6,000,000 at any time securing letters of credit, bank
guarantees and similar instruments issued in currencies other than
Dollars; and

 

(r) other Liens
securing Indebtedness or other obligations; provided that the aggregate
outstanding amount of Indebtedness and other obligations secured by
Liens permitted by this clause (r) shall not exceed
$30,000,000.

 

 

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6.3. No
Further Negative Pledges. Neither the Borrower nor any
Restricted Subsidiary will, directly or indirectly, enter into,
incur or permit to exist any agreement or other arrangement that
prohibits, restricts or imposes any condition upon the ability of
the Borrower or any Restricted Subsidiary to create, incur or
permit to exist any Lien upon any of its assets, whether now owned
or hereafter acquired, to secure any Obligations; provided that the foregoing
shall not apply to (a) restrictions and conditions imposed by
law or by any Credit Document, (b) restrictions and conditions
existing on the date hereof identified on Schedule
6.3, and amendments, modifications, extensions and renewals
thereof (including any such extension or renewal arising as a
result of an extension, renewal or refinancing of any Indebtedness
containing such restriction or condition), provided, in each case, that
the scope of any such restriction or condition shall not have been
expanded as a result thereof, (c) in the case of any Restricted
Subsidiary that is not a wholly owned Subsidiary or the Equity
Interests in any Person that is not a Restricted Subsidiary
(including any Unrestricted Subsidiary), restrictions and
conditions imposed by the Organizational Documents of such
Restricted Subsidiary or such other Person or any related joint
venture, shareholders’ or similar agreement, provided, in each case, that
such restrictions and conditions apply only to such Restricted
Subsidiary and to any Equity Interests in such Restricted
Subsidiary or to the Equity Interests in such other Person
(including any Unrestricted Subsidiary), as applicable,
(d) restrictions and conditions imposed by any agreement or
document governing secured Indebtedness permitted by Section 6.1(f)
or 6.1(n) or governing Liens permitted by Section 6.2(d), 6.2(l),
6.2(o), 6.2(p)(i) or 6.2(q) or by clause (c), (d) or (m) of the
definition of “Permitted Encumbrances”, provided that such restrictions
and conditions apply only to the assets securing such Indebtedness
or subject to such Liens, (e) restrictions and conditions
imposed by agreements relating to Indebtedness assumed in reliance
on Section 6.1(g)(i) or Refinancing Indebtedness in respect thereof
incurred in reliance on Section 6.1(g)(ii), provided that such restrictions
and conditions apply only to Persons that are permitted under such
Sections to be obligors in respect of such Indebtedness and are not
less favorable to the Lenders than the restrictions and conditions
imposed by such Indebtedness (or, in the case of any Refinancing
Indebtedness, by the applicable Original Indebtedness) at the time
such Indebtedness first became subject to Section 6.1, (f) in
connection with the sale of any Equity Interests in a Subsidiary or
any other assets, customary restrictions and conditions contained
in agreements relating to such sale pending the completion thereof,
provided that such
restrictions and conditions apply only to the Subsidiary or the
other assets to be sold and such sale is permitted under Section
6.8, (g) restrictions and conditions imposed by any agreement or
document governing Indebtedness of any Restricted Subsidiary that
is not, and is not required to become, a Credit Party hereunder,
provided that such
restrictions and conditions apply only to such Restricted
Subsidiary, (h) restrictions and conditions imposed by customary
provisions in leases, licenses and other agreements restricting the
assignment thereof or, in the case of any lease or license,
permitting to exist any Lien on the assets leased or licensed
thereunder, (i) customary restrictions in respect of Intellectual
Property contained in licenses or sublicenses of, or other grants
of rights to use or exploit, such Intellectual Property,
(k) restrictions and conditions contained in any Permitted
Section 6.1(e) Indebtedness Document or any Permitted Subordinated
Indebtedness Document, in each case, as in effect on the Closing
Date and amendments, modifications, extensions and renewals
thereof, provided,
in each case, that the scope of any such restriction or condition
shall not have been expanded as a result thereof, and (l)
restrictions and conditions contained in any agreement or
instrument evidencing or governing any Indebtedness permitted by
Section 6.1(e), 6.1(g) (other than in respect of existing
Indebtedness assumed in reliance thereon), 6.1(h), 6.1(i) or 6.1(o)
to the extent, in the good faith judgment of the Borrower, such
restrictions and conditions are on customary market terms for
Indebtedness of such type and so long as the Borrower has
determined in good faith that such restrictions and conditions
would not reasonably be expected to impair in any material respect
the ability of the Credit Parties to meet their obligations under
the Credit Documents. Nothing in this Section 6.3 shall be deemed
to modify the requirements set forth in the definition of the term
“Collateral and Guarantee Requirement” or the
obligations of the Credit Parties under Sections 5.10, 5.11 or
5.12 or under the Collateral Documents.

 

 

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6.4. Restricted
Junior Payments. Neither the Borrower nor any Restricted
Subsidiary will declare or pay or make, or agree to declare or pay
or make, directly or indirectly, any Restricted Junior Payment, or
incur any obligation (contingent or otherwise) to do so, except
that:

 

(a) each of the
Borrower and any Restricted Subsidiary may declare and pay
dividends with respect to its Equity Interests payable solely in
additional Equity Interests in such Person to the extent not
otherwise prohibited hereunder;

 

(b) any Restricted
Subsidiary may declare and pay dividends or make other
distributions with respect to its capital stock, partnership or
membership interests or other similar Equity Interests, and declare
and make other Restricted Junior Payments in respect of its Equity
Interests, in each case ratably to the holders of such Equity
Interests (or, if not ratably, on a basis more favorable to the
Borrower and the Restricted Subsidiaries);

 

(c) the Borrower may
make payments in respect of, or repurchases of its Equity Interests
deemed to occur upon the “cashless exercise” of, stock
options, stock purchase rights, stock exchange rights or other
equity-based awards if such payment or repurchase represents a
portion of the exercise price of such options, rights or awards or
withholding taxes, payroll taxes or other similar taxes due upon
such exercise;

 

(d) the Borrower may
make cash payments in lieu of the issuance of fractional shares
representing Equity Interests in the Borrower in connection with
the exercise of warrants, options or other Securities convertible
into or exchangeable for common stock in the Borrower;

 

(e) the Borrower may
make Restricted Junior Payments in respect of its Equity Interests
pursuant to and in accordance with stock option plans or other
benefit plans or agreements for, or otherwise make Restricted
Junior Payments to redeem, retire, purchase or otherwise acquire
any of its Equity Interests held by, future, present or former
directors, officers, employees or consultants of the Borrower and
the Restricted Subsidiaries; provided that (i) the aggregate
amount of the Restricted Junior Payments made in reliance on this
clause (e) in any Fiscal Year shall not exceed the sum of
(A) $2,400,000 plus (B) an amount equal to any
unutilized portion of such amount in clause (A) in any
preceding Fiscal Year ended after the Closing Date and (ii)
Restricted Junior Payments made in reliance on this clause (e)
during any Fiscal Year shall be deemed to use, first, the amount
set forth in clause (A) above for such Fiscal Year and, second, any
portion of the amount set forth in clause (A) above for any
preceding Fiscal Year that has been carried over to such Fiscal
Year pursuant to clause (B) above;

 

(f) the Borrower and
the Restricted Subsidiaries may make additional Restricted Junior
Payments; provided
that, immediately prior to the making thereof, and immediately
after giving Pro Forma Effect thereto, including to any related
incurrence of Indebtedness, (i) no Event of Default shall have
occurred and be continuing, (ii) the Total Net Leverage Ratio,
determined as of the last day of the then most recently ended Test
Period, shall not exceed 1.40:1.00 and (iii) the Borrower shall be
in compliance with Section 6.7(a);

 

(g) the Borrower and
the Restricted Subsidiaries may make (i) regularly scheduled
interest and principal payments as and when due in respect of any
Junior Indebtedness, other than payments in respect of Subordinated
Indebtedness prohibited by the subordination provisions thereof,
and (ii) prepayments in respect of any Junior Indebtedness to the
extent required by Section 2.14(c);

 

 

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(h) the Borrower and
the other Credit Parties may refinance any Junior Indebtedness with
the proceeds of other Indebtedness to the extent permitted under
Section 6.1;

 

(i) so long as no
Default or Event of Default shall have occurred and be continuing,
the Borrower and the Restricted Subsidiaries may make other
Restricted Junior Payments; provided that the aggregate
amount of Restricted Junior Payments made in reliance on this
clause (i) since the Closing Date shall not exceed
$1,200,000;

 

(j) the Borrower and
the Restricted Subsidiaries may make additional Restricted Junior
Payments; provided
that (i) immediately prior to the making thereof, and immediately
after giving Pro Forma Effect thereto, including to any related
incurrence of Indebtedness, (A) no Event of Default shall have
occurred and be continuing and (B) the Total Net Leverage Ratio
shall not be greater than the lesser of (x) 1.65:1.00 and
(y) the maximum Total Net Leverage Ratio permitted under the
financial covenant set forth in Section 6.7(a), in each case,
determined as of the last day of the then most recently ended Test
Period, (ii) the amount of any such Restricted Junior Payment
shall not exceed the Available Basket Amount at the time such
Restricted Junior Payment is made and (iii) the Borrower shall have
delivered to the Administrative Agent a certificate of an
Authorized Officer of the Borrower certifying that all the
requirements set forth in this clause (j) have been satisfied with
respect to such Restricted Junior Payment and including reasonably
detailed calculations demonstrating satisfaction of the
requirements set forth in clauses (i)(B) and (ii)
above;

 

(k) any Restricted
Junior Payment arising solely on account of any Permitted Holder
using its Equity Interests in the Borrower to satisfy such
Permitted Holders’ payment obligations under the Acquired
Company Indemnity Letter Agreement;

 

(l) any Restricted
Junior Payment required to be made to consummate the Iqmax
Disposition; and

 

(m) the Borrower may
redeem the Closing Date Preferred Stock solely with the Net
Proceeds received (and not otherwise applied) by the Borrower
substantially concurrently with the making of such redemption from
any issuance and sale of Equity Interests in the Borrower (other
than any Disqualified Equity Interests and other than any Equity
Interests issued or sold to any Subsidiary of the Borrower);
provided that,
immediately prior to the making of such redemption, and immediately
after giving Pro Forma Effect thereto, no Event of Default shall
have occurred and be continuing.

 

 

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6.5. Restrictions
on Subsidiary Distributions. Neither the Borrower nor any
Restricted Subsidiary will, directly or indirectly, enter into,
incur or permit to exist any agreement or other arrangement that
prohibits, restricts or imposes any condition upon the ability of
any Restricted Subsidiary (a) to pay dividends or make other
distributions on its Equity Interests owned by the Borrower or any
Restricted Subsidiary, (b) to repay or prepay any Indebtedness
owing by such Restricted Subsidiary to the Borrower or any
Restricted Subsidiary, (c) to make loans or advances to the
Borrower or any Restricted Subsidiary or to Guarantee the
Obligations or (d) to transfer, lease or license any of its assets
to the Borrower or any Restricted Subsidiary; provided that the foregoing
shall not apply to (i) restrictions and conditions imposed by
law or by any Credit Document, (ii) restrictions and
conditions existing on the date hereof identified on Schedule
6.5, and amendments, modifications, extensions or renewals
thereof (including any such extension or renewal arising as a
result of an extension, renewal or refinancing of any Indebtedness
containing such restriction or condition), provided, in each case, that
the scope of any such restriction or condition shall not have been
expanded as a result thereof, (iii) in the case of any Restricted
Subsidiary that is not a wholly owned Subsidiary of the Borrower
or, in the case of restrictions and conditions referred to in
clause (d) above, the Equity Interests in any Person that is not a
Restricted Subsidiary (including any Unrestricted Subsidiary),
restrictions and conditions imposed by agreements and documents
governing Indebtedness of such Restricted Subsidiary or such Person
or its Organizational Documents or any related joint venture,
shareholders’ or similar agreement, provided that such restrictions
and conditions apply only to such Restricted Subsidiary or, in the
case of restrictions and conditions referred to in clause (d)
above, to any Equity Interests in such Restricted Subsidiary or
such other Person (including any Unrestricted Subsidiary), as
applicable, (iv) in the case of restrictions and conditions
referred to clause in (d) above, restrictions and conditions
imposed by any agreement relating to secured Indebtedness permitted
by Section 6.1(f) or 6.1(n) or governing Liens permitted by Section
6.2(d), 6.2(l), 6.2(o), 6.2(p)(i) or 6.2(q) or by clause (c), (d)
or (m) of the definition of “Permitted Encumbrances”,
provided that such
restrictions and conditions apply only to the assets securing such
Indebtedness or subject to such Liens, (v) restrictions and
conditions imposed by any agreement or document relating to
Indebtedness assumed in reliance on Section 6.1(g)(i) or
Refinancing Indebtedness in respect thereof incurred in reliance on
Section 6.1(g)(ii), provided that such restrictions
and conditions apply only to Persons that are permitted under such
Section to be obligors in respect of such Indebtedness and are not
less favorable to the Lenders than the restrictions and conditions
imposed by such Indebtedness (or, in the case of any Refinancing
Indebtedness, by the applicable Original Indebtedness) at the time
such Indebtedness first became subject to Section 6.1, (vi) in
connection with the sale of any Equity Interests in a Subsidiary or
any other assets, customary restrictions and conditions contained
in agreements relating to such sale pending the completion thereof,
provided that such
restrictions and conditions apply only to the Subsidiary or the
other assets to be sold and such sale is permitted under Section
6.8, (vii) in the case of restrictions or conditions referred to in
clauses (c) and (d) above, restrictions and conditions imposed by
any agreement or document governing Indebtedness of any Restricted
Subsidiary that is not, and is not required to become, a Credit
Party hereunder, provided that such restrictions
and conditions apply only to such Restricted Subsidiary, (viii) in
the case of restrictions and conditions referred to in clause (d)
above, restrictions and conditions imposed by customary provisions
in leases, licenses and other agreements restricting the assignment
thereof or, in the case of any lease or license, permitting to
exist any Lien on the assets leased or licensed thereunder,
(ix) restrictions on cash or deposits or net worth imposed by
customers, suppliers or landlords under agreements entered into in
the ordinary course of business, (x) in the case of restrictions
and conditions referred to in clause (d) above, customary
restrictions in respect of Intellectual Property contained in
licenses or sublicenses of, or other grants of rights to use or
exploit, such Intellectual Property, (xi) restrictions and
conditions contained in any Permitted Section 6.1(e) Indebtedness
Document or any Permitted Subordinated Indebtedness Document, in
each case, as in effect on the Closing Date and amendments,
modifications, extensions and renewals thereof, provided, in each case, that
the scope of any such restriction or condition shall not have been
expanded as a result thereof, (xii) restrictions and
conditions contained in any agreement or instrument evidencing or
governing any Indebtedness permitted by Section 6.1(e), 6.1(g)
(other than in respect of existing Indebtedness assumed in reliance
thereon), 6.1(h), 6.1(i) or 6.1(o) so long as the Borrower has
determined in good faith that such restrictions and conditions
would not reasonably be expected to impair in any material respect
the ability of the Credit Parties to meet their obligations under
the Credit Documents, and (xiii) in the case of restrictions and
conditions referred to in clause (d) above, restrictions and
conditions imposed by the Vector Facility Arrangements on the
assignment or transfer by the Borrower of its rights under the
Vector Subordinated Note. Nothing in this Section 6.5 shall be
deemed to modify the requirements set forth in the definition of
the term “Collateral and Guarantee Requirement” or the
obligations of the Credit Parties under Sections 5.10, 5.11 or
5.12 or under the Collateral Documents.

 

 

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6.6. Investments.
Neither the Borrower nor any Restricted Subsidiary will purchase or
acquire (including pursuant to any merger or consolidation with any
Person that was not a wholly owned Restricted Subsidiary of the
Borrower prior thereto), hold, make or otherwise permit to exist
any Investment in any other Person, or make any Acquisition,
except:

 

(a) Investments in Cash
and Cash Equivalents;

 

(b) Investments
existing on the date hereof that are set forth on Schedule 6.6
(but not any additions thereto (including any capital
contributions) made after the date hereof);

 

(c) Investments by the
Borrower and the Restricted Subsidiaries in Equity Interests in
their Restricted Subsidiaries; provided that (i) such
investees are Restricted Subsidiaries prior to such Investments (or
such Equity Interests in a Restricted Subsidiary are held as the
result of a designation of an Unrestricted Subsidiary as a
Restricted Subsidiary), (ii) any such Equity Interests held by a
Credit Party shall be pledged in accordance with the requirements
of the definition of the term “Collateral and Guarantee
Requirement” and (iii) the aggregate amount of such
Investments by the Credit Parties in, and loans and advances under
clause (d) below by the Credit Parties to, and Guarantees under
clause (e) by the Credit Parties of Indebtedness and other
obligations of, Restricted Subsidiaries that are not Credit Parties
(excluding all such Investments, loans, advances and Guarantees
existing on the date hereof and permitted by clause (b) above)
shall not exceed $24,000,000 at any time outstanding;

 

(d) loans or advances
made by the Borrower or any Restricted Subsidiary to the Borrower
or any Restricted Subsidiary; provided that (i) the
Indebtedness resulting therefrom is permitted by
Section 6.1(b) and (ii) the amount of such loans and
advances made by the Credit Parties to Restricted Subsidiaries that
are not Credit Parties shall be subject to the limitation set forth
in clause (c) above;

 

(e) Guarantees by the
Borrower or any Restricted Subsidiary of Indebtedness or other
obligations of the Borrower or any Restricted Subsidiary (including
any such Guarantees arising as a result of any such Person being a
joint and several co-applicant with respect to any letter of credit
or letter of guaranty); provided that (i) a Restricted
Subsidiary shall not Guarantee any Junior Indebtedness unless (A)
such Restricted Subsidiary has Guaranteed the Obligations pursuant
hereto and (B) in the case of Junior Indebtedness that is
Subordinated Indebtedness such Guarantee is subordinated to such
Guarantee of the Obligations on terms no less favorable to the
Lenders than the subordination provisions of such Subordinated
Indebtedness, (ii) a Subsidiary that has not Guaranteed the
Obligations pursuant hereto shall not Guarantee any Indebtedness of
any Credit Party and (iii) the aggregate amount of
Indebtedness and other obligations of Subsidiaries that are not
Credit Parties that is Guaranteed by any Credit Party shall be
subject to the limitation set forth in clause (c)
above;

 

(f) (i) Investments
received in satisfaction or partial satisfaction of obligations
thereof from financially troubled account debtors and
(ii) deposits, prepayments and other credits to suppliers made
in the ordinary course of business consistent with the past
practices of the Borrower and the Restricted
Subsidiaries;

 

(g) Investments made as
a result of the receipt of noncash consideration from any
Disposition of any asset in compliance with
Section 6.8;

 

(h) Investments by the
Borrower or any Restricted Subsidiary that result solely from the
receipt by the Borrower or any Restricted Subsidiary from any of
its Subsidiaries of a dividend or other Restricted Junior Payment
in the form of Equity Interests, evidences of Indebtedness or other
Securities (but not any additions thereto made after the date of
the receipt thereof);

 

 

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(i) Investments in the
form of Hedge Agreements permitted under Section 6.12;

 

(j) payroll, travel and
similar advances to directors, officers, employees and consultants
of the Borrower or any Restricted Subsidiary to cover matters that
are expected at the time of such advances to be treated as expenses
of the Borrower or such Restricted Subsidiary for accounting
purposes and that are made in the ordinary course of
business;

 

(k) loans or advances
to directors, officers, employees and consultants (or their
respective estates, heirs, family members, spouses and former
spouses, domestic partners and former domestic partners or
beneficiaries under their respective estates) of the Borrower or
any Restricted Subsidiary in connection with such Person’s
purchase of Equity Interests in the Borrower; provided that the aggregate
amount of Investments permitted by this clause (k) (other than any
such loan or advance where no Cash or Cash Equivalent is actually
advanced by the Borrower or any Restricted Subsidiary) shall not
exceed $6,000,000 at any time outstanding;

 

(l) Permitted
Acquisitions; provided that the Acquisition
Consideration with respect to any such Acquisition of Subsidiaries
that do not become Guarantor Subsidiaries, or any Acquisitions by
Subsidiaries that are not Guarantors, shall not cause the aggregate
amount of all Acquisition Consideration paid in connection with all
such Permitted Acquisitions made in each case in reliance on this
clause (l) to exceed $6,000,000;

 

(m) any other
Acquisition or other Investment (other than Investments between or
among the Borrower or the Restricted Subsidiaries); provided that, immediately
prior to the consummation thereof, and immediately after giving Pro
Forma Effect thereto, including to any related incurrence of
Indebtedness, (i) no Event of Default shall have occurred and be
continuing and (ii) the Total Net Leverage Ratio shall not be
greater than the lesser of (A) 2.15:1.00 and (B) the maximum Total
Net Leverage Ratio permitted under the financial covenant set forth
in Section 6.7(a), in each case, determined as of the last day of
the then most recently ended Test Period; provided further that, in the case of
any Limited Conditionality Transaction, at the option of the
Borrower, the conditions set forth in clauses (i) and (ii) above
may be tested in accordance with Section 1.5;

 

(n) any other
Acquisition or other Investment; provided that (i) immediately
prior to the consummation thereof, and immediately after giving Pro
Forma Effect thereto, including to any related incurrence of
Indebtedness, (A) no Event of Default shall have occurred and be
continuing and (B) the Total Net Leverage Ratio shall not be
greater than the lesser of (x) 2.15:1.00 and (y) the maximum
Total Net Leverage Ratio permitted under the financial covenant set
forth in Section 6.7(a), in each case, determined as of the
last day of the then most recently ended Test Period, (ii) the
Acquisition Consideration with respect to any such Acquisition or
the amount of any such other Investment, in each case made in
reliance on this clause (n), shall not exceed the Available Basket
Amount at the time of the consummation thereof and (iii) the
Borrower shall have delivered to the Administrative Agent a
certificate of an Authorized Officer of the Borrower certifying
that all the requirements set forth in this clause (n) have been
satisfied with respect to such Investment or Acquisition and
including reasonably detailed calculations demonstrating
satisfaction of the requirements set forth in clauses (i) and (ii)
above; provided
further that, in
the case of any Limited Conditionality Transaction, at the option
of the Borrower, the condition set forth in clause (i) above may be
tested in accordance with Section 1.5;

 

 

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(o) Investments not
constituting Acquisitions; provided that the amount of any
such Investment made in any Fiscal Year and outstanding in reliance
on this clause (o) shall not cause the aggregate amount of all
Investments made in such Fiscal Year and outstanding in reliance on
this clause (o) to exceed for such Fiscal Year the sum of
(i) $1,200,000 plus (ii) an amount equal to
any unutilized portion of such amount in clause (i) in respect of
any preceding Fiscal Year ended after the Closing Date;
provided
further that (A)
the aggregate amount of Investments permitted by this clause (o)
shall not exceed $6,000,000 at any time outstanding and (B)
Investments made in reliance on this clause (o) during any Fiscal
Year shall be deemed to use, first, the amount set forth in clause
(i) above for such Fiscal Year and, second, any portion of the
amount set forth in clause (i) above for any preceding Fiscal Year
that has been carried over to such Fiscal Year pursuant to clause
(ii) above;

 

(p) Investments (i) by
the Borrower or any other Credit Party in any Restricted Subsidiary
that is not a Credit Party to the extent made with Cash or Cash
Equivalents necessary to fund an Acquisition permitted hereunder or
(ii) consisting of the transfer or contribution to any CFC or
CFC Holding Company of Equity Interests in any other CFC or CFC
Holding Company or exchange of Indebtedness owing by any CFC or CFC
Holding Company for Indebtedness, in a like amount, owing by
another CFC or CFC Holding Company;

 

(q) Investments in the
ordinary course of business consisting of (i) endorsements for
collection or deposit and (ii) customary trade arrangements
with customers;

 

(r) Guarantees of
obligations of the Borrower or any Restricted Subsidiary in respect
of leases (other than Capital Lease Obligations) entered into in
the ordinary course of business;

 

(s) Investments held by
a Person that becomes (other than as a result of a redesignation of
an Unrestricted Subsidiary) a Restricted Subsidiary (or of any
Person not previously a Subsidiary that is merged or consolidated
with or into the Borrower or a Restricted Subsidiary in a
transaction permitted hereunder) after the Closing Date,
provided that such
Investments exist at the time such Person becomes a Restricted
Subsidiary (or is so merged or consolidated) and are not made in
contemplation of or in connection with such Person becoming a
Restricted Subsidiary (or such merger or
consolidation);

 

(t) Investments held by
any Unrestricted Subsidiary at the time such Unrestricted
Subsidiary is redesignated as a Restricted Subsidiary pursuant to
the definition of the term “Unrestricted Subsidiary”,
provided that such
Investments have not been made in contemplation of or in connection
with such redesignation;

 

(u) the
Merger;

 

(v) any other
Acquisition or other Investment to the extent consideration
therefor is made with Equity Interests, or with the Net Proceeds
received (and not otherwise applied) by the Borrower within 120
consecutive days prior to the date of consummation of such
Acquisition or Investment from any issuance and sale of Equity
Interests, in each case, in the Borrower (other than any
Disqualified Equity Interests, unless the issuance of such
Disqualified Equity Interests is otherwise permitted hereunder, and
other than any Equity Interests issued or sold to any Subsidiary of
the Borrower);

 

 

-122-

 

(w) any other
Acquisition or other Investment consummated on or prior to
December 31, 2018; provided that (i) immediately
prior to the consummation thereof, and immediately after giving Pro
Forma Effect thereto, including to any related incurrence of
Indebtedness, (A) no Event of Default shall have occurred and be
continuing and (B) the Total Leverage Ratio shall not be greater
than 3.65:1.00, determined as of the last day of the then most
recently ended Test Period, (ii) the Acquisition Consideration with
respect to any such Acquisition or the amount of any such other
Investment shall not cause the aggregate amount of all Acquisition
Consideration paid in connection with all Acquisitions made,
together with the aggregate amount of all Investments outstanding,
in each case in reliance on this clause (w), to exceed $90,000,000,
(iii) no Acquisition of, or Investment in, Subsidiaries that
do not become Guarantor Subsidiaries, and no acquisition of assets
by any Restricted Subsidiary that is not a Guarantor Subsidiary,
may be made in reliance on this clause (w), (iv) all actions
required to be taken with respect to any Person or assets acquired
pursuant to such Acquisition or other Investment, as the case may
be, in order to satisfy the requirements set forth in clauses (a),
(b), (c) and (d) of the definition of the term “Collateral
and Guarantee Requirement” (subject to the discretion of the
Collateral Agent set forth in such definition) shall have been
taken (or arrangements for the taking of such actions satisfactory
to the Collateral Agent shall have been made) (it being understood
that all other requirements set forth in such definition that are
applicable to such Acquisition or Investment shall be required to
be satisfied in accordance with (and within the time periods
provided in) Sections 5.10 and 5.11) and (v) the Borrower shall
have delivered to the Administrative Agent a certificate of an
Authorized Officer of the Borrower certifying that all the
requirements set forth in this clause (w) have been satisfied with
respect to such Acquisition or Investment and including reasonably
detailed calculations demonstrating satisfaction of the
requirements set forth in clause (i) above; provided further that, in the case of
any Limited Conditionality Transaction, at the option of the
Borrower, the condition set forth in clause (i) above may be tested
in accordance with Section 1.5; and

 

(x) Investments made by
the Borrower on the Closing Date in the Vector Subordinated
Note.

 

Notwithstanding
anything to the contrary in this Section 6.6, neither the Borrower
nor any Restricted Subsidiary shall make any Investment that
results in or facilitates in any manner any Restricted Junior
Payment not permitted under Section 6.4.

 

6.7. Financial
Covenants. (a) Total Net Leverage Ratio. The Borrower will
not permit the Total Net Leverage Ratio, as of the last day of any
Fiscal Quarter, beginning with the Fiscal Quarter ending June 30,
2018, to exceed the correlative ratio set forth below:

 

	

Fiscal Quarter Ending

 

	

Total Net Leverage Ratio

 

	

June
30, 2018 and September 30, 2018

	

5.75:1.00

 

	

December
31, 2018

	

5.175:1.00

	

March
31, 2019 through December 31, 2019

	

4.60:1.00

	

March
31, 2020 through December 31, 2020

	

4.025:1.00

	

March
31, 2021 and thereafter

	

3.45:1.00

 

 

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(b) Capital Expenditures. The
Borrower will not permit Consolidated Capital Expenditures in any
Fiscal Year to exceed in the aggregate an amount equal to the
greater of (i) $63,250,000 (such amount for any Fiscal Year
being referred to as the “Base CapEx Amount” for such Fiscal
Year) and (ii) if the Borrower or any Restricted Subsidiary shall
have consummated any Material Acquisition (excluding the Merger)
after the Closing Date, the Material Acquisition CapEx Amount for
such Fiscal Year (determined as of the date of consummation of the
Material Acquisition most recently consummated after the Closing
Date and on or prior to the last day of such Fiscal Year);
provided that (A)
commencing with the Fiscal Year ending on December 31, 2018, the
portion of the Base CapEx Amount for any Fiscal Year that has not
been expended to make Consolidated Capital Expenditures during such
Fiscal Year (but not in excess of 50% of the Base CapEx Amount for
such Fiscal Year) may be carried over for expenditure in the
immediately following Fiscal Year and (B) Consolidated Capital
Expenditures made during any Fiscal Year shall be deemed to use,
first, the Base CapEx Amount for such Fiscal Year and, second, any
portion of the Base CapEx Amount for the immediately preceding
Fiscal Year that has been carried over to such Fiscal Year pursuant
to clause (A) above.

 

For
purposes of the foregoing:

 

“Material Acquisition CapEx Amount”
means, as of any date of determination for any Fiscal Year, an
amount equal to 10% of the consolidated revenues of the Borrower
and the Restricted Subsidiaries for the most recent period of 12
consecutive months prior to the consummation of the Material
Acquisition (other than the Merger) most recently consummated for
which financial statements are available as of such date of
determination, determined on a Pro Forma Basis to give effect to
such Material Acquisition (and each other Material Acquisition that
shall have been consummated during such period).

 

6.8. Fundamental
Changes; Disposition of Assets; Equity Interests of
Subsidiaries. (a) Neither the Borrower nor any Restricted
Subsidiary will merge or consolidate with or into any other Person,
or liquidate, wind-up or dissolve (or suffer any liquidation or
dissolution), and neither the Borrower nor any Restricted
Subsidiary shall Dispose (whether in one transaction or in a series
of transactions) of assets that represent all or substantially all
of the assets of the Borrower and the Restricted Subsidiaries, on a
consolidated basis, except that:

 

(i) any Person may
merge into the Borrower in a transaction in which the Borrower is
the surviving Person;

 

(ii) any
Person (other than the Borrower) may merge or consolidate with or
into any Restricted Subsidiary in a transaction in which the
surviving entity is a Restricted Subsidiary (and if any party to
such merger or consolidation is a Guarantor Subsidiary, the
surviving Person is a Guarantor Subsidiary);

 

(iii) any
Restricted Subsidiary may merge or consolidate with or into any
Person (other than the Borrower) in a transaction permitted under
Section 6.8(b) in which, after giving effect to such
transaction, the surviving Person is not a Subsidiary, except to
the extent such transaction constitutes an Investment in a
Restricted Subsidiary that is not a Credit Party permitted by
Section 6.6;

 

 

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(iv) any
Restricted Subsidiary may liquidate or dissolve if the Borrower
determines in good faith that such liquidation or dissolution is in
the best interests of the Borrower and is not disadvantageous to
the Lenders in any material respect;

 

(v) the Borrower or any
other Credit Party may Dispose of all or substantially all of its
assets to the Borrower or to another Credit Party; and

 

(vi) the
Merger may be consummated;

 

provided that, in the case of
clauses (i), (ii) and (iii) above, any such merger or consolidation
shall not be permitted unless it, and each Investment resulting
therefrom, is also permitted under Section 6.6.

 

(b) Neither the
Borrower nor any Restricted Subsidiary will Dispose of, or
exclusively license, any asset, including any Equity Interest,
owned by it, except:

 

(i) Dispositions of (A)
inventory and obsolete, worn out or surplus equipment in the
ordinary course of business, (B) leasehold improvements to
landlords pursuant to the terms of leases in respect of any
Leasehold Property and (C) Cash and Cash
Equivalents;

 

(ii) Dispositions,
and exclusive licenses, to any Credit Party;

 

(iii) Investments
made in compliance with Sections 6.6 and 6.10;

 

(iv) Dispositions
of accounts receivable in connection with the compromise or
collection thereof in the ordinary course of business consistent
with past practice and not as part of any accounts receivables
financing transaction;

 

(v) Dispositions of
Equity Interests in, or Indebtedness or other Securities of, any
Unrestricted Subsidiary, provided that all Dispositions
made in reliance on this clause (v) shall be made for fair value
(as determined reasonably and in good faith by the
Borrower);

 

(vi) leases
and licenses entered into by the Borrower or any Restricted
Subsidiary as a licensor or lessor in the ordinary course of
business, provided
that such leases or license do not adversely affect in any material
respect the value of the properties subject thereto (including the
value thereof as Collateral) or interfere in any material respect
with the ordinary conduct of business of the Borrower or any
Restricted Subsidiary;

 

(vii) Dispositions
of assets in any Insurance/Condemnation Event;

 

(viii) to
the extent constituting Dispositions, Restricted Junior Payments
made in compliance with Section 6.4;

 

(ix) other
Dispositions of assets that are not permitted by any other clause
of this Section 6.8(b); provided that (A) all
Dispositions made in reliance on this clause (ix) shall be made for
fair value and at least 75% Cash consideration, (B) the Net
Proceeds thereof shall be applied as required by Section 2.13
and (C) no Default or Event of Default shall have occurred and be
continuing at the time such Disposition is made or would result
therefrom; and

 

 

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(x) the Iqmax
Disposition.

 

(c) Notwithstanding
anything to the contrary set forth herein, (i) neither the Borrower
nor any Restricted Subsidiary will sell, transfer or otherwise
dispose of any Equity Interests in any Restricted Subsidiary unless
(A) such Equity Interests constitute all the Equity Interests
in such Restricted Subsidiary held by the Borrower and the
Restricted Subsidiaries and (B) immediately after giving
effect to such transaction, the Borrower and the Restricted
Subsidiaries shall otherwise be in compliance with Section 6.6
and (ii) no Restricted Subsidiary will issue any additional Equity
Interests in such Restricted Subsidiary other than (A) to the
Borrower or any Restricted Subsidiary in compliance with
Section 6.4, (B) directors’ qualifying shares and
(C) other nominal amounts of Equity Interests that are
required to be held by other Persons under applicable
law.

 

(d) The Borrower will
not permit any Person other than the Borrower, or one or more of
its Restricted Subsidiaries that is not a CFC or CFC Holding
Company, to own any Equity Interests in any Restricted Subsidiary
that is a Domestic Subsidiary (other than any Domestic Subsidiary
that itself is a CFC Holding Company).

 

6.9. Sales
and Leasebacks. Neither the Borrower nor any Restricted
Subsidiary will enter into any Sale/Leaseback Transaction unless
(a) any Capital Lease Obligations arising in connection therewith
are permitted under Section 6.1(n) and (b) any Liens arising
in connection therewith (including Liens deemed to arise in
connection with any such Capital Lease Obligations) are permitted
under Section 6.2(o).

 

6.10. Transactions
with Affiliates. Neither the Borrower nor any Restricted
Subsidiary will, directly or indirectly, enter into or permit to
exist any transaction (including the purchase, sale, lease or
exchange of any property or the rendering of any service) with any
Affiliate of the Borrower or such Restricted Subsidiary on terms
that are less favorable to the Borrower or such Restricted
Subsidiary, as the case may be, than those that would prevail in an
arm’s-length transaction with unrelated third parties;
provided that the
foregoing restriction shall not apply to (a) transactions between
or among the Credit Parties not involving any other Affiliate, (b)
any Restricted Junior Payment permitted under Section 6.4, (c)
issuances by the Borrower of Equity Interests (other than
Disqualified Equity Interests) and receipt by the Borrower of
capital contributions, (d) compensation and indemnification
arrangements for directors, officers, employees and consultants of
the Borrower or any Restricted Subsidiary entered into in the
ordinary course of business (including, for the avoidance of doubt,
grants of stock options, stock purchase rights, stock exchange
rights or other equity-based awards to directors, employees and
officers and any “key-man” insurance policy maintained
by a Credit Party), (e) loans and advances permitted under Section
6.6(j) or 6.6(k), (f) the Transactions and the payment of fees and
expenses in connection with the consummation of the Transactions,
(g) the Acquired Company Indemnity Letter Agreement and
(h) the transactions set forth on Schedule 6.10
(without giving effect to any amendment, restatement, supplement or
other modification thereto after the Closing Date that could
reasonably be expected to be adverse in any material respect to the
Lenders).

 

 

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6.11. Conduct
of Business. Neither the Borrower nor any Restricted
Subsidiary will engage in any business other than the businesses
engaged in by the Borrower and the Restricted Subsidiaries on the
Closing Date (for the avoidance of doubt, after giving effect to
the distribution of the Consumer/SMB Business as contemplated by
Section 3.1(m) and the consummation of the Fusion Global
Arrangement as contemplated by Section 3.1(n)), provided that the Borrower and
the Restricted Subsidiaries shall be permitted to engage in any
business that is similar, complementary or related to, or a
reasonable extension of, the business engaged in by the Borrower
and the Restricted Subsidiaries on the Closing Date (giving effect
to the foregoing parenthetical).

 

6.12. Hedge
Agreements. Neither the Borrower nor any Restricted
Subsidiary will enter into any Hedge Agreement, except
(a) Hedge Agreements entered into to hedge or mitigate risks
to which the Borrower or any Restricted Subsidiary has actual
exposure (other than in respect of Equity Interests or Indebtedness
of the Borrower or any Restricted Subsidiary) and (b) Hedge
Agreements entered into 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 Restricted Subsidiary.

