Document:

Exhibit 10.1

Execution Version

 

 

 

LOAN, SECURITY
AND GUARANTEE AGREEMENT

 

Dated as of November
16, 2022

 

 

 

 

APPLIED OPTOELECTRONICS,
INC., and

 

CERTAIN OTHER
PERSONS FROM TIME TO TIME

DESIGNATED AS
A BORROWER HEREUNDER,

 

as Borrowers,

 

 

 

 

CERTAIN OTHER
PERSONS FROM TIME TO TIME 

DESIGNATED AS
A GUARANTOR HEREUNDER,

 

as Guarantors,

 

 

 

CERTAIN FINANCIAL
INSTITUTIONS,

 

as Lenders,

 

 

 

CIT NORTHBRIDGE
CREDIT LLC,

 

as Agent,

 

 

 and

 

CIT NORTHBRIDGE
CREDIT LLC,

 

as Sole Lead Arranger
and Sole Bookrunner

 

 

 

 

    	 	 	 

     

    

 

TABLE
OF CONTENTS

Page

 

	SECTION 1.   DEFINITIONS; RULES OF CONSTRUCTION	1
	1.1   Definitions	1
	1.2   Accounting Terms	28
	1.3   Uniform Commercial Code	28
	1.4   Certain Matters of Construction	28
	1.5   Rates	28
	1.6   Division	29
	SECTION 2.   CREDIT FACILITIES	29
	2.1   Revolver Commitment.	29
	2.2   [Reserved]	30
	2.3   Letter of Credit Facility	30
	SECTION 3.   INTEREST, FEES AND CHARGES	33
	3.1   Interest	33
	3.2   Fees	33
	3.3   Computation of Interest, Fees, Yield Protection	34
	3.4   Reimbursement Obligations	34
	3.5   Illegality	34
	3.6   SOFR Unavailability	34
	3.7   Increased Costs; Capital Adequacy	36

 

 

 

    	 	i	 

     

    

 

	3.8   Mitigation	36
	3.9   Funding Losses	37
	3.10   Maximum Interest	37
	SECTION 4.   LOAN ADMINISTRATION	38
	4.1   Manner of Borrowing and Funding Revolver Loans	38
	4.2   Defaulting Lender	39
	4.3   [Reserved]	39
	4.4   Borrower Agent	39
	4.5   One Obligation	40
	4.6   Effect of Termination	40
	SECTION 5.   PAYMENTS	40
	5.1   General Payment Provisions	40
	5.2   Repayment of Revolver Loans	40
	5.3   Certain Mandatory Prepayments	40
	5.4   Payment of Other Obligations	40
	5.5   Marshaling; Payments Set Aside	41
	5.6   Application and Allocation of Payments	41
	5.7   Dominion Account	42
	5.8   Account Stated	42
	5.9   Taxes	42
	5.10   Lender Tax Information	43
	5.11   Nature and Extent of Each Borrower’s Liability	45

 

 

 

    	 	ii	 

     

    

 

	SECTION 6.   CONDITIONS PRECEDENT	47
	6.1   Conditions Precedent to Initial Loans	47
	6.2   Conditions Precedent to All Credit Extensions	49
	SECTION 7.   COLLATERAL	49
	7.1   Grant of Security Interest	49
	7.2   Lien on Deposit Accounts; Cash Collateral	50
	7.3   [Reserved]	51
	7.4   Other Collateral	51
	7.5   Equity Interests	51
	7.6   Limitations	51
	7.7   Further Assurances	51
	7.8   Delivery of Pledged Securities; Certificated Securities	52
	7.9   [Reserved]	52
	7.10   Remedial Provisions	52
	SECTION 8.   COLLATERAL ADMINISTRATION	54
	8.1   Borrowing Base Reports	54
	8.2   Accounts	54
	8.3   Inventory	55
	8.4   Equipment	56
	8.5   Deposit Accounts	56
	8.6   General Provisions	56

 

 

 

    	 	iii	 

     

    

 

	8.7   Power of Attorney	57
	SECTION 9.   REPRESENTATIONS AND WARRANTIES	58
	9.1   General Representations and Warranties	58
	9.2   Complete Disclosure	62
	SECTION 10.   COVENANTS AND CONTINUING AGREEMENTS	62
	10.1   Affirmative Covenants	62
	10.2   Negative Covenants	65
	10.3   Financial Covenants	69
	SECTION 11.   EVENTS OF DEFAULT; REMEDIES ON DEFAULT	69
	11.1   Events of Default	69
	11.2   Remedies upon Default	70
	11.3   License	71
	11.4   Setoff	71
	11.5   Remedies Cumulative; No Waiver	72
	SECTION 12.   AGENT	72
	12.1   Appointment, Authority and Duties of Agent	72
	12.2   Agreements Regarding Collateral; Borrower Materials; Credit Bidding	73
	12.3   Reliance By Agent	74
	12.4   Action Upon Default	75
	12.5   Ratable Sharing	75

 

 

 

    	 	iv	 

     

    

 

	12.6   Indemnification	75
	12.7   Limitation on Responsibilities of Agent	76
	12.8   Successor Agent and Co-Agents	76
	12.9   Due Diligence and Non-Reliance	77
	12.10   Remittance of Payments and Collections	77
	12.11   Individual Capacities	77
	12.12   Titles	77
	12.13   Bank Product Providers	78
	12.14   Flood Laws	78
	12.15   No Third Party Beneficiaries	78
	12.16   Certain ERISA Matters.	78
	12.17   Recovery of Payments; Presumption by Agent.	79
	SECTION 13.   BENEFIT OF AGREEMENT; ASSIGNMENTS	79
	13.1   Successors and Assigns	79
	13.2   Participations	80
	13.3   Assignments	80
	13.4   Replacement of Certain Lenders	81
	SECTION 14.   MISCELLANEOUS	81
	14.1   Consents, Amendments and Waivers	81
	14.2   Indemnity	82

 

 

 

    	 	v	 

     

    

 

	14.3   Notices and Communications	83
	14.4   Performance of Obligors’ Obligations	83
	14.5   Credit Inquiries	84
	14.6   Severability	84
	14.7   Cumulative Effect; Conflict of Terms	84
	14.8   Counterparts; Execution	84
	14.9   Entire Agreement	84
	14.10   Relationship with Lenders	84
	14.11   No Advisory or Fiduciary Responsibility	84
	14.12   Confidentiality	85
	14.13   GOVERNING LAW	85
	14.14   Consent To Forum	85
	14.15   Waivers by Obligors	86
	14.16   Patriot Act Notice	86
	14.17   NO ORAL AGREEMENT	86
	SECTION 15.   GUARANTY	86
	15.1   Guaranty of the Obligations	86
	15.2   Contribution by Guarantors	86
	15.3   Payment by Guarantors	87
	15.4   Liability of Guarantors Absolute	87
	15.5   Waivers by Guarantors	88
	15.6   Guarantors’ Rights of Subrogation, Contribution, etc.	89

 

 

 

    	 	vi	 

     

    

 

	15.7   Subordination of Other Obligations	89
	15.8   Continuing Guaranty	89
	15.9   Authority of Guarantors or Borrowers	89
	15.10   Financial Condition of Borrowers	89
	15.11   Bankruptcy, etc.	90
	SECTION 16.   ACKNOWLEDGEMENTS.	90
	16.1.   Acknowledgment and Consent to Bail-In of Affected Financial Institutions	90
	16.2.   Acknowledgement Regarding Any Supported QFCs	91

 

 

LIST
OF EXHIBITS

 

	Exhibit A-1	Assignment and Acceptance
	Exhibit A-2	Assignment Notice
	Exhibit B	Borrowing Base Report
	Exhibit C	Compliance Certificate

 

 

 

    	 	vii	 

     

    

 

LOAN, SECURITY AND GUARANTEE AGREEMENT

 

THIS LOAN, SECURITY AND
GUARANTEE AGREEMENT (this “Agreement”) is dated as of November 16, 2022, among APPLIED OPTOELECTRONICS, INC.,
a Delaware corporation (“AOI”, and together with any other Person from time to time designated as a borrower hereunder,
collectively, the “Borrowers” and each, individually, a “Borrower”), the other Obligors from time
to time party hereto, the financial institutions party to this Agreement from time to time as Lenders, and CIT NORTHBRIDGE CREDIT LLC,
a Delaware limited liability company (“CNC”), as agent for the Secured Parties (in such capacity, “Agent”).

 

R E C I T A L S:

 

Borrowers have requested that
Lenders provide a credit facility to Borrowers to finance their mutual and collective business enterprise. Lenders are willing to provide
the credit facility on the terms and conditions set forth in this Agreement.

 

NOW, THEREFORE, for
valuable consideration hereby acknowledged, the parties agree as follows:

 

SECTION
1.          DEFINITIONS;
RULES OF CONSTRUCTION

 

1.1              
Definitions. As used herein, the following terms have the meanings set forth below:

 

Accounts Formula Amount:
(a) up to 90% of the Value of Eligible Accounts (other than Credit Insured Foreign Accounts) that constitute Investment Grade Accounts,
plus (b) up to 85% of the Value of Eligible Accounts (other than Credit Insured Foreign Accounts) that do not constitute Investment
Grade Accounts, plus (c) up to 90% of the Value of Credit Insured Foreign Accounts, in each case of clauses (a), (b) and (c), subject
to Agent’s discretion.

 

Acquisition: a transaction
or series of transactions resulting in (a) acquisition of a business, division or substantially all assets of a Person; (b) record or
beneficial ownership of 50% or more of the Equity Interests of a Person; or (c) merger, consolidation or combination of an Obligor or
Subsidiary with another Person.

 

Adjusted Term SOFR:
for purposes of any calculation, the rate per annum equal to (a) Term SOFR for such calculation plus (b) the Term SOFR Adjustment; provided,
that if Adjusted Term SOFR as so determined shall ever be less than the Floor, then Adjusted Term SOFR shall be deemed to be the Floor.

 

Affected Financial Institution:
(a) any EEA Financial Institution or (b) any UK Financial Institution.

 

Affiliate: with respect
to any Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under
common Control with the Person specified. “Control” means the possession, directly or indirectly, of the power to direct
or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or
otherwise. “Controlling” and “Controlled” have correlative meanings.

 

Agent Indemnitees:
Agent and its officers, directors, employees, Affiliates, agents and attorneys.

 

Agent Professionals:
attorneys, accountants, appraisers, auditors, business valuation experts, environmental engineers or consultants, turnaround consultants,
and other professionals and experts retained by Agent.

 

Allocable Amount: as
defined in Section 5.11.3.

 

 

 

 

    	 	1	 

     

    

 

Anti-Terrorism Law:
any law relating to terrorism or money laundering, including the Patriot Act.

 

Applicable Law: all
laws, rules, regulations and governmental guidelines applicable to the Person conduct, transaction, agreement or matter in question, including
statutory law, common law and equitable principles, as well as provisions of constitutions, treaties, statutes, rules, regulations, orders
and decrees of Governmental Authorities.

 

Applicable Margin:
the rate per annum set forth below, as determined by the average Revolver Usage for the prior calendar month (in each case, as calculated
by Agent in its discretion):

 

	
     

    Level
	
    Average Revolver Usage

    for the Prior Calendar Month
	Base Rate Loans or SOFR Loans	 
	 	 	 	 
	I	
    < 50% of the Revolver Commitments

     
	3.75%	 
	II	
    > 50% of the Revolver Commitments

     
	4.75%	 

 

From and after the Closing Date, through and including
December 31, 2022, margins shall be determined as if Level II were applicable. Thereafter, margins shall be subject to increase or decrease
by Agent on the first day of each calendar month.

 

Approved Fund: any
Person (other than a natural Person) engaged in making, purchasing, holding or otherwise investing in commercial loans in its ordinary
course of activities.

 

Asset Disposition:
a sale, lease, license, consignment, transfer or other disposition of Property of an Obligor, including any disposition in connection
with a sale-leaseback transaction or synthetic lease.

 

Assignment: an assignment
agreement between a Lender and Eligible Assignee, in the form of Exhibit A-1 or otherwise satisfactory to Agent.

 

Assignment Notice:
a notice of an assignment pursuant to an Assignment Agreement, in the form of Exhibit A-2 or otherwise satisfactory to Agent.

 

Attributable Debt:
when used with respect to any Sale and Leaseback Transaction, as of the time of determination, the total obligations of the lessee for
rental payments during the remaining term of the lease included in any such Sale and Leaseback Transaction. For the avoidance of doubt,
the Attributable Debt with respect to any Sale and Leaseback Transaction shall constitute Purchase Money Debt hereunder, and the Liens
securing such Attributable Debt shall constitute Purchase Money Liens hereunder.

 

Availability: the Borrowing
Base minus Revolver Usage.

 

Availability Reserve:
the sum (without duplication) of (a) the Inventory Reserve; (b) the Rent and Charges Reserve; (c) the Bank Product Reserve;
(d) the aggregate amount of liabilities secured by Liens upon Collateral that are senior to Agent's Liens (but imposition of any
such reserve shall not waive an Event of Default arising therefrom); (e) reserves relating to accrued and unpaid Tax liabilities;
(f) the Dilution Reserve; and (g) such additional reserves, in such amounts and with respect to such matters, as Agent in its discretion
may elect to impose from time to time.

 

 

 

 

    	 	2	 

     

    

 

Available Tenor: as
of any date of determination and with respect to the then-current Benchmark, as applicable, (a) if such Benchmark is a term rate, any
tenor for such Benchmark (or component thereof) that is or may be used for determining the length of an interest period pursuant to this
Agreement or (b) otherwise, any payment period for interest calculated with reference to such Benchmark (or component thereof) that is
or may be used for determining any frequency of making payments of interest calculated with reference to such Benchmark pursuant to this
Agreement, in each case, as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed
from the definition of "Monthly Period" pursuant to Section 3.6.2(d).

 

Average Availability:
as of any date of determination, the sum of Availability for each of the previous sixty (60) days, divided by sixty (60).

 

Average Projected Availability:
the projected the sum of Availability for each of the upcoming sixty (60) days, divided by sixty (60) based on projections delivered to
Agent by Borrowers at the time of making any applicable payment.

 

Bail-In Action: the
exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial
Institution.

 

Bail-In Legislation:
(a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council
of the European Union, the implementing law, regulation rule or requirement for such EEA Member Country from time to time which is described
in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended
from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing
banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency
proceedings).

 

Bank: First Citizens
Bank.

 

Bank Product: any of
the following products or services extended to, or arranged for, a Borrower or Affiliate of a Borrower by Agent, a Lender or any of their
respective Affiliates: (a) Cash Management Services; (b) products under Hedging Agreements; (c) commercial credit card and merchant card
services; and (d) other banking products or services, other than Letters of Credit.

 

Bank Product Reserve:
the aggregate amount of reserves established by Agent from time to time in its discretion with respect to Secured Bank Product Obligations.

 

Bankruptcy Code: Title
11 of the United States Code.

 

Base Rate: for any
day a fluctuating rate per annum equal to the highest of: (a) the Floor, (b) the Federal Funds Rate plus 1/2 of one percent
(1%) or (c) the rate of interest in effect for such day as publicly announced from time to time by JPMorgan Chase Bank, N.A. as its
"prime rate" in effect for such day. Any change in the "prime rate" announced by JPMorgan Chase Bank, N.A. shall take
effect without notice to the Borrowers at the opening of business on the day specified as the effective date of change in the public announcement
or publication of such change. The Base Rate is not necessarily the lowest rate of interest charged by Lenders in connection with extensions
of credit. If JPMorgan Chase Bank, N.A. ceases to announce its "prime rate", Agent may select a reasonably comparable index
or source to use as the basis for the Base Rate. For the avoidance of doubt, the Base Rate will in no event be less than the Floor.

 

Base Rate Loan: a Loan
that accrues interest by reference to the Base Rate in accordance with the term of this Agreement.

 

Benchmark: initially,
the Term SOFR Reference Rate; provided, that if a Benchmark Transition Event has occurred with respect to the Term SOFR Reference
Rate or the then-current Benchmark, then "Benchmark" means the applicable Benchmark Replacement to the extent that such
Benchmark Replacement has replaced such prior benchmark rate pursuant to Section 3.6.2(a).

 

 

 

 

    	 	3	 

     

    

 

Benchmark Replacement:
with respect to any Benchmark Transition Event, the sum of: (a) the alternative benchmark rate that has been selected by Agent and Borrower
Agent giving due consideration to (i) any selection or recommendation of a replacement benchmark rate or the mechanism for determining
such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a benchmark rate
as a replacement for the then-current Benchmark for Dollar-denominated syndicated credit facilities and (b) the related Benchmark Replacement
Adjustment; provided, that if such Benchmark Replacement as so determined would be less than the Floor, such Benchmark Replacement shall
be deemed to be the Floor for the purposes of this Agreement and the other Loan Documents.

 

Benchmark Replacement Adjustment:
with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement for any applicable Monthly Period,
the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or
zero) that has been selected by Agent and Borrower Agent giving due consideration to (a) any selection or recommendation of a spread adjustment,
or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted
Benchmark Replacement by the Relevant Governmental Body or (b) any evolving or then-prevailing market convention for determining a spread
adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable
Unadjusted Benchmark Replacement for Dollar-denominated syndicated credit facilities at such time.

 

Benchmark Replacement Date:
the earliest to occur of the following events with respect to the then-current Benchmark:

 

(a)       in
the case of clause (a) or (b) of the definition of "Benchmark Transition Event," the later of (i) the date of the public statement
or publication of information referenced therein and (ii) the date on which the administrator of such Benchmark (or the published component
used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such component
thereof); or

 

(b)       in
the case of clause (c) of the definition of "Benchmark Transition Event," the first date on which such Benchmark (or the published
component used in the calculation thereof) has been determined and announced by the regulatory supervisor for the administrator of such
Benchmark (or such component thereof) to be non-representative; provided that such non-representativeness will be determined by
reference to the most recent statement or publication referenced in such clause (c) and even if any Monthly Period of such Benchmark (or
such component thereof) continues to be provided on such date.

 

For the avoidance of doubt, the "Benchmark
Replacement Date" will be deemed to have occurred in the case of clause (a) or (b) with respect to any Benchmark upon the occurrence
of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published
component used in the calculation thereof).

 

Benchmark Transition Event:
the occurrence of one or more of the following events with respect to the then-current Benchmark:

 

(a)       a
public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used
in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark
(or such component thereof), permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor
administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof);

 

(b)       a
public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published
component used in the calculation thereof), the FRB, the Federal Reserve Bank of New York, an insolvency official with jurisdiction over
the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark
(or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark
(or such component), which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide all
Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely, provided that, at the time of such
statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or
such component thereof); or

 

 

 

 

    	 	4	 

     

    

 

(c)       a
public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published
component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are not,
or as of a specified future date will not be, representative.

 

For the avoidance of doubt, if the then-current
Benchmark has any Available Tenors, a "Benchmark Transition Event" will be deemed to have occurred with respect to any Benchmark
if a public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of
such Benchmark (or the published component used in the calculation thereof).

 

Benchmark Transition Start
Date: in the case of a Benchmark Transition Event, the earlier of (a) the applicable Benchmark Replacement Date and (b) if such Benchmark
Transition Event is a public statement or publication of information of a prospective event, the ninetieth (90th) day prior to the expected
date of such event as of such public statement or publication of information (or if the expected date of such prospective event is fewer
than ninety (90) days after such statement or publication, the date of such statement or publication).

 

Benchmark Unavailability
Period: the period (if any) (a) beginning at the time that a Benchmark Replacement Date has occurred if, at such time, no Benchmark
Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section
3.6.2 and (b) ending at the time that a Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and
under any Loan Document in accordance with Section 3.6.2.

 

Board of Governors:
the Board of Governors of the Federal Reserve System.

 

Borrowed Money: with
respect to any Obligor, without duplication, its (a) Debt that (i) arises from the lending of money by any Person to such Obligor, (ii)
is evidenced by notes, drafts, bonds, debentures, credit documents or similar instruments, (iii) accrues interest or is a type upon which
interest charges are customarily paid (excluding trade payables owing in the Ordinary Course of Business), or (iv) was issued or assumed
as full or partial payment for Property; (b) Capital Leases; (c) letter of credit reimbursement obligations; and (d) guaranties of any
of the foregoing owing by another Person.

 

Borrower Agent: as
defined in Section 4.4.

 

Borrower Materials:
Borrowing Base Reports, Compliance Certificates and other information, reports, financial statements and other materials delivered by
Borrowers hereunder, as well as other Reports and information prepared by Borrowers and provided by Agent to Lenders.

 

Borrowing: a group
of Loans that are made or converted together on the same day and have the same interest option and, if applicable, Interest Period.

 

Borrowing Base: on
any date of determination, an amount equal to (a) the lesser of (i) the aggregate Revolver Commitments; or (ii) the sum of the
Accounts Formula Amount; plus the Inventory Formula Amount; minus (b) the Availability Reserve.

 

Borrowing Base Report:
a report in the form attached hereto as Exhibit B by which Borrower Agent certifies pursuant to Section 8.1 the Borrowing
Base.

 

Business Day: any day
other than a Saturday, Sunday, any other day on which commercial banks are authorized to close under the laws of, or are in fact closed
in, New York, and any other day on which the Federal Reserve Bank of New York is closed.

 

Capital Expenditures:
all liabilities incurred or expenditures made by a Borrower or Subsidiary for the acquisition of fixed assets, or any improvements, replacements,
substitutions or additions thereto with a useful life of more than one year.

 

 

 

 

    	 	5	 

     

    

 

Capital Lease: any
lease required to be capitalized for financial reporting purposes in accordance with GAAP.

 

Cash Collateral: cash
or Cash Equivalents acceptable to Agent in its Permitted Discretion, in each case, delivered to Agent to Cash Collateralize any Obligations,
and all interest, dividends, earnings and other proceeds relating thereto.

 

Cash Collateralize:
the delivery to Agent of cash or Cash Equivalents acceptable to Agent in its Permitted Discretion, as security for the payment of Obligations,
in an amount equal to (a) with respect to LC Obligations, 105% of the aggregate LC Obligations, and (b) with respect to any
inchoate, contingent or other Obligations (including Secured Bank Product Obligations), Agent's good faith estimate of the amount due
or to become due, including fees, expenses and indemnification hereunder. "Cash Collateralization" has a correlative
meaning.

 

Cash Equivalents: (a)
marketable obligations issued or unconditionally guaranteed by, and backed by the full faith and credit of, the U.S. government, maturing
within 12 months of the date of acquisition; (b) certificates of deposit, time deposits and bankers’ acceptances maturing within
12 months of the date of acquisition, and overnight bank deposits, in each case which are issued by a commercial bank organized under
the laws of the United States or any state or district thereof, rated A-1 (or better) by S&P or P-1 (or better) by Moody’s at
the time of acquisition, and (unless issued by a Lender) not subject to offset rights; (c) repurchase obligations with a term of not more
than 30 days for underlying investments of the types described in clauses (a) and (b) entered into with any bank described in clause (b);
and (d) shares of any money market fund that has substantially all of its assets invested continuously in the types of investments referred
to above, has net assets of at least $500,000,000 and has the highest rating obtainable from either Moody’s or S&P.

 

Cash Management Services:
services relating to operating, collections, payroll, trust, or other depository or disbursement accounts, including automated clearinghouse,
e-payable, electronic funds transfer, wire transfer, controlled disbursement, overdraft, depository, information reporting, lockbox and
stop payment services.

 

CERCLA: the Comprehensive
Environmental Response Compensation and Liability Act (42 U.S.C. § 9601 et seq.).

 

CFC: a "controlled
foreign corporation" within the meaning of Section 957 of the Code in which any Obligor or direct or indirect owner of an Obligor
is a "United States shareholder" within the meaning of Section 951(b) of the Code.

 

Change in Law: the
occurrence, after the date hereof, of (a) the adoption, taking effect or phasing in of any law, rule, regulation or treaty; (b) any change
in any law, rule, regulation or treaty or in the administration, interpretation or application thereof; (c) any new, or adjustment to,
requirements prescribed by the FRB), requirements imposed by the Federal Deposit Insurance Corporation, or similar requirements imposed
by any domestic or foreign governmental authority or resulting from compliance by Agent or any Lender with any request or directive (whether
or not having the force of law) from any central bank or other Governmental Authority and related in any manner to SOFR, the Term SOFR
Reference Rate, Adjusted Term SOFR or Term SOFR; or (d) the making, issuance or application of any request, guideline, requirement or
directive (whether or not having the force of law) by any Governmental Authority; provided, however, that “Change
in Law” shall include, regardless of the date enacted, adopted or issued, all requests, rules, guidelines, requirements or directives
(i) under or relating to the Dodd-Frank Wall Street Reform and Consumer Protection Act, or (ii) promulgated pursuant to Basel III by the
Bank for International Settlements, the Basel Committee on Banking Supervision (or any similar authority) or any other Governmental Authority.

 

Change of Control:
(a) AOI ceases to own and control, beneficially and of record, directly or indirectly, free and clear of all Liens or other encumbrances
(other than those in favor of Agent), 100% of the Equity Interests in all other Borrowers and Subsidiaries (except, with respect to any
Subsidiary, in connection with an Asset Disposition of the Equity Interests of a Subsidiary permitted by the Loan Documents) on a fully
diluted basis, and all voting rights and equivalent economic interests with respect thereto; (b) AOI ceases to be a publicly traded corporation;
(c) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act)
shall become the “beneficial owner” (as defined in Rules 13(d)-3 and 13(d)-5 under such Act), directly or indirectly, of more
than 35% of the then outstanding voting Equity Interests of AOI; (d) the sale or transfer of all or substantially all assets of a
Borrower, except to another Borrower; (e) a "Change of Control" or any term of similar effect as defined in the document
governing any Subordinated Debt; or (f) a “Fundamental Change” as defined in the Convertible Notes Indenture (or any term
of similar effect as defined in any Refinancing Debt with respect thereto).

 

 

 

    	 	6	 

     

    

 

Chinatrust Account:
that certain deposit account of AOI held at Chinatrust Commercial Bank with account number ending in 6327.

 

Claims: all claims,
liabilities, obligations, losses, damages, penalties, judgments, proceedings, interest, costs and expenses of any kind (including remedial
response costs, reasonable attorneys’ fees and Extraordinary Expenses) at any time (including after Full Payment of the Obligations
or replacement of Agent or any Lender) incurred by any Indemnitee or asserted against any Indemnitee by any Obligor or other Person, in
any way relating to (a) any Loans, Letters of Credit, Loan Documents, Borrower Materials, or the use thereof or transactions relating
thereto, (b) any action taken or omitted in connection with any Loan Documents, (c) the existence or perfection of any Liens, or realization
upon any Collateral, (d) exercise of any rights or remedies under any Loan Documents or Applicable Law, or (e) failure by any Obligor
to perform or observe any terms of any Loan Document, in each case including all costs and expenses relating to any investigation, litigation,
arbitration or other proceeding (including an Insolvency Proceeding or appellate proceedings), whether or not the applicable Indemnitee
is a party thereto.

 

Closing Date: as defined
in Section 6.1.

 

CNC Indemnitees: CNC
and its officers, directors, employees, Affiliates, agents and attorneys.

 

Code: the Internal
Revenue Code of 1986.

 

Collateral: all Property
described in Section 7.1, all Property described in any Security Documents as security for any Obligations, and all other Property
that now or hereafter secures (or is intended to secure) any Obligations; provided, however, that Collateral shall not include
Real Estate owned by any Obligors and any assets of any kind owned directly or indirectly by a Foreign Subsidiary that is not an Obligor.

 

Commitment: for any
Lender, the aggregate amount of such Lender’s Revolver Commitment. “Commitments” means the aggregate amount of
all Revolver Commitments.

 

Commitment Termination
Date: the earliest to occur of (a) the Revolver Termination Date; (b) the date on which Borrowers terminate the Revolver Commitments
pursuant to Section 2.1.4; or (c) the date on which the Revolver Commitments are terminated pursuant to Section 11.2.

 

Commodity Exchange Act:
the Commodity Exchange Act (7 U.S.C. § 1 et seq.).

 

Compliance Certificate:
a certificate in the form attached hereto as Exhibit C signed by the chief financial officer of Borrower Agent, delivered pursuant
to Section 10.1.2(c).

 

Conforming Changes:
with respect to either the use or administration of Term SOFR or the use, administration, adoption or implementation of any Benchmark
Replacement, any technical, administrative or operational changes (including changes to the definition of "Business Day," the
definition of "U.S. Government Securities Business Day," the definition of "Monthly Period" or any similar or analogous
definition (or the addition of a concept of "interest period"), timing and frequency of determining rates and making payments
of interest, timing of borrowing requests or prepayment, conversion or continuation notices, the applicability and length of lookback
periods, the applicability of Section 3.9 and other technical, administrative or operational matters) that Agent decides may be
appropriate to reflect the adoption and implementation of any such rate or to permit the use and administration thereof by Agent in a
manner substantially consistent with market practice (or, if Agent decides that adoption of any portion of such market practice is not
administratively feasible or if Agent determines that no market practice for the administration of any such rate exists, in such other
manner of administration as Agent decides is reasonably necessary in connection with the administration of this Agreement and the other
Loan Documents).

 

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

 

 

 

 

    	 	7	 

     

    

 

Contingent Obligation:
any obligation of a Person arising from a guaranty, indemnity or other assurance of payment or performance of any Debt, lease, dividend
or other obligation (“primary obligations”) of another obligor (“primary obligor”) in any manner,
whether directly or indirectly, including any obligation of such Person under any (a) guaranty, endorsement, co-making or sale with recourse
of an obligation of a primary obligor; (b) obligation to make take-or-pay or similar payments regardless of nonperformance by any other
party to an agreement; and (c) arrangement (i) to purchase any primary obligation or security therefor, (ii) to supply funds for the purchase
or payment of any primary obligation, (iii) to maintain or assure working capital, equity capital, net worth or solvency of the primary
obligor, (iv) to purchase Property or services for the purpose of assuring the ability of the primary obligor to perform a primary obligation,
or (v) otherwise to assure or hold harmless the holder of any primary obligation against loss in respect thereof. The amount of any Contingent
Obligation shall be deemed to be the stated or determinable amount of the primary obligation (or, if less, the maximum amount for which
such Person may be liable under the instrument evidencing the Contingent Obligation) or, if not stated or determinable, the maximum reasonably
anticipated liability with respect thereto.

 

Contract Rate: for
any day during a Monthly Period, the sum of (i) the Applicable Margin, plus (ii) the Adjusted Term SOFR in effect for
such Monthly Period, in each case expressed as a daily rate.

 

Convertible Notes:
$80,500,000 of 5.00% Convertible Senior Notes due 2024, issued by AOI on an unsecured basis pursuant to the Convertible Notes Indenture
and any additional unsecured notes issued pursuant to the Convertible Notes Indenture from time to time. “Convertible Notes”
shall include, subject in all respects to the Refinancing Conditions, Refinancing Debt incurred in replacement or substitution of any
Convertible Notes.

 

Convertible Notes Documents:
collectively, the Convertible Notes, the Convertible Notes Indenture and all other documents, agreements and instruments executed or delivered
in connection therewith. “Convertible Notes Documents” shall include, subject in all respects to the Refinancing Conditions,
any and all notes, indentures and all other documents, agreements and instruments executed or delivered in connection with any Refinancing
Debt incurred in replacement or substitution of any Convertible Notes.

 

Convertible Notes Indenture:
that certain Indenture dated as of March 5, 2019 by and between AOI and the Convertible Notes Trustee, as amended, amended and restated,
supplemented or otherwise modified from time to time in accordance with this Agreement.

 

Convertible Notes Obligations:
all obligations of the Obligors under the Convertible Notes Documents.

 

Convertible Notes Trustee:
Wells Fargo Bank, National Association, in its capacity as trustee for the holders of the Convertible Notes.

 

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

 

Credit Insured Foreign
Account: an Account (a) with respect to which the Account Debtor is organized or has its principal offices or assets outside the United
States or Canada, (b) that is supported by credit insurance (i) with terms, and issued by an insurer, acceptable to Agent in its sole
discretion, (ii) which names Agent as an additional insured and the sole lender's loss payee or collateral beneficiary and (iii) pursuant
to which Agent shall have the right to make claims under such credit insurance policy directly to the insurer and receive notices of cancellation,
amendment and changes in coverage limits and covered Account Debtors and (c) otherwise constitutes an Eligible Account. No Credit Insured
Foreign Account shall constitute an Investment Grade Account.

 

CWA: the Clean Water
Act (33 U.S.C. §§ 1251 et seq.).

 

 

 

 

    	 	8	 

     

    

 

Debt: as applied to
any Person, without duplication, (a) all items that would be included as liabilities on a balance sheet in accordance with GAAP, including
Capital Leases, but excluding trade payables incurred and being paid in the Ordinary Course of Business; (b) all Contingent Obligations;
(c) all reimbursement obligations in connection with letters of credit issued for the account of such Person; and (d) in the case of an
Obligor, the Obligations. The Debt of a Person shall include any recourse Debt of any partnership in which such Person is a general partner
or joint venturer.

 

Default: an event or
condition that, with the lapse of time or giving of notice, would constitute an Event of Default.

 

Default Rate: for any
Obligation (including, to the extent permitted by law, interest not paid when due), 3.00% plus the interest rate otherwise applicable
thereto.

 

Defaulting Lender:
any Lender that, as determined by Agent, (a) has failed to perform any funding obligations hereunder, and such failure is not cured within
two Business Days; (b) has notified Agent or any Borrower that such Lender does not intend to comply with its funding obligations hereunder
or under any other credit facility, or has made a public statement to that effect; (c) has failed, within three Business Days following
request by Agent, to confirm in a manner satisfactory to Agent and Borrowers that such Lender will comply with its funding obligations
hereunder; or (d) has, or has a direct or indirect parent company that has, become the subject of an Insolvency Proceeding (including
reorganization, liquidation, or appointment of a receiver, custodian, administrator or similar Person by the Federal Deposit Insurance
Corporation or any other regulatory authority) or Bail-In Action; or taken any action in furtherance thereof provided, however,
that a Lender shall not be a Defaulting Lender solely by virtue of a Governmental Authority’s ownership of an equity interest in
such Lender or parent company unless the ownership provides immunity for such Lender from jurisdiction of courts within the United States
or from enforcement of judgments or writs of attachment on its assets, or permits such Lender or Governmental Authority to repudiate or
otherwise to reject such Lender’s agreements.

 

Deposit Account Control
Agreement: control agreement satisfactory to Agent executed by an institution maintaining a Deposit Account (or securities account)
for an Obligor, to perfect Agent’s Lien on such account. For the avoidance of doubt, the term “Deposit Account Control Agreement”
shall include any securities account control agreement satisfactory to Agent executed by an institution maintaining a securities account
for an Obligor, to perfect Agent’s Lien on such account.

 

Designated Jurisdiction:
a country, region or territory which is itself the subject or target of any Sanctions. For the avoidance of doubt, as of the date hereof,
neither the People’s Republic of China nor Taiwan is a Designated Jurisdiction.

 

Dilution Percent: the
percent equal to (a) bad debt write-downs or write-offs, discounts, returns, promotions, credits, credit memos and other dilutive
items with respect to Accounts, divided by (b) gross sales, as calculated by Agent in its discretion.

 

Dilution Reserve: as
of any date of determination, with respect to Eligible Accounts, an amount sufficient to reduce the advance rate against Eligible Accounts
by one (1) percentage point for each percentage point by which the Dilution Percent is in excess of two and one-half percent (2.5%).

 

Disclosure Certificate:
that certain Disclosure Certificate to Loan, Security and Guarantee Agreement dated as of the date hereof and executed and delivered by
the Borrowers in connection herewith.

 

Disqualified Equity Interest:
means any Equity Interest that, by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable)
or upon the happening of any event, matures or is mandatorily redeemable for any consideration other than another Equity Interest (which
would not constitute a Disqualified Equity Interest), pursuant to a sinking fund obligation or otherwise (except 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 change of control or asset sale event
shall be subject to prior Full Payment of the Obligations), or is convertible or exchangeable for Debt or redeemable for any consideration
other than any Equity Interest (which would not constitute a Disqualified Equity Interest) at the option of the holder thereof, in whole
or in part, on or prior to the date that is one hundred-eighty (180) days after the earlier of (a) the Revolver Termination Date and (b)
Full Payment of the Obligations; provided that if such Equity Interest is issued pursuant to a Plan for the benefit of the Borrowers
or their Subsidiaries or their officers or employees, such Equity Interest shall not constitute a Disqualified Equity Interest solely
because it may be required to be repurchased by the Borrowers or their Subsidiaries in order to satisfy applicable statutory or regulatory
obligations.

 

 

 

    	 	9	 

     

    

 

Distribution: any declaration
or payment of a distribution, interest or dividend on any Equity Interest (other than payment-in-kind); distribution, advance or repayment
of Debt to a holder of Equity Interests; purchase, redemption, or other acquisition or retirement for value of any Equity Interest; or,
in the case of a limited liability company, participation in a statutory division.

 

Division: the division
of assets, liabilities and/or obligations of a Person among two or more Persons (whether pursuant to a "plan of division" or
similar arrangement), which may or may not include the original dividing Person and pursuant to which the original dividing Person may
or may not survive.

 

Dollars: lawful money
of the United States.

 

Domestic Subsidiary:
any Subsidiary of an Obligor formed under the laws of the United States, any State therein, or the District of Columbia.

 

Dominion Account: a
special account established by Borrowers at Bank or another bank acceptable to Agent, over which Agent has exclusive control for withdrawal
purposes.

 

EBITDA: for any period,
without duplication, determined on a consolidated basis for Borrowers and Subsidiaries (other than Subsidiaries that are not Obligors),
an amount equal to Net Income for such period plus the following, without duplication, to the extent deducted and not already added
back in calculating such Net Income: (a) Interest Expense for such period, (b) the provision for federal, state, local and foreign
income taxes payable for such period, (c) the amount of depreciation and amortization expense for such period, (d) other non-cash
charges, expenses or losses (provided, in each case, that if any non-cash charges represent an accrual or reserve for potential
cash items in any future period, the cash payment in respect thereof in such future period shall be subtracted from EBITDA to such extent,
and including amortization of any prepaid cash item that was paid in a prior period) and (e) one-time costs and expenses associated with
the Transactions not to exceed $800,000 to the extent such costs and expenses were incurred within ninety (90) days of the Closing Date,
and minus the following to the extent included in calculating such Net Income: (w) Interest Income, (x) income tax credits
(to the extent not netted from income taxes payable), (y) any extraordinary, unusual or non-recurring income receipts or gains (including
gains on the sale of assets outside the Ordinary Course of Business) and related tax effects thereon, and (x) other non-cash income, receipts
of gains (excluding any such non-cash item of income to the extent it represents a receipt of cash in any future period), all as determined
in accordance with GAAP. Notwithstanding the foregoing, EBITDA of any Subsidiary that is not an Obligor shall be excluded from the foregoing
calculation.

 

EEA Financial Institution:
(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) of this definition, or (c) any financial institution established in an EEA Member Country that is a subsidiary of an institution
described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.

 

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

 

EEA Resolution Authority:
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.

 

 

 

    	 	10	 

     

    

 

Eligible Account: an
Account owing to a Borrower that arises in the Ordinary Course of Business from the sale of goods, is payable in Dollars and is deemed
by Agent, in its discretion, to be an Eligible Account. Without limiting the foregoing, no Account shall be an Eligible Account if (a)
it is unpaid (i) in the case of any Account that is a Credit Insured Foreign Account or that is otherwise not an Investment Grade Account,
for more than 60 days after the original due date, or more than 90 days after the original invoice date, (ii) in the case of any Investment
Grade Account, for more than 60 days after the original due date, or more than 120 days after the original invoice date; (b) 25% or more
of the Accounts owing by the Account Debtor and its Affiliates are not Eligible Accounts under the foregoing clause; (c) when aggregated
with other Accounts owing by the Account Debtor and its Affiliates, it exceeds 20% (or 50%, with respect to Accounts owing by any Material
Customer and its Affiliates) of the aggregate Eligible Accounts (or, in each case, such other percentage as Agent may establish for any
Account Debtor from time to time); (d) it does not conform with a covenant or representation herein; (e) it is owing by a creditor or
supplier, or is otherwise subject to a potential offset, counterclaim, dispute, deduction, discount, recoupment, reserve, defense, chargeback,
credit or allowance (but ineligibility shall be limited to the amount thereof); (f) an Insolvency Proceeding has been commenced by or
against the Account Debtor; or the Account Debtor has failed, has suspended or ceased doing business, is liquidating, dissolving or winding
up its affairs, is not Solvent, or is subject to any Sanction or on any specially designated nationals list maintained by OFAC; or the
Borrower is not able to bring suit or enforce remedies against the Account Debtor through judicial process; (g) the Account Debtor is
organized or has its principal offices or assets outside the United States or Canada, unless (x) the Account is supported by an irrevocable
letter of credit on terms, and issued by a financial institution, acceptable to Agent and such irrevocable letter of credit is in the
possession of Agent and is drawable by Agent or (y) the Account is a Credit Insured Foreign Account; (h) it is owing by a Governmental
Authority, unless the Account Debtor is the United States or any department, agency or instrumentality thereof and the Account has been
assigned to Agent in compliance with the federal Assignment of Claims Act; (i) it is not subject to a duly perfected, first priority Lien
in favor of Agent, or is subject to any other Lien, or is subject to any other Lien which is, or may become, senior to, or pari passu
with, the Agent’s Lien on such Account; (j) the goods giving rise to it have not been delivered to the Account Debtor, the services
giving rise to it have not been accepted by the Account Debtor, or it otherwise does not represent a final sale; (k) it is evidenced by
Chattel Paper or an Instrument of any kind, or has been reduced to judgment; (l) its payment has been extended or the Account Debtor has
made a partial payment; (m) it arises from a sale to an Affiliate, from a sale on a cash-on-delivery, bill-and-hold, sale-or-return, sale-on-approval,
consignment, or other repurchase or return basis, or from a sale for personal, family or household purposes; (n) it represents a progress
billing or retainage, or relates to services for which a performance, surety or completion bond or similar assurance has been issued;
or (o) it includes a billing for interest, fees or late charges, but ineligibility shall be limited to the extent thereof. In calculating
delinquent portions of Accounts under clauses (a) and (b), credit balances more than (i) in the case of Accounts that are
Credit Insured Foreign Accounts or that are otherwise not Investment Grade Accounts, 90 days old or (ii) in the case of Investment Grade
Accounts, 120 days old, will be excluded.

 

Eligible Assignee:
(a) a Lender, Affiliate of a Lender or Approved Fund; (b) an assignee approved by Borrower Agent (which approval shall not be unreasonably
withheld or delayed, and shall be deemed given if no objection is made within two Business Days after notice of the proposed assignment)
and Agent; or (c) during an Event of Default, any Person acceptable to Agent in its discretion.

 

Eligible Inventory:
Inventory owned by a Borrower that Agent, in its discretion, deems to be Eligible Inventory. Without limiting the foregoing, no Inventory
shall be Eligible Inventory unless it (a) is finished goods or semi-finished goods (as identified as such in any Eligible Inventory Appraisal)
(and not raw materials, work-in-process, packaging or shipping materials, labels, samples, display items, bags, replacement parts or manufacturing
supplies); (b) is not held on consignment, nor subject to any deposit or down payment; (c) is in new and saleable condition and is not
damaged, defective, shopworn or otherwise unfit for sale; (d) is not slow-moving, perishable, obsolete or unmerchantable, and does not
constitute returned or repossessed goods; (e) meets all standards imposed by any Governmental Authority, has not been acquired from a
Person subject to any Sanction or on any specially designated nationals list maintained by OFAC, and does not constitute hazardous materials
in violation of any Environmental Law; (f) conforms with the covenants and representations herein; (g) is subject to Agent’s duly
perfected, first priority Lien, and no other Lien; (h) is within the continental United States, is not in transit except between locations
of Borrowers, and is not consigned to any Person; (i) is not subject to any warehouse receipt or negotiable Document; (j) is not subject
to any License or other arrangement that restricts such Borrower’s or Agent’s right to dispose of such Inventory, unless Agent
has received an appropriate Lien Waiver; (k) is not located on leased premises or in the possession of a warehouseman, processor, repairman,
mechanic, shipper, freight forwarder or other Person, unless the lessor or such Person has delivered a Lien Waiver or an appropriate Rent
and Charges Reserve has been established; and (l) is reflected in the details of a current perpetual inventory report.

 

Eligible Inventory Appraisal:
a third party appraisal of the Eligible Inventory delivered to Agent by an appraiser acceptable to Agent.

 

 

 

    	 	11	 

     

    

 

Enforcement Action:
any action to enforce any Obligations (other than Secured Bank Product Obligations) or Loan Documents or to exercise any rights or remedies
relating to any Collateral, whether by judicial action, self-help, notification of Account Debtors, setoff or recoupment, credit bid,
deed in lieu of foreclosure, action in an Insolvency Proceeding or otherwise.

 

Environmental Laws:
Applicable Laws (including programs, permits and guidance promulgated by regulators) relating to public health (other than occupational
safety and health regulated by OSHA) or the protection or pollution of the environment, including CERCLA, RCRA and CWA.

 

Environmental Notice:
a notice (whether written or oral) from any Governmental Authority or other Person of any possible noncompliance with, investigation of
a possible violation of, litigation relating to, or potential fine or liability under any Environmental Law, or with respect to any Environmental
Release, environmental pollution or hazardous materials, including any complaint, summons, citation, order, claim, demand or request for
correction, remediation or otherwise.

 

Environmental Release:
a release as defined in CERCLA or under any other Environmental Law.

 

Equity Interest: the
interest of any (a) shareholder in a corporation; (b) partner in a partnership (whether general, limited, limited liability or joint venture);
(c) member in a limited liability company; or (d) other Person having any other form of equity security or ownership interest.

 

Equity Proceeds Holding
Account: a deposit or securities account of any Obligor (i) designated in writing by Borrower Agent to Agent as an Equity Proceeds
Holding Account, (ii) that is subject to a springing Deposit Account Control Agreement in favor of Agent at all times from and after the
time of designation as an Equity Proceeds Holding Account, (iii) the sole purpose of which is hold Net Proceeds of Equity Interests of
AOI (other than Equity Interests constituting Disqualified Equity Interests) to be used exclusively to make Investments to the extent
permitted by clause (g) of the definition of “Restricted Investment” and (iv) that does not hold at any time
from and after designation as an Equity Proceeds Holding Account any Property of any Obligor or Subsidiary thereof (other than Net Proceeds
of Equity Interests of AOI (other than Equity Interests constituting Disqualified Equity Interests) to be used exclusively to make Investments
to the extent permitted by clause (g) of the definition of “Restricted Investment”).

 

ERISA: the Employee
Retirement Income Security Act of 1974.

 

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

 

ERISA Event: (a) a
Reportable Event with respect to a Pension Plan; (b) withdrawal of an Obligor or ERISA Affiliate from a Pension Plan subject to Section
4063 of ERISA during a plan year in which it was a substantial employer (as defined in Section 4001(a)(2) of ERISA) or a cessation of
operations that is treated as such a withdrawal under Section 4062(e) of ERISA; (c) complete or partial withdrawal of an Obligor or ERISA
Affiliate from a Multiemployer Plan or notification that a Multiemployer Plan is in reorganization; (d) filing of a notice of intent to
terminate, treatment of a Pension Plan amendment as a termination under Section 4041 or 4041A of ERISA, or institution of proceedings
by the PBGC to terminate a Pension Plan; (e) determination that a Pension Plan is considered an at-risk plan or a plan in critical or
endangered status under the Code or ERISA; (f) an event or condition that constitutes grounds under Section 4042 of ERISA for termination
of, or appointment of a trustee to administer, any Pension Plan; (g) imposition of any liability on an Obligor or ERISA Affiliate under
Title IV of ERISA, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA; or (h) failure by an Obligor or ERISA
Affiliate to meet all applicable requirements under the Pension Funding Rules in respect of a Pension Plan, whether or not waived, or
to make a required contribution to a Multiemployer Plan.

 

EU Bail-In Legislation
Schedule: the EU Bail-In Legislation Schedule published by the Loan Market Association, as in effect from time to time.

 

Event of Default: as
defined in Section 11.

 

 

 

 

    	 	12	 

     

    

 

Excluded Swap Obligation:
with respect to an Obligor, each Swap Obligation as to which, and only to the extent that, such Obligor’s guaranty of or grant of
a Lien as security for such Swap Obligation is or becomes illegal under the Commodity Exchange Act because the Obligor does not constitute
an “eligible contract participant” as defined in the Commodity Exchange Act (determined after giving effect to any keepwell,
support or other agreement for the benefit of such Obligor and all guarantees of Swap Obligations by other Obligors) when such guaranty
or grant of Lien becomes effective with respect to the Swap Obligation. If a Hedging Agreement governs more than one Swap Obligation,
only the Swap Obligation(s) or portions thereof described in the foregoing sentence shall be Excluded Swap Obligation(s) for the applicable
Obligor.

 

Excluded Taxes: (a)
Taxes imposed on or measured by a Recipient’s net income (however denominated), franchise Taxes and branch profits Taxes (i) as
a result of such Recipient being organized under the laws of, or having its principal office or applicable Lending Office located in,
the jurisdiction imposing such Tax, or (ii) constituting Other Connection Taxes; (b) U.S. federal withholding Taxes imposed on amounts
payable to or for the account of a Lender with respect to its interest in a Loan or Commitment pursuant to a law in effect when the Lender
acquires such interest (except pursuant to an assignment request by Borrower Agent under Section 13.4) or changes its Lending Office,
unless the Taxes were payable to its assignor immediately prior to such assignment or to the Lender immediately prior to its change in
Lending Office; (c) Taxes attributable to a Recipient’s failure to comply with Section 5.10; and (d) U.S. federal withholding
Taxes imposed pursuant to FATCA. In no event shall “Excluded Taxes” include any withholding Tax imposed on amounts
paid by or on behalf of a foreign Obligor to a Recipient that has complied with Section 5.10.2.

 

Existing Lender: Truist
Bank.

 

Existing Loan Documentation:
all loan, collateral and related documentation among Borrowers and Existing Lender as to Debt of Borrowers to Existing Lender.

 

Extraordinary Expenses:
all costs, expenses or advances that Agent may incur during a Default or Event of Default, or during the pendency of an Insolvency Proceeding
of an Obligor, including those relating to (a) any audit, inspection, repossession, storage, repair, appraisal, insurance, manufacture,
preparation or advertising for sale, sale, collection, or other preservation of or realization upon any Collateral; (b) any action, arbitration
or other proceeding (whether instituted by or against Agent, any Lender, any Obligor, any representative of creditors of an Obligor or
any other Person) in any way relating to any Collateral (including the validity, perfection, priority or avoidability of Agent’s
Liens with respect to any Collateral), Loan Documents, Letters of Credit or Obligations, including any lender liability or other Claims;
(c) the exercise, protection or enforcement of any rights or remedies of Agent in, or the monitoring of, any Insolvency Proceeding; (d)
settlement or satisfaction of taxes, charges or Liens with respect to any Collateral; (e) any Enforcement Action; (f) negotiation and
documentation of any modification, waiver, workout, restructuring or forbearance with respect to any Loan Documents or Obligations; and
(g) Protective Advances. Such costs, expenses and advances include transfer fees, Other Taxes, storage fees, insurance costs, permit fees,
utility reservation and standby fees, legal fees, appraisal fees, brokers’ fees and commissions and auctioneers’ fees and
commissions, accountants’ fees, environmental study fees, wages and salaries paid to employees of any Obligor or independent contractors
in liquidating any Collateral, and travel expenses.

 

FATCA: Sections 1471
through 1474 of the Code (including any amended or successor version if substantively comparable and not materially more onerous to comply
with), and any agreements entered into pursuant to Section 1471(b)(1) of the Code.

 

Federal Funds Rate:
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 arranged by federal funds brokers on such day, as published by the Federal Reserve Bank on the Business Day next
succeeding such day, provided that (a) if such day is not a Business Day, the Federal Funds Rate for such day shall be such rate
on such transactions on the next preceding Business Day as so published on the next succeeding Business Day, or (b) if no such rate is
published on such next succeeding Business Day, the Federal Funds Rate for such day shall be the average rate (rounded upward, if necessary,
to a whole multiple of 1/100 of 1%) charged to the Agent or such day on such transactions, as determined by Agent, in its sole discretion;
provided, that in no event shall such rate be less than zero.

 

Fiscal Quarter: each
period of three months, commencing on the first day of a Fiscal Year.

 

 

 

 

    	 	13	 

     

    

 

Fiscal Year: the fiscal
year of Borrowers and their Subsidiaries for accounting and tax purposes, ending on December 31 of each year.

 

Fixed Charge Coverage Ratio:
the ratio, determined on a consolidated basis for Borrowers and their Subsidiaries (excluding any Subsidiary that is not an Obligor) for
the most recent twelve (12) months, of (a) EBITDA minus Capital Expenditures (except those financed with Borrowed Money other
than Revolver Loans) and cash taxes paid, to (b) Fixed Charges.

 

Fixed Charge Coverage Ratio
Measurement Period: the twelve-month period ending on the applicable date of determination.

 

Fixed Charges: with
respect to Borrowers and their Subsidiaries (excluding any Subsidiary that is not an Obligor) on a consolidated basis in accordance with
GAAP, the sum of (without duplication) (a) cash interest expense (including, for the avoidance of doubt, any Minimum Balance fees payable
pursuant to Section 3.2.3), (b) scheduled principal payments made on Borrowed Money, (c) Distributions made, (d) minimum required
contributions and other cash payments to Pension Plans required to be paid by Applicable Law and which were paid in the Ordinary Course
of Business and (e) other cash payments required to be paid by Applicable Law and which were paid in the Ordinary Course of Business.

 

Flood Laws: all Applicable
Laws relating to policies and procedures that address requirements placed on federally regulated lenders under the National Flood Insurance
Reform Act of 1994 and other Applicable Laws related thereto.

 

Floor: a per annum
rate of interest equal to 1.50%.

 

FLSA: the Fair Labor
Standards Act of 1938.

 

Foreign Lender: any
Lender that is not a U.S. Person.

 

Foreign Plan: any employee
benefit plan or arrangement (a) maintained or contributed to by any Obligor or Subsidiary that is not subject to the laws of the United
States; or (b) mandated by a government other than the United States for employees of any Obligor or Subsidiary.

 

Foreign Subsidiary:
a Subsidiary that is a formed outside the laws of the United States, any State therein, or the District of Columbia, including a CFC.

 

FRB: the Board of Governors
of the Federal Reserve System of the United States.

 

Fronting Exposure:
a Defaulting Lender’s interest in LC Obligations, Swingline Loans and Protective Advances, except to the extent Cash Collateralized
by the Defaulting Lender or allocated to other Lenders hereunder.

 

Full Payment: with
respect to any Obligations, (a) the full and indefeasible cash payment thereof, including any interest, fees and other charges accruing
during an Insolvency Proceeding (whether or not allowed in the proceeding); and (b) if such Obligations are LC Obligations or inchoate
or contingent in nature, Cash Collateralization thereof (or delivery of a standby letter of credit acceptable to Agent in its discretion,
in the amount of required Cash Collateral). No Loans shall be deemed to have been paid in full unless all Commitments related to such
Loans are terminated.

 

GAAP: generally accepted
accounting principles in effect in the United States from time to time.

 

Governmental Approvals:
all authorizations, consents, approvals, licenses and exemptions of, registrations and filings with, and required reports to, all Governmental
Authorities.

 

 

 

    	 	14	 

     

    

 

Governmental Authority:
any federal, state, local, foreign or other agency, authority, body, commission, court, instrumentality, political subdivision, central
bank, or other entity or officer exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions
for any governmental, judicial, investigative, regulatory or self-regulatory authority (including the Financial Conduct Authority, the
Prudential Regulation Authority and any supra-national bodies such as the European Union or European Central Bank).

 

Guaranteed Obligations:
as defined in Section 15.1.

 

Guarantor Payment:
as defined in Section 5.11.3.

 

Guarantors: each Person
that guarantees payment or performance of any portion of or all Obligations.

 

Guaranty: the guaranty
provided by each Guarantor hereunder and each other guaranty agreement executed by a Guarantor in favor of Agent.

 

Hedging Agreement:
a “swap agreement” as defined in Bankruptcy Code Section 101(53B)(A).

 

Indemnified Taxes:
(a) Taxes, other than Excluded Taxes, imposed on or relating to any payment of an Obligation; and (b) to the extent not otherwise described
in clause (a), Other Taxes.

 

Indemnitees: Agent
Indemnitees, Lender Indemnitees, Issuing Bank Indemnitees and CNC Indemnitees.

 

Insolvency Proceeding:
any case or proceeding commenced by or against a Person under any state, federal or foreign law for, or any agreement of such Person to,
(a) the entry of an order for relief under the Bankruptcy Code, or any other insolvency, debtor relief or debt adjustment law; (b) the
appointment of a receiver, trustee, liquidator, administrator, conservator or other custodian for such Person or any part of its Property;
or (c) an assignment or trust mortgage for the benefit of creditors.

 

Intellectual Property:
all intellectual and similar Property of a Person, including inventions, designs, patents, copyrights, trademarks, service marks, trade
names, trade secrets, confidential or proprietary information, customer lists, know-how, software and databases; all embodiments or fixations
thereof and all related documentation, applications, registrations and franchises; all licenses or other rights to use any of the foregoing;
and all books and records relating to the foregoing.

 

Intellectual Property Claim:
any claim or assertion (whether in writing, by suit or otherwise) that an Obligor’s or Subsidiary’s ownership, use, marketing,
sale or distribution of any Inventory, Equipment, Intellectual Property or other Property violates another Person’s Intellectual
Property.

 

Interest Expense: with
reference to any period, the cash interest expense (net of cash interest income) of Borrowers and Subsidiaries (other than Subsidiaries
that are not Obligors) calculated on a consolidated basis for such period in accordance with GAAP.

 

Interest Income: for
any period, the cash interest income of Borrowers and Subsidiaries (other than Subsidiaries that are not Obligors) for such period determined
on a consolidated basis in accordance with GAAP.

 

Inventory: as defined
in the UCC, including all goods intended for sale, lease, display or demonstration; all work in process; and all raw materials, and other
materials and supplies of any kind that are or could be used in connection with the manufacture, printing, packing, shipping, advertising,
sale, lease or furnishing of such goods, or otherwise used or consumed in an Obligor’s business (but excluding Equipment).

 

Inventory Formula Amount:
the lesser of (x) up to 75% of the Value of Eligible Inventory; or (y) up to 85% of the NOLV Percentage of the Value of Eligible
Inventory.

 

 

 

    	 	15	 

     

    

 

Inventory Reserve:
reserves established by Agent to reflect factors that may negatively impact the Value of Inventory, including change in salability, obsolescence,
seasonality, theft, shrinkage, imbalance, change in composition or mix, markdowns and vendor chargebacks.

 

Investment: an Acquisition,
an acquisition of record or beneficial ownership of any Equity Interests of a Person, or an advance or capital contribution to or other
investment in a Person.

 

Investment Grade Account:
any Account that is owing by an Investment Grade Account Debtor.

 

Investment Grade Account
Debtor: an Account Debtor whose unsecured debt instruments carry, as of the date of determination, a rating of "BBB-" or
better by S&P or "Baa3" or better by Moody's.

 

IP Assignment: a collateral
assignment or security agreement pursuant to which an Obligor grants a Lien on its Intellectual Property to Agent, as security for the
Obligations.

 

IRS: the United States
Internal Revenue Service.

 

Issuing Bank: a Person
described in Section 2.3.1 or any replacement-issuer appointed pursuant to Section 2.3.4.

 

Issuing Bank Indemnitees:
Issuing Bank and its officers, directors, employees, Affiliates, agents and attorneys.

 

LC Application: an
application by Borrower Agent to Issuing Bank for issuance of a Letter of Credit, in form and substance satisfactory to Issuing Bank and
Agent.

 

LC Conditions: upon
giving effect to issuance of a Letter of Credit, (a) the conditions in Section 6 are satisfied; (b) total LC Obligations
do not exceed the Letter of Credit Subline and Revolver Usage does not exceed the Borrowing Base; (c) the Letter of Credit and payments
thereunder are denominated in Dollars or other currency satisfactory to Agent and Issuing Bank; and (d) the purpose and form of the
Letter of Credit are satisfactory to Agent and Issuing Bank in their discretion.

 

LC Documents: all documents,
instruments and agreements (including LC Requests and LC Applications) delivered by Borrowers or any other Person to Issuing Bank or Agent
in connection with any Letter of Credit.

 

LC Obligations: all
outstanding obligations incurred by Agent and Lenders at the request of any Borrower, whether direct or indirect, contingent or otherwise,
due or not due, in connection with the issuance of Letters of Credit by any Issuing Bank or the purchase of a participation as set forth
in Section 2.3.2 with respect to any Letter of Credit. The amount of such LC Obligations shall equal the maximum amount that
may be payable by Agent or Lenders in respect of all outstanding Letter of Credit and, without duplication, Letter of Credit Guarantees,
plus all unreimbursed amounts with respect to drawings thereon.

 

LC Request: a request
for issuance of a Letter of Credit, to be provided by Borrower Agent to Issuing Bank, in form satisfactory to Agent and Issuing Bank.

 

Lender Indemnitees:
Lenders and Secured Bank Product Providers, and their officers, directors, employees, Affiliates, agents and attorneys.

 

Lenders: lenders party
to this Agreement (including Agent in its capacity as provider of Swingline Loans) and any Person who hereafter becomes a “Lender”
pursuant to an Assignment, including any Lending Office of the foregoing.

 

 

 

    	 	16	 

     

    

 

Lending Office: the
office (including any domestic or foreign Affiliate or branch) designated as such by a Lender or Issuing Bank by notice to Agent and Borrower
Agent.

 

Letter of Credit: any
standby or documentary letter of credit, foreign guaranty, documentary bankers' acceptance, indemnity, reimbursement agreement or similar
instrument issued by Issuing Bank for the account or benefit of a Borrower or Affiliate of a Borrower, for which Agent and Lenders have
incurred LC Obligations.

 

Letter of Credit Guaranty:
as defined in Section 2.3.1.

 

Letter of Credit Subline:
$2,000,000.

 

License: any license
or agreement under which an Obligor is authorized to use Intellectual Property in connection with any manufacture, marketing, distribution
or disposition of Collateral, any use of Property or any other conduct of its business.

 

Licensor: any Person
from whom an Obligor obtains the right to use any Intellectual Property.

 

Lien: a Person’s
interest in Property securing an obligation owed to, or a claim by, such Person, including any lien, security interest, pledge, hypothecation,
assignment, trust, reservation, easement, right-of-way, restriction, lease, or other title exception or encumbrance.

 

Lien Waiver: an agreement,
in form and substance satisfactory to Agent, by which (a) for any material Collateral located on leased premises, the lessor waives or
subordinates any Lien it may have on the Collateral, and agrees to permit Agent to enter upon the premises and remove the Collateral or
to use the premises to store or dispose of the Collateral (provided, however, that a Lien Waiver shall not be required with
respect to the leased premises of AOI located at 3305 Breckinridge Blvd., Suite 112, Duluth, GA 30096 so long as such location does not
contain any material Collateral; provided, further, that any Inventory at such location shall not constitute Eligible Inventory
unless otherwise agreed by Agent in its sole discretion); (b) for any Collateral held by a warehouseman, processor, shipper, customs broker
or freight forwarder, such Person waives or subordinates any Lien it may have on the Collateral, agrees to hold any Documents in its possession
relating to the Collateral as agent for Agent, and agrees to deliver the Collateral to Agent upon request; (c) for any Collateral held
by a repairman, mechanic or bailee, such Person acknowledges Agent’s Lien, waives or subordinates any Lien it may have on the Collateral,
and agrees to deliver the Collateral to Agent upon request; and (d) for any Collateral subject to a Licensor’s Intellectual Property
rights, the Licensor grants to Agent the right, vis-à-vis such Licensor, to enforce Agent’s Liens with respect to the Collateral,
including the right to dispose of it with the benefit of the Intellectual Property, whether or not a default exists under any applicable
License.

 

Loan: a Revolver Loan
or other loan made under the terms of this Agreement.

 

Loan Documents: this
Agreement, Other Agreements and Security Documents.

 

Loan Year: each 12
month period commencing on the Closing Date or an anniversary thereof.

 

Margin Stock: as defined
in Regulation U of the Board of Governors.

 

Material Adverse Effect:
the effect of any event or circumstance that, taken alone or in conjunction with other events or circumstances, (a) has or could be reasonably
expected to have a material adverse effect on the business, operations, Properties, prospects or condition (financial or otherwise) of
any Obligor, on the value of any material Collateral, on the enforceability of any Loan Documents, or on the validity or priority of Agent’s
Liens on any Collateral; (b) impairs the ability of an Obligor to perform its obligations under the Loan Documents, including repayment
of any Obligations; or (c) otherwise impairs the ability of Agent or any Lender to enforce or collect any Obligations or to realize upon
any Collateral.

 

 

 

    	 	17	 

     

    

 

Material Contract:
any agreement or arrangement to which an Obligor or Subsidiary is party (other than the Loan Documents) (a) that is deemed to be a material
contract under any securities law applicable to such Person, including the Securities Act of 1933; (b) for which breach, termination,
nonperformance or failure to renew could reasonably be expected to have a Material Adverse Effect; (c) that is a Material Customer Contract
(including, for the avoidance of doubt, any purchase order issued thereunder) or (d) that relates to any Subordinated Debt, the Convertible
Notes or to other Debt in an aggregate amount of $1,000,000 or more.

 

Material Customer:
those customers of the Borrowers set forth on Schedule 1.1(b) of the Disclosure Certificate.

 

Material Customer Contract:
any agreement (including any memorandum of understanding) by and among a Borrower and any Material Customer, together with all purchase
orders, schedules, exhibits, annexes, or other attachments thereto, as amended, restated, amended and restated, replaced (including with
any replacement “definitive agreement” entered into to supersede any memorandum of understanding between a Borrower and a
Material Customer), supplemented or otherwise modified from time to time.

 

Minimum Balance: $10,000,000.

 

Monthly Period: a period
that commences on (and includes) the first day of any calendar month (or in the case of the calendar month in which the Closing Date occurs,
such period shall commence on the Closing Date) and ends on (and includes) the last day of such calendar month.

 

Moody’s: Moody’s
Investors Service, Inc. or any successor acceptable to Agent.

 

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

 

Multiple Employer Plan:
a Plan that has two or more contributing sponsors, including an Obligor or ERISA Affiliate, at least two of whom are not under common
control, as described in Section 4064 of ERISA.

 

Net Income: for any
period for Borrowers and Subsidiaries on a consolidated basis, the net income of Borrowers and Subsidiaries for such period as determined
in accordance with GAAP, provided that there shall be excluded from Net Income (a) the income (or deficit) of any Person (other
than any Obligor) in which a Borrower or any of its Subsidiaries has an ownership interest, (b) the undistributed earnings of any Subsidiary
of the Borrower to the extent that the declaration of payment or dividends or similar distributions by such Subsidiary is not at the time
permitted by the terms of any contractual obligation, governing document or Applicable Law applicable to such Subsidiary, (c) the income
(or deficit) of any Subsidiary of a Borrower that is not an Obligor and (d) any income resulting from the cancellation or early extinguishment
of indebtedness.

 

Net Intercompany Receivables:
an amount (not less than zero) at any time of determination equal to (a) the aggregate amount of intercompany accounts receivable due
from any Subsidiary that is not an Obligor, on the one hand, to any Obligor, on the other hand minus (b) the aggregate amount of
intercompany accounts receivable due from any Obligor, on the one hand, to any Subsidiary that is not an Obligor, on the other hand, in
each case as calculated in accordance with historical past practices of the Obligors and their Subsidiaries.

 

Net Orderly Liquidation
Value: with respect to Eligible Inventory, the cash proceeds of property of an Obligor, which would be obtained in an orderly liquidation
(net of all liquidation expenses, costs of sale, operating expenses and retrieval and related costs), as determined pursuant to the most
recent Eligible Inventory Appraisal delivered to Agent hereunder.

 

Net Proceeds: with
respect to an Asset Disposition, proceeds (including, when received, any deferred or escrowed payments) received by an Obligor or Subsidiary
in cash from such disposition, net of (a) reasonable and customary costs and expenses actually incurred in connection therewith, including
legal fees and sales commissions; (b) amounts applied to repayment of Debt secured by a Permitted Lien senior to Agent’s Liens on
Collateral sold; (c) transfer or similar taxes; and (d) reserves for indemnities, until such reserves are no longer needed.

 

 

 

    	 	18	 

     

    

 

NOLV Percentage: the
Net Orderly Liquidation Value of Inventory, expressed as a percentage of the Value of Eligible Inventory, expected to be realized at an
orderly, negotiated sale held within a reasonable period of time, net of all liquidation expenses, as determined from the most recent
appraisal of Borrowers’ Inventory performed by an appraiser and on terms satisfactory to Agent.

 

Notice of Borrowing:
a request by Borrower Agent for a Borrowing of Revolver Loans in accordance with Section 4.1.1.

 

Obligations: all (a) principal
of and premium, if any, on the Loans, (b) LC Obligations and other obligations of Obligors with respect to Letters of Credit, (c) interest,
expenses, fees, indemnification obligations, Extraordinary Expenses and other amounts payable by Obligors under Loan Documents, (d) Secured
Bank Product Obligations, and (e) other Debts, obligations and liabilities of any kind owing by Obligors pursuant to the Loan Documents,
whether now existing or hereafter arising, whether evidenced by a note or other writing, whether allowed in any Insolvency Proceeding,
whether arising from an extension of credit, issuance of a letter of credit, acceptance, loan, guaranty, indemnification or otherwise,
and whether direct or indirect, absolute or contingent, due or to become due, primary or secondary, or joint or several; provided,
that Obligations of an Obligor shall not include its Excluded Swap Obligations.

 

Obligor: each Borrower,
Guarantor or other Person that is liable for payment of any Obligations or that has granted a Lien on its assets in favor of Agent to
secure any Obligations.

 

OFAC: Office of Foreign
Assets Control of the U.S. Treasury Department.

 

Ordinary Course of Business:
the ordinary course of business of any Borrower or Subsidiary, undertaken in good faith and consistent with Applicable Law and past practices.

 

Organic Documents:
with respect to any Person, its charter, certificate or articles of incorporation, bylaws, articles of organization, limited liability
agreement, operating agreement, members agreement, shareholders agreement, partnership agreement, certificate of partnership, certificate
of formation, voting trust agreement, or similar agreement or instrument governing the formation or operation of such Person.

 

OSHA: the Occupational
Safety and Hazard Act of 1970.

 

Other Agreement: each
fee letter, Lien Waiver, Borrowing Base Report, Compliance Certificate, Disclosure Certificate or other note, document, instrument or
agreement (other than this Agreement or a Security Document) now or hereafter delivered by an Obligor or other Person to Agent or a Lender
in connection with any transactions relating hereto.

 

Other Connection Taxes:
Taxes imposed on a Recipient due to a present or former connection between it and the taxing jurisdiction (other than connections arising
from the Recipient having executed, delivered, become party to, performed obligations or received payments under, received or perfected
a Lien or engaged in any other transaction pursuant to, enforced, or sold or assigned an interest in, any Loan or Loan Document).

 

Other Taxes: all present
or future stamp, court, 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 Lien under, or otherwise with respect to, any
Loan Document, except Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section
13.4(c)).

 

Participant: as defined
in Section 13.2.

 

Patriot Act: the Uniting
and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Pub. L. No. 107-56,
115 Stat. 272 (2001).

 

 

 

    	 	19	 

     

    

 

Payment Conditions:
with respect to any proposed Distribution or Investment,

 

(a)       no Event of Default
has occurred and is continuing or would result from the making of such proposed Distribution or Investment;

 

(b)       Borrowers
have delivered to Agent the unqualified audited financial statements of Borrowers and their Subsidiaries on a consolidated basis for the
Fiscal Year preceding the proposed date of the proposed Distribution or Investment, which shall not be earlier than the Fiscal Year ended
in December 31, 2022, which are reasonably satisfactory to Agent;

 

(c)       after
giving effect to the proposed Distribution or Investment, each of (i) Availability as of such date, calculated on a pro forma basis, (ii)
Average Availability (calculated on a pro forma basis as though such Distribution or Investment was made on the first day of such period),
and (iii) Average Projected Availability (calculated to give effect to such Distribution or Investment on the date that such Distribution
or Investment is to be made), is in excess of $7,000,000;

 

(d)       the Fixed Charge
Coverage for the most recently ended 12-month period, calculated on a pro forma basis to give effect to such Distribution or Investment
as though it were made on the first day of the relevant testing period is not less than 1.25:1.00; and

 

(e)       Borrowers have delivered
a certificate to Agent certifying that all of conditions in the foregoing subclauses (a) through (d) have been satisfied.

 

Payment Item: each
check, draft or other item of payment payable to a Borrower, including those constituting proceeds of any Collateral.

 

PBGC: the Pension Benefit
Guaranty Corporation.

 

Pension Funding Rules:
Code and ERISA rules regarding minimum required contributions (including installment payments) to Pension Plans set forth in, for plan
years ending prior to the Pension Protection Act of 2006 effective date, Section 412 of the Code and Section 302 of ERISA, both as in
effect prior to such act, and thereafter, Sections 412, 430, 431, 432 and 436 of the Code and Sections 302, 303, 304 and 305 of ERISA.

 

Pension Plan: any employee
pension benefit plan (as defined in Section 3(2) of ERISA), other than a Multiemployer Plan, that is subject to Title IV of ERISA and
is sponsored or maintained by any Obligor Subsidiary or ERISA Affiliate or to which the Obligor or ERISA Affiliate contributes or has
an obligation to contribute, or in the case of a Multiple Employer or other plan described in Section 4064(a) of ERISA, has made contributions
at any time during the preceding five plan years.

 

Periodic Term SOFR Determination
Day: as defined in the definition of Term SOFR.

 

Permitted Asset Disposition:
(a) as long as all Net Proceeds are remitted to the Dominion Account, an Asset Disposition that is a sale of Inventory in the Ordinary
Course of Business; (b) as long as no Default or Event of Default exists and all Net Proceeds are remitted to the Dominion Account, an
Asset Disposition that is (i) a disposition of Inventory that is obsolete, unmerchantable or otherwise unsalable in the Ordinary Course
of Business; (ii) termination of a lease of real or personal Property that is not necessary for the Ordinary Course of Business, could
not reasonably be expected to have a Material Adverse Effect and does not result from an Obligor’s default; or (iii) approved in
writing by Agent and Required Lenders, (c) the Transceiver Sale, (d) Permitted Sale and Leaseback Transactions, (e) an Asset Disposition
of other assets not to exceed $2,000,000 in any Fiscal Year, as long as (i) no Default or Event of Default exists or would result therefrom,
(ii) all Net Proceeds are remitted to the Dominion Account for application to the Obligations in accordance with the Loan Documents, (iii)
such Asset Disposition(s) are made at fair market value and (iv) the consideration therefor is solely in the form of cash and (f) any
Asset Disposition by a Foreign Subsidiary.

 

 

 

    	 	20	 

     

    

 

Permitted Contingent Obligations:
Contingent Obligations (a) arising from endorsements of Payment Items for collection or deposit in the Ordinary Course of Business; (b)
arising from Hedging Agreements permitted hereunder; (c) existing on the Closing Date, and any extension or renewal thereof that does
not increase the amount of such Contingent Obligation when extended or renewed; (d) incurred in the Ordinary Course of Business with respect
to surety, appeal or performance bonds, or other similar obligations; (e) arising from customary indemnification obligations in favor
of purchasers in connection with dispositions of Inventory or Equipment permitted hereunder; (f) arising under the Loan Documents; or
(g) in an aggregate amount of $250,000 or less at any time.

 

Permitted Discretion:
a determination made in the exercise, in good faith, of reasonable business judgment (from the perspective of a secured, asset-based lender).

 

Permitted Distributions:
(a) Distributions made after the completion of the first Loan Year by AOI to the holders of its Equity Interests, so long as, and to the
extent that, after giving effect to the making of any such Distribution, the Payment Conditions are satisfied and (b) Distributions to
the extent made solely with the Net Proceeds of capital contributions by the holders of Equity Interests of AOI or the issuance of new
Equity Interests (not constituting Disqualified Equity Interests) by AOI, in each case the Net Proceeds of which are received by AOI substantially
concurrently with the making of any such Distribution by AOI and are not otherwise applied for any purpose under the Loan Documents.

 

Permitted Lien: as
defined in Section 10.2.2. The designation of a Lien as a “Permitted Lien” shall not limit or restrict the ability
of Agent to establish an Availability Reserve relating thereto.

 

Permitted Purchase Money
Debt: Purchase Money Debt of Obligors and Subsidiaries that is unsecured or secured only by a Purchase Money Lien, as long as the
aggregate amount does not exceed $6,000,000 at any time and its incurrence does not violate Section 10.2.3.

 

“Permitted Sale and
Leaseback Transaction” means any Sale and Leaseback Transaction consummated by any Borrower or a Subsidiary after the Closing
Date; provided that (a) any lease obligations arising in connection therewith are deemed Purchase Money Debt (in the amount of
all Attributable Debt incurred in connection with such Sale and Leaseback Transaction) and are permitted under Section 10.2.1(c),
(b) any Liens arising in connection therewith (including Liens deemed to arise in connection with any such lease obligations) are deemed
Purchase Money Liens and are permitted under Section 10.2.2(b) and (c) all Net Proceeds of such Sale and Leaseback Transaction
are remitted to the Dominion Account for application to the Obligations in accordance with the Loan Documents.

 

Person: any individual,
corporation, limited liability company, partnership, joint venture, association, trust, unincorporated organization, Governmental Authority
or other entity.

 

Plan: an employee benefit
plan (as defined in Section 3(3) of ERISA) maintained for employees of an Obligor or ERISA Affiliate, or to which an Obligor or ERISA
Affiliate is required to contribute on behalf of its employees.

 

Platform: as defined
in Section 14.3.3.

 

Prepayment Fee: subject
to Sections 2.1.4(a) and 2.1.4(b), a fee payable to Agent, for the benefit of the applicable Lenders, in the following amount:

 

	Period during which early termination or reduction occurs	Revolver Loan Prepayment Fee
	On or prior to the first anniversary of the date of this Agreement	3% of the aggregate Revolver Commitments terminated or reduced pursuant to Sections 2.1.4(a) or 2.1.4(b).
	After the first anniversary of the date of this Agreement but on or prior to the second anniversary of the date of this Agreement	2% of the aggregate Revolver Commitments terminated or reduced pursuant to Sections 2.1.4(a) or 2.1.4(b).
	After the second anniversary of the date of this Agreement but on or prior to the date that is 30 months after the Closing Date	1% of the aggregate Revolver Commitments terminated or reduced pursuant to Sections 2.1.4(a) or 2.1.4(b)
	After the date that is 30 months after the Closing Date	0% of the aggregate Revolver Commitments terminated or reduced pursuant to Sections 2.1.4(a) or 2.1.4(b)

 

 

 

    	 	21	 

     

    

 

Pro Rata: with respect
to any Lender, a percentage (rounded to the ninth decimal place) determined (a) by dividing the amount of such Lender's Revolver
Commitment by the aggregate outstanding Revolver Commitments; or (b) following termination of the Revolver Commitments, by dividing
the amount of such Lender's Loans and LC Obligations by the aggregate outstanding Loans and LC Obligations or, if all Loans and LC Obligations
have been paid in full and/or Cash Collateralized, by dividing such Lender's and its Affiliates' remaining Obligations by the aggregate
remaining Obligations.

 

Properly Contested:
with respect to any obligation of an Obligor, (a) the obligation is subject to a bona fide dispute regarding amount or the Obligor’s
liability to pay; (b) the obligation is being properly contested in good faith by appropriate proceedings promptly instituted and diligently
pursued; (c) appropriate reserves have been established in accordance with GAAP; (d) non-payment could not have a Material Adverse Effect,
nor result in forfeiture or sale of any assets of the Obligor; (e) no Lien is imposed on assets of the Obligor, unless bonded and stayed
to the satisfaction of Agent; and (f) if the obligation results from entry of a judgment or other order, such judgment or order is stayed
pending appeal or other judicial review.

 

Property: any interest
in any kind of property or asset, whether real, personal or mixed, or tangible or intangible.

 

Protective Advances:
as defined in Section 2.1.5.

 

Purchase Money Debt:
(a) Debt (other than the Obligations) for payment of any of the purchase price of fixed assets; (b) Debt (other than the Obligations)
incurred within 10 days before or after acquisition of any fixed assets, for the purpose of financing any of the purchase price thereof;
and (c) any renewals, extensions or refinancings (but not increases) thereof.

 

Purchase Money Lien:
a Lien that secures Purchase Money Debt, encumbering only the fixed assets acquired with such Debt and constituting a Capital Lease or
a purchase money security interest under the UCC.

 

Qualified Cash: unrestricted
cash of the Borrowers located in the United States in which Agent has a first priority perfected Lien pursuant to a Deposit Account Control
Agreement and that is subject to no other Liens.

 

Qualified ECP: an Obligor
with total assets exceeding $10,000,000, or that constitutes an “eligible contract participant” under the Commodity Exchange
Act and can cause another Person to qualify as an “eligible contract participant” under Section 1a(18)(A)(v)(II) of the Commodity
Exchange Act.

 

RCRA: the Resource
Conservation and Recovery Act (42 U.S.C. §§ 6991-6991i).

 

Real Estate: all right,
title and interest (whether as owner, lessor or lessee) in any real Property or any buildings, structures, parking areas or other improvements
thereon (including Fixtures).

 

Recipient: Agent, Issuing
Bank, any Lender or any other recipient of a payment to be made by an Obligor under a Loan Document or on account of an Obligation.