 

6.13. Amendments
or Waivers of Organizational Documents and Certain
Agreements. Neither the Borrower nor any Restricted
Subsidiary will agree to any amendment, restatement, supplement or
other modification to, or waiver of any of its rights under, (a)
its Organizational Document, (b) any certificate of designation or
other agreement or instrument governing or evidencing the Closing
Date Preferred Stock or (c) any agreement or instrument governing
or evidencing Junior Indebtedness, in each case, to the extent such
amendment, modification or waiver could reasonably be expected to
be adverse in any material respect to the Lenders, it being
understood that any Junior Indebtedness may be modified to permit
any extension or refinancing thereof to the extent otherwise
permitted by this Agreement.

 

6.14. Fiscal
Year. Neither the Borrower nor any Restricted Subsidiary
will change its Fiscal Year to end on a date other than December
31.

 

SECTION
7. GUARANTEE

 

7.1. Guarantee
of the Obligations. The Guarantors jointly and severally
hereby irrevocably and unconditionally guarantee the due and
punctual payment in full of all Obligations when and as the same
shall become due. In furtherance of the foregoing, the Guarantors
hereby jointly and severally agree that upon the failure of the
Borrower or any other Person to pay any of the Obligations when and
as the same shall become due, whether at stated maturity, by
required prepayment, acceleration, demand or otherwise (including
amounts that would become due but for the operation of the
automatic stay under Section 362(a) of the Bankruptcy Code or
any similar provision of, or stay imposed under, any other Debtor
Relief Law), the Guarantors will upon demand pay, or cause to be
paid, in Cash, to the Administrative Agent, for the ratable benefit
of Secured Parties, an amount equal to the sum of all Obligations
then due as aforesaid.

 

 

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7.2. Indemnity
by the Borrower; Contribution by the Guarantors. (a) In
addition to all such rights of indemnity and subrogation as any
Guarantor Subsidiary may have under applicable law (but subject to
Section 7.5), the Borrower agrees that (i) in the event a payment
shall be made by any Guarantor Subsidiary under its Obligations
Guarantee, the Borrower shall indemnify such Guarantor Subsidiary
for the full amount of such payment and such Guarantor Subsidiary
shall be subrogated to the rights of the Person to whom such
payment shall have been made to the extent of such payment and (ii)
in the event any Collateral provided by any Guarantor Subsidiary
shall be sold pursuant to any Collateral Document to satisfy in
whole or in part any Obligations, the Borrower shall indemnify such
Guarantor Subsidiary in an amount equal to the fair market value of
the assets so sold.

 

(b) The Guarantor
Subsidiaries desire to allocate among themselves, in a fair and
equitable manner, their obligations arising under this Section 7
and under the Collateral Documents. Accordingly, in the event any
payment or distribution is made on any date by a Guarantor
Subsidiary under its Obligations Guarantee such that its Aggregate
Payments exceed its Fair Share as of such date (such Guarantor
Subsidiary being referred to as a “Claiming Guarantor”) and the
Borrower does not indemnify such Claiming Guarantor in accordance
with Section 7.2(a), such Claiming Guarantor shall be entitled to a
contribution from each other Guarantor Subsidiary in an amount
sufficient to cause each Guarantor Subsidiary’s Aggregate
Payments to equal its Fair Share as of such date (and for all
purposes of this Section 7.2(b), any sale or other
dispositions of Collateral of a Guarantor Subsidiary pursuant to an
exercise of remedies under any Collateral Document shall be deemed
to be a payment by such Guarantor Subsidiary under its Obligations
Guarantee in an amount equal to the fair market value of such
Collateral, less any amount of the proceeds of such sale or other
dispositions returned to such Guarantor Subsidiary).
“Fair Share”
means, with respect to any Guarantor Subsidiary as of any date of
determination, an amount equal to (i) the ratio of (A) the
Fair Share Contribution Amount with respect to such Guarantor
Subsidiary to (B) the aggregate of the Fair Share Contribution
Amounts with respect to all Guarantor Subsidiaries multiplied by (ii) the
aggregate amount paid or distributed on or before such date by all
Claiming Guarantors under their Obligations Guarantees.
“Fair Share Contribution
Amount” means, with respect to any Guarantor
Subsidiary as of any date of determination, the maximum aggregate
amount of the obligations of such Guarantor Subsidiary under its
Obligations Guarantee that would not render its obligations
thereunder subject to avoidance as a preference, fraudulent
transfer or conveyance or transfer at undervalue under Section 548
of the Bankruptcy Code or any comparable applicable provisions of
state or foreign law; provided that solely for
purposes of calculating the “Fair Share Contribution
Amount” with respect to any Guarantor Subsidiary for purposes
of this Section 7.2(b), any assets or liabilities of such
Guarantor Subsidiary arising by virtue of any rights to
subrogation, reimbursement or indemnification or any rights to or
obligations of contribution under this Section 7 shall not be
considered as assets or liabilities of such Guarantor Subsidiary.
“Aggregate
Payments” means, with respect to any Guarantor
Subsidiary as of any date of determination, an amount equal to
(A) the aggregate amount of all payments and distributions
made on or before such date by such Guarantor Subsidiary in respect
of its Obligations Guarantee (including any payments and
distributions made under this Section 7.2(b)), minus (B) the aggregate
amount of all payments received on or before such date by such
Guarantor Subsidiary from the Borrower pursuant to
Section 7.2(a) or the other Guarantor Subsidiaries pursuant to
this Section 7.2(b). The amounts payable under this
Section 7.2(b) shall be determined as of the date on which the
related payment or distribution is made by the applicable Claiming
Guarantor. The allocation among Guarantor Subsidiaries of their
obligations as set forth in this Section 7.2(b) shall not be
construed in any way to limit the liability of any Guarantor
Subsidiary hereunder or under any Collateral Document.

 

 

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7.3. Liability
of Guarantors Absolute. Each Guarantor agrees that its
obligations under this Section 7 are irrevocable, absolute,
independent and unconditional and shall not be affected by any
circumstance that constitutes a legal or equitable discharge of a
guarantor or surety other than payment in full in Cash of the
Obligations. In furtherance of the foregoing and without limiting
the generality thereof, each Guarantor agrees as
follows:

 

(a) its Obligations
Guarantee is a guarantee of payment when due and not of
collectability and is a primary obligation of such Guarantor and
not merely a contract of surety;

 

(b) the Administrative
Agent may enforce its Obligations Guarantee upon the occurrence of
an Event of Default notwithstanding the existence of any dispute
between the Borrower and any Secured Party with respect to the
existence of such Event of Default;

 

(c) the obligations of
each Guarantor hereunder are independent of the obligations of the
Borrower or of any other guarantor (including any other Guarantor)
of the Obligations, and a separate action or actions may be brought
and prosecuted against such Guarantor whether or not any action is
brought against the Borrower, any such other Guarantor or any other
Person and whether or not the Borrower, any such other Guarantor or
any other Person is joined in any such action or
actions;

 

(d) payment by any
Guarantor of a portion, but not all, of the Obligations shall in no
way limit, affect, modify or abridge any Guarantor’s
liability for any portion of the Obligations that has not been paid
(and, without limiting the generality of the foregoing, if the
Administrative Agent is awarded a judgment in any suit brought to
enforce any Guarantor’s covenant to pay a portion of the
Obligations, such judgment shall not be deemed to release such
Guarantor from its covenant to pay the portion of the Obligations
that is not the subject of such suit, and such judgment shall not,
except to the extent satisfied by such Guarantor, limit, affect,
modify or abridge any other Guarantor’s liability hereunder
in respect of the Obligations);

 

(e) any Secured Party
may, upon such terms as it deems appropriate, without notice or
demand and without affecting the validity or enforceability of the
Obligations Guarantees or giving rise to any reduction, limitation,
impairment, discharge or termination of any Guarantor’s
liability under this Section 7, at any time and from time to time
(i) renew, extend, accelerate, increase the rate of interest
on, or otherwise change the time, place, manner or terms of payment
of the Obligations, (ii) settle, compromise, release or discharge,
or accept or refuse any offer of performance with respect to, or
substitutions for, the Obligations or any agreement relating
thereto, and/or subordinate the payment of the same to the payment
of any other obligations, (iii) request and accept other
guarantees of the Obligations and take and hold security for the
payment of the Obligations, (iv) release, surrender, exchange,
substitute, compromise, settle, rescind, waive, alter, subordinate
or modify, with or without consideration, any security for payment
of the Obligations, any other guarantees of the Obligations or any
other obligation of any Person (including any other Guarantor) with
respect to the Obligations, (v) enforce and apply any security
now or hereafter held by or for the benefit of such Secured Party
in respect of the Obligations and direct the order or manner of
sale thereof, or exercise any other right or remedy that such
Secured Party may have against any such security, in each case as
such Secured Party in its discretion may determine consistent
herewith and any applicable security agreement, including
foreclosure on any such security or exercise of a power of sale
pursuant to one or more judicial or nonjudicial sales, whether or
not every aspect of any such sale is commercially reasonable, and
even though such action operates to impair or extinguish any right
of reimbursement or subrogation or other right or remedy of any
Guarantor against any other Credit Party or any security for the
Obligations, and (vi) exercise any other rights available to
it under the Credit Documents; and

 

 

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(f) the Obligations
Guarantees and the obligations of the Guarantors thereunder shall
be valid and enforceable and shall not be subject to any reduction,
limitation, impairment, discharge or termination for any reason,
including the occurrence of any of the following, whether or not
any Guarantor shall have had notice or knowledge of any of them (in
any case other than payment in full in Cash of the Obligations or
release of a Guarantor Subsidiary’s Obligations Guarantee in
accordance with Section 9.8(d)(ii)): (i) any failure or
omission to assert or enforce or agreement or election not to
assert or enforce, 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 the Credit Documents, at law, in equity or otherwise) with
respect to the Obligations or any agreement relating thereto, or
with respect to any other guarantee of or security for the payment
of the Obligations, (ii) any rescission, waiver, amendment or
modification of, or any consent to departure from, any of the terms
or provisions (including provisions relating to events of default)
of any Credit Document or any agreement or instrument executed
pursuant thereto, or of any other guarantee or security for the
Obligations, in each case whether or not in accordance with the
terms hereof or such Credit Document or any agreement relating to
such other guarantee or security, (iii) the Obligations, or
any agreement relating thereto, at any time being found to be
illegal, invalid or unenforceable in any respect, (iv) the
application of payments received from any source (other than
payments received pursuant to the other Credit Documents under
which any Obligations arose or from the proceeds of any security
for the Obligations, except to the extent such security also serves
as collateral for Indebtedness other than the Obligations) to the
payment of obligations other than the Obligations, even though any
Secured Party could have elected to apply such payment to all or
any part of the Obligations, (v) any Secured Party’s
consent to the change, reorganization or termination of the
corporate structure or existence of the Borrower or any Subsidiary
and to any corresponding restructuring of the Obligations,
(vi) any failure to perfect or continue perfection of a
security interest in any collateral that secures any of the
Obligations, (vii) any defenses, set-offs or counterclaims
that the Borrower or any other Person may allege or assert against
any Secured Party in respect of the Obligations, including failure
of consideration, breach of warranty, statute of frauds, statute of
limitations, accord and satisfaction and usury, and (viii) any
other act or thing or omission, or delay to do any other act or
thing, that may or might in any manner or to any extent vary the
risk of any Guarantor as an obligor in respect of the
Obligations.

 

7.4. Waivers
by the Guarantors. Each Guarantor hereby waives, for the
benefit of the Secured Parties: (a) any right to require any
Secured Party, as a condition of payment or performance by such
Guarantor in respect of its obligations under this Section 7, (i)
to proceed against the Borrower, any other guarantor (including any
other Guarantor) of the Obligations or any other Person, (ii) to
proceed against or exhaust any security held from the Borrower, any
such other guarantor or any other Person, (iii) to proceed
against or have resort to any balance of any deposit account or
credit on the books of any Secured Party in favor of any Credit
Party or any other Person, or (iv) to pursue any other remedy in
the power of any Secured Party whatsoever; (b) any defense arising
by reason of the incapacity, lack of authority or any disability or
other defense of the Borrower or any other Guarantor, including any
defense based on or arising out of the lack of validity or the
unenforceability of the Obligations or any agreement or instrument
relating thereto or by reason of the cessation of the liability of
the Borrower or any other Guarantor from any cause other than
payment in full in Cash of the Obligations; (c) any defense based
upon any law that provides that the obligation of a surety must be
neither larger in amount nor in other respects more burdensome than
that of the principal; (d) any defense based upon any Secured
Party’s errors or omissions in the administration of the
Obligations; (e) (1) any principles or provisions of any law
that are or might be in conflict with the terms hereof or any legal
or equitable discharge of such Guarantor’s obligations
hereunder, (2) the benefit of any statute of limitations affecting
such Guarantor’s liability hereunder or the enforcement
hereof, (3) any rights to set-offs, recoupments and counterclaims
and (4) promptness, diligence and any requirement that any
Secured Party protect, secure, perfect or insure any security
interest or lien or any property subject thereto; (f) notices,
demands, presentments, protests, notices of protest, notices of
dishonor and notices of any action or inaction, including
acceptance hereof, notices of default under the Credit Documents or
any agreement or instrument related thereto, notices of any
renewal, extension or modification of the Obligations or any
agreement related thereto, notices of any extension of credit to
the Borrower or any other Guarantor and notices of any of the
matters referred to in Section 7.3 and any right to consent to
any thereof; and (g) any defenses or benefits that may be derived
from or afforded by law which limit the liability of or exonerate
guarantors or sureties, or which may conflict with the terms
hereof.

 

 

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7.5. Guarantors’
Rights of Subrogation, Contribution, Etc. Until the
Obligations shall have been indefeasibly paid in full in Cash and
the Commitments shall have terminated, each Guarantor hereby waives
any claim, right or remedy, direct or indirect, that such Guarantor
now has or may hereafter have against the Borrower or any other
Guarantor or any of its assets in connection with its Obligations
Guarantee or the performance by such Guarantor of its obligations
thereunder, in each case whether such claim, right or remedy arises
in equity, under contract, by statute, under common law or
otherwise and including (a) any right of subrogation, reimbursement
or indemnity that such Guarantor now has or may hereafter have
against the Borrower with respect to the Obligations, including any
such right of indemnity under Section 7.2(a), (b) any right to
enforce, or to participate in, any claim, right or remedy that any
Secured Party now has or may hereafter have against the Borrower,
and (c) any benefit of, and any right to participate in, any
collateral or security now or hereafter held by or for the benefit
of any Secured Party. In addition, until the Obligations shall have
been indefeasibly paid in full in Cash and the Commitments shall
have terminated, each Guarantor shall withhold exercise of any
right of contribution such Guarantor may have against any other
guarantor (including any other Guarantor) of the Obligations,
including any such right of contribution under Section 7.2(b). Each
Guarantor further agrees that, to the extent the waiver or
agreement to withhold the exercise of its rights of subrogation,
reimbursement, indemnity and contribution as set forth herein is
found by a court of competent jurisdiction to be void or voidable
for any reason, any rights of subrogation, reimbursement or
indemnity such Guarantor may have against the Borrower or against
any collateral or security, and any rights of contribution such
Guarantor may have against any such other Guarantor, shall be
junior and subordinate to any rights any Secured Party may have
against the Borrower or any other Guarantor, to all right, title
and interest any Secured Party may have in any such collateral or
security, and to any right any Secured Party may have against such
other Guarantor. If any amount shall be paid to any Guarantor on
account of any such subrogation, reimbursement, indemnity or
contribution rights at any time when all Obligations shall not have
been indefeasibly paid in full in Cash and all Commitments not
having terminated, such amount shall be held in trust for the
Administrative Agent, for the benefit of the Secured Parties, and
shall forthwith be paid over to the Administrative Agent, for the
benefit of Secured Parties, to be credited and applied against the
Obligations, whether matured or unmatured, in accordance with the
terms hereof.

 

7.6. Continuing
Guarantee. The Obligations Guarantee is a continuing
guarantee and shall remain in effect (except, in the case of a
Guarantor Subsidiary, if such Guarantor Subsidiary’s
Obligations Guarantee shall have been released in accordance with
Section 9.8(d)(ii)) until all of the Obligations (excluding
contingent obligations as to which no claim has been made) shall
have been paid in full in Cash and the Commitments shall have
terminated. Each Guarantor hereby irrevocably waives any right to
revoke its Obligations Guarantee as to future transactions giving
rise to any Obligations.

 

7.7. Authority
of the Guarantors or the Borrower. It is not necessary for
any Secured Party to inquire into the capacity or powers of any
Guarantor or the Borrower or any Related Party acting or purporting
to act on behalf of any such Person.

 

7.8. Financial
Condition of the Credit Parties. Any Credit Extension may be
made or continued from time to time without notice to or
authorization from any Guarantor regardless of the financial or
other condition of the Borrower or any Subsidiary at the time of
any such making or continuation. No Secured 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 Subsidiary. Each Guarantor has
adequate means to obtain information from the Borrower and the
Subsidiaries on a continuing basis concerning the financial
condition of the Borrower and the Subsidiaries and their ability to
perform the Obligations, and each Guarantor assumes the
responsibility for being and keeping informed of the financial
condition of the Borrower and the Subsidiaries and of all
circumstances bearing upon the risk of nonpayment of the
Obligations. Each Guarantor hereby waives and relinquishes any duty
on the part of any Secured Party to disclose any matter, fact or
thing relating to the business, results of operations, assets,
liabilities, condition (financial or otherwise) or prospects of the
Borrower or any Subsidiary now or hereafter known by any Secured
Party.

 

 

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7.9. Bankruptcy,
Etc. (a) The obligations of the Guarantors hereunder shall
not be reduced, limited, impaired, discharged, deferred, suspended
or terminated by any case or proceeding, voluntary or involuntary,
involving the bankruptcy, insolvency, receivership, reorganization,
liquidation, arrangement or similar proceeding of the Borrower or
any other Guarantor or by any defense that the Borrower or any
other Guarantor may have by reason of the order, decree or decision
of any court or administrative body resulting from any such
proceeding.

 

(b) Each Guarantor
acknowledges and agrees that any interest on any portion of the
Obligations that accrues after the commencement of any case or
proceeding referred to in Section 7.9(a) (or, if interest on any
portion of the Obligations ceases to accrue by operation of law by
reason of the commencement of such case or proceeding, such
interest as would have accrued on such portion of the Obligations
if such case or proceeding had not been commenced) shall be
included in the Obligations because it is the intention of the
Guarantors and the Secured Parties that the Obligations that are
guaranteed by the Guarantors pursuant to this Section 7 should be
determined without regard to any rule of law or order that may
relieve the Borrower or any Subsidiary of any portion of any
Obligations. The Guarantors will permit any trustee in bankruptcy,
receiver, debtor in possession, assignee for the benefit of
creditors or similar Person to pay to the Administrative Agent, for
the benefit of the Secured Parties, or allow the claim of any
Secured Party or of the Administrative Agent, for the benefit of
the Secured Parties, in respect of, any such interest accruing
after the date on which such case or proceeding is
commenced.

 

In the
event that all or any portion of the Obligations are paid by the
Borrower or any Subsidiary, the obligations of the Guarantors under
this Section 7 shall continue and remain in full force and effect
or be reinstated, as the case may be (notwithstanding any prior
release of any Obligations Guarantee), in the event that all or any
part of such payment(s) are rescinded or recovered directly or
indirectly from any Secured Party as a preference, fraudulent
transfer or conveyance or transfer at undervalue or otherwise, and
any such payments that are so rescinded or recovered shall
constitute Obligations for all purposes hereunder.

 

SECTION
8. EVENTS
OF DEFAULT

 

8.1. Events
of Default. If any one or more of the following conditions
or events shall occur:

 

(a) Failure to Make Payments When
Due. Failure by the Borrower (i) to pay, when due, any
principal of any Loan, whether at stated maturity, by acceleration,
by notice of voluntary prepayment, by mandatory prepayment or
otherwise or (ii) to pay, within five Business Days after the date
due, any interest on any Loan or any fee or any other amount due
hereunder;

 

 

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(b) Default in Other Agreements.
(i) Failure by the Borrower or any Restricted Subsidiary, after the
expiration of any applicable grace period, to make any payment that
shall have become due and payable (whether of principal, interest
or otherwise) in respect of any Material Indebtedness, or (ii) any
condition or event shall occur that results in any Material
Indebtedness becoming due, or being required to be prepaid,
repurchased, redeemed or defeased, prior to its stated maturity or,
in the case of any Hedge Agreement, being terminated, or that
enables or permits the holder or holders of any Material
Indebtedness or any trustee or agent on its or their behalf, or, in
the case of any Hedge Agreement, the applicable counterparty, with
or without the giving of notice but only after the expiration of
any applicable grace period, to cause such Material Indebtedness to
become due, or to require the prepayment, repurchase, redemption or
defeasance thereof, prior to its stated maturity or, in the case of
any Hedge Agreement, to cause the termination thereof; provided that this
clause (b) shall not apply to (A) any secured
Indebtedness becoming due as a result of the voluntary sale or
transfer of the assets securing such Indebtedness; (B) any
Indebtedness becoming due as a result of a voluntary refinancing
thereof permitted under Section 6.1; or (C) any Indebtedness
becoming due as a result of a voluntary (or, to the extent
permitted by Section 2.14(c) or, in the case of Permitted Pari
Passu Secured Indebtedness, Sections 2.13(a), 2.13(b) and 2.13(e),
mandatory) prepayment, repurchase, redemption or defeasance thereof
permitted hereunder; provided further that, notwithstanding
the foregoing, any such failure, condition or event referred to in
clause (i) or (ii) above, in each case, arising under any Permitted
Section 6.1(e) Indebtedness Documents in respect of any Permitted
Senior Lien Secured Indebtedness (other than a payment event of
default occurring at the final maturity thereof) shall not
constitute a Default or Event of Default under this clause (b)
unless and until the lenders or other holders of the applicable
Permitted Section 6.1(e) Indebtedness shall have declared such
Indebtedness or any portion thereof to be immediately due and
payable or commenced the exercise of any remedies thereunder, in
each case, in accordance with the applicable Permitted Section
6.1(e) Indebtedness Documents, as a result of such failure,
condition or event;

 

(c) Breach of Certain Covenants.
Failure of any Credit Party to perform or comply with any term or
condition contained in Section 2.5, 5.1(e)(i), 5.2 (with respect to
the Borrower only), 5.14 or 6;

 

(d) Breach of Representations, Etc.
Any representation, warranty, certification or other statement made
or deemed made by or on behalf of any Credit Party in any Credit
Document or in any report, certificate or statement at any time
provided in writing by or on behalf of any Credit Party pursuant to
or in connection with any Credit Document or the Transactions shall
be incorrect in any material respect as of the date made or deemed
made (or if any representation or warranty is expressly stated to
have been made as of a specific date incorrect in any material
respect as of such specific date);

 

(e) Other Defaults under Credit
Documents. Failure of any Credit Party to perform or comply
with any term or condition contained herein or in any other Credit
Document, other than any such term or condition referred to in any
other clause of this Section 8.1, and, except as may be
expressly set forth in any such other Credit Document, such failure
shall not have been remedied within 30 days after receipt by the
Borrower of notice from the Administrative Agent or the Requisite
Lenders of such failure;

 

 

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(f) Involuntary Bankruptcy; Appointment of
Receiver, Etc. (i) A court of competent jurisdiction shall
enter a decree or order for relief in respect of the Borrower or
any Restricted Subsidiary that is a Material Subsidiary in an
involuntary case under any Debtor Relief Laws, which decree or
order is not stayed; or any other similar relief shall be granted
under any applicable federal, state or foreign law; or (ii) an
involuntary case shall be commenced against the Borrower or any
Restricted Subsidiary that is a Material Subsidiary under any
Debtor Relief Laws; or a decree or order of a court having
jurisdiction in the premises for the involuntary appointment of an
interim receiver, receiver, liquidator, sequestrator, trustee,
custodian or other officer having similar powers over the Borrower
or any Restricted Subsidiary that is a Material Subsidiary, or over
all or a substantial part of its property, shall have been entered;
or there shall have occurred the involuntary appointment of an
interim receiver, receiver, liquidator, sequestrator, trustee,
custodian or other officer having similar powers over the Borrower
or any Restricted Subsidiary that is a Material Subsidiary, or over
all or a substantial part of its property; or a warrant of
attachment, execution or similar process shall have been issued
against all or a substantial part of the property of the Borrower
or any Restricted Subsidiary that is a Material Subsidiary, and any
such event described in this clause (ii) shall continue for 60 days
without having been dismissed, bonded or discharged;

 

(g) Voluntary Bankruptcy; Appointment of
Receiver, Etc. The Borrower or any Restricted Subsidiary
that is a Material Subsidiary shall have an order for relief
entered with respect to it or shall commence a voluntary case under
any Debtor Relief Laws, or shall consent to the entry of an order
for relief in an involuntary case, or to the conversion of an
involuntary case to a voluntary case, under any Debtor Relief Laws,
or shall consent to the appointment of or taking possession by an
interim receiver, receiver, liquidator, sequestrator, trustee,
custodian or other officer having similar powers over the Borrower
or any Restricted Subsidiary that is a Material Subsidiary, or over
all or a substantial part of its property (other than any
liquidation permitted by Section 6.8(a)(iv)); or the Borrower
or any other Restricted Subsidiary that is a Material Subsidiary
shall make any general assignment for the benefit of creditors; or
the Borrower or any Restricted Subsidiary that is a Material
Subsidiary shall be unable, or shall fail generally, or shall admit
in writing its inability, to pay its debts as such debts become
due; or the board of directors (or similar governing body) of the
Borrower or any Restricted Subsidiary that is a Material Subsidiary
(or any committee thereof) shall adopt any resolution or otherwise
authorize any action to approve any of the actions referred to in
this Section 8.1(g) or in Section 8.1(f);

 

(h) Judgments and Attachments. One
or more judgments for the payment of money in an aggregate amount
of $12,000,000 or more (other than any such judgment covered by
insurance (other than under a self-insurance program) provided by a
financially sound insurer to the extent a claim therefor has been
made in writing and liability therefor has not been denied in
writing by the insurer), shall be rendered against the Borrower,
any Restricted Subsidiary or any combination thereof and the same
shall remain undischarged for a period of 60 consecutive days
during which execution shall not be effectively stayed, or any
action shall be legally taken by a judgment creditor to attach or
levy upon any assets of the Borrower or any Restricted Subsidiary
to enforce any such judgment;

 

(i) Employee Benefit Plans. The
occurrence of one or more ERISA Events or Foreign Plan Events that
have had, or could reasonably be expected to result in liability
which would reasonably be expected to have, individually or in the
aggregate, a Material Adverse Effect;

 

(j) Change of Control. A Change of
Control shall occur;

 

 

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(k) Obligations Guarantees, Collateral
Documents and other Credit Documents. Any Obligations
Guarantee (other than any Obligations Guarantee by any Restricted
Subsidiary that is not a Material Subsidiary) purported to be
created under the Credit Documents for any reason shall cease to
be, or shall be asserted by any Credit Party not to be, in full
force and effect (other than in accordance with its terms), or
shall be declared to be null and void; any Lien purported to be
created under any Collateral Document shall cease to be, or shall
be asserted by any Credit Party not to be, a valid and perfected
Lien on any material Collateral, with the priority required by the
applicable Collateral Document, except as a result of (i) a
Disposition of the applicable Collateral in a transaction permitted
under the Credit Documents, (ii) the release thereof as
provided in Section 9.8(d) or (iii) the Collateral Agent’s
failure to maintain possession of any stock certificate, promissory
note or other instrument delivered to it under the Collateral
Documents; or this Agreement or any Collateral Document shall cease
to be in full force and effect (other than in accordance with its
terms), or shall be declared null and void, or any Credit Party
shall contest the validity or enforceability of any Credit Document
or deny that it has any further liability, including with respect
to future advances by Lenders, under any Credit Document to which
it is a party (other than in accordance with its
terms);

 

(l) Intercreditor Agreement. (i)
Any Credit Party shall knowingly contest, or knowingly support
another Person in any action that seeks to contest, the validity or
effectiveness of the Intercreditor Agreement or any other Permitted
Intercreditor Agreement (other than pursuant to the terms hereof or
thereof) or (ii) the Intercreditor Agreement, or any other
Permitted Intercreditor Agreement entered into after the date
hereof, shall, in whole or in part, terminate, cease to be
effective or cease to be legally valid, binding and enforceable
against any party thereto (other than pursuant to the terms hereof
or thereof); or

 

(m) Certain Subordination
Agreements. (i) Any Credit Party or any holder of Permitted
Subordinated Indebtedness shall knowingly contest, or knowingly
support another Person in any action that seeks to contest, the
validity or effectiveness of the subordination of any Permitted
Subordinated Indebtedness to the Obligations on the terms required
under this Agreement or (ii) any agreement (including any
subordination provisions set forth in the Permitted Subordinated
Indebtedness Documents) providing for subordination of any
Permitted Subordinated Indebtedness to the Obligations shall, in
whole or in part, terminate, cease to be effective or cease to be
legally valid, binding and enforceable against any Credit Party or
any holder of such Permitted Subordinated
Indebtedness;

 

THEN, (i) upon the occurrence of any Event of Default
described in Section 8.1(f) or 8.1(g), automatically, and (ii) upon
(A) the occurrence and during the continuance of any other Event of
Default and (B) notice to the Borrower by the Administrative Agent
provided at the request of (or with the consent of) the Requisite
Lenders, (1) the Commitments shall immediately terminate, (2) the
unpaid principal amount of and accrued interest on the Loans and
all other Obligations shall immediately become due and payable, in
each case without presentment, demand, protest or other requirement
of any kind, all of which are hereby expressly waived by each
Credit Party, and (3) the Administrative Agent may cause the
Collateral Agent to enforce any and all Liens created pursuant to
the Collateral Documents.

 

SECTION
9. AGENTS

 

9.1. Appointment
of Agents. Wilmington Trust is hereby appointed
Administrative Agent and Collateral Agent hereunder and under the
other Credit Documents, and each Lender hereby authorizes
Wilmington Trust to act as the Administrative Agent and the
Collateral Agent in accordance with the terms hereof and of the
other Credit Documents. Each such Agent hereby agrees to act in its
capacity as such upon the express conditions contained herein and
in the other Credit Documents, as applicable. Other than Sections
9.7 and 9.8(d), the provisions of this Section 9 are solely for the
benefit of the Agents and the Lenders, and no Credit Party shall
have any rights as a third party beneficiary of any such
provisions. In performing its functions and duties hereunder, no
Agent assumes, and shall not be deemed to have assumed, any
obligation towards or relationship of agency or trust with or for
the Borrower or any Subsidiary.

 

 

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9.2. Powers
and Duties. Each Lender irrevocably authorizes each Agent to
take such actions and to exercise such powers, rights and remedies
hereunder and under the other Credit Documents as are specifically
delegated or granted to such Agent by the terms hereof and thereof,
together with such actions, powers, rights and remedies as are
reasonably incidental thereto. Each Agent shall have only those
duties and responsibilities that are expressly specified herein and
in the other Credit Documents. No Agent shall have, by reason
hereof or of any of the other Credit Documents, a fiduciary
relationship in respect of any Lender or any other Person
(regardless of whether or not a Default or an Event of Default has
occurred), it being understood and agreed that the use of the term
“agent” (or any other similar term) herein or in any
other Credit Documents with reference to any Agent is not intended
to connote any fiduciary or other implied obligations arising under
any agency doctrine of any applicable law, and that such term is
used as a matter of market custom; and nothing herein or in any of
the other Credit Documents, expressed or implied, is intended to or
shall be so construed as to impose upon any Agent any obligations
in respect hereof or of any of the other Credit Documents except as
expressly set forth herein or therein. Without limiting the
generality of the foregoing, no Agent shall, except as expressly
set forth herein and in the other Credit Documents, have any duty
to disclose, or 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 serving as such Agent
or any of its Affiliates in any capacity.

 

9.3. General
Immunity.

 

(a) No Responsibility for Certain
Matters. No Agent shall be responsible to any Lender for (i)
the execution, effectiveness, genuineness, validity,
enforceability, collectability or sufficiency hereof or of any
other Credit Document; (ii) the creation, perfection, maintenance,
preservation, continuation or priority of any Lien or security
interest created, purported to be created or required under any
Credit Document; (iii) the value or the sufficiency of any
Collateral; (iv) the satisfaction of any condition set forth in
Section 3 or elsewhere herein, other than to confirm receipt of
items expressly required to be delivered to such Agent; (v) the
failure of any Credit Party, Lender or other Agent to perform its
obligations hereunder or under any other Credit Document; or (vi)
any representations, warranties, recitals or statements made herein
or therein or in any written or oral statements or in any financial
or other statements, instruments, reports or certificates or any
other documents furnished or made by any Agent to the Lenders or by
or on behalf of any Credit Party to any Agent or any Lender in
connection with the Credit Documents and the transactions
contemplated thereby or for the financial condition or affairs of
any Credit Party or any other Person liable for the payment of any
Obligations, nor shall any Agent be required to ascertain or
inquire as to the performance or observance of any of the terms,
conditions, provisions, covenants or agreements contained in any of
the Credit Documents or as to the use of the proceeds of the Loans
or as to the existence or possible existence of any Default or
Event of Default (nor shall any Agent be deemed to have knowledge
of the existence or possible existence of any Default or Event of
Default unless and until written notice thereof (stating that it is
a “notice of default”) is given to such Agent by the
Borrower or any Lender) or to make any disclosures with respect to
the foregoing. Notwithstanding anything herein to the contrary, the
Administrative Agent shall not have any liability arising from, or
be responsible for any loss, cost or expense suffered by the
Borrower, any Subsidiary or any Lender as a result of,
confirmations of the amount of outstanding Loans, the calculation
of the Yield Maintenance Amount or the Weighted Average Yield with
respect to any Indebtedness, any exchange rate determination or
currency conversion, the terms and conditions of any Permitted
Intercreditor Agreement or any Permitted Subordinated Indebtedness
Document or of any subordination terms applicable to any Permitted
Subordinated Indebtedness, in each case except to the extent caused
by such Agent’s gross negligence or willful misconduct, as
determined by a final, non-appealable judgment of a court of
competent jurisdiction.

 

 

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(b) Exculpatory Provisions. None of
any Agent or any of its Related Parties shall be liable to the
Lenders for any action taken or omitted by such Agent under or in
connection with any of the Credit Documents except to the extent
caused by such Agent’s gross negligence or willful
misconduct, as determined by a final, non-appealable judgment of a
court of competent jurisdiction. Each Agent shall be entitled to
refrain from the taking of any action (including the failure to
take an action) in connection herewith or with any of the other
Credit Documents or from the exercise of any power, discretion or
authority (including the making of any requests, determinations,
judgments, calculations or the expression of any satisfaction or
approval) vested in it hereunder or thereunder unless and until
such Agent shall have received instructions in respect thereof from
the Requisite Lenders (or such other Lenders as may be required, or
as such Agent shall believe in good faith to be required, to give
such instructions under Section 10.5) and upon receipt of such
instructions from the Requisite Lenders (or such other Lenders, as
the case may be), such Agent shall be entitled to act or (where so
instructed) refrain from acting, or to exercise such power,
discretion or authority, in accordance with such instructions;
provided that such
Agent shall not be required to take any action that, in its
opinion, could expose such Agent to liability or be contrary to any
Credit Document or applicable law, including any action that may be
in violation of the automatic stay under any Debtor Relief Laws.
Without prejudice to the generality of the foregoing, (i) each
Agent shall be entitled to rely, and shall be fully protected in
relying, upon any notice, request, certificate, consent, statement,
instrument, document or other writing (including any telephonic
notice, electronic message, Internet or intranet website posting or
other distribution) believed by it to be genuine and to have been
signed, sent or otherwise provided by the proper Person (whether or
not such Person in fact meets the requirements set forth in the
Credit Documents for being the signatory, sender or provider
thereof) and on opinions and judgments of attorneys (who may be
attorneys for the Borrower and the Subsidiaries), accountants,
insurance consultants, architects, engineers and other experts or
professional advisors selected by it, and such Agent shall not be
liable for any action it takes or omits to take in good faith in
reliance on any of the foregoing documents; and (ii) no Lender
shall have any right of action whatsoever against any Agent as a
result of such Agent acting or (where so instructed) refraining
from acting hereunder or any of the other Credit Documents in
accordance with the instructions of the Requisite Lenders (or such
other Lenders as may be required, or as such Agent shall believe in
good faith to be required, to give such instructions under Section
10.5). In determining compliance with any condition hereunder to
the making of any Credit Extension that by its terms must be
fulfilled to the satisfaction of a Lender, the Administrative Agent
may presume the satisfaction of such Lender unless the
Administrative Agent shall have received written notice to the
contrary from such Lender reasonably in advance of such Credit
Extension.

 

(c) Delegation of Duties. Each
Agent may perform any and all of its duties and exercise any and
all of its powers, rights and remedies under this Agreement or any
other Credit Document by or through any one or more sub-agents
appointed by such Agent. Each Agent and any such of its sub-agents
may perform any and all of its duties and exercise any and all of
its powers, rights and remedies by or through their respective
Affiliates. The exculpatory, indemnification and other provisions
set forth in this Section 9.3 and in Sections 9.6 and 10.3 shall
apply to any such sub-agent or Affiliate (and to their respective
Related Parties) as if they were named as such Agent. No Agent
shall be responsible for the negligence or misconduct of any
sub-agent appointed by it except to the extent that a court of
competent jurisdiction determines in a final, non-appealable
judgment that such Agent acted with gross negligence or willful
misconduct in the selection of such sub-agent. Notwithstanding
anything herein to the contrary, with respect to each sub-agent
appointed by any Agent, (i) such sub-agent shall be a third party
beneficiary under the exculpatory, indemnification and other
provisions set forth in this Section 9.3 and Sections 9.6 and 10.3
and shall have all of the rights and benefits of a third party
beneficiary, including an independent right of action to enforce
such provisions directly, without the consent or joinder of any
other Person, against any or all of the Credit Parties and the
Lenders and (ii) such sub-agent shall only have obligations to
such Agent, and not to any Credit Party, any Lender or any other
Person, and no Credit Party, Lender or any other Person shall have
any rights, directly or indirectly, as a third party beneficiary or
otherwise, against such sub-agent.