 

Refinancing Conditions:

 

(a) with respect
to the Convertible Notes (or any Refinancing Debt with respect thereto), (i) the Refinancing Debt is in an aggregate principal amount
that does not exceed the principal amount of the Debt being extended, renewed or refinanced; (ii) it has a final maturity no sooner than
and a weighted average life no less than, the Debt being extended, renewed or refinanced; (iii) if applicable, it is subordinated to the
Obligations at least to the same extent as the Debt being extended, renewed or refinanced; (iv) the representations, covenants and defaults
applicable to it are no less favorable to Borrowers than those applicable to the Debt being extended, renewed or refinanced; (v) the Refinancing
Debt with respect thereto is unsecured and no Lien is granted to secure it; (vi) no additional Person that is an Obligor is obligated
on such Debt; and (vii) upon giving effect to it, no Default or Event of Default exists; and

 

 

 

    	 	22	 

     

    

 

(b) with respect
to all other Debt (or any Refinancing Debt with respect thereto), (i) the Refinancing Debt is in an aggregate principal amount that does
not exceed the principal amount of the Debt being extended, renewed or refinanced; (ii) it has a final maturity no sooner than, a weighted
average life no less than, and an interest rate no greater than, the Debt being extended, renewed or refinanced; (iii) it is subordinated
to the Obligations at least to the same extent as the Debt being extended, renewed or refinanced; (iv) the representations, covenants
and defaults applicable to it are no less favorable to Borrowers than those applicable to the Debt being extended, renewed or refinanced;
(v) no additional Lien is granted to secure it; (vi) no additional Person is obligated on such Debt; and (vii) upon giving effect to it,
no Default or Event of Default exists.

 

Refinancing Debt: Borrowed
Money that is the result of an extension, renewal or refinancing of Debt permitted under Section 10.2.1(b), (c), (d),
(f) or (i).

 

Relevant Governmental Body:
the FRB or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the FRB or the Federal Reserve Bank
of New York, or any successor thereto.

 

Rent and Charges Reserve:
the aggregate of (a) all past due rent and other amounts owing by an Obligor to any landlord, warehouseman, processor, repairman, mechanic,
shipper, freight forwarder, broker or other Person who possesses any Collateral or could assert a Lien on any Collateral; and (b) a reserve
at least equal to three months rent and other charges that could be payable to any such Person, unless it has executed a Lien Waiver.

 

Report: as defined
in Section 12.2.3.

 

Reportable Event: any
event set forth in Section 4043(c) of ERISA, other than an event for which the 30 day notice period has been waived.

 

Required Lenders: Secured
Parties holding more than 50% of (a) the aggregate outstanding Revolver Commitments; or (b) after termination of the Revolver
Commitments, the aggregate outstanding Loans and LC Obligations or, upon Full Payment of all Loans and LC Obligations, the aggregate remaining
Obligations; provided, however, (i) that Commitments, Loans and other Obligations held by any Defaulting Lender and
its Affiliates shall be disregarded in making such calculation, but any related Fronting Exposure shall be deemed held as a Loan or LC
Obligation by the Lender that funded the applicable Loan or issued the applicable Letter of Credit or Letter of Credit Guaranty, and (ii) at
any time there are two (2) or more Secured Parties, "Required Lenders" must include at least two (2) Secured Parties who are
not Affiliates of one another).

 

Restricted Investment:
any Investment by an Obligor or Subsidiary, other than (a) Investments in Subsidiaries to the extent existing on the Closing Date; (b)
Cash Equivalents that are subject to Agent’s Lien and control, pursuant to documentation in form and substance satisfactory to Agent;
(c) loans and advances permitted under Section 10.2.7; (d) to the extent constituting an Investment, the Transceiver Sale Holdback
Amount, (e) any Investment made after the completion of the first Loan Year, so long as, and to the extent that, after giving effect to
the making of any such Investment, the Payment Conditions are satisfied, (f) the purchase by any Obligor or Subsidiary, collectively,
of no more than 10% of the total Equity Interests of Yuhan Optoelectronic Technology (Shanghai) Co., Ltd. in connection with the Transceiver
Sale and (g) Investments made by AOI to any non-Obligor Subsidiary to the extent funded exclusively with Net Proceeds of issuances of
Equity Interests of AOI (other than Equity Interests constituting Disqualified Equity Interests), so long as, prior to the making of any
such Investment (i) such Net Proceeds are maintained at all times in an Equity Proceeds Holding Account of AOI that is subject to a springing
Deposit Account Control Agreement in favor of Agent and (ii) such Net Proceeds are not commingled at any time with any other Property
of any Obligor or Subsidiary thereof.

 

Restrictive Agreement:
an agreement (other than a Loan Document) that conditions or restricts the right of any Borrower, Subsidiary or other Obligor to incur
or repay Borrowed Money, to grant Liens on any assets, to declare or make Distributions, to modify, extend or renew any agreement evidencing
Borrowed Money, or to repay any intercompany Debt.

 

Revolver Commitment:
for any Lender, its obligation to make Revolver Loans and to participate in LC Obligations up to the maximum principal amount shown on
Schedule 1.1(a) of the Disclosure Certificate, as hereafter modified pursuant to Section 2.1.4 or Assignment to which it
is a party. "Revolver Commitments" means the aggregate amount of such commitments of all Lenders.

 

 

 

    	 	23	 

     

    

 

Revolver Loan: any
loan made pursuant to Section 2.1 or as a Swingline Loan.

 

Revolver Termination Date:
the earlier to occur of (a) November 16, 2025 and (b) 91 days prior to the maturity of the Convertible Notes, or, in each case, such earlier
date on which the Revolver Commitments terminate hereunder. For the avoidance of doubt, as of the Closing Date, clause (b) of this definition
shall be deemed a reference to December 14, 2023, which is 91 days prior to the maturity date of the Convertible Notes (which, as of the
Closing Date, is March 15, 2024).

 

Revolver Usage: (a) the
aggregate amount of outstanding Revolver Loans; plus (b) the aggregate Stated Amount of outstanding Letters of Credit, except
to the extent Cash Collateralized by Borrowers.

 

S&P: Standard &
Poor’s Financial Services LLC, a subsidiary of The McGraw-Hill Companies, Inc., or any successor acceptable to Agent.

 

Sale and Leaseback Transaction:
any transaction or series of related transactions pursuant to which a Borrower or Subsidiary (a) sells, transfers or otherwise disposes
of any property, real or personal, whether now owned or hereafter acquired, and (b) as part of such transaction, thereafter rents or leases
such property or other property that it intends to use for substantially the same purpose or purposes as the property being sold, transferred
or disposed.

 

Sanction: any sanction
administered or enforced by the U.S. Government (including OFAC), United Nations Security Council, European Union, Her Majesty’s
Treasury or other sanctions authority.

 

Secured Bank Product Obligations:
Debt, obligations and other liabilities with respect to Bank Products owing by an Obligor or Subsidiary to a Secured Bank Product Provider);
provided, that Secured Bank Product Obligations of an Obligor shall not include its Excluded Swap Obligations.

 

Secured Bank Product Provider:
(a) the Bank, the Agent and any of their respective Affiliates; and (b) any other Lender or Affiliate of a Lender that is providing a
Bank Product, provided such provider delivers written notice to Agent, in form and substance satisfactory to Agent, within 10 days following
the later of the Closing Date or creation of the Bank Product, (i) describing the Bank Product and setting forth the maximum amount to
be secured by the Collateral and the methodology to be used in calculating such amount, and (ii) agreeing to be bound by Section 12.13.

 

Secured Parties: Agent,
Issuing Bank, Lenders and Secured Bank Product Providers.

 

Security Documents:
the Guaranties, IP Assignments, Deposit Account Control Agreements, and all other documents, instruments and agreements now or hereafter
securing (or given with the intent to secure) any Obligations.

 

Senior Officer: the
chairman of the board, president, chief executive officer or chief financial officer of a Borrower or, if the context requires, an Obligor.

 

Settlement Report:
a report summarizing Revolver Loans and participations in LC Obligations outstanding as of a given settlement date, allocated to Lenders
on a Pro Rata basis in accordance with their Revolver Commitments.

 

SOFR: a rate equal
to the secured overnight financing rate as administered by the SOFR Administrator.

 

SOFR Administrator:
the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).

 

SOFR Loan: each portion
of a Revolving Loan that bears interest at a rate determined by reference to Adjusted Term SOFR.

 

 

 

    	 	24	 

     

    

 

Solvent: as to any
Person, such Person (a) owns Property whose fair salable value is greater than the amount required to pay all of its debts (including
contingent, subordinated, unmatured and unliquidated liabilities); (b) owns Property whose present fair salable value (as defined below)
is greater than the probable total liabilities (including contingent, subordinated, unmatured and unliquidated liabilities) of such Person
as they become absolute and matured; (c) is able to pay all of its debts as they mature; (d) has capital that is not unreasonably small
for its business and is sufficient to carry on its business and transactions and all business and transactions in which it is about to
engage; (e) is not “insolvent” within the meaning of Section 101(32) of the Bankruptcy Code; and (f) has not incurred (by
way of assumption or otherwise) any obligations or liabilities (contingent or otherwise) under any Loan Documents, or made any conveyance
in connection therewith, with actual intent to hinder, delay or defraud either present or future creditors of such Person or any of its
Affiliates. “Fair salable value” means the amount that could be obtained for assets within a reasonable time, either
through collection or through sale under ordinary selling conditions by a capable and diligent seller to an interested buyer who is willing
(but under no compulsion) to purchase.

 

Specified Obligor:
an Obligor that is not then an “eligible contract participant” under the Commodity Exchange Act (determined prior to giving
effect to Section 5.11).

 

Stated Amount: the
outstanding amount of a Letter of Credit, including any automatic increase or tolerance (whether or not then in effect) provided by the
Letter of Credit or related LC Documents.

 

Subordinated Debt:
any Debt incurred by an Obligor that is expressly subordinate and junior in right of payment to Full Payment of all Obligations, and is
on terms (including maturity, interest, fees, repayment, covenants and subordination) satisfactory to Agent, and, if applicable, the Liens
as to any Collateral securing such Debt have been subordinated to the Liens therein of Agent pursuant to documentation in form and substance
satisfactory to Agent, in its sole discretion.

 

Subsidiary: any entity
at least 50% of whose voting securities or Equity Interests is owned by an Obligor or combination of Obligors (including indirect ownership
through other entities in which an Obligor directly or indirectly owns 50% of the voting securities or Equity Interests).

 

Super-Majority Lenders:
Secured Parties holding more than 66.75% of (a) the aggregate outstanding Revolver Commitments; or (b) after termination of
the Revolver Commitments, the aggregate outstanding Loans and LC Obligations or, upon Full Payment of all Loans and LC Obligations, the
aggregate remaining Obligations; provided, however, (i) that Commitments, Loans and other Obligations held by a Defaulting
Lender and its Affiliates shall be disregarded in making such calculation, but any related Fronting Exposure shall be deemed held as a
Loan or LC Obligation by the Lender that funded the applicable Loan or issued the applicable Letter of Credit or Letter of Credit Guaranty
or Letter of Credit Guaranty, and (ii) at any time there are two (2) or more Secured Parties, "Super-Majority Lenders"
must include at least two (2) Secured Parties (who are not Affiliates of one another).

 

Swap Obligations: with
respect to an Obligor, its obligations under a Hedging Agreement that constitutes a “swap” within the meaning of Section 1a(47)
of the Commodity Exchange Act.

 

Swingline Lender: CIT
Northbridge Funding II LLC.

 

Swingline Loan: any
Borrowing of Base Rate Revolver Loans funded with Agent’s funds, until such Borrowing is settled among Lenders or repaid by Borrowers.

 

Taxes: 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.

 

 

 

    	 	25	 

     

    

 

Term SOFR: for any
calculation with respect to a SOFR Loan, the Term SOFR Reference Rate for a tenor comparable to the applicable Monthly Period on the day
(such day, the "Periodic Term SOFR Determination Day") that is two (2) U.S. Government Securities Business Days prior
to the first day of such Monthly Period, as such rate is published by the Term SOFR Administrator; provided, however, that
if as of 5:00 p.m. (New York City time) on any Periodic Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor
has not been published by the Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has
not occurred, then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first
preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR
Administrator so long as such first preceding U.S. Government Securities Business Day is not more than three (3) U.S. Government Securities
Business Days prior to such Periodic Term SOFR Determination Day.

 

Term SOFR Adjustment:
0.11% per annum.

 

Term SOFR Administrator:
CME Group Benchmark Administration Limited (CBA) (or a successor administrator of the Term SOFR Reference Rate selected by Agent in its
reasonable discretion).

 

Term SOFR Reference Rate:
the forward-looking term rate based on SOFR.

 

Transactions: collectively,
(a) the execution, delivery and performance by the Obligors of the Loan Documents to which they are a party and the making of the Loans
hereunder and issuing of the Letters of Credit hereunder, (b) the repayment of all amounts due or outstanding under the Existing Loan
Documentation and (c) the payment of all related costs, fees and expenses.

 

Transceiver License Agreements:
collectively, (a) that certain Trademark License Agreement to be entered into by and among AOI, Yuhan and Global Technology Co., Ltd.,
a company incorporated in the People’s Republic of China (unified social credit code: 91330212739470836U) (“GT”)
and (b) that certain Technology Cross License Agreement to be entered into by and among AOI, Yuhan and GT, in each case to the extent
entered into pursuant to the Transceiver SPA and in the form attached to the Transceiver SPA as of the date hereof.

 

Transceiver SPA: that
certain Agreement for the Sale and Purchase of a New Company to be Established in Hong Kong Special Administrative Region of the People’s
Republic of China, dated as of September 15, 2022, as in effect on the date hereof, by and between AOI, Prime World International Holdings
Ltd., a company incorporated in the British Virgin Islands (registered number 1005401) (“PWIH”) and Yuhan Optoelectronic
Technology (Shanghai) Co., Ltd. (“Yuhan”), as in effect on the date hereof, pursuant to which PWIH will sell, and Yuhan
will purchase, the Shares (as defined in the Transceiver SPA) of the Company (as defined in the Transceiver SPA), which Company shall
own 100% of the Equity Interests in Global Technology Co., Ltd., and which assets of the Company (as defined in the Transceiver SPA) shall
include manufacturing facilities located in the People’s Republic of China and certain assets related to the transceiver business
of AOI and PWIH and multi-channel optical sub-assembly products for the internet datacenter, telecom, and FTTH markets for a purchase
price of $150,000,000, subject to adjustment as set forth therein.

 

Transceiver Sale: the
Asset Dispositions contemplated by the Transceiver SPA (including the Transceiver License Agreements).

 

Transceiver Sale Holdback
Amount: the “Additional Consideration” (as defined in the Transceiver SPA) payable by Yuhan to PWIH pursuant to the Transceiver
SPA.

 

Transferee: any actual
or potential Eligible Assignee, Participant or other Person acquiring an interest in any Obligations.

 

Trigger Period: the
period (a) commencing on any day that (i) an Event of Default occurs or (ii) Availability is less than $2,777,778 or 10.0% of the aggregate
Revolver Commitments; and (b) continuing until, during each of the preceding 60 consecutive days, no Event of Default has existed and
Availability has been more than $2,777,778 and 10.0% of the aggregate Revolver Commitments.

 

 

 

    	 	26	 

     

    

 

UCC: the Uniform Commercial
Code as in effect in the State of New York or, when the laws of any other jurisdiction govern the perfection or enforcement of any Lien,
the Uniform Commercial Code of such jurisdiction.

 

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

 

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

 

Unadjusted Benchmark Replacement:
the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

 

Unused Line Fee Rate:
a per annum rate equal to 0.50%.

 

Upstream Payment: a
Distribution by a Subsidiary of a Borrower to such Borrower.

 

U.S. Government Securities
Business Day: any day except for (a) a Saturday, (b) a Sunday or (c) a day on which the Securities Industry and Financial
Markets Association, or any successor thereto, recommends that the fixed income departments of its members be closed for the entire day
for purposes of trading in U.S. government securities; provided, that for purposes of notice requirements in Section 4.1.1
such day is also a Business Day.

 

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

 

U.S. Tax Compliance Certificate:
as defined in Section 5.10.2(b)(iii).

 

Value: (a) for Inventory,
its value determined on the basis of the lower of cost or market, calculated on an average-cost basis, and excluding any portion of cost
attributable to intercompany profit among Borrowers and their Affiliates; (b) for an Account (other than a Credit Insured Foreign Account),
its face amount, net of any returns, rebates, discounts (calculated on the shortest terms), credits, allowances or Taxes (including sales,
excise or other taxes) that have been or could be claimed by the Account Debtor or any other Person; and (c) for a Credit Insured Foreign
Account, (i) the lesser of (x) the face amount of such Credit Insured Foreign Account, net of any returns, rebates, discounts (calculated
on the shortest terms), credits, allowances or Taxes (including sales, excise or other taxes) that have been or could be claimed by the
Account Debtor or any other Person and (y) the amount of credit insurance backing such Credit Insured Foreign Account (not to exceed
the credit limit with respect to such Credit Insured Foreign Account), net of (ii) any insurance premiums or deductibles (the excess,
if any, of (i) over (ii) shall be included in the Accounts Formula Amount).

 

Write-Down and Conversion
Powers: (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from
time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described
in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority
under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract
or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that
person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it
or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary
to any of those powers.

 

 

 

    	 	27	 

     

    

 

1.2              
Accounting Terms. Under the Loan Documents (except as otherwise specified therein), all accounting
terms shall be interpreted, all accounting determinations shall be made, and all financial statements shall be prepared, in accordance
with GAAP applied on a basis consistent with the most recent audited financial statements of Borrowers delivered to Agent before the
Closing Date and using the same inventory valuation method as used in such financial statements, except for any change required or permitted
by GAAP if Borrowers’ certified public accountants concur in such change, the change is disclosed to Agent, and all relevant provisions
of the Loan Documents are amended in a manner satisfactory to Required Lenders to take into account the effects of the change.

 

1.3              
Uniform Commercial Code. As used herein, the following terms are defined in accordance with the
UCC. “Account,” “Account Debtor,” “Chattel Paper,” “Commercial Tort Claim,” “Deposit
Account,” “Document,” “Equipment,” “General Intangibles,” “Goods,” “Instrument,”
“Investment Property,” “Letter-of-Credit Right” and “Supporting Obligation.”

 

1.4              
Certain Matters of Construction. The terms “herein,” “hereof,” “hereunder”
and other words of similar import refer to this Agreement as a whole and not to any particular section, paragraph or subdivision. Any
pronoun used shall be deemed to cover all genders. In the computation of periods of time from a specified date to a later specified date,
“from” means “from and including,” and “to” and “until” each mean “to but excluding.”
The terms “including” and “include” shall mean “including, without limitation” and, for purposes
of each Loan Document, the parties agree that the rule of ejusdem generis shall not be applicable to limit any provision. Section
titles appear as a matter of convenience only and shall not affect the interpretation of any Loan Document. All references to (a) laws
include all related regulations, interpretations, supplements, amendments and successor provisions; (b) any document, instrument or agreement
include any amendments, waivers and other modifications, extensions or renewals (to the extent permitted by the Loan Documents); (c)
any section mean, unless the context otherwise requires, a section of this Agreement; (d) any exhibits or schedules mean, unless the
context otherwise requires, exhibits and schedules attached hereto, which are hereby incorporated by reference; (e) any Person include
successors and assigns; (f) time of day means the time of day in New York, New York; or (g) discretion of Agent, Issuing Bank or any
Lender mean the sole and absolute discretion of such Person exercised at any time. All references to Value, Borrowing Base components,
Loans, Letters of Credit, Obligations and other amounts herein shall be denominated in Dollars, unless expressly provided otherwise,
and all determinations (including calculations of Borrowing Base and financial covenants) made from time to time under the Loan Documents
shall be made in light of the circumstances existing at such time. Borrowing Base calculations shall be consistent with historical methods
of valuation and calculation, and otherwise satisfactory to Agent (and not necessarily calculated in accordance with GAAP). Borrowers
shall have the burden of establishing any alleged negligence, misconduct or lack of good faith by Agent, Issuing Bank or any Lender under
any Loan Documents. No provision of any Loan Documents shall be construed against any party by reason of such party having, or being
deemed to have, drafted the provision. Reference to a Borrower’s “knowledge” or similar concept means actual knowledge
of a Senior Officer, or knowledge that a Senior Officer would have obtained if he or she had engaged in good faith and diligent performance
of his or her duties, including reasonably specific inquiries of employees or agents and a good faith attempt to ascertain the matter.

 

1.5              
Rates. Agent does not warrant or accept any responsibility for, and shall not have
any liability with respect to, (a) the continuation of, administration of, submission of, calculation of or any other matter related to
the Term SOFR Reference Rate, Adjusted Term SOFR, Term SOFR or any other Benchmark, any component definition thereof or rates referred
to in the definition thereof, or with respect to any alternative, successor or replacement rate thereto (including any then-current Benchmark
or any Benchmark Replacement), including whether the composition or characteristics of any such alternative, successor or replacement
rate (including any Benchmark Replacement), as it may or may not be adjusted pursuant to Section 3.6.2,
will be similar to, or produce the same value or economic equivalence of, or have the same volume or liquidity as, the Term SOFR Reference
Rate, Adjusted Term SOFR, Term SOFR or any other Benchmark, prior to its discontinuance or unavailability, or (b) the effect, implementation
or composition of any Conforming Changes. Agent and its affiliates or other related entities may engage in transactions that affect the
calculation of the Term SOFR Reference Rate, Adjusted Term SOFR, Term SOFR, any alternative, successor or replacement rate (including
any Benchmark Replacement) or any relevant adjustments thereto and such transactions may be adverse to a Borrower. Agent may select information
sources or services in its reasonable discretion to ascertain the Term SOFR Reference Rate, Adjusted Term SOFR or Term SOFR, or any other
Benchmark, any component definition thereof or rates referred to in the definition thereof, in each case pursuant to the terms of this
Agreement, and shall have no liability to any Borrower, any Lender or any other person or entity for damages of any kind, including direct
or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise
and whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided by any such information
source or service.

 

 

 

    	 	28	 

     

    

 

1.6              
Division. Any reference herein to a merger, transfer, consolidation, amalgamation,
assignment, sale, disposition or transfer, or similar term, shall be deemed to apply to a Division of or by a limited liability company
or limited partnership, or an allocation of assets to a series of any such entity (or the unwinding of a Division or allocation) as if
it were a merger, transfer, consolidation, amalgamation, assignment, sale, disposition or transfer or similar term, as applicable, to,
of or with a separate Person. Any Division of a Person shall constitute a separate Person hereunder.

 

SECTION
2.          CREDIT
FACILITIES

 

2.1              
Revolver Commitment.

 

2.1.1         
Revolver Loans. Each Lender agrees, severally on a Pro Rata basis up to its Revolver Commitment, on the terms set
forth herein, to make Revolver Loans to Borrowers from time to time through the Commitment Termination Date. The Revolver Loans may be
repaid and reborrowed as provided herein. In no event shall Lenders have any obligation to honor a request for a Revolver Loan if Revolver
Usage at such time plus the requested Loan would exceed the Borrowing Base.2.1.2Notes. Loans
and interest accruing thereon shall be evidenced by the records of Agent and the applicable Lender. At the request of a Lender, Borrowers
shall deliver promissory note(s) to such Lender, evidencing its Loans.

 

2.1.3         
Use of Proceeds. The proceeds of Revolver Loans shall be used by Borrowers solely (a) to repay all amounts due or
outstanding under the Existing Loan Documentation; (b) to pay fees and transaction expenses associated with the closing of this credit
facility; (c) to pay Obligations in accordance with this Agreement; and (d) for lawful corporate purposes of Borrowers, including working
capital and capital expenditures. Borrowers shall not, directly or indirectly, use any Letter of Credit or Loan proceeds, nor use, lend,
contribute or otherwise make available any Letter of Credit or Loan proceeds to any Subsidiary, joint venture partner or other Person,
(i) to fund any activities of or business with any Person, or in any Designated Jurisdiction, that, at the time of issuance of the
Letter of Credit or funding of the Loan, is the subject of any Sanction; or (ii) in any manner that would result in a violation of
a Sanction by any Person (including any Secured Party or other individual or entity participating in any transaction); or (iii) for
any purpose that would breach the U.S. Foreign Corrupt Practices Act of 1977, UK Bribery Act 2010 or similar law in any jurisdiction.

 

2.1.4         
Voluntary Reduction or Termination of Revolver Commitments.

 

(a)               
The Revolver Commitments shall terminate on the Revolver Termination Date, unless sooner terminated in accordance with this
Agreement. Upon at least 90 days prior written notice to Agent at any time after the first Loan Year, Borrowers may, at their option,
terminate the Revolver Commitments and this credit facility. Any notice of termination given by Borrowers shall be irrevocable. On the
termination date, Borrowers shall make Full Payment of all Obligations, including the applicable Prepayment Fee, if any. For clarification
purposes, the Revolver Loans may be repaid and reborrowed as provided herein.

 

(b)               
Borrowers may permanently reduce the Revolver Commitments on a ratable basis for all Lenders to an aggregate amount of not
less than $15,000,000, upon at least 90 days prior written notice to Agent, which notice shall specify the amount of the reduction and
shall be irrevocable once given. Each reduction shall be in a minimum amount of $5,000,000, or an increment of $1,000,000 in excess thereof.
Any such permanent reduction shall be accompanied by the payment of the applicable Prepayment Fee, if any.

 

2.1.5         
Protective Advances. Agent shall be authorized, in its discretion, at any time, to make Revolver Loans that are SOFR
Loans (or, if SOFR Loans are unavailable, Base Rate Loans) (“Protective Advances”) (a) if Agent deems such Loans necessary
or desirable to preserve or protect Collateral, or to enhance the collectability or repayment of Obligations, as long as such Loans do
not cause Revolver Usage to exceed the aggregate Revolver Commitments; or (b) to pay any other amounts chargeable to Obligors under any
Loan Documents, including interest, costs, fees and expenses. Lenders shall participate on a Pro Rata basis in Protective Advances outstanding
from time to time. Required Lenders may at any time revoke Agent’s authority to make further Protective Advances under clause
(a) by written notice to Agent. Absent such revocation, Agent’s determination that funding of a Protective Advance is appropriate
shall be conclusive.

 

 

 

    	 	29	 

     

    

 

2.1.6         
Increase in Revolver Commitments. Borrowers may request an increase in Revolver Commitments from time to time upon
not less than thirty (30) days' notice to Agent, as long as (a) the requested increase is in a minimum amount of $2,500,000 and is
offered on the same terms as existing Revolver Commitments, except for a closing fee specified by Borrowers, (b) total increases
under this Section do not exceed $5,000,000 and no more than two (2) increases are made, (c) the requested increase does not cause
the Revolver Commitments to exceed 90% of any applicable cap under any Subordinated Debt agreement, (d) with respect to any requested
increase after giving effect to which the aggregate principal amount of the Obligations outstanding under the Loan Documents would exceed
$25,000,000, (i) no Default or Event of Default (each as defined in the Convertible Notes Indenture) has occurred and is continuing or
would occur as a consequence of such credit extension and (ii) so long as any Convertible Notes (or any Refinancing Debt with respect
thereto) remain in effect, the Consolidated Leverage Ratio (as defined in the Convertible Notes Indenture or any equivalent documentation
with respect to any Refinancing Debt with respect thereto) is less than or equal to 4.00:1.00 and (e) Agent shall consent to such increase,
in its sole discretion. Agent shall promptly notify Lenders of the requested increase and, within ten (10) Business Days thereafter, each
Lender shall notify Agent if and to what extent such Lender commits to increase its Revolver Commitment. Any Lender not responding within
such period shall be deemed to have declined an increase. If Lenders fail to commit to the full requested increase, Eligible Assignees
may issue additional Revolver Commitments and become Lenders hereunder. Agent may agree, in its sole discretion, to assist in syndicating
such additional Revolver Commitments if Lenders fail to commit to the full requested increase. Agent may allocate, in its discretion,
the increased Revolver Commitments among committing Lenders and, if necessary, Eligible Assignees. Total Revolver Commitments shall be
increased by the requested amount (or such lesser amount committed by Lenders and Eligible Assignees) on a date agreed upon by Agent and
Borrower Agent, provided the conditions set forth in Section 6.2 are satisfied at such time. Agent, Borrowers, and the new
and existing Lenders shall execute and deliver such documents and agreements as Agent deems appropriate to evidence the increase in and
allocations of Revolver Commitments. On the effective date of an increase, the Revolver Usage and other exposures under the Revolver Commitments
shall be reallocated among Lenders, and settled by Agent as necessary, in accordance with Lenders' adjusted shares of such Revolver Commitments.
For the avoidance of doubt, no Lender shall have any obligation to increase its Revolver Commitments hereunder.

 

2.2              
[Reserved].

 

2.3              
Letter of Credit Facility.

 

2.3.1         
Issuance of Letters of Credit. Agent and Lenders agree to incur from time to time until
the Commitment Termination Date, upon request of Borrower Agent and for a Borrower’s account, LC Obligations by causing Letters
of Credit to be issued by (x) Agent (or an Affiliate thereof), (y) a Lender (or an Affiliate thereof) selected by or acceptable
to Agent, in its sole discretion, or (z) a bank or other legally authorized Person selected by or acceptable to Agent, in its sole
discretion, and guaranteed by Agent (or an Affiliate thereof) (a "Letter of Credit Guaranty") (each of (x) through (z),
an "Issuing Bank"), on the terms set forth herein, including the following:

 

(a)               
Each Borrower acknowledges that Issuing Bank's issuance of any Letter of Credit is conditioned upon Issuing Bank's receipt
of a LC Application with respect to the requested Letter of Credit, as well as such other instruments and agreements as Issuing Bank may
customarily require for issuance of a letter of credit of similar type and amount. Issuing Bank shall have no obligation to issue any
Letter of Credit unless (i) Issuing Bank receives a LC Request and LC Application at least five (5) Business Days prior to the requested
date of issuance; (ii) each LC Condition is satisfied; and (iii) if a Defaulting Lender exists, such Lender or Borrowers have
entered into arrangements satisfactory to Agent and Issuing Bank to eliminate any Fronting Exposure associated with such Lender. If, in
sufficient time to act, Issuing Bank receives written notice from Agent or Required Lenders that a LC Condition has not been satisfied,
Issuing Bank shall not issue the requested Letter of Credit. Prior to receipt of any such notice, Issuing Bank shall not be deemed to
have knowledge of any failure of LC Conditions.

 

(b)               
Letters of Credit may be requested by a Borrower to support obligations incurred in the Ordinary Course of Business, or
as otherwise approved by Agent. Increase, renewal or extension of a Letter of Credit shall be treated as issuance of a new Letter of Credit,
except that Issuing Bank may require a new LC Application in its discretion.

 

 

 

    	 	30	 

     

    

 

(c)               
Borrowers assume all risks of the acts, omissions or misuses of any Letter of Credit by the beneficiary. In connection with
any Letter of Credit, none of Agent, Issuing Bank or any Lender shall be responsible for the existence, character, quality, quantity,
condition, packing, value or delivery of any goods purported to be represented by any Documents; any differences or variation in the character,
quality, quantity, condition, packing, value or delivery of any goods from that expressed in any Documents; the form, validity, sufficiency,
accuracy, genuineness or legal effect of any Documents or of any endorsements thereon; the time, place, manner or order in which shipment
of goods is made; partial or incomplete shipment of, or failure to ship, any goods referred to in a Letter of Credit or Documents; any
deviation from instructions, delay, default or fraud by any shipper or other Person in connection with any goods, shipment or delivery;
any breach of contract between a shipper or vendor and a Borrower; errors, omissions, interruptions or delays in transmission or delivery
of any messages, by mail, cable, telegraph, telex, telecopy, e-mail, telephone or otherwise; errors in interpretation of technical terms;
the misapplication by a beneficiary of any Letter of Credit or the proceeds thereof; or any consequences arising from causes beyond the
control of Issuing Bank, Agent or any Lender, including any act or omission of a Governmental Authority. Borrowers shall take all action
to avoid and mitigate any damages relating to any Letter of Credit or claimed against Issuing Bank, Agent or any Lender, including through
enforcement of any available rights against a beneficiary. Issuing Bank shall be fully subrogated to the rights and remedies of any beneficiary
whose claims against Borrowers are discharged with proceeds of a Letter of Credit. The rights and remedies of Issuing Bank under the Loan
Documents shall be cumulative.

 

(d)               
In connection with its administration of and enforcement of rights or remedies under any Letters of Credit or LC Documents,
Issuing Bank shall be entitled to act, and shall be fully protected in acting, upon any certification, documentation or communication
in whatever form believed by Issuing Bank, in good faith, to be genuine and correct and to have been signed, sent or made by a proper
Person. Issuing Bank may use legal counsel, accountants and other experts to advise it concerning its obligations, rights and remedies,
and shall be entitled to act upon, and shall be fully protected in any action taken in good faith reliance upon, any advice given by such
experts. Issuing Bank may employ agents and attorneys-in-fact in connection with any matter relating to Letters of Credit or LC Documents,
and shall not be liable for the negligence or misconduct of agents and attorneys-in-fact selected with reasonable care.

 

2.3.2         
Reimbursement; Participations.

 

(a)               
In the event that Agent or any Issuing Bank shall make any payment on or pursuant to any LC Obligation, such payment shall
then be deemed automatically to constitute a Revolver Loan under Section 2.1.1 regardless of whether a Default or Event of Default
has occurred and is continuing and notwithstanding the Borrowers' failure to satisfy the conditions precedent in Section 6.2. The
obligation of Borrowers to reimburse Agent and Lenders for payments made with respect to any LC Obligation shall be absolute, unconditional,
irrevocable, and joint and several, and shall be paid without regard to any lack of validity or enforceability of any Letter of Credit
or the existence of any claim, setoff, defense or other right that Borrowers may have at any time against the beneficiary. Each Lender
shall fund its Pro Rata share of such Borrowing whether or not the Commitments have terminated, Revolver Usage exceeds the Borrowing Base,
or the conditions in Section 6 are satisfied. The failure of any Lender to make available to Agent or Issuing Bank for Agent's
or Issuing Bank's own account its Pro Rata portion of any such Revolver Loan or payment by Agent under or in respect of a Letter of Credit
shall not relieve any other Lender of its obligation hereunder to make available to Agent or Issuing Bank its Pro Rata portion, but no
Lender shall be responsible for the failure of any other Lender to make available such other Lender's Pro Rata portion of any such payment.

 

(b)               
If it shall be illegal or unlawful for Borrowers to incur Revolver Loans as contemplated by clause (a) above because of
an Event of Default described in Section 11.1(j) or otherwise or if it shall be illegal or unlawful for any Lender to be deemed
to have assumed a ratable share of the reimbursement obligations owed to an Issuing Bank, or if Issuing Bank is a Lender, then (i) immediately
and without further action whatsoever, each Lender shall be deemed to have irrevocably and unconditionally purchased from Agent (or such
Issuing Bank, as the case may be), without representation or warranty, an undivided interest and participation equal to such Lender's
Pro Rata share (based on the Revolver Commitments) of the LC Obligations in respect of all Letters of Credit then outstanding and (ii) thereafter,
immediately upon issuance of any Letter of Credit, each Lender shall be deemed to have irrevocably and unconditionally purchased from
Agent (or such Issuing Bank, as the case may be), without representation or warranty, an undivided interest and participation in such
Lender's Pro Rata share (based on the Revolver Commitments) of the LC Obligations with respect to such Letter of Credit on the date of
such issuance. Each Lender shall fund its participation in all payments or disbursements made under the Letters of Credit in the same
manner as provided in this Agreement with respect to Revolver Loans.

 

 

 

    	 	31	 

     

    

 

(c)               
The obligation of each Lender to make the payments described above in this Section 2.3.2 shall be absolute, unconditional
and irrevocable, not subject to any counterclaim, setoff, qualification or exception whatsoever, and shall be made in accordance with
this Agreement under all circumstances, irrespective of any lack of validity or unenforceability of any Loan Documents; any draft, certificate
or other document presented under a Letter of Credit having been determined to be forged, fraudulent, noncompliant, invalid or insufficient
in any respect or any statement therein being untrue or inaccurate in any respect; any waiver by Issuing Bank of a requirement that exists
for its protection (and not a Borrower's protection) or that does not materially prejudice a Borrower; any honor of an electronic demand
for payment even if a draft is required; any payment of an item presented after a Letter of Credit's expiration date if authorized by
the UCC or applicable customs or practices; or any setoff or defense that an Obligor may have with respect to any Obligations. Neither
Issuing Bank nor Agent assumes any responsibility for any failure or delay in performance or any breach by any Borrower or other Person
of any obligations under any LC Documents. Neither Issuing Bank nor Agent makes to Lenders any express or implied warranty, representation
or guaranty with respect to any Letter of Credit, Collateral, LC Document or Obligor. Neither Issuing Bank nor Agent shall be responsible
to any Lender for any recitals, statements, information, representations or warranties contained in, or for the execution, validity, genuineness,
effectiveness or enforceability of any LC Documents; the validity, genuineness, enforceability, collectability, value or sufficiency of
any Collateral or the perfection of any Lien therein; or the assets, liabilities, financial condition, results of operations, business,
creditworthiness or legal status of any Obligor.

 

(d)               
No Issuing Bank Indemnitee shall be liable to any Lender or other Person for any action taken or omitted to be taken in
connection with any Letter of Credit or LC Document except as a result of its gross negligence or willful misconduct. Issuing Bank may
refrain from taking any action with respect to a Letter of Credit until it receives written instructions (and in its discretion, appropriate
assurances) from the Lenders.

 

2.3.3         
Cash Collateral. Subject to Section 2.1.5, if at any time (a) an Event
of Default exists, (b) the Commitment Termination Date occurs, or (c) the Revolver Termination Date is scheduled to occur within
twenty (20) Business Days, then Borrowers shall, at Issuing Bank's or Agent's request, Cash Collateralize all outstanding Letters of Credit.
Borrowers shall, at Issuing Bank's or Agent's request at any time, Cash Collateralize the Fronting Exposure of any Defaulting Lender.
If Borrowers fail to provide any Cash Collateral as required hereunder, Lenders may (and shall upon direction of Agent) advance, as Revolver
Loans, the amount of Cash Collateral required (whether or not the Commitments have terminated, the Revolver Usage would exceed the Borrowing
Base or the Revolver Commitments or the conditions in Section 6 are satisfied).

 

2.3.4         
Resignation of Issuing Bank. Issuing Bank may resign at any time upon notice to Agent
and Borrowers. From the effective date of such resignation, Issuing Bank shall have no obligation to issue, amend, renew, extend or otherwise
modify any Letter of Credit, but shall otherwise continue to have all rights and obligations of an Issuing Bank hereunder relating to
any Letter of Credit issued by it prior to such date. Agent shall promptly appoint a replacement Issuing Bank, which, as long as no Default
or Event of Default exists, shall be reasonably acceptable to Borrowers.

 

2.3.5         
Subrogation Rights; Letter of Credit Guaranty.

 

(a)               
Upon any payments made by Agent to an Issuing Bank under a Letter of Credit Guaranty, Agent, for the benefit of the Lenders,
shall acquire by subrogation, any rights, remedies, duties or obligations granted to or undertaken by the applicable Borrower to Issuing
Bank in any LC Document, any standing agreement relating to Letters of Credit or otherwise, all of which shall be deemed to have been
granted to Agent, for the benefit of Lenders, and apply in all respects to Agent and shall be in addition to any rights, remedies, duties
or obligations contained herein.

 

(b)               
Each Borrower hereby authorizes and directs any Issuing Bank which is not a Lender hereunder to deliver to Agent all instruments,
documents, and other writings and property received by such Issuing Bank pursuant to such Letter of Credit and to accept and rely upon
Agent's instructions with respect to all matters arising in connection with such Letter of Credit and the related LC Documents.

 

(c)               
Any and all charges, commissions, fees, and costs incurred by Agent relating to Letters of Credit issued by an Issuing Bank
which is not a Lender hereunder in reliance on a Letter of Credit Guaranty shall be LC Obligations for purposes of this Agreement and
immediately shall be reimbursable by Borrowers to Agent.

 

 

 

    	 	32	 

     

    

 

SECTION
3.          INTEREST,
FEES AND CHARGES

 

3.1              
Interest.

 

3.1.1         
Rates and Payment of Interest.

 

(a)               
The Obligations shall bear interest at the Contract Rate (except as may be provided by the definition of Term SOFR or Section
3.1.2, Section 3.5, or Section 3.6). Subject to Section 3.1.2, Section 3.5 or Section 6, all Loans
shall be SOFR Loans.

 

(b)               
During an Insolvency Proceeding with respect to any Borrower, or during any other Event of Default if Agent or Required
Lenders in their discretion so elect, Obligations shall bear interest at the Default Rate (whether before or after any judgment), payable
on demand.

 

(c)               
Interest shall accrue from the date a Loan is advanced or Obligation is incurred or payable, until paid in full by Borrowers,
and shall in no event be less than zero at any time. Interest accrued on the Loans shall be due and payable in arrears, (i) on the
first calendar day of each calendar month, for the Monthly Period then ended; (ii) on any date of prepayment, with respect to the
principal amount being prepaid; and (iii) on the Commitment Termination Date. Interest accrued on any other Obligations shall be
due and payable as provided in the Loan Documents or, if no payment date is specified, on demand.

 

3.1.2         
Term SOFR Conforming Changes. In connection with the use or administration of Term SOFR, Agent will have the right
to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments
implementing such Conforming Changes will become effective without any further action or consent of any other party to this Agreement
or any other Loan Document. Agent will promptly notify Borrower Agent and the Lenders of the effectiveness of any Conforming Changes in
connection with the use or administration of Term SOFR.

 

3.2              
Fees.

 

3.2.1         
Unused Line Fee. Borrowers shall pay to Agent, for the Pro Rata benefit of Lenders, a fee equal to the Unused Line
Fee Rate times the amount by which the Revolver Commitments exceed the average Revolver Usage during the preceding month, calculated for
the actual days elapsed. Such unused line fee shall be payable in arrears, on the first day of each calendar month and on the Commitment
Termination Date.

 

3.2.2         
LC Facility Fees. Borrowers shall pay (a) to
Agent, for the Pro Rata benefit of Lenders, a fee equal to the Applicable Margin in effect for SOFR Loans that are Revolver Loans times
the average daily Stated Amount of Letters of Credit, which fee shall be payable monthly in arrears, on the first day of each month; (b) to
Agent, for its own account, a fronting fee equal to 0.25% per annum on the Stated Amount of each Letter of Credit, which fee shall be
payable monthly in arrears, on the first day of each month; (c) all costs and expenses incurred by Agent or any Lender on account
of the LC Obligations which costs and charges shall be paid as and when incurred; and (d) to Issuing Bank, for its own account, all
customary charges associated with the issuance, amending, negotiating, payment, processing, transfer and administration of Letters of
Credit, which charges shall be paid as and when incurred. During an Event of Default, the fee payable under clause (a) shall be
increased by 3% per annum.

 

3.2.3         
Minimum Balance Fee. Borrowers shall pay to Agent a monthly fee equal to (a) the Contract Rate (giving effect
to the Default Rate, if applicable at such time) multiplied by (b) the amount by which the applicable Minimum Balance exceeds the
average monthly Revolver Usage for such month; provided, that if the average monthly Revolver Usage for any month exceeds the applicable
Minimum Balance, no such fee shall be payable for such month. Such fees shall be due and payable on the first calendar day of each calendar
month (commencing on January 1, 2023) and on the Commitment Termination Date.

 

 

 

 

    	 	33	 

     

    

 

3.2.4         
Fee Letters. Borrowers shall pay all fees set forth in any fee letter executed in connection with this Agreement.

 

3.2.5         
Wire Fees. Borrowers shall pay Agent $35.00 for any wire initiated by Agent.

 

3.3              
Computation of Interest, Fees, Yield Protection.
All interest, as well as fees and other charges calculated on a per annum basis, shall be computed for the actual days elapsed based
on a year of 360 days, except that interest computed by reference to clause (b) of the definition of Base Rate shall be computed
on the basis of a year of 365 days (or 366 days in a leap year). Each determination by Agent of any interest, fees or interest rate hereunder
shall be final, conclusive and binding for all purposes, absent manifest error. All fees shall be fully earned when due and shall not
be subject to rebate, refund or proration. All fees payable under Section 3.2 are compensation for services and are not, and shall
not be deemed to be, interest or any other charge for the use, forbearance or detention of money. A certificate as to amounts payable
by Borrowers under Section 3.4, 3.6, 3.7, 3.9 or 5.9, submitted to Borrower Agent by Agent or the affected Lender shall
be final, conclusive and binding for all purposes, absent manifest error, and Borrowers shall pay such amounts to the appropriate party
within 10 days following receipt of the certificate.

 

3.4              
Reimbursement Obligations. Borrowers shall pay all Extraordinary Expenses promptly upon request. Borrowers
shall also reimburse Agent for all legal, accounting, appraisal, consulting, and other fees and expenses incurred by it in connection
with (a) negotiation and preparation of any Loan Documents, including any modification thereof; (b) administration of and actions relating
to any Collateral, Loan Documents and transactions contemplated thereby, including any actions taken to perfect or maintain priority
of Agent’s Liens on any Collateral, to maintain any insurance required hereunder or to verify Collateral; and (c) subject to the
limits of Section 10.1.1(b), any examination or appraisal with respect to any Obligor or Collateral by Agent’s personnel or a third
party. All legal, accounting and consulting fees shall be charged to Borrowers by Agent’s professionals at their full hourly rates,
regardless of any alternative fee arrangements that Agent, any Lender or any of their Affiliates may have with such professionals that
otherwise might apply to this or any other transaction. Borrowers acknowledge that counsel may provide Agent with a benefit (such as
a discount, credit or accommodation for other matters) based on counsel’s overall relationship with Agent, including fees paid
hereunder. If, for any reason (including inaccurate reporting in any Borrower Materials), it is determined that a higher Applicable Margin
should have applied to a period than was actually applied, then the proper margin shall be applied retroactively and Borrowers shall
immediately pay to Agent, for the ratable benefit of Lenders, an amount equal to the difference between the amount of interest and fees
that would have accrued using the proper margin and the amount actually paid. All amounts payable by Borrowers under this Section shall
be due on demand.

 

3.5              
Illegality. If any Lender determines that any Applicable Law has made it
unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Lender to perform any of its obligations hereunder,
to make, maintain, fund or charge applicable interest or fees with respect to any Loan, or to determine or charge interest based on the
Term SOFR Reference Rate, Adjusted Term SOFR, Term SOFR or SOFR, then, on notice thereof by such Lender to Agent, any obligation of such
Lender to perform such obligations, to make, maintain or fund the Loan (or to charge interest or fees with respect thereto), or to continue
or convert Loans as SOFR Loans, shall be suspended until such Lender notifies Agent that the circumstances giving rise to such determination
no longer exist and, at the option of Borrowers, Borrowers shall either repay such SOFR Loan(s) or the Lenders shall convert such SOFR
Loan(s) to a Loan that bears reference to the Base Rate plus the Applicable Margin, either on the last day of the Monthly Period therefor,
if such Lender may lawfully continue to maintain the SOFR Loan to such day, or immediately, if such Lender may not lawfully continue to
maintain the SOFR Loan. Upon any such prepayment or conversion, Borrowers shall also pay accrued interest on the amount so prepaid or
converted. Any such Prepayment Fee in connection with any such prepayment or conversion under this Section 3.5, shall be waived.

 

3.6              
SOFR Unavailability.

 

3.6.1         
Inability to Determine Rates Generally. Agent will promptly notify Borrower Agent and Lenders if, in connection with
any Loan or request for a Loan, (a) Agent determines that adequate and reasonable means do not exist for determining Term SOFR Reference
Rate, Term SOFR or SOFR for the Monthly Period; or (b) Agent or Required Lenders determine for any reason that the Term SOFR Reference
Rate, Term SOFR or SOFR for the Monthly Period does not adequately and fairly reflect the cost to Lenders of funding the Loan. Thereafter,
Lenders' obligations to make or maintain affected SOFR Loans shall be suspended until Agent (upon instruction by Required Lenders) withdraws
the notice and all such Loans shall be converted to loans bearing interest at the Base Rate plus the Applicable Margin. Upon receipt of
such notice, Borrower Agent may revoke any pending request for a SOFR Loan or, failing that, will be deemed to have requested a Loan bearing
interest at the Base Rate plus the Applicable Margin.

 

 

 

 

    	 	34	 

     

    

 

3.6.2         
Benchmark Replacement Setting.

 

(a)               
Benchmark Replacement. Notwithstanding anything to the contrary herein or in any other Loan Document, upon the occurrence
of a Benchmark Transition Event, Agent and Borrower Agent may amend this Agreement to replace the then-current Benchmark with a Benchmark
Replacement. Any such amendment with respect to a Benchmark Transition Event will become effective at 5:00 p.m. on the fifth (5th)
Business Day after Agent has posted such proposed amendment to all Lenders and Borrower Agent so long as Agent has not received, by such
time, written notice of objection to such amendment from Lenders comprising the Required Lenders. No replacement of a Benchmark with a
Benchmark Replacement pursuant to this Section 3.6.2(a) will occur prior to the applicable Benchmark Transition Start Date.

 

(b)               
Benchmark Replacement Conforming Changes. In connection with the use, administration, adoption or implementation
of a Benchmark Replacement, Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the
contrary herein or in any other Loan Document, any amendments implementing such Conforming Changes will become effective without any further
action or consent of any other party to this Agreement or any other Loan Document.

 

(c)               
Notices; Standards for Decisions and Determinations. Agent will promptly notify Borrower Agent and the Lenders of
(1) the implementation of any Benchmark Replacement and (2) the effectiveness of any Conforming Changes in connection with the use, administration,
adoption or implementation of a Benchmark Replacement. Agent will notify Borrower Agent of (x) the removal or reinstatement of any tenor
of a Benchmark pursuant to Section 3.6.2(d) and (y) the commencement of any Benchmark Unavailability Period. Any determination,
decision or election that may be made by Agent or, if applicable, any Lender (or group of Lenders) pursuant to this Section 3.6.2(c),
including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance
or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error
and may be made in its or their sole discretion and without consent from any other party to this Agreement or any other Loan Document,
except, in each case, as expressly required pursuant to this Section 3.6.2(c).

 

(d)               
Unavailability of Tenor Benchmark. Notwithstanding anything to the contrary herein or in any other Loan Document,
at any time (including in connection with the implementation of a Benchmark Replacement), (1) if the then-current Benchmark is a term
rate (including the Term SOFR Reference Rate) and either (I) any tenor for such Benchmark is not displayed on a screen or other information
service that publishes such rate from time to time as selected by Agent in its reasonable discretion or (II) the regulatory supervisor
for the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor for such
Benchmark is not or will not be representative, then Agent may modify the definition of "Monthly Period" (or any similar
or analogous definition) for any Benchmark settings at or after such time to remove such unavailable or non-representative tenor and (2)
if a tenor that was removed pursuant to clause (1) above either (I) is subsequently displayed on a screen or information service for a
Benchmark (including a Benchmark Replacement) or (II) is not, or is no longer, subject to an announcement that it is not or will not be
representative for a Benchmark (including a Benchmark Replacement), then Agent may modify the definition of "Monthly Period"
(or any similar or analogous definition) for all Benchmark settings at or after such time to reinstate such previously removed tenor.

 

(e)               
Benchmark Unavailability Period. Upon Borrower Agent's receipt of notice of the commencement of a Benchmark Unavailability
Period, (1) Borrower Agent may revoke any pending request for a borrowing of, conversion to or continuation of SOFR Loans to be made,
converted or continued during any Benchmark Unavailability Period and, failing that, Borrower Agent will be deemed to have converted any
such request into a request for a borrowing of or conversion to Base Rate Loans and (2) any outstanding affected SOFR Loans will be deemed
to have been converted to Base Rate Loans at the end of the applicable Monthly Period.

 

(f)                
No Requirement of Matched Funding. Anything to the contrary contained herein notwithstanding, neither Agent, nor
any Lender, nor any of their Participants, is required to actually match fund any Obligations as to which interest accrues at Adjusted
Term SOFR or the Term SOFR Reference Rate.

 

 

 

 

    	 	35	 

     

    

 

3.7              
Increased Costs; Capital Adequacy.

 

3.7.1         
Increased Costs Generally. If any Change in Law shall:

 

(a)               
impose, modify or deem applicable any reserve, liquidity, 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 or Issuing Bank;

 

(b)               
subject any Recipient to Taxes (other than (i) Indemnified Taxes, (ii) Taxes described in clauses (b) through (d) of the
definition of Excluded Taxes, and (iii) Connection Income Taxes) with respect to any Loan, Letter of Credit, Commitment or other obligations,
or its deposits, reserves, other liabilities or capital attributable thereto; or

 

(c)               
impose on any Lender, Issuing Bank or interbank market any other condition, cost or expense affecting any Loan, Letter of
Credit, participation in LC Obligations, Commitment or Loan Document;

 

and the result thereof shall be to increase the
cost to a Lender of making or maintaining any Loan or Commitment, or converting to or continuing any interest option for a Loan, or to
increase the cost to a Lender or Issuing Bank 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 a Lender
or Issuing Bank hereunder (whether of principal, interest or any other amount) then, upon request of such Lender or Issuing Bank, Borrowers
will pay to it such additional amount(s) as will compensate it for the additional costs incurred or reduction suffered.

 

3.7.2         
Capital Requirements. If a Lender or Issuing Bank determines that a Change in Law affecting such Lender or Issuing
Bank or its holding company, if any, regarding capital or liquidity requirements has or would have the effect of reducing the rate of
return on such Lender's, Issuing Bank's or holding company's capital as a consequence of this Agreement, or such Lender's or Issuing Bank's
Commitments, Loans, Letters of Credit or participations in LC Obligations or Loans, to a level below that which such Lender, Issuing Bank
or holding company could have achieved but for such Change in Law (taking into consideration its policies with respect to capital adequacy),
then from time to time Borrowers will pay to such Lender or Issuing Bank, as the case may be, such additional amounts as will compensate
it or its holding company for the reduction suffered.

 

3.7.3         
Compensation. Failure or delay on the part of any Lender or Issuing Bank to demand compensation pursuant to this
Section shall not constitute a waiver of its right to demand such compensation, but Borrowers shall not be required to compensate a Lender
or Issuing Bank for any increased costs or reductions suffered more than six (6) months (plus any period of retroactivity of the
Change in Law giving rise to the demand) prior to the date that the Lender or Issuing Bank notifies Borrower Agent of the applicable Change
in Law and of such Lender's or Issuing Bank's intention to claim compensation therefor.

 

3.8              
Mitigation. If any Lender gives a notice under Section 3.5 or requests compensation under
Section 3.7, or if Borrowers are required to pay any Indemnified Taxes or additional amounts with respect to a Lender under Section
5.9, then at the request of Borrower Agent, such Lender shall use reasonable efforts to designate a different Lending Office or to
assign its rights and obligations hereunder to another of its offices, branches or Affiliates, if, in the judgment of such Lender, such
designation or assignment (a) would eliminate the need for such notice or reduce amounts payable or to be withheld in the future, as applicable;
and (b) would not subject the Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to it or unlawful.
Borrowers shall pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment.

 

 

 

 

    	 	36	 

     

    

 

3.9              
Funding Losses. If for any reason (a) any Borrowing of a SOFR Loan does not occur on the date
specified therefor in a Notice of Borrowing (whether or not withdrawn), (b) any repayment of a SOFR Loan occurs on a day other than
the end of its Monthly Period, (c) Borrowers fail to repay a SOFR Loan when required hereunder, or (d) a Lender (other than
a Defaulting Lender) is required to assign a SOFR Loan prior to the end of its Monthly Period pursuant to Section 13.4, then Borrowers
shall pay to Agent its customary administrative charge and to each Lender all losses, expenses and fees arising from redeployment of funds
or termination of match funding. For purposes of calculating amounts payable under this Section, a Lender shall be deemed to have funded
a SOFR Loan by a matching deposit or other borrowing at the same or a similar rate offered by the Federal Reserve Bank of New York, as
determined by Agent in its sole discretion, whether or not the Loan was in fact so funded.

 

3.10           
Maximum Interest. Regardless of any provision contained in any of the Loan Documents, in no contingency
or event whatsoever shall the aggregate of all amounts that are contracted for, charged or received by Agent or any Lender pursuant to
the terms of this Agreement or any of the other Loan Documents and that are deemed interest under Applicable Law exceed the highest rate
permissible under any Applicable Law (the “Maximum Rate”). No agreements, conditions, provisions or stipulations contained
in this Agreement or any of the other Loan Documents or the exercise by Agent of the right to accelerate the payment or the maturity
of all or any portion of the Obligations, or the exercise of any option whatsoever contained in any of the Loan Documents, or the prepayment
by any Obligor of any of the Obligations, or the occurrence of any contingency whatsoever, shall entitle Agent or Lenders to charge or
receive in any event, interest or any charges, amounts, premiums or fees deemed interest by Applicable Law (such interest, charges, amounts,
premiums and fees referred to herein collectively as “Interest”) in excess of the Maximum Rate and in no event shall
any Obligor be obligated to pay Interest exceeding such Maximum Rate, and all agreements, conditions or stipulations, if any, which may
in any event or contingency whatsoever operate to bind, obligate or compel any Obligor to pay Interest exceeding the Maximum Rate shall
be without binding force or effect, at law or in equity, to the extent only of the excess of Interest over such Maximum Rate. If any
Interest is charged or received with respect to the Obligations in excess of the Maximum Rate (“Excess”), each Obligor
stipulates that any such charge or receipt shall be the result of an accident and bona fide error, and such Excess, to the extent received,
shall be applied first to reduce the principal Obligations and the balance, if any, returned to the Obligors, it being the intent of
the parties hereto not to enter into an usurious or otherwise illegal relationship. The right to accelerate the maturity of any of the
Obligations does not include the right to accelerate any Interest that has not otherwise accrued on the date of such acceleration, and
neither Agent nor any Lender intends to collect any unearned Interest in the event of any such acceleration. Each Obligor recognizes
that, with fluctuations in the rates of interest set forth in this Agreement, and the Maximum Rate, such an unintentional result could
inadvertently occur. All monies paid to Agent or any Lender hereunder or under any of the other Loan Documents, whether at maturity or
by prepayment, shall be subject to any rebate of unearned Interest as and to the extent required by Applicable Law. By the execution
of this Agreement, each Obligor covenants that (i) the credit or return of any Excess shall constitute the acceptance by each Obligor
of such Excess, and (ii) each Obligor shall not seek or pursue any other remedy, legal or equitable, against Agent or any Lender, based
in whole or in part upon contracting for, charging or receiving any Interest in excess of the Maximum Rate. For the purpose of determining
whether or not any Excess has been contracted for, charged or received by Agent or any Lender, all Interest at any time contracted for,
charged or received from any Obligor in connection with any of the Loan Documents shall, to the extent permitted by Applicable Law, be
amortized, prorated, allocated and spread in equal parts throughout the full term of the Obligations. Obligors, Agent and Lenders shall,
to the maximum extent permitted under Applicable Law, (i) characterize any non-principal payment as an expense, fee or premium rather
than as Interest and (ii) exclude voluntary prepayments and the effects thereof. The provisions of this Section 3.10 shall
be deemed to be incorporated into every Loan Document (whether or not any provision of this Section is referred to therein). All such
Loan Documents and communications relating to any Interest owed by any Obligor and all figures set forth therein shall, for the sole
purpose of computing the extent of Obligations, be automatically recomputed by the Obligors, and by any court considering the same, to
give effect to the adjustments or credits required by this Section 3.10.

 

 

    	 	37	 

     

    

 

SECTION
4.          LOAN
ADMINISTRATION

 

4.1              
Manner of Borrowing and Funding Revolver Loans.

 

4.1.1         
Notice of Borrowing.

 

(a)               
To request Revolver Loans, Borrower Agent shall notify Agent of such request by telephone or email (or, if permitted by
Agent, by request posted to Agent's StuckyNet System) a Notice of Borrowing by 10:30 a.m. Central Time on the requested funding date.
Notices received by Agent after such time shall be deemed received on the next Business Day. Each such telephone (or posted) Notice of
Borrowing shall be irrevocable and Borrower Agent agrees to promptly confirm any such telephone request by hand delivery or electronic
transmission to Agent of a written Notice of Borrowing in a form approved by Agent, and signed by Borrower Agent. Each such Notice of
Borrowing shall specify (A) the Borrowing amount, (B) the requested funding date (which must be a U.S. Government Securities
Business Day), (C) the Availability after giving effect to the Borrowing, and (D) the Borrower to whom proceeds from such Borrowing
are to be disbursed.

 

(b)               
Unless payment is otherwise made by Borrowers, the becoming due of any Obligation (whether principal, interest, fees or
other charges, including Extraordinary Expenses, Cash Collateral and Secured Bank Product Obligations) shall be deemed to be a request
for a SOFR Loan on the due date in the amount due and the Loan proceeds shall be disbursed as direct payment of such Obligation. In addition,
Agent may, at its option, charge such amount against any operating, investment or other account of a Borrower maintained with Agent or
any of its Affiliates.

 

(c)               
If a Borrower maintains a disbursement account with Agent or any of its Affiliates, then presentation for payment in the
account of a Payment Item when there are insufficient funds to cover it shall be deemed to be a request for a SOFR Loan on the presentation
date, in the amount of the Payment Item. Proceeds of the Loan may be disbursed directly to the account.

 

4.1.2         
Fundings by Lenders. Except for Swingline Loans, Agent shall endeavor to notify Lenders of each Notice of Borrowing
(or deemed request for a Borrowing) by 1:00 p.m. on the proposed funding date. Each Lender shall fund its Pro Rata share of a Borrowing
in immediately available funds not later than 3:00 p.m. on the requested funding date, unless Agent's notice is received after the
times provided above, in which case Lender shall fund by 11:00 a.m. on the next Business Day. Subject to its receipt of such amounts
from Lenders, Agent shall disburse the Borrowing proceeds in a manner directed by Borrower Agent and acceptable to Agent. Unless Agent
receives (in sufficient time to act) written notice from a Lender that it will not fund its share of a Borrowing, Agent may assume that
such Lender has deposited or promptly will deposit its share with Agent, and Agent may disburse a corresponding amount to Borrowers. If
a Lender's share of a Borrowing or of a settlement under Section 4.1.3(b) is not received by Agent, then Borrowers agree to repay
to Agent on demand the amount of such share, together with interest thereon from the date disbursed until repaid, at the rate applicable
to the Borrowing. A Lender or Issuing Bank may fulfill its obligations under Loan Documents through one or more Lending Offices, and this
shall not affect any obligation of Obligors under the Loan Documents or with respect to any Obligations.

 

4.1.3         
Swingline
Loans; Settlement.

 

(a)               
To fulfill any request for a Revolver Loan hereunder, Swingline Lender may in its discretion advance Swingline Loans to
Borrowers, up to an aggregate outstanding amount of $3,000,000. Swingline Loans shall constitute Revolver Loans for all purposes, except
that payments thereon shall be made to Agent for its own account until Lenders have funded their participations therein as provided below.

 

(b)               
Settlement of Loans, including Swingline Loans, among Lenders and Agent shall take place on a date determined from time
to time by Agent (but at least weekly, unless the settlement amount is de minimis), on a Pro Rata basis in accordance with the
Settlement Report delivered by Agent to Lenders. Between settlement dates, Agent may in its discretion apply payments on Revolver Loans
to Swingline Loans, regardless of any designation by Borrowers or anything herein to the contrary. Each Lender hereby purchases, without
recourse or warranty, an undivided Pro Rata participation in all Swingline Loans outstanding from time to time until settled. If a Swingline
Loan cannot be settled among Lenders, whether due to an Obligor’s Insolvency Proceeding or for any other reason, each Lender shall
pay the amount of its participation in the Loan to Agent, in immediately available funds, within one Business Day after Agent’s
request therefor. Lenders’ obligations to make settlements and to fund participations are absolute, irrevocable and unconditional,
without offset, counterclaim or other defense, and whether or not the Commitments have terminated, the Revolver Usage exceeds the Borrowing
Base or the Revolver Commitments or the conditions in Section 6 are satisfied.

 

 

 

    	 	38	 

     

    

 

4.1.4         
Notices. If Borrowers request, convert or continue Loans, select interest rates or transfer funds based on telephonic
or electronic instructions to Agent, Borrowers shall confirm each such request by prompt delivery to Agent of a Notice of Borrowing or
Notice of Conversion/Continuation, as applicable. Neither Agent nor any Lender shall have any liability for any loss suffered by a Borrower
as a result of Agent or any Lender acting upon its understanding of telephonic or electronic instructions from a person believed in good
faith by Agent or any Lender to be authorized to give such instructions on a Borrower’s behalf.

 

4.2              
Defaulting Lender. Notwithstanding anything herein to the contrary:

 

4.2.1         
Reallocation of Pro Rata Share; Amendments. For purposes of determining Lenders’ obligations or rights to
fund, participate in or receive collections with respect to Loans and Letters of Credit (including existing Swingline Loans, Protective
Advances and LC Obligations), Agent may in its discretion reallocate Pro Rata shares by excluding a Defaulting Lender’s Commitments
and Loans from the calculation of shares. A Defaulting Lender shall have no right to vote on any amendment, waiver or other modification
of a Loan Document, except as provided in Section 14.1.1(b). 

 

4.2.2         
Payments; Fees. Agent may, in its discretion, receive and retain any amounts payable to a Defaulting Lender under the Loan
Documents, and a Defaulting Lender shall be deemed to have assigned to Agent such amounts until all Obligations owing to Agent, non-Defaulting
Lenders and other Secured Parties have been paid in full. Agent may use such amounts to cover the Defaulting Lender's defaulted obligations,
to Cash Collateralize such Lender's Fronting Exposure, to readvance the amounts to Borrowers or to repay Obligations. A Lender shall
not be entitled to receive any fees accruing hereunder while it is a Defaulting Lender and its unfunded Commitment shall be disregarded
for purposes of calculating the unused line fee under Section 3.2.1. If any LC Obligations owing to a Defaulting Lender are reallocated
to other Lenders, fees attributable to such LC Obligations under Section 3.2.2 shall be paid to such Lenders. Agent shall be paid
all fees attributable to LC Obligations that are not reallocated.

 

4.2.3         
Status; Cure. Agent may determine in its discretion that a Lender constitutes a Defaulting Lender and the effective date of such
status shall be conclusive and binding on all parties, absent manifest error. Borrowers, Agent and Issuing Bank may agree in writing
that a Lender has ceased to be a Defaulting Lender, whereupon Pro Rata shares shall be reallocated without exclusion of the reinstated
Lender's Commitments and Loans, and the Revolver Usage and other exposures under the Revolver Commitments shall be reallocated among
Lenders and settled by Agent (with appropriate payments by the reinstated Lender, including its payment of breakage costs for reallocated
SOFR Loans) in accordance with the readjusted Pro Rata shares. Unless expressly agreed by Borrowers, Agent and Issuing Bank, or as expressly
provided herein with respect to Bail-In Actions and related matters, no reallocation of Commitments and Loans to non-Defaulting Lenders
or reinstatement of a Defaulting Lender shall constitute a waiver or release of claims against such Lender. The failure of any Lender
to fund a Loan, to make a payment in respect of LC Obligations or otherwise to perform obligations hereunder shall not relieve any other
Lender of its obligations under any Loan Document. No Lender shall be responsible for default by another Lender.

 

4.3              
[Reserved].

 

4.4              
Borrower Agent. Each Borrower hereby designates AOI ("Borrower Agent") as its representative
and agent for all purposes under the Loan Documents, including requests for and receipt of Loans and Letters of Credit, designation of
interest rates, delivery or receipt of communications, delivery of Borrower Materials, payment of Obligations, requests for waivers,
amendments or other accommodations, actions under the Loan Documents (including in respect of compliance with covenants), and all other
dealings with Agent, Issuing Bank or any Lender. Borrower Agent hereby accepts such appointment. Agent and Lenders shall be entitled
to rely upon, and shall be fully protected in relying upon, any notice or communication (including any notice of borrowing) delivered
by Borrower Agent on behalf of any Borrower. Agent and Lenders may give any notice or communication with a Borrower hereunder to Borrower
Agent on behalf of such Borrower. Each of Agent, Issuing Bank and Lenders shall have the right, in its discretion, to deal exclusively
with Borrower Agent for all purposes under the Loan Documents. Each Borrower agrees that any notice, election, communication, delivery,
representation, agreement, action, omission or undertaking by Borrower Agent shall be binding upon and enforceable against such Borrower.

 

 

 

 

    	 	39	 

     

    

 

4.5              
One Obligation. The Loans, LC Obligations and other Obligations constitute one general obligation of
Borrowers and are secured by Agent’s Lien on all Collateral; provided, however, that Agent and each Lender shall be deemed to be
a creditor of, and the holder of a separate claim against, each Borrower to the extent of any Obligations jointly or severally owed by
such Borrower.

 

4.6              
Effect of Termination. On the effective date of the termination of all Commitments, the Obligations shall
be immediately due and payable, and each Secured Bank Product Provider may terminate its Bank Products. Until Full Payment of the Obligations,
all undertakings of Borrowers contained in the Loan Documents shall continue, and Agent shall retain its Liens in the Collateral and
all of its rights and remedies under the Loan Documents. Agent shall not be required to terminate its Liens unless it receives Cash Collateral
or a written agreement, in each case satisfactory to it, protecting Agent and Lenders from dishonor or return of any Payment Item previously
applied to the Obligations. Sections 3.4, 3.6, 3.7, 3.9, 5.5, 5.9, 5.10, 12, 14.2, this Section, and each indemnity
or waiver given by an Obligor or Lender in any Loan Document, shall survive Full Payment of the Obligations.

 

SECTION
5.          PAYMENTS

 

5.1              
General Payment Provisions. All payments
of Obligations shall be made in Dollars, without offset, counterclaim or defense of any kind, free and clear of (and without deduction
for) any Taxes except as otherwise required in accordance with Applicable Law, and in immediately available funds, not later than 12:00 noon
on the due date. Any payment after such time shall be deemed made on the next Business Day. Any payment of a SOFR Loan prior to the end
of its Monthly Period shall be accompanied by all amounts due under Section 3.9. Borrowers agree that Agent shall have the
continuing, exclusive right to apply and reapply payments and proceeds of Collateral against the Obligations, in such manner as Agent
deems advisable.

 

5.2              
Repayment of Revolver Loans. Revolver Loans shall be due and payable in full on the Revolver Termination
Date, unless payment is sooner required hereunder. Revolver Loans may be prepaid from time to time, without penalty or premium, other
than (a) any applicable Prepayment Fee arising in connection with the termination of any Revolver Commitments under Section 2.1.4,
(b) any applicable Prepayment Fee if such prepayment occurs in connection with any involuntary termination of all Revolver Commitments
(other than as expressly set forth in Section 3.5), including after acceleration of any of the Obligations, termination of the
Revolver Commitments and/or termination of this Agreement and (c) if applicable, amounts due under Section 3.9. Notwithstanding
anything herein to the contrary, if Revolver Usage exceeds the Borrowing Base at any time, Borrowers shall, on Agent’s demand,
repay Revolver Loans in an amount sufficient to reduce Revolver Usage to the Borrowing Base. If any Asset Disposition includes the disposition
of Accounts, Inventory or Equipment, Borrowers shall apply Net Proceeds to repay Revolver Loans equal to the greater of (x) the net book
value of such Accounts, Inventory and Equipment, or (y) the reduction in Borrowing Base resulting from such disposition. Concurrently
with the receipt of any proceeds of insurance or condemnation awards paid in respect of any Equipment, Borrowers shall apply such proceeds
to repay Revolver Loans.

 

5.3              
Certain Mandatory Prepayments.

 

5.3.1         
Subject to Section 5.3.3, concurrently with any Permitted Asset Disposition of Equipment or Real Estate, Borrowers
shall prepay Revolver Loans in an amount equal to the Net Proceeds of such disposition.

 

5.3.2         
Subject to Section 5.3.3, concurrently with the receipt of any proceeds of insurance or condemnation awards paid
in respect of any Equipment or Real Estate, Borrowers shall prepay Revolver Loans in an amount equal to such proceeds, subject to Section
8.6.2.

 

5.3.3         
For the avoidance of doubt, no prepayment shall be required pursuant to this Section 5.3 to the extent the Net Proceeds
of a Permitted Asset Disposition (or insurance or condemnation award) of Equipment or Real Estate subject to a Purchase Money Lien are
required to be applied to repay obligations with respect to any Permitted Purchase Money Debt pursuant to the documentation governing
such Permitted Purchase Money Debt.

 

5.3.4         
No mandatory prepayment required under this Section 5.3 which does not result in a termination or reduction of the
Commitments shall require the payment of a Prepayment Fee.

 

5.4              
Payment of Other Obligations. Obligations other than Loans, including LC Obligations and Extraordinary
Expenses, shall be paid by Borrowers as provided in the Loan Documents or, if no payment date is specified, on demand.

 

 

 

 

    	 	40	 

     

    

 

5.5              
Marshaling; Payments Set Aside. None of Agent or Lenders shall be under any obligation to marshal any
assets in favor of any Obligor or against any Obligations. If any payment by or on behalf of Borrowers is made to Agent, Issuing Bank
or any Lender, or if Agent, Issuing Bank or any Lender exercises a right of setoff, and any of such payment or setoff is subsequently
invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by Agent,
Issuing Bank or a Lender in its discretion) to be repaid to a trustee, receiver or any other Person, then the Obligation originally intended
to be satisfied, and all Liens, rights and remedies relating thereto, shall be revived and continued in full force and effect as if such
payment or setoff had not occurred.

 

5.6              
Application and Allocation of Payments.

 

5.6.1         
Application. Payments made by Borrowers hereunder (including, for avoidance of doubts pursuant to Section 5.7)
shall be applied (a) first, as specifically required hereby; (b) second, to Obligations then due and owing; (b) third,
subject to Section 5.2, to other Obligations specified by Borrowers; and (c) fourth, as determined by Agent in its discretion.

 

5.6.2         
Post-Default Allocation. Notwithstanding anything in any Loan Document to the contrary, during an Event of Default
under Section 11.1(j), or during any other Event of Default at the discretion of (including, for avoidance of doubt, pursuant to
Section 5.7) Agent or Required Lenders, monies to be applied to the Obligations, whether arising from payments by Obligors, realization
on Collateral, setoff or otherwise, shall be allocated as follows:

 

(a)               
first, to all fees, indemnification, costs and expenses, including Extraordinary Expenses, owing to Agent;

 

(b)               
second, to all other amounts owing to Agent, including Swingline Loans, Protective Advances, and Loans and participations
that a Defaulting Lender has failed to settle or fund;

 

(c)               
third, to all amounts owing to Issuing Bank;

 

(d)               
fourth, to all Obligations (other than Secured Bank Product Obligations) constituting fees, indemnification, costs
or expenses owing to Lenders;

 

(e)               
fifth, to all Obligations (other than Secured Bank Product Obligations) constituting interest;

 

(f)                
sixth, to Cash Collateralize all LC Obligations;

 

(g)               
seventh, to all Loans, and to Secured Bank Product Obligations arising under Hedge Agreements (including Cash Collateralization
thereof) up to the amount of the Bank Product Reserve existing therefor;

 

(h)               
eighth, to all other Secured Bank Product Obligations;

 

(i)                 
ninth, to all remaining Obligations; and

 

(j)                 
last, after Full Payment of all Obligations, any remaining amounts will be paid to the Borrowers.

 

Amounts shall be applied to payment of each category
of Obligations only after Full Payment of amounts payable from time to time under all preceding categories. If amounts are insufficient
to satisfy a category, they shall be paid ratably among outstanding Obligations in the category. Monies and proceeds obtained from an
Obligor shall not be applied to its Excluded Swap Obligations, but appropriate adjustments shall be made with respect to amounts obtained
from other Obligors to preserve the allocations in each category. Agent shall have no obligation to calculate the amount of any Secured
Bank Product Obligation and may request a reasonably detailed calculation thereof from a Secured Bank Product Provider. If the provider
fails to deliver the calculation within five days following request, Agent may assume the amount is zero. The allocations set forth in
this Section are solely to determine the rights and priorities among Secured Parties, and may be changed by agreement of the affected
Secured Parties, without the consent of any Obligor. This Section is not for the benefit of or enforceable by any Obligor, and each Borrower
irrevocably waives the right to direct the application of any payments or Collateral proceeds subject to this Section, other than under
clause (j) above if Full Payment of all Obligations has occurred.

 

 

 

    	 	41	 

     

    

 

5.6.3         
Erroneous Application. Agent shall not be liable for any application of amounts made by it in good faith and, if
any such application is subsequently determined to have been made in error, the sole recourse of any Lender or other Person to which such
amount should have been paid shall be to recover the amount from the Person that actually received it (and, if such amount was received
by a Secured Party, the Secured Party agrees to return it).

 

5.7              
Dominion Account. The ledger balance in each Dominion Account as of the end of a Business Day
shall be applied to the Obligations at the beginning of the next Business Day, and for purposes of computing interest on the Obligations,
such application shall be deemed to be applied by Agent two (2) Business Days after receipt thereof (but it being understood, for the
avoidance of doubt, such application shall be deemed to be applied by Agent immediately after receipt thereof for purposes of calculating
the Borrowing Base); provided, however, such application shall only be made to the extent that after giving effect to such application
the average outstanding principal balance of the Revolver Usage and other Loans for the immediately prior thirty (30) day period would
be equal to or more than the Minimum Balance. Any resulting credit balance shall not accrue interest in favor of Borrowers and shall
be made available to Borrowers as long as no Default or Event of Default exists.

 

5.8              
Account Stated. Agent shall maintain, in accordance with its customary practices, loan account(s)
evidencing the Debt of Borrowers hereunder. Any failure of Agent to record anything in a loan account, or any error in doing so, shall
not limit or otherwise affect the obligation of Borrowers to pay any amount owing hereunder. Entries made in a loan account shall constitute
presumptive evidence of the information contained therein. If any information contained in a loan account is provided to or inspected
by any Person, the information shall be conclusive and binding on such Person for all purposes absent manifest error, except to the extent
such Person notifies Agent in writing within 30 days after receipt or inspection that specific information is subject to dispute.

 

5.9              
Taxes.

 

5.9.1         
Payments Free of Taxes; Obligation to Withhold; Tax Payment.

 

(a)               
All payments of Obligations by Obligors shall be made without deduction or withholding for any Taxes, except as required
by Applicable Law. If Applicable Law (as determined by Agent in its discretion) requires the deduction or withholding of any Tax from
any such payment by Agent or an Obligor, then Agent or such Obligor shall be entitled to make such deduction or withholding based on information
and documentation provided pursuant to Section 5.10.

 

(b)               
If Agent or any Obligor is required by the Code to withhold or deduct Taxes, including backup withholding and withholding
taxes, from any payment, then (i) Agent shall pay the full amount that it determines is to be withheld or deducted to the relevant Governmental
Authority pursuant to the Code, and (ii) to the extent the withholding or deduction is made on account of Indemnified Taxes, the sum payable
by the applicable Obligor shall be increased as necessary so that the Recipient receives an amount equal to the sum it would have received
had no such withholding or deduction been made.

 

(c)               
If Agent or any Obligor is required by any Applicable Law other than the Code to withhold or deduct Taxes from any payment,
then (i) Agent or such Obligor, to the extent required by Applicable Law, shall timely pay the full amount to be withheld or deducted
to the relevant Governmental Authority, and (ii) to the extent the withholding or deduction is made on account of Indemnified Taxes, the
sum payable by the applicable Obligor shall be increased as necessary so that the Recipient receives an amount equal to the sum it would
have received had no such withholding or deduction been made.

 

5.9.2         
Payment of Other Taxes. Without limiting the foregoing, Borrowers shall timely pay to the relevant Governmental Authority
in accordance with Applicable Law, or at Agent’s option, timely reimburse Agent for payment of, any Other Taxes.

 

5.9.3         
Tax
Indemnification.

 

 

 

    	 	42	 

     

    

 

(a)               
The Obligors shall indemnify and hold harmless, on a joint and several basis, each Recipient against any Indemnified Taxes
(including those imposed or asserted on or attributable to amounts payable under this Section) payable or paid by a Recipient or required
to be withheld or deducted from a payment to a Recipient, and reasonable expenses arising therefrom or with respect thereto (including
reasonable attorneys' and tax advisors' fees and expenses), whether or not such Indemnified Taxes were correctly or legally imposed or
asserted by the relevant Governmental Authority. Each Borrower shall indemnify and hold harmless Agent against any amount that a Lender
or Issuing Bank fails for any reason to pay indefeasibly to Agent as required pursuant to this Section. Borrower shall make payment within
ten (10) days after demand for any amount or liability payable under this Section. A certificate as to the amount of such payment or liability
delivered to any Borrower by a Lender or Issuing Bank (with a copy to Agent), or by Agent on its own behalf or on behalf of any Recipient,
shall be conclusive absent manifest error.

 

(b)               
Each Lender and Issuing Bank shall indemnify and hold harmless, on a several basis, Agent (i) against any Indemnified Taxes
attributable to such Lender or Issuing Bank (but only to the extent Borrowers have not already paid or reimbursed Agent therefor and without
limiting Borrowers' obligation to do so), (ii) against any Taxes attributable to such Lender's failure to maintain a Participant Register
as required hereunder, and (iii) against any Excluded Taxes attributable to such Lender or Issuing Bank, in each case, that are payable
or paid by Agent in connection with any Obligations or any Loan Document, and any reasonable expenses arising therefrom or with respect
thereto (including reasonable attorneys' and tax advisors' fees and expenses), whether or not such Taxes were correctly or legally imposed
or asserted by the relevant Governmental Authority. Each Lender and Issuing Bank shall make payment within ten (10) days after demand
for any amount or liability payable under this Section. A certificate as to the amount of such payment or liability delivered to any Lender
or Issuing Bank by Agent shall be conclusive absent manifest error.

 

5.9.4         
Treatment of Certain Refunds. Unless required by Applicable Law, at no time shall Agent
have any obligation to file for or otherwise pursue on behalf of a Lender or Issuing Bank, nor have any obligation to pay to any Lender
or Issuing Bank, any refund of Taxes withheld or deducted from funds paid for the account of a Lender or Issuing Bank. If a Recipient
determines in its sole discretion exercised in good faith that it has received a refund of Taxes that were indemnified by the Obligors
or with respect to which an Obligor paid additional amounts pursuant to this Section, it shall pay the amount of such refund to Borrower
Agent (but only to the extent of indemnity payments or additional amounts actually paid by the Obligors with respect to the Taxes giving
rise to the refund), net of all out-of-pocket expenses (including Taxes) incurred by such Recipient and without interest (other than interest
paid by the relevant Governmental Authority with respect to such refund). The Obligors shall, upon request by the Recipient, repay to
the Recipient such amount paid over to Borrower Agent (plus any penalties, interest or other charges imposed by the relevant Governmental
Authority) if the Recipient is required to repay such refund to the Governmental Authority. Notwithstanding anything herein to the contrary,
no Recipient shall be required to pay any amount under this Section 5.9.4, if such payment would place it in a less favorable net
after-Tax position than it would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted,
withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. In
no event shall Agent or any Recipient be required to make its Tax returns (or any other information relating to its Taxes that it deems
confidential) available to any Obligor or other Person.

 

5.9.5         
Survival. Each party's obligations under Sections 5.9 and 5.10 shall
survive the resignation or replacement of Agent or any assignment of rights by or replacement of a Lender or Issuing Bank, the termination
of the Commitments, and the repayment, satisfaction, discharge or Full Payment of any Obligations.

 

5.10           
Lender Tax Information.

 

5.10.1      
Status of Lenders. Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect
to payments of Obligations shall deliver to Borrowers and Agent properly completed and executed documentation reasonably requested by
Borrowers or Agent as will permit such payments to be made without or at a reduced rate of withholding. In addition, any Lender, if reasonably
requested by Borrowers or Agent, shall deliver such other documentation prescribed by Applicable Law or reasonably requested by Borrowers
or Agent to enable them to determine whether such Lender is subject to backup withholding or information reporting requirements. Notwithstanding
the foregoing, such documentation (other than documentation described in Sections 5.10.2(a), (b) and (d)) shall not be required
if a Lender reasonably believes delivery of the documentation would subject it to any material unreimbursed cost or expense or would materially
prejudice its legal or commercial position.

 

 

 

    	 	43	 

     

    

 

5.10.2      
Documentation. Without limiting the foregoing, if any Borrower is a U.S. Person,

 

(a)               
Any Lender that is a U.S. Person shall deliver to Borrowers and Agent on or prior to the date on which such Lender becomes
a Lender hereunder (and from time to time thereafter upon reasonable request of Borrowers or Agent), executed copies of IRS Form W-9,
certifying that such Lender is exempt from U.S. federal backup withholding Tax;

 

(b)               
Any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to Borrowers and 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 hereunder (and
from time to time thereafter upon reasonable request of Borrowers or Agent), whichever of the following is applicable:

 

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

 

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

 

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

 

(iv)             
to the extent a Foreign Lender is not the beneficial owner, executed copies of IRS Form W-8IMY, accompanied by IRS Form
W-8ECI, IRS Form W-8BENE, a U.S. Tax Compliance Certificate in form satisfactory to Agent, 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 of its direct or
indirect partners is claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate on behalf
of each such partner;

 

(c)               
any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to Borrowers and 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 hereunder (and
from time to time thereafter upon reasonable request), executed copies of any other form prescribed by Applicable Law as a basis for claiming
exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be
prescribed by Applicable Law to permit Borrowers or Agent to determine the withholding or deduction required to be made; and

 

(d)               
if payment of an Obligation to a Lender would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender
were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of
the Code), such Lender shall deliver to Borrowers and Agent, at the time(s) prescribed by law and otherwise upon reasonable request, such
documentation prescribed by Applicable Law (including Section 1471(b)(3)(C)(i) of the Code) and such additional documentation as may be
appropriate for Borrowers or Agent to comply with their obligations under FATCA and to determine that such Lender has complied with its
obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (d), “FATCA”
shall include any amendments made to FATCA after the date hereof.

 

5.10.3      
Redelivery of Documentation. If any form or certification previously delivered by a Lender pursuant to this Section
expires or becomes obsolete or inaccurate in any respect, such Lender shall promptly update the form or certification or notify Borrowers
and Agent in writing of its inability to do so.

 

 

 

    	 	44	 

     

    

 

5.11           
Nature and Extent of Each Borrower’s Liability.

 

5.11.1      
Joint and Several Liability. Each Borrower agrees that it is jointly and severally liable for, and absolutely and
unconditionally guarantees to Agent and Lenders the prompt payment and performance of, all Obligations and all agreements under the Loan
Documents, except its Excluded Swap Obligations. Each Borrower agrees that its guaranty obligations hereunder constitute a continuing
guaranty of payment and not of collection, that such obligations shall not be discharged until Full Payment of the Obligations, and that
such obligations are absolute and unconditional, irrespective of (a) the genuineness, validity, regularity, enforceability, subordination
or any future modification of, or change in, any Obligations or Loan Document, or any other document, instrument or agreement to which
any Obligor is or may become a party or be bound; (b) the absence of any action to enforce this Agreement (including this Section) or
any other Loan Document, or any waiver, consent or indulgence of any kind by Agent or any Lender with respect thereto; (c) the existence,
value or condition of, or failure to perfect a Lien or to preserve rights against, any security or guaranty for any Obligations or any
action, or the absence of any action, by Agent or any Lender in respect thereof (including the release of any security or guaranty); (d)
the insolvency of any Obligor; (e) any election by Agent or any Lender in an Insolvency Proceeding for the application of Section 1111(b)(2)
of the Bankruptcy Code; (f) any borrowing or grant of a Lien by any other Borrower, as debtor-in-possession under Section 364 of the Bankruptcy
Code or otherwise; (g) the disallowance of any claims of Agent or any Lender against any Obligor for the repayment of any Obligations
under Section 502 of the Bankruptcy Code or otherwise; or (h) any other action or circumstances that might otherwise constitute a legal
or equitable discharge or defense of a surety or guarantor, except Full Payment of the Obligations.

 

5.11.2      
Waivers.

 

(a)               
Each Borrower expressly waives all rights that it may have now or in the future under any statute, at common law, in equity
or otherwise, to compel Agent or Lenders to marshal assets or to proceed against any Obligor, other Person or security for the payment
or performance of any Obligations before, or as a condition to, proceeding against such Borrower. Each Borrower waives all defenses available
to a surety, guarantor or accommodation co-obligor other than Full Payment of Obligations and waives, to the maximum extent permitted
by law, any right to revoke any guaranty of Obligations as long as it is a Borrower. It is agreed among each Borrower, Agent and Lenders
that the provisions of this Section 5.11 are of the essence of the transaction contemplated by the Loan Documents and that, but
for such provisions, Agent and Lenders would decline to make Loans and issue Letters of Credit. Each Borrower acknowledges that its guaranty
pursuant to this Section is necessary to the conduct and promotion of its business, and can be expected to benefit such business.

 

(b)               
Agent may, in its discretion, pursue such rights and remedies as they deem appropriate, including realization upon Collateral
by judicial foreclosure or nonjudicial sale or enforcement, without affecting any rights and remedies under this Section 5.11.
If, in taking any action in connection with the exercise of any rights or remedies, Agent or any Lender shall forfeit any other rights
or remedies, including the right to enter a deficiency judgment against any Borrower or other Person, whether because of any Applicable
Laws pertaining to “election of remedies” or otherwise, each Borrower consents to such action and waives any claim based upon
it, even if the action may result in loss of any rights of subrogation that any Borrower might otherwise have had. Any election of remedies
that results in denial or impairment of the right of Agent or any Lender to seek a deficiency judgment against any Borrower shall not
impair any other Borrower’s obligation to pay the full amount of the Obligations. Each Borrower waives all rights and defenses arising
out of an election of remedies, such as nonjudicial foreclosure with respect to any security for Obligations, even though that election
of remedies destroys such Borrower’s rights of subrogation against any other Person. Agent may bid Obligations, in whole or part,
at any foreclosure, trustee or other sale, including any private sale, and the amount of such bid need not be paid by Agent but shall
be credited against the Obligations. The amount of the successful bid at any such sale, whether Agent or any other Person is the successful
bidder, shall be conclusively deemed to be the fair market value of the Collateral, and the difference between such bid amount and the
remaining balance of the Obligations shall be conclusively deemed to be the amount of the Obligations guaranteed under this Section
5.11, notwithstanding that any present or future law or court decision may have the effect of reducing the amount of any deficiency
claim to which Agent or any Lender might otherwise be entitled but for such bidding at any such sale.

 

 

 

    	 	45	 

     

    

 

5.11.3      
Extent of Liability; Contribution.

 

(a)               
Notwithstanding anything herein to the contrary, each Borrower’s liability under this Section 5.11 shall not
exceed the greater of (i) all amounts for which such Borrower is primarily liable, as described in clause (c) below, and (ii) such Borrower’s
Allocable Amount.

 

(b)               
If any Borrower makes a payment under this Section 5.11 of any Obligations (other than amounts for which such Borrower
is primarily liable) (a “Guarantor Payment”) that, taking into account all other Guarantor Payments previously or concurrently
made by any other Borrower, exceeds the amount that such Borrower would otherwise have paid if each Borrower had paid the aggregate Obligations
satisfied by such Guarantor Payments in the same proportion that such Borrower’s Allocable Amount bore to the total Allocable Amounts
of all Borrowers, then such Borrower shall be entitled to receive contribution and indemnification payments from, and to be reimbursed
by, each other Borrower for the amount of such excess, ratably based on their respective Allocable Amounts in effect immediately prior
to such Guarantor Payment. The “Allocable Amount” for any Borrower shall be the maximum amount that could then be recovered
from such Borrower under this Section 5.11 without rendering such payment voidable under Section 548 of the Bankruptcy Code or
under any applicable state fraudulent transfer or conveyance act, or similar statute or common law.

 

(c)               
Section 5.11.3(a) shall not limit the liability of any Borrower to pay or guarantee Loans made directly or indirectly
to it (including Loans advanced hereunder to any other Person and then re-loaned or otherwise transferred to, or for the benefit of, such
Borrower), LC Obligations relating to Letters of Credit issued to support its business, Secured Bank Product Obligations incurred to support
its business, and all accrued interest, fees, expenses and other related Obligations with respect thereto, for which such Borrower shall
be primarily liable for all purposes hereunder. Agent and Lenders shall have the right, at any time in their discretion, to condition
Loans and Letters of Credit upon a separate calculation of borrowing availability for each Borrower and to restrict the disbursement and
use of Loans and Letters of Credit to a Borrower based on that calculation.

 

(d)               
Each Obligor that is a Qualified ECP when its guaranty of or grant of Lien as security for a Swap Obligation becomes effective
hereby jointly and severally, absolutely, unconditionally and irrevocably undertakes to provide funds or other support to each Specified
Obligor with respect to such Swap Obligation as may be needed by such Specified Obligor from time to time to honor all of its obligations
under the Loan Documents in respect of such Swap Obligation (but, in each case, only up to the maximum amount of such liability that can
be hereby incurred without rendering such Qualified ECP’s obligations and undertakings under this Section 5.11 voidable under any
applicable fraudulent transfer or conveyance act). The obligations and undertakings of each Qualified ECP under this Section shall remain
in full force and effect until Full Payment of all Obligations. Each Obligor intends this Section to constitute, and this Section shall
be deemed to constitute, a guarantee of the obligations of, and a “keepwell, support or other agreement” for the benefit of,
each Obligor for all purposes of the Commodity Exchange Act.

 

5.11.4      
Joint Enterprise. Each Borrower has requested that Agent and Lenders make this credit facility available to Borrowers
on a combined basis, in order to finance Borrowers’ business most efficiently and economically. Borrowers’ business is a mutual
and collective enterprise, and the successful operation of each Borrower is dependent upon the successful performance of the integrated
group. Borrowers believe that consolidation of their credit facility will enhance the borrowing power of each Borrower and ease administration
of the facility, all to their mutual advantage. Borrowers acknowledge that Agent’s and Lenders’ willingness to extend credit
and to administer the Collateral on a combined basis hereunder is done solely as an accommodation to Borrowers and at Borrowers’
request.

 

5.11.5      
Subordination. Each Borrower hereby subordinates any claims, including any rights at law or in equity to payment,
subrogation, reimbursement, exoneration, contribution, indemnification or set off, that it may have at any time against any other Obligor,
howsoever arising, to the Full Payment of its Obligations.

 

 

 

    	 	46	 

     

    

 

SECTION
6.          CONDITIONS
PRECEDENT

 

6.1              
Conditions Precedent to Initial Loans. In addition to the conditions set forth in Section 6.2,
Lenders shall not be required to fund any requested Loan, issue any Letter of Credit, or otherwise extend credit to Borrowers hereunder,
until the date (“Closing Date”) that each of the following conditions has been satisfied:

 

(a)               
Each Loan Document shall have been duly executed and delivered to Agent by each of the signatories thereto, and each Obligor
shall be in compliance with all terms thereof.

 

(b)               
Agent shall have received acknowledgments of all filings or recordations necessary to perfect its Liens in the Collateral,
as well as UCC and Lien searches and other evidence satisfactory to Agent that such Liens are the only Liens upon the Collateral, except
Permitted Liens.

 

(c)               
Subject to Section 10.1.13 and Section 8.5, Agent shall have received a duly executed Deposit Account Control
Agreement with respect to each Obligor's existing Deposit Accounts, as well as duly executed agreements establishing each Dominion Account
and related lockbox, all in form and substance, and with financial institutions, satisfactory to Agent.

 

(d)               
Agent shall have received certificates, in form and substance satisfactory to it, from a knowledgeable Senior Officer of
each Borrower certifying that, after giving effect to the initial Loans and Transactions hereunder, (i) such Borrower is Solvent; (ii)
no Default or Event of Default exists; (iii) the representations and warranties set forth in Section 9 are true and correct; (iv)
such Borrower has complied with all agreements and conditions to be satisfied by it under the Loan Documents; (v) true, complete and correct
copies of any documentation evidencing or related to any Subordinated Debt are attached thereto; and (vi) true, complete and correct copies
of the Convertible Notes Documents are attached thereto.

 

(e)               
Agent shall have received a certificate of a duly authorized officer of each Obligor, certifying (i) that attached copies
of such Obligor’s Organic Documents are true and complete, and in full force and effect, without amendment except as shown; (ii)
that an attached copy of resolutions authorizing execution and delivery of the Loan Documents is true and complete, and that such resolutions
are in full force and effect, were duly adopted, have not been amended, modified or revoked, and constitute all resolutions adopted with
respect to this credit facility; and (iii) to the title, name and signature of each Person authorized to sign the Loan Documents. Agent
may conclusively rely on this certificate until it is otherwise notified by the applicable Obligor in writing.

 

(f)                
Agent shall have received a written opinion of Kane Russell Coleman Logan P.C., as well as any local counsel to Borrowers
or Agent, in form and substance satisfactory to Agent.

 

(g)               
Agent shall have received copies of the charter documents of each Obligor, certified by the Secretary of State or other
appropriate official of such Obligor’s jurisdiction of organization. Agent shall have received good standing certificates for each
Obligor, issued by the Secretary of State or other appropriate official of such Obligor’s jurisdiction of organization and each
jurisdiction where such Obligor’s conduct of business or ownership of Property necessitates qualification.

 

(h)               
Agent shall have received certificates of insurance with respect to each Obligor's property and liability insurance policies,
together with a loss payable endorsement naming Agent as a lender's loss payee with respect to each Obligor's property insurance, an additional
insured endorsement naming Agent as an additional insured with respect to each Obligor's liability insurance and a notice of cancellation
endorsement (or, at Agent’s discretion, other equivalent documentation in lieu of such notice of cancellation endorsement) in favor
of Agent with respect to each Obligor's liability insurance, all in compliance with the Loan Documents.

 

 

 

    	 	47	 

     

    

 

(i)                 
Agent shall have completed and be satisfied with its business, financial and legal due diligence of Obligors, including
but not limited to, (i) a field examination of the books, records and operations of Borrowers and a roll-forward of such field examination;
(ii) management background review; (iii) receipt of consolidated audited financial statements of Borrowers and Subsidiaries
for the last three (3) Fiscal Years; (iv) review of Material Contracts of Borrowers and Subsidiaries; (v) receipt of a pro forma
balance sheet of Borrowers and Subsidiaries on a consolidated and consolidating basis, dated as of the Closing Date, which balance sheet
shall reflect no material changes from the most recent pro forma balance sheet of Borrowers and Subsidiaries previously delivered to Agent;
(vi) interim financial statements for Borrowers and Subsidiaries on a consolidated and consolidating basis as of a date not more
than thirty (30) days prior to the Closing Date; and (vii) monthly financial projections (in Microsoft Excel) of Borrowers and Subsidiaries
on a consolidated and consolidating basis for the Fiscal Years ending December 31, 2022 and December 31, 2023, and annual projections
(in Microsoft Excel) of Borrowers and Subsidiaries on a consolidated and consolidating basis for the next two (2) Fiscal Years ending
December 31, 2024 and December 31, 2025, including balance sheets, income statements, cash flow statements, estimated Borrowing Base and
Availability and financial covenant calculations (including Fixed Charge Coverage Ratio calculations, whether or not then required to
be tested under the Loan Documents) evidencing Borrowers’ ability to comply with the financial covenants in the Loan Documents.

 

(j)                 
Agent shall have received an Eligible Inventory Appraisal, in form and substance satisfactory to Agent.

 

(k)               
No material adverse change in the business, assets, properties, liabilities, operations or condition of Borrowers and Subsidiaries,
taken as a whole, or of any Obligor, or in the quality, quantity or value of any Collateral, shall have occurred since December 31, 2021.

 

(l)                 
Borrowers shall have paid all fees and expenses to be paid to Agent and Lenders on the Closing Date.

 

(m)             
Agent shall have received a Borrowing Base Report as of September 30, 2022. Upon giving effect to the initial funding of
Loans and issuance of Letters of Credit, and the payment by Borrowers of all fees and expenses incurred in connection herewith, as well
as any payables stretched beyond their customary payment practices, the sum of (x) Availability on the Closing Date and (y) Qualified
Cash of the Borrowers on the Closing Date shall be at least $25,000,000.

 

(n)               
Agent shall have received evidence that the loans and other obligations under the Existing Loan Documentation and under
any other agreements with respect to any Debt not permitted pursuant to Section 10.2.1 hereof have been repaid or will be repaid
with the initial Loans made hereunder on the Closing Date and the commitments thereunder have been terminated, and the Agent shall have
received a customary payoff letter in form and substance reasonably satisfactory to it relating to the termination (or assignment to the
Agent) of all mortgages, financing statements, and liens associated therewith.

 

(o)               
Agent shall have received a copy, certified by a Senior Officer of the Borrower Agent as true and complete, of the Convertible
Notes Documents and the documentation evidencing, securing or in any way related to the Subordinated Debt, in each case, including schedules
and exhibits thereto and together with all amendments, modifications, supplements and waivers thereto along with subordination agreements,
in form and substance satisfactory to the Agent with respect to any Subordinated Debt listed on Schedule 6.1 of the Disclosure
Certificate.

 

(p)               
Agent and Lenders, shall have each received at least 10 Business Days prior to the Closing Date, all documentation and other
information about the Obligors required under applicable "know your customer" and anti-money laundering rules and regulations,
including the PATRIOT Act, that has been requested by the Agent and the Lenders at least 10 Business Days prior to the Closing Date.

 

(q)               
No action, suit, investigation, litigation or proceeding pending or threatened in any court or before any arbitrator or
Governmental Authority that, in Agent’s judgment, (i) could reasonably be expected to have a Material Adverse Effect or (ii) could
reasonably be expected to materially and adversely affect the transactions contemplated by this Agreement and the other Loan Documents.

 

 

 

    	 	48	 

     

    

 

(r)                
Agent shall be satisfied with the ownership, organizational, legal, tax management, capitalization, and capital structure
of Borrowers and Subsidiaries after giving effect to the Transactions.

 

(s)                
The respective credit committees of each Lender shall have approved the provision of the credit facilities under this Agreement.

 

(t)                 
Agent shall have received evidence that Borrowers have received all governmental and third party consents and approvals
as may be appropriate in connection with the transactions contemplated by this Agreement and the Loan Documents.

 

(u)               
Agent shall have received evidence reasonably acceptable to Agent that Borrowers have provided daily written wire instructions
to the relevant depository bank to transfer all funds in its Dominion Accounts to Agent for application to the Obligations in accordance
with Section 5.7 hereof.

 

6.2              
Conditions Precedent to All Credit Extensions. Agent, Issuing Bank and Lenders shall in no event
be required to make any credit extension hereunder (including funding any Loan, arranging any Letter of Credit, or granting any other
accommodation to or for the benefit of any Borrower), if the following conditions are not satisfied on such date and upon giving effect
thereto:

 

(a)               
No Default or Event of Default exists;

 

(b)               
The representations and warranties of each Obligor in the Loan Documents are true and correct (except for representations
and warranties that relate solely to an earlier date);

 

(c)               
All conditions precedent in any Loan Document are satisfied;

 

(d)               
No event has occurred or circumstance exists that has or could reasonably be expected to have a Material Adverse Effect;

 

(e)               
With respect to a Letter of Credit issuance, all LC Conditions are satisfied; and

 

(f)                
With respect to any credit extension (including funding any Loan, arranging any Letter of Credit, or granting any other
accommodation to or for the benefit of any Borrower) after giving effect to which the aggregate principal amount of the Obligations outstanding
under the Loan Documents would exceed $25,000,000, (i) no Default or Event of Default (each as defined in the Convertible Notes Indenture)
has occurred and is continuing or would occur as a consequence of such credit extension and (ii) so long as any Convertible Notes (or
any Refinancing Debt with respect thereto) remain in effect, the Consolidated Leverage Ratio (as defined in the Convertible Notes Indenture
or any equivalent documentation with respect to any Refinancing Debt with respect thereto), is less than or equal to 4.00:1.00.

 

Each request (or deemed request) by a Borrower
for any credit extension shall constitute a representation by Borrowers that the foregoing conditions are satisfied on the date of such
request and on the date of the credit extension. As an additional condition to a credit extension, Agent may request any other information,
certification, document, instrument or agreement as it deems appropriate.

 

SECTION
7.          COLLATERAL

 

7.1              
Grant of Security Interest. To secure the prompt payment and performance of its Obligations, each Obligor
hereby grants to Agent, for the benefit of Secured Parties, a continuing security interest in and Lien upon all Property (excluding Real
Estate) of such Obligor, including all of the following Property, whether now owned or hereafter acquired, and wherever located:

 

(a)               
all Accounts;

 

(b)               
all Chattel Paper, including electronic chattel paper;

 

 

 

    	 	49	 

     

    

 

(c)               
all Commercial Tort Claims, including those shown on Schedule 9.1.16 of the Disclosure Certificate;

 

(d)               
all Deposit Accounts, commodity accounts and securities accounts, including all checks, cash and other evidence of payment,
and all financial assets and funds or Property held on deposit therein;

 

(e)               
all Documents;

 

(f)                
all General Intangibles, including Intellectual Property;

 

(g)               
all Goods, including Inventory and Equipment;

 

(h)               
[reserved];

 

(i)                 
all Instruments;

 

(j)                 
all Investment Property;

 

(k)               
all Letter-of-Credit Rights;

 

(l)                 
all Supporting Obligations;

 

(m)             
all monies, whether or not in the possession or under the control of Agent, a Lender, or a bailee or Affiliate of Agent
or a Lender, including any Cash Collateral;

 

(n)               
all accessions to, substitutions for, and all replacements, products, and cash and non-cash proceeds of the foregoing, including
proceeds of and unearned premiums with respect to insurance policies, and claims against any Person for loss, damage or destruction of
any Collateral; and

 

(o)               
all books and records (including customer lists, blueprints, technical specifications, manuals, files, correspondence, tapes,
computer programs, print-outs, computer records, disks and other electronic storage media and related data processing software and similar
items that at any time evidence or contain information relating to the Collateral or are otherwise necessary or helpful in the collection
or realization thereupon) pertaining to the foregoing,

 

provided, however, that Real Estate excluded from the
Collateral described above shall not include any proceeds of such Real Estate (unless such proceeds also constitute Real Estate).

 

7.2              
Lien on Deposit Accounts; Cash Collateral.

 

7.2.1         
Deposit Accounts. To further secure the prompt payment and performance of its Obligations, each Obligor hereby grants
to Agent a continuing security interest in and Lien upon all amounts credited to any Deposit Account of such Obligor, including sums in
any blocked, lockbox, sweep or collection account. Each Obligor hereby authorizes and directs each bank or other depository to deliver
to Agent, upon request, all balances in any Deposit Account maintained for such Obligor, without inquiry into the authority or right of
Agent to make such request.

 

 

 

    	 	50	 

     

    

 

7.2.2         
Cash Collateral. Cash Collateral may be invested, at Agent’s discretion (with the consent of Obligors, provided
no Event of Default exists), but Agent shall have no duty to do so, regardless of any agreement or course of dealing with any Obligor,
and shall have no responsibility for any investment or loss. As security for its Obligations, each Obligor hereby grants to Agent a security
interest in and Lien upon all Cash Collateral delivered hereunder from time to time, whether held in a segregated cash collateral account
or otherwise. Agent may apply Cash Collateral to payment of such Obligations as they become due, in such order as Agent may elect. All
Cash Collateral, all proceeds thereof, and related deposit accounts shall be under the sole dominion and control of Agent, and no Obligor
or other Person shall have any right to any Cash Collateral or proceeds thereof until Full Payment of the Obligations (after which time,
such Cash Collateral and proceeds thereof shall belong to the Obligors to the extent not previously applied to the Obligations).

 

7.3              
[Reserved].

 

7.4              
Other Collateral.

 

7.4.1         
Commercial Tort Claims. Obligors shall promptly notify Agent in writing if any Obligor has a Commercial Tort Claim
(other than, as long as no Default or Event of Default exists, a Commercial Tort Claim for less than $100,000), shall promptly amend Schedule
9.1.16 of the Disclosure Certificate to include such claim, and shall take such actions as Agent deems appropriate to subject such
claim to a duly perfected, first priority Lien in favor of Agent.

 

7.4.2         
Certain After-Acquired Collateral. Obligors shall promptly notify Agent in writing if, after the Closing Date, any
Obligor obtains any interest in any Collateral consisting of Deposit Accounts, Chattel Paper, Documents, Instruments, Intellectual Property,
Investment Property or Letter-of-Credit Rights and, upon Agent’s request, shall promptly take such actions as Agent deems appropriate
to effect Agent’s duly perfected, first priority Lien upon such Collateral, including obtaining any appropriate possession, control
agreement or Lien Waiver. If any Collateral is in the possession of a third party, at Agent’s request, Obligors shall obtain an
acknowledgment that such third party holds the Collateral for the benefit of Agent.

 

7.5              
Equity Interests. Agent shall receive a first priority pledge of all Equity Interests owned by each Obligor,
and of each Domestic Subsidiary and each first-tier CFC (subject to the last sentence of this Section 7.5), together with
such additional agreements and documents as are necessary to perfect Agent's Lien on such Equity Interests. Each Obligor hereby pledges,
collaterally assigns, transfers and conveys, and grants a security interest in and Lien on, in favor of the Agent, for the benefit of
the Secured Parties, all of such Obligor’s right, title and interest in, to (A) the Equity Interests of each Domestic Subsidiary
and each first-tier CFC (subject to the last sentence of this Section 7.5), (B) any additional such Equity Interests acquired
after the date hereof (whether by purchase, dividend, distribution, merger, consolidation, sale of assets, split, spin-off, or any other
dividend or distribution of any kind or otherwise), (C) all distributions, dividends, cash, certificates, liquidation rights and interests,
options, rights, warrants, instruments or other property (whether real, personal or mixed) from time to time received, receivable or otherwise
distributed in respect of or in exchange or substitution for any and all of such Equity Interests, and all rights to receive any and all
income, gain, profit, loss or other items allocated or distributed to such Obligor by, to or from each Domestic Subsidiary and each first-tier
CFC (including, without limitation, under or pursuant to any such Subsidiary’s Organic Documents), and (D) all proceeds, products,
replacements and substitutions for any of the foregoing, in each case whether now owned or hereafter acquired by the Obligors. Notwithstanding
anything to the contrary contained herein, the Collateral shall include only 65% of the voting stock (or such higher percentage that would
not reasonably be expected to give rise to an adverse tax effect on any Obligor or owner of an Obligor) of any first-tier CFC, and none
of the Equity Interests of any lower-tier CFC.

 

7.6              
Limitations. The Lien on Collateral granted hereunder is given as security only and shall not subject
Agent or any Lender to, or in any way modify, any obligation or liability of Obligors relating to any Collateral. In no event shall the
grant of any Lien under any Loan Document secure an Excluded Swap Obligation of the granting Obligor.

 

7.7              
Further Assurances. All Liens granted to Agent under the Loan Documents are for the benefit of Secured
Parties. Promptly upon request, Obligors shall deliver such instruments and agreements, and shall take such actions, as Agent deems appropriate
under Applicable Law to evidence or perfect its Lien on any Collateral, or otherwise to give effect to the intent of this Agreement.
Each Obligor authorizes Agent to file any financing statement that describes the Collateral as “all assets” or “all
personal property” of such Obligor, or words to similar effect, and ratifies any action taken by Agent before the Closing Date
to effect or perfect its Lien on any Collateral.

 

 

 

    	 	51	 

     

    

 

7.8              
Delivery of Pledged Securities; Certificated Securities

 

(a)               
If any of the Collateral consists of an Instrument, note or debt security with a principal amount of $250,000 or more, such Instrument,
note or debt security shall be delivered to the Agent (i) on the Closing Date (in the case of any such Collateral owned by an Obligor
on the Closing Date) or (ii) promptly after such Collateral is acquired (in the case of any other such Collateral) and in any event no
later than the later 10 days after such acquisition (or such later date as the Agent may agree in its discretion), in each case accompanied
by proper instruments of assignment duly executed by the applicable Obligor in blank in a manner and form reasonably satisfactory to the
Agent (in each case to the extent delivery of such instruments of assignment are customary under Applicable Law), to be held as Collateral
pursuant to this Agreement.

 

(b)               
If any of the Collateral consisting of Equity Interests of a Subsidiary of an Obligor is a “security” within the meaning
of Article 8 of the New York UCC and is or shall become evidenced or represented by any certificate, such certificate shall be delivered
to the Agent (i) on the Closing Date (in the case of any such Collateral owned by an Obligor that is evidenced or represented by a certificate
on the Closing Date) or (ii) in the case of any other such Collateral that is acquired or becomes evidenced or represented by a certificate
after the Closing Date, promptly after such Collateral is acquired or becomes so evidenced or represented and in any event no later than
10 days after such acquisition or representation or the date on which such Collateral becomes so evidenced or represented (or such later
date as the Agent may agree in its Permitted Discretion), in each case accompanied by undated stock powers or other instruments of transfer
duly executed by the applicable Obligor in blank in a manner and form reasonably satisfactory to the Agent, to be held as Collateral pursuant
to this Agreement.

 

(c)               
Each Obligor acknowledges and agrees that to the extent each interest in any limited liability company or limited partnership that
is a Subsidiary of an Obligor and pledged hereunder is a “security” within the meaning of Article 8 of the New York UCC and
is governed by Article 8 of the New York UCC or the Uniform Commercial Code of any other applicable jurisdiction, such interest shall
be (i) certificated and each such interest shall at all times hereafter continue to be such a security and represented by such certificate
or (ii) if not so certificated, subject to a control agreement in favor of the Agent. Each Obligor further acknowledges and agrees that
with respect to any interest in any limited liability company or limited partnership that is a Subsidiary of an Obligor and pledged hereunder
that is not a “security” within the meaning of Article 8 of the New York UCC or the Uniform Commercial Code of any other applicable
jurisdiction, such Obligor shall at no time elect to treat any such interest as a “security” within the meaning of Article
8 of the New York UCC or the Uniform Commercial Code of any other applicable jurisdiction, nor shall such interest be represented by a
certificate, unless such Obligor provides prompt written notification to the Agent of such election and such interest is thereafter represented
by a certificate that is delivered to the Agent (x) on the Closing Date (in the case of any such certificate owned by an Obligor on the
Closing Date), (y) promptly after such Collateral is acquired (in the case of any other such Collateral) and in any event no later than
10 days after such acquisition (or such later date as the Agent may agree in its Permitted Discretion), or (z) promptly after such interest
becomes represented by a certificate after the Closing Date (in the case Obligor elects to have such interest certificated after the dates
specified in clause (x) or (y), as applicable) and in any event no later than 10 days after such representation (or such later date as
the Agent may agree in its Permitted Discretion), in each case pursuant to the terms hereof.

 

7.9              
[Reserved].

 

7.10           
Remedial Provisions

 

7.10.1      
[Reserved].

 

7.10.2      
Pledged Equity Interests. 

 

 

 

    	 	52	 

     

    

 

(a)               
Unless an Event of Default shall have occurred and be continuing and immediately upon Agent giving written notice to the
relevant Obligor of the Agent’s intent to exercise its corresponding rights pursuant to Section 7.10.2(b) (which notice
shall be deemed to have been given immediately upon the occurrence of an Event of Default under Section 11.1(j) of this Agreement
other than to the extent such right is waived or revoked in writing by the Required Lenders), each Obligor shall be permitted to (i) receive
all dividends, interest, principal or other payments or distributions paid or made in respect of the pledged Equity Interests, to the
extent not prohibited by this Agreement and (ii) exercise all voting and corporate or other ownership rights with respect to the pledged
Equity Interests; provided, however, that no vote shall be cast or corporate or other ownership right exercised or other action taken
which would reasonably be expected to materially and adversely affect the rights inuring to a holder of any pledged Equity Interests or
the rights and remedies of the Agent or the other Secured Parties under this Agreement or any other Loan Document or the ability of the
Secured Parties to exercise the same or which would violate any provision of this Agreement or any other Loan Document.

 

(b)               
If an Event of Default shall occur and be continuing and the Agent shall have given prior written notice to the Borrowers
of the Agent’s intent to execute its rights pursuant to this Section 7.10.2(b) (which notice shall be deemed to have
been given immediately upon the occurrence of an Event of Default under Section 11.1(j) of this Agreement other than to the
extent such right is waived or revoked in writing by the Required Lenders): (i) the Agent shall have the right to receive any and all
dividends, interest, principal or other payments or distributions paid in respect to the pledged Equity Interests included in the Collateral
and make application thereof to the Obligations in accordance with the Loan Documents, (ii) all rights of each Obligor to exercise or
refrain from exercising the voting and other consensual rights which it would otherwise be entitled to exercise pursuant hereto shall
cease and all such rights shall thereupon become vested in the Agent which shall thereupon have the sole right, but shall be under no
obligation, to exercise or refrain from exercising such voting and other consensual rights and (iii) the Agent shall have the right, without
notice to any Obligor, to transfer all or any portion of the Investment Property included in the Collateral to its name or the name of
its nominee or agent or the name of the applicable Obligor, endorsed or assigned in blank in favor of the Agent, and each Obligor will,
upon request, promptly give to the Agent copies of any notices or other communications received by it with respect to pledged Equity Interests
included in the Collateral registered in the name of such Obligor. In addition, if an Event of Default has occurred and is continuing,
the Agent shall have the right at any time, without notice to any Obligor, to exchange any certificates or instruments representing any
Investment Property included in the Collateral for certificates or instruments of smaller or larger denominations. In order to permit
the Agent to exercise the voting and other consensual rights which it may be entitled to exercise pursuant hereto and to receive all dividends
and other distributions which it may be entitled to receive hereunder if an Event of Default has occurred and is continuing, each Obligor
shall promptly execute and deliver (or cause to be executed and delivered) to the Agent all proxies, dividend payment orders and other
instruments as the Agent may from time to time reasonably request, and each Obligor acknowledges that the Agent may utilize the power
of attorney set forth herein. All dividends, interest, principal or other payments or distributions received by any Obligor contrary to
the provisions of this Section 7.10.2(b) shall be held for the benefit of the Agent, shall be promptly delivered to the Agent
promptly following demand in the same form as so received (with any necessary endorsement reasonably requested by the Agent).

 

(c)               
Any notice given by the Agent to the Borrowers or any other Obligor under this Section 7.10.2 (i) may be given
with respect to one or more of the Obligors at the same or different times and (ii) may suspend the rights of the Obligors under paragraph
(a) or (b) of this Section 7.10.2 in part without suspending all such rights (as specified by the Agent in its sole and absolute
discretion) and without waiving or otherwise affecting the Agent’s rights to give additional notices from time to time suspending
other rights so long as an Event of Default has occurred and is continuing.

 

(d)               
Each Obligor hereby authorizes and instructs each issuer of any pledged Equity Interests pledged by such Obligor hereunder
to (i) comply with any instruction received by it from the Agent in writing that (x) states that an Event of Default has occurred and
is continuing and (y) is otherwise in accordance with the terms of this Agreement, without any other or further instructions from such
Obligor, and each Obligor agrees that each Issuer shall be fully protected in so complying, and (ii) unless otherwise expressly permitted
hereby, pay any dividends or other payments with respect to the pledged Equity Interests directly to the Agent.

 

 

 

    	 	53	 

     

    

 

7.10.3      
Proceeds to be Turned Over to Agent. If an Event of Default shall occur and be continuing,
at the written request of the Agent, all proceeds of Collateral received by any Obligor consisting of cash, Cash Equivalents and checks
shall be held in trust by such Obligor for the Secured Parties, and shall, forthwith upon receipt by such Obligor, be turned over to
the Agent in the exact form received by such Obligor (duly endorsed by such Obligor to the Agent, if reasonably required). All such proceeds
of Collateral received by the Agent under this Section 7.10.3 shall be held by the Agent in a Dominion Account maintained
under its control (as defined in and subject to Section 9-104 of the New York UCC). All such Proceeds while held by the Agent in
a Dominion Account (or by such Obligor for the Secured Parties) shall continue to be held as collateral security for all the Obligations
and shall not constitute payment thereof until applied as provided in the Loan Documents.

 

SECTION
8.          COLLATERAL
ADMINISTRATION

 

8.1              
Borrowing Base Reports. Borrowers shall deliver to Agent (and Agent shall promptly deliver same to Lenders)
a (x) Borrowing Base Report as of the close of business of the previous month by the fifteenth day of each month (or, with respect
to the Borrowing Base Report as of the close of business of the month ending October 31, 2022, by November 30, 2022) and at such other
times as Agent may request (including, without limitation, following the occurrence and during the continuance of any Event of Default)
and (y) commencing on December 7, 2022 with respect to the week ending December 2, 2022, roll-forwards of all invoiced Accounts and collections
and Inventory reports, together with accounts payable aging, in each case, as of the close of business of the previous week by the third
(3rd) Business Day of each week (it being understood and agreed that with respect to the first weekly reports delivered hereunder
on December 7, 2022, with respect to the week ending December 2, 2022, no roll-forwards shall be required). Each Borrowing Base Report
shall (a) be accompanied by schedules which provide detail supporting such Borrowing Base Report, including, without limitation, an accounts
receivable aging, accounts payable aging, sales/invoice registers and collection journals, and a detailed report of all Accounts that
are not Eligible Accounts and (b) include a current Schedule 8.6.1 of the Disclosure Certificate, which has been updated as of
the end of the immediately preceding month in accordance with Section 8.6.1, all in form and substance satisfactory to Agent in
its discretion. All information (including a calculation of Availability and Qualified Cash) in a Borrowing Base Report shall be certified
by Borrowers. Agent may from time to time adjust such report (x) to reflect Agent’s reasonable estimate of declines in value of
Collateral, due to collections received in the Dominion Account or otherwise; (y) to adjust advance rates to reflect changes in dilution,
quality, mix and other factors affecting Collateral; and (z) to the extent any information or calculation does not comply with this Agreement.

 

8.2              
Accounts.

 

8.2.1         
Records and Schedules of Accounts. Each Borrower shall keep accurate and complete records of its Accounts, including
all payments and collections thereon, and shall submit to Agent sales, collection, reconciliation and other reports in form satisfactory
to Agent, on such periodic basis as Agent may request. Each Borrower shall also provide to Agent, on or before the 15th day of each month,
a detailed aged trial balance of all Accounts as of the end of the preceding month, specifying each Account’s Account Debtor name
and address, amount, invoice date and due date, showing any discount, allowance, credit, authorized return or dispute, and including such
proof of delivery, copies of invoices and invoice registers, copies of related documents, repayment histories, status reports and other
information as Agent may reasonably request. If Accounts in an aggregate face amount of $250,000 or more cease to be Eligible Accounts,
Borrowers shall notify Agent of such occurrence promptly (and in any event within one Business Day) after any Borrower has knowledge thereof.

 

8.2.2         
Taxes. If an Account of any Borrower includes a charge for any Taxes, Agent is authorized, in its discretion, to
pay the amount thereof to the proper taxing authority for the account of such Borrower and to charge Borrowers therefor; provided,
however, that neither Agent nor Lenders shall be liable for any Taxes that may be due from Borrowers or with respect to any Collateral.

 

 

 

    	 	54	 

     

    

 

8.2.3         
Account Verification. Whether or not a Default or Event of Default exists, Agent shall have the right at any time,
in the name of Agent, any designee of Agent or any Borrower, to verify the validity, amount or any other matter relating to any Accounts
of Borrowers by mail, telephone or otherwise. Borrowers shall cooperate fully with Agent in an effort to facilitate and promptly conclude
any such verification process.

 

8.2.4         
Maintenance of Dominion Account. Obligors shall maintain Dominion Accounts pursuant to lockbox or other arrangements
acceptable to Agent. Obligors shall obtain an agreement (in form and substance satisfactory to Agent) from each lockbox servicer and Dominion
Account bank, establishing Agent's control over and Lien in the lockbox or Dominion Account, requiring immediate deposit of all remittances
received in the lockbox to a Dominion Account, and waiving offset rights of such servicer or bank, except for customary administrative
charges. If a Dominion Account is not maintained with Bank, Agent may require immediate transfer of all funds in such account to a Dominion
Account maintained with Bank. Agent and Lenders assume no responsibility to Obligors for any lockbox arrangement or Dominion Account,
including any claim of accord and satisfaction or release with respect to any Payment Items accepted by any bank. Obligors agree that
all Dominion Accounts shall be under the sole dominion and control of Agent and no Obligor may withdraw or transfer any funds on deposit
in any Dominion Account, other than in connection with a transfer of such funds to Agent, until Full Payment of the Obligations.

 

8.2.5         
Proceeds of Collateral. Obligors shall request in writing and otherwise take all necessary steps to ensure that all
payments on Accounts or otherwise relating to Collateral are made directly to a Dominion Account (or a lockbox relating to a Dominion
Account). If any Obligor or Subsidiary receives cash or Payment Items with respect to any Collateral, it shall hold same in trust for
Agent and promptly (not later than the next Business Day) deposit same into a Dominion Account.

 

8.3              
Inventory.

 

8.3.1         
Records and Reports of Inventory. Each Borrower shall keep accurate and complete records of its Inventory, including
costs and daily withdrawals and additions. Each Borrower shall provide to Agent, on or before the fifteenth day of each month, weekly
in accordance with Section 8.1, and at such other times as may be requested by the Agent, in each case as of the period then ended,
a schedule detailing the Borrowers’ Inventory, in form satisfactory to the Agent, (a) by location (showing Inventory in transit,
any Inventory located with a third party under any consignment, bailee arrangement, or warehouse agreement), by class (raw material, work-in-process
and finished goods), by product type, and by volume on hand, which Inventory shall be valued at the lower of cost (determined on a first-in,
first-out basis) or market and adjusted for Availability Reserves as the Agent has previously indicated to the Borrowers are deemed by
the Agent to be appropriate, (b) including a report of any variances or other results of Inventory counts performed by the Borrowers since
the last Inventory schedule (including information regarding sales or other reductions, additions, returns, credits issued by Borrowers
and complaints and claims made against the Borrowers), and (c) reconciled to the Borrowing Base Report delivered as of such day, and in
addition shall submit to Agent such other inventory and reconciliation reports in form satisfactory to Agent, on such periodic basis as
Agent may request. Each Borrower shall conduct a physical inventory at least once per calendar year (and on a more frequent basis if requested
by Agent when an Event of Default exists) and periodic cycle counts consistent with historical practices, and shall provide to Agent a
report based on each such inventory and count promptly upon completion thereof, together with such supporting information as Agent may
request. Agent may participate in and observe each physical count.

 

8.3.2         
Returns of Inventory. No Borrower shall return any Inventory to a supplier, vendor or other Person, whether for cash,
credit or otherwise, unless (a) such return is in the Ordinary Course of Business; (b) no Default or Event of Default exists or would
result therefrom and Revolver Usage is not in excess of the Borrowing Base and Revolver Usage would not result therefrom in being in excess
of the Borrowing Base; (c) Agent is promptly notified if the aggregate Value of all Inventory returned in any month exceeds $250,000;
and (d) any payment received by a Borrower for a return is promptly remitted to a Dominion Account or related lockbox.

 

 

 

    	 	55	 

     

    

 

8.3.3         
Acquisition, Sale and Maintenance. No Borrower shall acquire or accept any Inventory on consignment or approval,
and shall take all steps to assure that all Inventory is produced in accordance with Applicable Law, including the FLSA. No Borrower shall
sell any Inventory on consignment or approval or any other basis under which the customer may return or require a Borrower to repurchase
such Inventory. Borrowers shall use, store and maintain all Inventory with reasonable care and caution, in accordance with applicable
standards of any insurance and in conformity with all Applicable Law, and shall make current rent payments (within applicable grace periods
provided for in leases) at all locations where any Collateral is located.

 

8.4              
Equipment.

 

8.4.1         
Records and Schedules of Equipment. Each Borrower shall keep accurate and complete records of its Equipment, including
kind, quality, quantity, cost, acquisitions (including copies of purchase orders, invoices, and shipping and delivery documents) and dispositions
thereof, and shall submit to Agent, on such periodic basis as Agent may request, a current schedule thereof, in form satisfactory to Agent.
Promptly upon request, Borrowers shall deliver to Agent evidence of their ownership or interests in any Equipment.

 

8.4.2         
Dispositions of Equipment. No Borrower shall sell, lease or otherwise dispose of any Equipment, without the prior
written consent of Agent, other than (a) a Permitted Asset Disposition; and (b) replacement of Equipment that is worn, damaged or obsolete
with Equipment of like function and value, if the replacement Equipment is acquired substantially contemporaneously with such disposition
and is free of Liens.

 

8.4.3         
Condition of Equipment. The Equipment is in good operating condition and repair, and all necessary replacements and
repairs have been made so that the value and operating efficiency of the Equipment is preserved at all times, reasonable wear and tear
excepted. Each Borrower shall ensure that the Equipment is mechanically and structurally sound, and capable of performing the functions
for which it was designed, in accordance with manufacturer specifications. No Borrower shall permit any Equipment to become affixed to
real Property unless any landlord or mortgagee delivers a Lien Waiver.

 

8.5              
Deposit Accounts. Schedule 8.5 of the Disclosure Certificate shows all Deposit Accounts
maintained by Obligors, including Dominion Accounts. Each Obligor shall take all actions necessary to establish Agent’s first priority
Lien on each Deposit Account (except accounts exclusively used for payroll, payroll taxes or employee benefits, other disbursement accounts
acceptable to Agent, an account containing not more than $10,000 at any time or the Chinatrust account, which is governed by the following
sentence). From and after any time that the Chinatrust Account has an account balance of $30,000 or more (including on an intra-day basis),
each Obligor shall deliver to Agent a Deposit Account Control Agreement with respect to such Chinatrust Account within thirty (30) days
thereof, in form and substance satisfactory to Agent and duly executed by the parties thereto. Obligors
shall be the sole account holders of each Deposit Account and shall not allow any Person (other than Agent and the depository bank) to
have control over their Deposit Accounts or any Property deposited therein. Obligors shall promptly notify Agent of any opening or closing
of a Deposit Account and, with the consent of Agent, will amend Schedule 8.5 of the Disclosure Certificate to reflect same. Obligors
shall promptly provide any information with respect to any Equity Proceeds Holding Account to the extent requested by Agent, including
information and supporting documentation with respect to (i) account statements of any Equity Proceeds Holding Account, (ii) the amount
of Net Proceeds deposited into any Equity Proceeds Holding Account for the purpose of making Investments pursuant to clause (g)
of the definition of “Restricted Investment” and (iii) the amount of Investments actually made pursuant to clause
(g) of the definition of “Restricted Investment” using the Net Proceeds deposited into any Equity Proceeds Holding
Account.

 

8.6              
General Provisions.

 

8.6.1         
Location of Collateral. All tangible items of Collateral, other than Inventory in transit, shall at all times be
kept by Obligors at the business locations set forth in Schedule 8.6.1 of the Disclosure Certificate, except that Obligors may
(a) make sales or other dispositions of Collateral in accordance with Section 10.2.6; and (b) move Collateral to another location
in the United States, upon 30 Business Days prior written notice to Agent.

 

 

 

    	 	56	 

     

    

 

8.6.2         
Insurance of Collateral; Condemnation Proceeds.

 

(a)               
Each Obligor shall maintain (i) insurance with respect to the Collateral, covering casualty, hazard, theft, malicious mischief,
flood and other risks, in amounts, with endorsements and with insurers (with a Best rating of at least A+, unless otherwise approved by
Agent in its discretion) satisfactory to Agent, and (ii) ensure that all Real Estate is insured pursuant to policies which are valid and
in full force and effect and which provide adequate coverage from reputable and financially sound insurers in amounts sufficient to insure
the assets and risks of each applicable Obligor so as to cause each Lender to be in compliance with Flood Laws. All proceeds under each
policy shall be payable to Agent. From time to time upon request, Obligors shall deliver to Agent the originals or certified copies of
its insurance policies and updated flood plain searches. Unless Agent shall agree otherwise, each policy shall include satisfactory endorsements
(i) showing Agent as lender’s loss payee; (ii) requiring 30 days prior written notice to Agent in the event of cancellation of the
policy for any reason whatsoever; and (iii) specifying that the interest of Agent shall not be impaired or invalidated by any act or neglect
of any Obligor or the owner of the Property, nor by the occupation of the premises for purposes more hazardous than are permitted by the
policy. If any Obligor fails to provide and pay for any insurance, Agent may, at its option, but shall not be required to, procure the
insurance and charge Obligors therefor. Each Obligor agrees to deliver to Agent, promptly as rendered, copies of all reports made to insurance
companies. While no Event of Default exists, Obligors may settle, adjust or compromise any insurance claim, as long as the proceeds are
delivered to Agent. If an Event of Default exists, only Agent shall be authorized to settle, adjust and compromise such claims.

 

(b)               
Any proceeds of insurance (other than proceeds from workers' compensation insurance or D&O insurance) and any awards
arising from condemnation of any Collateral shall be paid to Agent. Any such proceeds or awards that relate to Collateral shall, subject
to clause (c) below, be applied to payment of the Revolver Loans, and then to other Obligations.

 

(c)               
If requested by Borrowers in writing within 15 days after Agent’s receipt of any insurance proceeds or condemnation
awards relating to any loss or destruction of Equipment or Real Estate, Borrowers may use such proceeds or awards to repair or replace
such Equipment or Real Estate (and until so used, the proceeds shall be held by Agent as Cash Collateral) as long as (i) no Default or
Event of Default exists; (ii) such repair or replacement is promptly undertaken and concluded, in accordance with plans satisfactory to
Agent; (iii) replacement buildings are constructed on the sites of the original casualties and are of comparable size, quality and utility
to the destroyed buildings; (iv) the repaired or replaced Property is free of Liens, other than Permitted Liens that are not Purchase
Money Liens; (v) Borrowers comply with disbursement procedures for such repair or replacement as Agent may reasonably require; and (vi)
the aggregate amount of such proceeds or awards from any single casualty or condemnation does not exceed $250,000, unless otherwise mutually
agreed to in writing by Agent and Obligors.

 

8.6.3         
Protection of Collateral. All expenses of protecting, storing, warehousing, insuring, handling, maintaining and shipping
any Collateral, all Taxes payable with respect to any Collateral (including any sale thereof), and all other payments required to be made
by Agent to any Person to realize upon any Collateral, shall be borne and paid by Borrowers. Agent shall not be liable or responsible
in any way for the safekeeping of any Collateral, for any loss or damage thereto (except for reasonable care in its custody while Collateral
is in Agent’s actual possession), for any diminution in the value thereof, or for any act or default of any warehouseman, carrier,
forwarding agency or other Person whatsoever, but the same shall be at Obligors’ sole risk.

 

8.6.4         
Defense of Title. Each Obligor shall defend its title to Collateral and Agent’s Liens therein against all Persons,
claims and demands, except Permitted Liens.

 

8.7              
Power of Attorney. Each Obligor hereby irrevocably constitutes and appoints Agent (and all Persons
designated by Agent) as such Obligor’s true and lawful attorney (and agent-in-fact) for the purposes provided in this Section.
Agent, or Agent’s designee, may, without notice and in either its or an Obligor’s name, but at the cost and expense of Borrowers:

 

(a)               
Endorse an Obligor’s name on any Payment Item or other proceeds of Collateral (including proceeds of insurance) that
come into Agent’s possession or control; and

 

 

 

    	 	57	 

     

    

 

(b)               
During an Event of Default, (i) notify any Account Debtors of the assignment of their Accounts, demand and enforce payment
of Accounts by legal proceedings or otherwise, and generally exercise any rights and remedies with respect to Accounts; (ii) settle, adjust,
modify, compromise, discharge or release any Accounts or other Collateral, or any legal proceedings brought to collect Accounts or Collateral;
(iii) sell or assign any Accounts and other Collateral upon such terms, for such amounts and at such times as Agent deems advisable; (iv)
collect, liquidate and receive balances in Deposit Accounts or investment accounts, and take control, in any manner, of proceeds of Collateral;
(v) prepare, file and sign an Obligor’s name to a proof of claim or other document in a bankruptcy of an Account Debtor, or to any
notice, assignment or satisfaction of Lien or similar document; (vi) receive, open and dispose of mail addressed to an Obligor, and notify
postal authorities to deliver any such mail to an address designated by Agent; (vii) endorse any Chattel Paper, Document, Instrument,
bill of lading, or other document or agreement relating to any Accounts, Inventory or other Collateral; (viii) use an Obligor’s
stationery and sign its name to verifications of Accounts and notices to Account Debtors; (ix) use information contained in any data processing,
electronic or information systems relating to Collateral; (x) make and adjust claims under insurance policies; (xi) take any action as
may be necessary or appropriate to obtain payment under any letter of credit, banker’s acceptance or other instrument for which
an Obligor is a beneficiary; and (xii) take all other actions as Agent deems appropriate to fulfill any Obligor’s obligations under
the Loan Documents.

 

SECTION
9.          REPRESENTATIONS
AND WARRANTIES

 

9.1              
General Representations and Warranties. To induce Agent and Lenders to enter into this Agreement and
to make available the Commitments, Loans and Letters of Credit, each Obligor represents and warrants that:

 

9.1.1         
Organization and Qualification. Each Obligor and Subsidiary is duly organized, validly existing and in good standing
under the laws of the jurisdiction of its organization. Each Obligor and Subsidiary is duly qualified, authorized to do business and in
good standing as a foreign corporation in each jurisdiction where failure to be so qualified could reasonably be expected to have a Material
Adverse Effect. No Obligor is an EEA Financial Institution.

 

9.1.2         
Power and Authority. Each Obligor is duly authorized to execute, deliver and perform its Loan Documents. The execution,
delivery and performance of the Loan Documents have been duly authorized by all necessary action, and do not (a) require any consent or
approval of any holders of Equity Interests of any Obligor, except those already obtained; (b) contravene the Organic Documents of any
Obligor; (c) violate or cause a default under any Applicable Law or Material Contract; or (d) result in or require imposition of a Lien
on any Obligor’s Property.

 

9.1.3         
Enforceability. Each Loan Document is a legal, valid and binding obligation of each Obligor party thereto, enforceable
in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency or similar laws affecting the enforcement
of creditors’ rights generally.

 

9.1.4         
Capital Structure. Schedule 9.1.4 of the Disclosure Certificate shows, for each Obligor and Subsidiary, its
name, jurisdiction of organization, authorized and issued Equity Interests, holders of its Equity Interests, and agreements binding on
such holders with respect to such Equity Interests. Except as disclosed on Schedule 9.1.4 of the Disclosure Certificate, in the
five years preceding the Closing Date, no Obligor or Subsidiary has acquired any substantial assets from any other Person nor been the
surviving entity in a merger or combination. Each Obligor has good title to its Equity Interests in its Subsidiaries, subject only to
Agent’s Lien, and all such Equity Interests are duly issued, fully paid and non-assessable. There are no outstanding purchase options,
warrants, subscription rights, agreements to issue or sell, convertible interests, phantom rights or powers of attorney relating to Equity
Interests of any Obligor or Subsidiary.

 

9.1.5         
Title to Properties; Priority of Liens.

 

(a)               
Each Obligor and Subsidiary has good and marketable title to (or valid leasehold interests in) all of its Real Estate, and
good title to all of its personal Property, including all Property reflected in any financial statements delivered to Agent or Lenders,
in each case free of Liens except Permitted Liens. Each Obligor and Subsidiary has paid and discharged all lawful claims that, if unpaid,
could become a Lien on its Properties, other than Permitted Liens. All Liens of Agent in the Collateral are duly perfected, first priority
Liens, subject only to Permitted Liens that are expressly allowed to have priority over Agent’s Liens. The Obligors have received
all deeds, assignments, waivers, consents, non-disturbance and recognition or similar agreements, bills of sale and other documents in
respect of, and have duly effected all recordings, filings and other actions necessary to establish, protect and perfect, the Obligors’
right, title and interest in and to all such property that is included in the Borrowing Base.

 

 

 

    	 	58	 

     

    

 

(b)               
Set forth on Schedule 9.1.5 of the Disclosure Certificate is a complete and accurate list of all real or immovable
property owned, leased, licensed or otherwise used in the operations of the business of each Obligor and showing the current street address
(including, where applicable, county, state and other relevant jurisdictions), record owner (if owned) or leasehold interest holder and,
(if leased) lessee or other user thereof. Each of such leases and subleases is valid and enforceable in accordance with its terms (except
as such enforceability may be subject to or limited by bankruptcy, insolvency, reorganization or other similar laws) and is in full force
and effect, and to each Obligor's knowledge, no default by any party to any material lease or material sublease exists.

 

9.1.6         
Accounts. Agent may rely, in determining which Accounts are Eligible Accounts, on all statements and representations
made by Borrowers with respect thereto. Borrowers warrant, with respect to each Account shown as an Eligible Account in a Borrowing Base
Report, that:

 

(a)               
it is genuine and in all respects what it purports to be;

 

(b)               
it arises out of a completed, bona fide sale and delivery of goods in the Ordinary Course of Business, and substantially
in accordance with any purchase order, contract or other document relating thereto;

 

(c)               
it is for a sum certain, maturing as stated in the applicable invoice, a copy of which has been furnished or is available
to Agent on request;

 

(d)               
it is not subject to any offset, Lien (other than Agent’s Lien), deduction, defense, dispute, counterclaim or other
adverse condition except as arising in the Ordinary Course of Business and disclosed to Agent; and it is absolutely owing by the Account
Debtor, without contingency of any kind;

 

(e)               
no purchase order, agreement, document or Applicable Law restricts assignment of the Account to Agent (regardless of whether,
under the UCC, the restriction is ineffective), and the applicable Borrower is the sole payee or remittance party shown on the invoice;

 

(f)                
no extension, compromise, settlement, modification, credit, deduction or return has been authorized or is in process with
respect to the Account, except discounts or allowances granted in the Ordinary Course of Business for prompt payment that are reflected
on the face of the invoice related thereto and in the reports submitted to Agent hereunder; and

 

(g)               
to Borrowers’ knowledge, (i) there are no facts or circumstances that are reasonably likely to impair the enforceability
or collectability of such Account; (ii) the Account Debtor had the capacity to contract when the Account arose, continues to meet the
applicable Borrower’s customary credit standards, is Solvent, is not contemplating or subject to an Insolvency Proceeding, and has
not failed, or suspended or ceased doing business; and (iii) there are no proceedings or actions threatened or pending against any Account
Debtor that could reasonably be expected to have a material adverse effect on the Account Debtor’s financial condition.

 

9.1.7         
Financial Statements. The consolidated and consolidating balance sheets, and related statements of income, cash flow
and shareholders equity, of Borrowers and Subsidiaries that have been and are hereafter delivered to Agent and Lenders, are prepared in
accordance with GAAP, and fairly present the financial positions and results of operations of Borrowers and Subsidiaries on a consolidated
and consolidating basis, as applicable, at the dates and for the periods indicated. All projections delivered from time to time to Agent
and Lenders have been prepared in good faith, based on reasonable assumptions in light of the circumstances at such time. Since December
31, 2021, there has been no change in the condition, financial or otherwise, of any Borrower or Subsidiary that could reasonably be expected
to have a Material Adverse Effect. No financial statement delivered to Agent or Lenders at any time contains any untrue statement of a
material fact, nor fails to disclose any material fact necessary to make such statement not materially misleading. Each Borrower and Subsidiary
is Solvent.

 

9.1.8         
Surety Obligations. No Borrower or Subsidiary is obligated as surety or indemnitor under any bond or other contract
that assures payment or performance of any obligation of any Person, except as permitted hereunder.

 

 

 

    	 	59	 

     

    

 

9.1.9         
Taxes. Each Borrower and Subsidiary has filed all federal, state, foreign and local tax returns and other reports
that it is required by law to file, and has paid, or made provision for the payment of, all Taxes upon it, its income and its Properties
that are due and payable, except to the extent being Properly Contested. The provision for Taxes on the books of each Borrower and Subsidiary
is adequate for all years not closed by applicable statutes, and for its current Fiscal Year.

 

9.1.10      
Brokers. There are no brokerage commissions, finder’s fees or investment banking fees payable in connection
with any transactions contemplated by the Loan Documents.

 

9.1.11      
Intellectual Property. Subject to the rights of Yuhan under the Transceiver SPA with respect to the Intellectual
Property to be sold thereunder, each Obligor and Subsidiary owns or has the lawful right to use all Intellectual Property necessary for
the conduct of its business, without conflict with any rights of others. There is no pending or, to any Obligor’s knowledge, threatened
Intellectual Property Claim with respect to any Obligor, any Subsidiary or any of their Property (including any Intellectual Property).
Except as disclosed on Schedule 9.1.11 of the Disclosure Certificate, no Obligor or Subsidiary pays or owes any royalty or other
compensation to any Person with respect to any Intellectual Property. All Intellectual Property owned, used or licensed by, or otherwise
subject to any interests of, any Obligor or Subsidiary thereof (to the extent such Subsidiary is an Obligor) is shown on Schedule 9.1.11
of the Disclosure Certificate.

 

9.1.12      
Governmental Approvals. Each Obligor and Subsidiary has, is in compliance with, and is in good standing with respect
to, all Governmental Approvals necessary to conduct its business and to own, lease and operate its Properties. All necessary import, export
or other licenses, permits or certificates for the import or handling of any goods or other Collateral have been procured and are in effect,
and Obligors and Subsidiaries have complied with all foreign and domestic laws with respect to the shipment and importation of any goods
or Collateral, except where noncompliance could not reasonably be expected to have a Material Adverse Effect.

 

9.1.13      
Compliance with Laws. Each Obligor and Subsidiary has duly complied, and its Properties and business operations are
in compliance, in all material respects with all Applicable Law, except where noncompliance could not reasonably be expected to have a
Material Adverse Effect. There have been no citations, notices or orders of material noncompliance issued to any Obligor or Subsidiary
under any Applicable Law. No Inventory has been produced in violation of the FLSA.

 

9.1.14      
Compliance with Environmental Laws. Except as disclosed on Schedule 9.1.14 of the Disclosure Certificate,
no Obligor’s or Subsidiary’s past or present operations, Real Estate or other Properties are subject to any federal, state
or local investigation to determine whether any remedial action is needed to address any environmental pollution, hazardous material or
environmental clean-up. No Obligor or Subsidiary has received any Environmental Notice. No Obligor or Subsidiary has any contingent liability
with respect to any Environmental Release, environmental pollution or hazardous material on any Real Estate now or previously owned, leased
or operated by it.

 

9.1.15      
Burdensome Contracts. No Obligor or Subsidiary is a party or subject to any contract, agreement or charter restriction
that could reasonably be expected to have a Material Adverse Effect. No Obligor or Subsidiary is party or subject to any Restrictive Agreement,
except as shown on Schedule 9.1.15 of the Disclosure Certificate. No such Restrictive Agreement prohibits the execution, delivery
or performance of any Loan Document by an Obligor.

 

9.1.16      
Litigation. Except as shown on Schedule 9.1.16 of the Disclosure Certificate, there are no proceedings or
investigations pending or, to any Obligor’s knowledge, threatened against any Obligor or Subsidiary, or any of their businesses,
operations or Properties, that (a) relate to any Loan Documents or transactions contemplated thereby, or (b) could reasonably be expected
to have a Material Adverse Effect if determined adversely to any Obligor or Subsidiary. Except as shown on such Schedule, no Obligor has
a Commercial Tort Claim (other than, as long as no Default or Event of Default exists, a Commercial Tort Claim for less than $100,000).
No Obligor or Subsidiary is in default with respect to any order, injunction or judgment of any Governmental Authority.

 

 

 

    	 	60	 

     

    

 

9.1.17      
No Defaults. No event or circumstance has occurred or exists that constitutes a Default or Event of Default. No Obligor
or Subsidiary is in default, and no event or circumstance has occurred or exists that with the passage of time or giving of notice would
constitute a default, under any Material Contract or in the payment of any Borrowed Money. There is no basis upon which any party (other
than an Obligor or Subsidiary) could terminate a Material Contract prior to its scheduled termination date.

 

9.1.18      
ERISA. Except as disclosed on Schedule 9.1.18 of the Disclosure Certificate:

 

(a)               
Each Plan is in compliance in all material respects with the applicable provisions of ERISA, the Code, and other federal
and state laws. Each Plan that is intended to qualify under Section 401(a) of the Code has received a favorable determination letter from
the IRS or an application for such a letter is currently being processed by the IRS with respect thereto and, to the knowledge of Obligors,
nothing has occurred which would prevent, or cause the loss of, such qualification. Each Obligor and ERISA Affiliate has met all applicable
requirements under the Code, ERISA and the Pension Protection Act of 2006, and no application for a waiver of the minimum funding standards
or an extension of any amortization period has been made with respect to any Plan.

 

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

 

(c)               
(i) No ERISA Event has occurred or is reasonably expected to occur; (ii) as of the most recent valuation date for any Pension
Plan, the funding target attainment percentage (as defined in Section 430(d)(2) of the Code) is at least 60%; and no Obligor or ERISA
Affiliate knows of any reason that such percentage could reasonably be expected to drop below 60%; (iii) no Obligor or ERISA Affiliate
has incurred any liability to the PBGC except for the payment of premiums, and no premium payments are due and unpaid; (iv) no Obligor
or ERISA Affiliate has engaged in a transaction that could be subject to Section 4069 or 4212(c) of ERISA; and (v) no Pension Plan has
been terminated by its plan administrator or the PBGC, and no fact or circumstance exists that could reasonably be expected to cause the
PBGC to institute proceedings to terminate a Pension Plan.

 

(d)               
With respect to any Foreign Plan, (i) all employer and employee contributions required by law or by the terms of the Foreign
Plan have been made, or, if applicable, accrued, in accordance with normal accounting practices; (ii) the fair market value of the assets
of each funded Foreign Plan, the liability of each insurer for any Foreign Plan funded through insurance, or the book reserve established
for any Foreign Plan, together with any accrued contributions, is sufficient to procure or provide for the accrued benefit obligations
with respect to all current and former participants in such Foreign Plan according to the actuarial assumptions and valuations most recently
used to account for such obligations in accordance with applicable generally accepted accounting principles; and (iii) it has been registered
as required and has been maintained in good standing with applicable regulatory authorities.

 

9.1.19      
Trade Relations. There exists no actual or threatened termination, limitation or modification of any business relationship
between any Borrower or Subsidiary and any customer or supplier, or any group of customers or suppliers, who individually or in the aggregate
are material to the business of such Borrower or Subsidiary. There exists no condition or circumstance that could reasonably be expected
to impair the ability of any Borrower or Subsidiary to conduct its business at any time hereafter in substantially the same manner as
conducted on the Closing Date.

 

9.1.20      
Labor Relations. Except as described on Schedule 9.1.20 of the Disclosure Certificate, no Borrower or Subsidiary
is party to or bound by any collective bargaining agreement, management agreement or consulting agreement. There are no material grievances,
disputes or controversies with any union or other organization of any Borrower’s or Subsidiary’s employees, or, to any Borrower’s
knowledge, any asserted or threatened strikes, work stoppages or demands for collective bargaining.

 

9.1.21      
Payable Practices. No Borrower or Subsidiary has made any material change in its historical accounts payable practices
from those in effect on the Closing Date.

 

 

 

    	 	61	 

     

    

 

9.1.22      
Not a Regulated Entity. No Obligor is (a) an “investment company” or a “person directly or indirectly
controlled by or acting on behalf of an investment company” within the meaning of the Investment Company Act of 1940; or (b) subject
to regulation under the Federal Power Act, the Interstate Commerce Act, any public utilities code or any other Applicable Law regarding
its authority to incur Debt.

 

9.1.23      
Margin Stock. No Borrower or Subsidiary is engaged, principally or as one of its important activities, in the business
of extending credit for the purpose of purchasing or carrying any Margin Stock. No Loan proceeds or Letters of Credit will be used by
Borrowers to purchase or carry, or to reduce or refinance any Debt incurred to purchase or carry, any Margin Stock or for any related
purpose governed by Regulations T, U or X of the Board of Governors.

 

9.1.24      
OFAC. No Obligor, Subsidiary, or any director, officer, employee, agent, affiliate or representative thereof, is
or is owned or controlled by any individual or entity that is currently the subject or target of any Sanction or is located, organized
or resident in a Designated Jurisdiction.

 

9.1.25      
Anti-Corruption Laws. Each Borrower and Subsidiary has conducted its business in accordance with applicable anti-corruption
laws and has instituted and maintained policies and procedures designed to promote and achieve compliance with such laws.

 

9.1.26      
Subordinated Debt; Convertible Notes. Agent has received true and complete copies of the Convertible Notes Documents
and of any documentation governing any Subordinated Debt incurred at any time by any Obligor (in each case, including all addendums, exhibits,
schedules and disclosure letters referred to therein or delivered pursuant thereto, if any) and all amendments thereto, waivers relating
thereto and other side letters or agreements affecting the terms thereof. None of such documents and agreements has been amended or supplemented
in any manner adverse to Agent or the Lenders, nor have any of the provisions thereof been waived, except pursuant to a written agreement
or instrument which has heretofore been delivered to Agent.

 

9.2              
Complete Disclosure. No Loan Document contains any untrue statement of a material fact, nor fails to
disclose any material fact necessary to make the statements contained therein not materially misleading. There is no fact or circumstance
that any Obligor has failed to disclose to Agent in writing that could reasonably be expected to have a Material Adverse Effect.

 

SECTION
10.      COVENANTS
AND CONTINUING AGREEMENTS

 

10.1           
Affirmative Covenants. As long as any Commitments or Obligations are outstanding, each Obligor shall,
and shall cause each Subsidiary to:

 

10.1.1      
Inspections; Appraisals.

 

(a)               
Permit Agent from time to time, subject (unless a Default or Event of Default exists) to reasonable notice and normal business
hours, to visit and inspect the Properties of any Obligor or Subsidiary, inspect, audit and make extracts from any Obligor’s or
Subsidiary’s books and records, and discuss with its officers, employees, agents, advisors and independent accountants such Obligor’s
or Subsidiary’s business, financial condition, assets, prospects and results of operations. Lenders may participate in any such
visit or inspection, at their own expense. Secured Parties shall have no duty to any Obligor to make any inspection, nor to share any
results of any inspection, appraisal or report with any Obligor. Obligors acknowledge that all inspections, appraisals and reports are
prepared by Agent and Lenders for their purposes, and Obligors shall not be entitled to rely upon them.

 

(b)               
Reimburse Agent for all its reasonable charges, costs and expenses in connection with (i) examinations of Obligors'
books and records or any other financial or Collateral matters as it deems appropriate, up to two (2) times per Loan Year and (ii) Eligible
Inventory Appraisals as it deems appropriate, up to two (2) times per Loan Year; provided, however, that if an examination
or appraisal is initiated during a Default or Event of Default, all charges, costs and expenses relating thereto shall be reimbursed by
Borrowers without regard to such limits. Borrowers shall pay Agent's then standard charges for examination activities, including charges
for its internal examination and appraisal groups, as well as the charges of any third party used for such purposes.

 

 

 

    	 	62	 

     

    

 

10.1.2      
Financial and Other Information. Keep adequate records and books of account with respect to its business activities,
in which proper entries are made in accordance with GAAP reflecting all financial transactions; and furnish to Agent and Lenders:

 

(a)               
as soon as available, and in any event within 90 days after the close of each Fiscal Year, balance sheets as of the end
of such Fiscal Year and the related statements of income, cash flow and shareholders equity for such Fiscal Year, on consolidated and
consolidating bases for Borrowers and Subsidiaries, which consolidated statements shall be audited and certified (without qualification)
by a firm of independent certified public accountants of recognized standing selected by Borrowers and acceptable to Agent, and shall
set forth in comparative form corresponding figures for the preceding Fiscal Year and other information acceptable to Agent;

 

(b)               
as soon as available, and in any event within 30 days after the end of each month (but within 60 days after the last month
in a Fiscal Year), unaudited balance sheets as of the end of such month and the related statements of income and cash flow for such month
and for the portion of the Fiscal Year then elapsed, on consolidated and consolidating bases for Borrowers and Subsidiaries, setting forth
in comparative form corresponding figures for the preceding Fiscal Year and certified by the chief financial officer of Borrower Agent
as prepared in accordance with GAAP and fairly presenting the financial position and results of operations for such month and period,
subject to normal year-end adjustments and the absence of footnotes;

 

(c)               
concurrently with delivery of financial statements under clauses (a) and (b) above, or more frequently if
requested by Agent while a Default or Event of Default exists, a Compliance Certificate executed by the chief financial officer of Borrower
Agent;

 

(d)               
concurrently with delivery of financial statements under clause (a) above, copies of all management letters and other
material reports submitted to Borrowers by their accountants in connection with such financial statements;

 

(e)               
not later than 30 days prior to the end of each Fiscal Year, projections (in Microsoft Excel) of Borrowers’ consolidated
balance sheets, results of operations, cash flow, Availability and Borrowing Base for the next Fiscal Year, month by month, and for the
next three Fiscal Years, year by year; provided, that to the extent previously delivered on the Closing Date, Borrowers shall not
be obligated to deliver projections pursuant to this Section 10.1.2(e) that would otherwise be due 30 days prior to the end of
the Fiscal Year ending December 31, 2022;

 

(f)                
at Agent’s request, a listing of each Borrower’s trade payables, specifying the trade creditor and balance due,
and a detailed trade payable aging, all in form satisfactory to Agent;

 

(g)               
promptly after the sending or filing thereof, copies of any proxy statements, financial statements or reports that any Borrower
has made generally available to its shareholders; copies of any regular, periodic and special reports or registration statements or prospectuses
that any Borrower files with the Securities and Exchange Commission or any other Governmental Authority, or any securities exchange; and
copies of any press releases or other statements made available by a Borrower to the public concerning material changes to or developments
in the business of such Borrower;

 

(h)               
promptly after the sending or filing thereof, copies of any annual report to be filed in connection with each Plan or Foreign
Plan; and

 

(i)                 
such other reports and information (financial or otherwise) as Agent may request from time to time in connection with any
Collateral or any Borrower’s, Subsidiary’s or other Obligor’s financial condition or business.

 

 

 

    	 	63	 

     

    

 

10.1.3      
Notices. Notify Agent and Lenders in writing, promptly (but in any event within three (3) Business Days) after a
Borrower’s obtaining knowledge thereof, of any of the following that affects an Obligor: (a) the threat or commencement of any proceeding
or investigation, whether or not covered by insurance, if an adverse determination could have a Material Adverse Effect; (b) any pending
or threatened labor dispute, strike or walkout, or the expiration of any material labor contract; (c) any default under or termination
of a Material Contract; (d) the existence of any Default or Event of Default or “Default” or “Event of Default”
(in each case as defined in the Convertible Notes Documents) (or any default or event of default under the documentation governing any
Subordinated Debt) and copies of notices of (x) the occurrence of any event that would result in the repurchase or redemption of any of
the Convertible Notes, (y) the exercise of any rights or remedies with respect to any of the Convertible Notes and (z) on or before the
twentieth (20th) day of each Fiscal Quarter, notice of the conversion of any of the Convertible Notes during the immediately
preceding Fiscal Quarter, in each case sent to or received from the Convertible Notes Trustee or holders of any of the Convertible Notes;
(e) any judgment in an amount exceeding $250,000; (f) the assertion of any Intellectual Property Claim, if an adverse resolution could
have a Material Adverse Effect; (g) any violation or asserted violation of any Applicable Law (including ERISA, OSHA, FLSA, or any Environmental
Laws), if an adverse resolution could have a Material Adverse Effect; (h) any Environmental Release by an Obligor or on any Property owned,
leased or occupied by an Obligor; or receipt of any Environmental Notice; (i) the occurrence of any ERISA Event; (j) the discharge of
or any withdrawal or resignation by Borrowers’ independent accountants; (k) any opening of a new office or place of business, at
least 30 Business Days prior to such opening; (l) any and all default notices sent or received under or with respect to (i) any leased
location or (ii) public warehouse where Collateral is located (which shall be delivered within two Business Days after receipt thereof).

 

10.1.4      
Landlord and Storage Agreements. Upon request, provide Agent with copies of all existing agreements, and promptly
after execution thereof provide Agent with copies of all future agreements, between an Obligor and any landlord, warehouseman, processor,
shipper, bailee or other Person that owns any premises at which any Collateral may be kept or that otherwise may possess or handle any
Collateral.

 

10.1.5      
Compliance with Laws. Comply with all Applicable Laws, including ERISA, Environmental Laws, FLSA, OSHA, Anti-Terrorism
Laws, and laws regarding collection and payment of Taxes, and maintain all Governmental Approvals necessary to the ownership of its Properties
or conduct of its business, unless failure to comply (other than failure to comply with Anti-Terrorism Laws) or maintain could not reasonably
be expected to have a Material Adverse Effect. Without limiting the generality of the foregoing, if any Environmental Release in violation
of Environmental Laws occurs at or on any Properties of any Borrower or Subsidiary, it shall act promptly and diligently to investigate
and report to Agent and all appropriate Governmental Authorities the extent of, and to make appropriate remedial action to eliminate,
such Environmental Release, whether or not directed to do so by any Governmental Authority.

 

10.1.6      
Taxes. Pay and discharge all Taxes prior to the date on which they become delinquent or penalties attach, unless
such Taxes are being Properly Contested.

 

10.1.7      
Insurance. In addition to the insurance required hereunder with respect to Collateral, maintain insurance with insurers
(with a Best rating of at least A+, unless otherwise approved by Agent in its discretion) satisfactory to Agent, (a) with respect to the
Properties and business of Borrowers and Subsidiaries of such type (including product liability, workers’ compensation, larceny,
embezzlement, or other criminal misappropriation insurance), in such amounts, and with such coverages and deductibles as are customary
for companies similarly situated; and (b) business interruption insurance in such amount as is customary for companies similarly situated
and satisfactory to Agent in its Permitted Discretion, with deductibles and subject to an endorsement or assignment satisfactory to Agent.

 

10.1.8      
Licenses. Keep each License affecting any Collateral (including the manufacture, distribution or disposition of Inventory)
or any other material Property of Borrowers and Subsidiaries in full force and effect; promptly notify Agent of any proposed modification
to any such License, or entry into any new License, in each case at least 30 days prior to its effective date; pay all royalties and other
amounts when due under any License; and notify Agent of any default or breach asserted by any Person to have occurred under any License.

 

 

 

    	 	64	 

     

    

 

10.1.9      
Future Subsidiaries. Promptly notify Agent upon any Person becoming a Subsidiary and, if such Person is a Domestic
Subsidiary, cause it to guaranty the Obligations in a manner satisfactory to Agent or otherwise become a Borrower hereunder, and to execute
and deliver such documents, instruments and agreements and to take such other actions as Agent shall require to evidence and perfect a
Lien in favor of Agent on all assets of such Person, including delivery of such legal opinions, in form and substance satisfactory to
Agent, as it shall deem appropriate.

 

10.1.10  
[Reserved].

 

10.1.11  
Anti-Corruption Laws. Conduct its business in compliance with applicable anti-corruption laws and maintain
policies and procedures designed to promote and achieve compliance with such laws.

 

10.1.12  
Compliance with Flood Laws. Take all actions required under Flood Laws and/or requested by Agent to assist in ensuring
that each Lender is in compliance with Flood Laws, including, but not limited to, providing Agent with the address and/or GPS coordinates
of each structure located upon any Real Estate and, to the extent required, obtaining flood insurance as more particularly set forth in
Section 8.6.2 for such property, structures and/or contents prior to such property, structures and/or contents becoming Collateral.

 

10.1.13  
Post-Closing Matters. Complete each of the matters described on Schedule 10.1.13
of the Disclosure Certificate within the time period specified for such item on Schedule 10.1.13
of the Disclosure Certificate (or such later time period as Agent may agree in writing in its sole discretion).