 

 

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(d) Concerning Arrangers and Certain Other
Indemnitees. Notwithstanding anything herein to the
contrary, none of the Arrangers, the Syndication Agent or any of
the co-agents, bookrunners or managers listed on the cover page
hereof shall have any duties or responsibilities under this
Agreement or any of the other Credit Documents, except in its
capacity, as applicable, as the Administrative Agent, the
Collateral Agent or a Lender hereunder or, in the case of any
Auction Manager or any other Person appointed under the Credit
Documents to serve as an agent or in a similar capacity, the duties
and responsibilities that are expressly specified in the applicable
Credit Documents with respect thereto, but all such Persons shall
have the benefit of the exculpatory, indemnification and other
provisions set forth in this Section 9 and in Section 10.3 and
shall have all of the rights and benefits of a third party
beneficiary with respect thereto, including an independent right of
action to enforce such provisions directly, without the consent or
joinder of any other Person, against any or all of the Credit
Parties and the Lenders. The exculpatory, indemnification and other
provisions set forth in this Section 9 and in Section 10.3 shall
apply to any Affiliate or other Related Party of any Arranger or
any Agent in connection with the arrangement and syndication of the
credit facilities provided for herein (including pursuant to
Section 2.23, 2.24 and 2.25) and any amendment, supplement or
modification hereof or of any other Credit Document (including in
connection with any Extension/Modification Offer), as well as
activities as an Agent.

 

9.4. Acts
in Individual Capacity. Nothing herein or in any other
Credit Document shall in any way impair or affect any of the rights
and powers of, or impose any duties or obligations upon, any Agent
in its individual capacity as a Lender hereunder. With respect to
its Loans, each Agent shall have the same rights and powers
hereunder as any other Lender and may exercise the same as if it
were not performing the duties and functions delegated to it
hereunder. Each Agent and its Affiliates may accept deposits from,
lend money to, own securities of, act as the financial advisor or
in any other advisory capacity for and generally engage in any kind
of banking, trust, financial advisory, commodity, derivative or
other business with the Borrower or any of its Affiliates as if it
were not performing the duties and functions specified herein, and
may accept fees and other consideration from the Borrower and its
Affiliates for services in connection herewith and otherwise, in
each case without having to account therefor to the Lenders. Each
Agent and its Affiliates, when acting under any agreement in
respect of any such activity or under any related agreements, will
be acting for its own account as principal and will be under no
obligation or duty as a result of such Agent’s role in
connection with the credit facility provided herein or otherwise to
take any action or refrain from taking any action (including
refraining from exercising any right or remedy that might be
available to it).

 

9.5. Lenders’
Representations, Warranties and Acknowledgments. (a) Each
Lender represents and warrants that it has made, and will continue
to make, its own independent investigation of the financial
condition and affairs of the Borrower and the Subsidiaries in
connection with Credit Extensions or taking or not taking action
under or based upon any Credit Document, in each case without
reliance on any Agent, any Arranger or any of their respective
Related Parties. No Agent shall have any duty or responsibility,
either initially or on a continuing basis, to make any such
investigation or any such appraisal on behalf of Lenders or to
provide any Lender with any credit or other information with
respect thereto, whether coming into its possession before the
making of the Credit Extensions or at any time or times
thereafter.

 

(b) Each Lender, by
delivering its signature page to this Agreement, an Assignment Agreement, a
Refinancing Facility Agreement or an Incremental Facility Agreement
and funding its Loans on the Closing Date or by funding any
Refinancing Loan or any Incremental Loan, as the case may be, shall
be deemed to have acknowledged receipt of, and consented to and
approved, each Credit Document and each other document required to
be approved by any Agent, the Requisite Lenders or any other
Lenders, as applicable, on the Closing Date or as of the date of
funding of such Refinancing Loans or Incremental
Loans.

 

 

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(c) Each Lender
acknowledges and agrees that Wilmington Trust or one or more of its
Affiliates will be acting as the administrative agent and
collateral agent under the First Lien Credit Agreement and may (but
is not obligated to) act as administrative agent, collateral agent
or a similar representative for the holders of any other Permitted
Section 6.1(e) Indebtedness, any Permitted Credit Agreement
Refinancing Indebtedness and any Permitted Incremental Equivalent
Indebtedness and, in its capacity as the administrative agent and
collateral agent under the First Lien Credit Agreement, is a party
to the Intercreditor Agreement and, in such other capacities, may
be a party to a Permitted Intercreditor Agreement. Each Lender and
Credit Party waives any conflict of interest, now contemplated or
arising hereafter, in connection therewith and agrees not to assert
against Wilmington Trust or any of its Affiliates any claims,
causes of action, damages or liabilities of whatever kind or nature
relating to any such conflict of interest.

 

9.6. Right
to Indemnity. Each Lender, in proportion to its applicable
Pro Rata Share (determined as set forth below), severally agrees to
indemnify each Agent and each Related Party thereof, to the extent
that such Agent or such Related Party shall not have been
reimbursed by any Credit Party (and without limiting any Credit
Party’s obligations under the Credit Documents to do so), for
and against any and all liabilities, obligations, losses, damages,
penalties, claims, actions, judgments, suits, costs, expenses
(including fees, expenses and other charges of counsel) or
disbursements of any kind or nature whatsoever that may be imposed
on, incurred by or asserted against such Agent or any such Related
Party in exercising the powers, rights and remedies, or performing
the duties and functions, of such Agent under the Credit Documents
or any other documents contemplated by or referred to therein or
otherwise in relation to its capacity as an Agent; provided that no Lender shall
be liable for any portion of such liabilities, obligations, losses,
damages, penalties, claims, actions, judgments, suits, costs,
expenses or disbursements resulting from such Agent’s gross
negligence or willful misconduct, as determined by a final,
non-appealable judgment of a court of competent jurisdiction. If
any indemnity furnished to any Agent for any purpose shall, in the
opinion of such Agent, be insufficient or become impaired, such
Agent may call for additional indemnity and cease, or not commence,
to do the acts indemnified against until such additional indemnity
is furnished; provided that in no event shall
this sentence require any Lender to indemnify such Agent against
any liability, obligation, loss, damage, penalty, claim, action,
judgment, suit, cost, expense or disbursement in excess of such
Lender’s applicable Pro Rata Share thereof; and provided further that this sentence
shall not be deemed to require any Lender to indemnify such Agent
against any liability, obligation, loss, damage, penalty, claim,
action, judgment, suit, cost, expense or disbursement described in
the proviso in the immediately preceding sentence. For purposes of
this Section 9.6, “Pro Rata Share” shall be determined
as of the time that the applicable indemnity payment is sought (or,
in the event at such time all the Commitments shall have terminated
and all the Loans shall have been repaid in full, as of the time
most recently prior thereto when any Loans or Commitments remained
outstanding).

 

 

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9.7. Successor
Administrative Agent and Collateral Agent. Subject to the
terms of this Section 9.7, the Administrative Agent may resign at
any time from its capacity as such. In connection with such
resignation, the Administrative Agent shall give notice of its
intent to resign to the Lenders and the Borrower. Upon receipt of
any such notice of resignation, the Requisite Lenders, subject to,
unless an Event of Default shall have occurred and is continuing,
the prior written consent of the Borrower (not to be unreasonably
withheld, conditioned or delayed), shall have the right to appoint
a successor. If no successor shall have been so appointed by the
Requisite Lenders and shall have accepted such appointment within
30 days after the resigning Administrative Agent gives notice of
its intent to resign, then the resigning Administrative Agent may,
on behalf of the Lenders, appoint a successor; provided that in no event shall
any such successor Administrative Agent be a Defaulting Lender or a
Disqualified Institution. If the Administrative Agent shall be a
Defaulting Lender pursuant to clause (d) of the definition of such
term, the Requisite Lenders may, to the extent permitted by
applicable law, by notice in writing to the Borrower and the
Administrative Agent remove the Administrative Agent in its
capacity as such and, subject to, unless an Event of Default shall
have occurred and is continuing, the prior written consent of the
Borrower (not to be unreasonably withheld, conditioned or delayed),
appoint a successor. Any resignation or removal of the
Administrative Agent shall be deemed to be a resignation of the
Collateral Agent, and any successor Administrative Agent appointed
pursuant to this Section 9.7 shall, upon its acceptance of such
appointment, become the successor Collateral Agent for all purposes
of the Credit Documents. Upon the acceptance of its appointment as
Administrative Agent and Collateral Agent hereunder by a successor,
such successor shall succeed to and become vested with all the
rights, powers, privileges and duties of the resigning or removed
Administrative Agent and Collateral Agent, and the resigning or
removed Administrative Agent and Collateral Agent shall be
discharged from its duties and obligations hereunder and under the
other Credit Documents. The fees payable by the Borrower to a
successor Administrative Agent and Collateral Agent shall be the
same as those payable to its predecessor unless otherwise agreed by
the Borrower and such successor. Notwithstanding the foregoing, in the
event (a) no successor to a resigning Administrative Agent shall
have been so appointed and shall have accepted such appointment
within 30 days after the resigning Administrative Agent gives
notice of its intent to resign, the resigning Administrative Agent
may give notice of the effectiveness of its resignation to the
Lenders and the Borrower or (b) no successor to a removed
Administrative Agent shall have been so appointed and shall have
accepted such appointment by the day that is 30 days following of
the issuance of a notice of removal, the removal shall become
effective on such 30th day, and on the date of effectiveness of
such resignation or removal, as the case may be, (i) the resigning
or removed Administrative Agent and Collateral Agent shall be
discharged from its duties and obligations hereunder and under the
other Credit Documents, provided that, solely for
purposes of maintaining any security interest granted to the
Collateral Agent under any Collateral Document for the benefit of
the Secured Parties, the resigning or removed Collateral Agent
shall continue to be vested with such security interest as
collateral agent for the benefit of the Secured Parties and, in the
case of any Collateral in the possession of the Collateral Agent,
shall continue to hold such Collateral, in each case until such
time as a successor Collateral Agent is appointed and accepts such
appointment in accordance with this paragraph (it being understood
and agreed that the resigning or removed Collateral Agent shall
have no duty or obligation to take any further action under any
Collateral Document, including any action required to maintain the
perfection of any such security interest), and (ii) the Requisite
Lenders shall succeed to and become vested with all the rights,
powers, privileges and duties of the resigning or removed
Administrative Agent and Collateral Agent, provided that (A) all payments
required to be made hereunder or under any other Credit Document to
the Administrative Agent for the account of any Person other than
the Administrative Agent shall be made directly to such Person and
(B) all notices and other communications required or contemplated
to be given or made to the Administrative Agent or the Collateral
Agent shall also directly be given or made to each Lender.
Following the effectiveness of the Administrative Agent’s and
Collateral Agent’s resignation from its capacity as such, the
provisions of this Section 9 and of Section 10.3 shall continue in
effect for the benefit of such resigning or removed 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 it was
acting as Administrative Agent or Collateral Agent, as applicable,
and in respect of the matters referred to in the proviso under
clause (a) above.

 

 

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9.8. Collateral
Documents and Obligations Guarantee. (a) Agents under Collateral Documents and
the Obligations Guarantee. Each Secured Party hereby further
authorizes the Administrative Agent and the Collateral Agent to be
the agent for and representative of the Secured Parties with
respect to the Guarantees purported to be created under the Credit
Documents, the Collateral and the Credit Documents and authorizes
the Administrative Agent and the Collateral Agent to execute and
deliver, on behalf of such Secured Party, any Collateral Documents
that the Administrative Agent or the Collateral Agent determines in
its discretion to execute and deliver in connection with the
satisfaction of the Collateral and Guarantee Requirement (and
hereby grants to the Administrative Agent and the Collateral Agent
any power of attorney that may be required under any applicable law
in connection with such execution and delivery on behalf of such
Secured Party).

 

(b) Right to Realize on Collateral and
Enforce Obligations Guarantee. Notwithstanding anything
contained in any of the Credit Documents to the contrary, the
Credit Parties, the Administrative Agent, the Collateral Agent and
each Secured Party hereby agree that (i) except with respect
to the exercise of set-off rights of any Lender or with respect to
a Secured Party’s right to file a proof of claim in any
proceeding under the Debtor Relief Laws, no Secured Party shall
have any right individually to realize upon any of the Collateral
or to enforce any Guarantees purported to be created under the
Credit Documents, it being understood and agreed that all powers,
rights and remedies under the Credit 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 that all powers, rights and remedies
under the Collateral Documents may be exercised solely by the
Collateral Agent for the benefit of the Secured Parties in
accordance with the terms thereof and (ii) in the event of a
foreclosure, exercise of a power of sale or similar enforcement
action by the Collateral Agent on any of the Collateral pursuant to
a public or private sale or other disposition (including pursuant
to Section 363(k), Section 1129(b)(2)(a)(ii) or any other
applicable section of the Bankruptcy Code, any analogous Debtor
Relief Laws or any law relating to the granting or perfection of
security interests), the Collateral Agent (or any Lender, except
with respect to a “credit bid” pursuant to Section
363(k), Section 1129(b)(2)(a)(ii) or any other applicable
section of the Bankruptcy Code any analogous Debtor Relief Laws or
any law relating to the granting or perfection of security
interests) may be the purchaser or licensor of any or all of such
Collateral at any such sale or other disposition and the Collateral
Agent, as agent for and representative of the Secured Parties (but
not any Lender or Lenders in its or their respective individual
capacities) shall be entitled, upon instructions from the Requisite
Lenders (subject to procedures reasonably satisfactory to the
Collateral Agent), for the purpose of bidding and making settlement
or payment of the purchase price for all or any portion of the
Collateral sold or licensed at any such sale or other disposition,
to use and apply any of the Obligations as a credit on account of
the purchase price for any Collateral payable by the Collateral
Agent at such sale or other disposition. In connection with any
such bid referred to in clause (ii) above, (A) the Collateral
Agent shall be authorized to form one or more acquisition vehicles
to make a bid, (B) the Collateral Agent shall be authorized to
adopt documents providing for the governance of the acquisition
vehicle or vehicles (provided that any actions by the Collateral
Agent with respect to such acquisition vehicle or vehicles,
including any disposition of the assets or Equity Interests
thereof, shall be governed, directly or indirectly, by the vote of
the Requisite Lenders, irrespective of the termination of this
Agreement and without giving effect to the limitations on actions
by the Requisite Lenders contained in Section 10.5(a), (C) the
Collateral Agent shall be authorized to assign the relevant
Obligations to any such acquisition vehicle pro rata among the
Lenders, as a result of which each of the Lenders shall be deemed
to have received a pro rata portion of any Equity Interests and/or
debt instruments issued by such an acquisition vehicle on account
of the assignment of the Obligations to be credit bid, all without
the need for any Secured Party or acquisition vehicle to take any
further action, and (D) to the extent that Obligations that are
assigned to an acquisition vehicle are not used to acquire
Collateral for any reason (as a result of another bid being higher
or better, because the amount of Obligations assigned to the
acquisition vehicle exceeds the amount of debt credit bid by the
acquisition vehicle or otherwise), such Obligations shall
automatically be reassigned to the Lenders pro rata and the Equity
Interests and/or debt instruments issued by any acquisition vehicle
on account of the Obligations that had been assigned to the
acquisition vehicle shall automatically be cancelled, without the
need for any Secured Party or any acquisition vehicle to take any
further action.

 

 

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(c) [Reserved].

 

(d) Release of Collateral and Obligations
Guarantees. Notwithstanding anything to the contrary herein
or in any other Credit Document:

 

(i) When all
Obligations (excluding contingent obligations as to which no claim
has been made) have been paid in full and all Commitments have
terminated, upon request of the Borrower, the Administrative Agent
and the Collateral Agent shall (without notice to, or vote or
consent of, any Secured Party) take such actions as shall be
required to release its security interest in all Collateral, and to
release all Guarantees provided for in any Credit
Document.

 

(ii) (A)
If (x) any Guarantor Subsidiary shall have been designated as an
Unrestricted Subsidiary in accordance with the terms hereof or (y)
all the Equity Interests in any Guarantor Subsidiary held by the
Borrower and the Subsidiaries shall be sold or otherwise disposed
of (including by merger or consolidation) in any transaction
permitted by this Agreement, and as a result of such sale or other
disposition such Guarantor Subsidiary shall cease to be a
Subsidiary of the Borrower, such Guarantor Subsidiary shall, upon
effectiveness of such designation, or the consummation of such sale
or other disposition, automatically be discharged and released from
its Obligations Guarantee and all security interests created by the
Collateral Documents in Collateral owned by such Guarantor
Subsidiary shall be automatically released, without any further
action by any Secured Party or any other Person; provided that no such discharge
or release shall occur unless substantially concurrently therewith,
such Subsidiary shall have been discharged and released from its
Guarantee of all Permitted Section 6.1(e) Indebtedness, all
Permitted Credit Agreement Refinancing Indebtedness, all Permitted
Incremental Equivalent Indebtedness and all Permitted Subordinated
Indebtedness, and all Liens on the assets of such Subsidiary
securing any such Indebtedness shall have been
released.

 

(B) Upon any sale or
other transfer by any Credit Party (other than to the Borrower or
any Restricted Subsidiary) of any Collateral in a transaction
permitted under this Agreement, or upon the effectiveness of any
written consent to the release of the security interest created
under any Collateral Document in any Collateral pursuant to
Section 10.5, the security interests in such Collateral
created by the Collateral Documents shall be automatically
released, without any further action by any Secured Party or any
other Person; provided that no such release
shall occur unless substantially concurrently therewith, such
Collateral shall cease to be subject to any security interests
securing any Permitted Section 6.1(e) Indebtedness, any Permitted
Credit Agreement Refinancing Indebtedness and any Permitted
Incremental Equivalent Indebtedness.

 

(C) The Escrow Cash
Collateral shall be released from the Escrow Cash Collateral
Account as provided in Section 9.8(d)(ii) of the First Lien Credit
Agreement and upon such release, the Escrow Cash Collateral Control
Agreement shall be terminated and all security interests created by
the Escrow Cash Collateral Control Agreement or any other
Collateral Document in the Escrow Cash Collateral shall be
automatically released, without any further action by any Secured
Party or any other Person.

 

 

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(D) The Vector
Subordinated Note Collateral, including any Cash or Cash
Equivalents on deposit in the Vector Subordinated Note Cash
Collateral Account, and all security interests created by the
Vector Subordinated Note Cash Collateral Account Control Agreement
or any other Collateral Document in any Vector Subordinated Note
Collateral shall be automatically released, without any further
action by any Secured Party or any other Person, upon release of
thereof under the First Lien Credit Documents, including as
provided in Section 9.8(d)(ii) of the First Lien Credit
Agreement.

 

(iii) Each
Secured Party authorizes the Collateral Agent to subordinate, at
the request of the Borrower, any Lien on any property granted to or
held by the Collateral Agent under any Credit Document to the
holder of any Lien on such property that is permitted by
Section 6.2(d) or 6.2(o); provided that no such
subordination shall occur unless substantially concurrently
therewith, any Lien on such property securing any Permitted Section
6.1(e) Indebtedness, any Permitted Credit Agreement Refinancing
Indebtedness and any Permitted Incremental Equivalent Indebtedness
shall also be so subordinated.

 

(iv) In
connection with any termination, release or subordination pursuant
to this Section 9.8(d), the Administrative Agent and the Collateral
Agent shall execute and deliver to any Credit Party, at such Credit
Party’s expense, all documents that such Credit Party shall
reasonably request to evidence such termination, release or
subordination. Any execution and delivery of documents pursuant to
this Section 9.8(d) shall be without recourse to or warranty by the
Administrative Agent or the Collateral Agent.

 

(e) Additional Exculpatory
Provisions. The Collateral Agent shall not be responsible
for or have a duty to ascertain or inquire into any representation
or warranty regarding the existence, value or collectability of any
Collateral, the existence, priority or perfection of the Collateral
Agent’s Lien on any Collateral or any certificate prepared by
any Credit Party in connection therewith, nor shall the Collateral
Agent be responsible or liable to the Secured Parties for any
failure to monitor or maintain any portion of the
Collateral.

 

(f) Acceptance of Benefits. Each
Secured Party, whether or not a party hereto, will be deemed, by
its acceptance of the benefits of the Collateral or the Guarantees
purported to be created under the Credit Documents, to have agreed
to the provisions of this Section 9 (including the authorization
and the grant of the power of attorney pursuant to Section 9.8(a)),
Section 10.24 and all the other provisions of this Agreement
relating to Collateral, any such Guarantee or any Collateral
Document and to have agreed to be bound by the Credit Documents as
a Secured Party thereunder. It is understood and agreed that the
benefits of the Collateral and any such Guarantee to any Secured
Party are made available on an express condition that, and is
subject to, such Secured Party not asserting that it is not bound
by the appointments and other agreements expressed herein to be
made, or deemed herein to be made, by such Secured
Party.

 

9.9. Withholding
Taxes. To the extent required by any applicable law, the
Administrative Agent may withhold from any payment to any Lender an
amount equivalent to any applicable withholding Tax. If the IRS or
any other Governmental Authority asserts a claim that the
Administrative Agent did not properly withhold Tax from amounts
paid to or for the account of any Lender because the appropriate
form was not delivered or was not properly executed or because such
Lender failed to notify the Administrative Agent of a change in
circumstance which rendered the exemption from, or reduction of,
withholding Tax ineffective or for any other reason, or if the
Administrative Agent reasonably determines that a payment was made
to a Lender pursuant to this Agreement without deduction of
applicable withholding Tax from such payment, such Lender shall
indemnify the Administrative Agent fully for all amounts paid,
directly or indirectly, by the Administrative Agent as Tax or
otherwise, including any penalties or interest and together with
all expenses (including legal expenses, allocated internal costs
and out-of-pocket expenses) incurred.

 

 

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9.10. Administrative
Agent May File Bankruptcy Disclosure and Proofs of Claim. In
case of the pendency of any proceeding under any Debtor Relief Laws
with respect to any Credit 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
(but not obligated) by intervention in such proceeding or
otherwise:

 

(a) to file a verified
statement pursuant to rule 2019 of the Federal Rules of Bankruptcy
Procedure that, in its sole opinion, complies with such
rule’s disclosure requirements for entities representing more
than one creditor;

 

(b) 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,
the Administrative Agent, the Collateral Agent and any other
Secured Party (including any claim under Sections 2.7, 2.9, 2.15,
2.17, 2.18, 2.19, 10.2 and 10.3) allowed in such judicial
proceeding; and

 

(c) 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 proceeding is hereby authorized
by each Lender and each other Secured Party 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 or the other Secured Parties, to pay to the
Administrative Agent any amount due to the Administrative Agent, in
such capacity or in its capacity as the Collateral Agent, or to its
Related Parties under the Credit Documents (including under
Sections 10.2 and 10.3). To the extent that the payment of any such
amounts due to the Administrative Agent, in such capacity or in its
capacity as the Collateral Agent, or to its Related Parties out of
the estate in any such proceeding shall be denied for any reason,
payment of the same shall be secured by a Lien on, and shall be
paid out of, any and all distributions, dividends, money,
securities and other property that the Lenders or the other Secured
Parties may be entitled to receive in such proceeding, whether in
liquidation or under any plan of reorganization or arrangement or
otherwise. 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 plan of reorganization,
arrangement, adjustment or composition affecting the Obligations or
the rights of any Lender, or to vote in respect of the claim of any
Lender in any such proceeding.

 

9.11. Certain
ERISA Matters.

 

(a) Each Lender (x)
represents and warrants, as of the date such Person became a Lender
party hereto, to, and (y) covenants, from the date such Person
became a Lender party hereto to the date such Person ceases being a
Lender party hereto, for the benefit of the Administrative Agent
and the Arrangers and their respective Affiliates, and not, for the
avoidance of doubt, to or for the benefit of the Borrower or any
other Credit 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 29 CFR
§ 2510.3-101, as modified by Section 3(42) of ERISA) of one or
more Benefit Plans in connection with the Loans or the
Commitments,

 

 

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(ii) the
transaction exemption set forth in one or more PTEs, such as PTE
84-14 (a class exemption for certain transactions determined by
independent qualified professional asset managers), PTE 95-60 (a
class exemption for certain transactions involving insurance
company general accounts), PTE 90-1 (a class exemption for certain
transactions involving insurance company pooled separate accounts),
PTE 91-38 (a class exemption for certain transactions involving
bank collective investment funds) or PTE 96-23 (a class exemption
for certain transactions determined by in-house asset managers), is
applicable with respect to such Lender’s entrance into,
participation in, administration of and performance of the Loans,
the Commitments and this Agreement,

 

(iii) (A)
such Lender is an investment fund managed by a “Qualified
Professional Asset Manager” (within the meaning of Part VI of
PTE 84-14), (B) such Qualified Professional Asset Manager made the
investment decision on behalf of such Lender to enter into,
participate in, administer and perform the Loans, the 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, or

 

(iv) such
other representation, warranty and covenant as may be agreed in
writing between the Administrative Agent, in its sole discretion,
and such Lender.

 

(b) In addition, unless
sub-clause (i) in the immediately preceding clause (a) is true with
respect to a Lender or such Lender has not provided another
representation, warranty and covenant as provided in sub-clause
(iv) in the immediately preceding clause (a), such Lender further
(x) represents and warrants, as of the date such Person became a
Lender party hereto, to, and (y) covenants, from the date such
Person became a Lender party hereto to the date such Person ceases
being a Lender party hereto, for the benefit of, the Administrative
Agent and the Arrangers and their respective Affiliates, and not,
for the avoidance of doubt, to or for the benefit of the Borrower
or any other Credit Party, that:

 

(i) none of the
Administrative Agent or the Arrangers or any of their respective
Affiliates is a fiduciary with respect to the assets of such Lender
(including in connection with the reservation or exercise of any
rights by the Administrative Agent under this Agreement, the Loans
or any documents related to hereto or thereto),

 

(ii) the
Person making the investment decision on behalf of such Lender with
respect to the entrance into, participation in, administration of
and performance of the Loans, the Commitments and this Agreement is
independent (within the meaning of 29 CFR § 2510.3-21) and is
a bank, an insurance carrier, an investment adviser, a
broker-dealer or other person that holds, or has under management
or control, total assets of at least $50 million, in each case as
described in 29 CFR § 2510.3-21(c)(1)(i)(A)-(E),

 

(iii) the
Person making the investment decision on behalf of such Lender with
respect to the entrance into, participation in, administration of
and performance of the Loans, the Commitments and this Agreement is
capable of evaluating investment risks independently, both in
general and with regard to particular transactions and investment
strategies (including in respect of the Obligations),

 

 

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(iv) the
Person making the investment decision on behalf of such Lender with
respect to the entrance into, participation in, administration of
and performance of the Loans, the Commitments and this Agreement is
a fiduciary under ERISA or the Code, or both, with respect to the
Loans, the Commitments and this Agreement and is responsible for
exercising independent judgment in evaluating the transactions
hereunder, and

 

(v) no fee or other
compensation is being paid directly to the Administrative Agent or
the Arrangers and their respective Affiliates for investment advice
(as opposed to other services) in connection with the Loans, the
Commitments or this Agreement.

 

(c) The Administrative
Agent and the Arrangers and their respective Affiliates hereby
informs the Lenders that each such Person is not undertaking to
provide impartial investment advice, or to give advice in a
fiduciary capacity, in connection with the transactions
contemplated hereby, and that such Person has a financial interest
in the transactions contemplated hereby in that such Person or an
Affiliate thereof (i) may receive interest or other payments with
respect to the Loans, the Commitments and this Agreement, (ii) may
recognize a gain if it extended the Loans or the Commitments for an
amount less than the amount being paid for an interest in the Loans
or the Commitments by such Lender or (iii) may receive fees or
other payments in connection with the transactions contemplated
hereby, the Loan Documents or otherwise, including structuring
fees, commitment fees, arrangement fees, facility fees, upfront
fees, underwriting fees, ticking fees, agency fees, administrative
agent or collateral agent fees, utilization fees, minimum usage
fees, letter of credit fees, fronting fees, deal-away or alternate
transaction fees, amendment fees, processing fees, term out
premiums, banker’s acceptance fees, breakage or other early
termination fees or fees similar to the foregoing.

 

9.12. Concerning
the Vector Facility Arrangements. Each Lender and Credit
Party acknowledges and agrees that Goldman Sachs or one or more of
its Affiliates will be the Vector Senior Loan Facility Lender party
to the Vector Facility Arrangements, and that any Vector Collateral
provided as collateral to secure obligations of the Vector Lenders
thereunder (including any such assets in the form of “Tranche
B Term Loans” made under the First Lien Credit Agreement held
by any Vector Lenders) is held by Goldman Sachs or any such
Affiliate solely in its individual capacity, for its own benefit,
and not in its capacity as an Agent for the benefit of any Secured
Party. Each Lender and Credit Party further acknowledges and agrees
that in exercising rights and remedies with respect to any Vector
Collateral or otherwise in respect of the Vector Facility
Arrangements, Goldman Sachs or any of its Affiliates may enforce
the provisions of the Vector Facility Arrangements and exercise its
rights thereunder, including enforcing the subordination provisions
under the Vector Subordinated Note, directing the voting by any
Vector Lender of its “Tranche B Term Loans” made under
the First Lien Credit Agreement and making determinations of the
current market value of the “Tranche B Term Loans” made
under the First Lien Credit Agreement, and exercise remedies
thereunder and under applicable law, all in such order and in such
manner as it may determine in its sole discretion and as if it were
not an Agent (or an Affiliate of an Agent) hereunder (and
notwithstanding the fact that such exercise of rights and
enforcement of remedies could have an adverse effect on the value
of the loan made by the Borrower under the Vector Subordinated Note
or its ability to obtain the repayment thereof), and will be under
no obligation or duty as a result of its (or its Affiliate’s)
role as an Agent or Lender hereunder to take any action or refrain
from taking any action (including refraining from enforcing or
exercising any right or remedy that might be available to it) in
respect of the Vector Facility Arrangements (and that as a result
of exercising rights and remedies with respect to any Vector
Collateral, Goldman Sachs or any of its Affiliates may foreclose
upon (and become and be a lender under the First Lien Credit
Agreement holding a significant portion of the “Tranche B
Term Loans” made under the First Lien Credit Agreement),
and/or may assign or cause the assignment to any eligible assignee
under the First Lien Credit Agreement of, all or any part of the
“Tranche B Term Loans” made under the First Lien Credit
Agreement held by the Vector Lenders that constitute Vector
Collateral), and each Lender agrees not to assert, and hereby
waives, to the fullest extent permitted by law, any right to
demand, request, plead or otherwise assert or claim the benefit of
any marshalling or other similar right that may be available under
applicable law with respect to the Vector Collateral. Each Lender
and Credit Party waives any conflict of interest, now contemplated
or arising hereafter, in connection with the Vector Facility
Arrangements and agrees not to assert against Goldman Sachs or any
of its Affiliates any claims, causes of action, damages or
liabilities of whatever kind or nature relating to any such
conflict of interest.

 

 

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SECTION
10. MISCELLANEOUS

 

10.1. Notices.
Notices Generally.
(a) Any notice or other communication hereunder given to any Credit
Party, the Administrative Agent, the Collateral Agent or any Lender
shall be given to such Person at its address, fax number or e-mail
address as set forth on Schedule
10.1 or, in the case of any Lender, at such address, fax
number or e-mail address as shall have been provided by such Lender
to the Administrative Agent in writing; provided that, notwithstanding
the foregoing, no notice or other communication hereunder may be
provided to any Credit Party by means of a fax. Except in the case
of notices and other communications expressly permitted to be given
by telephone and as otherwise provided in Section 10.1(b),
each notice or other communication hereunder shall be in writing
and shall be delivered in person or sent by e-mail, courier service
or certified or registered United States mail or, except for
notices or other communications to any Credit Party, facsimile and
shall be deemed to have been given when delivered in person or by
courier service and signed for against receipt thereof, when sent
by facsimile as shown on the transmission report therefor (or, if
not sent during normal business hours for the recipient, at the
opening of business on the next Business Day for the recipient), as
provided in Section 10.1(b) if sent by e-mail or upon receipt if
sent by United States mail; provided that no notice or
other communication given to the Administrative Agent or the
Collateral Agent shall be effective until received by it; and
provided
further that any
such notice or other communication shall, at the request of the
Administrative Agent, be provided to any sub-agent appointed
pursuant to Section 9.3(c) from time to time. Any party hereto
may change its address (including its e-mail address, fax or
telephone number) for notices and other communications hereunder by
notice to each of the Administrative Agent and the
Borrower.

 

(b) Electronic
Communications.

 

(i) Notices and other
communications to any Lender hereunder may be delivered or
furnished by electronic communication (including e-mail and
Internet or intranet websites, including the Platform) pursuant to
procedures approved by the Administrative Agent; provided that the foregoing
shall not apply to notices to any Lender pursuant to Section 2
if such Lender has notified the Administrative Agent that it is
incapable of receiving notices under such Section by electronic
communication. Each of the Administrative Agent, the Collateral
Agent and 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
or rescinded by such Person by notice to each other such Person;
provided,
further, that
notices and other communications to the Administrative Agent or the
Collateral Agent may be delivered to it at the e-mail address
specified in Section 10.1(a). Unless the Administrative Agent
otherwise prescribes, (A) notices and other communications
sent to an e-mail address, if not sent during the normal business
hours of the recipient, shall be deemed to have been sent at the
opening of business on the next Business Day for the recipient; and
(B) 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 (A) of notification that such notice or
communication is available and identifying the website address
therefor.

 

(ii) Each
party hereto understands that the distribution of materials through
an electronic medium is not necessarily secure and that there are
confidentiality and other risks associated with such distribution,
and agrees and assumes the risks associated with such electronic
distribution, except to the extent caused by the willful misconduct
or gross negligence of the Administrative Agent, as determined by a
final, non-appealable judgment of a court of competent
jurisdiction.

 

 

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(iii) THE
PLATFORM AND ANY APPROVED ELECTRONIC COMMUNICATIONS ARE PROVIDED
“AS IS” AND “AS AVAILABLE”. NONE OF THE
AGENTS OR ANY OF THEIR RELATED PARTIES WARRANTS AS TO THE ACCURACY,
ADEQUACY OR COMPLETENESS OF THE APPROVED ELECTRONIC COMMUNICATIONS
OR THE PLATFORM, AND EACH OF THE AGENTS AND THEIR RELATED PARTIES
EXPRESSLY DISCLAIMS LIABILITY FOR ERRORS OR OMISSIONS IN THE
PLATFORM AND THE APPROVED ELECTRONIC 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 OR ANY OF ITS RELATED PARTIES IN
CONNECTION WITH THE PLATFORM OR THE APPROVED ELECTRONIC
COMMUNICATIONS.

 

(iv) Each
Credit Party and each Lender agrees that the Administrative Agent
may, but shall not be obligated to, store any Approved Electronic
Communications on the Platform in accordance with the
Administrative Agent’s customary document retention
procedures and policies.

 

(c) Private Side Information
Contacts. Each Public Lender agrees to cause at least one
individual at or acting 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 information that is not made
available through the “Public Side Information” portion
of the Platform and that may contain Private-Side Information. In
the event that any Public Lender has determined for itself not to
access any information disclosed through the Platform or otherwise,
such Public Lender acknowledges that (i) other Lenders may have
availed themselves of such information and (ii) none of any Credit
Party or any Agent has any responsibility for such Public
Lender’s decision to limit the scope of the information it
has obtained in connection with this Agreement and the other Credit
Documents.

 

 

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10.2. Expenses.
The Borrower agrees to pay promptly (a) all reasonable and
documented out-of-pocket costs and expenses (including the
reasonable fees, expenses and other charges of counsel) incurred by
any Agent, any Arranger or any of their respective Affiliates in
connection with the structuring, arrangement and syndication of the
credit facilities provided for herein and any credit or similar
facility refinancing, extending or replacing, in whole or in part,
the credit facilities provided herein, including the preparation,
execution, delivery and administration of this Agreement, the other
Credit Documents or any amendments, modifications or waivers of the
provisions hereof or thereof (whether or not the transactions
contemplated thereby shall be consummated) or any other document or
matter requested by the Borrower or any other Credit Party, (b) all
reasonable and documented out-of-pocket costs and expenses of
creating, perfecting, recording, maintaining and preserving Liens
in favor of the Collateral Agent for the benefit of the Secured
Parties, including filing and recording fees, expenses and taxes,
stamp or documentary taxes, search fees, title insurance premiums
and reasonable fees, expenses and other charges of counsel to the
Collateral Agent and of counsel providing any opinions that the
Administrative Agent or the Collateral Agent may reasonably request
in respect of the Collateral or the Liens created pursuant to the
Collateral Documents, (c) all reasonable and documented
out-of-pocket costs, fees, expenses and other charges of any
auditors, accountants, consultants or appraisers of any Agent or
Arranger, (d) all reasonable and documented out-of-pocket costs and
expenses (including the reasonable fees, expenses and other charges
of any appraisers, consultants, advisors and agents employed or
retained by the Collateral Agent and its counsel) in connection
with the custody or preservation of any of the Collateral or any
insurance process, and (e) after the occurrence and during the
continuance of a Default or an Event of Default, all out-of-pocket
costs and expenses, including reasonable fees, expenses and other
charges of counsel and costs of settlement, incurred by any Agent,
Arranger or Lender in enforcing any Obligations of or in collecting
any payments due from any Credit Party hereunder or under the other
Credit Documents by reason of such Default or Event of Default
(including in connection with the sale, lease or license of,
collection from, or other realization upon any of the Collateral or
the enforcement of any Obligations Guarantee) or in connection with
any refinancing or restructuring of the credit arrangements
provided hereunder in the nature of a “work-out” or
pursuant to any insolvency or bankruptcy cases or proceedings;
provided that, in
the case of clauses (a), (b), (c) and (d) above, costs and expenses
with respect to counsel shall be limited to one firm of primary
counsel, one firm of regulatory counsel and, if reasonably
necessary, one firm of local counsel in each applicable
jurisdiction for all Persons entitled to reimbursement under this
Section 10.2 (and, if any such Person shall have advised the
Borrower that there is an actual or perceived conflict of interest,
one additional firm of primary counsel, one additional firm of
regulatory counsel and, if reasonably necessary, one additional
firm of local counsel in each applicable jurisdiction for each
group of affected Persons that are similarly situated) (in each
case, excluding allocated costs of in-house counsel). All amounts
due under this Section 10.2 shall be payable promptly after written
demand therefor.