 

10.2           
Negative Covenants. As long as any Commitments or Obligations are outstanding, each Obligor shall
not, and shall cause each Subsidiary not to:

 

10.2.1      
Permitted Debt. Create, incur, guarantee or suffer to exist any Debt, except:

 

(a)               
the Obligations;

 

(b)               
Subordinated Debt;

 

(c)               
the Convertible Notes (but only to the extent issued and outstanding as of the Closing Date);

 

(d)               
Permitted Purchase Money Debt;

 

(e)               
Borrowed Money (other than the Obligations, Subordinated Debt, the Convertible Notes and Permitted Purchase Money Debt),
but only to the extent outstanding on the Closing Date and not satisfied with proceeds of the initial Loans;

 

(f)                
Debt with respect to Bank Products incurred in the Ordinary Course of Business, as long as the aggregate mark-to-market
obligations under Hedging Agreements do not exceed $250,000 at any time;

 

(g)               
Permitted Contingent Obligations;

 

(h)               
Refinancing Debt as long as each Refinancing Condition is satisfied;

 

(i)                 
Debt that is not included in any of the preceding clauses of this Section, is not secured by a Lien and does not exceed
$500,000 in the aggregate at any time;

 

 

 

    	 	65	 

     

    

 

(j)                 
Debt of any Foreign Subsidiaries that are not Obligors in an aggregate amount not to exceed $20,000,000 at any time outstanding
(which Debt shall be in addition to, and exclusive of, Debt permitted under Section 10.2.1(k)); and

 

(k)               
existing Debt as of the Closing Date as shown on Schedule 10.2.1 of the Disclosure Certificate.

 

10.2.2      
Permitted Liens. Create or suffer to exist any Lien upon any of its Property, except the following (collectively,
“Permitted Liens”):

 

(a)               
Liens in favor of Agent;

 

(b)               
Purchase Money Liens securing Permitted Purchase Money Debt;

 

(c)               
Liens for Taxes not yet due or being Properly Contested;

 

(d)               
statutory Liens (other than Liens for Taxes or imposed under ERISA) arising in the Ordinary Course of Business, but only
if (i) payment of the obligations secured thereby is not yet due or is being Properly Contested, and (ii) such Liens do not materially
impair the value or use of the Property or materially impair operation of the business of any Borrower or Subsidiary;

 

(e)               
Liens incurred or deposits made in the Ordinary Course of Business to secure the performance of government tenders, bids,
contracts, statutory obligations and other similar obligations, as long as such Liens are at all times junior to Agent’s Liens and
are required or provided by law;

 

(f)                
Liens arising in the Ordinary Course of Business that are subject to Lien Waivers;

 

(g)               
Liens arising by virtue of a judgment or judicial order against any Borrower or Subsidiary, or any Property of a Borrower
or Subsidiary, as long as such Liens are (i) in existence for less than 30 consecutive days or being Properly Contested, and (ii) at all
times junior to Agent’s Liens;

 

(h)               
easements, rights-of-way, restrictions, covenants or other agreements of record, and other similar charges or encumbrances
on Real Estate, that do not secure any monetary obligation and do not interfere with the Ordinary Course of Business;

 

(i)                 
normal and customary rights of setoff upon deposits in favor of depository institutions, and Liens of a collecting bank
on Payment Items in the course of collection;

 

(j)                 
Liens on the assets of Foreign Subsidiaries that are not Obligors securing Debt permitted under Section 10.2.1(j)
in an aggregate amount not to exceed $20,000,000 at any time outstanding (which Liens shall be in addition to, and exclusive of, Liens
permitted under Section 10.2.2(k)); and

 

(k)               
existing Liens as of the Closing Date as shown on Schedule 10.2.2 of the Disclosure Certificate.

 

Notwithstanding the foregoing,
none of the Liens permitted pursuant to this Section 10.2.2 may at any time attach to any Accounts or Inventory unless such Liens
shall be junior in priority to the Liens securing the Obligations and shall be subject to an intercreditor agreement in form and substance
reasonably satisfactory to Agent.

 

10.2.3      
Capital Expenditures. Make Capital Expenditures in the aggregate during any Fiscal Year in excess of the sum of (i)
$6,000,000 and (ii) amounts representing Capital Expenditures to the extent funded exclusively with Net Proceeds of issuances of Equity
Interests of AOI (other than Equity Interests constituting Disqualified Equity Interests) within thirty (30) days of receipt of such Net
Proceeds.

 

 

 

    	 	66	 

     

    

 

10.2.4      
Distributions; Upstream Payments. Declare or make any Distributions, except Upstream Payments and Permitted Distributions;
or create or suffer to exist any encumbrance or restriction on the ability of a Subsidiary to make any Upstream Payment, except for restrictions
under the Loan Documents, under Applicable Law or in effect on the Closing Date as shown on Schedule 9.1.15 of the Disclosure Certificate.

 

10.2.5      
Restricted Investments. Make any Restricted Investment.

 

10.2.6      
Disposition of Assets. Make any Asset Disposition, except a Permitted Asset Disposition, a disposition of Equipment
under Section 8.4.2, or a transfer of Property by a Subsidiary or Obligor to a Borrower.

 

10.2.7      
Loans. Make any loans or other advances of money to any Person, except (a) advances to an officer or employee for
salary, travel expenses, commissions and similar items in the Ordinary Course of Business; (b) prepaid expenses and extensions of trade
credit made in the Ordinary Course of Business; (c) deposits with financial institutions permitted hereunder; (d) as long as no Default
or Event of Default exists, intercompany loans by a Borrower to another Borrower (it being understood that, upon request of Agent, any
notes evidencing such intercompany loans in a principal amount in excess of $250,000 shall be pledged and delivered to Agent, together
with allonges thereto); and (e) solely to the extent permitted by Section 10.2.17(d), intercompany payables and/or receivables
between an Obligor and one or more Foreign Subsidiaries in the Ordinary Course of Business, but excluding the payment of management, consulting,
advisory or similar fees.

 

10.2.8      
Restrictions on Payment of Certain Debt.

 

(a)               
Make any payments in respect of principal, interest, fees, charges or other amounts (whether voluntary or mandatory, or
a prepayment, redemption, retirement, defeasance or acquisition) with respect to any (a) Subordinated Debt, except regularly scheduled
payments of interest and fees, but only to the extent permitted under any subordination agreement relating to such Debt (and a Senior
Officer of Borrower Agent shall certify to Agent, not less than five Business Days prior to the date of payment, that all conditions under
such agreement have been satisfied); or (b) Borrowed Money (other than the Obligations, but including the Convertible Notes Obligations)
prior to its due date under the agreements evidencing such Debt as in effect on the Closing Date (or as amended thereafter with the consent
of Agent), except to the extent the Net Proceeds of a Permitted Asset Disposition (or insurance or condemnation award) of Equipment or
Real Estate subject to a Purchase Money Lien are required to be applied to repay obligations with respect to any Permitted Purchase Money
Debt pursuant to the documentation governing such Permitted Purchase Money Debt.

 

(b)               
prepay (whether voluntary or mandatory), redeem, defease, retire, purchase or otherwise acquire any Borrowed Money or other
Debt of any Obligor or its Subsidiaries permitted under Section 10.2.1, except prepayments of the Obligations in accordance with
the terms of this Agreement or, subject in all respects to the Refinancing Conditions, prepayments of Debt in connection with the incurrence
or issuance of Refinancing Debt to the extent such Refinancing Debt is expressly permitted hereunder.

 

10.2.9      
Fundamental Changes. Other than as required in connection with the Reorganization (as defined in the Transceiver
SPA), change its name or conduct business under any fictitious name; change its tax, charter or other organizational identification number;
change its form or state of organization; liquidate, wind up its affairs or dissolve itself; consummate (or unwind) a Division or merge,
combine or consolidate with any Person, whether in a single transaction or in a series of related transactions, except for mergers or
consolidations of a wholly-owned Subsidiary with another wholly-owned Subsidiary or into a Borrower; or, in the case of a limited liability
company, participate in any statutory division.

 

10.2.10  
Subsidiaries. Other than as required in connection with the Reorganization (as defined in the Transceiver SPA), form
or acquire (including by virtue of any Division of any Obligor) any Subsidiary after the Closing Date, except the formation or acquisition
of wholly owned Subsidiaries in accordance with Sections 10.1.9, 10.2.5 and 10.2.9; or permit any existing Subsidiary
to issue any additional Equity Interests except directors’ qualifying shares.

 

 

 

    	 	67	 

     

    

 

10.2.11  
Organic Documents. Amend, modify or otherwise change any of its Organic Documents, except in connection with a transaction
permitted under Section 10.2.9.

 

10.2.12  
Tax Consolidation. File or consent to the filing of any consolidated income tax return with any Person other than
Borrowers and Subsidiaries.

 

10.2.13  
Accounting Changes. Make any material change in accounting treatment or reporting practices, except as required by
GAAP and in accordance with Section 1.2; or change its Fiscal Year.

 

10.2.14  
Restrictive Agreements. Become a party to any Restrictive Agreement, except a Restrictive Agreement (a) in effect
on the Closing Date; (b) relating to secured Debt permitted hereunder, as long as the restrictions apply only to collateral for such Debt;
or (c) constituting customary restrictions on assignment in leases and other contracts.

 

10.2.15  
Hedging Agreements. Enter into any Hedging Agreement, except to hedge risks arising in the Ordinary Course of Business
and not for speculative purposes.

 

10.2.16  
Conduct of Business. Engage in any business, other than its business as conducted on the Closing Date and any activities
incidental thereto.

 

10.2.17  Affiliate Transactions. Enter into or be party to any transaction
with an Affiliate, except (a) transactions expressly permitted by the Loan Documents; (b) transactions solely among Borrowers (including
payment of reasonable compensation to officers and employees for services actually rendered, and payment of customary directors’
fees and indemnities); (c) transactions with Affiliates consummated prior to the Closing Date, as shown on Schedule 10.2.17 of
the Disclosure Certificate; and (d) transactions with Affiliates in the Ordinary Course of Business (including intercompany payables and/or
receivables between an Obligor and one or more Foreign Subsidiaries in the Ordinary Course of Business, but excluding the payment of management,
consulting, advisory or similar fees), upon fair and reasonable terms fully disclosed to Agent in writing and no less favorable than would
be obtained in a comparable arm’s-length transaction with a non-Affiliate; provided, that the amount of Net Intercompany
Receivables shall not exceed $20,000,000 at any time.

 

10.2.18  
Plans. Become party to any Multiemployer Plan or Foreign Plan, other than any in existence on the Closing Date.

 

10.2.19  
Amendments to Subordinated Debt, Material Contracts and Convertible Notes Documents.

 

(a)               
Amend, supplement or otherwise modify any document, instrument or agreement relating to any Subordinated Debt, (a) if such
modification (i) increases the principal balance of such Debt, or increases any required payment of principal or interest; (ii) accelerates
the date on which any installment of principal or any interest is due, or adds any additional redemption, put or prepayment provisions;
(iii) shortens the final maturity date or otherwise accelerates amortization; (iv) increases the interest rate; (v) increases or adds
any fees or charges; (vi) modifies any covenant in a manner or adds any representation, covenant or default that is more onerous or restrictive
in any material respect for any Borrower or Subsidiary, or that is otherwise materially adverse to any Borrower, any Subsidiary or Lenders;
(vii) results in the Obligations not being fully benefited by the subordination provisions thereof, or (viii) is otherwise prohibited
by the terms of the subordination agreement with respect thereto or (b) without providing a copy of any such material amendment, supplement
or other modification to Agent promptly upon its execution.

 

(b)               
Amend, supplement or otherwise modify any document, instrument or agreement relating to any Material Contract, (i) if such
modification would be adverse to the Agent or Lenders; or (ii) without providing a copy of any such amendment, supplement or other modification
to Agent promptly upon its execution; provided, that in connection with the Transceiver Sale, Subsidiaries that are not Obligors
shall be permitted to amend, supplement or modify the credit facilities set forth on Schedule 10.2.1 as of the date hereof as necessary
for the consummation of the Transceiver Sale so long as (i) any such amendment, supplement or modification is not adverse to the Agent,
Lenders or AOI, (ii) any such amendment, supplement or modification does not result in the incurrence of any liability by AOI and (iii)
a copy of any such amendment, supplement or other modification is provided to Agent promptly upon its execution.

 

 

 

    	 	68	 

     

    

 

(c)               
Amend, supplement or otherwise modify any document, instrument or agreement relating to any Convertible Notes Documents,
unless (i) Agent shall have provided its prior written consent in its sole discretion; and (ii) Borrower shall provide Agent with a true,
complete and correct copy of any such amendment, supplement or other modification to Agent promptly upon its execution.

 

10.3           
Financial Covenants. As long as any Commitments or Obligations are outstanding, Borrowers shall:

 

10.3.1      
Fixed Charge Coverage Ratio. Maintain a Fixed Charge Coverage Ratio for the Fixed Charge Coverage Ratio Measurement
Period ending on the last day of each calendar month of at least 1.0 to 1.0 while a Trigger Period is in effect, measured for the most
recent such period for which financial statements were delivered hereunder prior to the Trigger Period and each such period ending thereafter
until the Trigger Period is no longer in effect.

 

SECTION
11.      EVENTS
OF DEFAULT; REMEDIES ON DEFAULT

 

11.1           
Events of Default. Each of the following shall be an “Event of Default” if it occurs
for any reason whatsoever, whether voluntary or involuntary, by operation of law or otherwise:

 

(a)               
Any Obligor fails to pay its Obligations when due (whether at stated maturity, on demand, upon acceleration or otherwise);

 

(b)               
Any representation, warranty or other written statement of an Obligor made in connection with any Loan Document or transaction
contemplated thereby is incorrect or misleading in any material respect when given;

 

(c)               
An Obligor breaches or fails to perform any covenant contained in Section 7.4.2, 8.2 (other than Section
8.2.1), 8.3 (other than Section 8.3.1), 8.5, 8.6.1, 8.6.2, 10.1.1, 10.1.2, 10.1.3, 10.1.13, 10.2 or 10.3;

 

(d)               
An Obligor breaches or fails to perform (i) any covenant contained in Section 8.1(y) (with respect to the delivery
of roll-forwards of all invoiced Accounts and collections and Inventory reports, together with accounts payable aging) or Section 8.3.1
(only with respect to the covenant to provide weekly reporting under Section 8.3.1 as required by Section 8.1(y)) and such
breach or failure is not cured within 1 day after a Senior Officer of such Obligor has knowledge thereof or receives notice thereof from
Agent, whichever is sooner, (ii) any covenant contained in Section 8.1 (other than Section 8.1(y) (with respect to the delivery
of roll-forwards of all invoiced Accounts and collections and Inventory reports, together with accounts payable aging)), 8.2.1
or 8.3.1 (other than with respect to the covenant to provide weekly reporting under Section 8.3.1 as required by Section
8.1(y)) and such breach or failure is not cured within 5 days after a Senior Officer of such Obligor has knowledge thereof or receives
notice thereof from Agent, whichever is sooner, (iii) any covenant contained in Section 7.4.1, 7.5, 7.7, 7.8, 10.1.7
or 10.1.12 and such breach or failure is not cured within 10 days after a Senior Officer of such Obligor has knowledge thereof
or receives notice thereof from Agent, whichever is sooner, or (iv) any other covenant contained in any Loan Document, and such breach
or failure is not cured within 20 days after a Senior Officer of such Obligor has knowledge thereof or receives notice thereof from Agent,
whichever is sooner; provided, however, that such notice and opportunity to cure shall not apply if the breach or failure
to perform is not capable of being cured within such period or is a willful breach by an Obligor;

 

(e)               
A Guarantor repudiates, revokes or attempts to revoke its Guaranty; an Obligor or third party denies or contests the validity
or enforceability of any Loan Document or Obligation, or the perfection or priority of any Lien granted to Agent; or any Loan Document
ceases to be in full force or effect for any reason (other than a waiver or release by Agent and Lenders);

 

(f)                
Any breach or default of an Obligor occurs under (i) any Hedging Agreement; (ii) any Convertible Notes Document; (iii) any
agreement or document governing or giving rise to Subordinated Debt, or any Person party thereto (other than Agent) shall materially breach
the terms of any subordination agreement or repudiate, revoke or attempt to revoke such subordination agreement, or any subordination
agreement ceases to be in full force or effect for any reason (other than a waiver or release by Agent), or (iv) any instrument or
agreement to which it is a party or by which it or any of its Properties is bound, relating to any Debt (other than the Obligations) in
excess of $250,000, if the maturity of or any payment with respect to such Debt may be accelerated or demanded due to such breach;

 

 

 

    	 	69	 

     

    

 

(g)               
Any judgment or order for the payment of money is entered against an Obligor in an amount that exceeds, individually or
cumulatively with all unsatisfied judgments or orders against all Obligors, $500,000 (net of insurance coverage therefor that has not
been denied by the insurer), unless a stay of enforcement of such judgment or order is in effect;

 

(h)               
A loss, theft, damage or destruction occurs with respect to any Collateral if the amount not covered by insurance exceeds
$500,000;

 

(i)                 
An Obligor is enjoined, restrained or in any way prevented by any Governmental Authority from conducting any material part
of its business; an Obligor suffers the loss, revocation or termination of any material license, permit, lease or agreement necessary
to its business; there is a cessation of any material part of an Obligor’s business for a material period of time; any material
Collateral or Property of an Obligor is taken or impaired through condemnation; an Obligor agrees to or commences any liquidation, dissolution
or winding up of its affairs; or an Obligor is not Solvent;

 

(j)                 
An Insolvency Proceeding is commenced by an Obligor; an Obligor makes an offer of settlement, extension or composition to
its unsecured creditors generally; a trustee is appointed to take possession of any substantial Property of or to operate any of the business
of an Obligor; or an Insolvency Proceeding is commenced against an Obligor and the Obligor consents to institution of the proceeding,
the petition commencing the proceeding is not timely contested by the Obligor, the petition is not dismissed within 45 days after filing,
or an order for relief is entered in the proceeding;

 

(k)               
An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan that has resulted or could reasonably be expected
to result in liability of an Obligor to a Pension Plan, Multiemployer Plan or PBGC in an amount in excess of $500,000, or that constitutes
grounds for appointment of a trustee for or termination by the PBGC of any Pension Plan or Multiemployer Plan; an Obligor or ERISA Affiliate
fails to pay when due any installment payment with respect to its withdrawal liability under Section 4201 of ERISA under a Multiemployer
Plan; or any event similar to the foregoing occurs or exists with respect to a Foreign Plan;

 

(l)                 
An Obligor or any of its Senior Officers is criminally indicted or convicted for (i) a felony committed in the conduct of
the Obligor’s business, or (ii) violating any state or federal law (including the Money Laundering Control Act of 1986 and Illegal
Exportation of War Materials Act) that could lead to forfeiture of any material Property or any Collateral; or

 

(m)             
A Change of Control occurs; or any event occurs or condition exists that has a Material Adverse Effect.

 

 

11.2           
Remedies upon Default. If an Event of Default described in Section 11.1(j) occurs with respect
to any Obligor, then to the extent permitted by Applicable Law, all Obligations (other than Secured Bank Product Obligations) shall become
automatically due and payable and all Commitments shall terminate, without any action by Agent or notice of any kind. In addition, or
if any other Event of Default exists, Agent may in its discretion (and shall upon written direction of Required Lenders) do any one or
more of the following from time to time:

 

(a)               
declare any Obligations (other than Secured Bank Product Obligations) immediately due and payable, whereupon they shall
be due and payable without diligence, presentment, demand, protest or notice of any kind, all of which are hereby waived by Borrowers
to the fullest extent permitted by law;

 

(b)               
terminate, reduce or condition any Commitment or adjust the Borrowing Base;

 

(c)               
require Obligors to Cash Collateralize their LC Obligations, Secured Bank Product Obligations and other Obligations that
are contingent or not yet due and payable, and if Obligors fail promptly to deposit such Cash Collateral, Agent may (and shall upon the
direction of Required Lenders) advance the required Cash Collateral as Revolver Loans (whether or not at such time Revolver Usage exceeds
the Borrowing Base or will exceed the Borrowing Base with the making of such Revolver Loans, or the conditions in Section 6 are
satisfied); and

 

 

 

    	 	70	 

     

    

 

(d)               
exercise any other rights or remedies afforded under any Loan Document, by law, at equity or otherwise, including the rights
and remedies of a secured party under the UCC. Such rights and remedies include the rights to (i) take possession of any Collateral; (ii)
require Obligors to assemble Collateral, at Borrowers’ expense, and make it available to Agent at a place designated by Agent; (iii)
enter any premises where Collateral is located and store Collateral on such premises until sold (and if the premises are owned or leased
by an Obligor, Obligors agree not to charge for such storage); (iv) sell, assign, lease, license (on an exclusive or nonexclusive basis)
as Agent in its discretion deems advisable or otherwise dispose of any Collateral in its then condition, or after any further manufacturing
or processing thereof, at public or private sale, with such notice as may be required by Applicable Law, in lots or in bulk, at such locations,
as Agent in its discretion deems advisable and (v) bring suit or otherwise commence any action or proceeding to enforce any Account, contractual
right or Intellectual Property, all as Agent, in its discretion, deems advisable. Each Obligor agrees that 10 days’ notice of any
proposed sale or other disposition of Collateral by Agent shall be reasonable, and that any sale conducted on the internet or to a licensor
of Intellectual Property shall be commercially reasonable. Agent may conduct sales on any Obligor’s premises, without charge, and
any sale may be adjourned from time to time in accordance with Applicable Law. Agent shall have the right to sell, lease or otherwise
dispose of any Collateral for cash, credit or any combination thereof, and Agent may purchase any Collateral at public or, if permitted
by law, private sale and, in lieu of actual payment of the purchase price, may credit bid and set off the amount of such price against
the Obligations. Each purchaser at any such sale shall hold the property sold absolutely free from any claim or right on the part of any
Obligor, and each Obligor hereby waives (to the extent permitted by Applicable Law) all rights of redemption, stay and/or appraisal which
it now has or may at any time in the future have under any rule of law or statute now existing or hereafter enacted. Each Obligor agrees
that, to the extent notice of sale shall be required by law, at least ten (10) days’ notice to such Obligor of the time and place
of any public sale or the time after which any private sale is to be made shall constitute reasonable notification. Agent shall not be
obligated to make any sale of Collateral regardless of notice of sale having been given. Each Obligor agrees that it would not be commercially
unreasonable for Agent to dispose of the Collateral or any portion thereof by using Internet sites that provide for the auction of assets
of the types included in the Collateral or that have the reasonable capability of doing so, or that match buyers and sellers of assets.
Each Obligor hereby waives any claims against Agent arising by reason of the fact that the price at which any Collateral may have been
sold at such a private sale was less than the price which might have been obtained at a public sale, even if Agent accepts the first offer
received and does not offer such Collateral to more than one offeree. If the proceeds of any sale or other disposition of the Collateral
are insufficient to pay all the Obligations, Obligors shall be liable for the deficiency and the fees of any attorneys employed by Agent
to collect such deficiency. Each Obligor further agrees that a breach of any of the covenants contained in this Section 11.2 will
cause irreparable injury to Agent, that Agent has no adequate remedy at law in respect of such breach and, as a consequence, that each
and every covenant contained in this Section 11.2 shall be specifically enforceable against such Obligor, and such Obligor hereby
waives and agrees not to assert any defenses against an action for specific performance of such covenants, except for a defense that no
Default has occurred giving rise to the Obligations becoming due and payable prior to their stated maturities. Nothing in this Section
11.2 shall in any way alter the rights of Agent hereunder. Agent may sell the Collateral without giving any warranties as to the Collateral.
Agent may specifically disclaim or modify any warranties of title or the like. This procedure will not be considered to adversely affect
the commercial reasonableness of any sale of the Collateral. If Agent shall have no obligation to marshal any of the Collateral. If Agent
sells any of the Collateral upon credit, Obligor will be credited only with payments actually made by purchaser and received by Agent
and applied to indebtedness of the purchaser. In the event the purchaser fails to pay for the Collateral, Agent may resell the Collateral
and Obligor shall be credited with proceeds of the sale.

 

11.3           
License. Agent is hereby granted an irrevocable, non-exclusive license or other right to use, license
or sub-license (without payment of royalty or other compensation to any Person) any or all Intellectual Property owned or used by or
licensed to any Obligor, computer hardware and software, trade secrets, brochures, customer lists, promotional and advertising materials,
labels, packaging materials and other Property, in advertising for sale, marketing, selling, collecting, completing manufacture of, or
otherwise exercising any rights or remedies with respect to, any Collateral. Each Obligor’s rights and interests under Intellectual
Property shall inure to Agent’s benefit.

 

11.4           
Setoff. At any time during an Event of Default, Agent, Issuing Bank, Lenders, and any of their Affiliates
are authorized, to the fullest extent permitted by Applicable Law, to set off and apply any and all deposits (general or special, time
or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing
by Agent, Issuing Bank, such Lender or such Affiliate to or for the credit or the account of an Obligor against its Obligations, whether
or not Agent, Issuing Bank, such Lender or such Affiliate shall have made any demand under this Agreement or any other Loan Document
and although such Obligations may be contingent or unmatured or are owed to a branch or office of Agent, Issuing Bank, such Lender or
such Affiliate different from the branch or office holding such deposit or obligated on such indebtedness. The rights of Agent, Issuing
Bank, each Lender and each such Affiliate under this Section are in addition to other rights and remedies (including other rights of
setoff) that such Person may have.

 

 

 

    	 	71	 

     

    

 

11.5           
Remedies Cumulative; No Waiver.

 

11.5.1      
Cumulative Rights. All agreements, warranties, guaranties, indemnities and other undertakings of Obligors under the
Loan Documents are cumulative and not in derogation of each other. The rights and remedies of Agent and Lenders are cumulative, may be
exercised at any time and from time to time, concurrently or in any order, and are not exclusive of any other rights or remedies available
by agreement, by law, at equity or otherwise. All such rights and remedies shall continue in full force and effect until Full Payment
of all Obligations.

 

11.5.2      
Waivers. No waiver or course of dealing shall be established by (a) the failure or delay of Agent or any Lender to
require strict performance by any Obligor under any Loan Document, or to exercise any rights or remedies with respect to Collateral or
otherwise; (b) the making of any Loan or issuance of any Letter of Credit during a Default, Event of Default or other failure to satisfy
any conditions precedent; or (c) acceptance by Agent or any Lender of any payment or performance by an Obligor under any Loan Documents
in a manner other than that specified therein. Any failure to satisfy a financial covenant on a measurement date shall not be cured or
remedied by satisfaction of such covenant on a subsequent date.

 

SECTION
12.      AGENT

 

12.1           
Appointment, Authority and Duties of Agent.

 

12.1.1      
Appointment and Authority. Each Secured Party irrevocably appoints and designates CNC as Agent under all Loan Documents.
Agent may, and each Secured Party irrevocably authorizes Agent to, enter into all Loan Documents to which Agent is intended to be a party
and accept all Security Documents. Any action taken by Agent in accordance with the provisions of the Loan Documents, and the exercise
by Agent of any rights or remedies set forth therein, together with all other powers reasonably incidental thereto, shall be authorized
by and binding upon all Secured Parties. Without limiting the generality of the foregoing, Agent shall have the sole and exclusive authority
to (a) act as the disbursing and collecting agent for Lenders with respect to all payments and collections arising in connection with
the Loan Documents; (b) execute and deliver as Agent each Loan Document (including any intercreditor and/or subordination agreement),
and accept delivery of each Loan Document; (c) act as collateral agent for Secured Parties for purposes of perfecting and administering
Liens under the Loan Documents, and for all other purposes stated therein; (d) manage, supervise or otherwise deal with Collateral; and
(e) take any Enforcement Action or otherwise exercise any rights or remedies with respect to any Collateral or under any Loan Documents,
Applicable Law or otherwise. Agent alone shall be authorized to determine eligibility and applicable advance rates under the Borrowing
Base, whether to impose or release any reserve, or whether any conditions to funding or issuance of a Letter of Credit have been satisfied,
which determinations and judgments, if exercised in good faith, shall exonerate Agent from liability to any Secured Party or other Person
for any error in judgment.

 

12.1.2      
Duties. The title of “Agent” is used solely as a matter of market custom and the duties of Agent are
administrative in nature only. Agent has no duties except those expressly set forth in the Loan Documents, and in no event does Agent
have any agency, fiduciary or implied duty to or relationship with any Secured Party or other Person by reason of any Loan Document or
related transaction. The conferral upon Agent of any right shall not imply a duty to exercise such right, unless instructed to do so by
Lenders in accordance with this Agreement.

 

12.1.3      
Agent Professionals. Agent may perform its duties through agents and employees. Agent may consult with and employ
Agent Professionals, and shall be entitled to act upon, and shall be fully protected in any action taken in good faith reliance upon,
any advice given by an Agent Professional. Agent shall not be responsible for the negligence or misconduct of any agents, employees or
Agent Professionals that it selects in the absence of the Agent’s gross negligence or willful misconduct (as finally determined
in a non-appealable decision of a court of competent jurisdiction).

 

 

 

    	 	72	 

     

    

 

12.1.4      
Instructions of Required Lenders. The rights and remedies conferred upon Agent under the Loan Documents may be exercised
without the necessity of joining any other party, unless required by Applicable Law. In determining compliance with a condition for any
action hereunder, including satisfaction of any condition in Section 6, Agent may presume that the condition is satisfactory to
a Secured Party unless Agent has received notice to the contrary from such Secured Party before Agent takes the action. Agent may request
instructions from Required Lenders or other Secured Parties with respect to any act (including the failure to act) in connection with
any Loan Documents or Collateral, and may seek assurances to its satisfaction from Secured Parties of their indemnification obligations
against Claims that could be incurred by Agent. Agent may refrain from any act until it has received such instructions or assurances,
and shall not incur liability to any Person by reason of so refraining. Instructions of Required Lenders shall be binding upon all Secured
Parties, and no Secured Party shall have any right of action whatsoever against Agent as a result of Agent acting or refraining from acting
pursuant to instructions of Required Lenders. Notwithstanding the foregoing, instructions by and consent of specific parties shall be
required to the extent provided in Section 14.1.1. In no event shall Agent be required to take any action that it determines in
its discretion is contrary to Applicable Law or any Loan Documents or could subject any Agent Indemnitee to liability.

 

12.1.5      
Agent May File Proofs of Claim. In case of the pendency of any receivership, insolvency, liquidation, bankruptcy,
reorganization, arrangement, adjustment, composition or other judicial proceeding relative to any Obligor, the Agent (irrespective of
whether the principal of any Loan, LC Obligations or Swingline Loans shall then be due and payable as herein expressed or by declaration
or otherwise and irrespective of whether the Agent shall have made any demand on the Obligors) shall be entitled and empowered, by intervention
in such proceeding or otherwise:

 

(a)               
to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, LC
Obligations, Swingline 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 Secured Parties and Agent (including any claim for the reasonable compensation, expenses,
disbursements and advances of Secured Parties and the Agent and their respective agents and counsel and all other amounts due Secured
Parties and the Agent under Sections 3.2, 3.4 and 10.1.1(b).

 

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

 

and any custodian, receiver, assignee, trustee,
liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Secured Party to make
such payments to Agent and, in the event that Agent shall consent to the making of such payments directly to Secured Parties, to pay to
Agent any amount due for the reasonable compensation, expenses, disbursements and advances of Agent and its agents and counsel, and any
other amounts due Agent under Sections 3.2, 3.4 and 10.1.1(b).

 

12.2           
Agreements Regarding Collateral; Borrower Materials; Credit Bidding.

 

12.2.1      
Lien Releases; Care of Collateral. Secured Parties authorize Agent to release any Lien on any Collateral (a) upon
Full Payment of the Obligations; (b) that is the subject of a disposition or Lien that Borrowers certify in writing is a Permitted Asset
Disposition or a Permitted Lien entitled to priority over Agent’s Liens (and Agent may rely conclusively on such certificate without
further inquiry); (c) that does not constitute a material part of the Collateral; or (d) subject to Section 14.1, with the consent
of Required Lenders, and to execute in connection with such events such payoff letters and related documentation in form and substance
satisfactory to Agent in its sole discretion, as shall in Agent's sole discretion be deemed advisable. Secured Parties authorize Agent
to subordinate its Liens to any Purchase Money Lien or other Lien entitled to priority hereunder. Agent has no obligation to assure that
any Collateral exists or is owned by an Obligor, or is cared for, protected or insured, nor to assure that Agent’s Liens have been
properly created, perfected or enforced, or are entitled to any particular priority, nor to exercise any duty of care with respect to
any Collateral.

 

12.2.2      
Possession of Collateral. Agent and Secured Parties appoint each Secured Party as agent (for the benefit of Secured
Parties) for the purpose of perfecting Liens in Collateral held or controlled by it, to the extent such Liens are perfected by possession
or control. If a Secured Party obtains possession or control of any Collateral, it shall notify Agent thereof and, promptly upon Agent’s
request, deliver such Collateral to Agent or otherwise deal with it in accordance with Agent’s instructions.

 

 

 

    	 	73	 

     

    

 

12.2.3      
Reports. Agent shall promptly provide to Lenders, when complete, any field examination, audit or appraisal report
prepared for Agent with respect to any Obligor or Collateral (“Report”). Reports and other Borrower Materials may be
made available to Lenders by providing access to them on the Platform, but Agent shall not be responsible for system failures or access
issues that may occur from time to time. Each Lender agrees (a) that Reports are not intended to be comprehensive audits or examinations,
and that Agent or any other Person performing an audit or examination will inspect only limited information and will rely significantly
upon Borrowers’ books, records and representations; (b) that Agent makes no representation or warranty as to the accuracy or completeness
of any Borrower Materials and shall not be liable for any information contained in or omitted from any Borrower Materials, including any
Report; and (c) to keep all Borrower Materials confidential and strictly for such Lender’s internal use, not to distribute any Report
or other Borrower Materials (or the contents thereof) to any Person (except to such Lender’s Participants, attorneys and accountants),
and to use all Borrower Materials solely for administration of the Obligations. Each Lender shall indemnify and hold harmless Agent and
any other Person preparing a Report from any action such Lender may take as a result of or any conclusion it may draw from any Borrower
Materials, as well as from any Claims arising as a direct or indirect result of Agent furnishing same to such Lender, via the Platform
or otherwise.

 

12.2.4      
Credit Bidding. Secured Parties hereby irrevocably authorize Agent (absent, with respect to any particular transaction,
Agent receiving contrary written bidding instructions from the Required Lenders before such transaction), to credit bid all or any portion
of the Obligations (including accepting some or all of the Collateral in satisfaction of some or all of the Obligations pursuant to a
deed in lieu of foreclosure or otherwise) and in such manner purchase (either directly or through one or more acquisition vehicles) all
or any portion of the Collateral (a) at any sale thereof conducted under the provisions of the Bankruptcy Code, including under Section
363, 1123 or 1129 of the Bankruptcy Code, or any similar Laws in any other jurisdictions to which an Obligor is subject, (b) at any other
sale or foreclosure or acceptance of collateral in lieu of debt conducted by (or with the consent or at the direction of) Agent (whether
by judicial action or otherwise) in accordance with any Applicable Law.  In connection with any such credit bid and purchase, the
Obligations owed to Secured Parties shall be entitled to be, and shall be, credit bid on a ratable basis (with Obligations with respect
to contingent or unliquidated claims receiving contingent interests in the acquired assets on a ratable basis that would vest upon the
liquidation of such claims in an amount proportional to the liquidated portion of the contingent claim amount used in allocating the contingent
interests) in the asset or assets so purchased (or in the Equity Interest or debt instruments of the acquisition vehicle or vehicles that
are used to consummate such purchase).  In connection with any such bid Agent shall be authorized (i) to form one or more acquisition
vehicles to make a bid, (ii) to adopt documents providing for the governance of the acquisition vehicle or vehicles (provided that
any actions by Agent with respect to such acquisition vehicle or vehicles, including any disposition of the assets or Equity Interest
thereof shall be governed, directly or indirectly, by the vote of Required Lenders, irrespective of the termination of this Agreement
and without giving effect to the limitations on actions by Required Lenders contained in clauses (a) through (g) of Section
14.1.1 of this Agreement (provided that, in any event, the consent of each Lender shall be required for any amendment that
would treat or attempts to treat a Lender or a class of Lenders in a manner different than all other Lenders), and (iii) 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 Interest
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.

 

12.3           
Reliance By Agent.

 

(a)               
Agent shall be entitled to rely, and shall be fully protected in relying, upon any writing, communication, signature, resolution,
representation, notice, consent, certificate, affidavit, letter, telegram, facsimile, telex or telephone message, electronic mail message,
statement or other document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper
Person or Persons, and upon advice and statements of legal counsel (including counsel to any Obligor), independent accountants and other
experts selected by Agent. Agent shall have a reasonable and practicable amount of time to act upon any instruction, notice or other communication
under any Loan Document and shall not be liable for any delay in acting. Agent shall be fully justified in failing or refusing to take
any action under any Loan Document unless it shall first receive such advice or concurrence of Required Lenders as it deems appropriate
and, if it so requests, it shall first be indemnified to its satisfaction by Secured Parties against any and all liability and expense
which may be incurred by it by reason of taking or continuing to take any such action. Agent shall in all cases be fully protected in
acting, or in refraining from acting, under this Agreement or any other Loan Document in accordance with a request or consent of Required
Lenders (or such greater number of Lenders as may be expressly required hereby in any instance) and such request and any action taken
or failure to act pursuant thereto shall be binding upon all Secured Parties. Notwithstanding the foregoing, Agent shall not be required
to take, or to omit to take, any action that is, in the opinion of Agent or its counsel, contrary to any Loan Document or Applicable Law.

 

 

 

    	 	74	 

     

    

 

(b)               
For purposes of determining compliance with the conditions specified in Article 6, each Lender that has signed this
Agreement (or an addendum or joinder to this Agreement) shall be deemed to have consented to, approved or accepted or to be satisfied
with, each document or other matter required hereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless
Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.

 

12.4           
Action Upon Default. Agent shall not be deemed to have knowledge of any Default or Event of Default,
or of any failure to satisfy any conditions in Section 6, unless it has received written notice from a Borrower or Required Lenders
specifying the occurrence and nature thereof. If a Lender acquires knowledge of a Default, Event of Default or failure of such conditions,
it shall promptly notify Agent and the other Lenders thereof in writing. Each Secured Party agrees that, except as otherwise provided
in any Loan Documents or with the written consent of Agent and Required Lenders, it will not take any Enforcement Action, accelerate
Obligations (other than Secured Bank Product Obligations) or assert any rights relating to any Collateral.

 

12.5           
Ratable Sharing. If any Lender obtains any payment or reduction of any Obligation, whether through set-off
or otherwise, in excess of its ratable share of such Obligation, such Lender shall forthwith purchase from Secured Parties participations
in the affected Obligation as are necessary to share the excess payment or reduction on a Pro Rata basis or in accordance with Section
5.6.2, as applicable. If any of such payment or reduction is thereafter recovered from the purchasing Lender, the purchase shall
be rescinded and the purchase price restored to the extent of such recovery, but without interest. Notwithstanding the foregoing, if
a Defaulting Lender obtains a payment or reduction of any Obligation, it shall immediately turn over the full amount thereof to Agent
for application under Section 4.2.2 and it shall provide a written statement to Agent describing the Obligation affected by such
payment or reduction. No Lender shall set off against a Dominion Account without Agent’s prior consent.

 

12.6           
Indemnification. EACH SECURED PARTY SHALL INDEMNIFY AND HOLD HARMLESS AGENT INDEMNITEES AND ISSUING
BANK INDEMNITEES, TO THE EXTENT NOT REIMBURSED BY OBLIGORS, ON A PRO RATA BASIS, AGAINST ALL CLAIMS THAT MAY BE INCURRED BY OR ASSERTED
AGAINST ANY SUCH INDEMNITEE, PROVIDED THAT ANY CLAIM AGAINST AN AGENT INDEMNITEE RELATES TO OR ARISES FROM ITS ACTING AS OR FOR AGENT
(IN THE CAPACITY OF AGENT). In Agent’s discretion, it may reserve for any Claims made against an Agent Indemnitee or Issuing Bank
Indemnitee, and may satisfy any judgment, order or settlement relating thereto, from proceeds of Collateral prior to making any distribution
of Collateral proceeds to Secured Parties. If Agent is sued by any receiver, trustee or other Person for any alleged preference or fraudulent
transfer, then any monies paid by Agent in settlement or satisfaction of such proceeding, together with all interest, costs and expenses
(including attorneys’ fees) incurred in the defense of same, shall be promptly reimbursed to Agent by each Secured Party to the
extent of its Pro Rata share. No Lender shall be liable for the payment to any Indemnitee of any portion of such claims to the extent
determined in a final, non-appealable judgment by a court of competent jurisdiction to have resulted primarily from such Indemnitee’s
own gross negligence or willful misconduct; provided, however, that no action taken in furtherance of the directions of Required Lenders
shall be deemed to constitute gross negligence or willful misconduct for purposes of this Section 12.6. Without limitation
of the foregoing, each Lender shall reimburse each Indemnitee upon demand for its ratable share of any costs or out-of-pocket expenses
(including attorney costs) incurred by any Indemnitee in connection with the preparation, execution, delivery, administration, modification,
amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities
under, this Agreement, any other Loan Document, or any document contemplated by or referred to herein. The obligations of Lenders hereunder
shall not diminish the obligations of Obligors to indemnify and reimburse the Indemnitees for such amounts. Agent may in its discretion
first seek payment from Lenders hereunder before seeking payment from the Obligors for such amounts or may seek payments first from Obligors.
In any event, any amounts received from Obligors as reimbursement for amounts already reimbursed by Lenders shall be paid to Lenders
in accordance with the terms hereof. The undertaking in this Section 12.6 shall survive the termination of this Agreement
and the resignation of the Agent.

 

 

 

    	 	75	 

     

    

 

12.7           
Limitation on Responsibilities of Agent. Agent shall not be liable to any Secured Party for any action
taken or omitted to be taken under the Loan Documents, except for losses directly and solely caused by Agent’s gross negligence
or willful misconduct. Agent does not assume any responsibility for any failure or delay in performance or any breach by any Obligor,
Lender or other Secured Party of any obligations under the Loan Documents. Agent does not make any express or implied representation,
warranty or guarantee to Secured Parties with respect to any Obligations, Collateral, Liens, Loan Documents or Obligor. Without limitation
of the foregoing, no Agent Indemnitee shall be responsible to Secured Parties for any recitals, statements, information, representations
or warranties contained in any Loan Documents or Borrower Materials; the execution, validity, genuineness, effectiveness or enforceability
of any Loan Documents; the genuineness, enforceability, collectability, value, sufficiency, ownership, state or condition, insurance
regarding, location or existence of any Collateral, or the validity, creation, extent, perfection, continuation, or priority of any Lien
therein; any assignment or participation of the Obligations, or disclosure of any information to any Secured Party or such Secured Party's
representatives or Affiliates; the validity, enforceability or collectability of any Obligations; or the assets, liabilities, financial
condition, results of operations, business, creditworthiness or legal status of any Obligor or Account Debtor. No Agent Indemnitee shall
have any obligation to any Secured Party to ascertain or inquire into the existence of any Default or Event of Default, the observance
by any Obligor of any terms of the Loan Documents, or the satisfaction or waiver of any conditions precedent contained in any Loan Documents.
In addition and not in limitation of the foregoing, it is understood and agreed that in respect of the Collateral, or any act, omission
or event related thereto, Agent may act in any manner it may deem appropriate, in its sole discretion, given Agent's own interest in
the Collateral in its capacity as one of the Secured Parties, and that Agent shall have no other duty or liability whatsoever to any
Secured Party as to any of the foregoing, including, without limitation, the preparation, form or filing of any Uniform Commercial Code
financing statement, amendment or continuation or of any other type of document related to the creation, perfection, continuation or
priority of any Lien as to property of Obligors.

 

12.8           
Successor Agent and Co-Agents.

 

12.8.1      
Resignation; Successor Agent. Agent may resign at any time by giving at least 10 days written notice thereof to Lenders
and Borrowers. Required Lenders may appoint a successor that is (a) a Lender or Affiliate of a Lender; or (b) a financial institution
reasonably acceptable to Required Lenders and (provided no Default or Event of Default exists) Borrowers. If no successor is appointed
by the effective date of Agent’s resignation, then on such date, Agent may appoint a successor acceptable to it in its discretion
(which shall be a Lender unless no Lender accepts the role) or, in the absence of such appointment, Required Lenders shall automatically
assume all rights and duties of Agent. The successor Agent shall thereupon succeed to and become vested with all the powers and duties
of the retiring Agent without further act. The retiring Agent shall be discharged from its duties hereunder on the effective date of its
resignation, but shall continue to have all rights and protections available to Agent under the Loan Documents with respect to actions,
omissions, circumstances or Claims relating to or arising while it was acting or transferring responsibilities as Agent or holding any
Collateral on behalf of Secured Parties, including the indemnification set forth in Sections 12.6 and 14.2, and all
rights and protections under this Section 12. Any successor to CNC by merger or acquisition of stock or this loan shall continue
to be Agent hereunder without further act on the part of any Secured Party or Obligor.

 

12.8.2      
Co-Collateral Agent. If appropriate under Applicable Law, Agent may appoint a Person to serve as a co-collateral
agent or separate collateral agent under any Loan Document. Each right, remedy and protection intended to be available to Agent under
the Loan Documents shall also be vested in such agent. Secured Parties shall execute and deliver any instrument or agreement that Agent
may request to effect such appointment. If any such agent shall die, dissolve, become incapable of acting, resign or be removed, then
all the rights and remedies of the agent, to the extent permitted by Applicable Law, shall vest in and be exercised by Agent until appointment
of a new agent.

 

 

 

    	 	76	 

     

    

 

12.9           
Due Diligence and Non-Reliance. Each Lender acknowledges and agrees that it has, independently and without
reliance upon Agent or any other Lenders, and based upon such documents, information and analyses as it has deemed appropriate, made
its own credit analysis of each Obligor and its own decision to enter into this Agreement and to fund Loans and participate in LC Obligations
hereunder. Each Secured Party has made such inquiries as it feels necessary concerning the Loan Documents, Collateral and Obligors. Each
Secured Party acknowledges and agrees that the other Secured Parties have made no representations or warranties concerning any Obligor,
any Collateral or the legality, validity, sufficiency or enforceability of any Loan Documents or Obligations. Each Secured Party will,
independently and without reliance upon any other Secured Party, and based upon such financial statements, documents and information
as it deems appropriate at the time, continue to make and rely upon its own credit decisions in making Loans and participating in LC
Obligations, and in taking or refraining from any action under any Loan Documents. Except for notices, reports and other information
expressly required to be furnished to the Lenders by Agent by this Agreement, no Agent Indemnitee shall have any duty or responsibility
to provide any Secured Party with any notices, reports or certificates furnished to any Agent Indemnitee by any Obligor or any credit
or other information concerning the affairs, financial condition, credit worthiness, business or Properties of any Obligor (or any of
its Affiliates) which may come into possession of any Agent Indemnitee or its Affiliates.

 

12.10       
Remittance of Payments and Collections. 

 

12.10.1  
Remittances Generally. Payments by any Secured Party to Agent shall be made by the time and date provided herein,
in immediately available funds. If no time for payment is specified or if payment is due on demand and request for payment is made by
Agent by 1:00 p.m. on a Business Day, then payment shall be made by the Secured Party by 3:00 p.m. on such day, and if request is made
after 1:00 p.m., then payment shall be made by 11:00 a.m. on the next Business Day. Payment by Agent to any Secured Party shall be made
by wire transfer, in the type of funds received by Agent. Any such payment shall be subject to Agent’s right of offset for any amounts
due from such payee under the Loan Documents.

 

12.10.2  
Failure to Pay. If any Secured Party fails to deliver when due any amount payable by it to Agent hereunder, such
amount shall bear interest, from the due date until paid in full, at the greater of the Federal Funds Rate or the rate determined by Agent
as customary for interbank compensation for two Business Days and thereafter at the Default Rate for Base Rate Revolver Loans. In no event
shall Borrowers be entitled to credit for any interest paid by a Secured Party to Agent, nor shall a Defaulting Lender be entitled to
interest on amounts held by Agent pursuant to Section 4.2.

 

12.10.3  
Recovery of Payments. If Agent pays an amount to a Secured Party in the expectation that a related payment will be
received by Agent from an Obligor and such related payment is not received, then Agent may recover such amount from the Secured Party.
If Agent determines that an amount received by it must be returned or paid to an Obligor or other Person pursuant to Applicable Law or
otherwise, then Agent shall not be required to distribute such amount to any Secured Party. If Agent is required to return any amounts
applied by it to Obligations held by a Secured Party, such Secured Party shall pay to Agent, on demand, its share of the amounts
required to be returned.

 

12.11       
Individual Capacities. As a Lender, CNC shall have the same rights and remedies under the Loan Documents
as any other Lender, and the terms “Lenders,” “Required Lenders” or any similar term shall include CNC in its
capacity as a Lender. Agent, Lenders and their Affiliates may accept deposits from, lend money to, provide Bank Products to, act as financial
or other advisor to, and generally engage in any kind of business with, Obligors and their Affiliates, as if they were not Agent or Lenders
hereunder, without any duty to account therefor to any Secured Party. In their individual capacities, Agent, Lenders and their Affiliates
may receive information regarding Obligors, their Affiliates and their Account Debtors (including information subject to confidentiality
obligations), and shall have no obligation to provide such information to any Secured Party.

 

12.12       
Titles. Each Lender, other than CNC, that is designated in connection with this credit facility
as an “Arranger,” “Bookrunner” or “Agent” of any kind shall have no right or duty under any Loan
Documents other than those applicable to all Lenders, and shall in no event have any fiduciary duty to any Secured Party.

 

 

 

    	 	77	 

     

    

 

12.13       
Bank Product Providers. Each Secured Bank Product Provider, by delivery of a notice to Agent of
a Bank Product, agrees to be bound by the Loan Documents, including Sections 5.6, 14.3.3 and 12. Each Secured Bank
Product Provider shall indemnify and hold harmless Agent Indemnitees, to the extent not reimbursed by Obligors, against all Claims that
may be incurred by or asserted against any Agent Indemnitee in connection with such provider’s Secured Bank Product Obligations.

 

12.14       
Flood Laws. Agent has adopted internal policies and procedures that address requirements under Flood
Laws. Agent may post on the Platform (or otherwise distribute to each Lender in the syndicate) documents that it receives in connection
with the Flood Laws. However, Agent reminds each Lender and Participant in the facility that, pursuant to the Flood Laws, each federally
regulated Lender (whether acting as a Lender or Participant in the credit facility) is responsible for assuring its own compliance with
Flood Laws, and Agent disclaims any liability in connection with the failure of any such Lender or Participant to comply with Flood Laws
and flood insurance requirements.

 

12.15       
No Third Party Beneficiaries. This Section 12 is an agreement solely among Secured Parties and
Agent, and shall survive Full Payment of the Obligations. This Section 12 does not confer any rights or benefits upon Borrowers
or any other Person. As between Borrowers and Agent, any action that Agent may take under any Loan Documents or with respect to any Obligations
shall be conclusively presumed to have been authorized and directed by Secured Parties.

 

12.16       
Certain ERISA Matters.

 

12.16.1  
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,
Agent and not, for the avoidance of doubt, to or for the benefit of the Borrowers, that at least one of the following is and will be true:

 

(a)               
such Lender is not using "plan assets" (within the meaning of Section 3(42) of ERISA or otherwise for purposes
of Title I of ERISA or Section 4975 of the Code) of one or more Benefit Plans with respect to such Lender's entrance into, participation
in, administration of and performance of the Loans, the Commitments or this Agreement;

 

(b)               
the prohibited transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions
determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance
company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts),
PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for
certain transactions determined by in-house asset managers), is applicable so as to exempt from the prohibitions of Section 406 of ERISA
and Section 4975 of the Code such Lender's entrance into, participation in, administration of and performance of the Loans, the Commitments
and this Agreement;

 

(c)               
(i) such Lender is an investment fund managed by a "Qualified Professional Asset Manager" (within the meaning
of Part VI of PTE 84-14), (ii) 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, (iii) 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 (iv) 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

 

(d)               
such other representation, warranty and covenant as may be agreed in writing between Agent, in its sole discretion, and
such Lender.

 

 

 

    	 	78	 

     

    

 

12.16.2  
In addition, unless either (1) sub-clause (i) in the immediately preceding clause (c) is true with respect to a Lender
or (2) a Lender has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately
preceding clause (c), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, 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, Agent and not, for the avoidance of doubt, to or for the benefit of the Borrowers, that Agent is not a fiduciary with
respect to the assets of such Lender involved in such Lender's entrance into, participation in, administration of and performance of the
Loans, the Commitments and this Agreement (including in connection with the reservation or exercise of any rights by Agent under this
Agreement, any Loan Document or any documents related hereto or thereto).

 

12.17       
Recovery of Payments; Presumption by Agent.

 

12.17.1  
If Agent determines that an amount received by it must be returned or paid to an Obligor or other Person pursuant to Applicable
Law or otherwise, then, notwithstanding any other term of any Loan Document, Agent shall not be required to distribute such amount to
any Secured Party. If any amounts received and applied by Agent to any Obligations are later required to be returned by Agent pursuant
to Applicable Law, each Lender shall pay to Agent, on demand, such Lender's Pro Rata share of the amounts required to be returned.

 

12.17.2  
Unless Agent shall have received notice from Borrower Agent prior to the date on which any payment is due to Agent for the
account of the Lenders or hereunder that the Borrowers will not make such payment, Agent may assume that the Borrowers have made such
payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders the amount due.

 

12.17.3  
With respect to any payment that Agent makes for the account of the Lenders hereunder as to which Agent determines (which
determination shall be conclusive absent manifest error) that any of the following applies (such payment referred to as the "Rescindable
Amount"): (1) the Borrowers have not in fact made such payment; (2) Agent has made a payment in excess of the amount
so paid by Borrowers (whether or not then owed); or (3) Agent has for any reason otherwise erroneously made such payment; then each
of the Lenders severally agrees to repay to Agent forthwith on demand the Rescindable Amount so distributed to such Lender or, in immediately
available funds with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the
date of payment to Agent, at the greater of the Federal Funds Rate and a rate determined by Agent in accordance with banking industry
rules on interbank compensation. A notice of Agent to any Lender or the Borrower Agent with respect to any amount owing under this Section
12.17 shall be conclusive, absent manifest error.

 

12.17.4  
Without limitation of any other provision in this Agreement, if at any time Agent makes a payment hereunder in error to
any Lender (the "Credit Party"), whether or not in respect of an Obligation due and owing by Borrowers at such time,
where such payment is a Rescindable Amount, then in any such event, each Credit Party receiving a Rescindable Amount severally agrees
to repay to Agent forthwith on demand the Rescindable Amount received by such Credit Party in immediately available funds in the currency
so received, with interest thereon, for each day from and including the date such Rescindable Amount is received by it to but excluding
the date of payment to Agent, at the greater of the Federal Funds Rate and a rate determined by Agent in accordance with banking industry
rules on interbank compensation. Each Credit Party irrevocably waives any and all defenses, including any "discharge for value"
(under which a creditor might otherwise claim a right to retain funds mistakenly paid by a third party in respect of a debt owed by another)
or similar defense to its obligation to return any Rescindable Amount. Agent shall inform each Credit Party promptly upon determining
that any payment made to such Credit Party comprised, in whole or in part, a Rescindable Amount.

 

SECTION
13.      BENEFIT
OF AGREEMENT; ASSIGNMENTS

 

13.1           
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of Obligors, Agent,
Lenders, Secured Parties, and their respective successors and assigns, except that (a) no Obligor shall have the right to assign its
rights or delegate its obligations under any Loan Documents; and (b) any assignment by a Lender must be made in compliance with Section
13.3. Agent may treat the Person which made any Loan as the owner thereof for all purposes until such Person makes an assignment
in accordance with Section 13.3. Any authorization or consent of a Lender shall be conclusive and binding on any subsequent transferee
or assignee of such Lender.

 

 

 

    	 	79	 

     

    

 

13.2           
Participations.

 

13.2.1      
Permitted Participants; Effect. Subject to Section 13.3.3, any Lender may sell to a financial institution
(“Participant”) a participating interest in the rights and obligations of such Lender under any Loan Documents.
Despite any sale by a Lender of participating interests to a Participant, such Lender’s obligations under the Loan Documents shall
remain unchanged, it shall remain solely responsible to the other parties hereto for performance of such obligations, it shall remain
the holder of its Loans and Commitments for all purposes, all amounts payable by Borrowers shall be determined as if it had not sold such
participating interests, and Borrowers and Agent shall continue to deal solely and directly with such Lender in connection with the Loan
Documents. Each Lender shall be solely responsible for notifying its Participants of any matters under the Loan Documents, and Agent and
the other Lenders shall not have any obligation or liability to any such Participant. A Participant that would be a Foreign Lender if
it were a Lender shall not be entitled to the benefits of Section 5.9 unless Borrowers agree otherwise in writing.

 

13.2.2      
Voting Rights. Each Lender shall retain the sole right to approve, without the consent of any Participant, any amendment,
waiver or other modification of a Loan Document other than that which forgives principal, interest or fees, reduces the stated interest
rate or fees payable with respect to any Loan or Commitment in which such Participant has an interest, postpones the Commitment Termination
Date or any date fixed for any regularly scheduled payment of principal, interest or fees on such Loan or Commitment, or releases any
Borrower, Guarantor or substantially all Collateral.

 

13.2.3      
Participant Register. Each Lender that sells a participation shall, acting as a non-fiduciary agent of Borrowers
(solely for tax purposes), maintain a register ("Participant Register") in which it enters the Participant’s
name, address and interest in Commitments and Loans (and stated interest) and LC Obligations. Entries in the Participant Register shall
be conclusive, absent manifest error, and such Lender shall treat each Person recorded in the Participant Register as the owner of the
participation for all purposes, notwithstanding any notice or knowledge to the contrary. No Lender shall have an obligation to disclose
any information in such Participant Register except to the extent necessary to establish that a Participant’s interest is in registered
form under the Code. For avoidance of doubt, Agent (in its capacity as Agent) shall have no responsibility for maintaining a Participant
Register.

 

13.2.4      
Benefit of Setoff. Each Participant shall have a right of set-off in respect of its participating interest to the
same extent as if such interest were owing directly to a Lender, and each Lender shall also retain the right of set-off with respect to
any participating interests sold by it. By exercising any right of set-off, a Participant agrees to share with Lenders all amounts received
through its set-off, in accordance with Section 12.5 as if such Participant were a Lender.

 

13.3           
Assignments.

 

13.3.1      
Permitted Assignments. A Lender may assign to an Eligible Assignee any of its rights and obligations under the Loan
Documents, as long as (a) each assignment is of a constant, and not a varying, percentage of the transferor Lender’s rights and
obligations under the Loan Documents and, in the case of a partial assignment, is in a minimum principal amount of $10,000,000 (unless
otherwise agreed by Agent in its discretion) and integral multiples of $1,000,000 in excess of that amount; (b) except in the case of
an assignment in whole of a Lender’s rights and obligations, the aggregate amount of the Commitments retained by the transferor
Lender is at least $10,000,000 (unless otherwise agreed by Agent in its discretion); and (c) the parties to each such assignment shall
execute and deliver an Assignment to Agent for acceptance and recording. Nothing herein shall limit the right of a Lender to pledge or
assign any rights under the Loan Documents to secure obligations of such Lender, including a pledge or assignment to a Federal Reserve
Bank; provided, however, that no such pledge or assignment shall release the Lender from its obligations hereunder nor substitute
the pledge or assignee for such Lender as a party hereto.

 

13.3.2      
Effect; Effective Date. Upon delivery to Agent of an Assignment Notice and a processing fee of $3,500 (unless otherwise
agreed by Agent in its discretion), the assignment shall become effective as specified in the notice, if it complies with this Section
13.3. From such effective date, the Eligible Assignee shall for all purposes be a Lender under the Loan Documents, and shall have
all rights and obligations of a Lender thereunder. Upon consummation of an assignment, the transferor Lender, Agent and Borrowers shall
make appropriate arrangements for issuance of replacement and/or new notes, if applicable. The transferee Lender shall comply with Section
5.10 and deliver, upon request, an administrative questionnaire satisfactory to Agent.

 

 

    	 	80	 

     

    

 

13.3.3      
Certain Assignees. No assignment or participation may be made to an Obligor, Affiliate of an Obligor, Defaulting
Lender or natural person. Agent shall have no obligation to determine whether any assignment is permitted under the Loan Documents or
whether any assignment has been properly effectuated pursuant to this Agreement. Any assignment by a Defaulting Lender must be accompanied
by satisfaction of its outstanding obligations under the Loan Documents in a manner satisfactory to Agent, including payment by the Defaulting
Lender or Eligible Assignee of an amount sufficient upon distribution (through direct payment, purchases of participations or other methods
acceptable to Agent in its discretion) to satisfy all funding and payment liabilities of the Defaulting Lender. If any assignment by a
Defaulting Lender (by operation of law or otherwise) does not comply with the foregoing, the assignee shall be deemed a Defaulting Lender
for all purposes until compliance occurs.

 

13.3.4      
Register. Agent, acting as a non-fiduciary agent of Borrowers (solely for tax purposes), shall maintain (a) a copy
(or electronic equivalent) of each Assignment and Acceptance delivered to it, and (b) a register for recordation of the names, addresses
and Commitments of, and the Loans (including principal and stated interest) and LC Obligations owing to, each Lender. Entries in the register
shall be conclusive, absent manifest error, and Borrowers, Agent and Lenders shall treat each Person recorded in such register as a Lender
for all purposes under the Loan Documents, notwithstanding any notice or knowledge to the contrary; provided that failure to make
any such recordation, or any error in such recordation, shall not affect any Lender's commitments or any Borrower's or other Obligor's
Obligations in respect of any Loan or Letter of Credit. Agent may choose to show only one Borrower as the borrower in the register, without
any effect on the liability of any Obligor with respect to the Obligations. The register shall be available for inspection by Borrowers
or any Lender, from time to time upon reasonable notice. The Obligors hereby agree that Agent and the other Agent Indemnitees constitute
Indemnities pursuant to Section 14.2 in connection with this register and all of their respective actions and activities and failures
to act in connection therewith.

 

13.4           
Replacement of Certain Lenders. If a Lender (a) within the last 120 days failed to give its consent to
any amendment, waiver or action for which consent of all Lenders was required and Required Lenders consented, (b) is a Defaulting Lender,
or (c) within the last 120 days gave a notice under Section 3.5 or requested payment or compensation under Section 3.7
or 5.9 (and has not designated a different Lending Office pursuant to Section 3.8), then Agent or Borrower Agent may, upon
10 days notice to such Lender, require it to assign its rights and obligations under the Loan Documents to Eligible Assignee(s), pursuant
to appropriate Assignment(s), within 20 days after the notice. Agent is irrevocably appointed as attorney-in-fact to execute any such
Assignment if the Lender fails to execute it. Such Lender shall be entitled to receive, in cash, concurrently with such assignment, all
amounts owed to it under the Loan Documents through the date of assignment.

 

SECTION
14.      MISCELLANEOUS

 

14.1           
Consents, Amendments and Waivers.

 

14.1.1      
Amendment. No modification of any Loan Document, including any extension or amendment of a Loan Document or any waiver
of a Default or Event of Default, shall be effective without the prior written agreement of Agent (with the consent of Required Lenders)
and each Obligor party to such Loan Document; provided, however, that:

 

(a)               
(i) without the prior written consent of Agent, no modification shall alter any provision in a Loan Document that relates
to any rights, duties or discretion of Agent and (ii) without the prior written consent of Swingline Lender, no modification shall alter
any provision in the Loan Documents that relates to any rights, duties or discretion of Swingline Lender;

 

(b)               
without the prior written consent of each affected Lender, including a Defaulting Lender, no modification shall (i) increase
the Commitment of such Lender; (ii) reduce the amount of, or waive or delay payment of, any principal, interest or fees payable to such
Lender (except as provided in Section 4.2); (iii) extend the Revolver Termination Date or Term Loan Maturity Date applicable to
such Lender’s Obligations; or (iv) amend this clause (b); provided, however, that only the consent of Required
Lenders shall be necessary to amend the definition of "Default Rate" or to waive any obligation of the Borrowers to pay interest
at the Default Rate;

 

 

 

    	 	81	 

     

    

 

(c)               
without the prior written consent of Issuing Bank, no modification shall alter Section 2.3 or any other provision
in a Loan Document that relates to Letters of Credit or any rights, duties or discretion of Issuing Bank;

 

(d)               
without the prior written consent of Super-Majority Lenders (except any Defaulting Lender), no modification shall (i) alter
Section 5.6.2, 7.1 (except to add Collateral) or 14.1.1; (ii) amend the definition of Borrowing Base, Accounts Formula Amount
or Inventory Formula Amount (or any defined term used in such definitions) if the effect of such amendment is to increase borrowing availability,
Pro Rata or Required Lenders or Super-Majority Lenders; (iii) release all or substantially all Collateral; or (iv) except in connection
with a merger, disposition or similar transaction expressly permitted hereby, release any Obligor from liability for any Obligations;

 

(e)               
without the prior written consent of all Lenders (except any Defaulting Lenders) no modification shall consensually subordinate
the Liens of Agent on the Collateral or consensually subordinate the Obligations to other Debt (except in accordance with this Agreement
as in effect on the date hereof or in accordance with financing to one or more Obligors pursuant to Section 364 of the Bankruptcy Code
or any similar Insolvency Proceeding);

 

(f)                
without the prior written consent of all Lenders, no modification shall alter the first sentence of Section 13.3.1
hereof; and

 

(g)               
without the prior written consent of a Secured Bank Product Provider, no modification shall affect its relative payment
priority under Section 5.6.2.

 

14.1.2      
Limitations. The agreement of Obligors shall not be required for any modification of a Loan Document that deals solely
with the rights and duties of Lenders, Agent and/or Issuing Bank as among themselves. Only the consent of the parties to any agreement
relating to fees or a Bank Product shall be required for modification of such agreement, and no Bank Product provider (in such capacity)
shall have any right to consent to modification of any Loan Document other than its Bank Product agreement. Any waiver or consent granted
by Agent or Lenders hereunder shall be effective only if in writing and only for the matter specified.

 

14.1.3      
Payment for Consents. No Obligor will, directly or indirectly, pay any remuneration or other thing of value, whether
by way of additional interest, fee or otherwise, to any Lender (in its capacity as a Lender hereunder) as consideration for agreement
by such Lender with any modification of any Loan Documents, unless such remuneration or value is concurrently paid, on the same terms,
on a Pro Rata basis to all Lenders providing their consent.

 

14.2           
Indemnity. EACH OBLIGOR SHALL INDEMNIFY AND HOLD HARMLESS THE INDEMNITEES AGAINST ANY CLAIMS THAT
MAY BE INCURRED BY OR ASSERTED AGAINST ANY INDEMNITEE, INCLUDING CLAIMS ASSERTED BY ANY OBLIGOR OR OTHER PERSON OR ARISING FROM THE NEGLIGENCE
OF AN INDEMNITEE. In no event shall any party to a Loan Document have any obligation thereunder to indemnify or hold harmless an Indemnitee
with respect to a Claim that is determined in a final, non-appealable judgment by a court of competent jurisdiction to result from the
gross negligence or willful misconduct of such Indemnitee. Without limiting the generality of any provision of this Section 14.2,
to the fullest extent permitted by law, each Obligor hereby waives all rights for contribution or any other rights of recovery with respect
to liabilities, losses, damages, costs and expenses arising under or relating to Environmental Laws or any other Applicable Law that
it might have by statute or otherwise against any Indemnitee, except to the extent that such items are determined by a final and non-appealable
decision of a court of competent jurisdiction to have resulted primarily from the gross negligence or willful misconduct of such Indemnitee.
No Obligor shall, without the prior written consent of each applicable Indemnitee, effect any settlement of any pending or threatened
proceedings in respect of which indemnity could have been sought hereunder by such Indemnitee unless such settlement (a) includes an
unconditional release of such Indemnitee in form and substance satisfactory to such Indemnitee from all liability or claims that are
the subject matter of such proceedings and (b) does not include any statement as to or any admission of fault, culpability, wrong doing
or a failure to act by or on behalf of any Indemnitee. 

 

 

 

    	 	82	 

     

    

 

14.3           
Notices and Communications.

 

14.3.1      
Notice Address. Subject to Section 14.3.2, all notices and other communications by or to a party hereto shall
be in writing and shall be given to any Obligor, at Borrower Agent’s address shown on the signature pages hereof, and to any other
Person at its address shown on the signature pages hereof (or, in the case of a Person who becomes a Lender after the Closing Date, at
the address shown on its Assignment), or at such other address as a party may hereafter specify by notice in accordance with this Section
14.3. Each communication shall be effective only (a) if given by facsimile transmission, when transmitted to the applicable facsimile
number, if confirmation of receipt is received; (b) if given by mail, three Business Days after deposit in the U.S. mail, with first-class
postage pre-paid, addressed to the applicable address; or (c) if given by personal delivery (including nationally recognized overnight
couriers such as Fed Ex and UPS), when duly delivered to the notice address with receipt acknowledged. Notwithstanding the foregoing,
no notice to Agent pursuant to Section 2.1.4, 3.1.2, 4.1.1 or 5.3.3 shall be effective until actually received by the individual
to whose attention at Agent such notice is required to be sent. Any written communication that is not sent in conformity with the foregoing
provisions shall nevertheless be effective on the date actually received by the noticed party. Any notice received by Borrower Agent shall
be deemed received by all Borrowers.

 

14.3.2      
Communications. Electronic and telephonic communications (including e-mail, messaging, voice mail and websites) may
be used only in a manner acceptable to Agent. Secured Parties make no assurance as to the privacy or security of electronic or telephonic
communications. Except where expressly provided in this Agreement or any other Loan Document, e-mail and voice mail shall not be effective
notices under the Loan Documents unless the sender shall have received an acknowledgement of such e-mail or voice mail by return e-mail,
telephone call or voice mail.

 

14.3.3      
Platform. Borrower Materials shall be delivered pursuant to procedures approved by Agent, including electronic delivery
(if possible) upon request by Agent to an electronic system maintained by Agent (“Platform”). Borrowers shall notify
Agent of each posting of Borrower Materials on the Platform and the materials shall be deemed received by Agent only upon its receipt
of such notice. Borrower Materials and other information relating to this credit facility may be made available to Secured Parties on
the Platform. The Platform is provided “as is” and “as available.” Agent does not warrant the accuracy or completeness
of any information on the Platform nor the adequacy or functioning of the Platform, and expressly disclaims liability for any errors or
omissions in the Borrower Materials or any issues involving the Platform. 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 AGENT WITH RESPECT TO BORROWER MATERIALS OR THE PLATFORM. No Agent Indemnitee shall have any liability
to Borrowers, Secured Parties or any other Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract
or otherwise) relating to use by any Person of the Platform, including any unintended recipient, nor for delivery of Borrower Materials
and other information via the Platform, internet, e-mail, or any other electronic platform or messaging system.

 

14.3.4      
Public Information. Obligors and Secured Parties acknowledge that “public” information may not be segregated
from material non-public information on the Platform. Secured Parties acknowledge that Borrower Materials may include Obligors’
material non-public information, and should not be made available to personnel who do not wish to receive such information or may be engaged
in investment or other market-related activities with respect to an Obligor’s securities.

 

14.3.5      
Non-Conforming Communications. Agent and Lenders may rely upon any communications purportedly given by or on behalf
of any Obligor even if they were not made in a manner specified herein, were incomplete or were not confirmed, or if the terms thereof,
as understood by the recipient, varied from a later confirmation. Each Obligor shall indemnify and hold harmless each Indemnitee from
any liabilities, losses, costs and expenses arising from any electronic or telephonic communication purportedly given by or on behalf
of an Obligor.

 

14.4           
Performance of Obligors’ Obligations. Agent may, in its discretion at any time and from time to
time, at Borrowers’ expense, pay any amount or do any act required of an Obligor under any Loan Documents or otherwise lawfully
requested by Agent to (a) enforce any Loan Documents or collect any Obligations; (b) protect, insure, maintain or realize upon any Collateral;
or (c) defend or maintain the validity or priority of Agent’s Liens in any Collateral, including any payment of a judgment, insurance
premium, warehouse charge, finishing or processing charge, or landlord claim, or any discharge of a Lien. All payments, costs and expenses
(including Extraordinary Expenses) of Agent under this Section shall be reimbursed to Agent by Borrowers, on demand, with interest
from the date incurred until paid in full, at the Default Rate applicable to Base Rate Revolver Loans. Any payment made or action taken
by Agent under this Section shall be without prejudice to any right to assert an Event of Default or to exercise any other rights or
remedies under the Loan Documents.

 

 

 

    	 	83	 

     

    

 

14.5           
Credit Inquiries. Agent and Lenders may (but shall have no obligation) to respond to usual and customary
credit inquiries from third parties concerning any Obligor or Subsidiary.

 

14.6           
Severability. Wherever possible, each provision of the Loan Documents shall be interpreted in such manner
as to be valid under Applicable Law. If any provision is found to be invalid under Applicable Law, it shall be ineffective only to the
extent of such invalidity and the remaining provisions of the Loan Documents shall remain in full force and effect.

 

14.7           
Cumulative Effect; Conflict of Terms. The provisions of the Loan Documents are cumulative. The parties
acknowledge that the Loan Documents may use several limitations or measurements to regulate similar matters, and they agree that these
are cumulative and that each must be performed as provided. Except as otherwise provided in another Loan Document (by specific reference
to the applicable provision of this Agreement), if any provision contained herein is in direct conflict with any provision in another
Loan Document, the provision herein shall govern and control.

 

14.8           
Counterparts; Execution. Any Loan Document may be executed in counterparts, each of which shall constitute
an original, but all of which when taken together shall constitute a single contract. This Agreement shall become effective when Agent
has received counterparts bearing the signatures of all parties hereto. Agent may (but shall have no obligation to) accept any signature,
contract formation or record-keeping through electronic means, which shall have the same legal validity and enforceability as manual
or paper-based methods, to the fullest extent permitted by Applicable Law, including the Federal Electronic Signatures in Global and
National Commerce Act, the New York State Electronic Signatures and Records Act, or any similar state law based on the Uniform Electronic
Transactions Act. Upon request by Agent, any electronic signature or delivery shall be promptly followed by a manually executed or paper
document.

 

14.9           
Entire Agreement. Time is of the essence with respect to all Loan Documents and Obligations. The Loan
Documents constitute the entire agreement, and supersede all prior understandings and agreements, among the parties relating to the subject
matter thereof.

 

14.10       
Relationship with Lenders. The obligations of each Lender hereunder are several, and no Lender shall
be responsible for the obligations or Commitments of any other Lender. Amounts payable hereunder to each Lender shall be a separate and
independent debt. It shall not be necessary for Agent or any other Lender to be joined as an additional party in any proceeding for such
purposes. Nothing in this Agreement and no action of Agent, Lenders or any other Secured Party pursuant to the Loan Documents or otherwise
shall be deemed to constitute Agent and any Secured Party to be a partnership, joint venture or similar arrangement, nor to constitute
control of any Obligor.

 

14.11       
No Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction contemplated
by any Loan Document, Obligors acknowledge and agree that (a)(i) this credit facility and any arranging or other services by Agent, any
Lender, any of their Affiliates or any arranger are arm’s-length commercial transactions between Obligors and their Affiliates,
on one hand, and Agent, any Lender, any of their Affiliates or any arranger, on the other hand; (ii) Obligors have consulted their own
legal, accounting, regulatory and tax advisors to the extent they have deemed appropriate; and (iii) Obligors are capable of evaluating,
and understand and accept, the terms, risks and conditions of the transactions contemplated by the Loan Documents; (b) each of Agent,
Lenders, their Affiliates and any arranger is and has been acting solely as a principal and, except as expressly agreed in writing by
the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for Obligors, their Affiliates or
any other Person, and has no obligation with respect to the transactions contemplated by the Loan Documents except as expressly set forth
therein; and (c) Agent, Lenders, their Affiliates and any arranger may be engaged in a broad range of transactions that involve interests
that differ from those of Obligors and their Affiliates, and have no obligation to disclose any of such interests to Obligors or their
Affiliates. To the fullest extent permitted by Applicable Law, each Obligor hereby waives and releases any claims that it may have against
Agent, Lenders, their Affiliates and any arranger with respect to any breach of agency or fiduciary duty in connection with any transaction
contemplated by a Loan Document.

 

 

 

    	 	84	 

     

    

 

14.12       
Confidentiality. Each of Agent, Lenders and Issuing Bank shall maintain the confidentiality of
all Information (as defined below), except that Information may be disclosed (a) to its Affiliates and Approved Funds, and to its and
their partners, directors, officers, employees, agents, advisors and representatives (provided they are informed of the confidential
nature of the Information and instructed to keep it confidential); (b) to the extent requested by any governmental, regulatory or self-regulatory
authority purporting to have jurisdiction over it or its Affiliates and Approved Funds; (c) to the extent required by Applicable Law
or by any subpoena or other legal process; (d) to any other party hereto; (e) in connection with the exercise of remedies hereunder or
under any other Loan Document or any action or proceeding relating to any Loan Documents or Obligations; (f) subject to an agreement
containing provisions substantially the same as this Section, to any Transferee or any actual or prospective party (or its advisors)
to any Bank Product or to any swap, derivative or other transaction under which payments are to be made by reference to an Obligor or
Obligor’s obligations; (g) to the extent such Information (i) becomes publicly available other than as a result of a breach of
this Section or (ii) is available to Agent, Issuing Bank, any Lender or any of their Affiliates on a nonconfidential basis from a source
other than Obligors; (h) on a confidential basis to a provider of a Platform; or (i) with the consent of Borrower Agent. Notwithstanding
the foregoing, Agent and Lenders may publish or disseminate general information concerning this credit facility for league table, tombstone
and advertising purposes, and may use Borrowers’ logos, trademarks or product photographs in advertising materials. As used herein,
“Information” means information received from an Obligor or Subsidiary relating to it or its business that is identified
as confidential when delivered. A Person required to maintain the confidentiality of Information pursuant to this Section shall be deemed
to have complied if it exercises a degree of care similar to that accorded its own confidential information. Each of Agent, Issuing Bank
and Lenders acknowledges that (i) Information may include material non-public information; (ii) it has developed compliance procedures
regarding the use of such information; and (iii) it will handle the material non-public information in accordance with Applicable Law.

 

14.13       
GOVERNING LAW. UNLESS EXPRESSLY PROVIDED IN ANY LOAN DOCUMENT, THIS AGREEMENT, THE OTHER LOAN
DOCUMENTS AND ALL CLAIMS SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ANY CONFLICT OF LAW PRINCIPLES
EXCEPT FEDERAL LAWS RELATING TO NATIONAL BANKS.

 

14.14       
Consent To Forum.

 

14.14.1  
Forum. EACH OBLIGOR HEREBY CONSENTS TO THE EXCLUSIVE JURISDICTION OF ANY STATE COURT SITTING IN NEW YORK
COUNTY, NEW YORK, OR THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, IN ANY DISPUTE, ACTION, LITIGATION OR OTHER
PROCEEDING RELATING IN ANY WAY TO ANY LOAN DOCUMENTS, AND AGREES THAT ANY DISPUTE, ACTION, LITIGATION OR OTHER PROCEEDING SHALL BE BROUGHT
BY IT SOLELY IN ANY SUCH COURT. EACH OBLIGOR IRREVOCABLY AND UNCONDITIONALLY WAIVES ALL CLAIMS, OBJECTIONS AND DEFENSES THAT IT MAY HAVE
REGARDING ANY SUCH COURT’S PERSONAL OR SUBJECT MATTER JURISDICTION, VENUE OR INCONVENIENT FORUM. EACH PARTY HERETO IRREVOCABLY
AND UNCONDITIONALLY SUBMITS TO THE JURISDICTION OF SUCH COURTS AND CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES
IN SECTION 14.3.1. A final judgment in any proceeding of any such court shall be conclusive and may be enforced in other jurisdictions
by suit on the judgment or any other manner provided by Applicable Law.

 

14.14.2  
Other Jurisdictions. Nothing herein shall limit the right of Agent or any Lender to bring proceedings against any
Obligor in any other court, nor limit the right of any party to serve process in any other manner permitted by Applicable Law. Nothing
in this Agreement shall be deemed to preclude enforcement by Agent of any judgment or order obtained in any forum or jurisdiction.

 

14.14.3  
[Reserved].

 

 

 

 

    	 	85	 

     

    

 

14.15       
Waivers by Obligors. To the fullest extent permitted by Applicable Law, each Obligor waives (a) the right
to trial by jury (which Agent, Issuing Bank and each Lender hereby also waive) in any proceeding or dispute of any kind relating in any
way to any Loan Documents, Obligations or Collateral; (b) presentment, demand, protest, notice of presentment, notice of intent to accelerate,
notice of acceleration, default, non-payment, maturity, release, compromise, settlement, extension or renewal of any commercial paper,
accounts, documents, instruments, chattel paper and guaranties at any time held by Agent on which an Obligor may in any way be liable,
and hereby ratifies anything Agent may do in this regard; (c) notice prior to taking possession or control of any Collateral; (d) any
bond or security that might be required by a court prior to allowing Agent to exercise any rights or remedies; (e) the benefit of all
valuation, appraisement and exemption laws; (f) any claim against Agent, Issuing Bank or any Lender, on any theory of liability, for
special, indirect, consequential, exemplary or punitive damages (as opposed to direct or actual damages) in any way relating to any Enforcement
Action, Obligations, Loan Documents or transactions relating thereto; and (g) notice of acceptance hereof. Each Obligor acknowledges
that the foregoing waivers are a material inducement to Agent, Issuing Bank and Lenders entering into this Agreement and that they are
relying upon the foregoing in their dealings with Obligors. Each Obligor has reviewed the foregoing waivers with its legal counsel and
has knowingly and voluntarily waived its jury trial and other rights following consultation with legal counsel. In the event of litigation,
this Agreement may be filed as a written consent to a trial by the court.

 

14.16       
Patriot Act Notice. Agent and Lenders hereby notify Obligors that pursuant to the Patriot Act,
Agent and Lenders are required to obtain, verify and record information that identifies each Obligor, including its legal name, address,
tax ID number and other information that will allow Agent and Lenders to identify it in accordance with the Patriot Act. Agent and Lenders
will also require information regarding any personal guarantor and may require information regarding Obligors’ management and owners,
such as legal name, address, social security number and date of birth. Obligors shall, promptly upon request, provide all documentation
and other information as Agent, Issuing Bank or any Lender may request from time to time in order to comply with any obligations under
any “know your customer,” anti-money laundering or other requirements of Applicable Law.

 

14.17       
NO ORAL AGREEMENT. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE
PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS BETWEEN THE PARTIES. THERE ARE
NO UNWRITTEN AGREEMENTS BETWEEN THE PARTIES.

 

SECTION
15.      GUARANTY

 

15.1           
Guaranty of the Obligations. Subject to the provisions of Section 15.2, Guarantors jointly
and severally hereby irrevocably and unconditionally guaranty to Agent and Lenders the due and punctual payment in full of all Obligations
(other than Excluded Swap Obligations) when the same shall become due, whether at stated maturity, by required prepayment, declaration,
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) (collectively, the “Guaranteed Obligations”).

 

15.2           
Contribution by Guarantors. All Guarantors desire to allocate among themselves (collectively,
the “Contributing Guarantors”), in a fair and equitable manner, their obligations arising under this Guaranty. Accordingly,
in the event any payment or distribution is made on any date by a Guarantor (a “Funding Guarantor”) under this Guaranty
such that its Aggregate Payments exceeds its Fair Share as of such date, such Funding Guarantor shall be entitled to a contribution from
each of the other Contributing Guarantors in an amount sufficient to cause each Contributing Guarantor’s Aggregate Payments to
equal its Fair Share as of such date. “Fair Share” means, with respect to a Contributing Guarantor as of any date
of determination, an amount equal to (a) the ratio of (i) the Fair Share Contribution Amount with respect to such Contributing Guarantor,
to (ii) the aggregate of the Fair Share Contribution Amounts with respect to all Contributing Guarantors multiplied by, (b) the aggregate
amount paid or distributed on or before such date by all Funding Guarantors under this Guaranty in respect of the obligations Guaranteed.
“Fair Share Contribution Amount” means, with respect to a Contributing Guarantor as of any date of determination,
the maximum aggregate amount of the obligations of such Contributing Guarantor under this Guaranty that would not render its obligations
hereunder subject to avoidance as a fraudulent transfer or conveyance under Section 548 of Title 11 of the United States Code or any
comparable applicable provisions of state law; provided, solely for purposes of calculating the “Fair Share Contribution Amount”
with respect to any Contributing Guarantor for purposes of this Section 15.2, any assets or liabilities of such Contributing Guarantor
arising by virtue of any rights to subrogation, reimbursement or indemnification or any rights to or obligations of contribution hereunder
shall not be considered as assets or liabilities of such Contributing Guarantor. “Aggregate Payments” means, with
respect to a Contributing Guarantor as of any date of determination, an amount equal to (1) the aggregate amount of all payments and
distributions made on or before such date by such Contributing Guarantor in respect of this Guaranty (including, without limitation,
in respect of this Section 15.2), minus (2) the aggregate amount of all payments received on or before such date by such Contributing
Guarantor from the other Contributing Guarantors as contributions under this Section 15.2. The amounts payable as contributions
hereunder shall be determined as of the date on which the related payment or distribution is made by the applicable Funding Guarantor.
The allocation among Contributing Guarantors of their obligations as set forth in this Section 15.2 shall not be construed in
any way to limit the liability of any Contributing Guarantor hereunder. Each Guarantor is a third-party beneficiary to the contribution
agreement set forth in this Section 15.2.

 

 

    	 	86	 

     

    

 

15.3           
Payment by Guarantors. Subject to Section 15.2, Guarantors hereby jointly and severally
agree, in furtherance of the foregoing and not in limitation of any other right which Agent or any Lender may have at law or in equity
against any Guarantor by virtue hereof, that upon the failure of any Borrower to pay any of the Guaranteed Obligations when and as the
same shall become due, whether at stated maturity, by required prepayment, declaration, 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), Guarantors will
upon demand pay, or cause to be paid, in cash, to Agent, for the benefit of itself and the Lenders, an amount equal to the sum of the
unpaid principal amount of all Guaranteed Obligations then due as aforesaid, accrued and unpaid interest on such Guaranteed Obligations
(including interest which, but for any Borrower’s becoming the subject of a case under the Bankruptcy Code, would have accrued
on such Guaranteed Obligations, whether or not a claim is allowed against such Borrower for such interest in the related bankruptcy case)
and all other Guaranteed Obligations then owed to Agent and Lenders as aforesaid.

 

15.4           
Liability of Guarantors Absolute. Each Guarantor agrees that its obligations hereunder are irrevocable,
absolute, independent and unconditional and shall not be affected by any circumstance which constitutes a legal or equitable discharge
of a guarantor or surety other than payment in full of the Guaranteed Obligations. In furtherance of the foregoing and without limiting
the generality thereof, each Guarantor agrees as follows:

 

(a)               
this Guaranty is a guaranty of payment when due and not of collectability. This Guaranty is a primary obligation of each
Guarantor and not merely a contract of surety;

 

(b)               
Agent may enforce this Guaranty upon the occurrence of an Event of Default notwithstanding the existence of any dispute
between any Borrower and Agent or any Lender with respect to the existence of such Event of Default;

 

(c)               
the obligations of each Guarantor hereunder are independent of the obligations of Borrowers and the obligations of any other
guarantor (including any other Guarantor) of the obligations of Borrowers, and a separate action or actions may be brought and prosecuted
against such Guarantor whether or not any action is brought against any Borrower or any of such other guarantors and whether or not any
Borrower is joined in any such action or actions;

 

(d)               
payment by any Guarantor of a portion, but not all, of the Guaranteed Obligations shall in no way limit, affect, modify
or abridge any Guarantor’s liability for any portion of the Guaranteed Obligations which has not been paid. Without limiting the
generality of the foregoing, if Agent or any Lender is awarded a judgment in any suit brought to enforce any Guarantor’s covenant
to pay a portion of the Guaranteed Obligations, such judgment shall not be deemed to release such Guarantor from its covenant to pay the
portion of the Guaranteed 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 Guaranteed Obligations;

 

(e)               
Agent and/or Lenders, upon such terms as they deem appropriate, without notice or demand and without affecting the validity
or enforceability hereof or giving rise to any reduction, limitation, impairment, discharge or termination of any Guarantor’s liability
hereunder, from time to time may (i) renew, extend, accelerate, increase the rate of interest on, or otherwise change the time, place,
manner or terms of payment of the Guaranteed Obligations; (ii) settle, compromise, release or discharge, or accept or refuse any offer
of performance with respect to, or substitutions for, the Guaranteed 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 guaranties of the Guaranteed Obligations
and take and hold security for the payment hereof or the Guaranteed Obligations; (iv) release, surrender, exchange, substitute, compromise,
settle, rescind, waive, alter, subordinate or modify, with or without consideration, any security for payment of the Guaranteed Obligations,
any other guaranties of the Guaranteed Obligations, or any other obligation of any Person (including any other Guarantor) with respect
to the Guaranteed Obligations; (v) enforce and apply any security now or hereafter held by or for the benefit of Agent for the benefit
of itself and the Lenders in respect hereof or the Guaranteed Obligations and direct the order or manner of sale thereof, or exercise
any other right or remedy that Agent may have against any such security, in each case as Agent in its discretion may determine consistent
herewith or any applicable security agreement, including foreclosure on any such security 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 Borrower or any security for the Guaranteed
Obligations; and (vi) exercise any other rights available to it under the Loan Documents; and

 

 

 

    	 	87	 

     

    

 

(f)                
this Guaranty and the obligations of Guarantors hereunder shall be valid and enforceable and shall not be subject to any
reduction, limitation, impairment, discharge or termination for any reason (other than payment in full of the Guaranteed Obligations),
including the occurrence of any of the following, whether or not any Guarantor shall have had notice or knowledge of any of them: (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 Loan Documents, at law, in equity or otherwise) with respect to the Guaranteed Obligations or any agreement relating
thereto, or with respect to any other guaranty of or security for the payment of the Guaranteed Obligations; (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) hereof, any of the other Loan Documents or any agreement or instrument executed pursuant thereto, or of any other guaranty
or security for the Guaranteed Obligations, in each case whether or not in accordance with the terms hereof or such Loan Document, or
any agreement relating to such other guaranty or security; (iii) the Guaranteed 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 Loan Documents or from the proceeds of any security for the Guaranteed Obligations, except
to the extent such security also serves as collateral for indebtedness other than the Guaranteed Obligations) to the payment of indebtedness
other than the Guaranteed Obligations, even though Agent or Lenders might have elected to apply such payment to any part or all of the
Guaranteed Obligations; (v) Agent’s or Lenders’ consent to the change, reorganization or termination of the corporate structure
or existence of any Borrower or any of its Subsidiaries and to any corresponding restructuring of the Guaranteed Obligations; (vi) any
failure to perfect or continue perfection of a security interest in any collateral which secures any of the Guaranteed Obligations; (vii)
any defenses, set-offs or counterclaims which any Borrower may allege or assert against Agent or any Lender in respect of the Guaranteed
Obligations, including failure of consideration, breach of warranty, payment, 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, which may or might in any manner or to
any extent vary the risk of any Guarantor as an Obligor in respect of the Guaranteed Obligations.

 

15.5           
Waivers by Guarantors. Each Guarantor hereby waives, for the benefit of Agent and each Lender:
(a) any right to require Agent or any Lender, as a condition of payment or performance by such Guarantor, to (i) proceed against any
Borrower, any other guarantor (including any other Guarantor) of the Guaranteed Obligations or any other Person, (ii) proceed against
or exhaust any security held from any Borrower, any such other guarantor or any other Person, (iii) proceed against or have resort to
any balance of any Deposit Account, securities account or commodities account or credit on the books of Agent or any Lender in favor
of any Borrower or any other Person, or (iv) pursue any other remedy in the power of Agent or any Lender whatsoever; (b) any defense
arising by reason of the incapacity, lack of authority or any disability or other defense of any Borrower or any other Guarantor including
any defense based on or arising out of the lack of validity or the unenforceability of the Guaranteed Obligations or any agreement or
instrument relating thereto or by reason of the cessation of the liability of any Borrower or any other Guarantor from any cause other
than payment in full of the Guaranteed Obligations; (c) any defense based upon any statute or rule of law which 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 Agent’s or any Lender’s errors or omissions in the administration of the Guaranteed Obligations; (e) (i) any principles
or provisions of law, statutory or otherwise, which are or might be in conflict with the terms hereof and any legal or equitable discharge
of such Guarantor’s obligations hereunder, (ii) the benefit of any statute of limitations affecting such Guarantor’s liability
hereunder or the enforcement hereof, (iii) any rights to set-offs, recoupments and counterclaims, and (iv) promptness, diligence and
any requirement that Agent or any Lender 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 hereunder or any agreement or instrument related thereto, notices of any renewal, extension or
modification of the Guaranteed Obligations or any agreement related thereto, notices of any extension of credit to Borrowers and notices
of any of the matters referred to in Section 15.4 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.

 

 

 

    	 	88	 

     

    

 

15.6           
Guarantors’ Rights of Subrogation, Contribution, etc. Until the Guaranteed Obligations shall have
been indefeasibly paid in full and the Revolver Commitment shall have terminated and all Letters of Credit shall have expired 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 any Borrower or any other Guarantor or any of its assets in connection with this Guaranty or the performance by such Guarantor
of its obligations hereunder, in each case whether such claim, right or remedy arises in equity, under contract, by statute, under common
law or otherwise and including without limitation (a) any right of subrogation, reimbursement or indemnification that such Guarantor
now has or may hereafter have against any Borrower with respect to the Guaranteed Obligations, (b) any right to enforce, or to participate
in, any claim, right or remedy that Agent or any Lender now has or may hereafter have against any Borrower, and (c) any benefit of, and
any right to participate in, any collateral or security now or hereafter held by Agent or any Lender. In addition, until the Guaranteed
Obligations shall have been indefeasibly paid in full and the Revolver Commitment shall have terminated and all Letters of Credit shall
have expired 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 Guaranteed Obligations, including, without limitation, any such right of contribution
as contemplated by Section 15.2. Each Guarantor further agrees that, to the extent the waiver or agreement to withhold the exercise
of its rights of subrogation, reimbursement, indemnification 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 indemnification such Guarantor may have against any
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 Agent or any Lender may have against any Borrower, to all right, title and interest Agent
or Lender may have in any such collateral or security, and to any right Agent or any Lender may have against such other guarantor. If
any amount shall be paid to any Guarantor on account of any such subrogation, reimbursement, indemnification or contribution rights at
any time when all Guaranteed Obligations shall not have been finally and indefeasibly paid in full, such amount shall be held in trust
for Agent and Lenders and shall forthwith be paid over to Agent to be credited and applied against the Guaranteed Obligations, whether
matured or unmatured, in accordance with the terms hereof.

 

15.7           
Subordination of Other Obligations. Any indebtedness of any Borrower or any Guarantor now or hereafter
held by any Guarantor (the “Obligee Guarantor”) is hereby subordinated in right of payment to the Guaranteed Obligations,
and any such indebtedness collected or received by the Obligee Guarantor after an Event of Default has occurred and is continuing shall
be held in trust for Agent and Lenders and shall forthwith be paid over to Agent to be credited and applied against the Guaranteed Obligations
but without affecting, impairing or limiting in any manner the liability of the Obligee Guarantor under any other provision hereof.

 

15.8           
Continuing Guaranty. This Guaranty is a continuing guaranty and shall remain in effect until all
of the Guaranteed Obligations shall have been indefeasibly paid in full and the Revolver Commitment shall have terminated and all Letters
of Credit shall have expired or been cancelled. Each Guarantor hereby irrevocably waives any right to revoke this Guaranty as to future
transactions giving rise to any Guaranteed Obligations.

 

15.9           
Authority of Guarantors or Borrowers. It is not necessary for Agent or any Lender to inquire into
the capacity or powers of any Guarantor or any Borrower or the officers, directors or any agents acting or purporting to act on behalf
of any of them.

 

15.10       
Financial Condition of Borrowers. Any Loan may be made to Borrowers or continued from time to
time, without notice to or authorization from any Guarantor regardless of the financial or other condition of Borrowers at the time of
any such grant or continuation. Neither Agent nor any Lender shall have any obligation to disclose or discuss with any Guarantor its
assessment, or any Guarantor’s assessment, of the financial condition of any Borrower. Each Guarantor has adequate means to obtain
information from each Borrower on a continuing basis concerning the financial condition of such Borrower and its ability to perform its
obligations under the Loan Documents, and each Guarantor assumes the responsibility for being and keeping informed of the financial condition
of Borrowers and of all circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations. Each Guarantor hereby waives
and relinquishes any duty on the part of Agent or any Lender to disclose any matter, fact or thing relating to the business, operations
or conditions of any Borrower now known or hereafter known by Agent or any Lender.

 

 

 

 

    	 	89	 

     

    

 

15.11       
Bankruptcy, etc. So long as any Guaranteed Obligations remain outstanding, no Guarantor shall, without
the prior written consent of Agent, commence or join with any other Person in commencing any bankruptcy, reorganization or insolvency
case or proceeding of or against any Borrower or any other Guarantor.

 

(a)               
The obligations of 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 or
arrangement of any Borrower or any other Guarantor or by any defense which any 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 Guaranteed Obligations which accrues after
the commencement of any case or proceeding referred to in Section 15.11(a) above (or, if interest on any portion of the Guaranteed
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 Guaranteed Obligations if such case or proceeding had not been commenced) shall be included in the Guaranteed
Obligations because it is the intention of Guarantors and Agent and Lenders that the Guaranteed Obligations which are guaranteed by Guarantors
pursuant hereto should be determined without regard to any rule of law or order which may relieve any Borrower of any portion of such
Guaranteed Obligations. Guarantors will permit any trustee in bankruptcy, receiver, debtor in possession, assignee for the benefit of
creditors or similar person to pay Agent and Lenders, or allow the claim of Agent and Lenders in respect of, any such interest accruing
after the date on which such case or proceeding is commenced.

 

(c)               
In the event that all or any portion of the Guaranteed Obligations are paid by any Borrower, the obligations of Guarantors
hereunder shall continue and remain in full force and effect or be reinstated, as the case may be, in the event that all or any part of
such payment(s) are rescinded or recovered directly or indirectly from Agent or any Lender as a preference, fraudulent transfer or otherwise,
and any such payments which are so rescinded or recovered shall constitute Guaranteed Obligations for all purposes hereunder.

 

SECTION
16.      ACKNOWLEDGEMENTS.

 

16.1.         
Acknowledgment and Consent to Bail-In of Affected Financial Institutions(a). Notwithstanding anything to the contrary
in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that
any liability of any Affected Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be
subject to the write-down and conversion powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and
agrees to be bound by:

 

(a)               
the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising
hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and

 

(b)               
the effects of any Bail-in Action on any such liability, including, if applicable:

 

(i)                
a reduction in full or in part or cancellation of any such liability;

 

(ii)              
a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution,
its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments
of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document;
or

 

(iii)             
the variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of the applicable
Resolution Authority.

 

 

 

    	 	90	 

     

    

 

16.2.         
Acknowledgement Regarding Any Supported QFCs. To the extent that the Loan Documents provide
support, through a guarantee or otherwise, for any agreement governing Swap Obligations or any other agreement or instrument that is a
QFC (such support, "QFC Credit Support" and each such QFC, a "Supported QFC"), the parties acknowledge
and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance
Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder,
the "U.S. Special Resolution Regimes") in respect of such Supported QFC and QFC Credit Support (with the provisions below
applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State
of New York and/or of the U.S. or any other state of the U.S.).

 

In the event a Covered Entity
that is party to a Supported QFC (each, a "Covered Party") becomes subject to a proceeding under a U.S. Special Resolution
Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such
Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such
Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the
Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the
U.S. or a state of the U.S. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under
a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC
Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights
could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the
U.S. or a state of the U.S. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with
respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit
Support.

 

 

 

[Remainder of page intentionally left blank;
signatures begin on following page]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	91	 

     

    

 

IN WITNESS WHEREOF,
this Agreement has been executed and delivered as of the date set forth above.

 

	 	BORROWERS:
	 	 
	 	APPLIED OPTOELECTRONICS, INC., a Delaware corporation
	 	 
	 	 
	 	By:	 	 
	 	Name:	 
	 	Title:	 
	 	Address:	 
	 	 	13139 Jess Pirtle Blvd
	 	 	 	Sugar Land, TX 77478
	 	 	 	Attn: Stefan J. Murry, Ph.D.,
    CFO and Chief Strategy Officer
	 	 	 	Email: smurry@ao-inc.com

 

 

 

 

 

 

[Signature Page to Loan, Security and Guarantee
Agreement]

    	 	92	 

     

    

 

	 	AGENT AND LENDERS:
	 	 
	 	CIT NORTHBRIDGE CREDIT LLC,
	 	as Agent
	 	 
	 	By: 	 	 	 	 
	 	Name:	 	 	 
	 	Title:	 	 	 
	 	Address:	 	 	 
	 	 	CIT Northbridge Credit LLC
	 	 	 	11 West 42nd Street, 13th Floor
	 	 	 	New York, New York 10036
	 	 	 	Attn:	 	  
	 	 	 	Telecopy:	  

 

	 	CIT NORTHBRIDGE FUNDING II LLC,
	 	as a Lender
	 	 
	 	By: 	 	 	 	 
	 	Name:	 	 	 
	 	Title:	 	 	 
	 	Address:	 	 	 
	 	 	CIT Northbridge Credit LLC
	 	 	 	11 West 42nd Street, 13th Floor
	 	 	 	New York, New York 10036
	 	 	 	Attn:	 	  
	 	 	 	Telecopy:	  

 

	 	 	 	 	 	,
	 	as a Lender
	 	 
	 	By: 	 	 	 	 
	 	Name:	 	 	 
	 	Title:	 	 	 
	 	Address:	 	 	 
	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	Attn:	 	  
	 	 	 	Telecopy: 	   

 

 

 

[Signature Page to Loan, Security and Guarantee
Agreement]

    	 	93	 

     

    

 

ExhibIT
A-1

to

Loan, Security and Guarantee Agreement

 

 

ASSIGNMENT AND ACCEPTANCE

 

Reference is made to the Loan,
Security and Guarantee Agreement dated as of November 16, 2022, as amended (“Loan Agreement”), among APPLIED OPTOELECTRONICS,
INC., a Delaware corporation (“AOI”, and together with any other Person from time to time designated as a borrower
thereunder, collectively, the “Borrowers” and each, individually, a “Borrower”), the other Obligors
from time to time party thereto, the financial institutions party to the Loan Agreement from time to time as Lenders, and CIT NORTHBRIDGE
CREDIT LLC, a Delaware limited liability company (“CNC”), as agent for the Secured Parties (in such capacity, “Agent”).
Terms are used herein as defined in the Loan Agreement.

 

______________________________________
(“Assignor”) and _________________________ _____________ (“Assignee”) agree as follows:

 

1.       Assignor
hereby assigns to Assignee and Assignee hereby purchases and assumes from Assignor (a) a principal amount of $________ of Assignor’s
outstanding Revolver Loans and (b) the amount of $__________ of Assignor’s Revolver Commitment (which represents ____% of the total
Revolver Commitments) (the foregoing items being, collectively, “Assigned Interest”), together with an interest in
the Loan Documents corresponding to the Assigned Interest. This Agreement shall be effective as of the date (“Effective Date”)
indicated in the corresponding Assignment Notice delivered to Agent, provided such Assignment Notice is executed by Assignor, Assignee,
Agent and Borrower Agent, if applicable. From and after the Effective Date, Assignee hereby expressly assumes, and undertakes to perform,
all of Assignor’s obligations in respect of the Assigned Interest, and all principal, interest, fees and other amounts which would
otherwise be payable to or for Assignor’s account in respect of the Assigned Interest shall be payable to or for Assignee’s
account, to the extent such amounts accrue on or after the Effective Date.

 

2.       Assignor
(a) represents that as of the date hereof, prior to giving effect to this assignment, its Revolver Commitment is $__________, the outstanding
balance of its Revolver Loans is $__________; (b) makes no representation or warranty and assumes no responsibility with respect to any
statements, warranties or representations made in or in connection with the Loan Agreement or the execution, legality, validity, enforceability,
genuineness, sufficiency or value of the Loan Agreement or any other instrument or document furnished pursuant thereto, other than that
Assignor is the legal and beneficial owner of the interest being assigned by it hereunder and that such interest is free and clear of
any adverse claim; and (c) makes no representation or warranty and assumes no responsibility with respect to the financial condition of
Borrowers or the performance by Borrowers of their obligations under the Loan Documents. [Assignor is attaching the promissory note[s]
held by it and requests that Agent exchange such note[s] for new promissory notes payable to Assignee [and Assignor].]

 

3.       Assignee
(a) represents and warrants that it is legally authorized to enter into this Assignment; (b) confirms that it has received copies of the
Loan Agreement and such other Loan Documents and information as it has deemed appropriate to make its own credit analysis and decision
to enter into this Assignment; (c) agrees that it shall, independently and without reliance upon Assignor and based on such documents
and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under
the Loan Documents; (d) confirms that it is an Eligible Assignee; (e) appoints and authorizes Agent to take such action as agent on its
behalf and to exercise such powers under the Loan Agreement as are delegated to Agent by the terms thereof, together with such powers
as are incidental thereto; (f) agrees that it will observe and perform all obligations that are required to be performed by it as a “Lender”
under the Loan Documents; and (g) represents and warrants that the assignment evidenced hereby will not result in a non-exempt “prohibited
transaction” under Section 406 of ERISA.

 

4.       This
Agreement shall be governed by the laws of the State of New York. If any provision is found to be invalid under Applicable Law, it shall
be ineffective only to the extent of such invalidity and the remaining provisions of this Agreement shall remain in full force and effect.

 

 

 

 

    	 	94	 

     

    

 

5.       Each
notice or other communication hereunder shall be in writing, shall be sent by messenger, by telecopy or facsimile transmission, or by
first-class mail, shall be deemed given when sent and shall be sent as follows:

 

		(a)	If to Assignee, to the following address (or to such other address as Assignee may designate from time
to time):

__________________________

__________________________

__________________________

 

		(b)	If to Assignor, to the following address (or to such other address as Assignor may designate from time
to time):

__________________________

__________________________

__________________________

__________________________

 

Payments hereunder shall be
made by wire transfer of immediately available Dollars as follows:

 

If to Assignee, to the following
account (or to such other account as Assignee may designate from time to time):

 

______________________________

______________________________

ABA No._______________________

______________________________

Account No.____________________

Reference: _____________________

 

If to Assignor, to the following
account (or to such other account as Assignor may designate from time to time):

 

______________________________

______________________________

ABA No._______________________

______________________________

Account No.____________________

Reference: _____________________

 

 

 

 

 

 

    	 	95	 

     

    

 

IN WITNESS WHEREOF,
this Assignment and Acceptance is executed as of _____________.

 

_____________________________________

(“Assignee”)

 

 

 

By___________________________________

Title:

 

_____________________________________

(“Assignor”)

 

 

 

By___________________________________

Title:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	96	 

     

    

 

ExhibIT
a-2

to

Loan, Security and Guarantee Agreement

 

 

ASSIGNMENT NOTICE

 

Reference is made to (1) the
Loan, Security and Guarantee Agreement dated as of November 16, 2022, as amended (“Loan Agreement”), among APPLIED
OPTOELECTRONICS, INC., a Delaware corporation (“AOI”, and together with any other Person from time to time designated
as a borrower thereunder, collectively, the “Borrowers” and each, individually, a “Borrower”), the
other Obligors from time to time party thereto, the financial institutions party to the Loan Agreement from time to time as Lenders, and
CIT NORTHBRIDGE CREDIT LLC, a Delaware limited liability company (“CNC”), as agent for the Secured Parties (in
such capacity, “Agent”). Terms are used herein as defined in the Loan Agreement.

 

Assignor hereby notifies Borrowers
and Agent of Assignor’s intent to assign to Assignee pursuant to the Assignment (a) a principal amount of $________ of Assignor’s
outstanding Revolver Loans and (b) the amount of $__________ of Assignor’s Revolver Commitment (which represents ____% of the total
Revolver Commitments) (the foregoing items being, collectively, the “Assigned Interest”), together with an interest
in the Loan Documents corresponding to the Assigned Interest. This Agreement shall be effective as of the date (“Effective Date”)
indicated below, provided this Assignment Notice is executed by Assignor, Assignee, Agent and Borrower Agent, if applicable. Pursuant
to the Assignment, Assignee has expressly assumed all of Assignor’s obligations under the Loan Agreement to the extent of the Assigned
Interest, as of the Effective Date.

 

For purposes of the Loan Agreement,
Agent shall deem Assignor’s Revolver Commitment to be reduced by $_________, and Assignee’s Revolver Commitment to be increased
by $_________.

 

The address of Assignee to
which notices and information are to be sent under the terms of the Loan Agreement is:

 

________________________

________________________

________________________

________________________

 

The address of Assignee to which payments are to
be sent under the terms of the Loan Agreement is shown in the Assignment.

 

This Notice is being delivered
to Borrowers and Agent pursuant to Section 13.3 of the Loan Agreement. Please acknowledge your acceptance of this Notice by executing
and returning to Assignee and Assignor a copy of this Notice.

 

IN WITNESS WHEREOF,
this Assignment Notice is executed as of _____________.

 

_____________________________________

(“Assignee”)

 

 

By___________________________________

Title:

 

 

_____________________________________

(“Assignor”)

 

 

By___________________________________

Title:

 

 

    	 	97	 

     

    

 

ACKNOWLEDGED AND AGREED,

 

AS OF THE DATE SET FORTH ABOVE:

 

BORROWER AGENT:*

 

_________________________________

 

 

By_______________________________

Title:

 

* No signature required if Assignee is a Lender, Affiliate of a Lender
or Approved Fund, or if an Event of Default exists.

 

 

CIT NORTHBRIDGE CREDIT LLC,

 

as Agent

 

 

By_______________________________

Title:

 

 

 

 

 

 

 

 

    	 	98	 

     

    

 

EXHIBIT C

to

Loan, Security and Guarantee Agreement

 

COMPLIANCE CERTIFICATE

 

THE UNDERSIGNED HEREBY CERTIFIES AS FOLLOWS:

 

 

1. I am the [___________] (the
“Chief Financial Officer”) of Applied Optoelectronics, Inc., a Delaware corporation (“Borrower Agent”).
Capitalized terms used but not defined in this Compliance Certificate (this “Certificate”) shall have the meanings
set forth in the Loan Agreement.

 

2. I have reviewed the terms
of that certain Loan, Security and Guarantee Agreement, dated as of November 16, 2022 (as amended, amended and restated, supplemented
or otherwise modified from time to time, the “Loan Agreement”), by and among APPLIED OPTOELECTRONICS, INC.,
a Delaware corporation (“AOI”, and together with any other Person from time to time designated as a borrower thereunder,
collectively, the “Borrowers” and each, individually, a “Borrower”), the other Obligors from time
to time party thereto, the financial institutions party to the Loan Agreement from time to time as Lenders, and CIT NORTHBRIDGE CREDIT
LLC, a Delaware limited liability company (“CNC”), as agent for the Secured Parties (in such capacity, “Agent”),
and I have made, or have caused to be made under my supervision, a review in reasonable detail of the transactions and condition of Borrowers
and their Subsidiaries during the accounting period covered by the attached financial statements.

 

3. This Certificate is delivered
in connection with the [calendar month] [fiscal year] ending [_____________] (the “Reporting Period”).

 

4. Attached hereto as Exhibit
A are the financial statements, comparisons and reports required to be delivered under Section [10.1.2(a)/10.1.2(b)] of the
Loan Agreement with respect to the Reporting Period (collectively, the “Financial Statements”).

 

5. The examination described
in paragraph 2 above did not disclose, and I have no knowledge of, the existence of any condition or event which constitutes an
Event of Default or Default during or at the end of the Reporting Period or as of the date of this Certificate, except as set forth in
Exhibit B as attached hereto, if any, to this Certificate, describing in detail the nature of the condition or event, the period
during which it has existed and the action which Obligors have taken, are taking, or propose to take with respect to each such condition
or event.

 

6. The Financial Statements
delivered with this Certificate are prepared in accordance with GAAP [(other than the absence of footnotes and year-end audit adjustments)],1
and fairly present the financial positions and results of operations of Borrowers and their Subsidiaries on a consolidated and consolidating
basis at the dates and for the periods indicated. No change in GAAP or the application thereof has occurred since the Effective Date which
affects the Financial Statements delivered with this Certificate.

 

7. The Obligors and their Subsidiaries
have observed and complied with the covenant set forth in Section 10.2.3 (Capital Expenditures) of the Loan Agreement and attached
hereto as Exhibit C are calculations reflecting such compliance.

 

8. The Borrower(s) has (have)
observed and complied with the applicable covenants set forth in Section 10.3 (Financial Covenants) of the Loan Agreement as set
forth in Exhibit D attached hereto, and attached hereto as Exhibit E is evidence reflecting such compliance.

 

 

 

 

 

___________________

1
Include for unaudited financial statements

    	 	99	 

     

    

 

The foregoing certifications,
together with the attachments as set forth on the Exhibits attached hereto and the financial statements delivered with this Certificate
in support hereof, are made and delivered this ___ day of ____________, 20__ pursuant to Section 10.1.2(c) of the Loan Agreement.

 

 

APPLIED OPTOELECTRONICS, INC.

 

 

 

By:                                                                       

Name:

Title:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	100	 

     

    

 

Exhibit A

Financial Statements

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	1	 

     

    

 

Exhibit B

Events of Default and/or Defaults

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	2	 

     

    

 

Exhibit C

Capital Expenditures

 

 

	
    A. Capital Expenditures through end of Reporting Period
	$[______]2
	 	 
	
    B. Maximum Permitted Capital Expenditures under Section 10.2.3
of the Loan Agreement
	$6,000,0003
	 	 
	Compliance (Yes or No)	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

___________________

2
Borrower to specify whether any such Capital Expenditures were made with Net Proceeds
of the issuance of Equity Interests of AOI in accordance with Section 10.2.3 of the Loan Agreement.

 

3
Subject to increase pursuant to Section 10.2.3(ii) of the Loan Agreement.

 

    	 	3	 

     

    

 

Exhibit D

Financial Covenant Compliance 

 

 

Compliance status is indicated by circling Yes/No under “Complies”
column.

 

 

 

	Financial Covenant	 	Measurement Period	 	Required	 	Actual	 	Complies
	
    Section 10.3.1 Minimum Fixed Charge Coverage Ratio
	 	__________	 	≥ 1.00 to 1.00	 	_____ to 1.00	 	Yes        No

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	4	 

     

    

 

Exhibit E

Financial Covenant Calculations4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

___________________

4
To include details of EBITDA and Fixed Charge Coverage Ratio calculations,
as applicable.

    	 	5Exhibit 10.01

 

AMENDMENT NO. 3

 

AMENDMENT NO. 3 dated as of
November 18, 2022 (this “Agreement”) among Delta Air Lines, Inc., a Delaware corporation (the “Company”),
JPMorgan Chase Bank, N.A. (“JPMCB”), as administrative agent (in such capacity, the “Administrative Agent”)
and as collateral agent (in such capacity, the “Collateral Agent”) and the Lenders (as defined below) party hereto.
Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Amended Credit Agreement referred
to below.

 

RECITALS:

 

1. The Company is party to
that certain Credit Agreement dated as of April 19, 2018 (as amended by Amendment No. 1, dated as of June 29, 2020, Increase Joinder Agreement
No. 1, dated as of August 5, 2020, Increase Joinder Agreement No. 2, dated as of August 30, 2021, and Amendment No. 2, dated as of November
17, 2021, and as further, and as amended, restated, amended and restated, supplemented or otherwise modified from time to time prior to
the Amendment No. 3 Effective Date, the “Credit Agreement”) by and among the Company, the lenders from time to time
party thereto (the “Lenders”) and JPMCB, as administrative agent for the Lenders;

 

2. The Company has requested
that the Credit Agreement be amended to, among other things, with respect to the revolver tranche previously set to mature in 2023, provide
for an extension thereof to 2025;

 

3. Now, therefore, in consideration
of the foregoing and for other good and valuable consideration, the receipt and sufficiency of all of which is hereby acknowledged, the
parties hereto hereby agree as follows:

 

SECTION
1. Amendments to Credit Agreement. Effective as of the Amendment No. 3 Effective Date (as defined below), the Credit Agreement
is hereby amended to delete the stricken text (indicated textually in the same manner as the following example: stricken
text) and to add the double-underlined text (indicated textually in the same manner as the following example: double-underlined
text) as set forth in the pages of the Credit Agreement attached as Annex A hereto (as amended, the “Amended
Credit Agreement”).

 

SECTION
2.  Representations and Warranties.
To induce the Administrative Agent to enter into this Agreement, the Company hereby represents and warrants to the Lenders and the Administrative
Agent as follows:

 

(a)                (i)
the Company has the corporate power and authority to execute, deliver and perform this Agreement, (ii) the execution, delivery and
performance by the Company of this Agreement have been duly authorized by all necessary corporate action of the Company and (iii)
this Agreement constitutes a valid and binding agreement of the Company enforceable against the Company in accordance with its terms
(subject, as to enforceability, to applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting
creditors’ rights generally and to general principles of equity (regardless of whether such enforceability is considered in a
proceeding at law or in equity));

 

(b)                all representations and warranties
contained in the Amended Credit Agreement and the other Loan Documents (other than the representations and warranties set forth in
Sections ‎3.04(b) and ‎3.06(a) of the Amended
Credit Agreement) are true and correct in all material respects on and as of the date hereof with the same effect as if made on and
as of such date except to the extent such representations and warranties expressly relate to an earlier date and in such case, such
representations and warranties shall be true and correct in all material respects as of such date; provided that any
representation or warranty that is qualified by materiality, “Material Adverse Change” or “Material Adverse
Effect” shall be true and correct in all respects, as though made on and as of the applicable date; and

 

(c)               
as of the date hereof, no Default or Event of Default has occurred and is continuing or would result from this Agreement.

 

 

 

    	 	1	 

     

    

 

SECTION
3. Conditions Precedent to Effectiveness of the Amendment. This Agreement shall become effective as of the first date (the
“Amendment No. 3 Effective Date”) that the following conditions precedent are satisfied:

 

(a)               
Agreement. The Administrative Agent (or counsel thereto) shall have received an executed counterpart (which may include
a facsimile or other electronic transmission) of this Agreement from (A) the Company, (B) the Lenders under the 2023 Revolving Facility
(as defined in the Credit Agreement) constituting the Required 2023 Lenders (as defined in the Credit Agreement) immediately prior to
the Amendment No. 3 Effective Date (any such Lender party to this Agreement, a “2025 Consenting Lender” and, collectively,
the “2025 Consenting Lenders”), (C) each Lender under the 2024 Revolving Facility as of the Amendment No. 3 Effective
Date (each, a “2024 Consenting Lender”) and (D) each Lender under the LC Tranche Facility as of the Amendment No. 3
Effective Date (each, a “LC Tranche Consenting Lender”).

 

(b)               
 Supporting Documents. The Administrative
Agent and Collateral Agent (or counsel thereto) shall have received:

 

(i)           
a written opinion of Davis Polk & Wardwell LLP, special New York counsel to the Company, in a form reasonably satisfactory
to the Administrative Agent;

 

(ii)          
a written opinion of David S. Cartee,
Associate General Counsel for the Company, in a form reasonably satisfactory to the Administrative Agent;

 

(iii)         
a written opinion of Dorsey & Whitney LLP, special Delaware counsel to the Company, in a form reasonably satisfactory to the
Administrative Agent;

 

(iv)          
a certificate of the Secretary of State
of the state of the Company’s incorporation, dated as of a recent date, as to the good standing of the Company and as to the charter
documents on file in the office of such Secretary of State;

 

(v)           
a certificate of the Secretary or an Assistant Secretary of the Company dated the Amendment No. 3 Effective Date and certifying
(a) that attached thereto is a true and complete copy of the by-laws of the Company as in effect on the date of such certification, (b)
that attached thereto is a true and complete copy of resolutions adopted by the board of directors of the Company or an authorized committee
thereof authorizing the Borrowings and Letter of Credit issuances hereunder and the execution, delivery and performance in accordance
with their respective terms of this Agreement, the other Loan Documents and any other documents required or contemplated hereunder or
thereunder, (c) that the certificate of incorporation of the Company has not been amended since the date of the last amendment thereto
indicated on the certificate of the Secretary of State furnished pursuant to clause (iv) above, and (d) as to the incumbency and specimen
signature of each officer of that entity executing this Agreement and the Loan Documents or any other document delivered by it in connection
herewith or therewith (such certificate to contain a certification by another officer of the Company as to the incumbency and signature
of the officer signing the certificate referred to in this clause ‎(v));

 

(vi)          
an Officer’s Certificate from
the Company certifying (a) as to the accuracy of the representations and warranties set forth in Section 2 hereof and (b) that the Company
is in compliance, giving pro forma effect to the Revolving Extensions of Credit on the Amendment No. 3 Effective Date (if any), with the
Collateral Coverage Test.

 

SECTION
4. Reference to and Effect on the Credit Agreement and the other Loan Documents.

 

(a)               
On and after the Amendment No. 3 Effective Date, each reference in the Credit Agreement to “this Agreement,” “hereunder,”
“hereof” or words of like import referring to the Credit Agreement shall mean and be a reference to the Credit Agreement,
as amended by this Agreement. The Credit Agreement and each of the other Loan Documents, as specifically amended by this Agreement, are
and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed.

 

 

 

 

    	 	2	 

     

    

 

(b)               
The execution, delivery and effectiveness of this Agreement shall not operate as a waiver of any right, power or remedy of any
Lender or the Administrative Agent under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents
except as expressly set forth herein. This Agreement shall for all purposes constitute a Loan Document.

 

SECTION
5. Acknowledgments. The Company hereby acknowledges that it has read this Agreement and consents to its terms, and further
hereby affirms, confirms, represents, warrants and agrees that notwithstanding the effectiveness of this Agreement, the obligations of
the Company under each of the Loan Documents shall not be impaired and each of the Loan Documents is, and shall continue to be, in full
force and effect and is hereby confirmed and ratified in all respects.

 

SECTION
6. Costs and Expenses.
The Company hereby agrees to reimburse the Administrative Agent for its reasonable and documented out-of-pocket expenses in connection
with this Agreement, including the reasonable fees, charges and disbursements of counsel for the Administrative Agent, all in accordance
with the terms and conditions of Section 10.04(a) of the Credit Agreement.

 

SECTION
7. Execution in Counterparts. This Agreement may be executed in one or more counterparts (and by different parties hereto
on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single
contract. Delivery of an executed counterpart of a signature page of this Agreement by telecopy, emailed pdf. or electronic mail that
reproduces an image of the actual executed signature page shall be effective as delivery of a manually executed counterpart of this Agreement.
The words “execution,” “signed,” “signature,” “delivery,” and words of like import in
or relating to any document to be signed in connection with this Agreement and the transactions contemplated hereby shall be deemed to
include electronic signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect,
validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system,
as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and
National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform
Electronic Transactions Act.

 

SECTION
8. Governing Law. This
Agreement shall be governed by, and construed in accordance with, the laws of the State of New York.

 

SECTION
9. Headings. Section headings used herein are included for convenience of reference only and shall not affect the interpretation
of this Agreement.

 

SECTION
10. Miscellaneous Provisions.
The provisions of Sections 10.01, 10.03, 10.04, 10.05, 10.06, 10.09, 10.11, 10.12 and 10.14 of the Credit Agreement shall apply with like
effect as to this Agreement.

 

[Signature
Pages Follow]

 

 

 

 

 

 

 

    	 	3	 

     

    

 

IN WITNESS WHEREOF, the parties hereto have caused
this Agreement to be executed by their respective officers thereunto duly authorized, as of the date first above written.

 

	 	BORROWER:	 
	 	 	 
	 	DELTA AIR LINES, INC., a Delaware corporation	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Kenneth W. Morge II	 
	 	 	Name:	Kenneth W. Morge II	 
	 	 	Title:	Senior Vice President – Finance & Treasurer	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signature Page to Amendment No. 3]

    	 	 	 

     

    

 

	 	JPMORGAN CHASE BANK, N.A., as Administrative Agent 

and Collateral Agent
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Cristina
Caviness	 
	 	 	Name:	Cristina
Caviness	 
	 	 	Title:	Executive
Director	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signature Page to Amendment No. 3]

 

 

 

    	 	 	 

     

    

 

	 	JPMORGAN
CHASE BANK, N.A., as a 2025 Consenting Lender, 

as a 2024 Consenting Lender, as an LC Tranche 

Consenting Lender, and
as Issuing Lender
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Cristina
Caviness	 
	 	 	Name:	Cristina
Caviness	 
	 	 	Title:	Executive
Director	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signature
Page to Amendment No. 3]

    	 	 	 

     

    

 

	 	BANK OF AMERICA, N.A., as a 2025 Consenting Lender 

and as a 2024 Consenting Lender
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Prathamesh Kshirsagar	 
	 	 	Name:	Prathamesh Kshirsagar	 
	 	 	Title:	 Director	 

 

 

 

 

 

 

 

 

 

 

 

[Signature
Page to Amendment No. 3]

    	 	 	 

     

    

 

	 	BARCLAYS BANK IRELAND PLC, as a 2025 Consenting Lender, 

as a 2024 Consenting Lender,
    as a LC Tranche 

Consenting Lender and as Issuing Lender
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Charlene Saldanha	 
	 	 	Name:	Charlene Saldanha	 
	 	 	Title:	 Vice President	 

 

 

 

 

 

 

 

 

 

 

 

[Signature
Page to Amendment No. 3]

    	 	 	 

     

    

 

 

	 	BNP Paribas, as a 2025 Consenting Lender and as a

                    2024 Consenting Lender

	 	 	 	 
	 	 	 	 
	 	By:	/s/ Robert Papas	 
	 	 	Name:	Robert Papas	 
	 	 	Title:	 Managing Director	 

 

 

 

	 	By:	/s/ Ahsan Avais	 
	 	 	Name:	Ahsan Avais	 
	 	 	Title:	 Director	 

 

 

 

 

 

 

 

 

 

[Signature
Page to Amendment No. 3]

    	 	 	 

     

    

 

	 	Citibank,
N.A., as a 2025 Consenting Lender, 

as a 2024 Consenting Lender, as a LC Tranche Consenting 

Lender and as Issuing
Lender
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Michael Leonard	 
	 	 	Name:	Michael Leonard	 
	 	 	Title:	 Vice President	 

 

 

 

 

 

 

 

 

 

 

 

[Signature
Page to Amendment No. 3]

    	 	 	 

     

    

 

	 	CREDIT SUISSE AG, NEW YORK BRANCH as a 
 2025 Consenting Lender and as a
2024 Consenting Lender
	 	 	 	 
	 	 	 	 
	 	By:	/s/
Komal Shah	 
	 	 	Name:	
Komal Shah	 
	 	 	Title:	 Authorized Signatory	 

 

 

 

	 	By:	/s/ Wesley Cronin	 
	 	 	Name:	Wesley Cronin	 
	 	 	Title:	 Authorized Signatory	 

 

 

 

 

 

 

 

 

 

[Signature
Page to Amendment No. 3]

    	 	 	 

     

    

 

	 	DEUTSCHE
BANK AG NEW YORK BRANCH, 

As a 2025 Consenting Lender,

 As a 2024 Consenting Lender
	 	 	 	 
	 	 	 	 
	 	By:	/s/
Ming K. Chu	 
	 	 	Name:	
Ming K. Chu	 
	 	 	Title:	 Director	 

 

 

 

	 	By:	/s/ Marko Lukin	 
	 	 	Name:	Marko Lukin	 
	 	 	Title:	 Vice President	 

 

 

 

 

 

 

 

 

 

[Signature
Page to Amendment No. 3]

    	 	 	 

     

    

  

	 	DEUTSCHE BANK AG NEW YORK BRANCH, as a

LC Tranche Consenting Lender and as Issuing Lender
	 	 	 	 
	 	 	 	 
	 	By:	/s/
Jacopo Dominissini	 
	 	 	Name:	
Jacopo Dominissini	 
	 	 	Title:	 VP	 

 

 

 

	 	By:	/s/ Gaurav Mathur	 
	 	 	Name:	Gaurav Mathur	 
	 	 	Title:	 Director	 

 

 

 

 

 

 

 

 

 

[Signature
Page to Amendment No. 3]

    	 	 	 

     

    

 

	 	Fifth
Third Bank, National Association, 

as a 2025 Consenting Lender and 

as a 2024 Consenting Lender
	 	 	 	 
	 	 	 	 
	 	By:	/s/
J. David Izard	 
	 	 	Name:	
J. David Izard	 
	 	 	Title:	 Senior Vice President	 

 

 

 

 

 

 

 

 

 

[Signature
Page to Amendment No. 3]

    	 	 	 

     

    

 

	 	GOLDMAN SACHS BANK USA, as a 2025 

Consenting Lender and as a 2024 Consenting Lender
	 	 	 	 
	 	 	 	 
	 	By:	/s/
Thomas Manning	 
	 	 	Name:	
Thomas Manning	 
	 	 	Title:	 Authorized Signatory	 

 

 

 

 

 

 

 

 

 

[Signature
Page to Amendment No. 3]

    	 	 	 

     

    

 

	 	MORGAN STANLEY BANK, N.A., as a 2025

 Consenting Lender
	 	 	 	 
	 	 	 	 
	 	By:	/s/
Michael King	 
	 	 	Name:	
Michael King	 
	 	 	Title:	 Authorized Signatory	 

 

 

 

 

 

 

 

 

 

 

 

 

[Signature
Page to Amendment No. 3]

    	 	 	 

     

    

 

	 	MORGAN STANLEY SENIOR FUNDING, INC., 

as a 2024 Consenting Lender
	 	 	 	 
	 	 	 	 
	 	By:	/s/
Michael King	 
	 	 	Name:	
Michael King	 
	 	 	Title:	 Vice President	 

 

 

 

 

 

 

 

 

 

 

 

 

[Signature
Page to Amendment No. 3]

 

 

 

 

 

    	 	 	 

     

    

 

	 	MUFG
Bank, Ltd. as a 2025 Consenting Lender, and 

as a 2024 Consenting Lender
	 	 	 	 
	 	 	 	 
	 	By:	/s/
Ian Held	 
	 	 	Name:	
Ian Held	 
	 	 	Title:	 Director	 

 

 

 

 

 

 

 

 

 

[Signature
Page to Amendment No. 3]

    	 	 	 

     

    

 

	 	PNC
BANK, NATIONAL ASSOCIATION, as a 2025

Consenting Lender, and as a 2024 Consenting Lender
	 	 	 	 
	 	 	 	 
	 	By:	/s/
Bunny Dalbec	 
	 	 	Name:	
Bunny Dalbec	 
	 	 	Title:	 Senior Vice President	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signature
Page to Amendment No. 3]

    	 	 	 

     

    

 

	 	STANDARD
CHARTERED BANK, as a 2025 

Consenting Lender, as a 2024 Consenting Lender, as a

 LC Tranche Consenting Lender and
as an Issuing Lender
	 	 	 	 
	 	 	 	 
	 	By:	/s/
Kristopher Tracy	 
	 	 	Name:	
Kristopher Tracy	 
	 	 	Title:	 Director, Financing Solutions	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signature
Page to Amendment No. 3]

    	 	 	 

     

    

 

	 	SUMITOMO MITSUI BANKING CORPORATION,

 as a 2025 Consenting Lender, as a 2024 Consenting 

Lender, as a LC Tranche Consenting Lender and as an

Issuing Lender
	 	 	 	 
	 	 	 	 
	 	By:	/s/
Bernard De Meo	 
	 	 	Name:	
Bernard De Meo	 
	 	 	Title:	  	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signature
Page to Amendment No. 3]

    	 	 	 

     

    

 

	 	U.S.
Bank National Association, as a 2025

  Consenting Lender and as a 2024 Consenting Lender
	 	 	 	 
	 	 	 	 
	 	By:	/s/
Ken Gorski	 
	 	 	Name:	
Ken Gorski	 
	 	 	Title:	
 Vice President	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signature
Page to Amendment No. 3]

    	 	 	 

     

    

 

	 	WELLS
FARGO BANK, N.A., as a 2025 Consenting

 Lender,  as a 2024 Consenting Lender
	 	 	 	 
	 	 	 	 
	 	By:	/s/
Adam Spreyer	 
	 	 	Name:	
Adam Spreyer	 
	 	 	Title:	
Director	 

 

 

 

 

 

 

 

 

 

 

 

 

 

[Signature
Page to Amendment No. 3]

    	 	 	 

     

    

 

	 	CREDIT AGRICOLE CORPORATE &

 INVESTMENT BANK, as a 2025 Consenting Lender,

 as a 2024 Consenting Lender, as a LC
Tranche

 Consenting Lender and as an Issuing Lender
	 	 	 	 
	 	 	 	 
	 	By:	/s/
Alexander Averbukh	 
	 	 	Name:	
Alexander Averbukh	 
	 	 	Title:	
Managing Director	 

 

 

 

	 	By:	/s/ Elisa Lajonchere	 
	 	 	Name:	Elisa Lajonchere	 
	 	 	Title: 	Managing Director	 

 

 

 

 

 

 

 

 

 

 

 

 

[Signature
Page to Amendment No. 3]

    	 	 	 

     

    

 

	 	Natixis,
New York Branch, as a 2025 Consenting

 Lender, as a 2024 Consenting Lender, as a LC Tranche

 Consenting Lender and
as an Issuing Lender
	 	 	 	 
	 	 	 	 
	 	By:	/s/
Nicholas Lebonitte	 
	 	 	Name:	
Nicholas Lebonitte	 
	 	 	Title:	
Vice President	 

 

 

 

	 	By:	/s/ Yevgeniya Levitin	 
	 	 	Name:	Yevgeniya Levitin	 
	 	 	Title: 	Managing Director	 

 

 

 

 

 

 

 

 

 

 

 

[Signature
Page to Amendment No. 3]

    	 	 	 

     

    

 

ANNEX A

 

Amended Credit Agreement

 

[See attached.]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	 	 

     

    

 

Annex A to Amendment No. 23
dated as of November 1718, 20212022

 

CREDIT
AGREEMENT

Among

DELTA AIR LINES, INC.,

as Borrower,

and

THE LENDERS PARTY HERETO,

and

JPMORGAN CHASE BANK, N.A.,

as Administrative Agent

 

BARCLAYS BANK PLC,

BNP PARIBAS,

CITIBANK, N.A.,

COMPASS BANK,

CREDIT SUISSE AG, CAYMAN
ISLANDSNEW YORK BRANCH,

DEUTSCHE BANK SECURITIES INC.,

FIFTH THIRD BANK, NATIONAL ASSOCIATION

GOLDMAN SACHS BANK USA,

BOFA SECURITIES, INC.,

INDUSTRIAL AND COMMERCIAL
BANK OF CHINA LIMITED, NEW YORK BRANCH,

MERRILL LYNCH, PIERCE, FENNER
& SMITH INCORPORATED,

MORGAN STANLEY SENIOR FUNDING, INC.,

PNC BANK, NATIONAL ASSOCIATION,

STANDARD CHARTERED BANK,

SUMITOMO MITSUI BANKING CORPORATION,

U.S. BANK NATIONAL ASSOCIATION

 and

WELLS FARGO BANK, N.A.,

as Co-Syndication Agents,

and

 

JPMORGAN CHASE BANK, N.A.,

BARCLAYS BANK PLC,

BNP PARIBAS,

CITIBANK, N.A.,

COMPASS BANK,

CREDIT SUISSE AG, CAYMAN
ISLANDSNEW YORK BRANCH,

DEUTSCHE BANK SECURITIES INC.,

FIFTH THIRD BANK, NATIONAL ASSOCIATION,

GOLDMAN SACHS BANK USA,

BOFA SECURITIES, INC.,

INDUSTRIAL AND COMMERCIAL
BANK OF CHINA LIMITED, NEW YORK BRANCH,

MERRILL LYNCH, PIERCE, FENNER
& SMITH INCORPORATED,

MORGAN STANLEY SENIOR FUNDING, INC.,

PNC CAPITAL MARKETS LLC,

STANDARD CHARTERED BANK,

SUMITOMO MITSUI BANKING CORPORATION,

U.S. BANK NATIONAL ASSOCIATION,

WELLS FARGO BANK, N.A.,

Credit
Agricole Corporate and Investment Bank

and

Natixis,
New York Branch,

as Joint Lead Arrangers and Joint Bookrunners

 

 

Dated as of April 19, 2018

 

 

    	 	 	 

     

    

 

Table of Contents

Page

	Section 1. DEFINITIONS	1
	Section 1.01.	Defined Terms	1
	Section 1.02.	Terms Generally	3942
	Section 1.03.	Accounting Terms; GAAP	3942
	Section 1.04.	Interest Rates; LIBORBenchmark Notification	3942
	Section 1.05.	Acknowledgement Regarding Any Supported QFCs	4043
	Section 2. AMOUNT AND TERMS OF CREDIT 	4144
	Section 2.01.	Revolving Commitments of the Lenders	4144
	Section 2.02.	Letters of Credit	4245
	Section 2.03.	Requests for Borrowings	4952
	Section 2.04.	Funding of Borrowings	5053
	Section 2.05.	Interest Elections	5053
	Section 2.06.	Limitation on Eurodollar Tranches	5154
	Section 2.07.	Interest on Revolving Loans	5154
	Section 2.08.	Default Interest	5255
	Section 2.09.	Alternate Rate of Interest	5255
	Section 2.10.	Repayment of Revolving Loans; Evidence of Debt	5457
	Section 2.11.	Optional Termination or Reduction of Revolving Commitments	5558
	Section 2.12.	Mandatory Prepayment of Revolving Loans and Mandatory Commitment Reductions; Commitment Termination	5558
	Section 2.13.	Optional Prepayment of Revolving Loans	5559
	Section 2.14.	Increased Costs	5659
	Section 2.15.	Break Funding Payments	5861
	Section 2.16.	Taxes	5861
	Section 2.17.	Payments Generally; Pro Rata Treatment	6165
	Section 2.18.	Mitigation Obligations; Replacement of Lenders	6266
	Section 2.19.	Certain Fees	6367
	Section 2.20.	Commitment Fee and Upfront Fees	6367
	Section 2.21.	Letter of Credit Fees	6467
	Section 2.22.	Nature of Fees	6467
	Section 2.23.	Right of Set-Off	6468
	Section 2.24.	[Reserved]Interest Rate Limitation	6568
	Section 2.25.	Payment of Obligations	6568
	Section 2.26.	Defaulting Lenders	6569
	Section 2.27.	Currency Equivalents	6771
	Section 2.28.	Increase in Commitments	6871
	Section 2.29.	Extension of Revolving Commitments	6973
	Section 3. REPRESENTATIONS AND WARRANTIES	7175
	Section 3.01.	Organization and Authority	7175
	Section 3.02.	Air Carrier Status	7175
	Section 3.03.	Due Execution	7275
	Section 3.04.	Financial Statements; Material Adverse Change	7276
	Section 3.05.	Use of Proceeds	7276

 

 

 

    	 	 	 

     

    

 

	Section 3.06.	Litigation and Compliance with Laws	7276
	Section 3.07.	Investment Company Act	7377
	Section 3.08.	ERISA	7377
	Section 3.09.	Title to Aircraft Collateral	7377
	Section 3.10.	Payment of Taxes	7377
	Section 3.11.	Economic Sanctions	7377
	Section 3.12.	Anti-Corruption Laws	7477
	Section 3.13.	Perfected Security Interests; Priority Lien Obligations	7477
	Section 3.14.	Pacific Route FAA Slot Utilization	7478
	Section 3.15.	Pacific Route Foreign Slot Utilization	7478
	Section 3.16.	Pacific Routes	7578
	Section 3.17.	Government Sponsored Relief Programs	7579
	Section 4. CONDITIONS OF LENDING	7579
	Section 4.01.	Conditions Precedent to Effectiveness	7579
	Section 4.02.	Conditions Precedent to Each Revolving Loan and Each Letter of Credit	7781
	Section 5. AFFIRMATIVE COVENANTS	7882
	Section 5.01.	Financial Statements, Reports, etc.	7882
	Section 5.02.	Existence	8084
	Section 5.03.	Insurance	8084
	Section 5.04.	Maintenance of Properties	8084
	Section 5.05.	Obligations and Taxes	8184
	Section 5.06.	Notice of Event of Default, etc.	8184
	Section 5.07.	Access to Books and Records	8185
	Section 5.08.	Compliance with Laws	8185
	Section 5.09.	Appraisal Reports	8185
	Section 5.10.	FAA and DOT Matters; Citizenship	8286
	Section 5.11.	Further Assurances	8286
	Section 5.12.	Pacific Route FAA Slot Utilization	8386
	Section 5.13.	Pacific Route Foreign Slot Utilization	8387
	Section 5.14.	Pacific Route Utilization	8387
	Section 5.15.	Minimum Liquidity	8487
	Section 5.16.	[Reserved]	8487
	Section 5.17.	Government Sponsored Relief Programs	8487
	Section 6. Negative COVENANTS	8488
	Section 6.01.	Liens on the Collateral	8488
	Section 6.02.	Merger, etc.	8589
	Section 6.03.	Collateral Coverage Ratio	8689
	Section 6.04.	[Reserved]	8690
	Section 6.05.	Disposition of Collateral	8690
	Section 6.06.	Restricted Payments	8791
	Section 7. EVENTS OF DEFAULT	8891
	Section 7.01.	Events of Default	8891

 

 

 

    	 	 	 

     

    

 

	Section 8. THE AGENTS	9093
	Section 8.01.	Administration by Agents	9093
	Section 8.02.	Rights of Administrative Agent and Collateral Agent	9094
	Section 8.03.	Liability of Agents	9194
	Section 8.04.	Reimbursement and Indemnification	9295
	Section 8.05.	Successor Agents	9296
	Section 8.06.	Independent Lenders	9296
	Section 8.07.	Advances and Payments	9396
	Section 8.08.	Sharing of Setoffs	9397
	Section 8.09.	Other Agents	9497
	Section 8.10.	Withholding Taxes	9497
	Section 8.11.	Appointment by Secured Parties	9498
	Section 8.12.	Certain ERISA Matters	9498
	Section 9. [RESERVED]	96100
	Section 10. MISCELLANEOUS	96100
	Section 10.01.	Notices	96100
	Section 10.02.	Successors and Assigns	97100
	Section 10.03.	Confidentiality	100104
	Section 10.04.	Expenses; Indemnity; Damage Waiver	101105
	Section 10.05.	Governing Law; Jurisdiction; Consent to Service of Process	102106
	Section 10.06.	No Waiver	103107
	Section 10.07.	Extension of Maturity	103107
	Section 10.08.	Amendments, etc.	103107
	Section 10.09.	Severability	105109
	Section 10.10.	Headings	105109
	Section 10.11.	Survival	105109
	Section 10.12.	Execution in Counterparts; Integration; Effectiveness	105109
	Section 10.13.	USA Patriot Act	106109
	Section 10.14.	WAIVER OF JURY TRIAL	106110
	Section 10.15.	No Fiduciary Duty	106110
	Section 10.16.	Acknowledgement and Consent to Bail-In of Affected Financial Institutions	106110
	Section 10.17.	Registrations with International Registry	107111

 

 

 

 

 

 

    	 	 	 

     

    

 

INDEX OF APPENDICES

 

	Schedule 1.01	 	Existing Letters of Credit
	Schedule 2.01	 	Commitment Amounts
	Schedule 3.16	 	Pacific Routes
	 	 	 
	EXHIBIT A	 	Form of Compliance Certificate
	EXHIBIT B	 	Form of Assignment and Acceptance
	EXHIBIT C-1	 	Form of U.S. Tax Compliance Certificate – Foreign Lenders That
    Are Not Partnerships for U.S. Federal Income Tax Purposes
	EXHIBIT C-2	 	Form of U.S. Tax Compliance Certificate – Foreign Participants That
    Are Partnerships for U.S. Federal Income Tax Purposes 
	EXHIBIT C-3	 	Form of U.S. Tax Compliance Certificate – Foreign Participants That Are Not Partnerships for U.S. Federal Income Tax Purposes 
	EXHIBIT C-4	 	Form of U.S. Tax Compliance Certificate – Foreign Lenders That
    Are Partnerships for U.S. Federal Income Tax Purposes
	EXHIBIT D	 	Form of Extension Agreement
	EXHIBIT E	 	Form of Aircraft Mortgage

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	31	 

     

    

 

CREDIT AGREEMENT

Dated as of April 19, 2018

 

CREDIT AGREEMENT, dated as of April 19, 2018, among
DELTA AIR LINES, INC., a Delaware corporation (the “Borrower”), each of the several banks and other financial institutions
or entities from time to time party hereto (the “Lenders”) and JPMORGAN CHASE BANK, N.A. (“JPMCB”)
(or any of its designated
branch offices or affiliates), as administrative agent for the Lenders (together with its permitted successors in such capacity,
the “Administrative Agent”) and as collateral agent for the Secured Parties (together with its permitted successors
in such capacity, the “Collateral Agent”).

 

INTRODUCTORY STATEMENT

 

As of the Closing Date, the Borrower has applied
to the Lenders for a revolving loan facility in an aggregate principal amount (or Dollar Amount, in the case of LC Exposure) of $2,650,000,000
as set forth herein consisting of (a) a three-year tranche in an aggregate principal amount of $1,325,000,000 and (b) a five-year tranche
in an aggregate principal amount of $1,325,000,000.

 

As of the Amendment No. 1 Effective Date, the Borrower
has applied to the Lenders for a separate standby letter of credit tranche in an aggregate principal amount of $216,078,361.60 and to
provide security for the repayment of the Revolving Loans and the payment of the other Obligations of the Borrower hereunder and under
the other Loan Documents, the Borrower will, among other things, provide to the Collateral Agent, for the benefit of the Secured Parties,
a security interest in the Collateral pursuant to the SGR Security Agreement.

 

As of the Amendment No. 2 Effective Date, the Borrower
has applied to the Lenders (a) with respect to the revolver tranche previously set to mature in 2022, for an extension thereof to 2024
and (b) with respect to the separate standby letter of credit tranche previously set to mature in 2022, for an extension thereof to 2024.

 

As of the Amendment
No. 3 Effective Date, the Borrower has requested that the Lenders with
respect to the revolver tranche previously set to mature in 2023, extend the maturity thereof to 2025.

 

The proceeds of the Revolving Loans will be used
for working capital and other general corporate purposes of the Borrower and its Subsidiaries.

 

Accordingly, the parties hereto hereby agree as follows:

 

Section
1.

DEFINITIONS

 

Section
1.01.            
Defined Terms.

 

“20232024
LC Sublimit” shall mean $250,000,000.

 

“20232024
Revolving Commitment” shall mean the commitment of each Lender to make Revolving Loans under the 20232024
Revolving Facility and participate in Letters of Credit in respect of the 20232024
Revolving Facility hereunder in an aggregate principal and/or face amount not to exceed the amount set forth under the heading “20232024
Revolving Commitment” opposite its name on Schedule 2.01 hereto or in the Assignment and Acceptance pursuant to which such Lender
became a party hereto, as the same may be changed from time to time pursuant to the terms hereof. As the context may require and to the
extent contemplated by the relevant amendment establishing any other Class of revolving commitments hereunder, 20232024
Revolving Commitment shall include such other Class of revolving commitments.

 

 

    	 	1	 

     

    

 

“20232024
Revolving Commitment Percentage” shall mean, at any time, with respect to each Lender, the percentage obtained by dividing its
20232024 Revolving Commitment at such time by
the Total 20232024 Revolving Commitment or, if
the 20232024 Revolving Commitments have been
terminated, the 20232024 Revolving Commitment
Percentage of such Lender that existed immediately prior to such termination.

 

“20232024
Revolving Extensions of Credit” shall mean, as to any Lender at any time, an amount equal to the sum of (a) the aggregate principal
amount of all 20232024 Revolving Loans held by
such Lender then outstanding and (b) such Lender’s 20232024
Revolving Commitment Percentage of the LC Exposure with respect to the 20232024
Revolving Facility then outstanding.

 

“20232024
Revolving Facility” shall have the meaning set forth in clause (cb)
of the definition of “Revolving Facility” in this ‎Section 1.01.

 

“20232024
Revolving Facility Maturity Date” shall mean (a) as of the Amendment No. 2 Effective Date, with
respect to 20232024 Revolving Commitments that
have not been extended pursuant to ‎Section 2.29(a), April 19, 20232024,
(b) with respect to Extended Revolving Credit Commitments under the 20232024
Revolving Facility, the final maturity date therefor as specified in the applicable Extension Agreement,
 and (c) with respect to any commitments under a Refinancing Revolving Facility with respect to the 20232024
Revolving Facility, the final maturity date therefor specified in the applicable Refinancing Amendment.

 

“20232024
Revolving Facility Termination Date” shall mean the earlier to occur of (a) the 20232024
Revolving Facility Maturity Date with respect to the applicable Revolving Commitments and (b) the date of any acceleration of the
20232024 Revolving Loans and termination of the
20232024 Revolving Commitments in accordance
with the terms hereof.

 

“20232024
Revolving Loan” has the meaning set forth in ‎Section 2.01(a). As the context may require and to the extent contemplated
by the relevant amendment establishing any other Class of revolving commitments hereunder, 20232024
Revolving Loans shall include loans issued pursuant to such other Class of revolving commitments.

 

“2023 Upfront
Fee2025 Consenting Lenders” shall have the meaning set forth in Section
2.20(b)Amendment No. 3.

 

“2025 Consenting Revolving
Commitments” shall mean the 2025 Revolving Commitments of the 2025 Consenting Lenders. 

“20242025
LC Sublimit” shall mean $250,000,000.

 

“2025 Non-Consenting Revolving
Commitments” shall mean the 2025 Revolving Commitments of the 2025 Lenders that are not 2025 Consenting Lenders.

 

“2025 Non-Consenting Revolving
Loans” shall mean the 2025 Revolving Loans made by the 2025 Lenders that are not 2025 Consenting Lenders. 

 

 

 

    	 	2	 

     

    

 

“20242025
Revolving Commitment” shall mean the commitment of each Lender to make Revolving Loans under the 20242025
Revolving Facility and participate in Letters of Credit in respect of the 20242025
Revolving Facility hereunder in an aggregate principal and/or face amount not to exceed the amount set forth under the heading “20242025
Revolving Commitment” opposite its name on Schedule 2.01 hereto or in the Assignment and Acceptance pursuant to which such Lender
became a party hereto, as the same may be changed from time to time pursuant to the terms hereof. As the context may require and to the
extent contemplated by the relevant amendment establishing any other Class of revolving commitments hereunder, 20242025
Revolving Commitment shall include such other Class of revolving commitments.

 

“20242025
Revolving Commitment Percentage” shall mean, at any time, with respect to each Lender, the percentage obtained by dividing its
20242025 Revolving Commitment at such time by
the Total 20242025 Revolving Commitment or, if
the 20242025 Revolving Commitments have been
terminated, the 20242025 Revolving Commitment
Percentage of such Lender that existed immediately prior to such termination.

 

“20242025
Revolving Extensions of Credit” shall mean, as to any Lender at any time, an amount equal to the sum of (a) the aggregate principal
amount of all 20242025 Revolving Loans held by
such Lender then outstanding and (b) such Lender’s 20242025
Revolving Commitment Percentage of the LC Exposure with respect to the 20242025
Revolving Facility then outstanding.

 

“20242025
Revolving Facility” shall have the meaning set forth in clause (bc)
of the definition of “Revolving Facility” in this ‎Section 1.01.

 

“20242025
Revolving Facility Maturity Date” shall mean (a) as of the Amendment No. 23
Effective Date, with respect to 2024(i) the 2025 Non-Consenting
Revolving CommitmentCommitments that have not
been extended pursuant to Section 2.29(a), April 19, 20242023,
and (ii) the 2025 Consenting Revolving Commitments that have not been extended pursuant to Section 2.29(a), April 19, 2025,
(b) with respect to Extended Revolving Credit Commitments under the 20242025
Revolving Facility, the final maturity date therefor as specified in the applicable Extension Agreement,
and (c) with respect to any commitments under a Refinancing Revolving Facility with respect to the 20242025
Revolving Facility, the final maturity date therefor specified in the applicable Refinancing Amendment.

 

“20242025
Revolving Facility Termination Date” shall mean the earlier to occur of (a) the 20242025
Revolving Facility Maturity Date with respect to the applicable Revolving Commitments and (b) the date of any acceleration of the
20242025 Revolving Loans and termination of the
20242025 Revolving Commitments in accordance
with the terms hereof.

 

“20242025
Revolving Loan” has the meaning set forth in ‎Section 2.01(a). As the context may require and to the extent contemplated
by the relevant amendment establishing any other Class of revolving commitments hereunder, 20242025
Revolving Loans shall include loans issued pursuant to such other Class of revolving commitments.

 

“2024
Upfront Fee” shall have the meaning set
forth in Section 2.20(b).

 

“ABR”, when used in reference
to any Revolving Loan or Borrowing, refers to whether such Revolving Loan, or the Revolving Loans comprising such Borrowing, are bearing
interest at a rate determined by reference to the Alternate Base Rate.

 

 

 

    	 	3	 

     

    

 

“Adjusted Daily Simple SOFR”
means an interest rate per annum equal to (a) the Daily Simple SOFR, plus (b) 0.10%; provided that if the Adjusted Daily
Simple SOFR Rate as so determined would be less than the Floor, such rate shall be deemed to be equal to the Floor for the purposes of
this Agreement.

 

“Adjusted Term SOFR Rate”
means, for any Interest Period, an interest rate per annum equal to (a) the Term SOFR Rate for such Interest Period, plus (b) 0.10%;
provided that if the Adjusted Term SOFR Rate as so determined would be less than the Floor, such rate shall be deemed to be equal
to the Floor for the purposes of this Agreement.

 

“Additional Collateral” shall
mean (a) Routes, Gate Interests and/or Slots of the Borrower or any Subsidiary, (b) Aircraft, airframes, engines, spare engines and Spare
Parts of the Borrower or any Subsidiary and (c) other assets of the Borrower or any Subsidiary which shall be reasonably satisfactory
to the Administrative Agent, in each case designated by the Borrower as “Additional Collateral”, and all of which assets shall
be valued by a new Appraisal Report at the time the Borrower designates such assets as Additional Collateral.

 

“Administrative Agent” shall have
the meaning set forth in the first paragraph of this Agreement.

 

“Administrator” shall have the
meaning given to such term in the Regulations and Procedures for the International Registry.

“Affected Financial Institution” means (a) any EEA
Financial Institution or (b) any UK Financial Institution.

 

“Affiliate” shall mean, as to
any Person, any other Person which, directly or indirectly, is in control of, is controlled by, or is under common control with, such
Person. For purposes of this definition, a Person (a “Controlled Person”) shall be deemed to be “controlled by”
another Person (a “Controlling Person”) if the Controlling Person possesses, directly or indirectly, power to direct
or cause the direction of the management and policies of the Controlled Person whether by contract or otherwise; provided that
the PBGC shall not be an Affiliate of the Borrower.

 

“Agents” shall mean the Administrative
Agent, the Collateral Agent, the Co-Syndication Agents and the Arrangers.

 

“Aggregate Exposure” shall mean,
with respect to any Lender at any time, an amount equal to the amount of such Lender’s Revolving Commitment then in effect or, if
the Revolving Commitments have been terminated, the amount of such Lender’s Revolving Extensions of Credit then outstanding.

 

“Aggregate Exposure Percentage”
shall mean, with respect to any Lender at any time, the ratio (expressed as a percentage) of such Lender’s Aggregate Exposure at
such time to the Aggregate Exposure of all Lenders at such time.

 

“Agreement” shall mean this Credit
Agreement, as the same may be amended, restated, modified, supplemented, extended or amended and restated from time to time.

 

“Aircraft” shall have the meaning
set forth in the Aircraft Mortgage.

 

 

 

    	 	4	 

     

    

 

“Aircraft Collateral” shall mean
all of the “Collateral” as defined in the Aircraft Mortgage (including any Mortgage Supplement).

 

“Aircraft Mortgage” shall mean
an Aircraft Mortgage made by the Borrower in favor of the Collateral Agent for the benefit of the Secured Parties (including each mortgage
supplement thereto), substantially in the form attached as Exhibit E.

 

“Aircraft Protocol” shall mean
the official English language text of the Protocol to the Convention on International Interests in Mobile Equipment on Matters Specific
to Aircraft Equipment adopted on November 16, 2001, at a diplomatic conference in Cape Town, South Africa, and all amendments, supplements
and revisions thereto (and from and after the effective date of the Cape Town Treaty in the relevant country, means when referring to
the Aircraft Protocol with respect to that country, the Aircraft Protocol as in effect in such country, unless otherwise indicated).

 

“Airport Authority” shall mean
any city or any public or private board or other body or organization chartered or otherwise established for the purpose of administering,
operating or managing airports or related facilities, which in each case is an owner, administrator, operator or manager of one or more
airports or related facilities.

 

“Alternate Base Rate” shall mean,
for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the NYFRB Rate in effect on such
day plus 1⁄2 of 1% and (c) (i) solely with respect to 2025 Non-Consenting Revolving Loans, the
sum of the one-month LIBO Rate in effect on such day (or, if such day is not a Business Day, the immediately preceding Business Day) plus
1% and (ii) other than with respect to the 2025 Non-Consenting Revolving Loans, the Adjusted Term SOFR Rate
for a one-month Interest Period as published two U.S. Government Securities Business Days prior to such day (or if such day is not a U.S.
Government Securities Business Day, the immediately preceding U.S. Government Securities Business Day) plus 1%; provided that,
for the purpose of this definition, the Adjusted Term SOFR Rate for any day shall be based on the Term SOFR Reference Rate at approximately
5:00 a.m. Chicago time on such day (or any amended publication time for the Term SOFR Reference Rate, as specified by the CME Term SOFR
Administrator in the Term SOFR Reference Rate methodology). Any change in the Alternate Base Rate due to a change in the Prime
Rate, the NYFRB Rate or, the one-month LIBO Rate
or the one-month Adjusted Term SOFR Rate shall be effective from and including the effective date of such change in the Prime
Rate, the NYFRB Rate or, the one-month LIBO Rate
or the one-month Adjusted Term SOFR Rate, respectively. If the Alternate Base Rate is being used
as an alternate rate of interest pursuant to Section 2.09 hereof, then the Alternate Base Rate shall be the greater of clauses (a) and
(b) above and shall be determined without reference to clause (c) above. For the avoidance of doubt, if the Alternate Base Rate as so
determined would be less than 2.00%, such rate shall be deemed to be 2.00% for purposes of this Agreement.

 

“Alternative Currency” shall mean
(a) Euros and (b) any currency other than Dollars or Euros in which the applicable Issuing Lender is willing to issue a Letter of Credit.

 

“Amendment No. 1” shall mean Amendment
No. 1, dated as of June 29, 2020, among the Borrower, JPMorgan Chase Bank, N.A., as Administrative Agent and as Collateral Agent and the
Lenders and Issuing Lenders party thereto.

 

“Amendment No. 1 Appraisal Report”
shall mean the Appraisal Report, dated April 1, 2020, by mba Aviation.

 

“Amendment No. 1 Effective Date”
shall mean June 29, 2020.

 

 

 

    	 	5	 

     

    

 

“Amendment No. 2 Effective Date”
shall mean November 17, 2021.

 

“Amendment No. 3” shall
mean Amendment No. 3, dated as of November 18, 2022, among the Borrower, JPMorgan Chase Bank, N.A., as Administrative Agent and as Collateral
Agent and the Lenders party thereto. 

 

“Amendment No. 3 Effective
Date” shall mean November 18, 2022.

 

“Appliance” shall mean an instrument,
equipment, apparatus, a part, an appurtenance, or an accessory used, capable of being used, or intended to be used, in operating or controlling
aircraft in flight, including a parachute, communication equipment, and another mechanism installed in or attached to aircraft during
flight, and not a part of an aircraft, engine, or propeller (and shall include without limitation “appliances” as defined
in 49 U.S.C. § 40102(a)(11)).

 

“Applicable Appraisal Discount Rate”
shall mean, on the date of any valuation of Routes done in connection with an Appraisal Report, 9.0%.

 

“Applicable Margin” shall mean
the rate per annum determined pursuant to the Applicable Pricing Grid.

 

“Applicable Pricing Grid” shall
mean the table set forth below:

 

(a) solely with respect
to the 2025 Non-Consenting Revolving Loans and the 2025 Non-Consenting Revolving Commitments, the
table set forth below:

 

	Level	Moody’s/S&P/Fitch

Ratings	Commitment

Fee Rate	Applicable Margin

for Eurodollar Revolving Loans	Applicable Margin

for ABR

Revolving Loans
	I	Baa1/BBB+/BBB+ or better	25.00 bps	1.75%	0.75%
	II	Baa2/BBB/BBB	30.00 bps	2.00%	1.00%
	III	Baa3/BBB-/BBB-	35.00 bps	2.50%	1.50%
	IV	Ba1/BB+/BB+	40.00 bps	2.75%	1.75%
	V	Ba2/BB/BB 	50.00 bps	3.00%	2.00%
	VI	Ba3/BB-/BB- or worse	62.50 bps	3.25%	2.25%

 

and (b) other than with respect
to the 2025 Non-Consenting Revolving Loans and the 2025 Non-Consenting Revolving Commitments, the table set forth below:

 

 

 

 

    	 	6	 

     

    

 

	Level	Moody’s/S&P/Fitch

Ratings	Commitment

Fee Rate	Applicable Margin for Term Benchmark Revolving Loans	Applicable Margin

for ABR

Revolving Loans	Letters of Credit
	I	Baa1/BBB+/BBB+ or better	20.00 bps	1.50%	0.50%	1.25%
	II	Baa2/BBB/BBB	25.00 bps	1.75%	0.75%	1.50%
	III	Baa3/BBB-/BBB-	30.00 bps	2.25%	1.25%	2.00%
	IV	Ba1/BB+/BB+	35.00 bps	2.50%	1.50%	2.25%
	V	Ba2/BB/BB 	45.00 bps	2.75%	1.75%	2.50%
	VI	Ba3/BB-/BB- or worse	55.00 bps	3.00%	2.00%	2.75%

 

For the purposes of the foregoing, (a) if the
Borrower shall not maintain a public Rating from at least two (2) Rating Agencies, the Rating shall be deemed to be (i) Level VI, if the
Borrower has no public Rating and (ii) one (1) level lower than the Borrower’s public Rating, if the Borrower has one (1) public
Rating, (b) if the Borrower shall maintain a public Rating from only two (2) Rating Agencies, then the higher of such Ratings shall apply,
unless there is a split in Ratings of more than one (1) ratings level, in which case the Rating that is one (1) level lower than the higher
of the Borrower’s two (2) Ratings shall apply, (c) if the Borrower shall maintain a public Rating from all three (3) Rating Agencies,
(i) if two (2) Ratings are equivalent and the third Rating is lower, the higher Rating shall apply, (ii) if two (2) Ratings are equivalent
and the third Rating is higher, the lower Rating shall apply and (iii) if no Ratings are equivalent, the Rating that is neither the highest
nor the lowest Rating shall apply; provided that if the Ratings established by any Rating Agency shall be changed (other than as
a result of a change in the rating system of such Rating Agency), such change shall be effective as of the date on which it is first announced
by the applicable Rating Agency.  Each change in the Applicable Margin and/or Commitment Fee shall apply during the period commencing
on the effective date of such change and ending on the date immediately preceding the effective date of the next such change.

 

“Applicable Terminal Value Growth Rate”
shall mean, with respect to Pacific Routes, 2.5%.

 

“Appraisal Report” shall mean
(a) the Initial Appraisal Report, (b) the Amendment No. 1 Appraisal Report and (c) any other appraisal prepared by an Appraiser, in form
and substance reasonably satisfactory to the Administrative Agent, which certifies, at the time of determination, the Appraised Value
of the Appraised Collateral described therein.

 

“Appraised Collateral” shall mean
Collateral included in an Appraisal Report.