 

10.3. Indemnity.
(a) In addition to the payment of expenses pursuant to Section
10.2, each Credit Party agrees to defend (subject to the applicable
Indemnitee’s selection of counsel), indemnify, pay and hold
harmless each Agent (and each sub-agent thereof), Arranger and
Lender and each of their respective Related Parties (each, an
“Indemnitee”),
from and against any and all Indemnified Liabilities. THE FOREGOING INDEMNIFICATION SHALL APPLY
WHETHER OR NOT SUCH INDEMNIFIED LIABILITIES ARE IN ANY WAY OR TO
ANY EXTENT OWED, IN WHOLE OR IN PART, UNDER ANY CLAIM OR THEORY OF
STRICT LIABILITY, OR ARE CAUSED, IN WHOLE OR IN PART, BY OR OUT OF
ANY NEGLIGENT ACT OR OMISSION OF ANY KIND BY ANY INDEMNITEE;
provided that no
Credit Party shall have any obligation to any Indemnitee hereunder
with respect to any Indemnified Liabilities to the extent such
Indemnified Liabilities have been found by a final, non-appealable
judgment of a court of competent jurisdiction to have resulted from
(i) the gross negligence or willful misconduct of such Indemnitee
or its Related Parties, (ii) a material breach in bad faith by such
Indemnitee or its Related Parties of its express obligations under
this Agreement or (iii) any action, investigation, claim,
litigation or proceeding not involving an act or omission by any
Credit Party or the equityholders or Affiliates of any Credit Party
(or the Related Parties of any Credit Party) that is brought by an
Indemnitee against another Indemnitee (other than against any Agent
or any Arranger (or any holder of any other title or role) in its
capacity as such). This Section 10.3(a) shall not apply with
respect to Taxes other than any Taxes that represent Indemnified
Liabilities arising from any non-Tax claim.

 

 

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(b) To the extent
permitted by applicable law, no Credit Party shall assert, and each
Credit Party hereby waives, any claim against any Agent, any
Arranger or any Lender or any Related Party of any of the foregoing
on any theory of liability, for indirect, consequential, special or
punitive damages (as opposed to direct or actual damages) (whether
or not the claim therefor is based on contract, tort or any duty
imposed by any applicable legal requirement) arising out of, in
connection with, as a result of, or in any way related to this
Agreement or any other Credit Document or any agreement or
instrument contemplated hereby or thereby or referred to herein or
therein, the transactions contemplated hereby or thereby, the
syndication of the credit facilities provided for herein, any Loan
or the use of the proceeds thereof or any act or omission or event
occurring in connection therewith, and each Credit Party hereby
waives, releases and agrees not to sue upon any such claim for
indirect, consequential, special or punitive damages, whether or
not accrued and whether or not known or suspected to exist in its
favor.

 

(c) Each Credit Party
agrees that no Agent, Arranger or Lender or any Related Party of
any of the foregoing will have any liability to any Credit Party or
any Person asserting claims on behalf of or in right of any Credit
Party or any other Person in connection with or as a result of this
Agreement or any other Credit Document or any agreement or
instrument contemplated hereby or thereby or referred to herein or
therein, the transactions contemplated hereby or thereby, any Loan
or the use of the proceeds thereof or any act or omission or event
occurring in connection therewith except (but subject to Section
10.3(b)), in the case of any Credit Party, to the extent that any
losses, claims, damages, liabilities or expenses have been found by
a final, non-appealable judgment of a court of competent
jurisdiction to have resulted from (i) the gross negligence or
willful misconduct of such Agent, Arranger or Lender or its Related
Parties in performing its obligations under this Agreement or any
other Credit Document or (ii) a material breach in bad faith by
such Agent, Arranger or Lender or its Related Parties of its
express obligations under this Agreement.

 

10.4. Set-Off.
In addition to any rights now or hereafter granted under applicable
law and not by way of limitation of any such rights, upon the
occurrence and during the continuance of any Event of Default each
Lender is hereby authorized by each Credit Party at any time or
from time to time, without notice to any Credit Party, any such
notice being hereby expressly waived, to set-off and to appropriate
and to apply any and all deposits (general or special, including
Indebtedness evidenced by certificates of deposit, whether matured
or unmatured, but not including trust accounts) and any other
Indebtedness at any time held or owing by such Lender to or for the
credit or the account of any Credit Party against and on account of
the obligations and liabilities of any Credit Party to such Lender
hereunder and under the other Credit Documents, including all
claims of any nature or description arising out of or connected
hereto or thereto, irrespective of whether or not (a) such Lender
shall have made any demand hereunder or (b) the principal of or the
interest on the Loans or any other amounts due hereunder shall have
become due and payable and although such obligations and
liabilities, or any of them, may be contingent or unmatured. Each
Lender agrees to notify the Administrative Agent promptly after any
such set-off and application; provided that the failure to
give such notice shall not affect the validity of such set-off and
application.

 

10.5. Amendments
and Waivers. (a) Requisite Lenders’
Consent. Except as provided in Section 2.23, 2.24 or
2.25, none of this Agreement, any other Credit Document or any
provision hereof or thereof may be waived, amended or modified, and
no consent to any departure by any Credit Party therefrom may be
made, except, subject to the additional requirements of Sections
10.5(b) and 10.5(c) and as otherwise provided in Sections 10.5(d)
and 10.5(e), in the case of this Agreement, pursuant to an
agreement or agreements in writing entered into by the Borrower and
the Requisite Lenders and, in the case of any other Credit
Document, pursuant to an agreement or agreements in writing entered
into by the Administrative Agent or the Collateral Agent, as
applicable, and the Credit Party or Credit Parties that are parties
thereto, in each case with the consent of the Requisite
Lenders.

 

 

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(b) Affected Lenders’
Consent. In addition to any consent required pursuant to
Section 10.5(a), without the written consent of each Lender
that would be directly affected thereby, no waiver, amendment or
other modification of this Agreement or any other Credit Document,
or any consent to any departure by any Credit Party therefrom,
shall be effective if the effect thereof would be to:

 

(i) increase any
Commitment or postpone the scheduled expiration date of any
Commitment (it being understood that no waiver, amendment or other
modification of any condition precedent, covenant, Default or Event
of Default shall constitute an increase in any Commitment of any
Lender);

 

(ii) extend
the scheduled final maturity date of any Loan;

 

(iii) [Reserved];

 

(iv) waive,
reduce or postpone any scheduled amortization payment (but not any
voluntary or mandatory prepayment) of any Loan;

 

(v) reduce the rate of
interest on any Loan (other than any waiver of any increase in the
interest rate applicable to any Loan pursuant to Section 2.9 or
Section 2.23(b)(iii)) or any fee or any premium payable hereunder
(other than under Section 2.23(b)(iii)), or waive or postpone the
time for payment of any such interest, fee or premium;

 

(vi) reduce
the principal amount of any Loan;

 

(vii) waive,
amend or otherwise modify any provision of this Section 10.5(b),
Section 10.5(c) or any other provision of this Agreement or any
other Credit Document that expressly provides that the consent of
all Lenders is required to waive, amend or otherwise modify any
rights thereunder or to make any determination or grant any consent
thereunder (including such provision set forth in Section
10.6(a));

 

(viii) amend
the percentage specified in the definition of the term
“Requisite Lenders” or amend the term “Pro Rata
Share” or waive, amend or otherwise modify Section 2.16
hereof or Section 5.02 of the Pledge and Security Agreement (and
any comparable provision of any other Collateral Document) in a
manner that would alter the pro rata sharing of payments required
thereby; provided
that additional extensions of credit made pursuant to Section 2.23,
2.24 or 2.25 shall be included, and with the consent of the
Requisite Lenders other additional extensions of credit pursuant
hereto may be included, in the determination of “Requisite
Lenders” or “Pro Rata Share” on substantially the
same basis as the Commitments and the Loans are included on the
Closing Date; or

 

(ix) release
all or substantially all the Collateral from the Liens of the
Collateral Documents, or all or substantially all the Guarantor
Subsidiaries from the Guarantees created under the Credit Documents
(or limit liability of all or substantially all the Guarantor
Subsidiaries in respect of any such Guarantee), in each case except
as expressly provided in the Credit Documents or any Senior Lien
Intercreditor Agreement and except in connection with a
“credit bid” undertaken by the Collateral Agent at the
direction of the Requisite Lenders pursuant to section 363(k),
section 1129(b)(2)(a)(ii) or any other section of the
Bankruptcy Code or any other sale or other disposition of assets in
connection with other Debtor Relief Laws or an enforcement action
with respect to the Collateral permitted pursuant to the Credit
Documents (in which case only the consent of the Requisite Lenders
will be required for such release) (it being understood that
(A) an amendment or other modification of the type of
obligations secured by the Collateral Documents or Guaranteed
hereunder or thereunder shall not be deemed to be a release of the
Collateral from the Liens of the Collateral Documents or a release
or limitation of any such Guarantee and (B) an amendment or
other modification of Section 6.8 shall only require the consent of
the Requisite Lenders);

 

 

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provided that, for the
avoidance of doubt, all Lenders shall be deemed directly affected
by any waiver, amendment or other modification, or any consent,
described in the preceding clauses (vii), (viii) and
(ix).

 

(c) Other Consents. No waiver,
amendment or other modification of this Agreement or any other
Credit Document, or any consent to any departure by any Credit
Party therefrom, shall:

 

(i) (A) waive, amend or
otherwise modify Section 2.14 or any other provision of any Credit
Document in a manner that by its terms would disproportionately and
adversely affect the rights or duties of Lenders of any Class
differently than Lenders of any other Class, without the consent of
Lenders representing a Majority in Interest of each affected Class,
provided that the
Requisite Lenders may waive, in whole or in part, any prepayment of
Loans hereunder so long as the application, as between Classes, of
any portion of such prepayment that is still required to be made is
not altered, or (B) waive, amend or otherwise modify this Section
10.5(c)(i) or any other provision of this Agreement or any other
Credit Document that expressly provides that the consent of all
Lenders of any Class or a Majority in Interest of Lenders of any
Class is required to waive, amend or otherwise modify any rights
thereunder or to make any determination or grant any consent
thereunder, in each case without the consent of each Lender of such
Class or a Majority in Interest of the Lenders of such Class, as
the case may be; provided that nothing in this
Section 10.5(c)(i) shall be deemed to restrict the amendments
contemplated by Section 2.23, 2.24 or 2.25;

 

(ii) waive,
amend or otherwise modify the rights, duties, privileges,
protections, indemnities, immunities or obligations of, or any fees
or other amounts payable to, any Agent without the prior written
consent of such Agent; or

 

(iii) waive,
amend or otherwise modify the provisions of Section 9.12 without
the prior written consent of Goldman Sachs (and Goldman Sachs shall
be a third party beneficiary of such provisions and this Section
10.5(c)(iii) and shall have all of the rights and benefits of a
third party beneficiary, including an independent right of action
to enforce such provisions and this Section 10.5(c)(iii) directly,
without the consent or joinder of any other Person, against any or
all of the Credit Parties and the Lenders).

 

(d) Class Amendments.
Notwithstanding anything to the contrary in Section 10.5(a),
any waiver, amendment or modification of this Agreement or any
other Credit Document, or any consent to any departure by any
Credit Party therefrom, that by its terms affects the rights or
duties under this Agreement of the Lenders of a particular Class or
Classes (but not Lenders of any other Class), may be effected by an
agreement or agreements in writing entered into by the Borrower and
the requisite number or percentage in interest of each affected
Class of Lenders that would be required to consent thereto under
this Section 10.5 if such Class of Lenders were the only Class
of Lenders hereunder at the time.

 

(e) Certain Permitted Amendments.
Notwithstanding anything herein or in any other Credit Document to
the contrary:

 

(i) any provision of
this Agreement or any other Credit Document may be amended by an
agreement in writing entered into by the Borrower and the
Administrative Agent to cure any obvious error or any ambiguity,
omission, defect or inconsistency of a technical nature, so long as
the Lenders shall have received at least five Business Days’
prior written notice thereof and the Administrative Agent shall not
have received, within five Business Days of the date of such notice
to the Lenders, a written notice from the Requisite Lenders stating
that the Requisite Lenders object to such amendment;

 

 

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(ii) in
connection with any transaction permitted by Section 2.23, 2.24 or
2.25, this Agreement and the other Credit Documents may be amended
or modified as contemplated by Section 2.23, 2.24 or 2.25,
including to add any covenant applicable to the Borrower and/or the
Restricted Subsidiaries or any other provisions for the benefit of
the Lenders;

 

(iii) in
connection with the incurrence of any Permitted Section 6.1(e)
Indebtedness, any Permitted Credit Agreement Refinancing
Indebtedness or any Permitted Incremental Equivalent Indebtedness,
this Agreement and the other Credit Documents may be amended by an
agreement in writing entered into by the Borrower and the
Administrative Agent to add any covenant applicable to the Borrower
and/or the Restricted Subsidiaries (including any Previously Absent
Financial Maintenance Covenant) or any other provisions for the
benefit of the Lenders;

 

(iv) the
Administrative Agent and the Collateral Agent may, without the
consent of any other Secured Party, (A) consent to a departure by
any Credit Party from any covenant of such Credit Party set forth
in this Agreement or any other Credit Document to the extent such
departure is consistent with the authority of the Collateral Agent
set forth in the definition of the term “Collateral and
Guarantee Requirement” or (B) waive, amend or modify any
provision in any Credit Document (other than this Agreement), or
consent to a departure by any Credit Party therefrom, to the extent
the Administrative Agent or the Collateral Agent determines that
such waiver, amendment, modification or consent is necessary in
order to eliminate any conflict between such provision and the
terms of this Agreement;

 

(v) any provision of
this Agreement or any other Credit Document may be amended by an
agreement in writing entered into by the Borrower, the
Administrative Agent and the Lenders that will remain parties
hereto after giving effect to such amendment if (A) by the terms of
such agreement the Commitments of each Lender not consenting to the
amendment provided for therein shall be reduced to zero upon the
effectiveness of such amendment and (B) at the time such amendment
becomes effective, each Lender not consenting thereto receives
payment in full of the principal of and interest accrued on each
Loan made by it and all other amounts owing to it or accrued for
its account under this Agreement; and

 

(vi) this
Agreement and the other Credit Documents may be amended in the
manner provided in Section 10.24, and the Collateral Documents may
be amended as set forth the Intercreditor Agreement or any other
Senior Lien Intercreditor Agreement.

 

Each
Lender hereby expressly authorizes the Administrative Agent and/or
the Collateral Agent to enter into any waiver, amendment or other
modification of this Agreement and the other Credit Documents
contemplated by this Section 10.5(e).

 

(f) Requisite Execution of Amendments,
Etc. With the concurrence of any Lender, the Administrative
Agent may, but shall have no obligation to, execute waivers,
amendments, modifications or consents on behalf of such Lender. Any
waiver or consent shall be effective only in the specific instance
and for the specific purpose for which it is given. No notice to or
demand on any Credit Party in any case shall entitle any Credit
Party to any other or further notice or demand in similar or other
circumstances. Any amendment, modification, waiver or consent
effected in accordance with this Section 10.5 shall be binding
upon each Person that is at the time thereof a Lender and each
Person that subsequently becomes a Lender.

 

 

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10.6. Successors
and Assigns; Participations. (a) Generally. This Agreement shall
be binding upon and inure to the benefit of the parties hereto and
their respective successors and assigns permitted hereby. No Credit
Party’s rights or obligations under the Credit Documents, and
no interest therein, may be assigned or delegated by any Credit
Party (except, in the case of any Guarantor Subsidiary, any
assignment or delegation by operation of law as a result of any
merger or consolidation of such Guarantor Subsidiary permitted by
Section 6.8) without the prior written consent of the
Administrative Agent and each Lender, and any attempted assignment
or delegation without such consent 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, the
participants referred to in Section 10.6(g) (to the extent provided
in clause (iii) of such Section) and, to the extent expressly
contemplated hereby, Affiliates of any Agent or any Lender, the
other Indemnitees and other express third party beneficiaries
hereof) any legal or equitable right, remedy or claim under or by
reason of this Agreement.

 

(b) Register. The Borrower, the
Administrative Agent, the Collateral Agent and the Lenders shall
deem and treat the Persons recorded as Lenders in the Register as
Lenders hereunder for all purposes of this Agreement and the
holders and owners of the corresponding Commitments and Loans
recorded therein for all purposes hereof. No assignment or transfer
of any Commitment or Loan shall be effective unless and until
recorded in the Register, and following such recording, unless
otherwise determined by the Administrative Agent (such
determination to be made in the sole discretion of the
Administrative Agent, which determination may be conditioned on the
consent of the assigning Lender and the assignee), shall be
effective notwithstanding any defect in the Assignment Agreement
relating thereto. Each assignment and transfer shall be recorded in
the Register following receipt by the Administrative Agent of the
fully executed Assignment Agreement, together with the required
forms and certificates regarding tax matters and any fees payable
in connection therewith, in each case as provided in Section
10.6(d); provided
that the Administrative Agent shall not be required to accept such
Assignment Agreement or so record the information contained therein
if the Administrative Agent reasonably believes that such
Assignment Agreement lacks any written consent required by this
Section 10.6 or is otherwise not in proper form, it being
acknowledged that the Administrative Agent shall have no duty or
obligation (and shall incur no liability) with respect to obtaining
(or confirming the receipt) of any such written consent or with
respect to the form of (or any defect in) such Assignment
Agreement, any such duty and obligation being solely with the
assigning Lender and the assignee. Each assigning Lender and the
assignee, by its execution and delivery of an Assignment Agreement,
shall be deemed to have represented to the Administrative Agent
that all written consents required by this Section 10.6 with
respect thereto (other than the consent of the Administrative Agent
and the Borrower, if applicable) have been obtained and that such
Assignment Agreement is otherwise duly completed and in proper
form. The date of such recordation of an assignment and transfer is
referred to herein as the “Assignment Effective Date” with
respect thereto. Any request, authority or consent of any Person
that, at the time of making such request or giving such authority
or consent, is recorded in the Register as a Lender shall be
conclusive and binding on any subsequent holder, assignee or
transferee of the corresponding Commitments or Loans.

 

(c) Right to Assign. Each Lender
shall have the right at any time to sell, assign or transfer all or
a portion of its rights and obligations under this Agreement,
including all or a portion of its Commitment or Loans or other
Obligations owing to it to:

 

(i) any Eligible
Assignee of the type referred to in clause (a) of the definition of
the term “Eligible Assignee” upon the giving of notice
to the Borrower and the Administrative Agent; or

 

 

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(ii) any
Eligible Assignee of the type referred to in clause (b) of the
definition of the term “Eligible Assignee”, upon (A)
the giving of notice to the Borrower and the Administrative Agent
and (B) except in the case of assignments made by or to any
Arranger or any Affiliate thereof during the primary syndication of
any credit facilities established hereunder, receipt of prior
written consent (each such consent not to be unreasonably withheld
or delayed) of (1) the Borrower, provided that the consent of
the Borrower to any assignment (x) shall not be required if an
Event of Default shall have occurred and is continuing pursuant to
Section 8.1(a), 8.1(f) or 8.1(g) and (y) shall be deemed to
have been granted unless the Borrower shall have objected thereto
by written notice to the Administrative Agent within 10 Business
Days after having received notice thereof and (2) the
Administrative Agent;

 

provided that:

 

(A) in the case of any
such assignment or transfer (other than to any Eligible Assignee
meeting the requirements of clause (i) above), the amount of the
Commitment or Loans of any Class of the assigning Lender subject
thereto shall not be less than $1,000,000 (with concurrent
assignments to Eligible Assignees that are Affiliates or Related
Funds thereof to be aggregated for purposes of the foregoing
minimum assignment amount requirements) or, in each case, such
lesser amount as shall be agreed to by the Borrower and the
Administrative Agent or as shall constitute the aggregate amount of
the Commitments or Loans of the applicable Class of the assigning
Lender, provided
that the consent of the Borrower to any lesser amount (x) shall not
be required if an Event of Default shall have occurred and is
continuing pursuant to Section 8.1(a), 8.1(f) or 8.1(g) and (y)
shall be deemed to have been granted if notice shall be given to
the Borrower requesting its consent to a lesser amount and the
Borrower shall not have objected thereto by written notice to the
Administrative Agent within 10 Business Days after having received
such request; and

 

(B) each partial
assignment or transfer shall be of a uniform, and not varying,
percentage of all rights and obligations of the assigning Lender
hereunder; provided
that a Lender may assign or transfer all or a portion of its
Commitment or of the Loans owing to it of any Class without
assigning or transferring any portion of its Commitment or of the
Loans owing to it, as the case may be, of any other
Class.

 

(d) Mechanics. Assignments and
transfers of Loans and Commitments by Lenders shall be effected by
the execution and delivery to the Administrative Agent of an
Assignment Agreement. In connection with all assignments, there
shall be delivered to the Administrative Agent such forms,
certificates or other evidence, if any, with respect to United
States federal income tax withholding matters as the assignee
thereunder may be required to deliver pursuant to Section 2.19(g),
together with payment to the Administrative Agent by the assignor
or the assignee of a registration and processing fee of $3,500
(except that no such registration and processing fee shall be
payable (i) in connection with an assignment by or to any Arranger
or any Affiliate thereof during the primary syndication of any
credit facilities established hereunder, (ii) in the case of an
assignee that is an Affiliate or Related Fund of a Lender or a
Person under common management with a Lender, (iii) in connection
with an assignment by or to Goldman Sachs or any Affiliate thereof
or (iv) otherwise waived by the Administrative Agent in its sole
discretion).

 

 

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(e) Representations and Warranties of
Assignee. Each Lender, upon execution and delivery hereof
(or of any Incremental Facility Agreement or Refinancing Facility
Agreement) or upon succeeding to an interest in the Commitments and
Loans, as the case may be, represents and warrants as of the
Closing Date (or, in the case of any Incremental Facility Agreement
or Refinancing Facility Agreement, as of the date of the
effectiveness thereof) or as of the applicable Assignment Effective
Date, as applicable, that (i) it is an Eligible Assignee, (ii) it
has experience and expertise in the making of or investing in
commitments or loans such as the applicable Commitments or Loans,
as the case may be, (iii) it will make or invest in, as the
case may be, its Commitments or Loans for its own account in the
ordinary course and without a view to distribution of such
Commitments or Loans within the meaning of the Securities Act or
the Exchange Act or other United States federal securities laws (it
being understood that, subject to the provisions of this Section
10.6, the disposition of such Commitments or Loans or any interests
therein shall at all times remain within its exclusive control) and
(iv) it will not provide any information obtained by it in its
capacity as a Lender to the Borrower, any Permitted Holder or any
Affiliate of the Borrower. In the case of any assignment by or to
any Vector Lender, the assignee or the assignor (in each case, if
not a Vector Lender), as the case may be, acknowledges and agrees
that in connection with such assignment, (A) such Vector Lender and
its Affiliates may have MNPI (as defined below), (B) such assignee
or assignor, as applicable, has independently, without reliance on
such Vector Lender, the Administrative Agent, the Arrangers or any
of their respective Affiliates, made its own analysis and
determination to participate in such assignment notwithstanding
such assignee’s or assignor’s lack of knowledge of any
such MNPI, (C) none of such Vector Lender, the Administrative
Agent, the Arrangers or any of their respective Affiliates shall
have any liability to such assignee or assignor, as the case may
be, and such assignee or assignor, as applicable, hereby waives and
releases, to the extent permitted by applicable law, any claims it
may have against such Vector Lender, the Administrative Agent, the
Arrangers and their respective Affiliates, under applicable law or
otherwise, with respect to the nondisclosure of any such MNPI and
(D) such MNPI may not be available to the Administrative Agent, the
Arrangers or the other Lenders. “MNPI” means material non-public
information (for purposes of United States federal, state or other
applicable securities laws) with respect to the Borrower, its
Subsidiaries and their respective Securities, it being understood
that MNPI may include information that is not available to Lenders,
including Private Lenders. It is understood and agreed that the
Administrative Agent and each Lender shall be entitled to rely, and
shall incur no liability for relying, upon the representations and
warranties and the acknowledgments and agreements of an assignee or
assignor, as applicable, set forth in this Section 10.6(e) and in
the applicable Assignment Agreement.

 

(f) Effect of Assignment. Subject
to the terms and conditions of this Section 10.6, as of the
Assignment Effective Date with respect to any assignment and
transfer of any Commitment or Loan, (i) the assignee thereunder
shall have the rights and obligations of a “Lender”
hereunder to the extent of its interest in such Commitment or Loan
as reflected in the Register and shall thereafter be a party hereto
and a “Lender” for all purposes hereof, (ii) the
assigning Lender thereunder shall, to the extent that rights and
obligations hereunder have been assigned and transferred to the
assignee, relinquish its rights (other than any rights that survive
the termination hereof under Section 10.8) and be released from its
obligations hereunder (and, in the case of an assignment covering
all the remaining rights and obligations of an assigning Lender
hereunder, such Lender shall cease to be a party hereto as a
“Lender” on such Assignment Effective Date,
provided that such
assigning Lender shall continue to be entitled to the benefit of
all rights that survive the termination hereof under Section 10.8),
and provided
further that except
to the extent otherwise expressly agreed by the affected parties,
no assignment by a Defaulting Lender will constitute a waiver or
release of any claim of any party hereunder arising from such
Lender’s having been a Defaulting Lender, and (iii) the
assigning Lender shall, upon the effectiveness thereof or as
promptly thereafter as practicable, surrender its applicable Notes
(if any) to the Administrative Agent for cancellation, and
thereupon the Borrower shall issue and deliver new Notes, if so
requested by the assignee and/or assigning Lender, to such assignee
and/or to such assigning Lender, with appropriate insertions, to
reflect the new Commitments and/or outstanding Loans of the
assignee and/or the assigning Lender.

 

 

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(g) Participations.

 

(i) Each Lender shall
have the right at any time to sell one or more participations to
any Eligible Assignee in all or any part of its Commitments or
Loans or in any other Obligation; 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 Credit Parties, the Administrative Agent, the
Collateral 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. Each
Lender that sells a participation pursuant to this
Section 10.6(g) shall, acting solely for United States federal
income tax purposes as a non-fiduciary agent of the Borrower,
maintain a register on which it records the name and address of
each participant to which it has sold a participation and the
principal amounts (and stated interest) of each such
participant’s interest in the Commitments or Loans or other
rights and obligations of such Lender under this Agreement or any
other Credit Document (the “Participant Register”);
provided that no
Lender shall have any obligation to disclose all or any portion of
the Participant Register to any Person (including the identity of
any participant or any information relating to a
participant’s interest in any Commitments, Loans or other
rights and obligations under any Credit Document), except to the
extent that such disclosure is necessary to establish that such
Commitment, Loan or other right or obligation is in registered form
under Section 5f.103-1(c) of the United States Treasury
Regulations. Unless otherwise required by the IRS, any disclosure
required by the foregoing sentence shall be made by the relevant
Lender directly and solely to the IRS. 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 under 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.

 

(ii) The
holder of any such participation, other than an Affiliate of the
Lender granting such participation, shall not be entitled to
require such Lender to take or omit to take any action hereunder,
except that any participation agreement may provide that the
participant’s consent must be obtained with respect to the
consent of such Lender to any waiver, amendment, modification or
consent that is described in Section 10.5(b) that affects such
participant or requires the approval of all the
Lenders.

 

(iii) The
Credit Parties agree that each participant shall be entitled to the
benefits of Sections 2.17(c), 2.18 and 2.19 (subject to the
requirements and limitations therein, including the requirements
under Section 2.19(g) (it being understood that the documentation
required under Section 2.19(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 Section
10.6(c); provided
that such participant (x) agrees to be subject to the provisions of
Sections 2.20 and 2.22 as if it were an assignee under Section
10.6(c) and (y) such participant shall not be entitled to receive
any greater payment under Section 2.18 or 2.19 with respect to any
participation than the applicable Lender would have been entitled
to receive with respect to such participation sold to such
participant, 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. To the extent
permitted by law, each participant also shall be entitled to the
benefits of Section 10.4 as though it were a Lender, provided that such participant
agrees to be subject to Section 2.16 as though it were a
Lender.

 

 

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(h) Certain Other Assignments and
Participations. In addition to any other assignment or
participation permitted pursuant to this Section 10.6, any Lender
may assign, pledge and/or grant a security interest in all or any
portion of its Loans or the other Obligations owed to such Lender,
and its Notes, if any, to secure obligations of such Lender,
including to any Federal Reserve Bank as collateral security
pursuant to Regulation A of the Board of Governors and any
operating circular issued by any Federal Reserve Bank or to any
other central bank; provided that no Lender, as
between the Borrower and such Lender, shall be relieved of any of
its obligations hereunder as a result of any such assignment and
pledge; and provided further that in no event shall
the applicable Federal Reserve Bank, other central bank, pledgee or
trustee be considered to be a “Lender”
hereunder.

 

(i) Loan Repurchases.
Notwithstanding anything to the contrary contained in this Section
10.6 or any other provision of this Agreement, the Borrower may
repurchase outstanding Loans, and each Lender shall have the right
at any time to sell, assign or transfer all or a portion of its
Loans to the Borrower, on the following basis:

 

(i) Loan Repurchase Auctions. The
Borrower may conduct one or more modified Dutch auctions (each, an
“Auction”) to
repurchase all or any portion of the Loans of any Class,
provided that (A)
the Borrower delivers a written notice of such Auction to the
Auction Manager and the Administrative Agent (for distribution to
the Lenders of such Class) no later than 12:00 p.m. (New York City time) at least five
Business Days in advance of a proposed commencement date of such
Auction (or such shorter period as may be acceptable to the
Administrative Agent), which notice shall specify (x) the
dates on which such Auction will commence and conclude, (y) the
maximum principal amount of Loans and the Class thereof that the
Borrower desires to repurchase in such Auction and (z) the range of
discounts to par at which the Borrower would be willing to
repurchase such Loans, (B) the maximum dollar amount of such
Auction shall be no less than an aggregate $10,000,000 or an
integral multiple of $1,000,000 in excess thereof, (C) such Auction
shall be open for at least two Business Days after the date of the
commencement thereof, (D) such Auction shall be open for
participation by all the Lenders of such Class on a ratable basis,
(E) a Lender of such Class that elects to participate in such
Auction will be permitted to tender for repurchase all or a portion
of such Lender’s Loans of such Class, (F) each repurchase of
Loans of any Class shall be of a uniform, and not varying,
percentage of all rights of the assigning Lender hereunder with
respect thereto (and shall be allocated among the Loans of such
Class of such Lender in a manner that would result in such
Lender’s remaining Loans of such Class being included in each
Borrowing in accordance with its applicable Pro Rata Share
thereof), (G) at the time of the commencement and conclusion of
such Auction, no Event of Default shall have occurred and be
continuing, (H) the Borrower shall not use the proceeds of
revolving loans constituting Permitted 6.1(e) Indebtedness to make
such repurchase and (I) such Auction shall be conducted pursuant to
such procedures as the Auction Manager may establish, so long as
such procedures are consistent with this Section 10.6(i) and are
reasonably acceptable to the Administrative Agent and the Borrower.
In connection with any Auction, the Auction Manager and the
Administrative Agent may request one or more certificates of an
Authorized Officer of the Borrower as to the satisfaction of the
conditions set forth in clauses (G) and (H)
above.

 

 

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(ii) Open
Market Purchases. The Borrower may repurchase all or any
portion of the Loans of any Class on a non pro rata basis through
open market purchases (each an “Open Market Purchase”),
provided that (A)
the Borrower delivers a written notice of such Open Market Purchase
to the Administrative Agent promptly upon consummation thereof, (B)
each repurchase of Loans of any Class shall be of a uniform, and
not varying, percentage of all rights of the assigning Lender
hereunder with respect thereto (and shall be allocated among the
Loans of such Class of such Lender in a manner that would result in
such Lender’s remaining Loans of such Class being included in
each Borrowing in accordance with its applicable Pro Rata Share
thereof), (C) at the time of and immediately following such
Open Market Purchase, no Event of Default shall have occurred and
be continuing and (D) the Borrower shall not use the proceeds of
revolving loans constituting Permitted 6.1(e) Indebtedness to make
such repurchase. In connection with any Open Market Purchase, the
Administrative Agent may request one or more certificates of an
Authorized Officer of the Borrower as to the satisfaction of the
conditions set forth in clauses (C) and (D)
above.

 

(iii) Concerning
the Repurchased Loans. Repurchases by the Borrower of Loans
pursuant to this Section 10.6(i) shall not constitute voluntary
prepayments for purposes of Section 2.11 or 2.13. The aggregate
principal amount of the Loans of any Class repurchased by the
Borrower pursuant to this Section 10.6(i) shall, in the case of
Loans of any Class subject to scheduled amortization of principal,
be applied to reduce any subsequent Installments to be paid
pursuant to Section 2.11 with respect to Loans of such Class
in an inverse order of maturity. Upon the repurchase by the
Borrower pursuant to this Section 10.6(i) of any Loans, such
Loans shall, without further action by any Person, automatically be
deemed cancelled and no longer outstanding (and may not be resold
by the Borrower) for all purposes of this Agreement and the other
Credit Documents, including with respect to (A) the making of, or
the application of, any payments to the Lenders under this
Agreement or any other Credit Document, (B) the making of any
request, demand, authorization, direction, notice, consent or
waiver under this Agreement or any other Credit Document or
(C) the determination of Requisite Lenders, or for any similar
or related purpose, under this Agreement or any other Credit
Document. The Administrative Agent is authorized to make
appropriate entries in the Register to reflect any cancelation of
the Loans repurchased and cancelled pursuant to this
Section 10.6(i). Any payment made by the Borrower in
connection with a repurchase permitted by this Section 10.6(i)
shall not be subject to the provisions of Section 2.15, 2.16 or
2.17(c). Failure by the Borrower to make any payment to a Lender
required to be made in consideration of a repurchase of Loans
permitted by this Section 10.6(i) shall not constitute a Default or
an Event of Default under Section 8.1(a). Each Lender shall, to the
extent that its Loans shall have been repurchased and assigned to
the Borrower pursuant to this Section 10.6(i), relinquish its
rights in respect thereof.

 

10.7. Independence
of Covenants. All covenants hereunder shall be given
independent effect so that if a particular action or condition is
not permitted by any of such covenants, the fact that it would be
permitted by an exception to, or would otherwise be within the
limitations of, another covenant shall not avoid the occurrence of
a Default or an Event of Default if such action is taken or
condition exists.

 

10.8. Survival
of Representations, Warranties and Agreements. All
covenants, agreements, representations and warranties made by the
Credit Parties in the Credit Documents and in the certificates or
other documents delivered in connection with or pursuant to this
Agreement or any other Credit Document shall be considered to have
been relied upon by the other parties hereto and shall survive the
execution and delivery of the Credit Documents and the making of
any Loans, regardless of any investigation made by any such other
party or on its behalf and notwithstanding that any Agent, Arranger
or Lender may have had notice or knowledge of any Default or Event
of Default or incorrect representation or warranty at the time any
Credit Document is executed and delivered or any credit is extended
hereunder, and shall continue in full force and effect as long as
the principal of or any accrued interest on any Loan or any fee or
any other amount payable under this Agreement is outstanding and
unpaid and so long as the Commitments have not expired or
terminated. The provisions of Sections 2.17(c), 2.18, 2.19, 9,
10.2, 10.3 and 10.4 shall survive and remain in full force and
effect regardless of the consummation of the transactions
contemplated hereby, the repayment of the Loans or the termination
of this Agreement or any provision hereof.

 

 

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10.9. No
Waiver; Remedies Cumulative. No failure or delay on the part
of any Agent, Arranger or Lender in the exercise of any power,
right or privilege hereunder or under any other Credit Document
shall impair such power, right or privilege or be construed to be a
waiver thereof or of any Default or Event of Default or
acquiescence therein, nor shall any single or partial exercise of
any such power, right or privilege, or any abandonment or
discontinuance of steps to enforce such power, right or privilege,
preclude any other or further exercise thereof or the exercise of
any other power, right or privilege. The powers, rights, privileges
and remedies of the Agents, the Arrangers and the Lenders hereunder
and under the other Credit Documents are cumulative and shall be in
addition to and independent of all powers, rights, privileges and
remedies they would otherwise have. Without limiting the generality
of the foregoing, the execution and delivery of this Agreement or
the making of any Loan hereunder shall not be construed as a waiver
of any Default or Event of Default, regardless of whether any
Agent, Arranger or Lender may have had notice or knowledge of such
Default or Event of Default at the time.

 

10.10. Marshalling;
Payments Set Aside. None of the Agents, the Arrangers or the
Lenders shall be under any obligation to marshal any assets in
favor of any Credit Party or any other Person or against or in
payment of any or all of the Obligations. To the extent that any
Credit Party makes a payment or payments to any Agent, Arranger or
Lender (or to the Administrative Agent or the Collateral Agent, on
behalf of any Agent, Arranger or Lender), or any Agent, Arranger or
Lender enforces any security interests or exercises any right of
set-off, and such payment or payments or the proceeds of such
enforcement or set-off or any part thereof are subsequently
invalidated, declared to be fraudulent, preferential or at
undervalue, set aside and/or required to be repaid to a trustee,
receiver or any other party under any Debtor Relief Laws, any other
state or federal law, common law or any equitable cause, then, to
the extent of such recovery, the obligation or part thereof
originally intended to be satisfied, and all Liens, rights and
remedies therefor or related thereto, shall be revived and
continued in full force and effect as if such payment or payments
had not been made or such enforcement or set-off had not
occurred.

 

10.11. Severability.
In case any provision in or obligation hereunder or under any other
Credit Document shall be invalid, illegal or unenforceable in any
jurisdiction, the validity, legality and enforceability of the
remaining provisions or obligations, or of such provision or
obligation in any other jurisdiction, shall not in any way be
affected or impaired thereby.

 

10.12. Independent
Nature of Lenders’ Rights. Nothing contained herein or
in any other Credit Document, and no action taken by the Lenders
pursuant hereto or thereto, shall be deemed to constitute the
Lenders as a partnership, an association, a joint venture or any
other kind of entity. The amounts payable at any time hereunder to
each Lender shall be a separate and independent debt, and each
Lender shall be entitled to protect and enforce its rights arising
hereunder and it shall not be necessary for any other Lender to be
joined as an additional party in any proceeding for such
purpose.

 

10.13. Headings.
Section headings herein are included herein for convenience of
reference only and shall not constitute a part hereof for any other
purpose or be given any substantive effect.

 

 

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10.14. APPLICABLE
LAW. THIS AGREEMENT AND THE
RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER (INCLUDING ANY
CLAIMS SOUNDING IN CONTRACT LAW OR TORT LAW ARISING OUT OF THE
SUBJECT MATTER HEREOF AND ANY DETERMINATIONS WITH RESPECT TO
POST-JUDGMENT INTEREST) SHALL BE GOVERNED BY, AND SHALL BE
CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
NEW YORK, WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES THEREOF
THAT WOULD RESULT IN THE APPLICATION OF ANY LAW OTHER THAN THE LAW
OF THE STATE OF NEW YORK.

 

10.15. CONSENT
TO JURISDICTION. SUBJECT TO
CLAUSE (E) BELOW, ALL JUDICIAL PROCEEDINGS BROUGHT AGAINST ANY
PARTY HERETO ARISING OUT OF OR RELATING HERETO OR ANY OTHER CREDIT
DOCUMENT, OR ANY OF THE OBLIGATIONS, SHALL BE BROUGHT EXCLUSIVELY
IN ANY FEDERAL COURT OF THE UNITED STATES OF AMERICA SITTING IN THE
BOROUGH OF MANHATTAN OR, IF THAT COURT DOES NOT HAVE SUBJECT MATTER
JURISDICTION, IN ANY STATE COURT LOCATED IN THE CITY AND COUNTY OF
NEW YORK. BY EXECUTING AND DELIVERING THIS AGREEMENT, EACH PARTY
HERETO, FOR ITSELF AND IN CONNECTION WITH ITS PROPERTIES,
IRREVOCABLY (A) ACCEPTS GENERALLY AND UNCONDITIONALLY THE EXCLUSIVE
JURISDICTION AND VENUE OF SUCH COURTS (SUBJECT TO CLAUSE (E)
BELOW); (B) WAIVES ANY DEFENSE OF FORUM NON CONVENIENS; (C) AGREES
THAT SERVICE OF ALL PROCESS IN ANY SUCH PROCEEDING IN ANY SUCH
COURT MAY BE MADE BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT
REQUESTED, TO THE APPLICABLE PARTY AT ITS ADDRESS PROVIDED IN
ACCORDANCE WITH SECTION 10.1; (D) AGREES THAT SERVICE AS PROVIDED
IN CLAUSE (C) ABOVE IS SUFFICIENT TO CONFER PERSONAL JURISDICTION
OVER THE APPLICABLE CREDIT PARTY IN ANY SUCH PROCEEDING IN ANY SUCH
COURT, AND OTHERWISE CONSTITUTES EFFECTIVE AND BINDING SERVICE IN
EVERY RESPECT; AND (E) AGREES THAT THE AGENTS, THE ARRANGERS AND
THE LENDERS RETAIN THE RIGHT TO SERVE PROCESS IN ANY OTHER MANNER
PERMITTED BY LAW OR TO BRING PROCEEDINGS AGAINST ANY CREDIT PARTY
IN THE COURTS OF ANY OTHER JURISDICTION IN CONNECTION WITH THE
EXERCISE OF ANY RIGHTS UNDER ANY CREDIT DOCUMENT OR ANY EXERCISE OF
REMEDIES IN RESPECT OF COLLATERAL OR THE ENFORCEMENT OF ANY
JUDGMENT, AND HEREBY SUBMITS TO THE JURISDICTION OF, AND CONSENTS
TO VENUE IN, ANY SUCH COURT.

 

10.16. WAIVER
OF JURY TRIAL. EACH OF THE
PARTIES HERETO HEREBY AGREES TO WAIVE ITS RIGHTS TO A JURY TRIAL OF
ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING HEREUNDER OR
UNDER ANY OF THE OTHER CREDIT DOCUMENTS OR ANY DEALINGS BETWEEN
THEM RELATING TO THE SUBJECT MATTER OF THIS LOAN TRANSACTION OR THE
LENDER/BORROWER RELATIONSHIP THAT IS BEING ESTABLISHED. THE SCOPE
OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL
DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE
SUBJECT MATTER OF THIS TRANSACTION, INCLUDING CONTRACT CLAIMS, TORT
CLAIMS, BREACH OF DUTY CLAIMS AND ALL OTHER COMMON LAW AND
STATUTORY CLAIMS. EACH PARTY HERETO ACKNOWLEDGES THAT THIS WAIVER
IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP,
THAT EACH HAS ALREADY RELIED ON THIS WAIVER IN ENTERING INTO THIS
AGREEMENT, AND THAT EACH WILL CONTINUE TO RELY ON THIS WAIVER IN
ITS RELATED FUTURE DEALINGS. EACH PARTY HERETO FURTHER WARRANTS AND
REPRESENTS 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 WAIVER IS
IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR
IN WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY
REFERRING TO THIS SECTION 10.16 AND EXECUTED BY EACH OF THE PARTIES
HERETO), AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS,
RENEWALS, SUPPLEMENTS OR MODIFICATIONS HERETO OR ANY OF THE OTHER
CREDIT DOCUMENTS OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING
TO THE LOANS MADE HEREUNDER. IN THE EVENT OF LITIGATION, THIS
AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE
COURT.

 

 

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10.17. Confidentiality.
Each Agent and each Lender shall hold all Confidential Information
(as defined below) obtained by such Agent or such Lender in
accordance with such Agent’s and such Lender’s
customary procedures for handling confidential information of such
nature, it being understood and agreed by the Borrower that, in any
event, the Administrative Agent and the Collateral Agent may
disclose Confidential Information to the Lenders and the other
Agents and that each Agent and each Lender may disclose
Confidential Information (a) to Affiliates of such Agent or Lender
and to its and their respective Related Parties, independent
auditors and other advisors, experts or agents who need to know
such Confidential Information (and to other Persons authorized by a
Lender or Agent to organize, present or disseminate such
information in connection with disclosures otherwise made in
accordance with this Section 10.17) (it being understood that the
Persons to whom such disclosure is made will be informed of the
confidential nature of such Confidential Information and instructed
to keep such Confidential Information confidential or shall
otherwise be subject to an obligation of confidentiality), (b) to
any potential or prospective assignee, transferee or participant in
connection with the contemplated assignment, transfer or
participation of any Loans or other Obligations or any
participations therein or to any direct or indirect contractual
counterparties (or the professional advisors thereto) to any swap
or derivative transaction relating to the Borrower or any of its
Affiliates and their obligations (provided that such assignees,
transferees, participants, counterparties and advisors are advised
of and agree to be bound by either the provisions of this Section
10.17 or other provisions at least as restrictive as this Section
10.17 or otherwise reasonably acceptable to the Administrative
Agent, the Collateral Agent or the applicable Lender, as the case
may be, and the Borrower, including pursuant to the confidentiality
terms set forth in the Confidential Information Memorandum or other
marketing materials relating to the credit facilities governed by
this Agreement; and provided further that without the
Borrower’s prior written consent, no such disclosure may be
made to any Disqualified Institution), (c) on a confidential basis,
to any rating agency, (d) on a confidential basis, to the CUSIP
Service Bureau or any similar agency in connection with the
issuance and monitoring of CUSIP numbers with respect to the Loans,
(e) for purposes of establishing a “due diligence”
defense or in connection with the exercise of any remedies
hereunder or under any other Credit Document, (f) as required by
law or pursuant to legal or judicial process (in which case, unless
specifically prohibited by applicable law or court order, such
Agent or such Lender shall make reasonable efforts to notify the
Borrower promptly thereof), (g) as required or requested by any
Governmental Authority or by any regulatory or quasi-regulatory
authority (including any self-regulatory organization) having
jurisdiction or claiming to have jurisdiction over such Agent or
such Lender or any of their respective Affiliates, (h) received by
it on a non-confidential basis from a source (other than the
Borrower or its Affiliates or Related Parties) not known by it to
be prohibited from disclosing such information to such persons by a
legal, contractual or fiduciary obligation, (i) to the extent that
such information was already in possession of such Agent or such
Lender, as the case may be, or any of its Affiliates or is
independently developed by it or any of its Affiliates and (j) with
the consent of the Borrower. For purposes of the foregoing,
“Confidential
Information” means, with respect to any Agent or any
Lender, any non-public information regarding the business, assets,
liabilities and operations of the Borrower and the Subsidiaries
obtained by such Agent or Lender under the terms of this Agreement
and identified as confidential by the Borrower. In addition, each
Agent and each Lender may disclose the existence of this Agreement
and the information about this Agreement to market data collectors,
similar services providers to the lending industry, and service
providers to the Agents and the Lenders in connection with the
administration and management of this Agreement and the other
Credit Documents. It is agreed that, notwithstanding the
restrictions of any prior confidentiality agreement binding on any
Arranger or any Agent, such parties may disclose
Confidential Information as provided in this
Section 10.17.

 

 

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10.18. Usury
Savings Clause. 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 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 that 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 that 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 the Administrative Agent an amount equal to the difference
between the amount of interest paid and the amount of interest that
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 that 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.

 

10.19. Counterparts.
This Agreement may be executed in any number of counterparts, each
of which when so executed and delivered shall be deemed an
original, but all such counterparts together shall constitute but
one and the same instrument. Delivery of an executed counterpart of
a signature page of this Agreement by facsimile or in electronic
format (i.e., “pdf” or “tif”) shall be
effective as delivery of a manually executed counterpart of this
Agreement.

 

10.20. Effectiveness;
Entire Agreement. Subject to Section 3, this Agreement shall
become effective when it shall have been executed by the
Administrative Agent and there shall have been delivered to the
Administrative Agent counterparts hereof that, when taken together,
bear the signatures of each of the other parties hereto.
THIS AGREEMENT AND THE OTHER CREDIT
DOCUMENTS CONSTITUTE THE ENTIRE CONTRACT AMONG THE PARTIES RELATING
TO THE SUBJECT MATTER HEREOF AND SUPERSEDE ANY AND ALL PREVIOUS
AGREEMENTS AND UNDERSTANDINGS, ORAL OR WRITTEN, RELATING TO THE
SUBJECT MATTER HEREOF (BUT DO NOT SUPERSEDE ANY PROVISIONS OF ANY
ENGAGEMENT LETTER OR FEE LETTER BETWEEN OR AMONG ANY CREDIT PARTIES
AND ANY AGENT OR ARRANGER OR ANY AFFILIATE OF ANY OF THE FOREGOING
THAT BY THE TERMS OF SUCH DOCUMENTS ARE STATED TO SURVIVE THE
EFFECTIVENESS OF THIS AGREEMENT, ALL OF WHICH PROVISIONS SHALL
REMAIN IN FULL FORCE AND EFFECT).

 

10.21. PATRIOT
Act. Each Lender and the Administrative Agent (for itself
and not on behalf of any Lender) hereby notifies each Credit Party
that pursuant to the requirements of the PATRIOT Act it is required
to obtain, verify and record information that identifies each
Credit Party, which information includes the name and address of
each Credit Party and other information that will allow such Lender
or the Administrative Agent, as applicable, to identify such Credit
Party in accordance with the PATRIOT Act.

 

10.22. Electronic
Execution of Assignments. The words “execution”,
“signed”, “signature” and words of like
import in any Assignment Agreement shall be deemed to include
electronic signatures or the keeping of records in electronic form,
each of which shall be of the same legal effect, validity or
enforceability as a manually executed signature or the use of a
paper-based recordkeeping system, as the case may be, to the extent
and as provided for in any applicable law, including the Federal
Electronic Signatures in Global and National Commerce Act, the New
York State Electronic Signatures and Records Act, or any other
similar state laws based on the Uniform Electronic Transactions
Act.

 

 

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10.23. No
Fiduciary Duty. Each Agent, each Arranger, each Lender and
their respective Affiliates (collectively, solely for purposes of
this paragraph, the “Lenders”) may have economic
interests that conflict with those of the Credit Parties, their
equityholders and/or their Affiliates. Each Credit Party agrees
that nothing in the Credit Documents or otherwise will be deemed to
create an advisory, fiduciary or agency relationship or fiduciary
or other implied duty between any Agent, Arranger or Lender, on the
one hand, and such Credit Party or its equityholders or its
Affiliates, on the other. The Credit Parties acknowledge and agree
that (a) the transactions contemplated by the Credit Documents
(including the exercise of rights and remedies hereunder and
thereunder) are arm’s-length commercial transactions between
the Agents, Arrangers and Lenders, on the one hand, and the Credit
Parties, on the other, and (b) in connection therewith and with the
process leading thereto, (i) no Agent, Arranger or Lender has
assumed an advisory or fiduciary responsibility in favor of any
Credit Party, its equityholders or its Affiliates with respect to
the transactions contemplated hereby (or the exercise of rights or
remedies with respect thereto) or the process leading thereto
(irrespective of whether any Agent, Arranger or Lender has advised,
is currently advising or will advise any Credit Party, its
equityholders or its Affiliates on other matters) or any other
obligation to any Credit Party except the obligations expressly set
forth in the Credit Documents and (ii) each Agent, Arranger and
Lender is acting solely as principal and not as the agent or
fiduciary of any Credit Party, its management, equityholders,
creditors or any other Person. Each Credit Party acknowledges and
agrees that it has consulted its own legal and financial advisors
to the extent it has deemed appropriate and that it is responsible
for making its own independent judgment with respect to such
transactions and the process leading thereto. Each Credit Party
agrees that it will not assert, and hereby waives to the maximum
extent permitted by applicable law, any claim that any Agent,
Arranger or Lender has rendered advisory services of any nature or
respect, or owes a fiduciary or similar duty to such Credit Party,
in connection with any such transaction or the process leading
thereto.

 

10.24. Permitted
Intercreditor Agreements. (a) Each of the Lenders and the
other Secured Parties acknowledges that obligations of the Credit
Parties under the First Lien Credit Agreement are, and under any
other Permitted Section 6.1(e) Indebtedness, any Permitted Credit
Agreement Refinancing Indebtedness or any Permitted Incremental
Equivalent Indebtedness may be, secured by Liens on assets of the
Credit Parties that constitute Collateral and that the relative
Lien priority and other creditor rights of the Secured Parties and
the secured parties under the First Lien Credit Agreement will be
set forth in the Intercreditor Agreement, and the relative Lien
priority and other creditor rights of the Secured Parties and the
secured parties under any other Permitted Section 6.1(e)
Indebtedness, any Permitted Credit Agreement Refinancing
Indebtedness or any Permitted Incremental Equivalent Indebtedness
will be set forth in the applicable Permitted Intercreditor
Agreement. Each of the Lenders and the other Secured Parties hereby
acknowledges that it has received a copy of the Intercreditor
Agreement. Each of the Lenders and the other Secured Parties hereby
irrevocably authorizes and directs the Administrative Agent and the
Collateral Agent to execute and deliver, in each case on behalf of
such Secured Party and without any further consent, authorization
or other action by such Secured Party, (i) on the Closing
Date, the Intercreditor Agreement and any documents relating
thereto and (ii) from time to time upon the request of the
Borrower, in connection with the establishment, incurrence,
amendment, refinancing or replacement of any Permitted Section
6.1(e) Indebtedness, any Permitted Credit Agreement Refinancing
Indebtedness or any Permitted Incremental Equivalent Indebtedness,
any Permitted Intercreditor Agreement (it being understood that the
Administrative Agent and the Collateral Agent are hereby authorized
and directed to determine the terms and conditions of any such
Permitted Intercreditor Agreement as contemplated by the definition
of the terms “Intercreditor Agreement”, “Junior
Lien Intercreditor Agreement”, “Pari Passu
Intercreditor Agreement” and “Senior Lien Intercreditor
Agreement”) and any documents relating thereto.

 

 

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(b) Each of the Lenders
and the other Secured Parties hereby irrevocably (i) consents to
the treatment of Liens to be provided for under any Permitted
Intercreditor Agreement, (ii) agrees that, upon the execution and
delivery thereof, such Secured Party will be bound by the
provisions of any Permitted Intercreditor Agreement as if it were a
signatory thereto and will take no actions contrary to the
provisions of any Permitted Intercreditor Agreement, (iii) agrees
that no Secured Party shall have any right of action whatsoever
against the Administrative Agent or any Collateral Agent as a
result of any action taken by the Administrative Agent or the
Collateral Agent pursuant to this Section 10.24 or in accordance
with the terms of any Permitted Intercreditor Agreement, (iv)
authorizes and directs the Administrative Agent and the Collateral
Agent to carry out the provisions and intent of each such document
and (v) authorizes and directs the Administrative Agent and the
Collateral Agent to take such actions as shall be required to
release Liens on the Collateral in accordance with the terms of any
Permitted Intercreditor Agreement.

 

(c) Each of the Lenders
and the other Secured Parties hereby irrevocably further authorizes
and directs the Administrative Agent and the Collateral Agent to
execute and deliver, in each case on behalf of such Secured Party
and without any further consent, authorization or other action by
such Secured Party, any amendments, supplements or other
modifications of any Permitted Intercreditor Agreement that the
Borrower may from time to time request and that are reasonably
acceptable to the Administrative Agent (i) to give effect to any
establishment, incurrence, amendment, extension, renewal,
refinancing or replacement of any Obligations, any Permitted
Section 6.1(e) Indebtedness, any Permitted Credit Agreement
Refinancing Indebtedness or any Permitted Incremental Equivalent
Indebtedness, (ii) to confirm for any party that such Permitted
Intercreditor Agreement is effective and binding upon the
Administrative Agent and the Collateral Agent on behalf of the
Secured Parties or (iii) to effect any other amendment, supplement
or modification so long as the resulting agreement would constitute
a Permitted Intercreditor Agreement if executed at such time as a
new agreement.

 

(d) Each of the Lenders
and the other Secured Parties hereby irrevocably further authorizes
and directs the Administrative Agent and the Collateral Agent to
execute and deliver, in each case on behalf of such Secured Party
and without any further consent, authorization or other action by
such Secured Party, any amendments, supplements or other
modifications of any Collateral Document to add or remove any
legend that may be required pursuant to any Permitted Intercreditor
Agreement.

 

(e) Each of the
Administrative Agent and the Collateral Agent shall have the
benefit of the provisions of Sections 9, 10.2 and 10.3 with respect
to all actions taken by it pursuant to this Section 10.24 or
in accordance with the terms of any Permitted Intercreditor
Agreement to the full extent thereof.

 

(f) The provisions of
this Section 10.24 are intended as an inducement to the secured
parties under the First Lien Credit Documents or under any other
Permitted Section 6.1(e) Indebtedness Documents, any Permitted
Credit Agreement Refinancing Indebtedness or Permitted Incremental
Equivalent Indebtedness to extend credit to the Borrower thereunder
and such secured parties are intended third party beneficiaries of
such provisions.

 

10.25. Acknowledgement
and Consent to Bail-In of EEA Financial Institutions.
Notwithstanding anything to the contrary in any Credit Document or
in any other agreement, arrangement or understanding among the
parties hereto, each party hereto acknowledges that any liability
of any EEA Financial Institution arising under any Credit 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:

 

 

-165-

 

(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 Credit 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 intentionally left blank]

 

-166-

 

 

IN WITNESS WHEREOF, the parties hereto
have caused this Agreement to be duly executed and delivered by
their respective officers thereunto duly authorized as of the date
first written above.

 

	

FUSION CONNECT, INC., as Borrower

	

   

	

By:

	

/s/
Kevin Dotts

	
 

	

Name: Kevin
Dotts

	
 

	

Title: Executive
Vice President, Chief Financial Officer and Principal Accounting
Officer

 

 

	

FUSION NBS ACQUISITION CORP.

FUSION LLC

FUSION BCHI ACQUISITION LLC

BIRCH COMMUNICATIONS, LLC

CBEYOND, INC.

CBEYOND COMMUNICATIONS, LLC

BIRCH MANAGEMENT LLC

BIRCH TELECOM, LLC

BIRCH TEXAS HOLDINGS, INC.

BIRCH TELECOM OF KANSAS, LLC

BIRCH TELECOM OF OKLAHOMA, LLC

BIRCH TELECOM OF MISSOURI, LLC

BIRCH TELECOM OF TEXAS LTD., L.L.P.

BIRCAN HOLDINGS, LLC

PRIMUS HOLDINGS, INC.

FUSION MPHC ACQUISITION CORP., as Guarantors

 

 

	

By:

	

/s/
Kevin Dotts

	
 

	

Name: Kevin
Dotts

	
 

	

Title: Executive
Vice President, Chief Financial Officer and Principal Accounting
Officer

 

 

[Signature
Page to Fusion Second Lien Credit and Guaranty
Agreement]

 

-167-

 

 

	

WILMINGTON TRUST, NATIONAL ASSOCIATION, as the
Administrative Agent and the Collateral
Agent,

	

By:

	

/s/
Jamie Roseberg

	
 

	

Name:
Jamie Roseberg

Title:
Banking Officer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signature
Page to Fusion Second Lien Credit and Guaranty
Agreement]

 

 

-168-

 

 

	

GOLDMAN SACHS LENDING PARTNERS LLC, as a
Lender,

 

	

By:

	

/s/
Robert Ehudin

	
 

	

Authorized
Signatory

Rober
Ehudin

 

 

 

 

 [Signature
Page to Fusion Second Lien Credit and Guaranty
Agreement]

 

 

-169-

 

 

EXHIBIT
A

TO
FUSION CONNECT, INC.

SECOND
LIEN CREDIT AND GUARANTY AGREEMENT

 

 

ASSIGNMENT AGREEMENT

 

This
Assignment and Assumption Agreement (this “Assignment”) is dated as of the
Assignment Effective Date set forth below and is entered into by
and between the Assignor identified below and the Assignee
identified below. Capitalized terms used but not defined herein
shall have the meanings given to them in the Second Lien Credit and
Guaranty Agreement identified below (as it may be amended,
supplemented or otherwise modified from time to time, the
“Credit
Agreement”), receipt of a copy of which is hereby
acknowledged by the Assignee. The Standard Terms and Conditions set
forth in Annex 1 attached hereto are hereby agreed to and
incorporated herein by reference and made a part of this Assignment
as if set forth herein in full.

 

For an
agreed consideration, the Assignor hereby irrevocably sells and
assigns to the Assignee, and the Assignee hereby irrevocably
purchases and assumes from the Assignor, subject to and in
accordance with the Standard Terms and Conditions set forth in
Annex 1 attached hereto and the Credit Agreement, as of the
Assignment Effective Date inserted by the Administrative Agent as
contemplated below, (a) the interest in and to all of the
Assignor’s rights and obligations in its capacity as a Lender
under the Credit Agreement and any other documents or instruments
delivered pursuant thereto that represents the amount and
percentage interest identified below of all of the Assignor’s
outstanding rights and obligations under the facility identified
below (including any Guarantees included in such facilities) and
(b) to the extent permitted to be assigned under applicable law,
all claims, suits, causes of action and any other right of the
Assignor in its capacity as a Lender under the Credit Agreement
against any Person, whether known or unknown, arising under or in
connection with the Credit Agreement, any other documents or
instruments delivered pursuant thereto or the Transactions governed
thereby or in any way based on or related to any of the foregoing,
including, but not limited to, contract claims, tort claims,
malpractice claims, statutory claims and all other claims at law or
in equity related to the rights and obligations sold and assigned
pursuant to clause (a) above (the rights and obligations sold and
assigned by the Assignor to the Assignee pursuant to clauses (a)
and (b) above being referred to herein collectively as the
“Assigned
Interest”). Such sale and assignment is without
recourse to the Assignor and, except as expressly provided in this
Assignment and the Credit Agreement, without representation or
warranty by the Assignor.

 

 

 

 

 

	

1.

	

Assignor:
__________________________

	
 

	
 

	

2.

	

Assignee:
__________________________

	
 

	
 

	

3.

	

Is the
Assignee a Lender/an Affiliate of a Lender/a Related Fund? Yes:
⁪ No: ⁪

Specify
if “Yes”.

	

4.

	

Borrower:
Fusion Connect, Inc.

	
 

	
 

	

5.

	

Administrative
Agent: Wilmington Trust, National Association, as the
Administrative Agent under the Credit Agreement.

	
 

	
 

	

6.

	

Credit
Agreement: Second Lien Credit and Guaranty Agreement, dated as of
May 4, 2018, among Fusion Connect, Inc., certain Subsidiaries
of Fusion Connect, Inc. party thereto, the Lenders party thereto
and Wilmington Trust, National Association, as Administrative Agent
and Collateral Agent.

	
 

	
 

	

7.

	

Assigned
Interest:

 

	

Facility
Assigned

 

	

Aggregate
Amount of Commitments/Loans of the Applicable Class of all
Lenders

 

	

Amount
of Commitment/Loans of the Applicable Class Assigned1

 

	

Percentage
Assigned of Commitments/Loans of the Applicable Class of all
Lenders2

 

	

Tranche
B Term Loans

 

	

$______________

 

	

$______________

 

	

____________%

 

	

[
]3

 

	

$______________

 

	

$______________

 

	

____________%

 

 

8. 

Assignment
Effective Date: ______________, 20__ [TO BE INSERTED BY
ADMINISTRATIVE AGENT AND WHICH DATE SHALL BE THE ASSIGNMENT
EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER
THEREFOR.]

 

9. 

Notice and Wire
Instructions:

 

	
 

	

 [NAME OF ASSIGNOR]

Notices:

_________________________

_________________________

_________________________

Attention:

Facsimile:

with a
copy to:

_________________________ _________________________

_________________________

Attention:

Facsimile:

Wire
Instructions:

	
 

	

 [NAME OF ASSIGNEE]

Notices:

_________________________

_________________________

_________________________

Attention:

Facsimile:

with a
copy to:

_________________________

_________________________

_________________________

Attention:

Facsimile:

Wire
Instructions:

 

1     In
the case of any assignment (other than to an Eligible Assignee
meeting the requirements of Section 10.6(c)(i) of the Credit
Agreement), the amount of Commitment or Loans assigned shall not be
less than $1,000,000 in the case of assignments of any Commitment
or Loan of any Class, or, in each case, a lesser amount permitted
under Section 10.6(c) of the Credit Agreement. Any partial
assignment shall be of a uniform, and not varying, percentage of
all rights and obligations of the Assignor unless otherwise
permitted under Section 10.6(c)(ii)(B) of the Credit
Agreement.

2     Set
forth, to at least 9 decimals, as a percentage of the Loans of the
applicable Class of all Lenders thereunder.

3     In
the event any new Class of Loans is established under Section 2.23,
2.24 or 2.25 of the Credit Agreement, refer to the Class of Loans
assigned.

 

 

The
terms set forth in this Assignment are hereby agreed
to:

 

ASSIGNOR:

 

[NAME
OF ASSIGNOR]

 

By:_______________________

Name:

Title:

 

ASSIGNEE:

 

[NAME
OF ASSIGNEE]

 

By:_______________________

Name:

Title:

 

[Consented
to by:

 

FUSION CONNECT, INC.

 

 

By:_______________________

Name:

Title:]4

 

[Consented
to and]5 Accepted by:

 

WILMINGTON TRUST, NATIONAL ASSOCIATION, as

   Administrative
Agent

 

By:_______________________

Authorized
Person

 

 

4 If consent of the
Borrower is required, and not deemed granted, under Section 10.6(c)
of the Credit Agreement.

 

5 If consent of the
Administrative Agent is required under Section 10.6(c) of the
Credit Agreement.

 

 

 

ANNEX
1

 

 

STANDARD
TERMS AND CONDITIONS FOR ASSIGNMENT AND ASSUMPTION
AGREEMENT

 

1.

Representations and
Warranties.

 

1.1.

Assignor. The Assignor (a)
represents and warrants that (i) it is the legal and beneficial
owner of the Assigned Interest, (ii) the Assigned Interest is free
and clear of any lien, encumbrance or other adverse claim and (iii)
it has full power and authority, and has taken all action
necessary, to execute and deliver this Assignment and to consummate
the transactions contemplated hereby; and (b) assumes no
responsibility with respect to (i) any statements, warranties or
representations made in or in connection with the Credit Agreement
or any other Credit Document, other than this Assignment, (ii) the
execution, legality, validity, enforceability, genuineness,
sufficiency or value of any Credit Document, or any collateral
thereunder, (iii) the financial condition of the Borrower, the
Subsidiaries or any other Affiliate of the Borrower or any other
Person obligated in respect of any Credit Document or (iv) the
performance or observance by the Borrower, the Subsidiaries or any
other Affiliate of the Borrower or any other Person of any of their
respective obligations under any Credit Document.

 

1.2.

Assignee. The Assignee (a)
represents and warrants that (i) it has full power and authority,
and has taken all action necessary, to execute and deliver this
Assignment and to consummate the transactions contemplated hereby
and to become a Lender under the Credit Agreement, (ii) it is an
Eligible Assignee, (iii) it has experience and expertise in
the making of or investing in commitments or loans such as the
Assigned Interest, (iv) it will acquire the Assigned Interest for
its own account in the ordinary course and without a view to
distribution of the Assigned Interest within the meaning of the
Securities Act or the Exchange Act or other United States federal
securities laws (it being understood that, subject to the
provisions of Section 10.6 of the Credit Agreement, the disposition
of the Assigned Interest or any interests therein shall at all
times remain within its exclusive control), (v) it will not provide
any information or materials obtained by it in its capacity as
Lender to the Borrower, any Permitted Holder or any Affiliate of
the Borrower, (vi) from and after the Assignment Effective
Date, it shall be bound by the provisions of the Credit Agreement
(including as to each Permitted Intercreditor Agreement) and, to
the extent of the Assigned Interest, shall have the obligations of
a Lender thereunder, (vii) it has received a copy of the Credit
Agreement and such other documents and information as it has deemed
appropriate to make its own credit analysis and decision to enter
into this Assignment and to purchase the Assigned Interest on the
basis of which it has made such analysis and decision,
(viii) attached to this Assignment is any tax documentation
required to be delivered by it pursuant to the terms of the Credit
Agreement, duly completed and executed by the Assignee, and (ix) it
has reviewed the Memorandum for Lenders dated April 30, 2018 (the
“Lender Memo”)
posted by Goldman Sachs Lending Partners LLC (“Goldman Sachs”) on the Platform
and (A) acknowledges the information contained therein, including
the respective rights and obligations of the various parties
described therein, and (B) confirms and agrees that none of the
collateral (including any cash collateral) or other credit support
provided by the SPV TLB Lender (as such term is defined in the
Lender Memo) or the TLB Lender (as such term is defined in the
Lender Memo) to Goldman Sachs will secure the Obligations and that
the Assignee shall have no rights thereto or interests therein, and
(b) agrees that (i) it will, independently and without
reliance on any Agent, any Arranger, the Assignor or any other
Lender, and based on such documents and information as it shall
deem appropriate at that time, continue to make its own credit
decisions in taking or not taking action under the Credit
Documents, and (ii) it will perform in accordance with their
terms all of the obligations which by the terms of the Credit
Documents are required to be performed by it as a
Lender.

 

 

 

 

 

 

1.3.

MNPI. In the case of any
assignment by or to any Vector Lender, the Assignee or the Assignor
(in each case, if not a Vector Lender), as the case may be,
acknowledges and agrees that in connection with such assignment,
(a) such Vector Lender and its Affiliates may have MNPI (as defined
below), (b) such Assignee or Assignor, as applicable, has
independently, without reliance on such Vector Lender, the
Administrative Agent, the Arrangers or any of their respective
Affiliates, made its own analysis and determination to participate
in such assignment notwithstanding such Assignee’s or
Assignor’s lack of knowledge of any such MNPI, (c) none of
such Vector Lender, the Administrative Agent, the Arrangers or any
of their respective Affiliates shall have any liability to such
Assignee or Assignor, as the case may be, and such Assignee or
Assignor, as applicable, hereby waives and releases, to the extent
permitted by applicable law, any claims it may have against such
Vector Lender, the Administrative Agent, the Arrangers and their
respective Affiliates, under applicable law or otherwise, with
respect to the nondisclosure of any such MNPI and (d) such MNPI may
not be available to the Administrative Agent, the Arrangers or the
other Lenders. “MNPI” means material non-public
information (for purposes of United States federal, state or other
applicable securities laws) with respect to the Borrower, its
Subsidiaries and their respective Securities, it being understood
that MNPI may include information that is not available to Lenders,
including Private Lenders.

 

1.

Payments. From and after the
Assignment Effective Date, the Administrative Agent shall make all
payments in respect of the Assigned Interest (including payments of
principal, interest, fees and other amounts) to the Assignor for
amounts that have accrued to but excluding the Assignment Effective
Date and to the Assignee for amounts that have accrued from and
after the Assignment Effective Date.

 

2.

General Provisions. This
Assignment shall be binding upon the parties hereto and their
respective successors and assigns permitted in accordance with the
Credit Agreement and shall inure to the benefit of the parties
hereto and their respective successors and assigns. This Assignment
may be executed in any number of counterparts, each of which when
so executed and delivered shall be deemed to be an original, but
all such counterparts together shall constitute but one and the
same instrument. Delivery of an executed counterpart of a signature
page of this Assignment by facsimile or other electronic format
(i.e., “pdf” or “tif”) shall be effective
as delivery of a manually executed counterpart of this Assignment.
THIS ASSIGNMENT AND THE RIGHTS AND
OBLIGATIONS OF THE PARTIES HEREUNDER (INCLUDING ANY CLAIMS SOUNDING
IN CONTRACT LAW OR TORT LAW ARISING OUT OF THE SUBJECT MATTER
HEREOF AND ANY DETERMINATIONS WITH RESPECT TO POST-JUDGMENT
INTEREST) SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD
TO CONFLICT OF LAWS PRINCIPLES THEREOF THAT WOULD RESULT IN THE
APPLICATION OF ANY LAW OTHER THAN THE LAW OF THE STATE OF NEW
YORK.

 

 

 

EXHIBIT
B

TO
FUSION CONNECT, INC.

SECOND
LIEN CREDIT AND GUARANTY AGREEMENT

 

 

CLOSING DATE CERTIFICATE

 

May 4,
2018

 

The
undersigned hereby certifies as follows:

 

1. I am an Authorized
Officer of Fusion Connect, Inc., a Delaware corporation (the
“Borrower”).

 

2. I have reviewed the
terms of the Second Lien Credit and Guaranty Agreement, dated as of
May 4, 2018 (the “Credit
Agreement”), among the Borrower, certain Subsidiaries
of the Borrower party thereto, the Lenders party thereto and
Wilmington Trust, National Association, as Administrative Agent and
Collateral Agent, and in my opinion I have made, or have caused to
be made under my supervision, such examination or investigation as
is reasonably necessary to enable me to certify as to the matters
referred to herein. Capitalized terms used but not otherwise
defined herein shall have the meanings specified in the Credit
Agreement.

 

3. Based upon my
review and examination described in paragraph 2 above, I certify,
on behalf of the Borrower, in my capacity as an Authorized Officer
of the Borrower and not in my individual or personal capacity and
without personal liability, that:

 

(a) the representations
and warranties of each Credit Party set forth in the Credit
Documents are true and correct (i) in the case of the
representations and warranties qualified or modified as to
materiality in the text thereof, in all respects, and
(ii) otherwise, in all material respects, in each case on and
as of the date hereof, except in the case of any such
representation and warranty that expressly relates to an earlier
date, in which case such representation and warranty is so true and
correct on and as of such earlier date;

 

(b) no Default or Event
of Default has occurred and is continuing or would result from any
Credit Extension made by a Lender on the date hereof;
and

 

(c) subject to the
final paragraph of Section 3.1 of the Credit Agreement, the
Collateral and Guarantee Requirement has been
satisfied.

 

 

 

 

 

 

The
foregoing certifications are made and delivered as of the date
first stated above.

 

 

 

	

FUSION
CONNECT, INC.,

 

	

by

	
 

	
 

	
 

	

Name: [●]

	
 

	

Title: [●]

 

 

 

 

 

 

 

 

 

[Signature
Page to Closing Date Certificate]

 

 

     
EXHIBIT C

TO
FUSION CONNECT, INC.

SECOND
LIEN CREDIT AND GUARANTY AGREEMENT

 

 

COMPLIANCE CERTIFICATE

 

[The form of this Compliance Certificate has been prepared for
convenience only, and is not to affect, or to be taken into
consideration in interpreting, the terms of the Credit Agreement
referred to below. The obligations of the Borrower and the other
Credit Parties under the Credit Agreement are as set forth in the
Credit Agreement, and nothing in this Compliance Certificate, or
the form hereof, shall modify such obligations or constitute a
waiver of compliance therewith in accordance with the terms of the
Credit Agreement. In the event of any conflict between the terms of
this Compliance Certificate and the terms of the Credit Agreement,
the terms of the Credit Agreement shall govern and control, and the
terms of this Compliance Certificate are to be modified
accordingly.]

 

Reference is made
to the Second Lien Credit and Guaranty Agreement, dated as of
May 4, 2018 (as it may be amended, supplemented or otherwise
modified from time to time, the “Credit Agreement”), among Fusion
Connect, Inc., a Delaware corporation (the “Borrower”), certain Subsidiaries
of the Borrower party thereto, the Lenders party thereto and
Wilmington Trust, National Association, as Administrative Agent and
Collateral Agent. Capitalized terms used but not otherwise defined
herein shall have the meanings specified in the Credit
Agreement.