 

“Appraised Value” shall mean,
as of any date of determination, (a) in the case of Appraised Collateral, the fair market value thereof as reflected in the most recent
Appraisal Report obtained in respect of such Collateral in accordance with this Agreement (in the case of any Routes, utilizing the Applicable
Appraisal Discount Rate and the Applicable Terminal Value Growth Rate) and (b) 160% of the amount of cash and Cash Equivalents pledged
at such time as Collateral, and (c) in the case of Investment Property (if any), (i) to the extent listed on a national security exchange,
the market value thereof and (ii) otherwise, the book value thereof as reflected in the most recent Officer’s Certificate delivered
pursuant to Section 5.01(f).

 

 

 

    	 	7	 

     

    

 

“Appraisers” shall mean, (a) mba
Aviation, (b) BK Associates, Inc., (c) ICF International and (d) such other appraisal firm or firms as may be retained by the Administrative
Agent and the Borrower from time to time.

 

“ARB Indebtedness” shall mean,
with respect to the Borrower or any of its Subsidiaries, without duplication, all Indebtedness or obligations of the Borrower or such
Subsidiary created or arising with respect to any limited recourse revenue bonds issued for the purpose of financing or refinancing improvements
to, or the construction or acquisition of, airport and other related facilities and equipment, the use or construction of which qualifies
and renders interest on such bonds exempt from certain federal or state taxes.

 

“Arrangers” shall mean JPMorgan
Chase Bank, N.A., Barclays Bank PLC, BNP Paribas, Citibank, N.A., Compass Bank, Credit Suisse AG, Cayman
IslandsNew York Branch, Deutsche Bank Securities Inc., Fifth Third Bank, National
Association, Goldman Sachs Bank USA, Industrial and Commercial Bank Of China Limited, New
York Branch, Merrill Lynch, Pierce, Fenner & Smith Incorporated (or any other registered broker-dealer
wholly-owned by Bank of America Corporation to which all or substantially all of Bank of America Corporation’s or
any of its subsidiaries’ investment banking, commercial lending services or related businesses may
be transferred following the date of this Agreement)BofA Securities, Inc., Morgan
Stanley Senior Funding, Inc., PNC Capital Markets LLC, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation, U.S. Bank National
Association, Wells Fargo Bank, N.A., Credit Agricole Corporate and Investment Bank and Natixis, New York Branch, in their capacity as
joint lead arrangers and joint bookrunners with respect to the Revolving Facility.

 

“Assignment” shall have the meaning
given in the Cape Town Convention.

 

“Assignment and Acceptance” shall
mean an assignment and acceptance entered into by a Lender and an assignee (with the consent of any party whose consent is required by
‎Section 10.02), and accepted by the Administrative Agent, substantially in the form of Exhibit B.

 

“Associated Rights” shall have
the meaning given in the Cape Town Convention.

 

“Available Tenor” means, as of
any date of determination and with respect to the then-current Benchmark, any tenor for such Benchmark (or component thereof) or payment
period for interest calculated with reference to such Benchmark (or component thereof), as applicable, that is or may be used for determining
the length of an Interest Period for any term rate or otherwise, for determining any frequency of making payments of interest calculated
pursuant to this Agreement as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed
from the definition of “Interest Period” pursuant to ‎Section 2.09(f).

 

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

 

“Bail-In Legislation” means (a)
with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of
the European Union, the implementing law, regulation rule or requirement for such EEA Member Country from time to time which is described
in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended
from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing
banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency
proceedings).

 

 

 

 

    	 	8	 

     

    

 

“Bankruptcy Code” shall mean The
Bankruptcy Reform Act of 1978, as heretofore and hereafter amended, and codified as 11 U.S.C. Section 101 et seq.

 

“Bankruptcy
Event” shall mean, with respect to any Person, such Person becomes the subject of a bankruptcy
or insolvency proceeding, or has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors
or similar Person charged with the reorganization or liquidation of its business appointed for it, or, in the good faith determination
of the Administrative Agent, has taken any action in furtherance of, or indicating its consent
to, approval of, or acquiescence in, any such proceeding or appointment,
provided that a Bankruptcy Event shall not result solely by virtue of any ownership interest, or the acquisition of any ownership interest,
in such Person by a Governmental Authority or instrumentality thereof, provided, further, that such ownership interest does not result
in or provide such Person 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 Person (or such Governmental Authority or instrumentality) to reject, repudiate, disavow
or disaffirm any contracts or agreements made by such Person.

 

“Benchmark”
means, initially, LIBO (a)
solely with respect to the 2025 Non-Consenting Revolving Loans, LIBO
Rate and (b) other than with respect to the 2025 Non-Consenting Revolving Loans,
with respect to any Term Benchmark Loan, the Term SOFR Rate; provided
that if a Benchmark Transition Event, a Term SOFR Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark
Replacement Date have occurred with respect to LIBO Rate or Term SOFR Rate, as applicable, or the then-current Benchmark, then “Benchmark”
means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant
to clause (b) or clause (c) of Section 2.09.

 

“Benchmark
Replacement” means, for any Available Tenor, 

 

“Benchmark
Replacement” means, for any Available Tenor(x) solely
with respect to 2025 Non-Consenting Revolving Loans,
the first alternative set forth in the order below that can be determined by
the Administrative Agent for the applicable Benchmark Replacement Date:

 

(1)
the sum of: (a) Term SOFR and (b) 0.11448% (11.448 basis points) for an Available Tenor of one-month’s duration, 0.26161% (26.161
basis points) for an Available Tenor of three-months’ duration, and 0.42826% (42.826 basis points) for an Available Tenor of six-months’
duration, and 0.71513% (71.513 basis points) for an Available
Tenor of twelve-months’ duration;

 

(2)
the sum of: (a) Daily Simple SOFR and (b) 0.11448% (11.448 basis points), if the Borrower selects a monthly payment period and 0.26161%
(26.161 basis points), if the Borrower selects a quarterly payment period;

 

(3)
the sum of: (a) the alternate benchmark rate that has been selected by the Administrative Agent
and the Borrower as the replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to
(i) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental
Body or (ii) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement for the then-current
Benchmark for dollar-denominated syndicated credit facilities at such time in the United States and (b) the related Benchmark Replacement
Adjustment;

 

 

 

 

    	 	9	 

     

    

 

provided
that, in the case of clause (1), such Unadjusted Benchmark Replacement is displayed on a screen
or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion;
provided further that, in the case of clause (3), when such clause is used to determine the Benchmark Replacement in connection
with the occurrence of an Other Benchmark Rate Election, the alternate benchmark rate selected by the Administrative Agent and the Borrower
shall be the term benchmark rate that is used in lieu of a LIBOR-based rate for Dollar-denominated syndicated credit facilities; provided
further that, notwithstanding anything to the contrary in this Agreement or in any other Loan Document, upon the occurrence of a Term
SOFR Transition Event, and the delivery of a Term SOFR Notice,  on the applicable Benchmark Replacement Date the “Benchmark
Replacement” shall revert to and shall be deemed to be the sum of (a) Term SOFR and (b) the related Benchmark Replacement Adjustment,
as set forth in clause (1) of this definition (subject to the first proviso above).;

 

and
(y) other than with respect to the 2025
Non-Consenting Revolving Loans, the first alternative set forth in the order below that can be determined by the Administrative Agent
for the applicable Benchmark Replacement Date:

 

(1)
the Adjusted Daily Simple SOFR;

 

(2)
the sum of: (a) the alternate benchmark rate that has been selected by
the Administrative Agent and the Borrower as the replacement for the then-current
Benchmark for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a replacement benchmark
rate or the mechanism for determining such a rate by the
Relevant Governmental Body or (ii) any evolving or then-prevailing market convention
for determining a benchmark rate as a replacement for the then-current Benchmark for dollar-denominated syndicated credit facilities at
such time in the United States and (b) the related Benchmark Replacement Adjustment;

 

If
the Benchmark Replacement as determined pursuant to clause (1), (2) or (3) above would be less than 1.00%, the Benchmark Replacement will
be deemed to be 1.00% for the purposes of this Agreement and the other Loan Documents.

 

“Benchmark
Replacement Adjustment” means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement
for any applicable Interest Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement:

 

(1)
for purposes of clauses (x)(1) and (x)(2)
of the definition of “Benchmark Replacement,” the applicable spread adjustment set forth therein; and

 

(2)
for purposes of clause clauses
(x)(3) and (y)(2) of the definition of “Benchmark Replacement,” the spread adjustment, or method for calculating or determining
such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the
Borrower for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a spread adjustment,
or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted
Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date and/or (ii) any evolving or then-prevailing
market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement
of such Benchmark with the applicable Unadjusted Benchmark Replacement for dollar-denominated syndicated credit facilities at such time.

 

 

 

 

    	 	10	 

     

    

 

“Benchmark
Replacement Conforming Changes” means, with respect to any Benchmark Replacement and/or
any Term Benchmark Revolving Loan, any technical, administrative or operational changes (including changes to the definition
of “Alternate Base Rate,” the definition of “Business Day,” the definition of “Interest Period,” the
definition of “U.S. Government Securities Business Day,” timing and frequency of determining rates and making payments
of interest, timing of borrowing requests or prepayment, conversion or continuation notices, length of lookback periods, the applicability
of breakage provisions, and other technical, administrative or operational matters) that the Administrative Agent decides in consultation
with the Borrower may be appropriate to reflect the adoption and implementation of such Benchmark Replacement
and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market
practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible
or if the Administrative Agent determines in consultation with the Borrower that no market practice for the administration of such Benchmark
Replacement exists, in such other manner of administration as the Administrative Agent
decides in consultation with the Borrower is reasonably necessary in connection with the administration of this Agreement and the other
Loan Documents).

 

“Benchmark
Replacement Date” means, with respect to any Benchmark, the earliest to occur of the following events with respect to such then-current
Benchmark:

 

(1)
in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,”
the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator
of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available
Tenors of such Benchmark (or such component thereof);

 

(2)
in the case of clause (3) of the definition of “Benchmark Transition Event,” the
first date on which such Benchmark (or the published component used in the calculation thereof) has been determined and announced by the
regulatory supervisor for the administrator of such Benchmark (or such component thereof) to be no longer representative; provided, that
such non-representativeness will be determined by reference to the most recent statement or publication referenced in such clause (3)
and even if any Available Tenor of such Benchmark (or such component thereof) continues to be provided on such date;

 

(3)
in the case of a Term SOFR Transition Event, the date that is thirty (30) days after the date
a Term SOFR Notice is provided to the Lenders and the Borrower pursuant to Section
2.09(ce);
or 

 

(4)
in the case of an Early Opt-in Election or an Other Benchmark Rate Election, the sixth (6th) Business Day after the date notice of such
Early Opt-in Election or Other Benchmark Rate Election, as applicable, is provided to the Lenders, so long as the Administrative Agent
has not received, by 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Early Opt-in Election
or Other Benchmark Rate Election, as applicable, is provided to the Lenders, written notice of objection to such Early Opt-in Election
or Other Benchmark Rate Election, as applicable, from Lenders comprising the Required Lenders.

 

For
the avoidance of doubt, (i) if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the
Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference
Time for such determination and (ii) the “Benchmark Replacement Date” will be deemed to have occurred in the case of clause
(1) or (2) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current
Available Tenors of such Benchmark (or the published component used in the calculation thereof).

 

“Benchmark
Transition Event” means, with respect to any Benchmark, the occurrence of one or more of the following events with respect to such
then-current Benchmark:

 

 

 

 

    	 	11	 

     

    

 

(1)
a public statement or publication of information by or on behalf of the administrator of such
Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to
provide all Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely, provided that, at the time of
such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark
(or such component thereof);

 

(2)
a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published
component used in the calculation thereof), the Federal Reserve Board, the NYFRB, the CME Term SOFR Administrator, an insolvency official
with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator
for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator
for such Benchmark (or such component), in each case, which states that the administrator of such Benchmark (or such component) has ceased
or will cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely; provided that,
at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of
such Benchmark (or such component thereof); or

 

(3)
a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published
component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are no longer,
or as of a specified future date will no longer be, representative.

 

For
the avoidance of doubt, a “Benchmark Transition Event” will be deemed to have occurred with respect to any Benchmark if a
public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such
Benchmark (or the published component used in the calculation thereof).

 

“Benchmark
Unavailability Period” means, with respect to any Benchmark, the period (if any) (x) beginning at the time that a Benchmark Replacement
Date pursuant to clauses (1) or (2) of that definition has occurred if, at such time, no Benchmark Replacement has replaced such then-current
Benchmark for all purposes hereunder and under any Loan Document in accordance with ‎Section 2.09 and
(y) ending at the time that a Benchmark Replacement has replaced such then-current Benchmark for all purposes hereunder and under
any Loan Document in accordance with ‎Section 2.09.

 

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

 

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

 

“Borrower” shall have the meaning
set forth in the first paragraph of this Agreement.

 

“Borrowing” shall mean the incurrence,
conversion or continuation of Revolving Loans of a single Type made from all the Lenders of any Class on a single date and having, in
the case of Eurodollar Revolving Loans or Term Benchmark Revolving Loans, a single Interest Period.

 

 

 

 

    	 	12	 

     

    

 

“Borrowing Request” shall mean
a request by the Borrower, executed by a Responsible Officer of the Borrower, for a Borrowing in accordance with ‎Section 2.03.

 

“Business Day” shall mean any
day (other than a Saturday, or
a Sunday or other day) on which commercial
banks are open for business in New York City are
required or authorized to remain closed (and, for a Letter of Credit, other than a
day on which the Issuing Lender issuing such Letter of Credit is closedopen);
provided, however,  that (a)
when used in connection with a Eurodollar Revolving Loan, the term “Business Day” shall also exclude any day on
which banks are not open for dealings in Dollar deposits on the London interbank market.
and (b) in addition to the foregoing, a Business Day shall be in relation to Revolving Loans referencing
the Adjusted Term SOFR Rate and any interest rate settings, fundings, disbursements, settlements or payments of any such Revolving Loans
referencing the Adjusted Term SOFR Rate or any other dealings of such Revolving Loans referencing the Adjusted Term SOFR Rate, any such
day that is only a U.S. Government Securities Business Day.

 

“Cape Town Convention” shall mean
the official English language text of the Convention on International Interests in Mobile Equipment, adopted on November 16, 2001 at a
diplomatic conference in Cape Town, South Africa, and all amendments, supplements and revisions thereto (and from and after the effective
date of the Cape Town Treaty in the relevant country, means when referring to the Cape Town Convention with respect to that country, the
Cape Town Convention as in effect in such country, unless otherwise indicated).

 

“Cape Town Treaty” shall mean,
collectively, (a) the Cape Town Convention, (b) the Aircraft Protocol, and from and after the effective date of the Cape Town Treaty in
the relevant country, shall mean when referring to the Cape Town Treaty with respect to that country, the Cape Town Treaty as in effect
in such country, unless otherwise indicated, and (c) all rules and regulations (including but not limited to the Regulations and Procedures
for the International Registry) adopted pursuant thereto and, in the case of each of the foregoing described in clauses (a) through (c),
all amendments, supplements and revisions thereto.

 

“Capital Asset Sale” shall have
the meaning given to such term in the definition of “EBITDAR” in this ‎Section 1.01.

 

“Capitalized Lease” shall mean,
as applied to any Person, any lease of property by such Person as lessee which would be capitalized on a balance sheet of such Person
prepared in accordance with GAAP (as in effect on the Closing Date). The amount of obligations of such Person under a Capitalized Lease
shall be the capitalized amount thereof determined in accordance with GAAP (as in effect on the Closing Date).

 

“Cash Collateralization” shall
have the meaning given such term in ‎Section 2.02(j).

 

“Cash Equivalents” means:

 

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

 

(2)       direct
obligations of state, provincial and local government entities, in each case maturing within one year from the date of acquisition thereof,
which have, at the date of such acquisition, a rating of at least A- (or the equivalent thereof) from S&P or A-3 (or the equivalent
thereof) from Moody’s;

 

 

 

 

    	 	13	 

     

    

 

(3)       obligations
of domestic or foreign companies and their subsidiaries, including, without limitation, bills, notes, bonds, debentures, and mortgage-backed
securities, in each case maturing within one year from the date of acquisition thereof and which have, at the date of such acquisition,
a rating of at least A- (or the equivalent thereof) from S&P or A-3 (or the equivalent thereof) from Moody’s;

 

(4)       commercial
paper maturing within 365 days from the date of acquisition thereof and having, at such date of acquisition, a rating of at least A-2
(or the equivalent thereof) from S&P or P-2 (or the equivalent thereof) from Moody’s;

 

(5)       certificates
of deposit, banker’s acceptances, banker’s discount notes, time deposits, US Dollar time deposits or overnight bank deposits
maturing within one year from the date of acquisition thereof issued or guaranteed by or placed with, and money market deposit accounts
issued or offered by, any domestic office of any other commercial bank of recognized standing organized under the laws of the United States
or any state thereof or the District of Columbia that has a combined capital and surplus and undivided profits of not less than $100,000,000;

 

(6)       fully
collateralized repurchase agreements with a term of not more than six months for underlying securities that would otherwise be eligible
for investment;

 

(7)       Investments
in money in an investment company organized under the 40 Act, or in pooled accounts or funds offered through mutual funds, investment
advisors, banks and brokerage houses which invest 95% of their assets in obligations of the type described in clauses (1) through (6)
above, including money market funds or short-term and intermediate bonds funds;

 

(8)       money
market funds that (i) comply with the criteria set forth in SEC Rule 2a-7 under the 40 Act or with the criteria set forth in National
Instrument 81-102—Mutual Funds, as amended, (ii) are rated AAA (or the equivalent thereof) by S&P or Aaa (or the equivalent
thereof) by Moody’s and (iii) have portfolio assets of at least $500,000,000;

 

(9)       deposits
available for withdrawal on demand with commercial banks organized in the United States having capital and surplus in excess of $100,000,000;

 

(10)       securities
with maturities of one year or less from the date of acquisition issued or fully guaranteed by any state, commonwealth or territory of
the United States, by any political subdivision or taxing authority of any such state, commonwealth or territory or by any foreign government,
the securities of which state, commonwealth, territory, political subdivision, taxing authority or foreign government (as the case may
be) are rated at least A- by S&P or A3 by Moody’s; and

 

(11)       any
other securities or pools of securities that are classified under GAAP as cash equivalents or short-term investments on a balance sheet.

 

“Change in Law” shall mean, after
the date hereof, (a) the adoption of any law, rule or regulation after the date of this Agreement, (b) any change in any law (including
pursuant to any treaty or, for purposes of ‎Section 5.09, any other agreement governing the right to fly international routes), rule
or regulation or in the interpretation or application thereof by any Governmental Authority, Airport Authority or Foreign Aviation Authority
after the date of this Agreement applicable to the Borrower or (c) compliance by any Lender or Issuing Lender (or, for purposes of
‎Section 2.14(b), by any lending office of such Lender or Issuing Lender or by such Lender’s or Issuing Lender’s holding
company, if any) with any request, guideline or directive (whether or not having the force of law) of any Governmental Authority made
or issued after the date of this Agreement; provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall
Street Reform and Consumer Protection Act and all requests, rules, regulations, requirements, guidelines or directives thereunder or issued
in connection therewith and (y) all requests, rules, regulations, requirements, 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, implemented or issued.

 

 

 

 

    	 	14	 

     

    

 

“Charges”
shall have the meaning given such term in ‎Section 2.24.

 

“Class”, when used in reference
to any Revolving Loan or Borrowing, shall refer to whether such Revolving Loan, or the Revolving Loans comprising such Borrowing, are
2024 Revolving Loans or 20232025 Revolving Loans
and, when used in reference to any Revolving Commitment, refers to whether such Revolving Commitment is an LC Tranche Commitment, a 2024
Revolving Commitment or a 20232025 Revolving
Commitment. In addition, as the context requires, any extended tranche of Revolving Commitments shall constitute a Class of Revolving
Loans (or LC Tranche Commitments, as applicable) separate from the Class of Revolving Loans (or LC Tranche Commitments, as applicable)
from which they were converted.

 

“Closing Date” shall mean the
date on which this Agreement has been executed and the conditions precedent to the effectiveness of this Agreement set forth in ‎Section
4.01 have been satisfied or waived.

 

“CME Term SOFR Administrator”
shall mean CME Group Benchmark Administration Limited as administrator of the forward-looking term Secured Overnight Financing Rate (SOFR)
(or a successor administrator).

 

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

 

“Commitment Fee” shall have the
meaning set forth in ‎Section 2.20(a).

 

“Commitment Fee Rate” shall mean
the rate per annum set forth under the heading “Commitment Fee Rate” on the Applicable Pricing Grid.

 

“Collateral” shall mean, collectively,
all assets and properties of the Borrower now owned or hereafter acquired upon which Liens have been granted to the Collateral Agent to
secure the Obligations, including without limitation all of the “Collateral” as defined in the SGR Security Agreement and
the Aircraft Mortgage.

 

“Collateral Agent” shall have
the meaning set forth in the first paragraph of this Agreement.

 

“Collateral Coverage Ratio” shall
have the meaning given to such term in ‎Section 6.03.

 

“Collateral Coverage Ratio Cure Period”
shall have the meaning given to such term in Section 6.03.

 

“Collateral Coverage Test” shall
have the meaning given to such term in Section 6.03.

 

 

 

 

    	 	15	 

     

    

 

“Collateral Documents” shall mean,
collectively, the SGR Security Agreement, the Aircraft Mortgage and other agreements, instruments or documents that create or purport
to create a Lien in favor of the Collateral Agent for the benefit of the Secured Parties.

 

“Collateral Material Adverse Effect”
shall mean a material adverse effect on the Appraised Value of the Collateral, taken as a whole, or the Eligible Collateral, taken as
a whole.

 

“Consolidated Net Income” shall
mean, with respect to any specified Person for any period, the aggregate of the net income (or net loss) of such Person and its Subsidiaries
for such period, on a consolidated basis, determined in accordance with GAAP and without any reduction in respect of preferred stock dividends;
provided that: (a) all extraordinary gains (but not losses) and all gains (but not losses) realized in connection with any Capital
Asset Sale or the disposition of securities or the early extinguishment of Indebtedness, together with any related provision for taxes
on any such gain, will be excluded therefrom; (b) the net income (but not net loss) of any Person that is not the specified Person or
a Subsidiary or that is accounted for by the equity method of accounting will be included therein only to the extent of the amount of
dividends or similar distributions paid in cash to the specified Person or Subsidiary of the Person; (c) the net income (but not net loss)
of any Subsidiary will be excluded therefrom to the extent that the declaration or payment of dividends or similar distributions by that
Subsidiary of that net income is not at the date of determination permitted without any prior governmental approval (that has not been
obtained) or, directly or indirectly, by operation of the terms of its charter or any agreement, instrument, judgment, decree, order,
statute, rule or governmental regulation applicable to that Subsidiary or its stockholders; (d) the cumulative effect of a change in accounting
principles will be excluded therefrom; and (e) the effect of non-cash gains and losses attributable to movement in the mark-to-market
valuation of Hedging Obligations pursuant to FASB ASC No. 815 will be excluded therefrom.

 

“Corresponding Tenor” with respect
to any Available Tenor means, as applicable, either a tenor (including overnight) or an interest payment period having approximately the
same length (disregarding business day adjustment) as such Available Tenor.

 

“Co-Syndication Agents” shall
mean Barclays Bank PLC, BNP Paribas, Citibank, N.A., Compass Bank, Credit Suisse AG, Cayman IslandsNew
York Branch, Deutsche Bank Securities Inc., Fifth Third Bank, National Association, Goldman Sachs Bank USA, Industrial
and Commercial Bank Of China Limited, New York Branch, Merrill Lynch, Pierce, Fenner
& Smith IncorporatedBofA Securities, Inc., Morgan Stanley Senior Funding,
Inc., PNC Bank, National Association, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation, U.S. Bank National Association and
Wells Fargo Bank, N.A., in their capacity as co-syndication agents with respect to this Agreement.

 

“Daily Simple SOFR” means, for
any day,  (a “SOFR,
with the conventions for this rate (which may include a lookback) being established by
the Administrative Agent in accordance with the conventions for this rate selected or recommended by the
Relevant Governmental Body for determining “Daily Simple SOFR” for business loans; provided,
that if the Administrative Agent decides that any such convention is not administratively feasible for the Administrative Agent, then
the Administrative Agent may establish another convention in its reasonable discretion. Rate
Day”), a rate per annum equal to SOFR for the day (such day “SOFR Determination Date”) that is five (5) U.S. Government
Securities Business Day prior to (i) if such SOFR Rate Day is a U.S. Government Securities Business Day, such SOFR Rate Day or (ii) if
such SOFR Rate Day is not a U.S. Government Securities Business Day, the U.S. Government Securities Business Day immediately preceding
such SOFR Rate Day, in each case, as such SOFR is published by the SOFR Administrator on
the SOFR Administrator’s Website. Any change in Daily Simple SOFR due to a change in SOFR shall
be effective from and including the effective date of such change in SOFR without notice to the Borrower.

 

 

 

    	 	16	 

     

    

 

“Default” shall mean any event
that, unless cured or waived, with the passage of time or the giving of notice or both, would be an Event of Default.

 

“Defaulting
Lender” shall mean, at any time, any Lender that (a) has failed, within one (1) Business Day of the date required to be funded
or paid by it hereunder, to fund or pay (x) any portion of the Revolving Loans, (y) any portion of the participations in any Letter of
Credit required to be funded hereunder or (z) any other amount required to be paid by it hereunder to the Administrative Agent, any Issuing
Lender or any other Lender (or its banking Affiliates), unless, in the case of clause (x) above, such Lender notifies the Administrative Agent in writing that such failure is the result of such Lender’s good faith determination that
a condition precedent to funding (specifically identified and including the particular default, if any) has not been satisfied,
(b) has notified the Borrower, the Administrative Agent, any Issuing Lender or any other Lender in writing, or has made a public  statement to
the effect, that it does not intend or expect to comply with any of its funding obligations (i) under this Agreement (unless such writing
or public statement indicates that such position is based on such Lender’s good faith determination that a condition precedent (specifically
identified and including the particular default, if any) to funding a loan under this Agreement cannot be satisfied) or (ii) generally
under other agreements in which it commits to extend credit, (c) has failed, within three (3) Business Days after request by the Administrative
Agent, any Issuing Lender, any other Lender or the Borrower, acting in good faith, to provide a confirmation in writing from an authorized
officer or other authorized representative of such Lender that it will comply with its obligations (and is financially able to meet such
obligations) to fund prospective  Revolving Loans and participations in then outstanding Letters of Credit under this Agreement, which request shall only have been made after the conditions
precedent to borrowings have been met, provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon
the Administrative Agent’s, such Issuing Lender’s, such other Lender’s or the Borrower’s, as applicable, receipt
of such confirmation in form and substance satisfactory to it and the Administrative Agent,(d) has become, or has had its Parent Company become, the subject of a Bankruptcy Event or a Bail-In Action. Any determination by the Administrative
Agent that a Lender is a Defaulting Lender under any of clauses (a) through (d) above will be conclusive and binding absent manifest error,
and such Lender will be deemed to be a Defaulting Lender upon notification of such determination by the Administrative Agent to the Borrower,
the Issuing Lender and the Lenders.

 

“Designated Banking Product Agreement”
shall mean any agreement evidencing Designated Banking Product Obligations entered into by the Borrower or any Subsidiary and any Person
that, at the time such Person entered into such agreement, was a Lender or a banking Affiliate of a Lender, in each case designated by
the relevant Lender (or its banking Affiliate) and the Borrower, by written notice to the Administrative Agent, as a “Designated
Banking Product Agreement”, which notice shall include (i) a copy of an agreement providing for an agreed-upon maximum amount of
Designated Banking Product Obligations under such Designated Banking Product Agreement that can be included as Obligations and (ii) the
acknowledgment of such Lender (or its banking Affiliate) that its security interest in the Collateral securing such Designated Banking
Product Obligations shall be subject to the Loan Documents; provided that, after giving effect to such designation, the aggregate
agreed-upon maximum amount of all “Designated Banking Product Obligations” included as Obligations, together with the aggregate
agreed-upon maximum amount of all “Designated Hedging Obligations” included as Obligations, shall not exceed $500,000,000
in the aggregate.

 

“Designated Banking Product Obligations”
shall mean, as applied to any Person, any direct or indirect liability, contingent or otherwise, of such Person in respect of any treasury,
depository and cash management services and automated clearing house transfers of funds services provided by a Lender or any of its banking
Affiliates under any Designated Banking Product Agreement, including obligations for the payment of fees, interest, charges, expenses,
attorneys’ fees and disbursements in connection therewith.

 

 

 

 

    	 	17	 

     

    

 

“Designated Hedging Agreement”
shall mean any Hedging Agreement entered into by the Borrower or any Subsidiary and any Person that, at the time such Person entered into
such Hedging Agreement, was a Lender or an Affiliate of a Lender, in each case, as designated by the relevant Lender (or Affiliate of
a Lender) and the Borrower, by written notice to the Administrative Agent, as a “Designated Hedging Agreement,” which notice
shall include a copy of an agreement providing for (i) a methodology agreed to by the Borrower, such Lender or Affiliate of a Lender,
and the Administrative Agent for reporting the outstanding amount of Designated Hedging Obligations under such Designated Hedging Agreement
from time to time, (ii) an agreed-upon maximum amount of Designated Hedging Obligations under such Designated Hedging Agreement that can
be included as Obligations, and (iii) the acknowledgment of such Lender or Affiliate of a Lender that its security interest in the Collateral
securing such Designated Hedging Obligations shall be subject to the Loan Documents; provided that, after giving effect to such
designation, the aggregate agreed-upon maximum amount of all “Designated Hedging Obligations” included as Obligations, together
with the aggregate agreed-upon maximum amount of all “Designated Banking Product Obligations” included as Obligations, shall
not exceed $500,000,000 in the aggregate.

 

“Designated Hedging Obligations”
shall mean, as applied to any Person, all Hedging Obligations of such Person under Designated Hedging Agreements after taking into account
the effect of any legally enforceable netting arrangements included in such Designated Hedging Agreements; it being understood and agreed
that, on any date of determination, the amount of such Hedging Obligations under any Designated Hedging Agreement shall be determined
based upon the “settlement amount” (or similar term) as defined under such Designated Hedging Agreement or, with respect to
a Designated Hedging Agreement that has been terminated in accordance with its terms, the amount then due and payable (exclusive of expenses
and similar payments but including any termination payments then due and payable) by such Person under such Designated Hedging Agreement.

 

“Discharge of Secured Obligations”
shall have the meaning given such term in the SGR Security Agreement.

 

“Disposition” shall mean, with
respect to any property, any sale, lease, sale and leaseback, conveyance, transfer or other disposition thereof. The terms “Dispose”
and “Disposed of” shall have correlative meanings.

 

“Disqualified Institution” shall
mean any Person (a) identified in writing to the Administrative Agent from time to time that is or becomes (i) a competitor of the Borrower
or any of its Subsidiaries or (ii) a manufacturer of aircraft, engines or other equipment purchased or used by the Borrower and (b) that
is otherwise designated by the Borrower as such in a writing provided to the Administrative Agent prior to March 30, 2018, including,
in each case, Affiliates thereof that are reasonably identifiable as such solely by their names.

 

“Dollar Amount” shall mean, at
any time, for any amount, (i) if denominated in Dollars, the amount thereof and (ii) if denominated in an Alternative Currency, the amount
thereof converted to Dollars in accordance with ‎Section 2.27.

 

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

 

“DOT” shall mean the United States
Department of Transportation and any successor thereto.

 

“Early Opt-in Election” means,
if the then-current Benchmark is LIBO Rate, the occurrence of:

 

 

 

 

    	 	18	 

     

    

 

(1)       a notification
by the Administrative Agent to (or the request by the Borrower to the Administrative Agent to notify) each of the other parties hereto
that at least five currently outstanding dollar-denominated syndicated credit facilities at such time contain (as a result of amendment
or as originally executed) a SOFR-based rate (including SOFR, a term SOFR or any other rate based upon SOFR) as a benchmark rate (and
such syndicated credit facilities are identified in such notice and are publicly available for review), and

 

(2)       the
joint election by the Administrative Agent and the Borrower to trigger a fallback from LIBO Rate and the provision, as applicable, by
the Administrative Agent of written notice of such election to the Borrower and the Lenders.

 

“EBITDAR” shall mean, for any
period, all as determined in accordance with GAAP, without duplication, an amount equal to (a) the Consolidated Net Income of the Borrower
and its Subsidiaries for such period, plus (b) the sum of (i) any provision for income taxes for such period, (ii) Interest
Expense for such period, (iii) extraordinary, non-recurring or unusual losses for such period, (iv) depreciation and amortization for
such period, (v) amortized debt discount for such period, (vi) the amount of any deduction to consolidated net income as the result of
any grant to any employee of the Borrower or its Subsidiaries of any Equity Interests during such period, (vii) aircraft rent expense
for such period, (viii) any aggregate net loss during such period arising from a Capital Asset Sale (as defined below), (ix) all other
non-cash charges for such period, (x) any losses arising under fuel hedging arrangements during such period, (xi) costs and expenses,
including fees, incurred directly during such period in connection with the consummation of the transactions contemplated under the Loan
Documents, and (xii) expenses or losses with respect to business interruption covered by insurance, in each case to the extent actually
reimbursed, in the case of each of subclauses (i) through (xii) of this clause (b), to the extent deducted in the calculation of consolidated
net income of the Borrower and its Subsidiaries for such period in accordance with GAAP, minus (c) the sum of (i) income tax credits
for such period, (ii) interest income for such period, (iii) extraordinary, non-recurring or unusual gains for such period, (iv) any aggregate
net gain during such period arising from the sale, exchange or other disposition of capital assets by the Borrower or its Subsidiaries
(including any fixed assets, whether tangible or intangible, all inventory sold in conjunction with the disposition of fixed assets and
all securities) (a “Capital Asset Sale”), (v) any gains arising under fuel hedging arrangements during such period,
and (vi) any other non-cash gains that have been added in determining consolidated net income during such period, in the case of each
of subclauses (i) through (vi) of this clause (c), to the extent included in the calculation of consolidated net income of the Borrower
and its Subsidiaries for such period in accordance with GAAP. For purposes of this definition, the following items shall be excluded in
determining consolidated net income of the Borrower and its Subsidiaries for any period: (1) the income (or deficit) of any other Person
accrued prior to the date it became a Subsidiary of, or was merged or consolidated into, the Borrower or any of its Subsidiaries; (2)
the income (or deficit) of any other Person (other than a Subsidiary) in which the Borrower or any of its Subsidiaries has an ownership
interest, except to the extent any such income has actually been received by the Borrower or such Subsidiary, as applicable, in the form
of cash dividends or distributions; (3) any restoration to income of any contingency reserve, except to the extent that provision for
such reserve was made out of income accrued during such period; (4) any write-up of any asset; (5) any net gain from the collection of
the proceeds of life insurance policies; (6) any net gain arising from the acquisition of any securities, or the extinguishment, under
GAAP, of any Indebtedness, of the Borrower or any of its Subsidiaries; (7) in the case of a successor to the Borrower by consolidation
or merger or as a transferee of its assets, any earnings of such successor prior to such consolidation, merger or transfer of assets;
(8) any deferred credit representing the excess of equity in any Subsidiary at the date of acquisition of such Subsidiary over the cost
to the Borrower or any of its Subsidiaries of the investment in such Subsidiary; and (9) any foreign currency translation gains or losses
(including gains or losses related to currency remeasurements of Indebtedness).

 

 

 

 

    	 	19	 

     

    

 

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

 

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

 

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

 

“Eligible Affiliate Assignee”
shall mean (a) with respect to any Lender, an Affiliate thereof that is: (i) a commercial bank or financial institution organized under
the laws of the United States, or any state thereof, and having total assets in excess of $1,000,000,000; (ii) a commercial bank or financial
institution organized under the laws of France, Germany, the Netherlands, Spain or the United Kingdom, or under the Laws of a political
subdivision of any such country, and having total assets in excess of $1,000,000,000; provided that such bank or institution is
acting through a branch or agency located in such country or the United States; or (iii) a commercial bank or financial institution organized
under the laws of any other country which is a member of the Organization for Economic Cooperation and Development, or under the laws
of a political subdivision of any such country, and having total assets in excess of $1,000,000,000; provided that such bank or
institution is acting through a branch or agency located in the United States, and (b) with respect to Goldman Sachs Bank USA, Goldman
Sachs Lending Partners LLC.

 

“Eligible Assignee” shall mean
(a) a commercial bank having total assets in excess of $1,000,000,000, (b) a finance company, insurance company or other financial institution
or fund, in each case reasonably acceptable to the Administrative Agent, which in the ordinary course of business extends credit of the
type contemplated herein or invests therein and has total assets in excess of $200,000,000 and whose becoming an assignee would not constitute
a prohibited transaction under Section 4975 of the Code or Section 406 of ERISA, (c) any Lender or any Affiliate of any Lender and (d) any
other financial institution reasonably satisfactory to the Administrative Agent; provided that “Eligible Assignee”
shall not include any Disqualified Institution, any natural person, the Borrower or any Affiliate of the Borrower.

 

“Eligible Collateral” shall mean
the Collateral; provided that if an Aircraft is Parked for more than thirty (30) days, such Aircraft shall be excluded from Eligible
Collateral in its entirety unless an Appraisal Report establishing the current Appraised Value of such Aircraft in its Parked condition
is (or has been) delivered to the Administrative Agent.

 

“Environmental Laws” shall mean
all applicable laws (including common law), statutes, rules, regulations, codes, ordinances, orders, decrees, judgments, injunctions or
legally binding requirements or agreements issued, promulgated or entered into by or with any Governmental Authority, relating to the
protection of environment, preservation or reclamation of natural resources, the handling, treatment, storage, disposal, Release into
the environment or threatened Release into the environment of, or human exposure to, any pollutants, contaminants or any toxic, radioactive
or otherwise hazardous materials.

 

 

 

 

    	 	20	 

     

    

 

“Environmental Liability” shall
mean any liability, contingent or otherwise, (including any liability for damages, natural resource damage, costs of environmental investigation,
remediation or monitoring or costs, fines or penalties) resulting from or based upon (a) violation of any Environmental Law, (b) the generation,
use, handling, transportation, storage, treatment, disposal or the arrangement for disposal of any Hazardous Materials, (c) human exposure
to any Hazardous Materials, (d) the Release or threatened Release of any Hazardous Materials into the environment or (e) any contract,
agreement, lease or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing.

 

“Equity Interests” shall mean
shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial interests in a trust or
other equity ownership interests in a Person (whether direct or indirect), and any warrants, options or other rights entitling the holder
thereof to purchase or acquire any such equity interest.

 

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

 

“ERISA Affiliate” shall mean any
trade or business (whether or not incorporated) that, together with the Borrower, is treated as (i) a single employer under Section 414(b)
or (c) of the Code, or (ii) solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under
Section 414 of the Code, or that is under common control with the Borrower within the meaning of Section 4001 of ERISA.

 

“Escrow Accounts” shall mean (1)
accounts of the Borrower or any Subsidiary, solely to the extent any such accounts hold funds set aside by the Borrower or any Subsidiary
(plus accrued interest thereon) to manage the collection and payment of amounts collected, withheld or incurred by the Borrower or such
Subsidiary for the benefit of third parties relating to: (a) federal income tax withholding and backup withholding tax, employment taxes,
transportation excise taxes and security related charges, (b) any and all state and local income tax withholding, employment taxes and
related charges and fees and similar taxes, charges and fees, including, but not limited to, state and local payroll withholding taxes,
unemployment and supplemental unemployment taxes, disability taxes, workman’s or workers’ compensation charges and related
charges and fees, (c) state and local taxes imposed on overall gross receipts, sales and use taxes, fuel excise taxes and hotel occupancy
taxes, (d) passenger facility fees and charges collected on behalf of and owed to various administrators, institutions, authorities, agencies
and entities, (e) other similar federal, state or local taxes, charges and fees (including without limitation any amount required to be
withheld or collected under applicable law) and (f) other funds held in trust for, or otherwise segregated for the benefit of, an identified
beneficiary; in each case, held in escrow accounts, agent accounts, trust funds or other segregated accounts; or (2) accounts, capitalized
interest accounts, debt service reserve accounts, escrow accounts and other similar accounts or funds established in connection with the
ARB Indebtedness.

 

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

 

“Euro” or “€”
shall mean the official currency of the European Economic and Monetary Union.

 

“Eurodollar”, when used in reference
to any Revolving Loan or Borrowing, refers to whether such Revolving Loan, or the Revolving Loans comprising such Borrowing, are bearing
interest at a rate determined by reference to the LIBO Rate.

 

 

 

 

    	 	21	 

     

    

 

“Eurodollar Tranche” shall mean
the collective reference to Eurodollar Revolving Loans under a particular Revolving Facility the then current Interest Periods with respect
to all of which begin on the same date and end on the same later date (whether or not such Revolving Loans shall originally have been
made on the same day).

 

“Event of Default”
shall have the meaning given to such term in ‎Section 7.

 

“Event of Loss” shall have the
meaning given such term in the Aircraft Mortgage.

 

“Exchange Act” shall mean the
Securities Exchange Act of 1934, as amended.

 

“Exchange Rate” shall mean on
any day with respect to any currency other than Dollars, the rate at which such currency may be exchanged into Dollars, as set forth at
approximately 11:00 a.m. (London time) on such day on the Reuters World Currency Page for such currency; in the event that such rate
does not appear on any Reuters World Currency Page, the Exchange Rate shall be determined by reference to such other publicly available
service for displaying exchange rates as may be agreed upon by the Administrative Agent and the Borrower, or, in the absence of such agreement,
such Exchange Rate shall instead be the arithmetic average of the spot rates of exchange of the Administrative Agent in the market where
its foreign currency exchange operations in respect of such currency are then being conducted, at or about 10:00 a.m. (New York City
time) on such date for the purchase of Dollars for delivery two (2) Business Days later; provided, however, that if at any
time of any such determination, for any reason, no such spot rate is being quoted, the Administrative Agent may use any reasonable method
it deems appropriate to determine such rate, and such determination shall be conclusive absent manifest error.

 

“Excluded Taxes” shall mean, with
respect to the Administrative Agent, any Lender, any Issuing Lender or any other recipient of any payment to be made by or on account
of any Obligation of the Borrower hereunder or under any Loan Document, (a) income or franchise Taxes imposed on (or measured by) its
net income however denominated by the United States of America or any political subdivision thereof or by the jurisdiction under the laws
of which such recipient is organized or in which its principal office is located or, in the case of any Lender, in which its applicable
lending office is located or any political subdivision thereof, (b) any Taxes imposed as a result of a present or former connection between
such recipient and the jurisdiction imposing such taxes (other than a connection arising solely from such recipient’s having executed,
delivered, enforced, become a party to, performed its obligations under, received payments under, received or perfected a security interest
under, or engaged in any other transaction pursuant to, or enforced, this Agreement or any Loan Document), (c) any branch profits taxes
imposed by the United States of America or any similar tax imposed by any other jurisdiction in which such recipient is located, (d) in
the case of a Foreign Lender, any withholding tax that is imposed on amounts payable to such Foreign Lender at the time such Foreign Lender
becomes a party to this Agreement (or designates a new lending office), except to the extent that such Foreign Lender (or its assignor,
if any) was entitled, immediately before designation of a new lending office (or assignment), to receive additional amounts from the Borrower
with respect to such withholding tax pursuant to Section 2.16(a), (e) in the case of a Lender, any withholding tax that is attributable
to such Lender’s failure to comply with Section 2.16(f) or 2.16(g) and (f) any withholding tax that is imposed by reason of FATCA.

 

“Existing Barclays Credit Agreement”
shall mean that certain Credit and Guaranty Agreement dated as of October 18, 2012 among the Borrower, the subsidiary guarantors from
time to time party thereto, the lenders from time to time party thereto and Barclays Bank PLC, as administrative agent, as amended prior
to the date hereof.

 

 

 

 

    	 	22	 

     

    

 

“Existing JPM Credit Agreement”
shall mean that certain Credit and Guaranty Agreement dated as of August 24, 2015 among the Borrower, the subsidiary guarantors from time
to time party thereto, the lenders and issuing banks from time to time party thereto and JPMorgan Chase Bank, N.A., as administrative
agent, as amended prior to the date hereof.

 

“Existing Letters of Credit” shall
mean each letter of credit issued prior to the Amendment No. 1 Effective Date and described in Schedule 1.01.

 

“Extended Revolving Credit Commitments”
shall have the meaning given to such term in ‎Section 2.29(a).

 

“Extending Lender” shall have
the meaning given to such term in ‎Section 2.29(a).

 

“Extension Agreement” shall have
the meaning given to such term in ‎Section 2.29(b).

 

“Extension Request” shall have
the meaning given to such term in ‎Section 2.29(a).

 

“FAA” shall mean the Federal Aviation
Administration of the United States of America and any successor thereto.

 

“FAA Slot” shall mean, in the
case of airports in the United States, at any time, the right and operational authority to conduct one Instrument Flight Rule (as defined
in Title 14) scheduled landing or take-off operation at a specific time or during a specific time period at any airport at which landings
or take-offs are restricted, including, without limitation, slots and operating authorizations, whether pursuant to FAA or DOT regulations
or orders pursuant to Title 14, Title 49 or other federal statutes now or hereinafter in effect.

 

“FATCA” shall mean Sections 1471
through 1474 of the Code, as of the date of this Agreement, any amended or successor provisions that are substantively similar thereto,
any regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b) of the Code, and any intergovernmental
agreements with the United States with respect thereto and any laws or regulations implementing such intergovernmental agreement.

 

“FCA” has the meaning assigned
to such term in ‎Section 1.04.

 

“Federal Funds Effective Rate”
shall mean, for any day, the rate calculated by the NYFRB based on such day’s federal funds transactions by depositary institutions,
as determined in such manner as the NYFRB shall set forth on its public website from time to time, and published on the next succeeding
Business Day by the NYFRB as the effective federal funds rate, provided that if the Federal Funds Effective Rate as so determined
would be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement.

 

“Fees” shall collectively mean
the Commitment Fees, Letter of Credit Fees, the Upfront Fees  and other fees referred
to in ‎Section 2.19.

 

“Fifth-Freedom Rights” shall mean
the operational right to enplane passenger traffic and cargo in a foreign country and deplane it in another foreign country, including
any such right pursuant to a bilateral treaty between the United States and a foreign country.

 

“Fitch” means Fitch, Inc., also
known as Fitch Ratings, and its successors.

 

 

 

 

    	 	23	 

     

    

 

“Finance Lease Obligation” shall
mean, as applied to any Person, an obligation that is required to be accounted for as a finance or capital lease (and not an operating
lease) on both the balance sheet and income statement for financial reporting purposes in accordance with GAAP. At the time any determination
thereof is to be made, the amount of the liability in respect of a finance or capital lease would be the amount required to be reflected
as a liability on such balance sheet (excluding the footnotes thereto) in accordance with GAAP.

 

“Floor” means the benchmark
rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification, amendment or renewal
of this Agreement or otherwise) with respect to the Adjusted Term SOFR Rate or the Adjusted Daily Simple SOFR, as applicable. For the
avoidance of doubt the initial Floor for each of the Adjusted Term SOFR Rate or the Adjusted Daily Simple SOFR shall be 1.00%.

 

“Foreign Aviation Authorities”
shall mean any foreign governmental, quasi-governmental, regulatory or other agency, public corporation or private entity that exercises
jurisdiction over the authorization (a) to serve any foreign point on each of the Routes and/or to conduct operations related to the Routes
and Supporting Route Facilities and/or (b) to hold and operate any Foreign Slots.

 

“Foreign Lender” shall mean any
Lender that is organized under the laws of a jurisdiction other than that in which the Borrower is located. For purposes of this definition,
the United States of America, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction.

 

“Foreign Slot” shall mean all
of the rights and operational authority, now held or hereafter acquired, of the Borrower to conduct one (1) landing or takeoff operation
during a specific hour or other period at each non-United States airport served in conjunction with the Borrower’s operations over
a Route, other than “slots” which have been permanently allocated to another air carrier and in which the Borrower holds temporary
use rights.

 

“GAAP” shall mean generally accepted
accounting principles set forth in the statements and pronouncements of the Financial Accounting Standards Board or in such other statements
by such other entity as have been approved by a significant segment of the accounting profession, which are in effect from time to time,
in each case applied in accordance with ‎Section 1.03.

 

“Gate Interests” shall mean all
of the right, title, privilege, interest, and authority now or hereafter acquired or held by the Borrower in connection with the right
to use or occupy holdroom and passenger boarding and deplaning space in any airport terminal at which the Borrower conducts scheduled
operations.

 

“Governmental Authority” shall
mean the government of the United States of America, any other nation or any political subdivision thereof, whether state or local, and
any agency, authority, instrumentality, regulatory body, court, central bank organization, or other entity exercising executive, legislative,
judicial, taxing or regulatory powers or functions of or pertaining to government. Governmental Authority shall not include any Person
in its capacity as an Airport Authority.

 

 

 

 

    	 	24	 

     

    

 

“Guarantee” of or by any Person
(the “guarantor”) shall mean any obligation, contingent or otherwise, of the guarantor guaranteeing or having the economic
effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary obligor”) in any manner,
whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase or pay (or advance
or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to advance or supply funds for
the purchase of) any security for the payment thereof, (b) to purchase or lease property, securities or services for the purpose
of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to maintain working capital, equity capital
or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness
or other obligation or (d) as an account party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness
or obligation; provided that the term Guarantee shall not include (i) endorsements for collection or deposits or (ii) customary
contractual indemnities in commercial agreements, in each case in the ordinary course of business and consistent with past practice. The
amount of any obligation relating to a Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the primary
obligation in respect of which such Guarantee is made (or, if less, the maximum reasonably anticipated liability for which such Person
may be liable pursuant to the terms of the instrument evidencing such Guarantee) or, if not stated or determinable, the maximum reasonably
anticipated liability in respect thereof (assuming such Person is required to perform) as determined by the guarantor in good faith.

 

“Hazardous Materials” shall mean
all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes or other pollutants, including petroleum
or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, and radon gas, and all other substances
that are regulated as hazardous pursuant to, or, due to their hazardous qualities, could reasonably be expected to give rise to liability
under any Environmental Law.

 

“Hedging Agreement” shall mean
any agreement evidencing Hedging Obligations.

 

“Hedging Obligations” shall mean,
with respect to any Person, all obligations and liabilities of such Person under (1) interest rate swap agreements (whether from fixed
to floating or from floating to fixed), interest rate cap agreements and interest rate collar agreements; (2) other swap or derivative
agreements or arrangements designed to manage interest rates or interest rate risk; and (3) other swap or derivative agreements or arrangements
designed to protect such Person against fluctuations in currency exchange rates, fuel prices or other commodity prices.

 

“Impacted Interest Period” shall
have the meaning assigned to it in the definition of “LIBO Rate”.

 

“Increase Effective Date” shall
have the meaning given to such term in ‎Section 2.28(a).

 

“Increase Joinder” shall have
the meaning given to such term in ‎Section 2.28(c).

 

“Incremental Commitments” shall
have the meaning given to such term in ‎Section 2.28(a).

 

“Incremental Lender” shall have
the meaning given to such term in ‎Section 2.28(a).

 

 

 

 

    	 	25	 

     

    

 

“Indebtedness” of any Person shall
mean, without duplication, (a) all obligations of such Person for borrowed money (including in connection with deposits or advances),
(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, (d) all obligations of such
Person in respect of the deferred purchase price of property or services (excluding current accrued expenses incurred and current accounts
payable, in each case in the ordinary course of business), (e) all Indebtedness of others secured by (or for which the holder of
such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such Person,
whether or not the Indebtedness secured thereby has been assumed, (f) all Guarantees by such Person of Indebtedness of others, (g) Finance
Lease Obligations, (h) all obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit
and letters of guaranty, (i) all obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances and (j)
all obligations in respect of Hedging Agreements valued at the amount equal to what would be payable by such Person to its counterparty
to such Hedging Agreements if such Hedging Agreements were terminated early on such date of determination. The Indebtedness of any Person
shall include the Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent
such Person is liable therefor as a result of such Person’s ownership interest in or other relationship with such entity, except
to the extent the terms of such Indebtedness provide that such Person is not liable therefor.

 

“Indemnified Taxes” shall mean
Taxes (other than Excluded Taxes) imposed on or with respect to any payments made by the Borrower under this Agreement or any other Loan
Document.

 

“Indemnitee” shall have the meaning
given to such term in ‎Section 10.04(b).

 

“Initial Appraisal Report” shall
mean the Valuation Report, dated March 16, 2018, by Morten Beyer & Agnew.

 

“Interest Election Request” shall
mean a request by the Borrower to convert or continue a Borrowing in accordance with ‎Section 2.05.

 

“Interest Expense” shall mean,
for any period, the gross cash interest expense (including the interest component of Finance Lease Obligations), of the Borrower and its
Subsidiaries on a consolidated basis for such period, all as determined in accordance with GAAP.

 

“Interest Payment Date” shall
mean (a) as to any Eurodollar Revolving Loan having an Interest Period of one (1) or three (3) months, the last day of such Interest Period,
(b) as to any Eurodollar Revolving Loan having an Interest Period of more than three (3) months, each day that is three (3) months, or
a whole multiple thereof, after the first day of such Interest Period and the last day of such Interest Period and,
(c) with respect to ABR Revolving Loans, the last Business Day of each March, June, September and December.
and (d) with respect to any Term Benchmark Revolving Loan, the last day of each Interest Period applicable
to the Borrowing of which such Revolving Loan is a part and, in the case of a Term Benchmark Borrowing with an Interest Period of more
than three (3) months’ duration, each day prior to the last day of such Interest Period that occurs at intervals of three months’
duration after the first day of such Interest Period, and the applicable Revolving Facility Maturity Date.

 

 

 

 

    	 	26	 

     

    

 

“Interest Period” shall mean,
(a) as to any Borrowing of Eurodollar Revolving Loans, the period commencing on the date of such
Borrowing (including as a result of a conversion from ABR Revolving Loans) or on the last day of the preceding Interest Period applicable
to such Borrowing and ending on the numerically corresponding day (or if there is no corresponding day, the last day) in the calendar
month that is one (1), three (3) or six (6) months (or, if available to all applicable Lenders, twelve
(12) months) thereafter, as the Borrower may elect in the related notice delivered pursuant to Section 2.03 or 2.05; provided
that (i) if any Interest Period would end on a day which shall not be a Business Day, such Interest Period shall be extended to the next
succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period
shall end on the next preceding Business Day, and (ii) no Interest Period shall end later than the applicable Termination Date.
and, (b) as to any Borrowing of Term Benchmark Revolving Loans, the period commencing on the date of such
Borrowing (including as a result of a conversion from ABR Revolving Loans) or on the last day of the preceding Interest Period applicable
to such Borrowing and ending on the numerically corresponding day (or if there is no corresponding day, the last day) in the calendar
month that is one (1), three (3) or six (6) months thereafter (in each case, subject to the availability for the Benchmark applicable
to the relevant Revolving Loan or Commitment), as the Borrower may elect in the related notice delivered pursuant to Section 2.03 or 2.05;
provided that (i) if any Interest Period would end on a day which shall not be a Business Day, such Interest Period shall be extended
to the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case such
Interest Period shall end on the next preceding Business Day, (ii) no Interest Period shall end later than the applicable Termination
Date and (iii) no tenor that has been removed from this definition pursuant to Section 2.09(g) shall be available for specification in
such Borrowing Request or Interest Election Request.

 

“International Interest” shall
mean an “international interest” as defined in the Cape Town Convention.

 

“International Registry” shall
mean the “International Registry” as defined in the Cape Town Convention.

 

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

 

“Investment Property” shall have
the meaning given to such term in the UCC.

 

“Issuing Lender” shall mean (i)
in respect of the LC Tranche Facility, each of JPMorgan Chase Bank, N.A., Barclays Bank PLC, Citibank, N.A., Deutsche Bank AG New York
Branch, Standard Chartered Bank, Credit Agricole Corporate and Investment Bank and any other Lender agreeing to be an issuer of Letters
of Credit thereunder, in such capacity (which Lender shall be reasonably satisfactory to the Borrower and the Administrative Agent), and
its successors in such capacity as provided in ‎Section 2.02(i) and (ii) in respect of the 2024 Revolving Facility and 20232025
Revolving Facility, each Lender agreeing to be an issuer of Letters of Credit thereunder, in such capacity (which Lender shall be reasonably
satisfactory to the Borrower and the Administrative Agent), and its successors in such capacity as provided in ‎Section 2.02(i). Each
Issuing Lender may, in its reasonable discretion, arrange for one or more Letters of Credit to be issued by Affiliates of such Issuing
Lender reasonably acceptable to the Borrower, in which case the term “Issuing Lender” shall include any such Affiliate with
respect to Letters of Credit issued by such Affiliate.

 

“JFK” shall mean New York’s
John F. Kennedy (JFK) International Airport.

 

“JPMCB” shall have the meaning
set forth in the first paragraph of this Agreement.

 

“LC Disbursement” shall mean a
payment made by an Issuing Lender pursuant to a Letter of Credit issued by it.

 

 

 

 

    	 	27	 

     

    

 

“LC Exposure” shall mean, at any
time, the sum of (a) the aggregate maximum undrawn Dollar Amount of all outstanding Letters of Credit at such time plus (b) the
aggregate Dollar Amount of all LC Disbursements that have not yet been reimbursed by or on behalf of the Borrower at such time. The LC
Exposure of any Lender at any time shall be (i) with respect to the LC Tranche Facility, its LC Tranche Commitment Percentage of the total
LC Exposure under the LC Tranche Facility at such time, (ii) with respect to the 2024 Revolving Facility, its 2024 Revolving Commitment
Percentage of the total LC Exposure under the 2024 Revolving Facility at such time and (iii) with respect to the 20232025
Revolving Facility, its 20232025 Revolving Commitment
Percentage of the total LC Exposure under the 20232025
Revolving Facility at such time.

 

“LC Tranche Commitment” shall
mean the commitment of each Lender to participate in Letters of Credit in respect of the LC Tranche Facility hereunder in an aggregate
principal and/or face amount not to exceed the amount set forth under the heading “LC Tranche Commitment” opposite its name
on Schedule 2.01 hereto or in the Assignment and Acceptance pursuant to which such Lender became a party hereto, as the same may be changed
from time to time pursuant to the terms hereof. As the context may require and to the extent contemplated by the relevant amendment establishing
any other Class of revolving commitments hereunder, LC Tranche Commitment shall include such other Class of revolving commitments.

 

“LC Tranche Commitment Percentage”
shall mean, at any time, with respect to each Lender, the percentage obtained by dividing its LC Tranche Commitment at such time by the
Total LC Tranche Commitment or, if the LC Tranche Commitments have been terminated, the LC Tranche Commitment Percentage of such Lender
that existed immediately prior to such termination.

 

“LC Tranche Extensions of Credit”
shall mean, as to any Lender at any time, an amount equal to such Lender’s LC Tranche Commitment Percentage of the LC Exposure with
respect to the LC Tranche Facility then outstanding.

 

“LC Tranche Facility” shall have
the meaning set forth in clause (a) of the definition of “Revolving Facility” in this ‎Section 1.01.

 

“LC Tranche Facility Maturity Date”
shall mean (a) as of the Amendment No. 2 Effective Date, with respect to LC Tranche Commitments that have not been extended pursuant to
‎Section 2.29(a), April 19, 2024, (b) with respect to Extended Revolving Credit Commitments under the LC Tranche Facility, the final
maturity date therefor as specified in the applicable Extension Agreement and (c) with respect to any commitments under a Refinancing
Revolving Facility with respect to the LC Tranche Facility, the final maturity date therefor specified in the applicable Refinancing Amendment.

 

“LC Tranche Facility Termination Date”
shall mean the earlier to occur of (a) the LC Tranche Facility Maturity Date with respect to the applicable Revolving Commitments and
(b) the date of any acceleration of the Letters of Credit under the LC Tranche Facility and termination of the LC Tranche Commitments
in accordance with the terms hereof.

 

“Lenders” shall have the meaning
set forth in the first paragraph of this Agreement.

 

“Letter of Credit” shall mean
any irrevocable letter of credit issued pursuant to ‎Section 2.02, which letter of credit shall be (i) a standby letter of credit,
(ii) issued for general corporate purposes of the Borrower or any Subsidiary, (iii) denominated in Dollars or any Alternative Currency
and (iv) otherwise in such form as may be reasonably approved from time to time by the Administrative Agent and the applicable Issuing
Lender. The Letters of Credit under the LC Tranche Facility shall be deemed to include all Existing Letters of Credit.

 

“Letter of Credit Fees” shall
mean the fees payable in respect of Letters of Credit pursuant to ‎Section 2.21.

 

 

 

 

    	 	28	 

     

    

 

“LIBO Rate” shall mean, with respect
to any Eurodollar Borrowing for any Interest Period, the LIBO Screen Rate at approximately 11:00 a.m., London time, two (2) Business Days
prior to the commencement of such Interest Period; provided that if the LIBO Screen Rate shall not be available at such time for
such Interest Period (an “Impacted Interest Period”) then the LIBO Rate shall be the Interpolated Rate.

 

“LIBO Screen Rate” shall mean,
for any day and time, with respect to any Eurodollar Borrowing for any Interest Period, the London interbank offered rate as administered
by ICE Benchmark Administration (or any other Person that takes over the administration of such rate for U.S. Dollars for a period equal
in length to such Interest Period as displayed on such day and time on pages LIBOR01 or LIBOR02 of the Reuters screen that displays such
rate (or, in the event such rate does not appear on a Reuters page or screen, on any successor or substitute page on such screen that
displays such rate, or on the appropriate page of such other information service that publishes such rate from time to time as selected
by the Administrative Agent in its reasonable discretion); provided that if the LIBO Screen Rate as so determined would be less
than 1.00%, such rate shall be deemed to be 1.00% for the purposes of this Agreement.

 

“Lien” shall mean (a) any mortgage,
deed of trust, pledge, deed to secure debt, hypothecation, security interest, International Interest, Prospective International Interest,
easement (including, without limitation, reciprocal easement agreements and utility agreements), rights-of-ways, reservations, encroachments,
zoning and other land use restrictions, claim or any other title defect, lease, encumbrance, restriction, lien or charge of any kind whatsoever
and (b) the interest of a vendor or a lessor under any conditional sale, capital lease or other title retention agreement (or any Finance
Lease Obligations having substantially the same economic effect as any of the foregoing, but in any event not in respect of any Non-Finance
Lease Obligations).

 

“Loan Documents” shall mean this
Agreement, the Letters of Credit (including applications for Letters of Credit and related reimbursement agreements), each Collateral
Document and any other instrument or agreement (which is designated as a Loan Document therein) executed and delivered by the Borrower
to the Administrative Agent, the Collateral Agent, any Issuing Lender or any Lender, in each case, as the same may be amended, restated,
modified, supplemented, extended or amended and restated from time to time in accordance with the terms hereof.

 

“Material Adverse Change” shall
mean any event, development or circumstance that has had or would reasonably be expected to have a Material Adverse Effect.

 

“Material Adverse Effect” shall
mean a material adverse effect on (a) the business, operations or financial condition of the Borrower and its Subsidiaries, taken as a
whole, (b) the validity or enforceability of the Loan Documents or the rights or remedies of the Administrative Agent, the Collateral
Agent and the Lenders thereunder, or (c) the ability of the Borrower to pay the obligations under the Loan Documents.

 

“Material Indebtedness” shall
mean Indebtedness (other than the Revolving Loans and Letters of Credit) of the Borrower in an aggregate principal amount exceeding $200,000,000.

 

“Material Subsidiary” means, at
any time, any Subsidiary of the Borrower having at such time (i) total assets, as of the last day of the most recently ended fiscal quarter
for which the Borrower’s annual or quarterly financial statements have been most recently required to have been delivered pursuant
to Section 5.01, having a net book value greater than or equal to 10% of the total assets of the Borrower and all of its Subsidiaries
on a consolidated basis (as shown on the most recent balance sheet of the Borrower delivered pursuant to Section 5.01 or, if available
earlier and delivered to the Administrative Agent, the balance sheet that is internally available for the then most recently ended fiscal
quarter or fiscal year, as applicable), (ii) total revenue, as of the last day of the most recently ended fiscal quarter for which the
Borrower’s annual or quarterly financial statements have been most recently required to have been delivered pursuant to Section
5.01, greater than or equal to 10% of the total revenue of the Borrower and all of its Subsidiaries on a consolidated basis (as shown
on the most recent income statement of the Borrower delivered pursuant to Section 5.01 or, if available earlier and delivered to the Administrative
Agent, the income statement that is internally available for the then most recently ended fiscal quarter or fiscal year, as applicable)
or (iii) any Collateral.

 

 

 

    	 	29	 

     

    

 

“Maximum Rate”
shall have the meaning given such term in ‎Section 2.24.

 

“Moody’s” shall mean Moody’s
Investors Service, Inc. (or any successor thereto).

 

“Mortgage Supplements” shall have
the meaning set forth in the Aircraft Mortgage.

 

“Multiemployer Plan” shall mean
a “multiemployer plan” as defined in Section 4001(a)(3) of ERISA, which is maintained or contributed to by (or to which there
is an obligation to contribute of) the Borrower or a Subsidiary of the Borrower or an ERISA Affiliate, and each such plan for the five-year
period immediately following the latest date on which the Borrower, or a Subsidiary of the Borrower or an ERISA Affiliate maintained,
contributed to or had an obligation to contribute to such plan.

 

“Multiple Employer Plan” shall
mean a Single Employer Plan, which is maintained for employees of the Borrower or an ERISA Affiliate and at least one (1) person (as defined
in Section 3(9) of ERISA) other than the Borrower and its ERISA Affiliates and in respect of which the Borrower or an ERISA Affiliate
could have liability, contingent or otherwise, under ERISA.

 

“Non-Defaulting Lender” shall
mean, at any time, a Lender that is not a Defaulting Lender.

 

“Non-Extending Lender” shall have
the meaning given to such term in ‎Section 2.29(c).

 

“Non-Finance Lease Obligations”
shall mean a lease obligation that is not required to be accounted for as a finance or capital lease on both the balance sheet and the
income statement for financial reporting purposes in accordance with GAAP. An operating lease shall be considered a Non-Finance Lease
Obligation.

 

“NYFRB” shall mean the Federal
Reserve Bank of New York.

 

“NYFRB Rate” shall mean, for any
day, the greater of (a) the Federal Funds Effective Rate in effect on such day and (b) the Overnight Bank Funding Rate in effect on such
day (or for any day that is not a Business Day, for the immediately preceding Business Day); provided that if none of such rates
are published for any day that is a Business Day, the term “NYFRB Rate” means the rate for a federal funds transaction quoted
at 11:00 a.m. on such day received by the Administrative Agent from a federal funds broker of recognized standing selected by it; provided,
further, that if any of the aforesaid rates as so determined would be less than zero, such rate shall be deemed to be zero for
purposes of this Agreement.

 

“NYFRB’s Website” means
the website of the NYFRB at http://www.newyorkfed.org, or any successor source.

 

 

 

 

    	 	30	 

     

    

 

“Obligations” shall mean the unpaid
principal of and interest on (including interest, reasonable fees and reasonable out-of-pocket costs accruing after the maturity of the
Revolving Loans and interest, reasonable fees and reasonable out-of-pocket costs accruing after the filing of any petition of bankruptcy,
or the commencement of any insolvency, reorganization or like proceeding, relating to the Borrower, whether or not a claim for post-filing
or post-petition interest, fees or costs is allowed in such proceeding) the Revolving Loans and all other obligations and liabilities
of the Borrower to any Agent, any Issuing Lender or any Lender (or, in the case of Designated Hedging Obligations and Designated Banking
Product Obligations, any Person who was a Lender or an Affiliate of a Lender when the related Designated Hedging Agreement or Designated
Banking Product Agreement was entered into), whether direct or indirect, absolute or contingent, due or to become due, or now existing
or hereafter incurred, which arise under, out of, or in connection with, this Agreement, any other Loan Document, any Letters of Credit,
any Designated Hedging Agreement, any Designated Banking Product Agreement, or any other document made, delivered or given in connection
herewith or therewith, whether on account of principal, interest, reimbursement obligations, reasonable fees, indemnities, reasonable
out-of-pocket costs, reasonable and documented out-of-pocket expenses (including all reasonable fees, charges and disbursements of counsel
to any Agent, any Issuing Lender or any Lender that are required to be paid by the Borrower pursuant hereto) or otherwise; provided,
however, that the aggregate amount of all Designated Hedging Obligations and Designated Banking Product Obligations (in each case,
valued in accordance with the definitions thereof) at any time outstanding that shall be included as “Obligations” shall not
exceed $500,000,000.

 

“Officer’s Certificate”
shall mean a certificate executed by a Responsible Officer of the Borrower in his/her capacity as such.

 

“Other Benchmark Rate Election”
means, if the then-current Benchmark is the LIBO Rate, the occurrence of:

 

(a) a request by the Borrower to the Administrative
Agent to notify each of the other parties hereto that, at the determination of the Borrower, Dollar-denominated syndicated credit facilities
at such time contain (as a result of amendment or as originally executed), in lieu of a LIBOR-based rate, a term benchmark rate as a benchmark
rate, and

 

(b) the Administrative Agent, in its sole discretion,
and the Borrower jointly elect to trigger a fallback from the LIBO Rate and the provision, as applicable, by the Administrative Agent
of written notice of such election to the Borrower and the Lenders.

 

“Other Taxes” shall mean any and
all present or future stamp, mortgage, intangible, documentary, recording or filing taxes or any other similar taxes, charges or similar
levies arising from any payment made hereunder or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement
or any other Loan Document, except any such Taxes that are imposed with respect to an assignment.

 

“Outstanding Letters of Credit”
shall have the meaning given such term in ‎Section 2.02(j).

 

“Overnight Bank Funding Rate” shall mean, for any
day, the rate comprised of both overnight federal funds and overnight Eurodollar borrowingseurodollar
transactions denominated in Dollars by U.S.-managed banking offices of depository institutions, as such composite rate shall
be determined by the NYFRB as set forth on its public website from time to time, and published on the next succeeding Business Day by
the NYFRB as an overnight bank funding rate.

 

“Pacific Route FAA Slots” shall
have the meaning given to such term in the SGR Security Agreement.

 

 

 

 

    	 	31	 

     

    

 

“Pacific Route Foreign Slots”
shall have the meaning given to such term in the SGR Security Agreement.

 

“Pacific Routes” shall have the
meaning given to such term in the SGR Security Agreement.

 

“Parent Company” shall mean, with
respect to a Lender, the bank holding company (as defined in Federal Reserve Board Regulation Y), if any, of such Lender, and/or any Person
owning, beneficially or of record, directly or indirectly, a majority of the shares of such Lender.

 

“Parked” shall mean, as to any
Aircraft, that such Aircraft has been removed from service, other than Aircraft temporarily grounded for maintenance being actively conducted.

 

“Participant” shall
have the meaning given to such term in ‎Section 10.02(d).

 

“Participant Register” shall have
the meaning given to such term in ‎Section 10.02(d).

 

“Patriot Act” shall mean the Uniting
and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act (USA PATRIOT Act) of 2001, Title
III of Pub. L. 107-56, signed into law on October 26, 2001 or any subsequent legislation that amends, supplements or supersedes such Act.

 

“Payroll Accounts” shall mean
depository accounts used only for payroll.

 

“PBGC” shall mean the Pension
Benefit Guaranty Corporation, or any successor agency or entity performing substantially the same functions.

 

“Permitted Disposition” shall
mean:

 

(a)       (i)
the sale or lease of Spare Parts in the ordinary course of business (and, in the case of any such lease, consistent with past practices)
and (ii) swaps, exchanges, interchange or pooling of assets or, in the case of Aircraft Collateral, other transfers of possession (subject
to the limitations set forth in the Aircraft Mortgage) in the ordinary course of business.

 

(b)       the
Disposition of cash or Cash Equivalents constituting Collateral in exchange for other cash or Cash Equivalents constituting Collateral
and having reasonably equivalent value therefor;

 

(c)       sales
or dispositions of surplus, obsolete, negligible or uneconomical assets (other than Aircraft Collateral that is not Parts (as defined
in the Aircraft Mortgage)) no longer used in the business of the Borrower.

 

(d)       abandonment
of Slots, Gate Interests or Routes; provided that such abandonment is (A) in connection with the downsizing of any hub or facility
which does not materially and adversely affect the business of the Borrower and its Subsidiaries, taken as a whole, (B) in the ordinary
course of business consistent with past practices and does not materially and adversely affect the business of the Borrower and its Subsidiaries,
taken as a whole, or (C) reasonably determined by the Borrower to be of de minimis value; provided, further, that (x) after
giving effect to such abandonment, the Appraised Value of the remaining Collateral shall satisfy the Collateral Coverage Test and (y)
if the Collateral being removed constitutes at least 10% of the Appraised Value of all Slots, Gate Interests and Routes constituting Collateral,
then prior to effecting the removal, the Borrower shall have delivered an Officer’s Certificate to the Collateral Agent certifying
that, after giving effect to such removal, the Appraised Value of the Eligible Collateral shall satisfy the Collateral Coverage Test (it
being understood that such Appraised Value shall be based on the most recent Appraisal Report delivered under Section 5.09(a) or, solely
in the case of an abandonment pursuant to clause (B), based on an Appraisal Report of all such category of Eligible Collateral performed
at (or within 60 days before) the time of such abandonment);

 

 

 

 

    	 	32	 

     

    

 

(e)       exchange
of FAA Slots in the ordinary course of business (including seasonal adjustments to FAA Slots consistent with past practice) that in the
Borrower’s reasonable judgment are of reasonably equivalent value (so long as the FAA Slots received in such exchange constitute
Pacific Route FAA Slots and are pledged as “Collateral” for the Obligations);

 

(f)       the
termination of leases or airport use agreements in the ordinary course of business to the extent such terminations do not have a Material
Adverse Effect or a Collateral Material Adverse Effect;

 

(g)       any
other lease or sublease of, or use agreements with respect to, assets and properties that constitute Slots, Gate Interests or Routes in
the ordinary course of business and swap agreements with respect to Slots in the ordinary course of business and which lease, sublease,
use agreement or swap agreement (A) has a term of less than one year or (B) has a term of one year or longer; provided that if
the aggregate Appraised Value of all Slots, Gate Interests and Routes constituting Collateral leased or subleased pursuant to this subclause
(B) is equal to or greater than 10% of the Appraised Value of all Slots, Gate Interests and Routes constituting Collateral in the most
recent Appraisal Report delivered by the Borrower pursuant to Section 5.09, the Appraised Value of all Slots, Gate Interests and Routes
constituting Collateral, after giving pro forma effect to all outstanding leases, subleases, use agreements and swap agreements pursuant
to this subclause (B), would be not materially less than the Appraised Value of all Slots, Gate Interests and Routes constituting Collateral
in the most recent Appraisal Report delivered by the Borrower pursuant to Section 5.09, all as determined in good faith by the Borrower
and reflected in an Officers’ Certificate that is delivered to the Collateral Agent prior to entering into any such lease or sublease,
demonstrating, with reasonably detailed calculations, compliance with the provisions of this subclause (B) and detailing the arrangements
pursuant to which the Collateral Agent’s Liens on all Slots, Gate Interests and Routes constituting Eligible Collateral subject
to such lease or sublease are not materially adversely affected in the good faith determination of the Borrower; provided that
the aggregate Appraised Value of the Slots, Gate Interests or Routes so leased is less than 10% of the Appraised Value of the Eligible
Collateral;

 

(h)       any
single transaction or series of related transactions that involves assets having a fair market value of less than $50,000,000; provided
that the Appraised Value of the remaining Eligible Collateral shall satisfy the Collateral Coverage Test based on the most recently available
Appraisal Reports;

 

(i)       any
loss of or damage to property of the Borrower, (ii) any taking of property of the Borrower or (iii) an Event of Loss;

 

(j)       any
Permitted Lien;

 

(k)       assignments
of leases or granting of leases or subleases of Aircraft or engines to the extent permitted pursuant to the Aircraft Mortgage (including
any applicable Mortgage Supplement); and

 

(l)       substitutions
of engines or spare engines in accordance with the Aircraft Mortgage; provided that (i) such Replacement Engine (as defined in the Aircraft
Mortgage) is of at least equal fair market value and utility (without regard to hours and cycles) as the engine or spare engine it replaces
assuming such engine or spare engine had been maintained in the condition required by the Aircraft Mortgage, (ii) such Replacement Engine
shall be subject to a perfected Lien, having the same priority (subject only to Permitted Liens) as the Lien on such engine or spare engine
being replaced immediately prior to such substitution (and otherwise subject only to Permitted Liens), in favor of the Collateral Agent
for the benefit of the Secured Parties upon consummation of such substitution.

 

 

 

 

    	 	33	 

     

    

 

“Permitted Liens” shall have the
meaning given to such term in ‎Section 6.01.

 

“Person” shall mean any natural
person, corporation, division of a corporation, partnership, limited liability company, trust, joint venture, association, company, estate,
unincorporated organization, Airport Authority or Governmental Authority or any agency or political subdivision thereof.

 

“Plan” shall mean a Single Employer
Plan or a Multiple Employer Plan that is a pension plan subject to the provisions of Title IV of ERISA, Sections 412 or 430 of the Code
or Section 302 of ERISA.

 

“Plan Asset Regulations” means
of 29 CFR § 2510.3-101 et seq., as modified by Section 3(42) of ERISA, as amended from time to time.

 

“Prime Rate” shall mean the rate
of interest last quoted by The Wall Street Journal as the “Prime Rate” in the U.S. or, if The Wall Street Journal ceases to
quote such rate, the highest per annum interest rate published by the Federal Reserve Board in Federal Reserve Statistical Release H.15
(519) (Selected Interest Rates) as the “bank prime loan” rate or, if such rate is no longer quoted therein, any similar rate
quoted therein (as determined by the Administrative Agent) or any similar release by the Federal Reserve Board (as determined by the Administrative
Agent). Each change in the Prime Rate shall be effective from and including the date such change is publicly announced or quoted as being
effective.

 

“Professional User” shall have
the meaning given it in the Regulations and Procedures for the International Registry.

 

“Prospective Assignment” shall
have the meaning given in the Cape Town Convention.

 

“Prospective International Interest”
shall have the meaning given in the Cape Town Convention.

 

“Prospective Sale” shall have
the meaning given in the Cape Town Convention.

 

“Protocol” shall mean the Protocol
referred to in the defined term “Cape Town Convention.”

 

“Rating Agency” shall mean any
of S&P, Moody’s and Fitch.

 

“Ratings” shall mean as of any
date of determination, the corporate credit rating as determined by S&P, the corporate family rating as determined by Moody’s
or the corporate credit rating as determined by Fitch, as applicable, of the Borrower.

 

“Recipient” means (a) the Administrative
Agent, (b) any Lender, (c) any Issuing Lender or (d) any other recipient of any payment to be made by or on account of any Obligation
of the Borrower hereunder or under any Loan Document, as applicable.

 

 

 

 

    	 	34	 

     

    

 

“Reference Time” with respect
to any setting of the then-current Benchmark means (1a)
if such Benchmark is LIBO Rate, 11:00 a.m. (London time) on the day that is two London banking days preceding the date of such setting,
and (2b)
if such Benchmark is not LIBOthe Term SOFR Rate, 5:00 a.m.
(Chicago time) on the day that is two U.S. Government Securities Business Days preceding the date of such setting or (c) if such Benchmark
is none of LIBO Rate or Term SOFR Rate, the time determined by the Administrative Agent in its reasonable discretion.

 

“Refinancing Amendment” shall
have the meaning given to such term in ‎Section 10.08(e).

 

“Refinancing Debt” shall mean
Indebtedness (or commitments in respect thereof) incurred to refinance (whether concurrently or after any repayment or prepayment of any
such Indebtedness being refinanced) (a) commitments under the Revolving Facility or (b) Indebtedness (or commitments in respect thereof)
incurred pursuant to the preceding clause (a), in each case, from time to time, in whole or part, in the form of (i) one or more new revolving
credit facilities (each, a “Refinancing Revolving Facility”) made available under this Agreement with the consent (which
consent shall not be unreasonably withheld or delayed) of the Borrower and the Administrative Agent (to the extent such consent would
be required under Section 10.02(b) for an assignment of Revolving Loans to the applicable lender) and the lenders providing such financing
(and no other lenders) or (ii) one or more series of revolving credit facilities outside of this Agreement; provided that (A) any
Refinancing Debt shall not mature, and there shall be no scheduled commitment reductions or scheduled amortization payments under any
such Refinancing Debt, prior to the maturity date of the revolving commitments being refinanced, (B) the other terms and conditions of
such Refinancing Debt (excluding pricing, premium, maturity, scheduled amortization and optional prepayment or redemption provisions)
shall be customary market terms for indebtedness of such type, (C) after giving pro forma effect to the incurrence of Refinancing
Debt (to the extent of any drawings to be made thereunder on the date of effectiveness of the related commitments) and the application
of the net proceeds therefrom, the Borrower shall be in pro forma compliance with the Collateral Coverage Test, (D) there shall be no
additional direct or contingent obligors with respect to such Refinancing Debt, (E) the aggregate principal amount of such Refinancing
Debt shall not exceed the aggregate principal amount of the Indebtedness being refinanced plus accrued interest, fees and premiums (if
any) thereon and reasonable fees and expenses associated with the refinancing, (F) no Lender shall be obligated to provide any such Refinancing
Debt and (G) such Indebtedness may (i) rank pari passu in right of payment with the Obligations and be secured by the Collateral on a
pari passu basis with the Obligations, (ii) rank junior in right of payment with the Obligations and be secured by the Collateral on a
junior basis to the Obligations or (iii) be unsecured or secured by assets other than Collateral so long as, in the case of clauses (G)(i)
and (G)(ii), the holders of such Indebtedness have entered into an intercreditor agreement reasonably acceptable to the Administrative
Agent and the Borrower.

 

“Register” shall have the meaning
set forth in ‎Section 10.02(b)(iv).

 

“Regulations and Procedures for the International
Registry” shall mean the official English language text of the International Registry Procedures and Regulations issued by the
Supervisory Authority (as defined in the Cape Town Convention) pursuant to the Aircraft Protocol.

 

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

 

“Release” shall mean any spilling,
leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching, dumping, or disposing into the environment.