 

The
undersigned hereby certifies, in [his][her] capacity as the chief
financial officer of the Borrower and not in [his][her] individual
capacity, as follows:

 

1. I am the chief
financial officer of the Borrower.

 

2. [Attached as
Schedule I hereto, pursuant to Section 5.1(a) of the Credit
Agreement, are the consolidated balance sheet of the Borrower and
the Subsidiaries as of the end of the Fiscal Year ended December
31, 20[ ], and the related consolidated statements of operations,
shareholders’ equity and cash flows of the Borrower and the
Subsidiaries for such Fiscal Year, setting forth in each case in
comparative form the corresponding figures for the previous Fiscal
Year, together with a report thereon of [EisnerAmper
LLP].]

 

[or]

 

[Attached as
Schedule I hereto, pursuant to Section 5.1(b) of the Credit
Agreement, are the consolidated balance sheet of the Borrower and
the Subsidiaries as of the end of the Fiscal Quarter ended
[         ], 20[ ],
and the related consolidated statements of operations,
stockholders’ equity and cash flows of the Borrower and the
Subsidiaries for such Fiscal Quarter (in the case of such
statements of operations) and for the period from the beginning of
the then current Fiscal Year to the end of such Fiscal Quarter,
setting forth in each case in comparative form the corresponding
figures for the corresponding periods of (or, in the case of the
balance sheet, as of the end of) the previous Fiscal Year. Such
financial statements present fairly, in all material respects, the
consolidated financial position of the Borrower and the
Subsidiaries as of the dates indicated and the consolidated results
of their operations and their cash flows for the periods indicated
in conformity with GAAP applied on a consistent basis (except as
otherwise disclosed in such financial statements), subject to
changes resulting from normal year-end audit adjustments and the
absence of footnotes.]

 

 

 

 

 

 

3. [Appended to
Schedule I hereto is the Unrestricted Subsidiary Reconciliation
Statement required by Section 5.1(c) of the Credit
Agreement.]6

 

[Appended to
Schedule I hereto [is][are] the statement(s) of reconciliation
required by Section 5.1(d) of the Credit Agreement.]7

 

[Attached as
Schedule II hereto is the consolidated plan and financial forecast
for the Fiscal Year ending December 31, 20[ ] required by Section
5.1(i) of the Credit Agreement, including (a) a forecasted
consolidated balance sheet and forecasted consolidated statements
of comprehensive income and cash flows of the Borrower and the
Subsidiaries for such Fiscal Year, and an explanation of the
assumptions on which such forecasts are based, and (b) forecasted
consolidated statements of comprehensive income and cash flows of
the Borrower and the Subsidiaries for each Fiscal Quarter of such
Fiscal Year. Such forecasted consolidated financial statements have
been prepared in good faith based upon assumptions that are
believed by the Borrower to be reasonable as of the date of this
Compliance Certificate.]8

 

Set
forth on Annex A hereto is a true and accurate calculation of the
Total Net Leverage Ratio as of the end of the Fiscal Quarter ended
[ ], 20[ ].

 

[Set
forth on Annex B hereto is a true and accurate calculation of the
aggregate Consolidated Capital Expenditures made during the Fiscal
Year ended December 31, 20[ ].]9

 

[Set
forth on Annex C hereto is a true and accurate calculation of the
Consolidated Excess Cash Flow for the Fiscal Year ended December
31, 20[ ], together with a true and accurate calculation of the
aggregate principal amount of prepayment of the Borrowings required
under Section 2.13(e) of the Credit Agreement.]10

 

[Enclosed with this
Compliance Certificate is a completed Supplemental Collateral
Questionnaire required by Section 5.1(k) of the Credit
Agreement.]11

 

I have
reviewed the terms of the Credit Agreement and I have made, or have
caused to be made under my supervision, a review in reasonable
detail of the transactions and condition of the Borrower and the
Subsidiaries during the accounting period covered by the attached
financial statements. The foregoing examination did not disclose,
and I have no knowledge of, the existence of any event or condition
that constitutes a Default or an Event of Default during or at the
end of the accounting period covered by the attached financial
statements or as of the date of this Compliance Certificate, except
as set forth in a separate attachment, if any, to this Compliance
Certificate, describing in detail the nature of the condition or
event, the period during which it has existed and the action that
the Borrower or any Restricted Subsidiary has taken, is taking or
proposes to take with respect to each such event or
condition.

 

6 To be included only
if required under Section 5.1(c) of the Credit Agreement. The
Unrestricted Subsidiary Reconciliation Statement may be in a
footnote form included in the financial statements attached as
Schedule I.

 

7 To be included only
if required under Section 5.1(d) of the Credit
Agreement.

 

8 To be included in
the Compliance Certificate delivering annual financial statements
(to the extent then available, but in any event to be delivered
within 120 days after the beginning of each Fiscal
Year).

 

9 To be included in
the Compliance Certificate delivering annual financial
statements.

 

10 To be included in
the Compliance Certificate delivering annual financial statements,
commencing with the Fiscal Year ending December 31,
2019.

 

11 To be included in
the Compliance Certificate delivering annual financial
statements.

 

 

 

The
foregoing certifications are made and delivered on [ ], 20[ ]
pursuant to Section 5.1(c) of the Credit
Agreement.

 

 

 

	

FUSION
CONNECT, INC.,

 

	

by

	
 

	
 

	
 

	

Name: [
]

	
 

	

Title: [
]

 

 

 

 

 

 

 

 

 

 

 

ANNEX
A

TO
COMPLIANCE CERTIFICATE

 

 

AS OF
THE END OF OR FOR THE PERIOD OF FOUR CONSECUTIVE FISCAL QUARTERS
ENDED ON [mm/dd/yy]12

 

	

1.

 

	

Consolidated
Net Income: (i) − (ii)
=

 

	

$[___,___,___]

 

	
 

	
(i) the net income (or
loss) of the Borrower and the Restricted Subsidiaries for such
period determined on a consolidated basis in conformity with
GAAP:

 

 

	

$[___,___,___]

 

	
 

	
(ii) to
the extent included in (i): (a) +
(b) =

	

$[___,___,___]

 

	
 

	
(a) the cumulative
effect of a change in accounting principles during such
period:

 

 

	

$[___,___,___]

 

	
 

	
(b) the net income (or
loss) of any Person (including any Unrestricted Subsidiary or any
Person accounted for under the equity method of accounting) that is
not the Borrower or a Restricted Subsidiary except, in the case of
net income, to the extent of the amount of Cash dividends or
similar Cash distribution actually paid by such Person to the
Borrower or any Restricted Subsidiary during such
period:

 

 

	

$[___,___,___]

 

	

2.

 

	

Consolidated
Adjusted EBITDA:13 (i) +
(ii) − (iii) =14

 

	

$[___,___,___]

 

	
 

	
(i) Consolidated Net
Income (see row 1 above):

	

$[___,___,___]

 

	
 

	
(ii) to
the extent deducted (and not added back) in arriving at such
Consolidated Net Income (or, in the case of amounts pursuant to (h)
and (q) below, to the extent not already included in Consolidated
Net Income), the sum for the Borrower and the Restricted
Subsidiaries of the following amounts for such period:15 (a) + (b) + (c) + (d) + (e) + (f) + (g) + (h) + (i) + (j) + (k) + (l) + (m) + (n) 

+ (o) + (p) + (q) +
(r) =

 

	

$[___,___,___]

 

	
 

	
(a) total interest
expense and, to the extent not reflected in such total interest
expense, any losses on Hedge Agreements entered into for the
purpose of hedging interest rate risk, net of interest income and
gains on such Hedge Agreements, and bank and letter of credit fees
and costs of surety bonds in connection with financing
activities:

 

 

	

$[___,___,___]

 

 

 

12 Present income
statement information for the period of four consecutive Fiscal
Quarters ended on such date, and balance sheet information as of
such date.

 

13 For purposes of
calculating Consolidated Adjusted EBITDA for any period, if during
such period the Borrower or any Restricted Subsidiary shall have
consummated a Material Acquisition or a Material Disposition,
Consolidated Adjusted EBITDA for such period shall be calculated
after giving Pro Forma Effect thereto in accordance with
Section 1.2(b) of the Credit Agreement.

14
Subject to the immediately preceding note, Consolidated Adjusted
EBITDA for (A) the Fiscal Quarter ended March 31, 2017, shall be
deemed to be equal to $37,350,000, (B) the Fiscal Quarter ended
June 30, 2017, shall be deemed to be equal to $40,745,000, (C)
the Fiscal Quarter ended September 30, 2017, shall be deemed
to be equal to $39,783,000 and (D) the Fiscal Quarter ended
December 31, 2017, shall be deemed to be equal to
$43,778,000.

15 Items to be set
forth without duplication.

 

 

 

 

	
 

	
(b) provision for
Federal, state and foreign taxes based on income, profits or
capital gains, including in respect of repatriated
funds:

 

 

	

$[___,___,___]

 

	
 

	
(c) depreciation and
amortization, including amortization of intangible assets
established through purchase accounting and amortization of
deferred financing fees or costs, but excluding amortization of any
other prepaid cash expense that was paid and not expensed in a
prior period:

 

 

	

$[___,___,___]

 

	
 

	
(d) non-cash charges,
including impairment charges and any other write-down or write-off
of assets, noncash fair value adjustments of Investments
and noncash stock-based and similar incentive-based
compensation (including with respect to any profits interest
relating to membership interests in any partnership or limited
liability company), but excluding any such noncash charge or loss
to the extent that it represents an amortization of a prepaid cash
expense that was paid and not expensed in a prior period or
write-down or write-off with respect to accounts receivable
(including any addition to bad debt reserves or bad debt expense)
or inventory:

 

 

	

$[___,___,___]

 

	
 

	
(e) extraordinary
losses, determined in conformity with GAAP:

 

 

	

$[___,___,___]

 

	
 

	
(f) unusual or
non-recurring charges, including, in each case, to the extent
unusual or non-recurring, operating expenses directly attributable
to the implementation of cost savings initiatives, merger costs,
severance costs, relocation costs, integration and
facilities’ opening costs, signing costs, retention or
completion bonuses, transition costs, costs related to
closure/consolidation of facilities, costs associated with tax
projects/audits and costs consisting of professional, consulting or
other fees relating to any of the foregoing;provided that the
aggregate amount added back pursuant to this clause (f) and
pursuant to clauses (g), (m) and, other than with respect to the
Approved Cost Savings16, (h) for any Test Period shall not
exceed (A) for any Test Period ending on or prior to December
31, 2018, 5% of Consolidated Adjusted EBITDA for such Test Period
and (B) for any Test Period ending thereafter, 15% of Consolidated
Adjusted EBITDA for such Test Period, in the case of each of
clauses (A) and (B) above, calculated prior to giving effect to any
addback pursuant to this clause (f) or pursuant to clause (g), (h)
or (m):

 

 

	

$[___,___,___]

 

 

 

16 “Approved Cost Savings” means
“run rate” net cost savings, operating expense
reductions and other operating improvements and synergies
attributable to (a) the Transactions and reflected in the model
delivered to the Arrangers prior to the Closing Date or (b) the
Specified Acquisition and reflected in the quality of earnings
report delivered to the Arrangers in respect of the Specified
Acquisition prior to the Closing Date;provided that, in the case of
this clause (b), (i) such Acquisition is consummated on or prior to
December 31, 2018 and (ii) the Approved Cost Savings permitted by
this clause (b) shall not exceed $16,700,000 in the
aggregate.

 

 

 

 

	
 

	
(g) restructuring
charges, accruals and reserves (including restructuring charges
related to the Merger or to Acquisitions consummated after the
Closing Date);provided that the aggregate amount added back
pursuant to this clause (g) and pursuant to clauses (f), (m) and,
other than with respect to the Approved Cost Savings, (h) for any
Test Period shall not exceed (A) for any Test Period ending on or
prior to December 31, 2018, 5% of Consolidated Adjusted EBITDA for
such Test Period and (B) for any Test Period ending thereafter, 15%
of Consolidated Adjusted EBITDA for such Test Period, in the case
of each of clauses (A) and (B), calculated prior to giving effect
to any addback pursuant to this clause (g) or pursuant to clause
(f), (h) or (m):

 

 

	

$[___,___,___]

 

	
 

	
(h) the amount of
“run rate” net cost savings, operating expense
reductions and other operating improvements and synergies
reasonably projected by the Borrower in good faith to be realized
in connection with the Transactions or any other Pro Forma Event or
the implementation of any operational initiative, including the
termination, abandonment or discontinuance of operations and
product lines (calculated on a Pro Forma Basis as though such cost
savings, operating expense reductions, other operating improvements
and synergies had been realized on the first day of the applicable
Test Period), net of the amount of actual benefits realized during
such period from such actions;provided that (A) such cost
savings, operating expense reductions and other operating
improvements and synergies are reasonably identifiable, factually
supportable and reasonably expected to be realized within 12 months
after the Closing Date or within 12 months after the consummation
of such other Pro Forma Event or the adoption of such initiative,
as applicable, (B) no cost savings, operating expense reductions
and other operating improvements and synergies shall be added
pursuant to this clause (h) to the extent duplicative of any items
otherwise added in calculating Consolidated Adjusted EBITDA,
whether pursuant to the requirement of Section 1.2(b) of the Credit
Agreement or otherwise, for such period and (C) other than with
respect to the Approved Cost Savings, the aggregate amount added
back pursuant to this clause (h) and pursuant to clauses (f), (g)
and (m) for any Test Period shall not exceed (x) for any Test
Period ending on or prior to December 31, 2018, 5% of Consolidated
Adjusted EBITDA for such Test Period and (y) for any Test Period
ending thereafter, 15% of Consolidated Adjusted EBITDA for such
Test Period, in the case of each of clauses (x) and (y) above,
calculated prior to giving effect to any addback pursuant to this
clause (h) or pursuant to clause (f), (g) or (m):

 

 

	

$[___,___,___]

 

	
 

	
(i) the amount of any
noncontrolling interest consisting of income of any Restricted
Subsidiary that is not wholly owned by the Borrower attributable to
noncontrolling Equity Interests of third parties in such Restricted
Subsidiary:

 

 

	

$[___,___,___]

 

 

 

 

 

 

 

	
 

	
(j) after-tax losses
attributable to any Disposition of assets (other than Dispositions
in the ordinary course of business):

 

 

	

$[___,___,___]

 

	
 

	
(k) the amount of any
net losses from discontinued operations, determined in conformity
with GAAP:

 

 

	

$[___,___,___]

 

	
 

	
(l) (A) transaction
fees, costs and expenses incurred in connection with the
Transactions prior to the Closing Date, (B) transaction fees, costs
and expenses in an aggregate amount not to exceed $1,500,000
incurred in connection with the Transactions after the Closing Date
but prior to the one year anniversary of the Closing Date and
(C) transaction fees, costs and expenses in an aggregate
amount not to exceed $1,000,000 incurred on or prior to December
31, 2018 in connection with the Specified Acquisition (whether or
not the Specified Acquisition is consummated):

 

 

	

$[___,___,___]

 

	
 

	
(m) transaction fees,
costs and expenses incurred during such period, or any amortization
thereof for such period, in connection with any Acquisition, any
Investment (other than intercompany Investments in the ordinary
course of business), any Disposition (other than Dispositions in
the ordinary course of business), any incurrence, repayment or
refinancing of Indebtedness (or any amendment or other modification
of any Indebtedness) or any issuance of Equity Interests, including
any such transaction consummated prior to the Closing Date and any
such transaction undertaken but not completed;provided that the
aggregate amount added back pursuant to this clause (m) and
pursuant to clauses (f), (g) and, other than with respect to the
Approved Cost Savings, (h) for any Test Period shall not exceed (A)
for any Test Period ending on or prior to December 31, 2018, 5% of
Consolidated Adjusted EBITDA for such Test Period and (B) for any
Test Period ending thereafter, 15% of Consolidated Adjusted EBITDA
for such Test Period, in the case of each of clauses (A) and (B)
above, calculated prior to giving effect to any addback pursuant to
this clause (m) or pursuant to clause (f), (g) or (h):

 

 

	

$[___,___,___]

 

	
 

	
(n) any loss
attributable to the early extinguishment of Indebtedness or
obligations under any Hedge Agreement:

 

 

	

$[___,___,___]

 

	
 

	
(o) any unrealized loss
attributable to the mark-to-market movement in the valuation of
obligations under any Hedge Agreement pursuant to FASB Accounting
Standards Codification 815, as amended:

 

 

	

$[___,___,___]

 

	
 

	
(p) any unrealized loss
attributable to the mark-to-market movement in the valuation of
amounts denominated in foreign currencies resulting from the
application of FASB Accounting Standards Codification
830:

 

 

	

$[___,___,___]

 

 

 

 

 

 

 

	
 

	
(q) any expenses,
charges or losses that are covered by indemnification or other
reimbursement provisions in connection with any Investment,
Acquisition or Disposition (other than in the ordinary course of
business) permitted under the Credit Documents or in connection
with any Insurance/Condemnation Event (disregarding the exception
in the definition of such term), including lost profits covered by
business interruption insurance, in each case, to the extent (A)
actually reimbursed by the applicable third party insurer or other
third party during such period or (B) (1) the Borrower has received
notification from the applicable third party insurer or other third
party that it intends to reimburse such expenses, charges or losses
or such lost profits and (2) there exists reasonable evidence that
such expenses, charges or losses or lost profits will in fact be
reimbursed by such insurer or other third party within 270 days
after the related amount is first added to Consolidated Adjusted
EBITDA pursuant to this clause (q), provided that no amount may be
added pursuant to this clause (q) to the extent that (x) such
insurer or other third party shall have denied in writing
reimbursement for such amount and (y) such amount has not actually
been reimbursed within 270 days after it is first added to
Consolidated Adjusted EBITDA pursuant to this clause (q) (with a
deduction for any amount so added back to the extent not so
reimbursed within such 270 days):

 

 

	

$[___,___,___]

 

	
 

	
(r) any contingent or
deferred payments (including earnout payments, noncompete payments
and consulting payments) actually made to sellers during such
period in connection with any Acquisition, and any losses for such
period arising from the remeasurement of the fair value of any
liability recorded with respect to any earnout or other contingent
or deferred consideration arising from any
Acquisition:

 

 

	

$[___,___,___]

 

	
 

	
(iii) to
the extent included in arriving at such Consolidated Net Income
(or, in the case of amounts pursuant to clause (i) below, to the
extent not already deducted from Consolidated Net Income), the sum
for the Borrower and the Restricted Subsidiaries of the following
amounts for such period:17 (a) + (b) +(c) + (d) + (e)
+ (f) + (g) + (h) + (i) =

 

 

	

$[___,___,___]

 

	
 

	
(a) non-cash gains or
items of income (other than the accrual of revenue in the ordinary
course), excluding any non-cash items of income in respect of which
Cash was received in a prior period or will be received in a future
period:

 

 

	

$[___,___,___]

 

	
 

	
(b) extraordinary gains
or items of income, determined in conformity with
GAAP:

 

 

	

$[___,___,___]

 

 

 

17 Items to be set
forth without duplication.

 

 

 

 

	
 

	
(c) unusual or
non-recurring gains or items of income:

 

 

	

$[___,___,___]

 

	
 

	
(d) gains attributable
to any Disposition of assets (other than Dispositions in the
ordinary course of business):

 

 

	

$[___,___,___]

 

	
 

	
(e) the amount of any
net income from discontinued operations, determined in conformity
with GAAP:

 

 

	

$[___,___,___]

 

	
 

	
(f) any gain
attributable to the early extinguishment of Indebtedness or
obligations under any Hedge Agreement:

 

 

	

$[___,___,___]

 

	
 

	
(g) any unrealized gain
attributable to the mark-to-market movement in the valuation of
obligations under any Hedge Agreement pursuant to FASB Accounting
Standards Codification 815, as amended:

 

 

	

$[___,___,___]

 

	
 

	
(h) any unrealized gain
attributable to the mark-to-market movement in the valuation of
amounts denominated in foreign currencies resulting from the
application of FASB Accounting Standards Codification
830:

 

 

	

$[___,___,___]

 

	
 

	
(i) the amount of any
noncontrolling interest consisting of losses of any Restricted
Subsidiary that is not wholly owned by the Borrower attributable to
noncontrolling Equity Interests of third parties in such Restricted
Subsidiary:

 

 

	

$[___,___,___]

 

	

3.

 

	

Consolidated
Total Net Debt:18 (i) + (ii) + (iii) + (iv) + (v) + (vi) − (vii) =

 

	

$[___,___,___]

 

	
 

	

(i) the
sum of the aggregate principal amount of Indebtedness of the
Borrower and the Restricted Subsidiaries outstanding as of such
date, in the amount that would be required to be reflected on a
balance sheet prepared as of such date on a consolidated basis in
conformity with GAAP (but subject to Section 1.2(a) of the
Credit Agreement), consisting solely of Indebtedness for borrowed
money, obligations evidenced by bonds, debentures, notes or similar
instruments and purchase money indebtedness:

 

	

$[___,___,___]

 

	
 

	

(ii)
the aggregate amount of Capital Lease Obligations of the Borrower
and the Restricted Subsidiaries outstanding as of such
date:

 

	

$[___,___,___]

 

	
 

	

(iii)
to the extent the amount thereof would be required to be reflected
on a balance sheet prepared as of such date on a consolidated basis
in conformity with GAAP (but subject to Section 1.2(a) of the
Credit Agreement), the aggregate amount of purchase price
adjustments, earnouts, deferred compensation or other similar
arrangements incurred by the Borrower and the Restricted
Subsidiaries in connection with any Acquisition:

 

	

$[___,___,___]

 

 

 

18 Items to be set
forth without duplication.

 

 

 

 

	
 

	

(iv)
the aggregate amount outstanding as of such date of unreimbursed
drawings or other disbursements under all letters of credit and
letters of guaranty in respect of which the Borrower or any
Restricted Subsidiary is an account party:

 

	

$[___,___,___]

 

	
 

	

(v) all
obligations, contingent or otherwise, of the Borrower or any
Restricted Subsidiary in respect of bankers’ acceptances
outstanding as of such date:

 

	

$[___,___,___]

 

	
 

	

(vi)
Guarantees outstanding as of such date by the Borrower or any
Restricted Subsidiary of Indebtedness of the type described in
clauses (i) through (v) above of any Person other than the Borrower
or any Restricted Subsidiary:

 

	

$[___,___,___]

 

	
 

	

(vii)
the aggregate amount of Unrestricted Cash as of such date (but
disregarding the proceeds of Indebtedness that is incurred on such
date):19

 

	

$[___,___,___]

 

	

4.

 

	

Total
Net Leverage Ratio: (i) / (ii)
=

 

	

[
]:1.00

 

	
 

	

Consolidated
Total Net Debt (see row 3 above):

	

$[___,___,___]

 

	
 

	

Consolidated
Adjusted EBITDA (see row 2 above):

	

$[___,___,___]

 

19 With respect to the
calculation of Consolidated Total Net Debt for purposes of testing
the covenant set forth in Section 6.7(a) of the Credit Agreement
(including any such testing to determine compliance therewith on a
Pro Forma Basis as required by any other provision of the Credit
Agreement), the aggregate amount of such Unrestricted Cash deducted
pursuant to this clause (vii) shall not exceed
$30,000,000.

 

 

ANNEX
B

TO
COMPLIANCE CERTIFICATE

 

FOR THE
FISCAL YEAR ENDED [mm/dd/yy]

 

	

2.

 

	

Capital
Expenditures

 

	
 

	
 

	

(i)
Consolidated Capital Expenditures20:

 

	

$[___,___,___]

 

	
 

	

(ii)
Maximum permitted Consolidated Capital Expenditures: (a) + (b) =

 

	

$[___,___,___]

 

	
 

	
(a) the greater of
(1) and (2)

 

(1)
Base CapEx Amount:

 

	

$[___,___,___]

$63,250,000

 

	
 

	

(2) if
the Borrower or any Restricted Subsidiary shall have consummated
any Material Acquisition (excluding the Merger) after the Closing
Date, the Material Acquisition CapEx Amount21 for such Fiscal Year (determined as of
the date of consummation of the Material Acquisition most recently
consummated after the Closing Date and on or prior to the last day
of such Fiscal Year):

 

	

$[___,___,___]

	
 

	
(b) permitted carryover
of unused Base CapEx Amount from prior Fiscal Year, if
any22:

	

$[___,___,___]

 

 

 

20 “Consolidated Capital Expenditures”
means, for any period, the aggregate of all expenditures made by
the Borrower and the Restricted Subsidiaries during such period
that are required to be included in “purchase of property,
plant and equipment” or similar items on a consolidated
statement of cash flows, or that are otherwise required to be
capitalized on a consolidated balance sheet, of the Borrower and
the Restricted Subsidiaries for such period prepared in conformity
with GAAP;provided that Consolidated Capital Expenditures shall not
include any expenditures (a) to the extent made with Net
Proceeds reinvested pursuant to Section 2.13(a) or 2.13(b) of
the Credit Agreement or (b) that constitute an Acquisition
permitted under Section 6.6 of the Credit Agreement;provided
further that, except for purposes of calculating Consolidated
Excess Cash Flow for any period, in the event the Borrower or any
Restricted Subsidiary consummates an Acquisition, Consolidated
Capital Expenditures shall not include any such expenditures made
by any Person, business unit, division, product line or line of
business acquired pursuant to such Acquisition, in each case, prior
to the date of the consummation of such
Acquisition.

21 “Material Acquisition CapEx Amount”
means, as of any date of determination for any Fiscal Year, an
amount equal to 10% of the consolidated revenues of the Borrower
and the Restricted Subsidiaries for the most recent period of 12
consecutive months prior to the consummation of the Material
Acquisition (other than the Merger) most recently consummated for
which financial statements are available as of such date of
determination, determined on a Pro Forma Basis to give effect to
such Material Acquisition (and each other Material Acquisition that
shall have been consummated during such period).

22 (A) commencing
with the Fiscal Year ending on December 31, 2018, the portion
of the Base CapEx Amount for any Fiscal Year that has not been
expended to make Consolidated Capital Expenditures during such
Fiscal Year (but not in excess of 50% of the Base CapEx Amount for
such Fiscal Year) may be carried over for expenditure in the
immediately following Fiscal Year and (B) Consolidated Capital
Expenditures made during any Fiscal Year shall be deemed to use,
first, the Base CapEx Amount for such Fiscal Year and, second, any
portion of the Base CapEx Amount for the immediately preceding
Fiscal Year that has been carried over to such Fiscal Year pursuant
to clause (A) above.

 

 

ANNEX
C

TO
COMPLIANCE CERTIFICATE

 

FOR THE
FISCAL YEAR ENDED [mm/dd/yy]

 

	

3.

 

	

Consolidated
Excess Cash Flow: (i) − (ii)
=

 

	

$[___,___,___]

 

	
 

	

(i) the
sum, without duplication, of: (a) +
(b) + (c) + (d) + (e) + (f) + (g) =

 

	

$[___,___,___]

 

	
 

	
(a) Consolidated Net
Income for such period:

 

 

	

$[___,___,___]

 

	
 

	
(b) the aggregate
amount of all non-cash charges (including depreciation expense,
amortization expense and deferred tax expense), to the extent
deducted in arriving at Consolidated Net Income:

 

 

	

$[___,___,___]

 

	
 

	
(c) the sum of (A) the
amount, if any, by which Consolidated Working Capital decreased
during such period (except as a result of the reclassification of
items from short-term to long-term or vice versa) and (B) the net
amount, if any, by which the consolidated deferred revenues of the
Borrower and the Restricted Subsidiaries increased during such
period, in each case, other than any such decreases or increases,
as applicable, arising from an Acquisition or from a Disposition of
assets (other than in the ordinary course of business) by the
Borrower or any of the Restricted Subsidiaries completed during
such period:

 

 

	

$[___,___,___]

 

	
 

	
(d) the aggregate
amount of net non-cash loss on any Disposition of assets by the
Borrower and the Restricted Subsidiaries (other than Dispositions
in the ordinary course of business), to the extent deducted in
arriving at Consolidated Net Income:

 

 

	

$[___,___,___]

 

	
 

	
(e) the aggregate
amount of cash payments received in respect of Hedge Agreements
during such period, to the extent not included in arriving at
Consolidated Net Income:

 

 

	

$[___,___,___]

 

	
 

	
(f) the aggregate
amount of any non-cash loss for such period attributable to the
early extinguishment of Indebtedness or Hedge Agreements, to the
extent deducted in arriving at such Consolidated Net
Income:

 

 

	

$[___,___,___]

 

	
 

	
(g) income tax expense,
to the extent deducted in arriving at such Consolidated Net
Income:

 

 

	

$[___,___,___]

 

	
 

	

(ii)
the sum, without duplication, of: (a) + (b) + (c) + (d) + (e) + (f) + (g) + (h) + (i) + (j) + (k)
+ (l) + (m) + (n) + (o) =

	

$[___,___,___]

 

	
 

	
(a) the aggregate
amount of all non-cash credits included in arriving at Consolidated
Net Income:

 

 

	

$[___,___,___]

 

 

 

 

 

 

 

	
 

	
(b) without duplication
of amounts deducted pursuant to clause (k) below in any prior
period, the Consolidated Capital Expenditures23 made by the Borrower and the Restricted
Subsidiaries in Cash during such period, except to the extent
financed with Excluded Sources:

 

 

	

$[___,___,___]

 

	
 

	
(c) the aggregate
principal amount of Indebtedness of the Borrower and the Restricted
Subsidiaries repaid or prepaid (including, to the extent of Cash
spent, through repurchases and redemptions) by the Borrower and the
Restricted Subsidiaries in Cash during such period (including
(A) the principal component of payments in respect of Capital
Lease Obligations, (B) scheduled Installments of Loans made
pursuant to Section 2.11 of the Credit Agreement and scheduled
installments of term loans made pursuant to Section 2.11 of the
First Lien Credit Agreement (or any comparable provision in any
other Permitted Section 6.1(e) Indebtedness Document), (C) the
amount of any mandatory prepayment of Loans, any Permitted Pari
Passu Secured Indebtedness or any Permitted Senior Lien Secured
Indebtedness actually made with the Net Proceeds of an Asset Sale
or an Insurance/Condemnation Event, in each case, to the extent
such Net Proceeds resulted in an increase to Consolidated Net
Income and not in excess of the amount of such increase, and (D) to
the extent of Cash spent, repurchases by the Borrower of Loans
pursuant to Section 10.6(i)(ii) of the Credit Agreement, but
excluding (1) all other repayments or prepayments (including
repurchases and redemptions) of Loans, Permitted Pari Passu Secured
Indebtedness and Permitted Senior Lien Secured Indebtedness,
(2) all repayments or prepayments (including repurchases and
redemptions) of any revolving credit loans (other than in respect
of any revolving credit facility to the extent there is an
equivalent permanent reduction in commitments thereunder, other
than in connection with a refinancing thereof) and (3) repayments
or prepayments (including repurchases and redemptions) of Junior
Indebtedness (it being understood and agreed that any amount
excluded pursuant to clauses (1) through (3) above may not be
deducted under any other clause of this definition)), except to the
extent financed with Excluded Sources:

 

 

	

$[___,___,___]

 

 

 

23 “Consolidated Capital Expenditures”
means, for any period, the aggregate of all expenditures made by
the Borrower and the Restricted Subsidiaries during such period
that are required to be included in “purchase of property,
plant and equipment” or similar items on a consolidated
statement of cash flows, or that are otherwise required to be
capitalized on a consolidated balance sheet, of the Borrower and
the Restricted Subsidiaries for such period prepared in conformity
with GAAP;provided that Consolidated Capital Expenditures shall not
include any expenditures (a) to the extent made with Net
Proceeds reinvested pursuant to Section 2.13(a) or 2.13(b) of
the Credit Agreement or (b) that constitute an Acquisition
permitted under Section 6.6 of the Credit Agreement;provided
further that, except for purposes of calculating Consolidated
Excess Cash Flow for any period, in the event the Borrower or any
Restricted Subsidiary consummates an Acquisition, Consolidated
Capital Expenditures shall not include any such expenditures made
by any Person, business unit, division, product line or line of
business acquired pursuant to such Acquisition, in each case, prior
to the date of the consummation of such
Acquisition.

 

 

 

 

	
 

	
(d) the aggregate
amount of net non-cash gain on any Disposition of assets by the
Borrower and the Restricted Subsidiaries (other than Dispositions
in the ordinary course of business), to the extent included in
arriving at Consolidated Net Income:

 

 

	

$[___,___,___]

 

	
 

	
(e) the sum of (i) the
amount, if any, by which Consolidated Working Capital increased
during such period (except as a result of the reclassification of
items from short-term to long-term or vice versa) and (ii) the net
amount, if any, by which the consolidated deferred revenues of the
Borrower and the Restricted Subsidiaries decreased during such
period, in each case, other than any such increases or decreases,
as applicable, arising from an Acquisition or from a Disposition of
assets (other than in the ordinary course of business) by the
Borrower or any of the Restricted Subsidiaries completed during
such period:

 

 

	

$[___,___,___]

 

	
 

	
(f) the aggregate
amount of any non-cash gain for such period attributable to the
early extinguishment of Indebtedness, Hedge Agreements or other
derivative instruments, to the extent included in arriving at
Consolidated Net Income:

 

 

	

$[___,___,___]

 

	
 

	
(g) the aggregate
amount of Cash payments made by the Borrower and the Restricted
Subsidiaries during such period in respect of long-term liabilities
of the Borrower and the Restricted Subsidiaries other than
Indebtedness, except to the extent financed with Excluded
Sources:

 

 

	

$[___,___,___]

 

	
 

	
(h) without duplication
of amounts deducted pursuant to clause (k) below in any prior
period, the aggregate amount of Cash paid by the Borrower and the
Restricted Subsidiaries during such period to consummate any
Acquisition or Investment (other than intercompany Investments)
permitted under Section 6.6(l), 6.6(m) or 6.6(o) of the Credit
Agreement, except to the extent financed with Excluded
Sources:

 

 

	

$[___,___,___]

 

	
 

	
(i) the aggregate
amount of Restricted Junior Payments permitted by Section 6.4(e),
6.4(g)(i) or 6.4(i) of the Credit Agreement paid by the Borrower
and the Restricted Subsidiaries in Cash during such period, except
to the extent financed with Excluded Sources:

 

 

	

$[___,___,___]

 

	
 

	
(j) the aggregate
amount of any premium, make-whole or penalty payments actually paid
in Cash by the Borrower and the Restricted Subsidiaries during such
period that are required to be made in connection with any
prepayment of Indebtedness, except to the extent financed with
Excluded Sources:

 

 

	

$[___,___,___]

 

 

 

 

 

 

 

	
 

	
(k) without duplication
of amounts deducted from Excess Cash Flow in any prior period, the
aggregate Contract Consideration entered into prior to or during
such period relating to Acquisitions or Consolidated Capital
Expenditures, in each case, to be consummated or made during the
period of four consecutive Fiscal Quarters of the Borrower
following the end of such period;provided that to the extent that
the aggregate amount of Cash actually utilized to finance such
Acquisitions or Consolidated Capital Expenditures during such
period of four consecutive Fiscal Quarters is less than the
Contract Consideration, the amount of such shortfall shall be added
to the calculation of Consolidated Excess Cash Flow at the end of
such period of four consecutive Fiscal Quarters:

 

 

	

$[___,___,___]

 

	
 

	
(l) to the extent not
deducted in arriving at Consolidated Net Income, directors’
fees (including salary and bonus) and board consulting fees and
related reimbursement of reasonable out-of-pocket expenses paid by
the Borrower and the Restricted Subsidiaries in Cash in such
period:

 

 

	

$[___,___,___]

 

	
 

	
(m) to the extent not
deducted in arriving at Consolidated Net Income, transaction fees,
costs and expenses incurred in connection with the Transactions or
any Acquisition paid by the Borrower and the Restricted
Subsidiaries in Cash in such period:

 

 

	

$[___,___,___]

 

	
 

	
(n) to the extent not
deducted in arriving at Consolidated Net Income, income taxes,
including penalties and interest, paid by the Borrower and the
Restricted Subsidiaries in Cash in such period:

 

 

	

$[___,___,___]

 

	
 

	
(o) to the extent not
deducted in arriving at Consolidated Net Income, the aggregate
amount of Cash payments made by the Borrower and the Restricted
Subsidiaries in respect of Hedge Agreements during such
period:

 

 

	

$[___,___,___]

 

 

 

 

 

 

 

 

 

 

 

EXHIBIT
D

TO
FUSION CONNECT, INC.

SECOND
LIEN CREDIT AND GUARANTY AGREEMENT

 

FUSION
CONNECT, INC.

420
Lexington Avenue

Suite
1718

New
York, New York 10170

 

Wilmington
Trust, National Association

50
South Sixth Street, Suite 1290

Minneapolis,
MN 55402

Attention:
Josh James

Telephone:
(612) 217-5637

Fax:
(612) 217-5651

Email:
jjames@wilmingtontrust.com

 

CONVERSION/CONTINUATION NOTICE

 

Reference is made
to the Second Lien Credit and Guaranty Agreement, dated as of
May 4, 2018 (as it may be amended, supplemented or otherwise
modified from time to time, the “Credit Agreement”), among Fusion
Connect, Inc., a Delaware corporation (the “Borrower”), certain Subsidiaries
of the Borrower party thereto, the Lenders party thereto and
Wilmington Trust, National Association, as Administrative Agent and
Collateral Agent. Capitalized terms used but not otherwise defined
herein shall have the meanings specified in the Credit
Agreement.

 

Pursuant to
Section 2.8 of the Credit Agreement, the Borrower hereby
notifies the Administrative Agent of the following information with
respect to the conversion or continuation requested
hereby:

 

1.

Class (e.g.,
Tranche B Term) and Type (e.g., Base Rate or Eurodollar Rate) of
existing Borrowing to which this request applies24:

 

_______________________________________________

 

4. Principal amount of
existing Borrowing to be converted/continued25:

 

______________________________________________

 

3. 

Type (e.g., Base
Rate or Eurodollar Rate) and principal amount of each new Borrowing
resulting from the requested conversion/continuation26:

 

______________________________________________

 

5.

Interest Period of
each new Borrowing resulting from the requested
conversion/continuation (if applicable)27:

 

______________________________________________

 

5. 

Effective date of
election28:
__________________________________________

 

 

 

Date: [
], 20[  ]

FUSION
CONNECT, INC.

 

 

 

By:
__________________________

Name:

Title:

 

24     If
a Eurodollar Rate Borrowing, specify last day of current Interest
Period.

 

25     If
different options are being elected with respect to different
portions of the existing Borrowing, indicate the portions thereof
to be allocated to each resulting Borrowing.

 

26     Base
Rate Borrowing or Eurodollar Rate Borrowing. If different options
are being elected with respect to different portions of the
Borrowing, specify type for each resulting new
Borrowing.

 

27     Applicable
only if the resulting Borrowing is to be a Eurodollar Rate
Borrowing, and subject to the definition of “Interest
Period”, which generally allows the Borrower to request one,
two, three or six month periods (or such longer period as consented
to by each Lender of the applicable Class of Loans and notified in
writing to the Administrative Agent). If no election of Interest
Period is specified, then the Borrower will be deemed to have
specified an Interest Period of one month. If different options are
being elected with respect to different portions of the existing
Borrowing, specify for each resulting Borrowing.

 

28 Must be a Business
Day. Conversion/Continuation Notice to be delivered to the
Administrative Agent (a) in the case of a conversion to a Base Rate
Borrowing, not later than 11:00 a.m. (New York City time) one
Business Day in advance of the proposed Conversion/Continuation
Date and (b) in the case of a conversion to, or a continuation of,
a Eurodollar Rate Borrowing, not later than 2:00 p.m. (New York
City time) at least three Business Days in advance of the proposed
Conversion/Continuation Date.

 

 

 

EXHIBIT
E

TO
FUSION CONNECT, INC.

SECOND
LIEN CREDIT AND GUARANTY AGREEMENT

 

 

SECOND LIEN COUNTERPART AGREEMENT

 

This
SECOND LIEN COUNTERPART AGREEMENT, dated [ ], 20[ ]
(this “Counterpart
Agreement”), is delivered pursuant to the Second Lien
Credit and Guaranty Agreement, dated as of May 4, 2018 (as it
may be amended, supplemented or otherwise modified from time to
time, the “Credit
Agreement”), among Fusion Connect, Inc., a Delaware
corporation (the “Borrower”), certain Subsidiaries
of the Borrower party thereto, the Lenders party thereto and
Wilmington Trust, National Association, as Administrative Agent and
Collateral Agent. Capitalized terms used but not otherwise defined
herein shall have the meanings specified in the Credit
Agreement.

 

SECTION
1. In accordance with Section 5.10 of the Credit Agreement,
the undersigned by its signature below becomes a Guarantor
Subsidiary under the Credit Agreement with the same force and
effect as if originally named therein as a Guarantor Subsidiary,
and the undersigned hereby (a) agrees to all the terms and
provisions of the Credit Agreement applicable to it as a Guarantor
Subsidiary (and, accordingly, as a Credit Party) thereunder and (b)
in furtherance of the foregoing, hereby irrevocably and
unconditionally guarantees, jointly and severally with the other
Guarantors, the due and punctual payment in full of all Obligations
when and as the same shall become due, whether at stated maturity,
by required prepayment, acceleration, demand or otherwise
(including amounts that would become due but for the operation of
the automatic stay under Section 362(a) of the Bankruptcy Code
or any similar provision of any other Debtor Relief Law), all in
accordance with, and subject to the provisions of, Section 7 of the
Credit Agreement.

 

SECTION
2. The undersigned hereby represents and warrants, as to itself,
that the representations and warranties set forth in Sections 4.1,
4.3, 4.4, 4.5 and 4.6 of the Credit Agreement are true and correct
on and as of the date hereof.

 

SECTION
3. The undersigned agrees to execute any and all further documents,
agreements and instruments, and take all such further actions, that
the Administrative Agent may reasonably request to effectuate the
transactions contemplated by, and to carry out the intent of, this
Counterpart Agreement.

 

SECTION
4. Neither this Counterpart Agreement nor any provision hereof may
be waived, amended or modified, and no consent to any departure by
the undersigned therefrom may be made, except in accordance with
the Credit Agreement. Any notice or other communication herein
required or permitted to be given shall be given pursuant to
Section 10.1 of the Credit Agreement. In case any provision in
or obligation under this Counterpart Agreement shall be invalid,
illegal or unenforceable in any jurisdiction, the validity,
legality and enforceability of the remaining provisions or
obligations, or of such provision or obligation in any other
jurisdiction, shall not in any way be affected or impaired
thereby.

 

SECTION
5. THIS COUNTERPART AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE
PARTIES HEREUNDER (INCLUDING ANY CLAIMS SOUNDING IN CONTRACT LAW OR
TORT LAW ARISING OUT OF THE SUBJECT MATTER HEREOF AND ANY
DETERMINATIONS WITH RESPECT TO POST-JUDGMENT INTEREST) SHALL BE
GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICT
OF LAWS PRINCIPLES THEREOF THAT WOULD RESULT IN THE APPLICATION OF
ANY LAW OTHER THAN THE LAW OF THE STATE OF NEW YORK.

 

[Remainder
of page intentionally left blank]

 

 

IN WITNESS WHEREOF, the undersigned has
caused this Second Lien Counterpart Agreement to be duly executed
and delivered by its duly authorized officer as of the date above
first written.

 

[NAME
OF DESIGNATED SUBSIDIARY]

 

By:
_______

Name:

Title:

 

 

ACKNOWLEDGED
AND ACCEPTED,

as of
the date above first written:

 

WILMINGTON TRUST, NATIONAL ASSOCIATION,

as
Administrative Agent

 

By:_____________________

Name:

Title:

 

 

 

 

EXHIBIT
F

TO
FUSION CONNECT, INC.

SECOND
LIEN CREDIT AND GUARANTY AGREEMENT

 

FUSION
CONNECT, INC.

420
Lexington Avenue

Suite
1718

New
York, New York 10170

 

Wilmington
Trust, National Association

50
South Sixth Street, Suite 1290

Minneapolis,
MN 55402

Attention:
Josh James

Telephone:
(612) 217-5637

Fax:
(612) 217-5651

Email:
jjames@wilmingtontrust.com

 

 

FUNDING NOTICE

 

Reference is made
to the Second Lien Credit and Guaranty Agreement, dated as of
May 4, 2018 (as it may be amended, supplemented or otherwise
modified from time to time, the “Credit Agreement”), among Fusion
Connect, Inc., a Delaware corporation (the “Borrower”), certain Subsidiaries
of the Borrower party thereto, the Lenders party thereto and
Wilmington Trust, National Association, as Administrative Agent and
Collateral Agent. Capitalized terms used but not otherwise defined
herein shall have the meanings specified in the Credit
Agreement.

 

Pursuant to
Section 2.1 of the Credit Agreement, the Borrower desires that
Lenders make the following Loans to the Borrower in accordance with
the applicable terms and conditions of the Credit Agreement on [ ],
20[ ] (the “Credit
Date”):

 

	

Tranche
B Term Loans29:

□           Base
Rate Loans:

□ Eurodollar Rate Loans, with
an initial Interest Period of ________ month(s)30:

 

	

 

 

$[___,___,___]

 

 

$[___,___,___]

 

	
 

	
 

	
 

	
 

Wiring
instructions for account to which

proceeds of Loans
are to be
remitted:                                                                                                
[ ]

 

 

The
Borrower hereby certifies that:31

 

(a) The
representations and warranties of each Credit Party set forth in
the Credit Documents are true and correct (i) in the case of the
representations and warranties qualified as to materiality in the
text thereof, in all respects, and (ii) otherwise, in all material
respects, in each case on and as of the Credit Date set forth
above, except in the case of any such representation and warranty
that expressly relates to an earlier date, in which case such
representation and warranty is so true and correct on and as of
such earlier date.

 

(b) At
the time of and immediately after giving effect to such Credit
Extension, no Default or Event of Default has occurred and is
continuing or would result therefrom.

 

Date: [ ], 20[
] 

FUSION CONNECT,
INC.

 

 

 

 

By:           ________________________________

Name:

Title:

29 Funding Notice must
be delivered to the Administrative Agent (a) with respect to a Base
Rate Borrowing, not later than 11:00 a.m. (New York City time) at
least one Business Day in advance of the proposed Credit Date
(which shall be a Business Day) and (b) with respect to a
Eurodollar Rate Borrowing, not later than 2:00 p.m. (New York City
time) at least three Business Days in advance of the proposed
Credit Date (which shall be a Business Day) (or, in each case, with
respect to any Borrowing of Incremental Loans or Refinancing Loans,
not later than such other time as shall be specified therefor in
the applicable Incremental Facility Agreement or Refinancing
Facility Agreement). Eurodollar Rate Borrowings generally shall be
in an aggregate amount of $1,000,000 or an integral multiple of
$500,000 in excess of such amount..

30 Subject to the
definition of “Interest Period”, which generally allows
the Borrower to request one, two, three or six month periods (or
such longer period as consented to by each Lender of the applicable
Class of Loans and notified in writing to the Administrative
Agent). If no election is specified, then the Borrower will be
deemed to have specified an Interest Period of one
month.

31 In the case of any
Loans the proceeds of which are intended to be applied to finance a
Limited Conditionality Transaction, the certifications set forth in
clauses (a) and (b) may be satisfied as of the applicable LCT Test
Date in accordance with Section 1.5 of the Credit
Agreement.

 

 

  EXHIBIT
G

      
TO FUSION CONNECT, INC.

 SECOND LIEN
CREDIT AND GUARANTY AGREEMENT

 

 

SECOND
LIEN INTERCOMPANY INDEBTEDNESS SUBORDINATION AGREEMENT, dated as of
May 4, 2018 (this “Agreement”), among FUSION CONNECT,
INC., a Delaware corporation (the “Borrower”), the other Intercompany
Lenders and Intercompany Debtors (each as defined below) from time
to time party hereto and Wilmington Trust, National Association, as
Administrative Agent.

 

Reference is made
to the Second Lien Credit and Guaranty Agreement, dated as of
May 4, 2018 (as it may be amended, supplemented or otherwise
modified from time to time, the “Credit Agreement”), among the
Borrower, certain Subsidiaries of the Borrower party thereto, the
Lenders party thereto and Wilmington Trust, National Association,
as Administrative Agent and Collateral Agent.

 

The
Credit Agreement provides that Indebtedness owing by a Credit Party
to any Restricted Subsidiary that is not a Credit Party shall be
subordinated in right of payment to the Obligations. For purposes
of this Agreement, (a) “Intercompany Indebtedness” means
any Indebtedness owed by any Credit Party to any Restricted
Subsidiary that is not a Credit Party, together with all interest
(including interest accruing during
the pendency of any bankruptcy, insolvency, receivership or other
similar proceeding, regardless of whether allowed or allowable in
such proceeding) on the principal of such Indebtedness and all
other monetary obligations of any Credit Party arising from or in
respect of such Indebtedness, including obligations to pay fees,
expense reimbursement obligations and indemnification obligations,
whether primary, secondary, direct, contingent, fixed or otherwise
(including monetary obligations incurred during the pendency of any
bankruptcy, insolvency, receivership or other similar proceeding,
regardless of whether allowed or allowable in such proceeding), (b)
each of the Credit Parties, in its capacity as an obligor in
respect of any Intercompany Indebtedness, is referred to herein as
an “Intercompany
Debtor”, (c) each of
the Restricted Subsidiaries that is not a Credit Party, in its
capacity as an obligee in respect of any Intercompany Indebtedness,
is referred to herein as an “Intercompany Lender” and
(d) the Lenders, the Agents (including former Agents, as
applicable) and the other Secured Parties are sometimes
collectively referred to as “Senior Lenders”.

 

The
Senior Lenders have agreed to extend credit to the Borrower, and to
permit the Credit Parties to incur Intercompany Indebtedness,
subject to the terms and conditions set forth in the Credit
Agreement. The Borrower and the other Restricted Subsidiaries are
required to execute and deliver this Agreement pursuant to the
terms of the Credit Agreement. In accordance with the Credit
Agreement, each of the Restricted Subsidiaries party hereto that is
not a Credit Party desires to enter into this Agreement in order to
subordinate, on the terms set forth herein, its rights, as an
Intercompany Lender, to payment under any Intercompany Indebtedness
to the prior payment in full in cash or immediately available funds
of the Obligations (other than contingent obligations as to which
no claim has been made). The Intercompany Lenders are Affiliates of
the Borrower, will derive substantial benefits from the extension
of credit to the Borrower pursuant to the Credit Agreement and are
willing to execute and deliver this Agreement in order to induce
the Senior Lenders to extend such credit. Accordingly, the parties
hereto agree as follows:

 

1. Definitions
and Construction. Terms defined in the Credit Agreement or
the Pledge and Security Agreement referred to therein, as
applicable, are used herein (including the preliminary statements
hereto) as defined therein. The rules of construction specified in
Section 1.3 of the Credit Agreement shall apply to this
Agreement, mutatis
mutandis.

 

2. Subordination.
(a) Each Intercompany Lender hereby agrees that all its
right, title and interest in, to and under any Intercompany
Indebtedness owed to it by any Intercompany Debtor shall be
subordinate, and junior in right of payment, to the extent and in
the manner hereinafter set forth, to all Obligations of such
Intercompany Debtor until the payment in full in cash or
immediately available funds of all Obligations of such Intercompany
Debtor (such Obligations, including interest thereon (including
interest accruing at the default rate specified in the Credit
Agreement) accruing after the commencement of any proceedings
referred to in paragraph (b) of this Section, whether or not such
interest is an allowed or allowable claim in such proceeding, being
hereinafter collectively referred to as “Senior
Indebtedness”).

 

 

 

 

 

(a) In
the event of any insolvency or bankruptcy proceedings, and any
receivership, liquidation, reorganization or other similar
proceedings in connection therewith, relating to any Intercompany
Debtor or to its property, and in the event of any proceedings for
voluntary liquidation, dissolution or other winding up of any
Intercompany Debtor, whether or not involving insolvency or
bankruptcy, then (i) the holders of Senior Indebtedness shall be
paid in full in cash or immediately available funds in respect of
all amounts constituting Senior Indebtedness before any
Intercompany Lender shall be entitled to receive (whether directly
or indirectly), or make any demand for, any payment or distribution
of any kind or character, whether in cash securities or other
property (other than Restructured Debt Securities (as defined
below)), and whether directly, by purchase, redemption, exercise of
any right of setoff or otherwise, from such Intercompany Debtor on
account of any Intercompany Indebtedness owed by such Intercompany
Debtor to such Intercompany Lender (provided that the foregoing
shall not impair the right of any such Intercompany Lender to file
a proof of claim in any such proceeding in accordance with the
terms hereof) and (ii) until the holders of Senior Indebtedness are
paid in full in cash or immediately available funds in respect of
all amounts constituting Senior Indebtedness, any payment or
distribution to which such Intercompany Lender would otherwise be
entitled, whether in cash, property or securities (other than a
payment of debt securities of such Intercompany Debtor that are
subordinated and junior in right of payment to the Senior
Indebtedness to at least the same extent as the Intercompany
Indebtedness described in this Agreement is subordinated and junior
in right of payment to the Senior Indebtedness then outstanding
(such securities being hereinafter referred to as
“Restructured Debt
Securities”)) shall instead be made to the holders of
Senior Indebtedness.

 

(b) If
any Event of Default has occurred and is continuing and the
Administrative Agent has provided prior written notice to the
Borrower requesting that no such payment or distribution, or no
such forgiveness or reduction, be made, then (i) no payment or
distribution of any kind or character, whether in cash securities
or other property (other than Restructured Debt Securities), and
whether directly, by purchase, redemption, exercise of any right of
setoff or otherwise, shall be made by or on behalf of any
Intercompany Debtor with respect to any Intercompany Indebtedness
owed to any Intercompany Lender and (ii) no Intercompany
Indebtedness owing by any Intercompany Debtor to any Intercompany
Lender shall be forgiven or otherwise reduced in any way, other
than as a result of payment of such amount in full in cash or
immediately available funds.

 

(c) If
any payment or distribution of any kind or character, whether in
cash, securities or other property (other than Restructured Debt
Securities), and whether directly, by purchase, redemption,
exercise of any right of setoff or otherwise, with respect to any
Intercompany Indebtedness shall (despite these subordination
provisions) be received by any Intercompany Lender from any
Intercompany Debtor in violation of paragraph (b) or (c) of this
Section prior to all Senior Indebtedness having been paid in full
in cash or immediately available funds (other than contingent
obligations as to which no claim has been made), such payment or
distribution shall be held by such Intercompany Lender (segregated
from other property of such Intercompany Lender) for the benefit of
the Administrative Agent, and shall be paid over or delivered to
the Administrative Agent promptly upon receipt to the extent
necessary to pay all Senior Indebtedness in full in cash or
immediately available funds.

 

(d) Each
Intercompany Lender and each Intercompany Debtor hereby agrees that
the subordination provisions set forth in this Agreement are for
the benefit of the Administrative Agent and the other holders of
Senior Indebtedness. The Administrative Agent may, on behalf of
itself and such other holders of Senior Indebtedness, proceed to
enforce these subordination provisions set forth
herein.

 

 

 

3. Waivers
and Consents. (a) Each Intercompany Lender waives, to the
extent permitted by applicable law, the right to compel that any
property or asset of any Intercompany Debtor or any property or
asset of any other Credit Party be applied in any particular order
to discharge the Obligations. Each Intercompany Lender expressly
waives, to the extent permitted by applicable law, the right to
require the Administrative Agent or any other Senior Lender to
proceed against any Intercompany Debtor, any guarantor of any
Obligation or any other Person, or to pursue any other remedy in
its or their power that such Intercompany Lender cannot pursue and
that would lighten such Intercompany Lender’s burden,
notwithstanding that the failure of the Administrative Agent or any
other Senior Lender to do so may thereby prejudice such
Intercompany Lender. Each Intercompany Lender agrees that it shall
not be discharged, exonerated or have its obligations hereunder
reduced (i) by the Administrative Agent’s or any other Senior
Lender’s delay in proceeding against or enforcing any remedy
against any Intercompany Debtor, any guarantor of any Obligation or
any other Person; (ii) by the Administrative Agent or any other
Senior Lender releasing any Intercompany Debtor, any guarantor of
any Obligation or any other Person from all or any part of the
Obligations; or (iii) by the discharge of any Intercompany Debtor,
any guarantor of any Obligation or any other Person by an operation
of law or otherwise, with or without the intervention or omission
of the Administrative Agent or any other Senior
Lender.

 

(a) Each
Intercompany Lender waives, to the extent permitted by applicable
law, all rights and defenses arising out of an election of remedies
by the Administrative Agent or any other Senior Lender, even though
that election of remedies, including any nonjudicial foreclosure
with respect to any property or asset securing any Obligation, has
impaired the value of such Intercompany Lender’s rights of
subrogation, reimbursement, or contribution against any
Intercompany Debtor or any other Credit Party. Each Intercompany
Lender expressly waives, to the extent permitted by law, any rights
or defenses (other than the defense of payment or performance) it
may have by reason of protection afforded to any Intercompany
Debtor or any other Credit Party with respect to the Obligations
pursuant to any anti-deficiency laws or other laws of similar
import that limit or discharge the principal debtor’s
indebtedness upon judicial or nonjudicial foreclosure of property
or assets securing any Obligation.

 

(b) Each
Intercompany Lender agrees that, without the necessity of any
reservation of rights against it, and without notice to or further
assent by it, any demand for payment of any Obligation made by the
Administrative Agent or any other Senior Lender may be rescinded in
whole or in part by such Person, and any Obligation may be
continued, and the Obligations or the liability of any Intercompany
Debtor or any other Credit Party obligated thereunder, or any right
of offset with respect thereto, may, from time to time, in whole or
in part, be renewed, extended, modified, accelerated, compromised,
waived, surrendered or released by the Administrative Agent or any
other Senior Lender, in each case without notice to or further
assent by such Intercompany Lender, which will remain bound
hereunder, and without impairing, abridging, releasing or affecting
the subordination provided for herein.

 

(c) Each
Intercompany Lender waives, to the extent permitted by applicable
law, any and all notice of the creation, renewal, extension or
accrual of any of the Obligations, and any and all notice of or
proof of reliance by the Senior Lenders upon this Agreement. The
Obligations, and any of them, shall be deemed conclusively to have
been created, contracted or incurred, and the consent to create the
obligations of any Intercompany Debtor in respect of the
Intercompany Indebtedness of such Intercompany Debtor shall be
deemed conclusively to have been given, in reliance upon this
Agreement. Each Intercompany Lender waives, to the extent permitted
by applicable law, any protest, demand for payment and notice of
default in respect of the Obligations.

 

4. Obligations
Unconditional. All rights and interests of the
Administrative Agent and the other Senior Lenders hereunder, and
all agreements and obligations of each Intercompany Lender and each
Intercompany Debtor hereunder, shall remain in full force and
effect irrespective of:

 

 

 

(a) any
lack of validity or enforceability of the Credit Agreement or any
other Credit Document;

 

(b) any
change in the time, manner or place of payment of, or in any other
term of, all or any of the Obligations or any amendment or waiver
or other modification, whether by course of conduct or otherwise,
of, or consent to departure from, the Credit Agreement or any other
Credit Document;

 

(c) any
exchange, release or nonperfection of any Lien in any Collateral,
or any release, amendment, waiver or other modification, whether in
writing or by course of conduct or otherwise, of or consent to
departure from, any guarantee of any Obligation; or

 

(d) any
other circumstances that might otherwise constitute a defense
available to, or a discharge of, any Intercompany Debtor in respect
of the Obligations or of such Intercompany Lender or such
Intercompany Debtor in respect of the subordination provisions set
forth herein (other than the payment in full in cash or immediately
available funds of the Obligations).

 

5. Waiver
of Claims. (a) To the maximum extent permitted by law, each
Intercompany Lender waives any claim it might have against the
Administrative Agent or any other Senior Lender with respect to, or
arising out of, any action or failure to act or any error of
judgment, negligence, or mistake or oversight whatsoever on the
part of the Administrative Agent or any other Senior Lender or any
Related Party of any of the foregoing with respect to any exercise
of rights or remedies under the Credit Documents in the absence of
the gross negligence or wilful misconduct of such Person or its
Related Parties (such absence to be presumed unless otherwise
determined by a final, non-appealable judgment of a court of
competent jurisdiction). None of the Administrative Agent or any
other Senior Lender or any Related Party of any of the foregoing
shall be liable to any Intercompany Lender for failure to demand,
collect or realize upon any of the Collateral or any guarantee of
any Obligation, or for any delay in doing so, or shall be under any
obligation to sell or otherwise dispose of any Collateral upon the
request of any such Intercompany Lender or any other Person or to
take any other action whatsoever with regard to the Collateral, or
any part thereof, except to the extent such liability has been
found by a final, non-appealable judgment of a court of competent
jurisdiction to have resulted from the gross negligence or willful
misconduct of such Person or its Related Parties.

 

(a) Each
Intercompany Lender, for itself and on behalf of its successors and
assigns, hereby waives, to the extent permitted by applicable law,
any and all now existing or hereafter arising rights it may have to
require the Senior Lenders to marshal assets for the benefit of
such Intercompany Lender, or to otherwise direct the timing, order
or manner of any sale, collection or other enforcement of the
Collateral or enforcement of any rights or remedies under the
Credit Documents. The Senior Lenders are under no duty or
obligation, and each Intercompany Lender hereby waives, to the
extent permitted by applicable law, any right it may have to compel
any Senior Lender, to pursue any Intercompany Debtor or any other
Credit Party that may be liable for the Obligations, or to enforce
any Lien in any Collateral.

 

(b) Each
Intercompany Lender hereby waives, to the extent permitted by
applicable law, and releases all rights which a guarantor or surety
with respect to the Senior Indebtedness could
exercise.

 

6. Notices.
All communications and notices hereunder shall be in writing and
given in the manner provided in Section 10.1 of the Credit
Agreement. All communications and notices to any Intercompany
Lender or Intercompany Debtor shall be given to it in care of the
Borrower in the manner provided in Section 10.1 of the Credit
Agreement.

 

 

 

 

 

7. Waivers;
Amendment. (a) No failure or delay by the Administrative
Agent or any other Senior Lender in exercising any right or power
hereunder shall operate as a waiver thereof, nor shall any single
or partial exercise of any such right or power, or any abandonment
or discontinuance of steps to enforce such a right or power,
preclude any other or further exercise thereof or the exercise of
any other right or power. The rights and remedies of the
Administrative Agent and the other Senior Lenders hereunder are
cumulative and are not exclusive of any rights or remedies that
they would otherwise have. No waiver of any provision of this
Agreement or consent to any departure by any Intercompany Lender or
any Intercompany Debtor therefrom shall in any event be effective
unless the same shall be permitted by paragraph (b) of this
Section 7, and then such waiver or consent shall be effective only
in the specific instance and for the specific purpose for which
given. No notice or demand on any Intercompany Lender or any
Intercompany Debtor in any case shall entitle any Intercompany
Lender or any Intercompany Debtor to any other or further notice or
demand in similar or other circumstances.

 

(a) Neither
this Agreement nor any provision hereof may be waived, amended or
modified except pursuant to an agreement or agreements in writing
entered into by the Administrative Agent, the Borrower and the
Intercompany Lenders or Intercompany Debtors with respect to which
such waiver, amendment or modification is to apply, subject to any
consent required in accordance with Section 10.5 of the Credit
Agreement.

 

8. Successors
and Assigns. (a) This Agreement shall be binding upon and
inure to the benefit of the parties hereto and their respective
successors and permitted assigns permitted hereby.

 

(a) The
Administrative Agent and the other Secured Parties shall have a
full and unfettered right to assign or otherwise transfer the whole
or any part of the benefit of this Agreement to any Person to whom
all or a corresponding part of the Obligations are assigned or
transferred in accordance with the Credit Agreement or pursuant to
applicable law, all without impairing, abridging, releasing or
affecting the subordination provided for herein.

 

9. Survival
of Agreement. All covenants, agreements, representations and
warranties made by the Intercompany Lenders and the Intercompany
Debtors in this Agreement shall be considered to have been relied
upon by the Administrative Agent and the other Senior Lenders and
shall survive the execution and delivery of this Agreement,
regardless of any investigation made by or on behalf of the
Administrative Agent or any other Senior Lender and notwithstanding
that the Administrative Agent or any other Senior Lender may have
had notice or knowledge of any default hereunder or incorrect
representation or warranty at the time this Agreement is executed
and delivered and shall continue in full force and effect until
terminated in accordance with Section 17. The provisions of
Section 5 shall survive and remain in full force and effect
regardless of the termination of this Agreement or any provision
hereof. This Agreement shall apply in respect of the Obligations
notwithstanding any intermediate payment in whole or in part of the
Obligations and shall apply to the ultimate balance of the
Obligations.

 

10. Counterparts;
Effectiveness; Several Agreement. This Agreement may be
executed in any number of counterparts, each of which when so
executed and delivered shall be deemed an original, but all such
counterparts together shall constitute but one and the same
instrument. Delivery of an executed counterpart of a signature page
of this Agreement by facsimile or in electronic format (i.e.,
“pdf” or “tif”) shall be effective as
delivery of a manually executed counterpart of this Agreement. This
Agreement shall become effective as to any Intercompany Lender or
Intercompany Debtor when a counterpart hereof executed on behalf of
such Intercompany Lender or Intercompany Debtor shall have been
delivered to the Administrative Agent and a counterpart hereof
shall have been executed on behalf of the Administrative Agent and
delivered to the Borrower. This Agreement shall be construed as a
separate agreement with respect to each Intercompany Lender and
each Intercompany Debtor and may be amended, modified,
supplemented, waived or released with respect to any Intercompany
Lender or Intercompany Debtor without the approval of any other
Intercompany Lender or Intercompany Debtor and without affecting
the obligations of any other Intercompany Lender or Intercompany
Debtor hereunder.

 

 

 

 

 

11. Severability.
In case any provision in or obligation hereunder shall be invalid,
illegal or unenforceable in any jurisdiction, the validity,
legality and enforceability of the remaining provisions or
obligations, or of such provision or obligation in any other
jurisdiction, shall not in any way be affected or impaired
thereby.

 

12. Further
Assurances. The Borrower, each other Intercompany Lender and
each other Intercompany Debtor agrees that it will execute any and
all further documents, agreements and instruments, and take all
such further actions that may be required under any applicable law,
or that the Administrative Agent may reasonably request for the
purposes of obtaining or preserving the full benefits of the
subordination provisions set forth herein and of the rights and
powers herein granted, all at the expense of the Borrower or such
Intercompany Lenders or such Intercompany Debtors.

 

13. GOVERNING
LAW; JURISDICTION; CONSENT TO SERVICE OF PROCESS; APPOINTMENT OF
SERVICE OF PROCESS AGENT. (a) THIS AGREEMENT AND THE RIGHTS AND
OBLIGATIONS OF THE PARTIES HEREUNDER (INCLUDING ANY CLAIMS SOUNDING
IN CONTRACT LAW OR TORT LAW ARISING OUT OF THE SUBJECT MATTER
HEREOF AND ANY DETERMINATIONS WITH RESPECT TO POST-JUDGMENT
INTEREST) SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT
REGARD TO CONFLICT OF LAWS PRINCIPLES THEREOF THAT WOULD RESULT IN
THE APPLICATION OF ANY LAW OTHER THAN THE LAW OF THE STATE OF NEW
YORK.

 

(a) EACH
PARTY HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR
ITSELF AND ITS PROPERTY, TO THE JURISDICTION OF ANY FEDERAL COURT
OF THE UNITED STATES OF AMERICA SITTING IN THE BOROUGH OF MANHATTAN
OR, IF THAT COURT DOES NOT HAVE SUBJECT MATTER JURISDICTION, ANY
STATE COURT LOCATED IN THE CITY AND COUNTY OF NEW YORK, AND ANY
APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING
ARISING OUT OF OR RELATING TO THIS AGREEMENT, OR FOR RECOGNITION OR
ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE BORROWER, EACH OTHER
INTERCOMPANY LENDER AND EACH OTHER INTERCOMPANY DEBTOR HEREBY
IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT
OF ANY SUCH ACTION OR PROCEEDING BROUGHT BY IT OR ANY OF ITS
AFFILIATES SHALL BE BROUGHT, AND SHALL BE HEARD AND DETERMINED,
EXCLUSIVELY 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 THE ADMINISTRATIVE AGENT
OR ANY OTHER SENIOR LENDER MAY OTHERWISE HAVE TO BRING ANY ACTION
OR PROCEEDING RELATING TO THIS AGREEMENT AGAINST THE BORROWER, ANY
OTHER INTERCOMPANY LENDER, ANY OTHER INTERCOMPANY DEBTOR OR ANY OF
ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.

 

(b) Each
party hereto hereby irrevocably and unconditionally waives, to the
fullest extent permitted by law, 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 in any
court referred to in paragraph (b) of this Section 13. Each of
the parties hereto hereby irrevocably waives, to the fullest extent
permitted by law, any defense of forum non conveniens to the
maintenance of such action or proceeding in any such
court.

 

 

 

 

 

(c) Each
party hereto irrevocably consents to the service of process by
mailing of copies of such process in the manner provided for
notices in Section 6. Nothing in this Agreement will affect
the right of any party to this Agreement or any Secured Party to
serve process in any other manner permitted by law.

 

14. WAIVER
OF JURY TRIAL. EACH PARTY HERETO HEREBY AGREES TO WAIVE ITS RIGHTS
TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR
ARISING HEREUNDER OR ANY DEALINGS BETWEEN THEM RELATING TO THE
SUBJECT MATTER OF THIS AGREEMENT. THE SCOPE OF THIS WAIVER IS
INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE
FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS
TRANSACTION, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY
CLAIMS AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. EACH PARTY
HERETO ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO
ENTER INTO A BUSINESS RELATIONSHIP, THAT EACH HAS ALREADY RELIED ON
THIS WAIVER IN ENTERING INTO THIS AGREEMENT, AND THAT EACH WILL
CONTINUE TO RELY ON THIS WAIVER IN ITS RELATED FUTURE DEALINGS.
EACH PARTY HERETO FURTHER WARRANTS AND REPRESENTS 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 WAIVER IS IRREVOCABLE, MEANING THAT IT MAY
NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN BY A MUTUAL
WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS SECTION 14 AND
EXECUTED BY EACH OF THE PARTIES HERETO), AND THIS WAIVER SHALL
APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR
MODIFICATIONS HERETO OR TO THE TRANSACTIONS CONTEMPLATED HEREBY. IN
THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN
CONSENT TO A TRIAL BY THE COURT.

 

15. Headings.
Article and Section headings used herein are for convenience of
reference only, are not part of this Agreement and shall not affect
the construction of, or to be taken into consideration in
interpreting, this Agreement.

 

16. Provisions
Define Relative Rights. The subordination provisions set
forth herein are intended solely for the purpose of defining the
relative rights of the Intercompany Lenders and the Intercompany
Debtors, on the one hand, and the Administrative Agent and the
other Secured Parties, on the other, and no other Person shall have
any right, benefit or other interest under these subordination
provisions.

 

17. Termination.
This Agreement and the subordination provisions set forth herein
shall automatically terminate when all the Obligations (other than
contingent obligations as to which no claim has been made) have
been paid in full in cash or immediately available funds and all
Commitments have terminated. If (a) any Restricted Subsidiary shall
have been designated as an Unrestricted Subsidiary in accordance
with the terms of the Credit Agreement or (b) all the Equity
Interests in any Restricted Subsidiary held by the Borrower and the
Subsidiaries shall be sold or otherwise disposed of (including by
merger or consolidation) in any transaction permitted by the Credit
Agreement, and as a result of such sale or other disposition such
Restricted Subsidiary shall cease to be a Subsidiary of the
Borrower, then such Restricted Subsidiary shall, upon effectiveness
of such designation, or the consummation of such sale or other
disposition, automatically be discharged and released from its
obligations hereunder;provided that that no such
discharge and release shall occur unless substantially concurrently
therewith, such Restricted Subsidiary shall cease to be subject to
any obligations under any subordination agreement with respect to
intercompany Indebtedness in favor of any Permitted
Section 6.10(e) Indebtedness, any Permitted Credit Agreement
Refinancing Indebtedness, any Permitted Incremental Equivalent
Indebtedness and any Permitted Subordinated
Indebtedness.

 

 

 

 

 

18. Additional
Subsidiaries. Pursuant to the Credit Agreement, certain
Restricted Subsidiaries not a party hereto on the Closing Date are
required to enter into this Agreement. Upon execution and delivery
to the Administrative Agent after the date hereof by any Restricted
Subsidiary of a counterpart signature page hereto, such Restricted
Subsidiary shall become a party hereto with the same force and
effect as if originally named as such herein. The execution and
delivery of such a counterpart signature page shall not require the
consent of any party hereto. The rights and obligations under this
Agreement of each other party hereto shall remain in full force and
effect notwithstanding the addition of any new Restricted
Subsidiary as a party to this Agreement.

 

 

 

6.

 

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to
be duly executed by their respective authorized officers as of the
day and year first above written.

 

 

 

 

	

FUSION
CONNECT, INC.,

 

 

	
 

	

by

	
 

	
 

	

Name:

	
 

	

Title:

 

 

[Signature Page to Intercompany Indebtedness Subordination
Agreement]

 

 

 

 

	

[
]

 

	

by

	
 

	
 

	
 

	

Name:

	
 

	

Title:

 

[Signature Page to Intercompany Indebtedness Subordination
Agreement]

 

 

 

 

	

WILMINGTON
TRUST, NATIONAL ASSOCIATION, as Administrative Agent,

	
 

	

by

	
 

	
 

	

Name:

	
 

	

Title:

 

[Signature Page to Intercompany Indebtedness Subordination
Agreement]

 

 

 

EXHIBIT
H

TO
FUSION CONNECT, INC.

SECOND
LIEN CREDIT AND GUARANTY AGREEMENT

 

GLOBAL
INTERCOMPANY NOTE

 

 

May 4,
2018

 

FOR
VALUE RECEIVED, each of the undersigned, to the extent a borrower
from time to time from any other Person listed on the signature
pages hereto (each, in such capacity, a “Payor”), hereby promises to pay on
demand to such other Person listed below (each, in such capacity, a
“Payee”), in
lawful money of the United States of America, or in such other
currency as agreed to by such Payor and such Payee, in immediately
available funds, at such location as such Payee shall from time to
time designate, the unpaid principal amount of all Indebtedness
owed by such Payor to such Payee. Each Payor promises also to pay
interest on the unpaid principal amount of all such Indebtedness in
like money at said location from the date that such Indebtedness
was incurred until it is paid in full at such rate per annum as
shall be agreed upon from time to time by such Payor and such
Payee.

 

Reference is made
to (a) that certain First Lien Credit and Guaranty Agreement, dated
as of May 4, 2018 (as it may be amended, supplemented or
otherwise modified from time to time, the “First Lien Credit Agreement”),
among Fusion Connect, Inc., a Delaware corporation (the
“Borrower”),
certain subsidiaries of the Borrower party thereto, the lenders
party thereto and Wilmington Trust, National Association, as
administrative agent and collateral agent (in its capacity as
collateral agent, the “First
Lien Collateral Agent”), and (b) that certain
Second Lien Credit and Guaranty Agreement, dated as of May 4,
2018 (as it may be amended, supplemented or otherwise modified from
time to time, the “Second
Lien Credit Agreement” and, together with the First
Lien Credit Agreement, the “Credit Agreements”), among Fusion
Connect, Inc., a Delaware corporation (the “Borrower”), certain subsidiaries
of the Borrower party thereto, the lenders party thereto and
Wilmington Trust, National Association, as administrative agent and
collateral agent (in its capacity as collateral agent, the
“Second Lien Collateral
Agent” and, together with the First Lien Collateral
Agent, the “Collateral
Agents”).