 

 

 

    	 	35	 

     

    

 

“Relevant Governmental Body” means,
the Federal Reserve Board and/or the NYFRB, or a committee officially endorsed or convened by
the Federal Reserve Board and/or the NYFRB, 
or, in each case, any successor thereto.

 

“Relevant Rate” means (a)
with respect to any Eurodollar Revolving Loan Borrowing, the LIBO Rate and (b) with respect to
any Term Benchmark Borrowing, the Adjusted Term SOFR Rate, as applicable.

 

“Required 20232025
Lenders” shall mean, at any time, Lenders holding more than 50% of the Total 20232025
Revolving Commitments then in effect or, if the 20232025
Revolving Commitments have been terminated, the Total 20232025
Revolving Extensions of Credit then outstanding.

 

“Required 2024 Lenders” shall
mean, at any time, Lenders holding more than 50% of the Total 2024 Revolving Commitments then in effect or, if the 2024 Revolving Commitments
have been terminated, the Total 2024 Revolving Extensions of Credit then outstanding.

 

“Required LC Tranche Lenders”
shall mean, at any time, Lenders holding more than 50% of the Total LC Tranche Commitments then in effect or, if the LC Tranche Commitments
have been terminated, the Total LC Tranche Extensions of Credit then outstanding.

 

“Required Lenders” shall mean,
at any time, Lenders holding more than 50% of the Total Revolving Commitments then in effect or, if the Revolving Commitments have been
terminated, the Total Revolving Extensions of Credit then outstanding.

 

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

 

“Responsible Officer” shall mean
the chief executive officer, president, chief financial officer, treasurer, assistant treasurer, vice president, controller, chief accounting
officer, secretary or assistant secretary of the Borrower, but in any event, with respect to financial matters, the chief financial officer,
treasurer, assistant treasurer, controller or chief accounting officer of the Borrower.

 

“Restricted Payment” shall mean
any dividend or other distribution (whether in cash, securities or other property) with respect to any Equity Interests in the Borrower,
or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase,
redemption, retirement, acquisition, cancellation or termination of any Equity Interests in the Borrower.

 

“Revolving Availability Period”
shall mean, (a) with respect to the LC Tranche Facility, the period from and including the Amendment No. 1 Effective Date to but excluding
the LC Tranche Facility Termination Date, (b) with respect to the 2024 Revolving Facility, the period from and including the Closing Date
to but excluding the 2024 Revolving Facility Termination Date and (c) with respect to the 20232025
Revolving Facility, the period from and including the Closing Date to but excluding the 20232025
Revolving Facility Termination Date.

 

“Revolving Commitment” shall mean
the LC Tranche Commitment, the 2024 Revolving Commitment and/or the 20232025
Revolving Commitment, as applicable.

 

“Revolving Commitment Increase”
shall have the meaning given to such term in ‎Section 2.28(a).

 

 

 

 

    	 	36	 

     

    

 

“Revolving Commitment Percentage”
shall mean, at any time, with respect to each Lender, its LC Tranche Commitment Percentage, its 2024 Revolving Commitment Percentage or
its 20232025 Revolving Commitment Percentage,
as applicable.

 

“Revolving Extensions of Credit”
shall mean, as to any Lender at any time, an amount equal to the sum of (a) the aggregate principal amount of all Revolving Loans held
by such Lender then outstanding, (b) such Lender’s LC Tranche Commitment Percentage of the LC Exposure with respect to the LC Tranche
Facility then outstanding, (c) such Lender’s 2024 Revolving Commitment Percentage of the LC Exposure with respect to the 2024 Revolving
Facility then outstanding and (d) such Lender’s 20232025
Revolving Commitment Percentage of the LC Exposure with respect to the 20232025
Revolving Facility then outstanding.

 

“Revolving Facility” shall mean
each of (a) the LC Tranche Commitments and the Letters of Credit issued thereunder (the “LC Tranche Facility”), (b)
the 2024 Revolving Commitments and the 2024 Revolving Loans made thereunder (the “2024 Revolving Facility”) and (c)
the 20232025 Revolving Commitments and the 20232025
Revolving Loans made thereunder (the “20232025
Revolving Facility”).

 

“Revolving Facility Maturity Date”
shall mean the LC Tranche Facility Maturity Date, the 2024 Revolving Facility Maturity Date or the 20232025
Revolving Facility Maturity Date, as applicable.

 

“Revolving Loan” shall mean a
2024 Revolving Loan or 20232025 Revolving Loan,
as applicable.

 

“Routes” shall mean the routes
for which the Borrower holds or hereafter acquires the requisite authority to operate foreign air transportation pursuant to Title 49
including, without limitation, applicable frequencies, exemption and certificate authorities, Fifth-Freedom Rights and “behind/beyond
rights”, whether or not utilized by the Borrower.

 

“S&P” shall mean Standard
& Poor’s Ratings Services.

 

“Sanctions” shall have the meaning
given to such term in ‎Section 3.11(a).

 

“SEC” shall mean the United States
Securities and Exchange Commission.

 

“Secured Parties” shall mean,
collectively, (i) Administrative Agent, (ii) each Lender (iii) each Issuing Lender, (iv) each other holder of Obligations and (v)
each other Indemnitee.

 

“SGR Security Agreement” shall
mean that certain Slot, Gate And Route Security and Pledge Agreement, dated as of the Amendment No. 1 Effective Date, from the Borrower
to the Collateral Agent.

 

“Single Employer Plan” shall mean
a single employer plan, as defined in Section 4001(a)(15) of ERISA, that is maintained for current or former employees of the Borrower
or an ERISA Affiliate and in respect of which the Borrower or any ERISA Affiliate could reasonably be expected to have liability under
Title IV of ERISA.

 

“Slot” shall mean each FAA Slot
and each Foreign Slot.

 

 

 

 

    	 	37	 

     

    

 

“SOFR” means,
with respect to any Business Day,  a rate per
annum equal to the secured overnight financing rate for such Business Day publishedas
administered by the SOFR Administrator on the SOFR Administrator’s Website on
the immediately succeeding Business Day.

 

“SOFR Administrator” means the
NYFRB (or a successor administrator of the secured overnight financing rate).

 

“SOFR Administrator’s Website”
means the NYFRB’s website, currently at http://www.newyorkfed.org, or any successor source for the secured overnight financing rate
identified as such by the SOFR Administrator from time to time.

 

“SOFR Determination Date”
has the meaning specified in the definition of “Daily Simple SOFR”.

 

“SOFR Rate Day” has the
meaning specified in the definition of “Daily Simple SOFR”.

 

“Spare Part” shall mean (a) an
accessory, appurtenance, or part of (i) an Aircraft (except an engine or propeller), (ii) an engine (except a propeller), (iii) a propeller
or (iv) an Appliance, in each case that is to be installed at a later time in an aircraft, engine, propeller or Appliance and shall include,
without limitation, “spare parts” as defined in 49 U.S.C. § 40102(a)(43), (b) an Appliance or (c) a propeller.

 

“Specified Person” shall have
the meaning given to such term in ‎Section 3.11(a).

 

“Specified Pacific Route FAA Slot”
shall have the meaning given such term in the SGR Security Agreement.

 

“Statutory Reserve Rate” shall
mean a fraction (expressed as a decimal), the numerator of which is the number one (1) and the denominator of which is the number one
(1) minus the aggregate of the maximum reserve percentage (including any marginal, special, emergency or supplemental reserves) expressed
as a decimal established by the Board to which the Administrative Agent is subject with respect to the LIBO Rate, for eurocurrency funding
(currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board). Such reserve percentages shall include
those imposed pursuant to such Regulation D. Eurodollar Revolving Loans shall be deemed to constitute eurocurrency funding and to be subject
to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be available from time to time
to any Lender under such Regulation D or any comparable regulation. The Statutory Reserve Rate shall be adjusted automatically on and
as of the effective date of any change in any reserve percentage.

 

“Subsidiary” shall mean, with
respect to any Person (in this definition referred to as the “parent”), any corporation, association or other business
entity (whether now existing or hereafter organized) of which at least a majority of the securities or other ownership or membership interests
having ordinary voting power for the election of directors (or equivalent governing body) is, at the time as of which any determination
is being made, owned or controlled 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 a “Subsidiary” or to “Subsidiaries” shall
refer to a Subsidiary or Subsidiaries of the Borrower.

 

“Successor Company” shall have
the meaning set forth in ‎Section 6.02(a)(ii).

 

 

 

 

    	 	38	 

     

    

 

“Supporting Route Facilities”
shall mean Gate Interests, ticket counters and other facilities assigned, allocated, leased, or made available to the Borrower at airports
used in the operation of scheduled service over a Route.

 

“Taxes” shall mean any and all
present or future taxes, levies, imposts, duties, deductions, charges or withholdings imposed by any Governmental Authority, including
any interest, additions to tax or penalties applicable thereto.

 

“Term Benchmark” when
used in reference to any Revolving Loan or Borrowing, refers to whether such Revolving Loan, or the Revolving Loans comprising such Borrowing,
are bearing interest at a rate determined by reference to the Adjusted Term SOFR Rate. 

 

“Term SOFR” means, for the applicable
Corresponding Tenor as of the applicable Reference Time, the forward-looking term rate based on SOFR that has been selected or recommended
by the Relevant Governmental Body.

 

“Term SOFR Determination Day”
has the meaning assigned to it under the definition of Term SOFR Reference Rate.

 

“Term SOFR Notice” means a notification
by the Administrative Agent to the Lenders and the Borrower of the occurrence of a Term SOFR Transition Event.

 

“Term SOFR Rate” means,
with respect to any Term Benchmark Borrowing and for any tenor comparable to the applicable Interest Period, the Term SOFR Reference Rate
at approximately 5:00 a.m., Chicago time, two U.S. Government Securities Business Days prior to the commencement of such tenor comparable
to the applicable Interest Period, as such rate is published by the CME Term SOFR Administrator.

 

“Term SOFR Reference Rate”
means, for any day and time (such day, the “Term SOFR Determination Day”), with respect to any Term Benchmark Borrowing and
for any tenor comparable to the applicable Interest Period, the rate per annum published by the CME Term SOFR Administrator and identified
by the Administrative Agent as the forward-looking term rate based on SOFR. If by 5:00 pm (New York City time) on such Term SOFR Determination
Day, the “Term SOFR Reference Rate” for the applicable tenor has not been published by the CME Term SOFR Administrator and
a Benchmark Replacement Date with respect to the Term SOFR Rate has not occurred, then, so long as such day is otherwise a U.S. Government
Securities Business Day, the Term SOFR Reference Rate for such Term SOFR Determination Day will be the Term SOFR Reference Rate as published
in respect of the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate was published by the
CME Term SOFR Administrator, so long as such first preceding U.S. Government Securities Business Day is not more than five (5) U.S. Government
Securities Business Days prior to such Term SOFR Determination Day. 

 

“Term SOFR Transition Event” means
the determination by the Administrative Agent that (a) Term SOFR has been recommended for use by the Relevant Governmental Body, (b) the
administration of Term SOFR is administratively feasible for the Administrative Agent and (c) a Benchmark Transition Event or an Early
Opt-in Election, as applicable (and, for the avoidance of doubt, not in the case of an Other Benchmark Rate Election), has previously
occurred resulting in a Benchmark Replacement in accordance with ‎Section 2.09 that is not Term SOFR.

 

“Termination Date” shall mean
(a) the LC Tranche Facility Termination Date, (b) the 2024 Revolving Facility Termination Date applicable to the related Revolving Commitments
or (c) the 20232025 Revolving Facility Termination
Date applicable to the related Revolving Commitments, as applicable.

 

 

 

 

    	 	39	 

     

    

 

“Termination Event” shall mean
(a) any “reportable event,” as defined in Section 4043 of ERISA or the regulations issued thereunder with respect to
a Plan (other than an event for which the thirty (30) day notice period is waived) as in effect on the Closing Date (no matter how such
notice requirement may be changed in the future), (b) an event described in Section 4068 of ERISA, (c) the withdrawal of the Borrower
or any ERISA Affiliate from a Multiple Employer Plan during a plan year in which it was a “substantial employer,” as such
term is defined in Section 4001(a)(2) of ERISA, (d) the incurrence of liability by the Borrower or any ERISA Affiliate under Section 4064
of ERISA upon the termination of a Multiple Employer Plan, (e) the imposition of Withdrawal Liability or receipt of notice from a Multiemployer
Plan that such liability may be imposed, (f) a determination that a Multiemployer Plan is, or is expected to be, insolvent within the
meaning of Title IV of ERISA, (g) providing notice of intent to terminate a Plan pursuant to Section 4041(c) of ERISA or the treatment
of a Plan amendment as a termination under Section 4041 of ERISA, if such amendment requires the provision of security, (h) the institution
of proceedings to terminate a Plan by the PBGC under Section 4042 of ERISA, (i) any failure by any Plan to satisfy the minimum funding
standards (within the meaning of Sections 412 or 430 of the Code or Sections 302 or 303 of ERISA) applicable to such Plan, whether or
not waived, (j) any failure by any Plan to satisfy the special funding rules for plans maintained by commercial airlines contained
in Section 402 of the Pension Protection Act of 2006, (k) the filing pursuant to Section 412(c) of the Code or Section 302(c)
of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan, or (l) any other event or condition
which would reasonably be expected to constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee
to administer, any Plan, or the imposition of any liability under Title IV of ERISA (other than for the payment of premiums to the PBGC
in the ordinary course).

 

“Title 14” means Title 14 of the
U.S. Code of Federal Regulations, including Part 93, Subparts K and S thereof, as amended from time to time or any successor or recodified
regulation.

 

“Title 49” shall mean Title 49
of the United States Code, which, among other things, recodified and replaced the U.S. Federal Aviation Act of 1958, and the rules and
regulations promulgated pursuant thereto or any subsequent legislation that amends, supplements or supersedes such provisions.

 

“Total 20232024
Revolving Commitment” shall mean, at any time, the sum of the 20232024
Revolving Commitments at such time. As of the Amendment No. 2 Effective Date, the amount of the Total 20232024
Revolving Commitment is $1,325,000,0001,250,000,000.

 

“Total 20232024
Revolving Extensions of Credit” shall mean, at any time, the aggregate amount of the 20232024
Revolving Extensions of Credit of the Lenders outstanding at such time.

 

“Total 20242025
Revolving Commitment” shall mean, at any time, the sum of the 20242025
Revolving Commitments at such time. As of the Amendment No. 23
Effective Date, the amount of the Total 20242025
Revolving Commitment is $1,250,000,0001,325,000,000.

 

“Total 20242025
Revolving Extensions of Credit” shall mean, at any time, the aggregate amount of the 20242025
Revolving Extensions of Credit of the Lenders outstanding at such time.

 

“Total LC Tranche Commitment”
shall mean, at any time, the sum of the LC Tranche Commitments at such time. As of the Amendment No. 2 Effective Date, the amount of the
Total LC Tranche Commitment is $305,078,361.60.

 

 

 

 

    	 	40	 

     

    

 

“Total LC Tranche Extensions of Credit”
shall mean, at any time, the aggregate amount of the LC Tranche Extensions of Credit of the Lenders outstanding at such time.

 

“Total Revolving Commitment” shall
mean, at any time, the sum of the LC Tranche Commitments, 2024 Revolving Commitments and the 20232025
Revolving Commitments at such time.

 

“Total Revolving Extensions of Credit”
shall mean, at any time, the aggregate amount of the Revolving Extensions of Credit of the Lenders outstanding at such time.

 

“Transactions” shall mean the
execution, delivery and performance by the Borrower of this Agreement and the other Loan Documents, the termination of the Existing Barclays
Credit Agreement and the Existing JPM Credit Agreement and the creation of the Liens over the Collateral in favor of the Collateral Agent
for the benefit of the Secured Parties.

 

“Type”, when used in reference
to any Revolving Loan or Borrowing, refers to whether the rate of interest on such Revolving Loan, or on the Revolving Loans comprising
such Borrowing, is determined by reference to the LIBO Rate or,
the Alternate Base Rate, the Adjusted Term SOFR Rate or the Adjusted Daily Simple SOFR.

 

“UCC” shall mean the Uniform Commercial
Code as in effect in the State of New York from time to time.

 

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

 

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

 

“Unadjusted Benchmark Replacement” means the applicable
Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

 

“United States Citizen” shall
have the meaning set forth in ‎Section 3.02.

 

“Unused Total 20232024
Revolving Commitment” shall mean, at any time, (a) the Total 20232024
Revolving Commitment less (b) the Total 20232024
Revolving Extensions of Credit.

 

“Unused Total 20242025
Revolving Commitment” shall mean, at any time, (a) the Total 20242025
Revolving Commitment less (b) the Total 20242025
Revolving Extensions of Credit.

 

“Unused Total LC Tranche Commitment”
shall mean, at any time, (a) the Total LC Tranche Commitment less (b) the Total LC Tranche Extensions of Credit.

 

“Unused Total Revolving Commitment”
shall mean the Unused Total LC Tranche Commitment, the Unused Total 2024 Revolving Commitment or the Unused Total 20232025
Revolving Commitment, as applicable.

 

“Upfront
Fees” shall have the meaning set
forth in Section 2.20(b).

 

“Unrestricted Cash” means cash
and Cash Equivalents of the Borrower that (i) may be classified, in accordance with GAAP, as “unrestricted” on the consolidated
balance sheets of the Borrower or (ii) may be classified, in accordance with GAAP, as “restricted” on the consolidated balance
sheets of the Borrower solely in favor of the Collateral Agent and the Secured Parties.

 

 

 

 

    	 	41	 

     

    

 

“U.S. Tax Compliance Certificate”
shall have the meaning set forth in Section 2.16(g)(1)(ii)(3).

 

“U.S. Government Securities
Business Day” means any day except for (i) a Saturday, (ii) a Sunday or (iii) a day on which the Securities Industry and Financial
Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in
United States government securities.

 

“Withdrawal Liability” shall have
the meaning given to such term under Part I of Subtitle E of Title IV of ERISA and shall include liability that results
from either a complete or partial withdrawal.

 

“Withholding Agent” shall mean
the Borrower and the Administrative Agent.

 

“Write-Down and Conversion Powers”
means, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time
to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the
EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the
Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument
under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any
other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend
any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any
of those powers.

 

Section
1.02.            
Terms Generally. The definitions of terms herein shall apply equally to the singular
and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine
and neuter forms. The words “include”, “includes” and “including” shall be deemed to be followed by
the phrase “without limitation”. The word “will” shall be construed to have the same meaning and effect as the
word “shall”. Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or
other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, restated,
supplemented, extended, amended and restated or otherwise modified (subject to any restrictions on such amendments, supplements or modifications
set forth herein), (b) any reference herein to any Person shall be construed to include such Person’s permitted successors and
assigns, (c) 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, (d) all references herein to Articles,
Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement,
(e) any reference to any law, rule or regulation herein shall, unless otherwise
specified, refer to such law, rule or regulation as amended, modified or supplemented from time to time, (f) the words “asset”
and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible
assets and properties, including cash, securities, accounts and contract rights and (g) “knowledge” or “aware”
or words of similar import shall mean, when used in reference to the Borrower, the actual knowledge of any Responsible Officer.

 

Section
1.03.            
Accounting Terms; GAAP. Except as otherwise expressly provided herein, all terms of
an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time; provided that, if
the Borrower notifies the Administrative Agent that the Borrower requests 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 notifies the Borrower that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether
any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on
the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been
withdrawn or such provision amended in accordance herewith. Upon any such request for an amendment, the Borrower, the Required Lenders
and the Administrative Agent agree to consider in good faith any such amendment in order to amend the provisions of this Agreement so
as to reflect equitably such accounting changes so that the criteria for evaluating the Borrower’s financial condition shall be
the same after such accounting changes as if such accounting changes had not occurred.

 

 

 

    	 	42	 

     

    

 

Section
1.04.            
Interest Rates; LIBORBenchmark Notification.
The interest rate on a Revolving Loan may be derived from an interest rate benchmark that may
be discontinued or is, or may in the future become, the subject of regulatory reform. Regulators have signaled the need to
use alternative benchmark reference rates for some of these interest rate benchmarks and, as a result, such interest rate benchmarks may
cease to comply with applicable laws and regulations, may be permanently discontinued, and/or the basis on which they are calculated may
change. The London interbank offered rate (“LIBOR”) is intended to represent the rate at which contributing banks may
obtain short-term borrowings from each other in the London interbank market. On March 5, 2021, the U.K. Financial Conduct Authority (“FCA”)
publicly announced that: i) immediately after December 31, 2021, publication of the 1-week and 2-month Dollar LIBOR settings will permanently
cease; immediately after June 30, 2023, publication of the overnight and 12-month Dollar LIBOR settings will permanently cease; or, subject
to consultation by the FCA, be provided on a changed methodology (or “synthetic”) basis and no longer be representative of
the underlying market and economic reality they are intended to measure and that representativeness will not be restored; and immediately
after June 30, 2023, the 1-month, 3-month and 6-month Dollar LIBOR settings will cease to be provided or, subject to the FCA’s consideration
of the case, be provided on a synthetic basis and no longer be representative of the underlying market and economic reality they are intended
to measure and that representativeness will not be restored. There is no assurance that dates announced by the FCA will not change or
that the administrator of LIBOR and/or regulators will not take further action that could impact the availability, composition, or characteristics
of LIBOR or the currencies and/or tenors for which LIBOR is published. Each party to this agreement should consult its own advisors to
stay informed of any such developments. Public and private sector industry initiatives are currently underway to identify new or alternative
reference rates to be used in place of LIBOR. Upon the occurrence of a Benchmark Transition Event, a Term SOFR Transition Event, an Early
Opt-in Election or an Other Benchmark Rate Election, ‎Section 2.09(b)
and (c) provide a mechanism for determining an alternative rate of interest. The Administrative Agent will promptly notify the Borrower,
pursuant to Section 2.09(e), of any change to the reference rate upon which the interest rate on Eurodollar Revolving Loans is based.
However, the Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with respect to,
the administration, submission, performance or any other matter related to LIBOR orany
interest rate used in this Agreement, or with respect to any alternative or successor rate thereto, or replacement rate thereof
(including, without limitation, (i) any such alternative, successor or replacement rate implemented pursuant to Section 2.09(b) or (c),
whether upon the occurrence of a Benchmark Transition Event, a Term SOFR Transition Event, an Early Opt-in Election or an Other Benchmark
Rate Election, and (ii) the implementation of any Benchmark Replacement Conforming Changes pursuant to Section 2.09(d)), including without
limitation, whether the composition or characteristics of any such alternative, successor or replacement reference rate will be similar
to, or produce the same value or economic equivalence of, the LIBO Rateexisting
interest rate being replaced or have the same volume or liquidity as did the London interbank
offeredany existing interest rate prior to its discontinuance or unavailability.
The Administrative Agent and its affiliates and/or other related entities may engage in transactions that affect the calculation of any
alternative, successor or alternative rate (including any Benchmark Replacement) and/or any relevant adjustments thereto, in each case,
in a manner adverse to the Borrower. The Administrative Agent may select information sources or services in its reasonable discretion
to ascertain the Benchmark, any component thereof, or rates referenced in the definition thereof, in each case pursuant to the terms of
this Agreement, and shall have no liability to the Borrower, any Lender or any other person or entity for damages of any kind, including
direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise
and whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided by any such information
source or service.

 

Section
1.05.            
Acknowledgement Regarding Any Supported QFCs. To the extent that the Loan Documents
provide support, through a guarantee or otherwise, for Hedging Agreements or any other agreement or instrument that is a QFC (such support,
“QFC Credit Support” and each such QFC a “Supported QFC”), the parties acknowledge and agree as
follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and
Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S.
Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding
that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the
United States or any other state of the United States):

 

(a)               
In the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject
to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support
(and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such
Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective
under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights
in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act
Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents
that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted
to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported
QFC and the Loan Documents were governed by the laws of the United States or a state of the United States.

 

 

 

 

    	 	43	 

     

    

 

(b)               
As used in this Section 1.05, the following terms have the following meanings:

 

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

 

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

 

“Default Right” has the meaning assigned to that
term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

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

 

Section
2.

AMOUNT AND TERMS OF CREDIT

 

Section
2.01.            
Revolving Commitments of the Lenders.

 

(a)               
Revolving Commitments. (i) Each Lender under the 2024 Revolving Facility severally, and not jointly with the other
Lenders under the 2024 Revolving Facility, agrees, upon the terms and subject to the conditions herein set forth, to make revolving credit
loans denominated in Dollars (each a “2024 Revolving Loan” and collectively, the “2024 Revolving Loans”)
to the Borrower at any time and from time to time during the Revolving Availability Period with respect to the 2024 Revolving Facility
in an aggregate principal amount not to exceed, when added to such Lender’s LC Exposure under the 2024 Revolving Facility, the 2024
Revolving Commitment of such Lender, which 2024 Revolving Loans may be repaid and reborrowed in accordance with the provisions of this
Agreement. At no time shall the Total 2024 Revolving Extensions of Credit exceed the Total 2024 Revolving Commitment.

 

(ii)              
Each Lender under the 20232025
Revolving Facility severally, and not jointly with the other Lenders under the 20232025
Revolving Facility, agrees, upon the terms and subject to the conditions herein set forth, to make revolving credit loans denominated
in Dollars (each a “20232025
Revolving Loan” and collectively, the “20232025
Revolving Loans”) to the Borrower at any time and from time to time during the Revolving Availability Period with respect to
the 20232025 Revolving Facility in an aggregate
principal amount not to exceed, when added to such Lender’s LC Exposure under the 20232025
Revolving Facility, the 20232025 Revolving Commitment
of such Lender, which 20232025 Revolving Loans
may be repaid and reborrowed in accordance with the provisions of this Agreement. At no time shall the Total 20232025
Revolving Extensions of Credit exceed the Total 20232025
Revolving Commitment.

 

(iii)            
Each Borrowing of a Revolving Loan under the applicable Revolving Facility shall be made from the applicable Lenders pro
rata in accordance with their respective Revolving Commitments; provided, however, that the failure of any Lender to
make any Revolving Loan under the applicable Revolving Facility shall not in itself relieve the other Lenders under such Revolving Facility
of their obligations to lend.

 

(b)               
Type of Borrowing. Each Borrowing shall be comprised entirely of ABR Revolving Loans or,
Eurodollar Revolving Loans or Term Benchmark Revolving Loans, as the Borrower may request in accordance
herewith. Each Lender at its option may make any Eurodollar Revolving Loan by causing
any domestic or foreign branch or Affiliate of such Lender to make such Revolving Loan; provided that any exercise of such option
shall not affect the obligation of the Borrower to repay such Revolving Loan in accordance with the terms of this Agreement.

 

 

 

 

    	 	44	 

     

    

 

(c)               
Amount of Borrowing. At the commencement of each Interest Period for any Eurodollar Borrowing and/or
any Term Benchmark Borrowing, such Borrowing shall be in an aggregate amount that is in an integral multiple of $1,000,000
and not less than $5,000,000. At the time that each ABR Borrowing is made, such Borrowing shall be in an aggregate amount that is an integral
multiple of $100,000 and not less than $1,000,000; provided that an ABR Borrowing may be in an aggregate amount that is equal to
the entire Unused Total 2024 Revolving Commitment or the Unused Total 20232025
Revolving Commitment, as applicable, or that is required to finance the reimbursement of an LC Disbursement as contemplated by ‎Section
2.02(e). Borrowings of more than one (1) Type may be outstanding at the same time.

 

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

 

Section
2.02.            
Letters of Credit. (a) General. (i) Subject to the terms and conditions
set forth herein, the Borrower may request from any Issuing Lender under the LC Tranche Facility the issuance of Letters of Credit in
Dollars or any Alternative Currency, at any time and from time to time during the Revolving Availability Period with respect to the LC
Tranche Facility, in each case, for the Borrower’s own account or the account of the Borrower or any Subsidiary, in a form reasonably
acceptable to the Administrative Agent, such Issuing Lender and the Borrower. In the event of any inconsistency between the terms and
conditions of this Agreement and the terms and conditions of any form of letter of credit application or other agreement submitted by
the Borrower to, or entered into by the Borrower with, an Issuing Lender relating to any Letter of Credit, the terms and conditions of
this Agreement shall control. Notwithstanding that a Letter of Credit issued or outstanding hereunder is in support of any obligations
of, or is for the account of, a Subsidiary, the Borrower shall be obligated to reimburse the applicable Issuing Lender hereunder for any
and all drawings under such Letter of Credit.

 

(ii)              
Subject to the terms and conditions set forth herein, the Borrower may request from any Issuing Lender under the 2024 Revolving
Facility the issuance of Letters of Credit in Dollars or any Alternative Currency, at any time and from time to time during the Revolving
Availability Period with respect to the 2024 Revolving Facility, in each case, for the Borrower’s own account or the account of
the Borrower or any Subsidiary, in a form reasonably acceptable to the Administrative Agent, such Issuing Lender and the Borrower. In
the event of any inconsistency between the terms and conditions of this Agreement and the terms and conditions of any form of letter of
credit application or other agreement submitted by the Borrower to, or entered into by the Borrower with, an Issuing Lender relating to
any Letter of Credit, the terms and conditions of this Agreement shall control. Notwithstanding that a Letter of Credit issued or outstanding
hereunder is in support of any obligations of, or is for the account of, a Subsidiary, the Borrower shall be obligated to reimburse the
applicable Issuing Lender hereunder for any and all drawings under such Letter of Credit.

 

(iii)            
Subject to the terms and conditions set forth herein, the Borrower may request from any Issuing Lender under the 20232025
Revolving Facility the issuance of Letters of Credit in Dollars or any Alternative Currency, at any time and from time to time during
the Revolving Availability Period with respect to the 20232025
Revolving Facility, in each case, for the Borrower’s own account or the account of the Borrower or any Subsidiary, in a form reasonably
acceptable to the Administrative Agent, such Issuing Lender and the Borrower. In the event of any inconsistency between the terms and
conditions of this Agreement and the terms and conditions of any form of letter of credit application or other agreement submitted by
the Borrower to, or entered into by the Borrower with, an Issuing Lender relating to any Letter of Credit, the terms and conditions of
this Agreement shall control. Notwithstanding that a Letter of Credit issued or outstanding hereunder is in support of any obligations
of, or is for the account of, a Subsidiary, the Borrower shall be obligated to reimburse the applicable Issuing Lender hereunder for any
and all drawings under such Letter of Credit.

 

 

 

 

    	 	45	 

     

    

 

(b)               
Notice of Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit
by any Issuing Lender (or the amendment, renewal or extension of an outstanding Letter of Credit), the Borrower shall either hand deliver
or telecopy (or transmit by electronic communication, if arrangements for doing so have been approved by the applicable Issuing Lender
(which approval shall not be unreasonably withheld, delayed or conditioned)) to the applicable Issuing Lender and the Administrative Agent
(at least three (3) Business Days (or such shorter period as may be agreed by the applicable Issuing Lender) in advance of the requested
date of issuance, amendment, renewal or extension) a notice requesting the issuance of a Letter of Credit, or identifying the Letter of
Credit to be amended, renewed or extended, and specifying (1) the date of issuance, amendment, renewal or extension (which shall be
a Business Day), (2) the date on which such Letter of Credit is to expire (which shall comply with paragraph ‎(c) of
this Section), (3) the amount of such Letter of Credit, (4) the currency of such Letter of Credit, (5) the name and address of
the beneficiary thereof, (6) whether such Letter of Credit is to be issued under the LC Tranche Facility, 2024 Revolving Facility or
the 20232025 Revolving Facility and (7) such
other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. If requested by the applicable Issuing
Lender, the Borrower also shall submit a letter of credit application on such Issuing Lender’s standard form in connection with
any request for a Letter of Credit; provided that, to the extent such standard form (and/or any related reimbursement agreement)
is inconsistent with the Loan Documents, the Loan Documents shall control. A Letter of Credit shall be issued, amended, renewed or extended
only if (and upon issuance, amendment, renewal or extension of each Letter of Credit the Borrower shall be deemed to represent and warrant
that), after giving effect to such issuance, amendment, renewal or extension, (i) with respect to the LC Tranche Facility, (x) the aggregate
LC Exposure thereunder shall not exceed the Total LC Tranche Commitment, (y) the aggregate amount of the Unused Total LC Tranche Commitment
shall not be less than zero and (z) the aggregate face amount of issued and outstanding Letters of Credit issued by the applicable Issuing
Lender under the LC Tranche Facility shall not exceed such Issuing Lender’s LC Tranche Commitment unless consented to by such Issuing
Lender in its sole discretion, (ii) with respect to the 2024 Revolving Facility, (x) the aggregate LC Exposure thereunder shall not exceed
the 2024 LC Sublimit and (y) the aggregate amount of the Unused Total 2024 Revolving Commitment shall not be less than zero and (iii)
with respect to the 20232025 Revolving Facility,
(x) the aggregate LC Exposure thereunder shall not exceed the 20232025
LC Sublimit and (y) the aggregate amount of the Unused Total 20232025
Revolving Commitment shall not be less than zero. No Issuing Lender (other than an Affiliate of the Administrative Agent) shall permit
any such issuance, renewal, extension or amendment resulting in an increase in the amount of any Letter of Credit to occur without first
obtaining written confirmation from the Administrative Agent that it is then permitted under this Agreement.

 

(c)               
Expiration Date. Each Letter of Credit shall expire at or prior to the close of business on the earlier of (i) the
date that is one (1) year after the date of the issuance of such Letter of Credit (or, in the case of any renewal or extension thereof,
one (1) year after such renewal or extension) and (ii) the date that is five (5) Business Days prior to the earliest Revolving Facility
Maturity Date with respect to the applicable Revolving Commitments (provided that, to the extent that all of the participations in such
Letter of Credit held by the holders of such Revolving Commitments have been re-allocated or Cash Collateralized pursuant to the terms
of any Extension Agreement or Refinancing Amendment, such Revolving Commitments shall be disregarded for purposes of this clause ‎(ii));
provided that a Letter of Credit may expire after such earlier date if requested by the Borrower and agreed in the sole discretion
of the applicable Issuing Lender so long as, on or prior to the applicable Revolving Facility Maturity Date, such Letter of Credit has
been cash collateralized pursuant to arrangements reasonably acceptable to the applicable Issuing Lender and with the consent of the Administrative
Agent (not to be unreasonably withheld or delayed).

 

 

 

 

    	 	46	 

     

    

 

(d)               
Participations. By the issuance of a Letter of Credit under the applicable Revolving Facility (or an amendment, renewal
or extension of a Letter of Credit thereunder, including any amendment increasing the amount thereof), and without any further action
on the part of the applicable Issuing Lender or the Lenders, such Issuing Lender hereby grants to each Lender under such Revolving Facility,
and each Lender under such Revolving Facility hereby acquires from such Issuing Lender, a participation in such Letter of Credit equal
to such Lender’s applicable Revolving Commitment Percentage of the Dollar Amount available to be drawn under such Letter of Credit.
In consideration and in furtherance of the foregoing, each Lender under the applicable Revolving Facility hereby absolutely and unconditionally
agrees to pay to the Administrative Agent, for the account of such Issuing Lender, such Lender’s applicable Revolving Commitment
Percentage of the Dollar Amount of each LC Disbursement made by such Issuing Lender and not reimbursed by the Borrower on the date due
as provided in paragraph ‎(e) of this Section, or of any reimbursement payment required to be refunded to the Borrower for
any reason. Each Lender under the applicable Revolving Facility acknowledges and agrees that its obligation to acquire participations
pursuant to this paragraph in respect of Letters of Credit thereunder is absolute and unconditional and shall not be affected by any circumstance
whatsoever, including any amendment, renewal or extension of any Letter of Credit thereunder or the occurrence of an Event of Default
or reduction or termination of the Revolving Commitments thereunder, and that each such payment shall be made without any offset, abatement,
withholding or reduction whatsoever.

 

(e)               
Reimbursement. If an Issuing Lender under the applicable Revolving Facility shall make any LC Disbursement in respect
of a Letter of Credit thereunder, the Borrower shall reimburse such LC Disbursement by paying to the Administrative Agent an amount equal
to the Dollar Amount of such LC Disbursement or (subject to the two immediately succeeding sentences), with respect to any Letter of Credit
denominated in an Alternative Currency, an amount equal to the amount of such LC Disbursement in the applicable Alternative Currency not
later than the first Business Day following the date the Borrower receives notice of such LC Disbursement; provided that, in the
case of any LC Disbursement made in Dollars, to the extent not reimbursed and, subject to the satisfaction (or waiver) of the conditions
to borrowing set forth herein, including, without limitation, making a request in accordance with ‎Section 2.03(a) that such
payment shall be financed with an ABR Borrowing under the applicable Revolving Facility, as the case may be, in an equivalent amount and,
to the extent so financed, the Borrower’s obligation to make such payment shall be discharged and replaced by the resulting ABR
Borrowing. If the Borrower’s reimbursement of, or obligation to reimburse, any amounts in any Alternative Currency would subject
the Administrative Agent, the applicable Issuing Lender or any applicable Lender to any stamp, duty, ad valorem charge or similar tax
that would not be payable if such reimbursement were made or required to be made in Dollars, the Borrower shall pay the amount of any
such tax requested by the Administrative Agent, the relevant Issuing Lender or Lender. If the Borrower fails to make such payment when
due, then (i) if such payment relates to an Alternative Currency Letter of Credit, automatically and with no further action required,
the Borrower’s obligation to reimburse the applicable LC Disbursement shall be permanently converted into an obligation to reimburse
the Dollar Amount of such LC Disbursement and (ii) the Administrative Agent shall promptly notify the applicable Issuing Lender of
the applicable LC Disbursement and the Dollar Amount thereof.

 

If the Borrower fails to make any payment due under the preceding paragraph
with respect to a Letter of Credit when due (including by a Borrowing), the Administrative Agent shall notify each Lender under the applicable
Revolving Facility of the applicable LC Disbursement (as converted to Dollars, if applicable), the payment then due from the Borrower
in respect thereof and such Lender’s applicable Revolving Commitment Percentage thereof. Promptly following receipt of such notice,
each Lender under the applicable Revolving Facility shall pay to the Administrative Agent its applicable Revolving Commitment Percentage
of the payment then due from the Borrower, in the same manner as provided in ‎Section 2.04 with respect to Revolving Loans thereunder
(or with respect to the LC Tranche Facility, as if Revolving Loans were available thereunder in the same manner as provided for in Section
2.04 with respect to the 2024 Revolving Facility) made by such Lender (and ‎Section 2.04 shall apply, mutatis mutandis, to the payment
obligations of the Lenders), and the Administrative Agent shall promptly pay to the Issuing Lender the amounts so received by it from
the applicable Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this ‎Section
2.02(e) with respect to any LC Disbursement, the Administrative Agent shall distribute such payment to the applicable Issuing Lender or,
to the extent that Lenders have made payments pursuant to this paragraph to reimburse such Issuing Lender, then to such Lenders and such
Issuing Lender as their interests may appear. Any payment made by a Lender pursuant to this paragraph to reimburse the applicable Issuing
Lender for any LC Disbursement (other than the funding of ABR Revolving Loans as contemplated above) shall not constitute a Revolving
Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.

 

 

 

 

    	 	47	 

     

    

 

(f)                
Obligations Absolute. The Borrower’s obligation to reimburse LC Disbursements as provided in paragraph ‎(e)
of this ‎Section 2.02 shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with
the terms of this Agreement under any and all circumstances whatsoever and irrespective of (i) any lack of validity or enforceability
of any Letter of Credit or this Agreement, or any term or provision therein or herein, (ii) any draft or other document presented
under a Letter of Credit proving to be forged, fraudulent or invalid in any respect or any statement therein being untrue or inaccurate
in any respect, (iii) payment by the applicable Issuing Lender under a Letter of Credit against presentation of a draft or other
document that does not comply with the terms of such Letter of Credit, or (iv) any other event or circumstance whatsoever, whether
or not similar to any of the foregoing, that might, but for the provisions of this ‎Section 2.02, constitute a legal or equitable
discharge of, or provide a right of setoff against, the Borrower’s obligations hereunder. Neither the Administrative Agent, the
Lenders, nor the applicable Issuing Lender, nor any of their Related Parties, shall have any liability or responsibility by reason of
or in connection with the issuance or transfer of any Letter of Credit or any payment or failure to make any payment thereunder (irrespective
of any of the circumstances referred to in the preceding sentence), or any error, omission, interruption, loss or delay in transmission
or delivery of any draft, notice or other communication under or relating to any Letter of Credit (including any document required to
make a drawing thereunder), any error in interpretation of technical terms or any consequence arising from causes beyond the control of
the applicable Issuing Lender; provided that the foregoing shall not be construed to excuse an Issuing Lender from liability to
the Borrower to the extent of any direct damages (as opposed to special, indirect, consequential or punitive damages, claims in respect
of which are hereby waived by the Borrower to the extent permitted by applicable law) suffered by the Borrower that are caused by such
Issuing Lender’s failure to exercise care when determining whether drafts and other documents presented under a Letter of Credit
comply with the terms thereof. The parties hereto expressly agree that, in the absence of gross negligence, bad faith or willful misconduct
on the part of the applicable Issuing Lender (as finally determined by a court of competent jurisdiction), the applicable Issuing Lender
shall be deemed to have exercised care in each such determination. In furtherance of the foregoing and without limiting the generality
thereof, the parties agree that, with respect to documents presented which appear on their face to be in substantial compliance with the
terms of a Letter of Credit, the applicable Issuing Lender 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 if such documents are not in strict compliance with the terms of such Letter of Credit.

 

(g)               
Disbursement Procedures. The applicable Issuing Lender shall, promptly following its receipt thereof or within the
time period stipulated by the terms and conditions of the applicable Letter of Credit (if any), examine all documents purporting to represent
a demand for payment under a Letter of Credit. After such examination of such drawing documents, the applicable Issuing Lender shall promptly
notify the Administrative Agent and the Borrower by telephone (confirmed by telecopy) of such demand for payment and whether the applicable
Issuing Lender has made or will make an LC Disbursement thereunder; provided that any failure to give or delay in giving such notice
shall not relieve the Borrower of its obligation to reimburse the applicable Issuing Lender and the Lenders under the applicable Revolving
Facility with respect to any such LC Disbursement in accordance with the terms herein.

 

 

 

 

    	 	48	 

     

    

 

(h)               
Interim Interest. If the applicable Issuing Lender shall make any LC Disbursement, then, unless the Borrower shall
reimburse (including by a Borrowing) such LC Disbursement in full not later than the first Business Day following the date such LC Disbursement
is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding
the date that the Borrower reimburses such LC Disbursement, at the rate per annum then applicable to ABR Revolving Loans under the applicable
Revolving Facility (or with respect to the LC Tranche Facility, as if Revolving Loans were available thereunder in the same manner as
provided for in Section 2.04 with respect to the 2024 Revolving Facility); provided that, if the Borrower fails to reimburse such
LC Disbursement when due pursuant to paragraph ‎(e) of this Section, then ‎Section 2.08 shall apply; provided
further that, in the case of an LC Disbursement made under a Letter of Credit in an Alternative Currency, the amount of interest due
with respect thereto shall (i) in the case of any LC Disbursement that is reimbursed on the Business Day immediately succeeding such
LC Disbursement, (A) be payable in the applicable Alternative Currency and (B) if not reimbursed on the date of such LC Disbursement,
bear interest at a rate equal to the rate reasonably determined by the applicable Issuing Lender to be the cost to such Issuing Lender
of funding such LC Disbursement plus (x) solely in the case of the 2025 Non-Consenting Revolving Commitments,
the Applicable Margin applicable to Eurodollar Revolving Loans under the 2025 Revolving Facility
at such time and (ii) other than in the case of the 2025 Non-Consenting Revolving Commitments, the Applicable Margin applicable to Letters
of Credit under the applicable Revolving Facility at such time (or with
respect to the LC Tranche Facility, as if Revolving Loans were available thereunder in the same manner
as provided for in Section 2.04 with respect to the 2024 Revolving Facility)
and (ii) in the case of any LC Disbursement that is reimbursed after the Business Day immediately succeeding such
LC Disbursement (A) be payable in Dollars, (B) accrue on the Dollar Amount of such LC Disbursement and (C) bear interest as provided
above. Interest accrued pursuant to this paragraph shall be for the account of the applicable Issuing Lender, except that interest accrued
on and after the date of payment by any Lender pursuant to clause ‎(e) of this ‎Section 2.02 to reimburse the applicable
Issuing Lender shall be for the account of such Lender to the extent of such payment.

 

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

 

 

 

 

    	 	49	 

     

    

 

(j)                
Replacement of Letters of Credit; Cash Collateralization. With respect to Letters of Credit issued under any Revolving
Facility, the Borrower shall (i) upon or prior to the occurrence of the earlier of (A) the latest Revolving Facility Maturity
Date with respect to all Revolving Commitments under such Revolving Facility and (B) the acceleration of the Revolving Loans (if any)
under such Revolving Facility and the termination of the Revolving Commitments under such Revolving Facility in accordance with the terms
hereof, (x) cause all Letters of Credit under such Revolving Facility which expire after the earlier to occur of (1) the latest Revolving
Facility Maturity Date with respect to all Revolving Commitments under such Revolving Facility and (2) the acceleration of the Revolving
Loans (if any) under such Revolving Facility and the termination of the Revolving Commitments under such Revolving Facility, in accordance
with the terms hereof (the “Outstanding Letters of Credit”) to be returned to the applicable Issuing Lender undrawn
and marked “cancelled” or (y) if the Borrower does not do so in whole or in part either (1) provide one or more
“back-to-back” letters of credit to each applicable Issuing Lender with respect to any such Outstanding Letters of Credit
in a form reasonably satisfactory to each such Issuing Lender and the Administrative Agent, issued by a bank reasonably satisfactory to
each such Issuing Lender and the Administrative Agent, and/or (2) deposit cash in an account maintained with the Administrative Agent,
as collateral security for the Borrower’s reimbursement obligations in connection with any such Outstanding Letters of Credit, such
cash (or any applicable portion thereof) to be promptly remitted to the Borrower (provided no Event of Default or event which upon notice
or lapse of time or both would constitute an Event of Default has occurred or is continuing) upon the expiration, cancellation or other
termination or satisfaction of the Borrower’s reimbursement obligations with respect to such Outstanding Letters of Credit, in whole
or in part; in an aggregate principal amount for all such “back-to-back” letters of credit and any such Cash Collateralization
equal to the then outstanding amount of all LC Exposure (less the amount, if any, on deposit in such account prior to taking any
action pursuant to clauses ‎(1) or ‎(2) above), and (ii) if required pursuant to ‎Section 2.02(m),
‎2.12(b), ‎2.26(b)(ii), ‎2.26(c)(ii), ‎2.26(d), ‎2.27(b) or ‎7.01 or
pursuant to any Extension Agreement or Refinancing Amendment, deposit in such account an amount required pursuant to ‎Section
2.02(m), ‎2.12(b), ‎2.26(b)(ii), ‎2.26(c)(ii), ‎2.26(d), ‎2.27(b) or ‎7.01,
or pursuant to any such Extension Agreement or Refinancing Amendment, as applicable; provided that the portions of such amount
attributable to undrawn Alternative Currency Letters of Credit or LC Disbursements in an Alternative Currency that the Borrower is not
late in reimbursing shall be deposited in the applicable Alternative Currencies in the actual amounts of such undrawn Letters of Credit
and LC Disbursements (any such deposit described in the preceding clause ‎(i) or clause ‎(ii), “Cash Collateralization”).
The Administrative Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over such account. Other
than any interest earned on the investment of such deposits, which investments shall be made at the option and sole discretion of the
Administrative Agent (in accordance with its usual and customary practices for investments of this type) and at the Borrower’s risk
and reasonable expense, such deposits shall not bear interest. Interest or profits, if any, on such investments shall accumulate in such
account. Moneys in such account shall be applied by the Administrative Agent to reimburse the applicable Issuing Lender for LC Disbursements
for which it has 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 LC Exposure at such time. If the Borrower is required to provide Cash Collateralization hereunder pursuant to
‎Section 2.02(m), ‎2.12(b), ‎2.26(b)(ii), ‎2.26(c)(ii), ‎2.26(d) or ‎2.27(b),
or the terms of any Extension Agreement or Refinancing Amendment, such Cash Collateralization (to the extent not applied as contemplated
by the applicable section) shall be returned to the Borrower within three (3) Business Days after the applicable section (or Extension
Agreement or Refinancing Amendment, as applicable) no longer requires the provision of such Cash Collateralization.

 

 

 

 

 

    	 	50	 

     

    

 

(k)               
Issuing Lender Agreements. Unless otherwise requested by the Administrative Agent, each Issuing Lender under any
Revolving Facility shall report in writing to the Administrative Agent (i) on the first Business Day of each week, the daily activity
(set forth by day) in respect of Letters of Credit thereunder during the immediately preceding week, including all issuances, extensions,
amendments and renewals, all expirations and cancellations and all disbursements and reimbursements, (ii) on or prior to each Business
Day on which such Issuing Lender expects to issue, amend, renew or extend any Letter of Credit, the date of such issuance, amendment,
renewal or extension, the aggregate face amount of the Letters of Credit to be issued, amended, renewed, or extended by it (and whether,
subject to ‎Section 2.02(b), the face amount of any such Letter of Credit was changed thereby) and the aggregate face amount
of such Letters of Credit outstanding under any Revolving Facility after giving effect to such issuance, amendment, renewal or extension,
(iii) on each Business Day on which such Issuing Lender makes any LC Disbursement, the date of such LC Disbursement and the amount
of such LC Disbursement, (iv) on any Business Day on which a Borrower fails to reimburse an LC Disbursement required to be reimbursed
to such Issuing Lender on such day, the date of such failure, and the amount of such LC Disbursement and (v) on any other Business
Day, such other information as the Administrative Agent shall reasonably request.

 

(l)                
Conversion. In the event that the Revolving Loans under any Revolving Facility become immediately due and payable
on any date pursuant to ‎Section 7.01, all amounts (i) that the Borrower is at the time or thereafter becomes required to
reimburse or otherwise pay to the Administrative Agent in respect of LC Disbursements made under any Alternative Currency Letter of Credit
thereunder (other than amounts in respect of which such Borrower has deposited cash collateral pursuant to ‎Section 2.02(j),
if such cash collateral is deposited in the applicable Alternative Currency to the extent so deposited or applied), (ii) that the
Lenders thereunder are at the time or thereafter become required to pay to the Administrative Agent and the Administrative Agent is at
the time or thereafter becomes required to distribute to the applicable Issuing Lender pursuant to ‎Section 2.02(e) in respect
of unreimbursed LC Disbursements made under any Alternative Currency Letter of Credit thereunder and (iii) of each Lender’s
participation in any Alternative Currency Letter of Credit under which an LC Disbursement thereunder has been made shall, automatically
and with no further action required, be converted into the Dollar Amount of such amounts. On and after such conversion, all amounts accruing
and owed to the Administrative Agent, the applicable Issuing Lender or any Lender under the applicable Revolving Facility in respect of
the Obligations described in this paragraph shall accrue and be payable in Dollars at the rates otherwise applicable hereunder.

 

(m)             
Provisions Related to Extended Revolving Commitments and Commitments in Respect of Refinancing Revolving Facilities.
If the maturity date in respect of any tranche of Revolving Commitments occurs prior to the expiration of any Letter of Credit under
the applicable Revolving Facility with respect to which Lenders holding such Revolving Commitments hold participation interests, then
(i) if one or more other tranches of Revolving Commitments in respect of which the maturity date shall not have occurred are then
in effect, such Letters of Credit shall automatically be deemed to have been issued (including for purposes of the obligations of the
Lenders under such Revolving Facility to purchase participations therein and to make payments in respect thereof pursuant to ‎Section
2.02(d) or ‎(e) and for any reallocations required pursuant to ‎Section 2.26(b)(i)) under (and ratably participated
in by Lenders thereunder pursuant to) the Revolving Commitments in respect of such non-terminating tranches up to an aggregate amount
not to exceed the aggregate principal amount of the unutilized Revolving Commitments thereunder at such time (it being understood that
no partial face amount of any Letter of Credit may be so reallocated) and (ii) to the extent not reallocated pursuant to the immediately
preceding clause ‎(i), the Borrower shall cash collateralize any such Letter of Credit in accordance with ‎Section
2.02(j). For the avoidance of doubt, commencing with the maturity date of any tranche of Revolving Commitments under the applicable Revolving
Facility, the sublimit for Letters of Credit under any tranche of Revolving Commitments under such Revolving Facility that has not so
then matured shall be as agreed in the relevant Extension Agreement or Refinancing Amendment, as applicable, with such Lenders (to the
extent such Extension Agreement or Refinancing Amendment so provides).

 

 

 

 

 

    	 	51	 

     

    

 

(n)               
Existing Letters of Credit. On the Amendment No. 1 Effective Date, the Existing Letters of Credit shall be deemed
Letters of Credit under the LC Tranche Facility issued under this Section 2.02 and subject to the provisions hereof, without the need
for any further action by the Borrower or any other Person (and without the payment of any fees otherwise due upon the issuance of a Letter
of Credit).

 

Section
2.03.            
Requests for Borrowings.

 

(a)               
Unless otherwise agreed to by the Administrative Agent in connection with making the initial Revolving Loans on the Closing
Date, if any, to request a Borrowing of Revolving Loans under the applicable Revolving Facility, the Borrower shall notify the Administrative
Agent of such request by telephone (i) in the case of a Eurodollar Borrowing, not later than 2:00 p.m., New York City time,
three (3) Business Days before the date of the proposed Borrowing and,
(ii) in the case of a Term Benchmark Borrowing, not later than 2:00 p.m., New York City time, three
(3) U.S. Government Securities Business Days before the date of the proposed Borrowing or (iii) in the case of an ABR Borrowing,
not later than 10:00 a.m., New York City time, on the date of the proposed Borrowing; provided that any such notice of an
ABR Borrowing to finance the reimbursement of an LC Disbursement as contemplated by ‎Section 2.02(e) may be given not later
than 12:00 noon, New York City time, on the date of the proposed Borrowing. Each such telephonic Borrowing Request shall be irrevocable
and shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Borrowing Request in a form approved
by the Administrative Agent and signed by the Borrower. Each such telephonic and written Borrowing Request shall specify the following
information in compliance with ‎Section 2.01(a):

 

(i)               the
aggregate amount of the requested Borrowing (which shall comply with Section 2.01(c));

 

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

 

(iii)            whether
such Borrowing is to be an ABR Borrowing, a Term Benchmark Borrowing or a Eurodollar Borrowing;

 

(iv)            whether
such Borrowing is under the 2024 Revolving Facility or the 20232025
Revolving Facility; and

 

(v)             in
the case of a Eurodollar Borrowing or Term Benchmark Borrowing, the initial Interest Period to
be applicable thereto, which shall be a period contemplated by the definition of the term “Interest Period”.

 

If no election as to the Type of Borrowing is specified, then the requested
Borrowing shall be an ABR Borrowing. If no Interest Period is specified with respect to any requested Eurodollar Borrowing or
Term Benchmark Borrowing, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration.
Promptly following receipt of a Borrowing Request in accordance with this ‎Section 2.03(a), the Administrative Agent shall advise
each Lender under the applicable Revolving Facility of the details thereof and of the amount of such Lender’s Revolving Loan under
such Revolving Facility to be made as part of the requested Borrowing.

 

 

 

 

    	 	52	 

     

    

 

Section
2.04.            
Funding of Borrowings. (a) Each Lender under the applicable Revolving Facility shall
make each Revolving Loan to be made by it hereunder on the proposed date thereof by wire transfer of immediately available funds by 2:00
p.m., New York City time, or such earlier time as may be reasonably practicable, to the account of the Administrative Agent most recently
designated by it for such purpose by notice to the Lenders. Upon satisfaction or waiver of the conditions precedent specified herein,
the Administrative Agent will make such Revolving Loans available to the Borrower by promptly crediting the amounts so received, in like
funds, to an account of the Borrower designated by the Borrower in the applicable Borrowing Request; provided that ABR Revolving
Loans made to finance the reimbursement of an LC Disbursement as provided in ‎Section 2.02(e) shall be remitted by the Administrative
Agent to the Issuing Lender. 

 

(b)               
Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing (or,
with respect to any ABR Borrowing made on same-day notice, prior to 12:00 noon, New York City time, on the date of such Borrowing) that
such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent
may assume that such Lender has made such share available on such date in accordance with paragraphs ‎(a) and/or ‎(b)
of this Section ‎2.04 and may, in reliance upon such assumption, make available to the Borrower a corresponding amount. In
such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable
Lender and the Borrower severally agree to pay to the Administrative Agent forthwith upon written 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
payment to the Administrative Agent, at (i) in the case of such Lender, the greater of the NYFRB Rate and a rate determined by the
Administrative Agent in accordance with banking industry rules on interbank compensation or (ii) in the case of the Borrower, the
interest rate otherwise applicable to such Borrowing. If such Lender pays such amount to the Administrative Agent, then such amount shall
constitute such Lender’s Revolving Loan included in such Borrowing.

 

Section
2.05.            
Interest Elections. (a) The
Borrower may elect from time to time to, (i) convert
ABR Revolving Loans to Term Benchmark Revolving
Loans or, solely in the case of the 2025 Non-Consenting Revolving Loans, Eurodollar Revolving Loans,
(ii) convert Term Benchmark Revolving
Loans or Eurodollar Revolving Loans to ABR Revolving
Loans, provided that any such conversion of Term
Benchmark Revolving Loans or Eurodollar Revolving Loans may
only be made on the last day of an Interest Period with respect thereto or (iii) continue
any Eurodollar Revolving Loan or any Term
Benchmark Revolving Loan as such upon the expiration of the then current Interest Period with respect thereto.

 

(b)               
To make an Interest Election Request pursuant to this Section ‎2.05, the Borrower shall notify the Administrative
Agent of such election by telephone by the time that a Borrowing Request would be required under ‎Section 2.03(a) if the Borrower
were requesting a Borrowing of the Type resulting from such election to be made on the effective date of such election. Each such telephonic
Interest Election Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent
of a written Interest Election Request in a form approved by the Administrative Agent and signed by the Borrower.

 

(c)               
Each telephonic and written Interest Election Request shall specify the following information in compliance with ‎Section
2.01:

 

(i)                
the Borrowing to which such Interest Election Request applies (including whether such Borrowing is under the 2024 Revolving
Facility or the 20232025 Revolving Facility)
and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting
Borrowing (in which case the information to be specified pursuant to clauses ‎(iii) and ‎(iv) below
shall be specified for each resulting Borrowing);

 

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

 

 

 

 

    	 	53	 

     

    

 

(iii)            
whether the resulting Borrowing is to be an ABR Borrowing or,
a Eurodollar Borrowing or a Term Benchmark Borrowing; and

 

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

 

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

 

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

 

(e)               
If the Borrower fails to deliver a timely Interest Election Request with respect to a Term
Benchmark Borrowing or Eurodollar Borrowing prior to the end of the Interest Period applicable thereto, then, unless such Borrowing
is repaid as provided herein, at the end of such Interest Period such Borrowing shall be converted to an ABR Borrowing. Notwithstanding
any contrary provision hereof, if an Event of Default has occurred and is continuing, and upon the request of the Required Lenders, (i)
no outstanding Borrowing may be converted to or continued as a Eurodollar Borrowing or a Term Benchmark Borrowing
and (ii) unless repaid, each Eurodollar Borrowing and Term Benchmark Borrowing shall
be converted to an ABR Borrowing at the end of the Interest Period applicable thereto.

 

Section
2.06.            
Limitation on Eurodollar Tranches. Notwithstanding
anything to the contrary in this Agreement, all borrowings, conversions and continuations of Eurodollar Revolving Loans
and all selections of Interest Periods shall be in such amounts and be made pursuant to such elections so that, (a) after giving
effect thereto, the aggregate principal amount of the Eurodollar Revolving Loans
comprising each Eurodollar Tranche shall be equal to $5,000,000 or a whole multiple of $1,000,000 in excess thereof and (b) no more
than twenty (20) Eurodollar Tranches shall be outstanding at any one time.

 

Section
2.07.            
Interest on Revolving Loans.

 

(a)               
Subject to the provisions of ‎Section 2.08, each ABR Revolving Loan shall bear interest (computed on the basis
of the actual number of days elapsed over a year of three hundred sixty (360) days or, when the Alternate Base Rate is based on the Prime
Rate, a year with three hundred sixty five (365) days or three hundred sixty six (366) days in a leap year) at a rate per annum equal
to the Alternate Base Rate plus the Applicable Margin.

 

(b)               
Subject to the provisions of ‎Section 2.08, each Eurodollar Revolving Loan shall bear interest (computed on the
basis of the actual number of days elapsed over a year of three hundred sixty (360) days) at a rate per annum equal, during each Interest
Period applicable thereto, to the LIBO Rate for such Interest Period in effect for such Borrowing plus the Applicable Margin.

 

(c)               
Subject to the provisions of ‎Section 2.08, each Term Benchmark Revolving Loan shall bear interest (computed on the
basis of the actual number of days elapsed over a year of three hundred sixty (360) days) at a rate per annum equal, during each Interest
Period applicable thereto, to the Adjusted Term SOFR Rate for such Interest Period in effect for such Borrowing plus the Applicable Margin.

 

 

 

 

    	 	54	 

     

    

 

(d)               
(c) Accrued interest on all Revolving Loans shall be payable in arrears
on each Interest Payment Date applicable thereto, on the Termination Date with respect to such Revolving Loans or the related Revolving
Commitments and thereafter on written demand and (with respect to Eurodollar Revolving Loans or Term Benchmark
Revolving Loans) upon any repayment or prepayment thereof (on the amount repaid or prepaid); provided that in the event
of any conversion of any Eurodollar Revolving Loan or Term Benchmark Revolving Loan to an ABR
Revolving Loan, accrued interest on such Revolving Loan shall be payable on the effective date of such conversion.

 

Section
2.08.            
Default Interest. If the Borrower shall default in the payment of the principal of
or interest on any Revolving Loan or in the payment of any fee becoming due hereunder or in the reimbursement pursuant to ‎Section
2.02(e) of any LC Disbursement, whether at stated maturity, by acceleration or otherwise, the Borrower shall on written demand of the
Administrative Agent (which written demand shall be given at the request of the Required Lenders) from time to time pay interest, to the
extent permitted by law, on all overdue amounts up to (but not including) the date of actual payment (after as well as before judgment)
at a rate per annum (computed on the basis of the actual number of days elapsed over a year of three hundred sixty (360) days or, when
the Alternate Base Rate is applicable and is based on the Prime Rate, a year of three hundred sixty five (365) days or three hundred sixty
six (366) days in a leap year) equal to (a) with respect to the principal
amount of any Revolving Loan, the rate then applicable for such Borrowings plus 2.0%, and (b)
with respect to interest, fees and reimbursement of LC Disbursements, the rate applicable for ABR Revolving Loans plus 2.0%.

 

Section
2.09.            
Alternate Rate of Interest.

 

(a)               
Subject to Sections 2.09(b)-(g), in the event, and on each occasion, that (i) on
the date that is two (2) Business Days prior to the commencement of any Interest Period for a Eurodollar Revolving Loan, the Administrative
Agent shall have reasonably determined (which determination shall be conclusive and binding upon the Borrower absent manifest error) that
reasonable means do not exist for ascertaining the applicable LIBO Rate (including because the LIBO Screen Rate is not available or published
on a current basis), or (ii) prior to the commencement of
any Interest Period for a Term Benchmark Borrowing, (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 Term SOFR Rate (including because the Term
SOFR Reference Rate is not available or published on a current basis) for such Interest Period or (B) the Administrative Agent is advised
by the Required Lenders that the Adjusted Term SOFR Rate for such Interest Period will not adequately and fairly reflect the cost to such
Lenders (or Lender) of making or maintaining their Revolving Loans (or its Revolving Loan) included in such Borrowing for such Interest
Period, then the Administrative Agent shall, as soon as practicable thereafter, give written, facsimile or telegraphic notice
of such determination to the Borrower and the Lenders and, until the circumstances giving rise to such notice no longer exist, any request
by the Borrower for a Borrowing of Eurodollar Revolving Loans or Term Benchmark Revolving Loans hereunder
(including pursuant to a refinancing with EurodollarTerm
Benchmark Revolving Loans and including any request to continue, or to convert to, Eurodollar Revolving Loans or
Term Benchmark Revolving Loans) shall be deemed a request for a Borrowing of ABR Revolving Loans; provided that no Benchmark
Transition Event shall have occurred at such time.

 

 

 

 

    	 	55	 

     

    

 

(b)               
Notwithstanding anything to the contrary herein or in any other Loan Document, if a Benchmark Transition Event, a Term SOFR
Transition Event or an Early Opt-in Election or an Other Benchmark Rate Election, as applicable, and its related Benchmark Replacement
Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then if a Benchmark Replacement
is determined in accordance with clause (x)(1), (x)(2)
or (2y)(1) of the definition of “Benchmark
Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder
and under any Loan Document in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further
action or consent of any other party to, this Agreement or any other Loan Document and (y) if a Benchmark Replacement is determined in
accordance with clause (x)(3) or (y)(2) of the definition
of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for
all purposes hereunder and under any Loan Document in respect of any Benchmark setting at or after 5:00 p.m. (New York City time) on the
tenth (10th) Business Day after the date notice of such Benchmark Replacement is provided to the Lenders without any amendment to, or
further action or consent of any other party to, this Agreement or any other Loan Document so long as the Administrative Agent has not
received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Required Lenders.

 

(c)               
Notwithstanding anything to the contrary herein or in any other Loan Document and subject to the proviso below in this paragraph,
if a Term SOFR Transition Event and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any
setting of the then-current Benchmark, then the applicable Benchmark Replacement will replace the then-current Benchmark for all purposes
hereunder or under any Loan Document in respect of such Benchmark setting and subsequent Benchmark settings, without any amendment to,
or further action or consent of any other party to, this Agreement or any other Loan Document; provided that, this clause (c) shall not
be effective unless the Administrative Agent has delivered to the Lenders and the Borrower a Term SOFR Notice. For the avoidance of doubt,
the Administrative Agent shall not be required to deliver a Term SOFR Notice after the occurrence of a Term SOFR Transition Event and
may do so in its sole discretion.

 

(d)               
In connection with the implementation of a Benchmark Replacement,Notwithstanding
anything to the contrary herein or in any other Loan Document, the Administrative Agent will have the right to make Benchmark
Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any
amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any
other party to this Agreement or any other Loan Document.

 

(e)               
The Administrative Agent will promptly notify the Borrower and the Lenders of (i) any occurrence of a Benchmark Transition
Event, an Early Opt-in Election or an Other Benchmark Rate Election, as applicable, (ii) the implementation of any Benchmark Replacement,
(iii) the effectiveness of any Benchmark Replacement Conforming Changes, (iv) the removal or reinstatement of any tenor of a
Benchmark pursuant to clause (f) below and (v) the commencement or conclusion of any Benchmark Unavailability Period. Any determination,
decision or election that may be made by the Administrative Agent or, if applicable, any Lender (or group of Lenders) pursuant to this
Section 2.09, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event,
circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent
manifest error and may be made in its or their sole discretion and without consent from any other party to this Agreement or any other
Loan Document, except, in each case, as expressly required pursuant to this Section 2.09.

 

 

 

    	 	56	 

     

    

 

(f)                
Notwithstanding anything to the contrary herein or in any other Loan Document, at any time (including in connection with
the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including Term SOFR or LIBO Rate) and
either (A) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time to
time as selected by the Administrative Agent in its reasonable discretion or (B) the regulatory supervisor for the administrator of such
Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is or will be no
longer representative, then the Administrative Agent may modify the definition of “Interest Period” for any Benchmark settings
at or after such time to remove such unavailable or non-representative tenor and (ii) if a tenor that was removed pursuant to clause (i)
above either (A) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (B)
is not, or is no longer, subject to an announcement that it is or will no longer be representative for a Benchmark (including a Benchmark
Replacement), then the Administrative Agent may modify the definition of “Interest Period” for all Benchmark settings at or
after such time to reinstate such previously removed tenor.

 

(g)               
Upon the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower may revoke
any request for a Borrowing of, conversion to or continuation of Eurodollar Revolving Loans or Term Benchmark
Revolving Loans, as applicable, to be made, converted or continued during any Benchmark Unavailability Period and, failing
that, either (xi) the Borrower will be deemed
to have converted any request for a Eurodollar Revolving Loan Borrowing or Term Benchmark Borrowing into
a request for a Borrowing of or conversion to ABR Loans or (yii)
any Eurodollar Revolving Loan Borrowing or Term Benchmark Borrowing shall be ineffective. During
any Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component
of the Alternate Base Rate based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in
any determination of the Alternate Base Rate. Furthermore, if any Eurodollar Revolving Loan or Term Benchmark
Revolving Loan is outstanding on the date of the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability
Period with respect to a Relevant Rate applicable to such Eurodollar Revolving Loan or Term Benchmark Revolving
Loan, then until such time as a Benchmark Replacement is implemented pursuant to this Section 2.09, on the last day of the
Interest Period applicable to such Revolving Loan (or the next succeeding Business Day if such
day is not a Business Day), such Revolving Loan shall be converted by the Administrative Agent
to, and shall constitute, an ABR Loan on such day.

 

Section
2.10.            
Repayment of Revolving Loans; Evidence of Debt.

 

(a)               
The Borrower hereby unconditionally promises to pay to the Administrative Agent for the ratable account of each Lender under
the applicable Revolving Facility the then unpaid principal amount of each Revolving Loan then outstanding on the Termination Date applicable
to such Revolving Loan.

 

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

 

(c)               
The Administrative Agent shall maintain accounts for each Revolving Facility in which it shall record (i) the amount
of each Revolving Loan made hereunder under such Revolving Facility, the Type thereof and the Interest Period applicable thereto, (ii)
the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder under
such Revolving Facility and (iii) the amount of any sum received by the Administrative Agent hereunder for the account of the Lenders
under such Revolving Facility and each Lender’s share thereof. The Borrower shall have the right, upon reasonable notice, to request
information regarding the accounts referred to in the preceding sentence.

 

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

 

 

 

 

    	 	57	 

     

    

 

(e)               
Any Lender may request that Revolving Loans made by it under any Revolving Facility be evidenced by a promissory note. In
such event, the Borrower shall promptly execute and deliver to such Lender a promissory note payable to the order of such Lender (or,
if requested by such Lender, to such Lender and its registered assigns) in a form furnished by the Administrative Agent and reasonably
acceptable to the Borrower. Thereafter, the Revolving Loans evidenced by such promissory note and interest thereon shall at all times
(including after assignment pursuant to ‎Section 10.02) be represented by one or more promissory notes in such form payable
to the order of the payee named therein (or, if such promissory note is a registered note, to such payee and its registered assigns).

 

Section
2.11.            
Optional Termination or Reduction of Revolving Commitments. Upon at least one (1) Business
Day prior written notice to the Administrative Agent, the Borrower may at any time in whole permanently terminate, or from time to time
in part permanently reduce, the Unused Total Revolving Commitment under any Revolving Facility; provided that each such notice
shall be revocable to the extent such termination or reduction would have resulted from a refinancing of the Obligations, which refinancing
shall not be consummated or shall otherwise be delayed. Each such reduction of the Unused Total Revolving Commitment under any Revolving
Facility shall be in the principal amount not less than $5,000,000 and in an integral multiple of $1,000,000. Simultaneously with each
reduction or termination of the applicable Revolving Commitment, the Borrower shall pay to the Administrative Agent for the account of
each Lender under the applicable Revolving Facility the Commitment Fee accrued and unpaid on the amount of the applicable Revolving Commitment
of such Lender so terminated or reduced through the date thereof. Any reduction of the Total Revolving Commitment under the applicable
Revolving Facility pursuant to this Section ‎2.11 shall be applied to reduce the Revolving Commitment under such Revolving Facility
of each Lender on a pro rata basis.

 

Section
2.12.            
Mandatory Prepayment of Revolving Loans and Mandatory Commitment Reductions; Commitment Termination.

 

(a)               
The Borrower shall prepay the Revolving Loans under any Revolving Facility (without any corresponding reduction in Revolving
Commitments) in an amount necessary to comply with ‎Section 6.03, in each case as directed by the Borrower.

 

(b)               
If at any time the Total 2024 Revolving Extensions of Credit for any reason exceed the Total 2024 Revolving Commitment at
such time or the Total 20232025 Revolving Extensions
of Credit for any reason exceed the Total 20232025
Revolving Commitment at such time, the Borrower shall prepay Revolving Loans under the applicable Revolving Facility on a pro rata basis
in an amount sufficient to eliminate such excess. If, after giving effect to the prepayment of all outstanding Revolving Loans under the
applicable Revolving Facility, the Total 2024 Revolving Extensions of Credit exceed the Total 2024 Revolving Commitment then in effect
or the Total 20232025 Revolving Extensions of
Credit exceed the Total 20232025 Revolving Commitment
then in effect, the Borrower shall Cash Collateralize outstanding Letters of Credit under the applicable Revolving Facility to the extent
of such excess.

 

(c)               
Upon the Termination Date applicable to any Revolving Commitment, such Revolving Commitment shall be terminated in full
and the Borrower shall repay the applicable Revolving Loans in full and, except as the Administrative Agent may otherwise agree in writing,
if any Letter of Credit remains outstanding under the applicable Revolving Facility, comply with ‎Section 2.02(j) in accordance
therewith.

 

(d)               
All prepayments under this ‎Section 2.12 shall be accompanied by accrued but unpaid interest on the principal
amount being prepaid to (but not including) the date of prepayment, plus any Fees and any losses, costs and expenses, as more fully described
in ‎Section 2.15 and ‎2.19 hereof.

 

 

 

 

    	 	58	 

     

    

 

Section
2.13.            
Optional Prepayment of Revolving Loans.

 

(a)               
The Borrower shall have the right, at any time and from time to time, to prepay any Revolving Loans under any Revolving
Facility, in whole or in part, (i) with respect to Eurodollar Revolving Loans or Term Benchmark Revolving
Loans, upon (A) telephonic notice followed promptly by written or facsimile notice or (B) written or facsimile notice
received by 1:00 p.m., New York City time, three (3) Business Days prior to the proposed date of prepayment and (ii) with respect
to ABR Revolving Loans, upon written or facsimile notice received by 1:00 p.m., New York City time, one (1) Business Day prior to the
proposed date of prepayment; provided that ABR Revolving Loans may be prepaid on the same day notice is given if such notice is
received by the Administrative Agent by 12:00 noon, New York City time; provided further, however, that (A) each such
partial prepayment shall be in an amount not less than $5,000,000 and in integral multiples of $1,000,000, (B) no prepayment of
Eurodollar Revolving Loans or Term Benchmark Revolving Loans shall be permitted pursuant to this
‎Section 2.13(a) other than on the last day of an Interest Period applicable thereto unless such prepayment is accompanied
by the payment of the amounts described in ‎Section 2.15, and (C) no partial prepayment of a Borrowing of Eurodollar Revolving
Loans or a Borrowing of Term Benchmark Revolving Loans shall result in the aggregate principal
amount of thesuch Eurodollar Revolving
Loans or Term Benchmark Revolving Loans remaining outstanding pursuant to such Borrowing being less than $5,000,000.

 

(b)               
All prepayments under ‎Section 2.13(a) shall be accompanied by accrued but unpaid interest on the principal amount
being prepaid to (but not including) the date of prepayment, plus any Fees and any losses, costs and expenses, as more fully described
in Sections ‎2.15 and ‎2.19 hereof.

 

(c)               
Each notice of prepayment shall specify the prepayment date, the applicable Revolving Facility, the principal amount of
the Revolving Loans thereunder to be prepaid and, in the case of Eurodollar Revolving Loans or Term Benchmark
Revolving Loans, the Borrowing or Borrowings pursuant to which made, shall be irrevocable and shall commit the Borrower to
prepay such Revolving Loan by the amount and on the date stated therein; provided that the Borrower may revoke any notice of prepayment
under this ‎Section 2.13 if such prepayment would have resulted from a refinancing of any or all of the Obligations hereunder,
which refinancing shall not be consummated or shall otherwise be delayed. The Administrative Agent shall, promptly after receiving notice
from the Borrower hereunder, notify each Lender under the applicable Revolving Facility of the principal amount of the Revolving Loans
held by such Lender which are to be prepaid, the prepayment date and the manner of application of the prepayment.

 

Section
2.14.            
Increased Costs. (a) If any Change in Law shall: 

 

(i)                
subject any Lender or Issuing Lender to any Taxes (other than (A) Indemnified Taxes or (B) Excluded Taxes) on its loans,
loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable
thereto; or

 

(ii)              
impose, modify or deem applicable any reserve, special deposit or similar requirement against assets of, deposits with or
for the account of, or credit extended by, any Lender (except any such reserve requirement subject to Section 2.14(c)) or Issuing Lender;
or

 

(iii)            
solely with respect to Eurodollar Revolving Loans, impose on any Lender or Issuing
Lender or the London interbank market any other condition (other than Taxes) affecting this Agreement or Eurodollar Revolving Loans made
by such Lender or any Letter of Credit or participation therein;

 

 

 

 

    	 	59	 

     

    

 

and the result of any of the foregoing shall be to increase the cost
to such Lender of converting any ABR Revolving Loan to a Eurodollar Revolving Loan or a Term Benchmark Revolving
Loan or making, maintaining or continuing any Eurodollar Revolving Loan or a Term Benchmark Revolving
Loan (or of maintaining its obligation to make any such Revolving Loan) or to increase the cost to such Lender or Issuing Lender
of participating in, issuing or maintaining any Letter of Credit or to reduce the amount of any sum received or receivable by such Lender
or Issuing Lender hereunder (whether of principal, interest or otherwise), then the Borrower will pay to such Lender or Issuing Lender,
as the case may be, such additional amount or amounts as will compensate such Lender or Issuing Lender, as the case may be, for such additional
costs incurred or reduction suffered.

 

(b)               
If any Lender or Issuing Lender reasonably determines in good faith that any Change in Law regarding capital or liquidity
requirements has or would have the effect of reducing the rate of return on such Lender’s or Issuing Lender’s capital or on
the capital of such Lender’s or Issuing Lender’s holding company, if any, as a consequence of this Agreement or the Revolving
Loans made by, or participations in Letters of Credit held by, such Lender, or the Letters of Credit issued by such Issuing Lender, to
a level below that which such Lender or Issuing Lender or such Lender’s or Issuing Lender’s holding company could have achieved
but for such Change in Law (taking into consideration such Lender’s or Issuing Lender’s policies and the policies of such
Lender’s or Issuing Lender’s holding company with respect to capital adequacy or liquidity), then from time to time the Borrower
will pay to such Lender or Issuing Lender, as the case may be, such additional amount or amounts, in each case as documented by such Lender
or Issuing Lender to the Borrower as will compensate such Lender or Issuing Lender or such Lender’s or Issuing Lender’s holding
company for any such reduction suffered; it being understood that to the extent duplicative of the provisions in ‎Section 2.16,
this ‎Section 2.14(b) shall not apply to Taxes.

 

(c)               
The Borrower shall pay to each Lender (i) as long as such Lender shall be required to maintain reserves with respect
to liabilities or assets consisting of or including Eurodollar funds or deposits, additional interest on the unpaid principal amount of
each Eurodollar Revolving Loan equal to the actual costs of such reserves allocated to such Revolving Loan by such Lender (as determined
by such Lender in good faith, which determination shall be conclusive in the absence of manifest error) and (ii) as long as such
Lender shall be required to comply with any reserve ratio requirement or analogous requirement of any other central banking or financial
regulatory authority imposed in respect of the maintenance of the Revolving Commitments or the funding of the Eurodollar Revolving Loans,
such additional costs (expressed as a percentage per annum and rounded upwards, if necessary, to the nearest five decimal places) equal
to the actual costs allocated to such Revolving Commitment or Revolving Loan by such Lender (as determined by such Lender in good faith,
which determination shall be conclusive absent manifest error) which in each case shall be due and payable on each date on which interest
is payable on such Revolving Loan, provided the Borrower shall have received at least fifteen (15) days’ prior notice (with a copy
to the Administrative Agent, and which notice shall specify the Statutory Reserve Rate, if any, applicable to such Lender) of such additional
interest or cost from such Lender. If a Lender fails to give notice fifteen (15) days prior to the relevant Interest Payment Date, such
additional interest or cost shall be due and payable fifteen (15) days from receipt of such notice.

 

(d)               
A certificate of a Lender or Issuing Lender setting forth the amount or amounts necessary to compensate such Lender or Issuing
Lender or its holding company, as the case may be, as specified in paragraph ‎(a), ‎(b) or ‎(c)
of this ‎Section 2.14 shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall
pay such Lender or Issuing Lender, as the case may be, the amount shown as due on any such certificate within fifteen (15) days after
receipt thereof.

 

 

 

 

    	 	60	 

     

    

 

(e)               
Failure or delay on the part of any Lender or Issuing Lender to demand compensation pursuant to this ‎Section
2.14 shall not constitute a waiver of such Lender’s or Issuing Lender’s right to demand such compensation; provided
that the Borrower shall not be required to compensate a Lender or Issuing Lender pursuant to this ‎Section 2.14 for any increased
costs or reductions incurred more than one hundred eighty (180) days prior to the date that such Lender or Issuing Lender, 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
Lender’s intention to claim compensation therefor; provided further that, if the Change in Law giving rise to such increased
costs or reductions is retroactive, then the one hundred eighty (180) day period referred to above shall be extended to include the period
of retroactive effect thereof. The protection of this ‎Section 2.14 shall be available to each Lender regardless of any possible
contention as to the invalidity or inapplicability of the law, rule, regulation, guideline or other change or condition which shall have
occurred or been imposed.

 

(f)                
Any determination by a Lender or Issuing Lender of amounts owed pursuant to this ‎Section 2.14 to such Lender
or Issuing Lender due to any Change in Law, pursuant to the proviso in the definition thereof shall be made in good faith in a manner
generally consistent with such Lender’s or Issuing Lender’s standard practice.