 

Capitalized terms
used in this Global Intercompany Note (this “Note”) but not otherwise defined
herein shall have the meanings given to them in (a) the First Lien
Credit Agreement, or in the Pledge and Security Agreement referred
to therein, or (b) the Second Lien Credit Agreement, or in the
Pledge and Security Agreement referred to therein, as
applicable.

 

This
Note is subject to the terms of each Credit Agreement, and shall be
pledged by each Payee that is a Credit Party to each Collateral
Agent, for the benefit of the related Secured Parties, pursuant to
the related Credit Documents as security for the payment and
performance in full of the Obligations under each Credit Agreement
and the related other Credit Documents, to the extent required
pursuant to the terms thereof. Each Payee hereby acknowledges and
agrees that upon the occurrence and during the continuance of an
Event of Default under a Credit Agreement, (a) the applicable
Collateral Agent may exercise any and all rights of any Credit
Party with respect to this Note and (b) upon demand of the
applicable Collateral Agent, all amounts evidenced by this Note
that are owed by any Payor to any Credit Party shall become
immediately due and payable, without presentment, demand, protest
or notice of any kind (it being understood that the applicable
Collateral Agent may make any such demand for all or any subset of
the amounts owing to such Credit Party and upon any or all Payors
obligated to such Credit Party, all without the consent or
permission of any Payor or Payee). Each Payor also hereby
acknowledges and agrees that this Note constitutes notice of
assignment for security, pursuant to the relevant Credit Documents,
of the Indebtedness and all other amounts evidenced by this Note
and further acknowledges the receipt of such notice of assignment
for security.

 

 

 

 

 

Upon
the commencement of any insolvency or bankruptcy proceeding, or any
receivership, liquidation, reorganization or other similar
proceeding in connection therewith, in respect of any Payor owing
any amounts evidenced by this Note to any Credit Party, or in
respect of all or a substantial part of any such Payor’s
property, or upon the commencement of any proceeding for voluntary
liquidation, dissolution or other winding up of any such Payor, all
amounts evidenced by this Note owing by such Payor to any and all
Credit Parties shall become immediately due and payable, without
presentment, demand, protest or notice of any kind.

 

Each
Payee is hereby authorized to record all loans and advances made by
it to any Payor (all of which shall be evidenced by this Note), and
all repayments or prepayments thereof, in its books and records,
such books and records constituting prima facie evidence of the
accuracy of the information contained therein;provided, however, that the failure of
any such Payee to so record any such information in accordance with
this clause shall not affect any such Payor’s obligations
hereunder.

 

Each
Payor hereby waives diligence, presentment, demand, protest or
notice of any kind whatsoever in connection with this Note. All
payments under this Note shall be made without set-off,
counterclaim or deduction of any kind.

 

This
Note shall be binding upon each Payor and its successors and
assigns, and the terms and provisions of this Note shall inure to
the benefit of each Payee and its successors and assigns, including
subsequent holders hereof.

 

From
time to time after the date hereof, additional Restricted
Subsidiaries of the Borrower may become parties hereto (as Payor
and/or Payee, as the case may be) by executing a counterpart
signature page to this Note (each additional Restricted Subsidiary,
an “Additional
Party”). Upon delivery of such counterpart signature
page to the Payees, notice of which is hereby waived by the other
Payors, each Additional Party shall be a Payor and/or a Payee, as
the case may be, and shall be as fully a party hereto as if such
Additional Party were an original signatory hereof. Each Payor
expressly agrees that its obligations arising hereunder shall not
be affected or diminished by the addition or release of any other
Payor or Payee hereunder. This Note shall be fully effective as to
any Payor or Payee that is or becomes a party hereto regardless of
whether any other Person becomes or fails to become or ceases to be
a Payor or Payee hereunder.

 

No
amendment, modification or waiver of, or consent with respect to,
any provisions of this Note shall be effective unless the same
shall be in writing and signed and delivered by each Payor and
Payee whose rights or obligations shall be affected
thereby;provided
that, until such time as (a) all the Obligations (other than
contingent obligations as to which no claim has been made and the
Specified Hedge Obligations and Specified Cash Management Services
Obligations) under each Credit Agreement and the related other
Credit Documents have been paid in full in cash or immediately
available funds, (b) all Commitments have terminated and (c)
no Letter of Credit shall be outstanding, as applicable, each
Administrative Agent shall have provided its prior written consent
to such amendment, modification, waiver or consent (which consent
shall not be unreasonably withheld or delayed).

 

THIS
NOTE AND ALL INDEBTEDNESS EVIDENCED HEREBY ARE SUBJECT TO THE
SUBORDINATION PROVISIONS OF (a) THE INTERCOMPANY INDEBTEDNESS
SUBORDINATION AGREEMENT, DATED AS OF MAY 4, 2018 (AS AMENDED,
RESTATED, SUPPLEMENTED OR OTHERWISE MODIFIED FROM TIME TO TIME, THE
“SECOND LIEN INTERCOMPANY
INDEBTEDNESS SUBORDINATION AGREEMENT”), AMONG THE
BORROWER, SUBSIDIARIES OF THE BORROWER PARTY THERETO AND WILMINGTON
TRUST, NATIONAL ASSOCIATION, AS ADMINISTRATIVE AGENT UNDER THE
SECOND LIEN CREDIT AGREEMENT, AND (b) THE INTERCOMPANY INDEBTEDNESS
SUBORDINATION AGREEMENT, DATED AS OF MAY 4, 2018 (AS AMENDED,
RESTATED, SUPPLEMENTED OR OTHERWISE MODIFIED FROM TIME TO TIME, THE
“SECOND LIEN INTERCOMPANY
INDEBTEDNESS SUBORDINATION AGREEMENT” AND, TOGETHER
WITH THE SECOND LIEN INTERCOMPANY INDEBTEDNESS SUBORDINATION
AGREEMENT, THE “INTERCOMPANY
INDEBTEDNESS SUBORDINATION AGREEMENTS”), AMONG THE
BORROWER, SUBSIDIARIES OF THE BORROWER PARTY THERETO AND WILMINGTON
TRUST, NATIONAL ASSOCIATION, AS ADMINISTRATIVE AGENT UNDER THE
SECOND LIEN CREDIT AGREEMENT. NOTWITHSTANDING ANYTHING CONTAINED
HEREIN TO THE CONTRARY, NEITHER THE PRINCIPAL OF NOR THE INTEREST
ON, NOR ANY OTHER AMOUNTS PAYABLE IN RESPECT OF, ANY INDEBTEDNESS
CREATED OR EVIDENCED BY THIS NOTE SHALL BE PAID OR PAYABLE, EXCEPT
TO THE EXTENT PERMITTED UNDER THE INTERCOMPANY INDEBTEDNESS
SUBORDINATION AGREEMENTS, WHICH ARE INCORPORATED HEREIN BY
REFERENCE WITH THE SAME FORCE AND EFFECT AS IF FULLY SET FORTH
HEREIN.

 

 

 

THIS
NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK.

 

 

PAYORS:

	

FUSION
CONNECT, INC.,

 

 

	
 

	

by

	
 

	
 

	

Name:

	
 

	

Title:

 

	

FUSION
NBS ACQUISITION CORP.

FUSION,
LLC

FUSION
BCHI ACQUISITION, LLC

BIRCH
COMMUNICATIONS, LLC

CBEYOND,
INC.

CBEYOND
COMMUNICATIONS, LLCBIRCH MANAGEMENT LLC

BIRCH
TELECOM LLC

BIRCH
TEXAS HOLDINGS, INC.

BIRCH
TELECOM OF KANSAS, LLC

BIRCH
TELECOM OF OKLAHOMA, LLC

BIRCH
TELECOM OF MISSOURI, LLC

BIRCH
TELECOM OF TEXAS LTD., L.L.P.

BIRCAN
HOLDINGS, LLCPRIMUS HOLDINGS, INC.FUSION MPHC ACQUISITION
CORP.,

	

By:

	
 

	
 

	

Name:

	
 

	

Title:

 

 

	

PRIMUS
MANAGEMENT ULCBIRCAN MANAGEMENT ULC,

 

 

	
 

	

by

	
 

	
 

	

Name:

	
 

	

Title:

 

[Signature
Page to Global Intercompany Note]

 

 

 

PAYEES:

	

FUSION
CONNECT, INC.,

 

 

	
 

	

by

	
 

	
 

	

Name:

	
 

	

Title:

 

	

FUSION
NBS ACQUISITION CORP.

FUSION,
LLC

FUSION
BCHI ACQUISITION, LLC

BIRCH
COMMUNICATIONS, LLC

CBEYOND,
INC.

CBEYOND
COMMUNICATIONS, LLCBIRCH MANAGEMENT LLC

BIRCH
TELECOM LLC

BIRCH
TEXAS HOLDINGS, INC.

BIRCH
TELECOM OF KANSAS, LLC

BIRCH
TELECOM OF OKLAHOMA, LLC

BIRCH
TELECOM OF MISSOURI, LLC

BIRCH
TELECOM OF TEXAS LTD., L.L.P.

BIRCAN
HOLDINGS, LLCPRIMUS HOLDINGS, INC.FUSION MPHC ACQUISITION
CORP.,

	

By:

	
 

	
 

	

Name:

	
 

	

Title:

 

 

	

PRIMUS
MANAGEMENT ULCBIRCAN MANAGEMENT ULC,

 

 

	
 

	

by

	
 

	
 

	

Name:

	
 

	

Title:

[Signature
Page to Global Intercompany Note]

 

 

EXHIBIT
I

TO
FUSION CONNECT, INC.

SECOND
LIEN CREDIT AND GUARANTY AGREEMENT

 

 

FORM OF INTERCREDITOR AGREEMENT

 

 

[See
attached]

 

 

 

EXHIBIT
J

TO
FUSION CONNECT, INC.

SECOND
LIEN CREDIT AND GUARANTY AGREEMENT

 

 

 

FORM OF SECOND LIEN PLEDGE AND SECURITY AGREEMENT

 

[See
attached]

 

 

 

EXHIBIT
K

TO
FUSION CONNECT, INC.

SECOND
LIEN CREDIT AND GUARANTY AGREEMENT

 

 

SOLVENCY CERTIFICATE

 

Date:
May 4, 2018

 

To the
Administrative Agent and each of the Lenders

party
to the Credit Agreement referred to below:

 

Pursuant Section
3.1(h) of the Second Lien Credit and Guaranty Agreement, dated as
of May 4, 2018 (as amended, supplemented or otherwise modified
from time to time, the “Credit Agreement”), among Fusion
Connect, Inc., a Delaware corporation (the “Borrower”), certain Subsidiaries
of the Borrower party thereto, the Lenders party thereto and
Wilmington Trust, National Association, as Administrative Agent and
Collateral Agent, the undersigned, solely in the
undersigned’s capacity as the chief financial officer of the
Borrower, hereby certifies, on behalf of the Borrower and not in
the undersigned’s individual or personal capacity and without
personal liability, that, as of the Closing Date, after giving
effect to the Transactions contemplated thereby (including the
making of the Loans on the Closing Date and the application of the
proceeds thereof):

 

(a) the
sum of the debt and other liabilities (including contingent
liabilities) of the Borrower and the Subsidiaries, on a
consolidated basis, does not exceed the present fair saleable value
of the present assets of the Borrower and the Subsidiaries, on a
consolidated basis;

 

(b) the
capital of the Borrower and the Subsidiaries, on a consolidated
basis, is not unreasonably small in relation to their business as
conducted or proposed to be conducted, on a consolidated
basis;

 

(c) the
Borrower and the Subsidiaries, on a consolidated basis, have not
incurred and do not intend to incur, or believe (nor should they
reasonably believe) that they will incur, debts and liabilities
(including contingent liabilities), on a consolidated basis, beyond
the ability of the Borrower and the Subsidiaries, on a consolidated
basis, to pay such debts and liabilities as they become due
(whether at maturity or otherwise); and

 

(d) the
Borrower and the Subsidiaries, on a consolidated basis, are
“solvent” within the meaning given to that term and
similar terms under any applicable Debtor Relief Laws and other
applicable laws relating to preferences, fraudulent transfers and
conveyances or transfers undervalue.

 

For
purposes of this Solvency Certificate, the amount of any contingent
liability at any time shall be computed as the amount that, in
light of all the facts and circumstances existing at such time,
represents the amount that can reasonably be expected to become an
actual or matured liability (irrespective of whether such
contingent liability meets the criteria for accrual under
GAAP).

 

Capitalized terms
used but not otherwise defined herein shall have the meanings
assigned to them in the Credit Agreement.

 

The
undersigned is familiar with the business and financial position of
the Borrower and the Subsidiaries. In reaching the conclusions set
forth in this Solvency Certificate, the undersigned has made such
investigations and inquiries as the undersigned has deemed
appropriate, having taken into account the nature of the business
proposed to be conducted by the Borrower and the Subsidiaries after
consummation of the Transactions.

 

 

IN WITNESS WHEREOF, the undersigned has
executed this Solvency Certificate, solely in the
undersigned’s capacity as the chief financial officer of the
Borrower, on behalf of the Borrower and not in the
undersigned’s individual or personal capacity and without
personal liability, as of the date first stated above.

 

	

FUSION CONNECT, INC.

 

	

by

	
 

	
 

	
 

	

Name:

	
 

	

Title:

 

 

 

 

 

 

 

 

 

 

EXHIBIT
L

TO
FUSION CONNECT, INC.

SECOND
LIEN CREDIT AND GUARANTY AGREEMENT

 

SUPPLEMENTAL COLLATERAL QUESTIONNAIRE

 

Reference is made
to (a) the First Lien Credit and Guaranty Agreement, dated as of
May 4, 2018 (the “First
Lien Credit Agreement”), among Fusion Connect, Inc., a
Delaware corporation (the “Borrower”), certain Subsidiaries
of the Borrower party thereto, the lenders party thereto and
Wilmington Trust, National Association, as administrative agent and
as collateral agent (in its capacity as collateral agent, the
“First Lien Collateral
Agent”), and (b) the Second Lien Credit and
Guaranty Agreement, dated as of May 4, 2018 (the
“Second Lien Credit
Agreement” and, together with the First Lien Credit
Agreement, the “Credit
Agreements”), among the Borrower, certain Subsidiaries
of the Borrower party thereto, the lenders party thereto and
Wilmington Trust, National Association, as administrative agent and
as collateral agent (in its capacity as collateral agent, the
“Second Lien Collateral
Agent” and, together with the First Lien Collateral
Agent, the “Collateral
Agents”). Capitalized terms used but not otherwise
defined herein shall have the meanings specified in (i) the First
Lien Credit Agreement or the Pledge and Security Agreement referred
to therein or (ii) the Second Lien Credit Agreement or the Pledge
and Security Agreement referred to therein, as
applicable.

 

This
Supplemental Collateral Questionnaire dated as of
[          ], 20[
] is delivered pursuant to Section 5.1(k) of each Credit Agreement,
and supplements the information set forth in the Collateral
Questionnaire delivered on the Closing Date (as supplemented from
time to time by each Supplemental Collateral Questionnaire
delivered after the Closing Date and prior to the date hereof, the
“Prior Collateral
Questionnaire”) with respect to each Credit Party
(which term, for purposes of this Supplemental Collateral
Questionnaire, shall be deemed to include each New Subsidiary as
defined in each Pledge and Security Agreement).

 

The
undersigned, an Authorized Officer of the Borrower, solely in
his/her capacity as an Authorized Officer, and not individually and
without personal liability, hereby certifies to each Collateral
Agent and the related other Secured Parties as
follows:

 

SECTION1. Legal
Names. Schedule 1 hereto sets forth the exact legal name of
each Credit Party, as such name appears in its certificate of
organization, and indicates changes, if any, in the foregoing
information compared to the information set forth on Schedule 1 of
the Prior Collateral Questionnaire.

 

SECTION2. Jurisdictions
and Locations. Schedule 2A hereto sets forth (a) the
jurisdiction of organization and the form of organization of each
Credit Party, (b) the organizational identification number, if
any, assigned to each Credit Party by such jurisdiction and the
federal taxpayer identification number, if any, of such Credit
Party and (c) the address (including the county) of the chief
executive office of each Credit Party, and indicates changes, if
any, in the foregoing information compared to the information set
forth on Schedule 2A of the Prior Collateral
Questionnaire.

 

SECTION3. Status
of Filings. All UCC financing statements (including fixtures
filings and transmitting utility filings, as applicable) and all
Intellectual Property Security Agreements or supplements thereto
have been filed of record in each applicable governmental office in
order that, to the extent perfection can be obtained by filing UCC
financing statements and recordation of a security agreement with
the United States Patent and Trademark Office or the United States
Copyright Office, the security interests created under the
Collateral Documents (as defined in each Credit Agreement) shall be
perfected for a period of not less than 18 months after the date of
this Supplemental Collateral Questionnaire (except as noted in
Schedule 3 hereto with respect to any continuation statements to be
filed within such period).

 

 

 

 

 

SECTION4. Equity
Interests. Schedule 4 hereto sets forth a true and complete
list, for each Credit Party, of all the stock, partnership
interests, limited liability company membership interests or other
Equity Interests owned by such Credit Party, specifying the issuer
and certificate number of (if certificated), and the number and
percentage of ownership represented by, such Equity Interests, and
indicates changes, if any, in such list compared to the list set
forth on Schedule 4 of the Prior Collateral
Questionnaire.

 

SECTION5. Debt
Instruments. Schedule 5 hereto sets forth a true and
complete list, for each Credit Party, of all debt securities,
promissory notes and other evidence of Indebtedness held by such
Credit Party, including (a) all intercompany notes between or among
the Borrower and the other Restricted Subsidiaries and (b) all
promissory notes in the principal amount of $1,000,000 or more owed
to the Borrower or any other Credit Party, in each case specifying
the creditor and debtor thereunder and the type and outstanding
principal amount thereof, and indicates changes, if any, in such
list compared to the list set forth on Schedule 5 of the Prior
Collateral Questionnaire.

 

SECTION6. Material
Real Estate Assets. Schedule 6 hereto sets forth a true and
complete list, with respect to each Material Real Estate Asset, of
(a) the exact name of the Person that owns such property, as such
name appears in its certificate of organization or formation, (b)
if different from the name identified pursuant to clause (a) above,
the name of the current record owner of such property, as such name
appears in the records of the county recorder’s office for
such property identified pursuant to clause (c) below, and (c)
the county recorder’s office in which a Mortgage with respect
to such property must be filed or recorded in order for each
Collateral Agent to provide constructive notice to third parties of
its mortgage lien.

 

SECTION7. Intellectual
Property. Schedule 7 hereto sets forth, in proper form for
filing with the United States Patent and Trademark Office or the
United States Copyright Office, as applicable, a true and complete
list of each Credit Party’s (a) Copyrights, Copyright
Applications and exclusive Copyright Licenses (where a Credit Party
is a licensee), (b) Patents and Patent Applications and
(c) Trademarks and Trademark Applications, in each case
specifying the name of the registered owner, title, type or mark,
registration or application number, expiration date (if already
registered) (except with respect to Copyrights and exclusive
Copyright Licenses) or filing date, a brief description thereof
and, if applicable, the licensee and licensor, and indicates
changes, if any, in such list compared to the list set forth on
Schedule 7 of the Prior Collateral Questionnaire.

 

SECTION8. Commercial
Tort Claims. Schedule 8 hereto sets forth a true and
complete list of commercial tort claims in excess of $2,000,000
held by any Credit Party, including a brief description thereof,
and indicates changes, if any, in such list compared to the list
set forth on Schedule 8 of the Prior Collateral
Questionnaire.

 

SECTION9. Insurance.
Schedule 9 hereto sets forth a true and complete list of all
insurance policies (including life and disability insurance
policies) maintained by the Credit Parties, and indicates changes,
if any, in such list compared to the list set forth on Schedule 9
of the Prior Collateral Questionnaire.

 

SECTION10. Other
Collateral. Schedule 10 hereto sets forth a true and
complete list of all of the following types of collateral, if any,
owned or held by each Credit Party, and indicates changes, if any,
in such list compared to the list set forth on Schedule 10 of the
Prior Collateral Questionnaire: (a) all agreements and contracts
with any Governmental Authority, (b) all FCC Licenses and (c) all
state telecommunications licenses.

 

 

 

 

 

 

SECTION11. Unusual
Transactions. All Accounts of the Credit Parties have been
originated by the Credit Parties in the ordinary course of
business.

 

SECTION12. Transmitting
Utility Companies. Schedule 12 hereto sets forth (a) the
exact legal name of any Credit Party that may be a transmitting
utility (as defined in the UCC) and (b) the address(es) where such
Credit Party owns any fixtures.

 

[Signature
page follows]

 

 

 

IN
WITNESS WHEREOF, the undersigned have duly executed this
Supplemental Collateral Questionnaire on this [ ] day of [ ], 20[
].

 

 

	

FUSION
CONNECT, INC.,

 

	

by

	
 

	
 

	
 

	

Name:

	
 

	

Title:

 

 

 

 

 

 

 

 

 

 

Schedule 1

 

Legal Names

 

	

Exact Legal Name

	

French Form of Name (if applicable)

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

 

 

 

 

Schedule 2A

 

Jurisdictions and Locations

 

 

 

	

Credit Party

	

Jurisdiction of Organization

	

Form of Organization

	

Organizational Identification Number(if any)

	

Federal Taxpayer Identification Number

(if any)

	

Chief Executive Office Address

(including county)

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

 

 

 

Schedule 3

 

Continuation Statement Filings

 

 

 

	

Credit Party

	

Jurisdiction of Organization

	

UCC Financing Statement

to be Continued

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

 

 

Schedule 4

 

Equity Interests

 

	

Credit Party

	

Issuer

	

Type of Organization

	

Number of Shares Owned

	

Total Shares Outstanding

	

Percentage of Interest Pledged

	

Certificate No. (if uncertificated,
please indicate so)

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

 

 

Schedule 5

 

Debt Instruments

 

	

Credit Party

	

Debtor

	

Type of Instrument

	

Outstanding Principal Amount

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

 

 

 

 

Schedule 6

 

Material Real Estate Assets

 

	

Credit Party/Name of Owner

	

Name/Address/City/State/Zip Code

	

County/ Parish

	

UCC Filing Office/Local Filing Office

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

 

 

 

 

 

Schedule 7

 

Intellectual Property

 

I.

Copyrights

 

 

 

	

Registered Owner

 

	

Title

 

	

Registration Number

 

	

Expiration Date

 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

 

 

II.

Copyright Applications

 

 

 

	

Registered Owner

 

	

Title

 

	

Application Number

 

	

Date Filed

 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

 

 

III.

Exclusive Copyright Licenses (where a Credit Party is a
licensee)

 

 

 

	

Licensee

 

	

Licensor

 

	

Title

 

	

Registration Number

 

	

Expiration Date

 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

 

 

 

 

 

 

 

IV.

Patents

 

 

	

Registered Owner

	

Title of Patent

	

Country

	

Type

	

Registration Number

	

Issue Date

	

Expiration

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

 

 

V.

Patent Applications

 

 

	

Registered Owner

	

Title of Patent

	

Country

	

Type

	

Application Number

	

Date Filed

	
 

	
 

	
 

	
 

	
 

	
 

 

VI.

      Trademarks

 

 

	

Registered
Owner

	

Mark

	

Country

	

Application
No.

	

Registration
No.

	

Registration
Date

	

Expiration
Date

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

 

 

 

 

 

 

VII.

Trademark Applications

 

 

 

	

Registered Owner

 

	

Mark

 

	

Country

 

	

Application No.

 

	

Filing Date

 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

 

 

Schedule 8

 

Commercial Tort Claims

 

 

 

 

 

Schedule 9

 

Insurance

 

	

Insurance Policy Coverage

	

Scope of Coverage

	

Lead Insurance Carrier

	

Limit of Liability

	

 

Term

	

Deductibles or Self-Insured Retention

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

 

 

 

Schedule 10

 

Other Collateral

 

 

 

 

 

Schedule 12

 

Transmitting Utility

 

	

Credit Party

	

Jurisdiction where Transmitting Utility Equipment is
Held

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

 

 

 

 

 

 

  
EXHIBIT M

TO
FUSION CONNECT, INC.

    
SECOND LIEN CREDIT AND GUARANTY AGREEMENT

FORM OF NOTE

 

	

$_________

	

[          ],
20__

 

FOR
VALUE RECEIVED, the undersigned, FUSION CONNECT, INC., a Delaware
corporation (the “Borrower”), hereby unconditionally
promises to pay to ________________________ (the
“Lender”) or its
registered assigns, in lawful money of the United States of America
and in same day funds, (a) the principal amount of ____________
DOLLARS ($___________) or (b) if less, the aggregate unpaid
principal amount of all [Tranche B Term] Loans made by the Lender
to the Borrower pursuant to the Second Lien Credit and Guaranty
Agreement, dated as of May 4, 2018 (as amended, supplemented
or otherwise modified from time to time, the “Credit Agreement”), among the
Borrower, certain Subsidiaries of the Borrower party thereto, the
lenders party thereto and Wilmington Trust, National Association,
as administrative agent and collateral agent, on such dates and in
such amounts as are set forth in the Credit Agreement. Capitalized
terms used in this Note but not otherwise defined herein shall have
the meanings given to them in the Credit Agreement.

 

The
Borrower also promises to pay interest in like money on the unpaid
principal amount hereof from time to time outstanding from and
including the date hereof until maturity (whether by acceleration
or otherwise) and, after maturity, until paid, at the rates per
annum and on the dates specified in the Credit
Agreement.

 

The
holder of this Note (this “Note”) is authorized to endorse on
Schedule A attached hereto and made a part hereof or on a
continuation thereof which shall be attached hereto and made a part
hereof the date, Type and amount of each [Tranche B Term] Loan made
pursuant to the Credit Agreement and the date and amount of each
payment or prepayment of principal thereof, each continuation
thereof, each conversion of all or a portion thereof to another
Type and, in the case of a Eurodollar Rate Loan, the length of each
Interest Period with respect thereto. The failure to make any such
endorsement shall not affect the obligations of the Borrower in
respect of any such [Tranche B Term] Loan.

 

This
Note (a) is one of the Notes referred to in the Credit Agreement,
(b) is subject to the provisions of the Credit Agreement and (c) is
subject to optional prepayment in whole or in part as provided in
the Credit Agreement. Reference is made to the Credit Agreement for
provisions for the acceleration of the maturity hereof. This Note
may not be transferred except in compliance with the terms of the
Credit Agreement. Transfers of this Note must be recorded in the
Register maintained by the Administrative Agent pursuant to the
terms of the Credit Agreement.

 

THIS
NOTE AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER
(INCLUDING ANY CLAIMS SOUNDING IN CONTRACT LAW OR TORT LAW ARISING
OUT OF THE SUBJECT MATTER HEREOF AND ANY DETERMINATIONS WITH
RESPECT TO POST-JUDGMENT INTEREST) SHALL BE GOVERNED BY, AND SHALL
BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE
OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES THEREOF
THAT WOULD RESULT IN THE APPLICATION OF ANY LAW OTHER THAN THE LAW
OF THE STATE OF NEW YORK.

 

 

 

FUSION
CONNECT, INC.

 

By:________________________________

Name:

Title:

 

[Signature
Page to Note]

 

 

SCHEDULE
A

to
Note

 

 

LOANS,
CONTINUATIONS, CONVERSIONS AND

 

REPAYMENTS
OF EURODOLLAR RATE LOANS

 

	

Date

	

Amount
of Eurodollar Rate Loans

	

Amount
Continued or Converted to Eurodollar Rate Loans

	

Interest
Period and Eurodollar Rate with Respect Thereto

	

Amount
of Principal of Eurodollar Rate Loans Repaid

	

Amount
of Eurodollar Rate Loans Converted to Base Rate Loans

	

Unpaid
Principal Balance of Eurodollar Rate Loans

	

Notation
Made By

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

 

 

 

SCHEDULE
B

to
Note

 

LOANS,
CONVERSIONS AND

REPAYMENTS
OF BASE RATE LOANS

 

	

Date

	

Amount
of Base Rate Loans

	

Amount
Convertedto Base Rate Loans

	

Amount
of Principal of Base Rate Loans Repaid

	

Amount
of Base Rate Loans Converted to Eurodollar Rate Loans

	

Unpaid
Principal Balance of Base Rate Loans

	

Notation
Made By

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

 

 

 

 

 

 

EXHIBIT
N-1

TO
FUSION CONNECT, INC.

SECOND
LIEN CREDIT AND GUARANTY AGREEMENT

 

US TAX COMPLIANCE CERTIFICATE

(For Foreign Lenders That Are Not Partnerships For US Federal
Income Tax Purposes)

 

Reference is hereby made to the Second Lien Credit
and Guaranty Agreement dated as of May 4, 2018 (as amended,
supplemented or otherwise modified from time to time, the
“Credit
Agreement”), among Fusion
Connect, Inc., a Delaware corporation (the
“Borrower”), certain Subsidiaries of the Borrower
party thereto, as Guarantors, the Lenders party thereto and
Wilmington Trust, National Association, as Administrative Agent and
Collateral Agent.

 

Pursuant
to the provisions of Section 2.19(g)(ii)(B)(3) of the Credit
Agreement, the undersigned hereby certifies that (a) it is the sole
record and beneficial owner of the Loan(s) (as well as any Note(s)
evidencing such Loan(s)) in respect of which it is providing this
certificate, (b) it is not a bank within the meaning of
Section 881(c)(3)(A) of the Internal Revenue Code, (c) it is
not a ten percent shareholder of the Borrower within the meaning of
Section 881(c)(3)(B) of the Internal Revenue Code and (d) it
is not a controlled foreign corporation related to the Borrower as
described in Section 881(c)(3)(C) of the Internal Revenue
Code.

 

The
undersigned has furnished the Administrative Agent and the Borrower
with a certificate of its non-US Person status on IRS Form W-8BEN
or W-8BEN-E, as applicable. By executing this certificate, the
undersigned agrees that (a) if the information provided on this
certificate changes, the undersigned shall promptly so inform the
Borrower and the Administrative Agent, and (b) the undersigned
shall have at all times furnished the Borrower and the
Administrative Agent with a properly completed and currently
effective certificate in either the calendar year in which each
payment is to be made to the undersigned, or in either of the two
calendar years preceding such payments.

 

Unless
otherwise defined herein, terms defined in the Credit Agreement and
used herein shall have the meanings given to them in the Credit
Agreement.

 

 

	

[NAME OF LENDER]

 

	

By:                                                                           

	
 

	

Name:

	
 

	

Title:

 

Date: ________ __, 20[ ]

 

 

 

 

EXHIBIT
N-2

TO
FUSION CONNECT, INC.

SECOND
LIEN CREDIT AND GUARANTY AGREEMENT

 

 

US TAX COMPLIANCE CERTIFICATE

(For Foreign Participants That Are Not Partnerships For US Federal
Income Tax Purposes)

 

Reference is hereby made to the Second Lien Credit
and Guaranty Agreement dated as of May 4, 2018 (as amended,
supplemented or otherwise modified from time to time, the
“Credit
Agreement”), among Fusion
Connect, Inc., a Delaware corporation (the
“Borrower”), certain Subsidiaries of the Borrower
party thereto, as Guarantors, the Lenders party thereto and
Wilmington Trust, National Association, as Administrative Agent and
Collateral Agent.

 

Pursuant
to the provisions of Section 2.19(g)(ii)(B)(4) of the Credit
Agreement, the undersigned hereby certifies that (a) it is the sole
record and beneficial owner of the participation in respect of
which it is providing this certificate, (b) it is not a bank within
the meaning of Section 881(c)(3)(A) of the Internal Revenue Code,
(c) it is not a ten percent shareholder of the Borrower within the
meaning of Section 881(c)(3)(B) of the Internal Revenue Code, and
(d) it is not a controlled foreign corporation related to the
Borrower as described in Section 881(c)(3)(C) of the Internal
Revenue Code.

 

The
undersigned has furnished its participating Lender with a
certificate of its non-US Person status on IRS Form W-8BEN or
W-8BEN-E, as applicable. By executing this certificate, the
undersigned agrees that (a) if the information provided on this
certificate changes, the undersigned shall promptly so inform such
Lender in writing, and (b) the undersigned shall have at all times
furnished such Lender with a properly completed and currently
effective certificate in either the calendar year in which each
payment is to be made to the undersigned, or in either of the two
calendar years preceding such payments.

 

Unless
otherwise defined herein, terms defined in the Credit Agreement and
used herein shall have the meanings given to them in the Credit
Agreement.

 

	

[NAME OF PARTICIPANT]

 

	

By:                                                                           

	
 

	

Name:

	
 

	

Title:

 

Date: ________ __, 20[ ]

 

 

 

EXHIBIT
N-3

TO
FUSION CONNECT, INC.

SECOND
LIEN CREDIT AND GUARANTY AGREEMENT

 

US TAX COMPLIANCE CERTIFICATE

(For Foreign Participants That Are Partnerships For US Federal
Income Tax Purposes)

 

Reference is hereby made to the Second Lien Credit
and Guaranty Agreement dated as of May 4, 2018 (as amended,
supplemented or otherwise modified from time to time, the
“Credit
Agreement”), among Fusion
Connect, Inc., a Delaware corporation (the
“Borrower”), certain Subsidiaries of the Borrower
party thereto, as Guarantors, the Lenders party thereto and
Wilmington Trust, National Association, as Administrative Agent and
Collateral Agent.

 

Pursuant
to the provisions of Section 2.19(g)(ii)(B)(4) of the Credit
Agreement, the undersigned hereby certifies that (a) it is the sole
record owner of the participation in respect of which it is
providing this certificate, (b) its direct or indirect
partners/members are the sole beneficial owners of such
participation, (c) with respect to such participation, neither the
undersigned nor any of its direct or indirect partners/members is a
bank extending credit pursuant to a loan agreement entered into in
the ordinary course of its trade or business within the meaning of
Section 881(c)(3)(A) of the Internal Revenue Code, (d) none of its
direct or indirect partners/members is a ten percent shareholder of
the Borrower within the meaning of Section 881(c)(3)(B) of the
Internal Revenue Code and (e) none of its direct or indirect
partners/members is a controlled foreign corporation related to the
Borrower as described in Section 881(c)(3)(C) of the Internal
Revenue Code.

 

The
undersigned has furnished its participating Lender with IRS Form
W-8IMY accompanied by one of the following forms from each of its
partners/members that is claiming the portfolio interest exemption:
(a) an IRS Form W-8BEN or W-8BEN-E, as applicable, or (b) an IRS
Form W-8IMY accompanied by an IRS Form W-8BEN or W-8BEN-E, as
applicable, from each of such partner’s/member’s
beneficial owners that is claiming the portfolio interest
exemption. By executing this certificate, the undersigned agrees
that (i) if the information provided on this certificate changes,
the undersigned shall promptly so inform such Lender and (ii) the
undersigned shall have at all times furnished such Lender with a
properly completed and currently effective certificate in either
the calendar year in which each payment is to be made to the
undersigned, or in either of the two calendar years preceding such
payments.

 

Unless
otherwise defined herein, terms defined in the Credit Agreement and
used herein shall have the meanings given to them in the Credit
Agreement.

 

	

[NAME OF PARTICIPANT]

 

	

By:                                                                           

	
 

	

Name:

	
 

	

Title:

 

Date: ________ __, 20[ ]

 

 

EXHIBIT
N-4

TO
FUSION CONNECT, INC.

SECOND
LIEN CREDIT AND GUARANTY AGREEMENT

 

US TAX COMPLIANCE CERTIFICATE

(For Foreign Lenders That Are Partnerships For US Federal Income
Tax Purposes)

 

Reference is hereby made to the Second Lien Credit
and Guaranty Agreement dated as of May 4, 2018 (as amended,
supplemented or otherwise modified from time to time, the
“Credit
Agreement”), among Fusion
Connect, Inc., a Delaware corporation (the
“Borrower”), certain Subsidiaries of the Borrower
party thereto, as Guarantors, the Lenders party thereto and
Wilmington Trust, National Association, as Administrative Agent and
Collateral Agent.

 

Pursuant
to the provisions of Section 2.19(g)(ii)(B)(4) of the Credit
Agreement, the undersigned hereby certifies that (a) it is the sole
record owner of the Loan(s) (as well as any Note(s) evidencing such
Loan(s)) in respect of which it is providing this certificate, (b)
its direct or indirect partners/members are the sole beneficial
owners of such Loan(s) (as well as any Note(s) evidencing such
Loan(s)), (c) with respect to the extension of credit pursuant
to this Credit Agreement or any other Credit Document, neither the
undersigned nor any of its direct or indirect partners/members is a
bank extending credit pursuant to a loan agreement entered into in
the ordinary course of its trade or business within the meaning of
Section 881(c)(3)(A) of the Internal Revenue Code, (d) none of its
direct or indirect partners/members is a ten percent shareholder of
the Borrower within the meaning of Section 881(c)(3)(B) of the
Internal Revenue Code and (e) none of its direct or indirect
partners/members is a controlled foreign corporation related to the
Borrower as described in Section 881(c)(3)(C) of the Internal
Revenue Code.

 

The
undersigned has furnished the Administrative Agent and the Borrower
with IRS Form W-8IMY accompanied by one of the following forms from
each of its partners/members that is claiming the portfolio
interest exemption: (a) an IRS Form W-8BEN or W-8BEN-E, as
applicable, or (b) an IRS Form W-8IMY accompanied by an IRS Form
W-8BEN or W-8BEN-E, as applicable, from each of such
partner’s/member’s beneficial owners that is claiming
the portfolio interest exemption. By executing this certificate,
the undersigned agrees that (i) if the information provided on this
certificate changes, the undersigned shall promptly so inform the
Borrower and the Administrative Agent, and (ii) the undersigned
shall have at all times furnished the Borrower and the
Administrative Agent with a properly completed and currently
effective certificate in either the calendar year in which each
payment is to be made to the undersigned, or in either of the two
calendar years preceding such payments.

 

Unless
otherwise defined herein, terms defined in the Credit Agreement and
used herein shall have the meanings given to them in the Credit
Agreement.

 

	

[NAME OF LENDER]

 

	

By:                                                                           

	
 

	

Name:

	
 

	

Title:

 

Date:
________ __, 20[ ]

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