 

Section
2.15.            
Break Funding Payments. InOther
than with respect to Loans that bear interest with reference to Daily Simple SOFR, in the event of (a)(a)
the payment of any principal of any Eurodollar Revolving Loan or any Term Benchmark Revolving
Loan other than on the last day of an Interest Period applicable thereto (including as a result of the occurrence and continuance of an
Event of Default), (b)(b) the failure to borrow,
convert, continue or prepay any Eurodollar Revolving Loan or Term Benchmark Revolving Loan on
the date specified in any notice delivered pursuant hereto,  or (c)(c)
the assignment of any Eurodollar Revolving Loan or any Term Benchmark Revolving Loan other than
on the last day of the Interest Period applicable thereto as a result of a request by the Borrower pursuant to ‎Section 2.18 or ‎Section
10.08(d), then, in any such event, at the request of such Lender, the Borrower shall compensate such Lender for the loss, cost and expense
attributable to such event. Such loss, cost or expense to any Lender shall be deemed to include an amount reasonably determined in good
faith by such Lender or Issuing Lender to be the excess, if any, of (i)(i)
the amount of interest which would have accrued on the principal amount of such Revolving Loan had such event not occurred, at the applicable
rate of interest for such Revolving Loan (excluding, however the Applicable Margin included therein, if any), for the period from the
date of such event to the last day of the then current Interest Period therefor (or, in the case of a failure to borrow, convert or continue,
for the period that would have been the Interest Period for such Revolving Loan), over (ii)(ii)
the amount of interest which would accrue on such principal amount for such period at the interest rate which such Lender would bid were
it to bid, at the commencement of such period, for dollar deposits of a comparable amount
and period from other banks in the eurodollarapplicable
market. A certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section
‎2.15 shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount
shown as due on any such certificate within fifteen (15) days after receipt thereof.

 

Section
2.16.            
Taxes. (a) Any and all payments by or on account of any Obligation of the Borrower
hereunder or under any other Loan Document shall be made free and clear of and without deduction for any Indemnified Taxes or Other Taxes;
provided that if any Indemnified Tax or Other Taxes are required to be withheld from any amounts payable to a Recipient, as determined
in good faith by the applicable Withholding Agent, then (i) the sum payable by the Borrower shall be increased as necessary so that
after making all required deductions (including deductions applicable to additional sums payable under this ‎Section 2.16), such Recipient
receives an amount equal to the sum it would have received had no such deductions been made, (ii) the applicable Withholding Agent
shall make such deductions and (iii) the applicable Withholding Agent shall timely pay the full amount deducted to the relevant Governmental
Authority in accordance with applicable law. 

 

 

 

 

    	 	61	 

     

    

 

(b)               
In addition (and without duplication of any payments with respect to Other Taxes pursuant to ‎Section 2.16(a)),
the Borrower shall pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law.

 

(c)               
The Borrower shall indemnify each Recipient within thirty (30) days after written demand therefor, for the full amount of
any Indemnified Taxes or Other Taxes paid by or on behalf of such Recipient on or with respect to any payment by or on account of any
obligation of the Borrower hereunder or under any other Loan Document (including Indemnified Taxes or Other Taxes imposed or asserted
on or attributable to amounts payable under this ‎Section 2.16) and any penalties, interest and reasonable expenses arising
therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted
by the relevant Governmental Authority. After a Recipient learns of the imposition of Indemnified Taxes or Other Taxes, such party will
act in good faith to notify the Borrower promptly of its obligations thereunder. A certificate as to the amount of such payment or liability
delivered to the Borrower by a Lender or Issuing Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its
own behalf or on behalf of a Lender or Issuing Lender, shall be conclusive absent manifest error.

 

(d)               
As soon as practicable after any payment of Indemnified Taxes or Other Taxes by the Borrower to a Governmental Authority
pursuant to this ‎Section 2.16, the Borrower shall deliver to the Administrative Agent the original or a certified copy of
a receipt issued by such Governmental Authority evidencing such payment to the extent available, a copy of the return reporting such payment
or other evidence of such payment reasonably satisfactory to the Administrative Agent.

 

(e)               
Each Lender and Issuing Lender shall severally indemnify the Administrative Agent, within 10 days after demand therefor,
for (i) any Taxes attributable to such Lender or Issuing Lender (but only to the extent that the Borrower has not already indemnified
the Administrative Agent for such Taxes and without limiting the obligation of the Borrower to do so) and (ii) any Taxes attributable
to such Lender's or Issuing Lender’s failure to comply with the provisions of Section 10.02(d) relating to the maintenance of a
Participant Register, in either case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any
reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted
by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender or Issuing
Lender (as the case may be) by the Administrative Agent shall be conclusive absent manifest error. Each Lender and Issuing Lender hereby
authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document
or otherwise payable by the Administrative Agent to the Lender or Issuing Lender (as the case may be) from any other source against any
amount due to the Administrative Agent under this paragraph (e).

 

(f)                
Any Lender that is entitled to an exemption from or reduction of withholding tax with respect to payments under this Agreement
or any other Loan Document shall deliver to the Borrower (with a copy to the Administrative Agent), at the time or times prescribed by
applicable law or as reasonably requested by the Borrower, such properly completed and executed documentation prescribed by applicable
law or requested by the Borrower as will (i) enable the Borrower to determine whether such Lender is subject to backup withholding
or information reporting requirements, and (ii) permit such payments to be made without withholding or at a reduced rate; provided
that a Foreign Lender shall not be required to deliver any documentation pursuant to this ‎Section 2.16(f) that such Foreign
Lender is not legally able to deliver.

 

(g)               
(i) Without limiting the generality of Section 2.16(f),

 

 

 

 

    	 	62	 

     

    

 

(A)             
any Lender that is a U.S. Person (as such term is defined in Section 7701(a)(30) of the Code) shall deliver to the Administrative
Agent (and the Borrower at its request) on or prior to the date on which such Lender becomes a party under this Agreement (and from time
to time thereafter when the previously delivered certificates and/or forms expire, or upon the reasonable request of the Borrower or the
Administrative Agent), executed copies of Internal Revenue Service Form W-9 (or any successor form) certifying that such Lender is exempt
from U.S. federal backup withholding tax;

 

(B)             
any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Administrative Agent (in such number
of copies as shall be requested by the recipient) (and the Borrower at its request) on or prior to the date on which such Foreign Lender
becomes a party under this Agreement (and from time to time thereafter when the previously delivered certificates and/or forms expire,
or 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, executed copies of Internal
Revenue Service Form W-8BEN or W-8BEN-E, as applicable;

 

(2)       executed
copies of Internal Revenue Service Form W-8ECI;

 

(3)       in
the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate
substantially in the Form of Exhibit C-1 to the effect that (i) such Foreign Lender is not (A) a “bank” within the meaning
of section 881(c)(3)(A) of the Code, (B) a “10 percent shareholder” of the Borrower within the meaning of section 881(c)(3)(B)
of the Code, and (C) a “controlled foreign corporation” described in section 881(c)(3)(C) of the Code, and (ii) the interest
payments in question are not effectively connected with the United States trade or business conducted by such Lender (a “U.S. Tax
Compliance Certificate”) and (y) duly completed copies of Internal Revenue Service Form W-8BEN or W-8BEN-E, as applicable;

 

(4)       to
the extent a Foreign Lender is not the beneficial owner (for example, where the Foreign Lender is a partnership or participating bank
granting a typical participation), an Internal Revenue Service Form W-8IMY, accompanied by a Form W-8ECI, W-8BEN or W-8BEN-E, a U.S. Tax
Compliance Certificate substantially in the form of Exhibit C-2 or C-3 (as applicable), Form W-9, and/or other certification documents
from each beneficial owner, as applicable; provided that, if the Foreign Lender is a partnership (and not a participating bank) and one
or more beneficial owners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S.
Tax Compliance Certificate substantially in the form of Exhibit C-4 on behalf of each such beneficial owner; or

 

(5)       any
other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding tax duly completed
together with such supplementary documentation as may be prescribed by applicable law to permit the Borrower to determine the withholding
or deduction required to be made.

 

 

 

 

    	 	63	 

     

    

 

If the Administrative Agent is entitled to an exemption
from or reduction of withholding Tax with respect to payments made under any Loan Document, the Administrative Agent shall deliver to
the Borrower, on or prior to the date on which it becomes the Administrative Agent (and from time to time thereafter when the previously
delivered forms expire, or upon the reasonable request of the Borrower), such properly completed and executed documentation prescribed
by applicable law or reasonably requested by the Borrower as will permit such payments to be made without withholding or at a reduced
rate of withholding.

 

The Administrative Agent and 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.

 

(ii)              
If a payment made to a Lender under this Agreement or any Loan Document would be subject to U.S. federal withholding Tax
imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained
in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent, at
the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent, such documentation
prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably
requested by the Borrower or the Administrative Agent as may be necessary for the Borrower or the Administrative Agent to comply with
its obligations under FATCA, to determine that such Lender has or has not 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 (2), “FATCA” shall include any amendments
made to FATCA after the date of this Agreement.

 

(h)               
If the Administrative Agent or a Lender determines, in its sole discretion exercised in good faith, that it has received
a refund of any Taxes as to which it has been indemnified by the Borrower or with respect to which the Borrower has paid additional amounts
pursuant to this ‎Section 2.16, it shall pay over an amount equal to such refund to the Borrower (but only to the extent of
indemnity payments made, or additional amounts paid, by the Borrower under this ‎Section 2.16 with respect to the Taxes giving
rise to such refund), net of all out-of-pocket expenses of the Administrative Agent or such Lender incurred in obtaining such refund (including
Taxes imposed with respect to such refund) and without interest (other than any interest paid by the relevant Governmental Authority with
respect to such refund); provided that the Borrower, upon the request of the Administrative Agent or such Lender, agrees to repay the
amount paid over to the Borrower (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the
Administrative Agent or such Lender in the event the Administrative Agent or such Lender is required to repay such refund to such Governmental
Authority. Notwithstanding anything to the contrary in this paragraph ‎(h), in no event will the Administrative Agent or any
Lender be required to pay any amount to the Borrower pursuant to this paragraph ‎(h) if, and then only to the extent, the payment
of such amount would place the Administrative Agent or Lender in a less favorable net after-Tax position than the Administrative Agent
or Lender would have been in if the indemnification payments or additional amounts giving rise to such refund had never been paid. This
Section shall not be construed to require the Administrative Agent or any Lender to make available its tax returns (or any other information
relating to its taxes which it deems confidential) to the Borrower or any other Person.

 

 

 

 

    	 	64	 

     

    

 

Section
2.17.            
Payments Generally; Pro Rata Treatment.

 

(a)               
The Borrower shall make each payment or prepayment required to be made by it hereunder (whether of principal, interest,
fees or reimbursement of LC Disbursements, or of amounts payable under ‎Section 2.14 or ‎2.15, or otherwise) prior
to 1:00 p.m., New York City time, on the date when due, in immediately available funds, without set-off or counterclaim. Any amounts received
after such time on any date may, in the reasonable discretion of the Administrative Agent, be deemed to have been received on the next
succeeding Business Day for purposes of calculating interest thereon. All such payments shall be made to the Administrative Agent at its
offices at 383 Madison Avenue, New York, New York 10179, pursuant to wire instructions to be provided by the Administrative Agent, except
payments to be made directly to an Issuing Lender as expressly provided herein and except that payments pursuant to Sections ‎2.14,
‎2.15 and ‎10.04 shall be made directly to the Persons entitled thereto. The Administrative Agent shall distribute
any such payments received by it for the account of any other Person to the appropriate recipient promptly following receipt thereof.
If any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding
Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension. All
payments hereunder shall be made in the applicable currency.

 

(b)               
If at any time insufficient funds are received by and available to the Administrative Agent to pay fully all Obligations
then due hereunder, such funds shall be applied (i) first, towards payment of Fees and expenses then due under Sections ‎2.19
and ‎10.04 payable to the Administrative Agent, (ii) second, towards payment of Fees and expenses then due under
Sections ‎2.20, ‎2.21 and ‎10.04 payable to the Agents, the Lenders and the Issuing Lenders and towards
payment of interest then due on account of the Revolving Loans and Letters of Credit, ratably among the parties entitled thereto in accordance
with the amounts of such Fees and expenses and interest then due to such parties and (iii) third, towards payment of (A) principal
of the Revolving Loans and unreimbursed LC Disbursements then due hereunder, (B) any Designated Banking Product Obligations then due,
to the extent such Designated Banking Product Obligations constitute “Obligations” hereunder, and (C) any Designated Hedging
Obligations then due, to the extent such Designated Hedging Obligations constitute “Obligations” hereunder, ratably among
the parties entitled thereto in accordance with the amounts of principal, and unreimbursed LC Disbursements, Designated Banking Product
Obligations constituting Obligations and Designated Hedging Obligations constituting Obligations then due to such parties.

 

(c)               
Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due
to the Administrative Agent for the account of the Lenders or the Issuing Lenders hereunder that the Borrower will not make such payment,
the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon
such assumption, distribute to the Lenders or the applicable Issuing Lender, 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 the applicable Issuing Lender, as the case may be, severally agrees
to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or Issuing Lender with interest thereon,
for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent,
at the greater of the NYFRB Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank
compensation.

 

 

 

 

    	 	65	 

     

    

 

(d)               
If any Lender shall fail to make any payment required to be made by it pursuant to ‎Section 2.02(d), ‎2.02(e),
‎2.04(a), ‎8.04 or ‎10.04(c), then the Administrative Agent may, in its discretion (notwithstanding any
contrary provision hereof), apply any amounts thereafter received by the Administrative Agent for the account of such Lender to satisfy
such Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid.

 

(e)               
Pro Rata Treatment. (i) Each payment by the Borrower of interest in respect of the Revolving Loans of any Class
shall be applied to the amounts of such obligations owing to the Lenders of such Class pro rata according to the respective amounts then
due and owing to the Lenders.

 

(ii)              
Each payment (including each prepayment) by the Borrower on account of principal of the Revolving Loans under the applicable
Revolving Facility shall be made pro rata according to the respective outstanding principal amounts of the Revolving Loans then held by
the Lenders under such Revolving Facility.

 

Section
2.18.            
Mitigation Obligations; Replacement of Lenders. (a) If the Borrower is required
to pay any additional amount or indemnification payment to any Lender under ‎Section 2.14 or to any Lender or any Governmental Authority
for the account of any Lender pursuant to ‎Section 2.16, then such Lender shall use reasonable efforts to designate a different lending
office for funding or booking its Revolving Loans hereunder, to assign its rights and obligations hereunder to another of its offices,
branches or affiliates or to file any certificate or document reasonably requested by the Borrower, if, in the judgment of such Lender,
such designation, assignment or filing (i) would eliminate or reduce amounts payable pursuant to ‎Section 2.14 or ‎2.16, as
the case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense (other than immaterial costs
and expenses) and would not otherwise be materially 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.

 

(b)               
If, after the date hereof, any Lender requests compensation under ‎Section 2.14 or if the Borrower is required
to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to ‎Section
2.16, or becomes a Defaulting Lender, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative
Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in ‎Section
10.02), all its interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee
may be another Lender, if a Lender accepts such assignment); provided that (i) such Lender shall have received payment of an
amount equal to the outstanding principal of its Revolving Loans and participations in LC Disbursements, accrued interest thereon, accrued
fees and all other amounts due, owing and payable to it hereunder at such time, from the assignee (to the extent of such outstanding principal
and accrued interest and fees) or the Borrower (in the case of all other amounts) and (ii) in the case of payments required to
be made pursuant to ‎Section 2.16, such assignment will result in a reduction in such compensation or payments. A Lender shall
not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the
circumstances entitling the Borrower to require such assignment and delegation cease to apply.

 

(c)               
Each party hereto agrees that (a) an assignment required pursuant to this Section 2.18 may be effected pursuant to
an Assignment and Acceptance executed by the Borrower, the Administrative Agent and the assignee and (b) the Lender required to make such
assignment need not be a party thereto in order for such assignment to be effective and shall be deemed to have consented to and be bound
by the terms thereof; provided that, following the effectiveness of any such assignment, the other parties to such assignment agree
to execute and deliver such documents necessary to evidence such assignment as reasonably requested by the applicable Lender; provided,
further that any such documents shall be without recourse to or warranty by the parties thereto.

 

 

 

 

    	 	66	 

     

    

 

Section
2.19.            
Certain Fees. The Borrower shall pay (a)
to the Lenders (or their affiliates) party thereto the fees set forth in that certain Upfront Fee Letter dated as of March 30, 2018 among
such Lenders (or their affiliates) and the Borrower at the times set forth therein and (b)
to the Administrative Agent the fees set forth in that certain Administrative Agent Fee Letter dated as of March 30, 2018 between the
Administrative Agent and the Borrower, in each case at the times set forth therein.

 

Section
2.20.            
Commitment Fee and Upfront Fees.

 

(a)
. The Borrower shall pay to the Administrative Agent for the
accounts of the Lenders under each Revolving Facility a commitment fee (the “Commitment Fee”) for the period commencing
on the Amendment No. 1 Effective Date to the applicable Termination Date or the earlier date of termination of the applicable Revolving
Commitment under such Revolving Facility, computed (on the basis of the actual number of days elapsed over a year of three hundred sixty
(360) days) at the Commitment Fee Rate on the average daily Unused Total Revolving Commitment with respect to such Revolving Facility.
Such Commitment Fee, to the extent then accrued, shall be payable (i)(a)
on the last Business Day of each March, June, September and December, (ii)(b)
on the LC Tranche Facility Termination Date with respect to the LC Tranche Commitments, on the 2024 Revolving Facility Termination Date
with respect to the 2024 Revolving Commitments and on the 20232025
Revolving Facility Termination Date with respect to the 20232025
Revolving Commitments, and (iii)(c)
as provided in ‎Section 2.11 hereof, upon any reduction or termination
in whole or in part of the Total LC Tranche Commitment, Total 2024 Revolving Commitment or the Total 20232025
Revolving Commitment, as applicable.

 

(b) The Borrower shall pay on
the Closing Date (x) to each Lender under the 2024 Revolving Facility as of such date, as compensation for providing the 2024 Revolving
Commitments, an upfront fee (the “2024 Upfront Fee”) in an amount equal to 0.15%
of such Lender’s 2024 Revolving Commitment on the Closing Date and (y) to each Lender under the 2023 Revolving Facility as of such
date, as compensation for providing the 2023 Revolving Commitments, an upfront fee (the “2023 Upfront Fee”
and, together with the 2024 Upfront Fee, the “Upfront Fees”) in an amount equal to
0.25% of such Lender’s 2023 Revolving Commitment on the Closing Date. The Upfront Fees shall be in all respects fully earned, due
and payable on the Closing Date and non-refundable and non-creditable thereafter.

 

Section
2.21.            
Letter of Credit Fees. The Borrower shall pay with respect to each Letter
of Credit under the applicable Revolving Facility (i) to the Administrative Agent for the account of the Lenders under such Revolving
Facility a fee calculated (on the basis of the actual number of days elapsed over a year of three hundred sixty (360) days) at the per
annum rate equal to, (x) solely in the case of the 2025 Non-Consenting Revolving Commitments,
the Applicable Margin then in effect with respect to Eurodollar Revolving Loans under suchthe
2025 Revolving Facility on the daily average LC Exposure under suchthe
2025 Revolving Facility (excluding, in each case,
any portion thereof attributable to unreimbursed LC Disbursements) and,
(y) other than in the case of the 2025 Non-Consenting Revolving Commitments, the Applicable Margin applicable to Letters of Credit under
the applicable Revolving Facility at such time excluding, in each case, any portion thereof attributable to unreimbursed LC Disbursements,
to be shared ratably among the Lenders under such Revolving Facility and (ii) to each Issuing Lender (with respect to each Letter
of Credit issued by it), such Issuing Lender’s customary fees for issuance, amendments and processing referred to in ‎Section
2.02. In addition, the Borrower agrees to pay each Issuing Lender for its account a fronting fee of 0.125% per annum in respect of each
Letter of Credit issued by such Issuing Lender, for the period from and including the date of issuance of such Letter of Credit to and
including the date of termination of such Letter of Credit. Accrued fees described in this paragraph in respect of each Letter of Credit
under the applicable Revolving Facility shall be due and payable quarterly in arrears on the last Business Day of each March, June, September
and December and on the LC Tranche Facility Termination Date with respect to LC Tranche Commitments, the 2024 Revolving Facility Termination
Date with respect to 2024 Revolving Commitments and on the 20232025
Revolving Facility Termination Date with respect to 20232025
Revolving Commitments.

 

Section
2.22.            
Nature of Fees. All Fees shall be paid on the dates due, in immediately available funds,
to the Administrative Agent or the Arrangers, as applicable, as provided herein and in the fee letters described in ‎Section 2.19.
Once paid, none of the Fees shall be refundable under any circumstances.

 

 

 

    	 	67	 

     

    

 

Section
2.23.            
Right of Set-Off. Upon the occurrence and during the continuance of any Event of Default
pursuant to ‎Section 7.01(b), the Administrative Agent and each Lender (and their respective banking Affiliates) is hereby authorized
at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special,
time or demand, provisional or final but excluding deposits in the Escrow Accounts, Payroll Accounts and other accounts, in each case,
held in trust for an identified beneficiary) at any time held and other indebtedness at any time owing by the Administrative Agent and
each such Lender (or any of such banking Affiliates) to or for the credit or the account of the Borrower against any and all of any such
overdue amounts owing to such Lender (or any of such banking Affiliates) or the Administrative Agent under the Loan Documents, irrespective
of whether or not the Administrative Agent or such Lender shall have made any demand under any Loan Document; provided that each
Lender agrees promptly to notify the Administrative Agent after any such set off and application made by such Lender; provided
that the failure to give such notice shall not affect the validity of such setoff and application; provided, further, that
in the event that any Defaulting Lender exercises any such right of setoff, (x) all amounts so set off will be paid over immediately to
the Administrative Agent for further application in accordance with the provisions of ‎Section 2.26(e) and, pending such payment,
will be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent,
the Issuing Lenders and the Lenders and (y) the Defaulting Lender will provide promptly to the Administrative Agent a statement describing
in reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. Each Lender and the
Administrative Agent agree promptly to notify the Borrower after any such set-off and application made by such Lender or the Administrative
Agent (or any of such banking Affiliates), as the case may be, provided that the failure to give such notice shall not affect the validity
of such set-off and application. The rights of each Lender and the Administrative Agent under this ‎Section 2.23 are in addition to
other rights and remedies which such Lender and the Administrative Agent may have upon the occurrence and during the continuance of any
Event of Default.

 

Section
2.24.            
[Reserved]Interest Rate Limitation.

 

. Notwithstanding anything herein
to the contrary, if at any time the interest rate applicable to any Loan or other Obligation owing under this Agreement, together with
all fees, charges and other amounts that are treated as interest on such Loan or other Obligation under applicable law (collectively,
“Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”) that may be contracted for, charged, taken,
received or reserved by the Lender or other Person holding such Loan or other Obligation in accordance with applicable law, the rate of
interest payable in respect of such Loan or other Obligation hereunder, together with all charges payable in respect thereof, shall be
limited to the Maximum Rate. To the extent lawful, the interest and charges that would have been paid in respect of such Loan or other
Obligation but were not paid as a result of the operation of this Section shall be cumulated and the interest and charges payable to such
Lender or other Person in respect of other Loans or Obligations or periods shall be increased (but not above the amount collectible at
the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the federal funds rate for each day to the date
of repayment, shall have been received by such Lender or other Person. Any amount collected by such Lender or other Person that exceeds
the maximum amount collectible at the Maximum Rate shall be applied to the reduction of the principal balance of such Loan or other Obligation
or refunded to the Borrower so that at no time shall the interest and charges paid or payable in respect of such Loan or other Obligation
exceed the maximum amount collectible at the Maximum Rate.

 

Section
2.25.            
Payment of Obligations. Subject to the provisions of ‎Section 7.01, upon the maturity
(whether by acceleration or otherwise) of any of the Obligations under this Agreement or any of the other Loan Documents of the Borrower,
the Lenders shall be entitled to immediate payment of such Obligations. 

 

 

 

 

    	 	68	 

     

    

 

Section
2.26.            
Defaulting Lenders. (a) Anything herein to the contrary notwithstanding, no Defaulting
Lender shall be entitled to receive any fees accruing pursuant to ‎Section 2.20(a) 
and ‎2.21 during the period that such Lender is a Defaulting Lender (without prejudice to the rights of the Non-Defaulting Lenders
in respect of such fees), provided that (1) to the extent that all or a portion of the LC Exposure with respect to a Revolving Facility
of such Defaulting Lender is reallocated to the Non-Defaulting Lenders under such Revolving Facility pursuant to ‎Section 2.26(b)(i),
such fees that would have accrued for the benefit of such Defaulting Lender shall instead accrue for the benefit of and be payable to
such Non-Defaulting Lenders, pro rata in accordance with their respective Revolving Commitments under such Revolving Facility,
and (2) to the extent that all or any portion of such LC Exposure cannot be so reallocated and is not Cash Collateralized in accordance
with ‎Section 2.26(b)(ii), such fees shall instead accrue for the benefit of and be payable to the Issuing Lenders as their interests
appear (and the applicable pro rata payment provisions under this Agreement shall automatically be deemed adjusted to reflect the
provisions of this Section).

 

(b)               
If any LC Exposure with respect to a Revolving Facility exists at the time a Lender under such Revolving Facility becomes
a Defaulting Lender then:

 

(i)                
the LC Exposure under such Revolving Facility of such Defaulting Lender will, upon notice by the Administrative Agent, and
subject in any event to the limitation in the first proviso below, automatically be reallocated (effective on the day such Lender becomes
a Defaulting Lender) among the Non-Defaulting Lenders under such Revolving Facility pro rata in accordance with their respective
Revolving Commitments thereunder; provided that (A) the Revolving Extensions of Credit under such Revolving Facility of each
such Non-Defaulting Lender may not in any event exceed the Revolving Commitment under such Revolving Facility of such Non-Defaulting Lender
as in effect at the time of such reallocation, (B) subject to ‎Section 10.16, such reallocation will not constitute
a waiver or release of any claim the Borrower, the Administrative Agent, the Issuing Lenders or any other Lender may have against such
Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased exposure
following such reallocation and (C) neither such reallocation nor any payment by a Non-Defaulting Lender as a result thereof will cause
such Defaulting Lender to be a Non-Defaulting Lender; and

 

(ii)              
to the extent that any portion (the “unreallocated portion”) of the Defaulting Lender’s LC Exposure
under the applicable Revolving Facility cannot be so reallocated, whether by reason of the first proviso in clause ‎(i)
above or otherwise, the Borrower will, not later than three (3) Business Days after demand by the Administrative Agent, (A) Cash Collateralize
the obligations of the Borrower to the Issuing Lenders in respect of such LC Exposure in an amount at least equal to the aggregate amount
of the unreallocated portion of such LC Exposure or (B) make other arrangements satisfactory to the Administrative Agent and the Issuing
Lenders in their sole discretion to protect them against the risk of non-payment by such Defaulting Lender.

 

(c)               
In addition to the other conditions precedent set forth in this Agreement, if any Lender under the applicable Revolving
Facility becomes, and during the period it remains, a Defaulting Lender, no Issuing Lender shall be required to issue any Letter of Credit
or to amend any outstanding Letter of Credit under such Revolving Facility, unless:

 

 

 

 

    	 	69	 

     

    

 

(i)                
in the case of a Defaulting Lender, the LC Exposure under such Revolving Facility of such Defaulting Lender is reallocated,
as to outstanding and future Letters of Credit, to the Non-Defaulting Lenders under such Revolving Facility as provided in ‎Section
2.26(b)(i), and

 

(ii)              
to the extent full reallocation does not occur as provided in clause ‎(i) above, without limiting the
provisions of ‎Section 2.26(d), the Borrower Cash Collateralizes the obligations of the Borrower in respect of such
Letter of Credit in an amount at least equal to the aggregate amount of the obligations (contingent or otherwise) of such Defaulting Lender
in respect of such Letter of Credit, or makes other arrangements satisfactory to the Administrative Agent and such Issuing Lenders in
their sole discretion to protect them against the risk of non-payment by such Defaulting Lender, or

 

(iii)            
to the extent that neither reallocation nor Cash Collateralization occurs pursuant to clauses ‎(i) or
‎(ii), then in the case of a proposed issuance of a Letter of Credit under the applicable Revolving Facility, by an
instrument or instruments in form and substance satisfactory to the Administrative Agent, and to such Issuing Lender, as the case may
be, (A) the Borrower agrees that the face amount of such requested Letter of Credit will be reduced by an amount equal to the portion
thereof as to which such Defaulting Lender would otherwise be liable, and (B) the Non-Defaulting Lenders under such Revolving Facility
confirm, in their discretion, that their obligations in respect of such Letter of Credit shall be on a pro rata basis in accordance with
the Revolving Commitments under such Revolving Facility of the Non-Defaulting Lenders, and that the applicable pro rata payment provisions
under this Agreement will be deemed adjusted to reflect this provision (provided that nothing in this clause ‎(iii)
will be deemed to increase the Revolving Commitments of any Lender, nor to constitute a waiver or release of any claim the Borrower, the
Administrative Agent, any Issuing Lender or any other Lender may have against such Defaulting Lender, nor to cause such Defaulting Lender
to be a Non-Defaulting Lender).

 

(d)               
If any Lender under the applicable Revolving Facility becomes, and during the period it remains, a Defaulting Lender and
if any Letter of Credit under such Revolving Facility is at the time outstanding, the applicable Issuing Lender may (except to the extent
the applicable Revolving Commitments of such Defaulting Lender have been fully reallocated pursuant to ‎Section 2.26(b)(i)),
by notice to the Borrower and such Defaulting Lender through the Administrative Agent, require the Borrower to Cash Collateralize the
obligations of the Borrower to such Issuing Lender in respect of such Letter of Credit in an amount at least equal to the aggregate amount
of the obligations (contingent or otherwise) of such Defaulting Lender in respect thereof, or to make other arrangements satisfactory
to the Administrative Agent and such Issuing Lender in their sole discretion to protect them against the risk of non-payment by such Defaulting
Lender.

 

(e)               
Any amount paid by the Borrower or otherwise received by the Administrative Agent for the account of a Defaulting Lender
with respect to any Revolving Facility under this Agreement (whether on account of principal, interest, fees, indemnity payments or other
amounts) will not be paid or distributed to such Defaulting Lender, but shall instead be retained by the Administrative Agent in a segregated
account until (subject to ‎Section 2.26(f)) the termination of the applicable Revolving Commitments and payment in full of
all obligations of the Borrower hereunder under the applicable Revolving Facility and will be applied by the Administrative Agent, to
the fullest extent permitted by law, to the making of payments from time to time in the following order of priority: First to the
payment of any amounts owing by such Defaulting Lender to the Administrative Agent under the applicable Revolving Facility, second
to the payment of any amounts owing by such Defaulting Lender to the Issuing Lenders under this Agreement under the applicable Revolving
Facility, third to the payment of the default interest and then current interest due and payable to the Lenders which are Non-Defaulting
Lenders under the applicable Revolving Facility hereunder, ratably among them in accordance with the amounts of such interest then due
and payable to them, fourth to the payment of fees then due and payable to the Non-Defaulting Lenders under the applicable Revolving
Facility hereunder, ratably among them in accordance with the amounts of such fees then due and payable to them, fifth to pay principal
and unreimbursed LC Disbursements under the applicable Revolving Facility then due and payable to the Non-Defaulting Lenders under such
Revolving Facility hereunder ratably in accordance with the amounts thereof then due and payable to them, sixth to the ratable
payment of other amounts then due and payable to the Non-Defaulting Lenders under the applicable Revolving Facility, and seventh
after the termination of the applicable Revolving Commitments and payment in full of all obligations of the Borrower under the applicable
Revolving Facility, to pay amounts owing under this Agreement to such Defaulting Lender or as a court of competent jurisdiction may otherwise
direct.

 

 

 

 

    	 	70	 

     

    

 

(f)                
If the Borrower, the Administrative Agent and the Issuing Lenders agree in writing that a Lender that is a Defaulting Lender
should no longer be deemed to be a Defaulting Lender, the Administrative Agent will so notify the Lenders, 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 amounts
then held in the segregated account referred to in ‎Section 2.26(e)), such Lender shall purchase at par such portions of outstanding
Revolving Loans of the other Lenders under such applicable Revolving Facility, and/or make such other adjustments, as the Administrative
Agent may determine to be necessary to cause the Lenders to hold Revolving Loans under each such Revolving Facility on a pro rata
basis in accordance with their respective applicable Revolving Commitments, whereupon such Lender shall cease to be a Defaulting Lender
and will be a Non-Defaulting Lender (and the LC Exposure under each such Revolving Facility of each Lender shall automatically be adjusted
on a prospective basis to reflect the foregoing); provided that no adjustments shall be made retroactively with respect to fees
accrued while such Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed
by the affected parties, no change hereunder from Defaulting Lender to Non-Defaulting Lender shall constitute a waiver or release of any
claim of any party hereunder arising from such Lender’s having been a Defaulting Lender.

 

(g)               
Notwithstanding anything to the contrary herein, (x) any Lender that is an Issuing Lender hereunder may not be replaced
in its capacity as an Issuing Lender at any time that it has a Letter of Credit outstanding hereunder unless arrangements reasonably satisfactory
to such Issuing Lender have been made with respect to such outstanding Letters of Credit and (y) the Administrative Agent may not be replaced
hereunder except in accordance with the terms of ‎Section 8.05.

 

Section
2.27.            
Currency Equivalents. 

 

(a)               
The Administrative Agent shall determine the Dollar Amount of (x) the LC Exposure in respect of Letters of Credit denominated
in an Alternative Currency based on the Exchange Rate (i) as of the end of each fiscal quarter of the Borrower and (ii) on or about
the date of the related notice requesting the issuance of such Letter of Credit and (y) any other amount to be converted into Dollars
in accordance with the provisions hereof at the time of such conversion.

 

(b)               
If, after giving effect to any such determination of a Dollar Amount, the LC Exposure under the LC Tranche Facility, the
2024 Revolving Facility or the 20232025 Revolving
Facility, as applicable, exceeds 105% of the LC Tranche Commitments, 2024 LC Sublimit or the 20232025
LC Sublimit, as applicable, the Borrower shall, within five (5) Business Days of receipt of notice thereof from the Administrative Agent
setting forth such calculation in reasonable detail, deposit cash collateral in an account with the Administrative Agent pursuant to ‎Section
2.02(j)(ii) in an amount equal to such excess.

 

Section
2.28.            
Increase in Commitments.

 

(a)               
Borrower Request. The Borrower may, by written notice to the Administrative Agent from time to time, request an increase
to the existing LC Tranche Commitments, the 2024 Revolving Commitments and/or 20232025
Revolving Commitments (each, a “Revolving Commitment Increase” and the commitments thereunder, the “Incremental
Commitments”) in an amount not less than (x) with respect to the LC Tranche Commitments, $1,000,000 and (y) with respect to
the 2024 Revolving Commitments and/or the 20232025
Revolving Commitments, $25,000,000, in each case, individually from one or more Incremental Lenders (which may include any existing Lender)
willing to provide such Incremental Commitments in their sole discretion; provided that each Incremental Lender (which is not an existing
Lender) shall be subject to the approval requirements of Section 10.02. Each such notice shall specify (i) whether such Incremental
Commitments are to be established under the LC Tranche Facility, the 2024 Revolving Facility or the 20232025
Revolving Facility, (ii) the date (each, an “Increase Effective Date”) on which the Borrower proposes that the
increased or new Revolving Commitments shall be effective, which shall be a date not less than ten (10) Business Days after the date on
which such notice is delivered to the Administrative Agent and (iii) the identity of each Eligible Assignee to whom the Borrower
proposes any portion of such Incremental Commitments be allocated and the amounts of such allocations (each provider of the Incremental
Commitments referred to herein as an “Incremental Lender”); provided that any existing Lender approached to provide all or
a portion of the increased or new Revolving Commitments may elect or decline, in its sole discretion, to provide such increased or new
Revolving Commitment.

 

 

 

 

    	 	71	 

     

    

 

(b)              
Conditions. The Incremental Commitments shall become effective, as of such Increase Effective Date; provided that:

 

(i)               
each of the conditions set forth in ‎Section 4.02 (other than, with respect to Section 4.02(b), the representations
and warranties set forth in Sections ‎3.04(b) and ‎3.06(a)) shall be satisfied;

 

(ii)              
no Default or Event of Default shall have occurred and be continuing or would result from the Borrowings to be made on the
Increase Effective Date;

 

(iii)            
after giving pro forma effect to the Revolving Extensions of Credit to be made on the Increase Effective Date, the Borrower
shall be in compliance with the Collateral Coverage Test, for the avoidance of doubt, without giving effect to any Collateral Coverage
Ratio Cure Period;

 

(iv)             
the Borrower shall make any payments required pursuant to ‎Section 2.15 in connection with any adjustment
of Revolving Loans pursuant to ‎Section 2.28(d); and

 

(v)               
after giving effect to such Revolving Commitment Increase, the Total Revolving Commitment shall not in the aggregate exceed
$3,650,000,000.

 

(c)               
Terms of Incremental Commitments. The terms and provisions of Revolving Loans made pursuant to the Incremental Commitments
shall be identical to any Class of existing Revolving Commitments.

 

The Incremental Commitments shall be effected by a joinder agreement
(the “Increase Joinder”) executed by the Borrower, the Administrative Agent and each Incremental Lender making such
Incremental Commitment, in form and substance reasonably satisfactory to each of them. The Increase Joinder may, without the consent of
any other Lenders, effect such amendments to this Agreement and the other Loan Documents as may be necessary or appropriate, in the opinion
of the Administrative Agent, to effect the provisions of this ‎Section 2.28. In addition, unless otherwise specifically provided herein,
all references in Loan Documents to Revolving Loans shall be deemed, unless the context otherwise requires, to include references to Revolving
Loans made pursuant to Incremental Commitments made pursuant to this Agreement.

 

(d)               
Adjustment of Revolving Loans. Each Incremental Lender that is acquiring a new or additional Revolving Commitment
on the Increase Effective Date shall make a Revolving Loan under the applicable Revolving Facility, the proceeds of which will be used
to prepay the Revolving Loans under such Revolving Facility (if any) of the other Lenders immediately prior to such Increase Effective
Date so that, after giving effect thereto, the Revolving Loans outstanding under such Revolving Facility are held by the Lenders pro rata
based on their Revolving Commitments under such Revolving Facility after giving effect to such Revolving Commitment Increase. If there
is a new Borrowing of Revolving Loans under such Revolving Facility on such Increase Effective Date, the Lenders under such Revolving
Facility after giving effect to such Revolving Commitment Increase shall make such Revolving Loans in accordance with ‎Section
2.01(a).

 

 

 

    	 	72	 

     

    

 

Section
2.29.            
Extension of Revolving Commitments.

 

(a)               
The Borrower may, at any time and from time to time (but in no event more than once in any calendar year with respect to
each Revolving Facility), request that all or a portion of the Revolving Commitments of a given Class be amended to extend the maturity
date with respect to all or a portion of such Revolving Commitments by a period of one (1) year (each, an “Extension Request”),
which such Extension Request shall include (i) the applicable Class of Revolving Commitments requested to be extended and (ii) the proposed
date of effectiveness of such extension (the “Extension Date”). The Administrative Agent shall promptly notify each
Lender of such Class of such request, and each such Lender shall in turn, in its sole discretion, not later than thirty (30) days of receipt
of such notification from the Administrative Agent, notify the Borrower and the Administrative Agent in writing as to whether such Lender
will consent to such extension. If any Lender shall fail to notify the Administrative Agent and the Borrower in writing of its consent
to any such request for extension of such maturity date within such thirty (30) day period, such Lender shall be deemed to be a Non-Extending
Lender and only the Revolving Commitments of such Class of those Lenders which have responded affirmatively (each such Lender, an “Extending
Lender”) shall be extended, subject to the satisfaction (or waiver) of the conditions set forth in Section 2.29(b) (any such
Revolving Commitments so extended, “Extended Revolving Credit Commitments”).

 

(b)               
The applicable Extended Revolving Credit Commitments shall become effective upon receipt by the Administrative Agent of
counterparts of an Extension Agreement in substantially the form of Exhibit D hereto (the “Extension Agreement”) duly
completed and signed by the Borrower, the Administrative Agent and each of the Extending Lenders with respect to the applicable Extension
Request; provided that:

 

(i)                
each of the conditions set forth in ‎Section 4.02 (other than, with respect to Section 4.02(b), the representations
and warranties set forth in Sections ‎3.04(b) and ‎3.06(a)) shall be satisfied;

 

(ii)               
no Default or Event of Default shall have occurred and be continuing or would result from such extension of Revolving Commitments;
provided, for the avoidance of doubt, that no Default or Event of Default in respect of Section 6.03 shall have occurred and be
continuing nor result from the making of such Borrowing on and as of the applicable Increase Effective Date, without giving effect to
any Collateral Coverage Ratio Cure Period; and

 

(iii)             
(x) with respect to any Extension Request under the LC Tranche Facility, the extended maturity date thereunder shall not
be a date later than the third anniversary of the applicable Extension Date, (y) with respect to any Extension Request under the 2024
Revolving Facility, the extended maturity date thereunder shall not be a date later than the third anniversary of the applicable Extension
Date and (z) with respect to any Extension Request under the 20232025
Revolving Facility, the extended maturity date thereunder shall not be a date later than the fifth anniversary of the applicable
Extension Date.

 

 

 

    	 	73	 

     

    

 

(c)               
No extension of any Class of Revolving Commitments pursuant to this Section 2.29 shall be legally binding on any party
hereto unless and until such Extension Agreement is so executed and delivered by Lenders having greater than 50% of the aggregate amount
of the Revolving Commitments of the applicable Class. The Borrower may obtain the signatures of Lenders having greater than 50% of the
aggregate amount of the Revolving Commitments of the applicable Class by requiring any Lender that has failed to consent to such Extension
Agreement (such Lender, a “Non-Extending Lender”) to assign its Revolving Loans and its Revolving Commitments of the
applicable Class hereunder to one or more assignees reasonably acceptable to (x) the Administrative Agent (unless such assignee is a
Lender or an Affiliate of a Lender) and (y) each Issuing Lender (unless such assignee is a Lender or an Affiliate of a Lender); provided
that: (i) all Obligations of the Borrower owing to such Non-Extending Lender of such Class being replaced shall be paid in full in
same day funds to such Non-Extending Lender concurrently with such assignment, (ii) the replacement Lender shall purchase the foregoing
by paying to such Non-Extending Lender a price equal to the principal amount thereof plus accrued and unpaid interest thereon and the
replacement Lender or, at the option of the Borrower, the Borrower shall pay any amount required by ‎Section 2.15, if applicable
and (iii) the replacement Lender shall execute and deliver such Extension Agreement. No action by or consent of any Non-Extending Lender
shall be necessary in connection with such assignment, which shall be immediately and automatically effective upon payment of such purchase
price. In connection with any such assignment, the Borrower, Administrative Agent, such Non-Extending Lender and the replacement Lender
shall otherwise comply with ‎Section 10.02; provided that if such Non-Extending Lender does not comply with Section
10.02 within five (5) Business Days after the Borrower’s request, compliance with ‎Section 10.02 (but only on the part
of the Non-Extending Lender) shall not be required to effect such assignment.

 

(d)               
If any Lender rejects, or is deemed to have rejected, the Borrower’s proposal to extend its Revolving Commitment of
any Class, (i) this Agreement shall terminate on the Revolving Facility Maturity Date then in effect with respect to such Lender’s
Revolving Commitment of such Class, (ii) the Borrower shall pay to such Lender on such Revolving Facility Maturity Date any amounts due
and payable to such Lender with respect its Revolving Commitment of such Class on such date and (iii) the Borrower may, if it so elects,
designate a Person not theretofore a Lender and reasonably acceptable the Administrative Agent (unless such Person is an Affiliate of
a Lender) (such approval not to be unreasonably withheld or delayed) and each Issuing Lender (unless such Person is an Affiliate of a
Lender) (such approval not to be unreasonably withheld or delayed) to become a Lender, or agree with an existing Lender that such Lender’s
applicable Revolving Commitment shall be increased; provided that any designation or agreement may not increase the Total Revolving
Commitment; provided, further, that any Non-Extending Lender (including any direct or indirect assignee of any Non-Extending
Lender) may, with the written consent of the Borrower, elect at any time prior to the applicable Revolving Facility Maturity Date then
applicable to its Revolving Commitments of such Class to consent to the Borrower’s prior Extension Request by delivering a written
notice to such effect to the Borrower and the Administrative Agent, and upon the receipt by the Borrower and the Administrative Agent
of such notice, the applicable Revolving Facility Maturity Date of each such Non-Extending Lender shall be extended to the date indicated
in the applicable Extension Request and such Non-Extending Lender shall be deemed to be an Extending Lender for all purposes hereunder.
On the date of termination of any Lender’s Revolving Commitment of the applicable Class as contemplated by this subsection (d),
the respective participations of the other Lenders in all outstanding Letters of Credit under the applicable Class shall be redetermined
on the basis of their respective Revolving Commitments with respect to such Class after giving effect to such termination, and the participation
therein of the Lender whose Revolving Commitment of the applicable Class is terminated shall terminate; provided that the Borrower shall,
if and to the extent necessary to permit such redetermination of participations in Letters of Credit under the applicable Revolving Facility
within the limits of the Revolving Commitments which are not terminated, prepay on such date a portion of the outstanding Revolving Loans
under the applicable Revolving Facility, and such redetermination and termination of participations in outstanding Letters of Credit shall
be conditioned upon its having done so.

 

(e)               
The Administrative Agent shall promptly notify the Lenders of the effectiveness of each Extension Agreement pursuant to
this Section 2.29.

 

 

 

 

    	 	74	 

     

    

 

Section
3.

REPRESENTATIONS AND WARRANTIES

 

In order to induce the Lenders to make Revolving
Loans and issue and/or participate in Letters of Credit hereunder, the Borrower represents and warrants as follows:

 

Section
3.01.            
Organization and Authority. (a) The Borrower and each of its Material Subsidiaries
are duly organized, validly existing and in good standing under the laws of the jurisdiction of their organization and are duly qualified
and in good standing in each jurisdiction in which the failure to so qualify would have a Material Adverse Effect, (b) the Borrower
has the requisite corporate or limited liability company power and authority to effect the Transactions, and (c) the Borrower and each
of its Material Subsidiaries have all requisite power and authority and the legal right to own or lease and operate their properties,
pledge the Collateral and to conduct their business as now or currently proposed to be conducted. On the Closing Date, the Borrower has
no Material Subsidiaries.

 

Section
3.02.            
Air Carrier Status. The Borrower is an “air carrier” within the meaning
of Section 40102 of Title 49 and holds a certificate under Section 41102 of Title 49. The Borrower holds an air carrier operating certificate
issued pursuant to Chapter 447 of Title 49. The Borrower is a “citizen of the United States” as defined in Section 40102(a)(15)
of Title 49 and as that statutory provision has been interpreted by the DOT pursuant to its policies (a “United States Citizen”).
The Borrower possesses all necessary certificates, franchises, licenses, permits, rights, designations, authorizations, exemptions, concessions,
frequencies and consents which relate to the operation of the routes flown by it and the conduct of its business and operations as currently
conducted except where failure to so possess would not, in the aggregate, have a Material Adverse Effect.

 

Section
3.03.            
Due Execution. The execution, delivery and performance by the Borrower of each of the
Loan Documents to which it is a party (a) are within its corporate powers, have been duly authorized by all necessary corporate action,
including the consent of shareholders where required, and do not (i) contravene the charter or by-laws of the Borrower, (ii) violate
any applicable law (including, without limitation, the Exchange Act) or regulation (including, without limitation, Regulations T, U or
X of the Board), or any order or decree of any court or Governmental Authority, other than violations by the Borrower which would not
reasonably be expected to have a Material Adverse Effect or (iii) conflict with or result in a breach of, constitute a default under,
or create an adverse liability or rights under, any material indenture, mortgage or deed of trust or any material lease, agreement or
other instrument binding on the Borrower or any of its properties, which, in the aggregate, would reasonably be expected to have a Material
Adverse Effect; and (b) do not require the consent, authorization by or approval of or notice to or filing or registration with any
Governmental Authority or any other Person, other than (i) approvals, consents and exemptions that have been obtained on or prior to
the Closing Date and remain in full force and effect and (ii) consents, approvals and exemptions that the failure to obtain in the
aggregate would not be reasonably expected to result in a Material Adverse Effect. Each Loan Document has been duly executed and delivered
by the Borrower. This Agreement is, and each of the other Loan Documents to which the Borrower is or will be a party, when delivered hereunder
or thereunder, will be, a legal, valid and binding obligation of the Borrower, enforceable against the Borrower in accordance with its
terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights
generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.

 

 

 

 

    	 	75	 

     

    

 

Section
3.04.            
Financial Statements; Material Adverse Change.

 

(a)               
The Borrower has furnished to the Administrative Agent on behalf of the Lenders copies of the audited consolidated financial
statements of the Borrower and its Subsidiaries for the fiscal year ended December 31, 2017, reported on by Ernst & Young LLP. The
Borrower has furnished to the Administrative Agent on behalf of the Lenders copies of the unaudited consolidated financial statements
of the Borrower and its Subsidiaries for the three-month period ended March 31, 2018. Such financial statements present fairly, in all
material respects, in accordance with GAAP, the financial condition, results of operations and cash flows of the Borrower and its Subsidiaries
on a consolidated basis as of the date thereof and for the period covered thereby (subject to normal year-end audit adjustments and the
absence of footnotes in the case of the unaudited financial statements). Documents required to be delivered pursuant to this Section 3.04(a)
which are made available via EDGAR, or any successor system of the SEC, in the Borrower’s Annual Report on Form 10-K or Quarterly
Report on Form 10-Q, shall be deemed delivered to the Administrative Agent and the Lenders on the date such documents are made so available.

 

(b)               
Since December 31, 2017, there has been no Material Adverse Change.

 

Section
3.05.            
Use of Proceeds. The proceeds of the Revolving Loans and Letters of Credit shall be
used for working capital and other general corporate purposes of the Borrower and its Subsidiaries (including the
repayment of Indebtedness and the payment of fees and transaction costs as contemplated hereby and as referred to in ‎Section
2.19 and ‎2.20), and no part of the proceeds of any Revolving Loan will be used for any purpose which would violate, or be inconsistent
with, any of the margin regulations of the Board.

 

Section
3.06.            
Litigation and Compliance with Laws.

 

(a)               
There are no actions, suits, proceedings or investigations pending or, to the knowledge of the Borrower, threatened against
or affecting the Borrower or any of its properties (including any Collateral), before any court or governmental department, commission,
board, bureau, agency or instrumentality, domestic or foreign, (i) that are likely to have a Material Adverse Effect or (ii) that
purport to, or could reasonably be expected to, affect the legality, validity, binding effect or enforceability of the Loan Documents
or, in any material respect, the rights and remedies of the Administrative Agent, the Collateral Agent or the Lenders thereunder or in
connection with the Transactions.

 

(b)               
Except with respect to any matters that, individually or in the aggregate, would not reasonably be expected to result in
a Material Adverse Effect, (i) the Borrower and each of its Material Subsidiaries are currently in compliance with all applicable statutes,
regulations and orders of, and all applicable restrictions imposed by, all Governmental Authorities in respect of the conduct of their
business and ownership of their property (including compliance with all applicable Environmental Laws governing their business), and (ii)
none of the Borrower or its Subsidiaries has (x) become subject to any Environmental Liability, or (y) received written notice of any
pending or, to the knowledge of the Borrower, threatened claim with respect to any Environmental Liability.

 

 

 

 

    	 	76	 

     

    

 

Section
3.07.            
Investment Company Act. The Borrower is not, and is not required to be, registered
as an “investment company” under the Investment Company Act of 1940, as amended.

 

Section
3.08.            
ERISA. No Termination Event has occurred or is reasonably expected to occur that would
reasonably be expected to have a Material Adverse Effect.

 

Section
3.09.            
Title to Aircraft Collateral. The Borrower shall have good and marketable title to
each of the Aircraft pledged as Collateral, free of all Liens other than the Permitted Liens.

 

Section
3.10.            
Payment of Taxes. Each of the Borrower and its Material Subsidiaries has timely filed
or caused to be filed all Tax returns and reports required to have been filed and has paid or caused to be paid when due all Taxes required
to have been paid by it, except and solely to the extent that, in each case (a) such
Taxes are being contested in good faith by appropriate proceedings and the Borrower or such Material Subsidiary, as applicable, has set
aside on its books adequate reserves therefor in accordance with GAAP or (b)
the failure to do so would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.

 

Section
3.11.            
Economic Sanctions.

 

(a)               
Neither the Borrower nor any of its Subsidiaries nor, to the knowledge of the Borrower, any director, officer or employee
of the Borrower or such Subsidiary (each, a “Specified Person”) is an individual or entity currently the subject of
any sanctions administered or enforced by the United States (including but not limited to OFAC or the U.S. Department of State), the United
Nations Security Council, the European Union, Her Majesty’s Treasury or other relevant sanctions authority (collectively, “Sanctions”),
nor is the Borrower or any of its Subsidiaries located, organized or resident in a country or territory that is the subject of Sanctions.

 

(b)               
No Specified Person will use any proceeds of the Revolving Loans or lend, contribute or otherwise make available such proceeds
to any Person for the purpose of funding, financing or facilitating the activities of or with any Person or in any country or territory
that, at the time of such financing, is the subject of Sanctions, except to the extent licensed by OFAC or otherwise authorized under
U.S. law.

 

(c)               
The Borrower, its Subsidiaries, and to the knowledge of the Borrower, the respective officers and directors of the Borrower
and such Subsidiary are in compliance in all material respects with applicable Sanctions and will maintain in effect and enforce policies
and procedures reasonably designed to promote and achieve compliance with such laws.

 

Section
3.12.            
Anti-Corruption Laws. The Borrower and its Subsidiaries and, to the knowledge of the
Borrower, the directors, officers, agents, and employees of the Borrower and its Subsidiaries are in compliance in all material respects
with all applicable anti-corruption laws. The Borrower and its Subsidiaries will maintain in effect and enforce policies and procedures
reasonably designed to promote and achieve compliance with such laws and with the representation and warranty contained herein.

 

Section
3.13.             
Perfected Security Interests; Priority Lien Obligations. The Collateral Documents,
taken as a whole, are effective to create in favor of the Collateral Agent for the benefit of the Secured Parties, a legal, valid and
enforceable security interest in all of the Collateral, subject as to enforceability to applicable bankruptcy, insolvency, reorganization,
moratorium or other similar laws affecting creditors’ rights generally and subject to general principles of equity, regardless of
whether considered in a proceeding in equity or at law. At such time as (a) financing statements in appropriate form are filed in the
appropriate offices (and the appropriate fees are paid) and (b) if any Aircraft Collateral is pledged, the Aircraft Mortgage (including,
without limitation, any Mortgage Supplements) is filed for recordation with the FAA (and the appropriate fees are paid) and registrations
with respect to the International Interests in the Aircraft Collateral are duly made in the International Registry the Collateral Agent,
for the benefit of the Secured Parties, shall have a first priority (subject only to the Permitted Liens) perfected security interest
and/or mortgage (or comparable Lien) in all of the Collateral to the extent that the Liens on such Collateral may be perfected upon the
filings or recordations or upon the taking of the actions described in clauses (a) and (b) above, subject in each case only to the Permitted
Liens, such security interest (i) is continuing, valid and enforceable and (ii) is entitled to the benefits, rights and protections afforded
under the applicable Collateral Documents (subject to the qualification set forth in the first sentence of this Section 3.13).

 

 

 

 

    	 	77	 

     

    

 

Section
3.14.            
Pacific Route FAA Slot Utilization. Except for matters which would not reasonably be
expected to have a Material Adverse Effect or a Collateral Material Adverse Effect, the Borrower is utilizing, or causing to be utilized,
its Pacific Route FAA Slots (except Pacific Route FAA Slots which are reasonably determined by the Borrower (in the case of Pacific Route
FAA Slots, on the basis of the most recent Appraisal Report) to be of de minimis value) in a manner consistent in all material
respects with applicable rules, regulations, laws and contracts in order to preserve both its right to hold and operate the Pacific Route
FAA Slots, taking into account any waivers or other relief granted to the Borrower by the FAA, other applicable U.S. Governmental Authorities
or U.S. Airport Authorities. The Borrower has not received any written notice from the FAA, other applicable U.S. Governmental Authorities
or U.S. Airport Authorities, and is not otherwise aware of any other event or circumstance, that would be reasonably likely to impair
in any material respect its right to hold and operate any Pacific Route FAA Slot, except for any such impairment that, either individually
or in the aggregate, would not reasonably be expected to have a Collateral Material Adverse Effect.

 

Section
3.15.            
Pacific Route Foreign Slot Utilization.

 

(a)               
Except for matters which would not reasonably be expected to have a Material Adverse Effect or a Collateral Material Adverse
Effect, the Borrower is utilizing, or causing to be utilized, its Pacific Route Foreign Slots (except Pacific Route Foreign Slots which
are reasonably determined by the Borrower to be of de minimis value) in a manner consistent in all material respects with applicable
rules, regulations, foreign laws and contracts in order to preserve both its right to hold and operate the Pacific Route Foreign Slots,
taking into account any waivers of other relief granted to the Borrower by Foreign Aviation Authorities. The Borrower has not received
any written notice from any applicable Foreign Aviation Authorities, and is not otherwise aware of any other event or circumstance, that
would be reasonably likely to impair in any material respect its right to hold and operate any such Pacific Route Foreign Slot, except
for any such impairment that, individually or in the aggregate, would not reasonably be expected to have a Collateral Material Adverse
Effect.

 

Section
3.16.            
Pacific Routes.

 

(a)               
As of the Amendment No. 1 Effective Date, Schedule 3.16 identifies all of the Pacific Routes held by the Borrower constituting
Collateral, and the Appraised Value of all such Pacific Routes (if any) is reflected in the Amendment No. 1 Appraisal Report delivered
to the Administrative Agent and the Lenders prior to the Amendment No. 1 Effective Date.

 

(b)               
The Borrower holds the requisite authority to operate each of its Pacific Routes pursuant to Title 49, applicable foreign
law, and the applicable rules and regulations of the FAA, DOT and any applicable Foreign Aviation Authorities, and, except as would not
reasonably be expected to have a Material Adverse Effect or a Collateral Material Adverse Effect, has, at all times after being awarded
each such Pacific Route, complied in all material respects with all of the terms, conditions and limitations of each such certificate
or order issued by the DOT and the applicable Foreign Aviation Authorities regarding such Pacific Route and with all applicable provisions
of Title 49, applicable foreign law, and the applicable rules and regulations of the FAA, DOT and any Foreign Aviation Authorities regarding
such Pacific Route. There exists no failure of the Borrower to comply with such terms, conditions or limitations that gives the FAA, DOT
or any applicable Foreign Aviation Authorities the right to terminate, cancel, suspend, withdraw or modify in any materially adverse respect
the rights of the Borrower in any such Pacific Route, except to the extent that such failure would not reasonably be expected to have
a Collateral Material Adverse Effect.

 

 

 

 

    	 	78	 

     

    

 

Section
3.17.            
Government Sponsored Relief Programs. The Borrower has determined in good faith in
consultation with counsel that it is eligible to participate in all COVID 19-related government-sponsored relief programs that the Borrower
currently participates in or has applied to participate in, and has taken into consideration in making such determination all rules, regulations
and FAQs related to all such programs.

 

Section
4.

CONDITIONS OF LENDING

 

Section
4.01.            
Conditions Precedent to Effectiveness. The effectiveness of this Agreement is subject
to the satisfaction (or waiver in accordance with ‎Section 10.08) of the following conditions precedent:

 

(a)              
Supporting Documents. The Administrative Agent shall have received with respect to the Borrower:

 

(i)               
a copy of the Borrower’s certificate of incorporation, as amended, certified as of a recent date by the Secretary
of State of the state of its incorporation or formation;

 

(ii)              
a certificate of the Secretary of State of the state of the Borrower’s incorporation, dated as of a recent date, as
to the good standing of the Borrower (to the extent available in the applicable jurisdiction) and as to the charter documents on file
in the office of such Secretary of State;

 

(iii)            
a certificate of the Secretary or an Assistant Secretary of the Borrower dated the Closing Date and certifying (A) that
attached thereto is a true and complete copy of the by-laws of the Borrower as in effect on the date of such certification, (B) that
attached thereto is a true and complete copy of resolutions adopted by the board of directors of the Borrower or an authorized committee
thereof authorizing the Borrowings and Letter of Credit issuances hereunder and the execution, delivery and performance in accordance
with their respective terms of this Agreement, the other Loan Documents and any other documents required or contemplated hereunder or
thereunder, (C) that the certificate of incorporation of the Borrower has not been amended since the date of the last amendment thereto
indicated on the certificate of the Secretary of State furnished pursuant to clause ‎(i) above, and (D) as to the
incumbency and specimen signature of each officer of that entity executing this Agreement and the Loan Documents or any other document
delivered by it in connection herewith or therewith (such certificate to contain a certification by another officer of the Borrower as
to the incumbency and signature of the officer signing the certificate referred to in this clause ‎(iii)); and

 

(iv)             
an Officer’s Certificate from the Borrower certifying (A) as to the accuracy in all material respects of the representations
and warranties contained in the Loan Documents as though made on and as of the Closing Date, except to the extent that any such representation
or warranty by its terms is made as of a different specified date, in which case such representation or warranty shall be or was true
and correct in all material respects as of such date (provided that any representation or warranty that is qualified by materiality,
“Material Adverse Change” or “Material Adverse Effect” shall be true and correct in all respects as of the applicable
date), in each case before and after giving effect to the Transactions and (B) as to the absence of any Default or Event of Default
occurring and continuing on the Closing Date before and after giving effect to the Transactions.

 

 

 

 

    	 	79	 

     

    

 

(b)               
Credit Agreement. The Borrower shall have duly executed and delivered to the Administrative Agent this Agreement.

 

(c)               
Appraisal. The Administrative Agent shall have received the Initial Appraisal Report and such Initial Appraisal Report
shall demonstrate that, on the Closing Date, and after giving effect to the Transactions, the Borrower shall be in compliance on a pro
forma basis with ‎Section 6.03.

 

(d)               
Opinions of Counsel. The Administrative Agent, and the Lenders shall have received:

 

(i)                
a written opinion of David S. Cartee, Associate General Counsel for the Borrower, in a form reasonably satisfactory to the
Administrative Agent; and

 

(ii)              
a written opinion of Davis Polk & Wardwell LLP, special New York counsel to the Borrower, in a form reasonably satisfactory
to the Administrative Agent.

 

(e)               
Payment of Fees and Expenses. The Borrower shall have paid to the Administrative Agent, the Arrangers and the Lenders,
as applicable, the then unpaid balance of all accrued and unpaid Fees due, owing and payable under and pursuant to this Agreement, as
referred to in ‎Section 2.19 and Section 2.20(b), and all reasonable and documented
out-of-pocket expenses of the Administrative Agent (including reasonable attorneys’ fees of Simpson Thacher & Bartlett LLP)
for which invoices have been presented at least three (3) Business Days prior to the Closing Date, or the Borrower shall have authorized
that such Fees and expenses be deducted from the proceeds of the initial fundings under the Revolving Facility on the Closing Date, if
any.

 

(f)                
Repayment of Existing Indebtedness and Termination of Existing Liens. Upon the making of the initial Revolving Loans
or the issuance of the initial Letters of Credit (and after giving effect to the application of the proceeds thereof), if any, on the
Closing Date, all obligations under the Existing Barclays Credit Agreement and the Existing JPM Credit Agreement shall have been paid
in full (other than contingent indemnification obligations for which no claim has been made and that survive termination of the commitments
and repayment of the loans thereunder) and all commitments to extend credit thereunder shall have been terminated, and the liens securing
the loans and other obligations thereunder shall have been terminated and released, in each case in a manner reasonably satisfactory to
the Administrative Agent and the Administrative Agent shall have received reasonably satisfactory payoff letters with respect thereto.

 

(g)               
Representations and Warranties. All representations and warranties of the Borrower contained in this Agreement and
the other Loan Documents executed and delivered on the Closing Date shall be true and correct in all material respects on and as of the
Closing Date, before and after giving effect to the Transactions, as though made on and as of such date (except to the extent any such
representation or warranty by its terms is made as of a different specified date, in which case such representation or warranty shall
be true and correct in all material respects as of such specified date); provided that any representation or warranty that is qualified
by materiality, “Material Adverse Change” or “Material Adverse Effect” shall be true and correct in all respects,
as though made on and as of the applicable date, before and after giving effect to the Transactions.

 

(h)               
No Default. Before and after giving effect to the Transactions, no Default or Event of Default shall have occurred
and be continuing on the Closing Date.

 

 

 

 

    	 	80	 

     

    

 

(i)                
Patriot Act. The Lenders shall have received at least three (3) days prior to the Closing Date all documentation
and other information required by bank regulatory authorities under applicable “know-your-customer” and anti-money laundering
rules and regulations, including the Patriot Act, that such Lenders shall have requested at least ten (10) days prior to the Closing Date.

 

The execution by each Lender of this Agreement shall be deemed to be
confirmation by such Lender that any condition relating to such Lender’s satisfaction or reasonable satisfaction with any documentation
set forth in this ‎Section 4.01 has been satisfied as to such Lender.

 

Section
4.02.            
Conditions Precedent to Each Revolving Loan and Each Letter of Credit. The obligation
of the Lenders to make each Revolving Loan and of the Issuing Lenders to issue each Letter of Credit is subject to the satisfaction (or
waiver in accordance with ‎Section 10.08) of the following conditions precedent:

 

(a)               
Notice. The Administrative Agent shall have received a Borrowing Request pursuant to ‎Section 2.03 with
respect to such borrowing or issuance, as the case may be.

 

(b)               
Representations and Warranties. All representations and warranties contained in this Agreement and the other Loan
Documents (other than, with respect to Revolving Loans made or Letters of Credit issued after the Closing Date, the representations and
warranties set forth in Sections ‎3.04(b) and ‎3.06(a)) shall be true and correct in all material respects on and
as of the date of each Borrowing or the issuance of each Letter of Credit hereunder (both before and after giving effect thereto and,
in the case of each Borrowing, the application of proceeds therefrom) with the same effect as if made on and as of such date except to
the extent such representations and warranties expressly relate to an earlier date and in such case, such representations and warranties
shall be true and correct in all material respects as of such date; provided that any representation or warranty that is qualified
by materiality, “Material Adverse Change” or “Material Adverse Effect” shall be true and correct in all respects,
as though made on and as of the applicable date, before and after giving effect to such Borrowing or the issuance of such Letter of Credit
hereunder.

 

(c)               
No Default. On the date of each Borrowing or the issuance of each Letter of Credit hereunder, no Default or Event
of Default shall have occurred and be continuing nor result from the making of the requested Borrowing or the issuance of the requested
Letter of Credit and, in the case of each Borrowing, the application of proceeds thereof; provided that no Default or Event of Default
in respect of Section 6.03 shall have occurred and be continuing nor result from the making of such Borrowing or the issuance of such
Letter of Credit on and as of the date of such Borrower or such issuance, without giving effect to any Collateral Coverage Cure Period.

 

The request by the Borrower for, and the acceptance by the Borrower
of, each extension of credit hereunder shall be deemed to be a representation and warranty by the Borrower that the conditions specified
in this ‎Section 4.02 have been satisfied at that time.

 

 

 

 

    	 	81	 

     

    

 

Section
5.

AFFIRMATIVE COVENANTS

 

From the date hereof and for so long as the Revolving
Commitments remain in effect, any Letter of Credit remains outstanding (in a face amount in excess of the sum of (i) the amount of cash
collateral maintained with the Administrative Agent pursuant to ‎Section 2.02(j) and (ii) the face amount of back-to-back letters
of credit delivered pursuant to ‎Section 2.02(j)), any principal of or interest on any Revolving Loan or any fees remain outstanding
or any LC Disbursement remains unreimbursed, the Borrower agrees to:

 

Section
5.01.            
Financial Statements, Reports, etc. Deliver to the Administrative Agent on behalf of
the Lenders:

 

(a)               
Within ninety (90) days after the end of each fiscal year, the Borrower’s consolidated balance sheet and related statement
of income and cash flows, showing the financial condition of the Borrower and its Subsidiaries on a consolidated basis as of the close
of such fiscal year and the results of their respective operations during such year, the consolidated statement of the Borrower to be
audited for the Borrower by Ernst & Young LLP or other independent public accountants of recognized national standing and accompanied
by an opinion of such accountants (without a “going concern” or like qualification or exception and without any more qualification
or exception as to the scope of such audit, except for any such qualification solely as a result of (x) an impending debt maturity within
twelve (12) months of any Revolving Facility under this Agreement or (y) a potential inability to satisfy any financial covenant) and
to be certified by a Responsible Officer of the Borrower to the effect that such consolidated financial statements fairly present in all
material respects the financial condition and results of operations of the Borrower and its Subsidiaries on a consolidated basis in accordance
with GAAP. Documents required to be delivered pursuant to this clause ‎(a) which are made publicly available via EDGAR, or
any successor system of the SEC, in the Borrower’s Annual Report on Form 10-K, shall be deemed delivered to the Lenders on the date
such documents are made so available;

 

(b)               
Within forty-five (45) days after the end of each of the first three (3) fiscal quarters of each fiscal year, the Borrower’s
consolidated balance sheets and related statements of income and cash flows, showing the financial condition of the Borrower and its Subsidiaries
on a consolidated basis as of the close of such fiscal quarter and the results of their operations during such fiscal quarter and the
then elapsed portion of the fiscal year, each certified by a Responsible Officer of the Borrower as fairly presenting in all material
respects the financial condition and results of operations of the Borrower and its Subsidiaries on a consolidated basis in accordance
with GAAP, subject to normal year-end audit adjustments and the absence of footnotes. Documents required to be delivered pursuant to this
clause ‎(b) which are made publicly available via EDGAR, or any successor system of the SEC, in the Borrower’s Quarterly
Report on Form 10-Q, shall be deemed delivered to the Lenders on the date such documents are made so available;

 

(c)               
concurrently with any delivery of financial statements under ‎(a) and ‎(b) above, a certificate of
a Responsible Officer of the Borrower (in substantially the form of Exhibit A) (i) certifying that, to the knowledge of such Responsible
Officer, no Event of Default has occurred, or, if, to the knowledge of such Responsible Officer, such an Event of Default has occurred,
specifying the nature and extent thereof and any corrective action taken or proposed to be taken with respect thereto, and (ii) setting
forth computations in reasonable detail satisfactory to the Administrative Agent demonstrating compliance with the provisions of Section
6.03;

 

 

 

 

    	 	82	 

     

    

 

(d)               
prompt written notice of any Termination Event that has occurred, or is reasonably expected to occur, to the extent such
Termination Event would constitute an Event of Default under ‎Section 7.01(l);

 

(e)               
promptly after a Responsible Officer of the Borrower obtains knowledge of the filing or commencement of any action, suit
or proceeding by or before any arbitrator or Governmental Authority against or affecting the Borrower or any Subsidiary that could reasonably
be expected to result in a Material Adverse Effect, notification thereof;

 

(f)                
(i) on the date on which any Investment Property that is not listed on a national securities exchange is initially included
as Additional Collateral, an Officer’s Certificate from the Borrower, in form and substance reasonably satisfactory to the Administrative
Agent, setting forth the book value of such Investment Property as of the last day of the month most recently ended and excluding the
contract value (or such other valuation method reasonably satisfactory to the Administrative Agent), together with all supporting documents
with respect to such Investment Property as the Administrative Agent may reasonably request and (ii) at any time thereafter that any Investment
Property that is not listed on a national securities exchange shall be included as Additional Collateral, concurrently with any delivery
of financial statements under clause (a) or (b) above in respect of each fiscal quarter of the Borrower, an Officer’s Certificate
from the Borrower, in form and substance reasonably satisfactory to the Administrative Agent, setting forth the book value of such Investment
Property as of the last day of the month most recently ended and excluding the contract value (or such other valuation method reasonably
satisfactory to the Administrative Agent), together with all supporting documents with respect to such Investment Property as the Administrative
Agent may reasonably request;

 

(g)               
promptly after a Responsible Officer obtains knowledge thereof, notice that, with respect to any Pacific Routes, the authority
granted to the Borrower by the DOT, any Governmental Authority or any applicable Foreign Aviation Authority relating to such Pacific Routes,
to the extent necessary to operate the scheduled air carrier services being operated by the Borrower, will not be renewed, other than
in cases where such failure of renewal would not reasonably be expected to result in a Material Adverse Effect;

 

(h)               
(I) concurrently with any delivery of financial statements under clauses (a) and (b) above solely in respect of (i) the
end of each fiscal year of the Borrower (commencing with the fiscal year ending December 31, 2020) and (ii) the end of each second fiscal
quarter of each fiscal year of the Borrower (commencing with the fiscal quarter ending June 30, 2021), (II) as required by Section 6.05
and (III) to the extent required in connection with any Permitted Disposition, an updated calculation of the Collateral Coverage Ratio,
reflecting the most recent Appraisal Reports delivered to the Administrative Agent in respect of the Collateral pursuant to the terms
hereof; and

 

(i)                
if an Event of Default has occurred and is continuing, any subsequent Appraisal Report reasonably requested by the Administrative
Agent or the Required Lenders, in each case as soon as reasonably practicable after receipt by the Borrower of such request.

 

 

 

 

    	 	83	 

     

    

 

Subject to the next succeeding sentence, information
delivered pursuant to this ‎Section 5.01 to the Administrative Agent may be made available by the Administrative Agent to the Lenders
by posting such information on the Intralinks website on the Internet at http://www.intralinks.com. Information delivered pursuant to
this ‎Section 5.01 may also be delivered by electronic communication pursuant to procedures approved by the Administrative Agent pursuant
to ‎Section 10.01 hereto. Information required to be delivered pursuant to this ‎Section 5.01 (to the extent not made available
as set forth above) shall be deemed to have been delivered to the Administrative Agent on the date on which the Borrower provides written
notice to the Administrative Agent that such information has been posted on the Borrower’s website on the Internet at http://www.delta.com
(to the extent such information has been posted or is available as described in such notice). Information required to be delivered pursuant
to this ‎Section 5.01 shall be in a format which is suitable for transmission.

 

Any notice or other communication delivered pursuant
to this ‎Section 5.01, or otherwise pursuant to this Agreement, shall be deemed to contain material non-public information unless
(i) expressly marked by the Borrower as “PUBLIC”, (ii) such notice or communication consists of copies of the Borrower’s
public filings with the SEC or (iii) such notice or communication has been posted on the Borrower’s website on the Internet
at http://www.delta.com.

 

Section
5.02.            
Existence. Preserve and maintain, and cause each of its Material Subsidiaries to preserve
and maintain in full force and effect all governmental rights, privileges, qualifications, permits, licenses and franchises necessary
in the normal conduct of its business except (a) if such failure to preserve the same could not, in the aggregate, reasonably
be expected to have a Material Adverse Effect, and (b) as otherwise permitted in connection with (i) sales of assets not restricted
by Section 6.05 or (ii) mergers, liquidations and dissolutions permitted by ‎Section 6.02.

 

Section
5.03.            
Insurance. Other than with respect to the Aircraft Collateral, as to which only the
insurance provisions of the Aircraft Mortgage shall be applicable, maintain with financially sound and reputable insurance companies,
insurance of such types and in such amounts (after giving effect to any self-insurance) as is customary in the United States domestic
airline industry for major United States air carriers having both substantial domestic and international operations or otherwise in the
Borrower’s ordinary course of business and consistent with past practice, except to the extent that the failure to maintain such
insurance could not reasonably be expected to result in a Material Adverse Effect.

 

Section
5.04.            
Maintenance of Properties. Except to the extent otherwise permitted hereunder, in its
reasonable business judgment, keep and maintain, and cause each of its Material Subsidiaries to keep and maintain, all property material
to the conduct of its business in good working order and condition (ordinary wear and tear and damage by casualty and condemnation excepted),
except where the failure to keep such property in good working order and condition would not have a Material Adverse Effect.

 

Section
5.05.            
Obligations and Taxes. Pay, and cause each of its Material Subsidiaries to pay, all
its and their material obligations promptly and in accordance with their terms, and pay and discharge promptly all taxes, assessments,
governmental charges, levies or claims imposed upon it or upon its income or profits or in respect of its property, before the same shall
become more than ninety (90) days delinquent, except in each case where the failure to do so would not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect; provided, however, that the Borrower and each of its Material
Subsidiaries shall not be required to pay and discharge or to cause to be paid and discharged any such obligation, tax, assessment, charge,
levy or claim so long as (i) the validity or amount thereof shall be contested in good faith by appropriate proceedings and (ii)
the Borrower and its Material Subsidiaries shall have set aside on their books adequate reserves therefor in accordance with GAAP. 

 

Section
5.06.            
Notice of Event of Default, etc. Promptly upon knowledge thereof by a Responsible Officer
of the Borrower, give to the Administrative Agent notice in writing of any Default or Event of Default.

 

 

 

 

    	 	84	 

     

    

 

Section
5.07.            
Access to Books and Records. Maintain or cause to be maintained at all times true and
complete books and records in all material respects in a manner consistent with GAAP in all material respects of the financial operations
of the Borrower and provide the Administrative Agent, the Collateral Agent and their respective representatives and advisors reasonable
access to all such books and records (subject to requirements under any confidentiality agreements, if applicable), as well as any appraisals
of the Collateral, during regular business hours, in order that the Administrative Agent and the Collateral Agent may upon reasonable
prior notice and with reasonable frequency, but in any event, so long as no Event of Default has occurred and is continuing, no more than
one (1) time per year, examine and make abstracts from such books, accounts, records, appraisals and other papers, and permit the Administrative
Agent, the Collateral Agent and their respective representatives and advisors to confer with the officers of the Borrower and representatives
(provided that the Borrower shall be given the right to participate in such discussions with such representatives) of the Borrower,
all for the purpose of verifying the accuracy of the various reports delivered by the Borrower to the Administrative Agent or the Lenders
pursuant to this Agreement or for otherwise ascertaining compliance with this Agreement; and at any reasonable time and from time to time
during regular business hours, upon reasonable notice to the Borrower, permit the Administrative Agent and any agents or representatives
(including, without limitation, appraisers) thereof to visit the properties of the Borrower and to conduct examinations of and to monitor
the Collateral (other than with respect to all of the Aircraft Collateral, as to which the provisions of Section 2.04 of the Aircraft
Mortgage shall apply), in each case at the expense of the Borrower (provided that the Borrower shall not be required to pay the
expenses of more than one (1) such visit a year unless an Event of Default has occurred and is continuing); provided, however,
that (a) any such inspection of Collateral (i) shall be limited to the Aircraft Collateral, (ii) shall be a visual, walk-around inspection
and (iii) may not include opening any panels, bays or the like and (b) no exercise of any inspection rights provided for in this Section
5.07 shall interfere with the normal operation or maintenance of any Aircraft by, or the business of, the Borrower.

 

Section
5.08.            
Compliance with Laws. Comply, and cause each of its Material Subsidiaries to comply,
with all applicable laws, rules, regulations and orders of any Governmental Authority applicable to it or its property (including Environmental
Laws), except where such noncompliance, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse
Effect. The Borrower will maintain in effect and enforce policies and procedures
reasonably designed to promote and achieve compliance with anti-corruption laws and Sanctions.

 

Section
5.09.            
Appraisal Reports. Furnish or cause to be furnished to the Administrative Agent and
Collateral Agent one or more Appraisal Reports establishing the Appraised Value of the Eligible Collateral, in each case at the expense
of the Borrower, (a) on each date on which the Borrower must deliver a Collateral Coverage Ratio calculation pursuant to Section 5.01(h)(I),
(b) on the date upon which any additional property or asset (including, without limitation, applicable Additional Collateral) is pledged
as Collateral to the Collateral Agent to secure the Obligations, but only with respect to such additional property or asset, (c) with
respect to any voluntary Disposition of Collateral in accordance with Section 6.05 and the definition of Permitted Disposition, (d) no
later than forty-five (45) days (or such longer time as the Administrative Agent may reasonably consent to) following any involuntary
Disposition of Collateral (including any casualty event relating thereto or condemnation thereof) having a fair market value (as determined
in good faith by the Borrower on the basis of the most recently delivered Appraisal Report) of at least $75,000,000, (e) promptly (but
in any event within forty-five (45) days or such longer time as the Administrative Agent may reasonably consent to) at the request of
the Administrative Agent upon the occurrence and during the continuation of an Event of Default, and (f) no later than forty-five (45)
days (or such longer time as the Administrative Agent may reasonably consent to) following any Change in Law with respect to any Collateral,
which change could reasonably be expected to result in the Borrower’s failure to maintain the Collateral Coverage Test. The Borrower
may from time to time cause to be delivered subsequent Appraisal Reports if it believes that any affected item of Collateral has a higher
Appraised Value than that reflected in the most recent Appraisal Report delivered.

 

 

 

 

    	 	85	 

     

    

 

Section
5.10.            
FAA and DOT Matters; Citizenship. (a) Maintain at all times its status as an “air
carrier” within the meaning of Section 40102(a)(2) of Title 49, and hold a certificate under Section 41102(a)(1) of Title 49; (b)
at all times hereunder be a United States Citizen; and (c) maintain at all times its status at the FAA as an air carrier and hold an
air carrier operating certificate and other operating authorizations issued by the FAA pursuant to 14 C.F.R. Parts 119 and 121 as currently
in effect or as may be amended or recodified from time to time. Except as specifically permitted herein or in the SGR Security Agreement,
possess and maintain all necessary certificates, exemptions, franchises, licenses, permits, designations, rights, concessions, authorizations,
frequencies and consents which are material to the operation of the Pacific Route FAA Slots, the Pacific Routes and the Pacific Route
Foreign Slots utilized by it and the conduct of its business and operations as currently conducted, of any Collateral, except where the
failure to do so, either individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect.

 

Section
5.11.            
Further Assurances. Execute any and all further documents and instruments, and take
all further actions, that may be required or advisable under applicable law or by the FAA, or that the Collateral Agent may reasonably
request, in order to create, grant, establish, preserve and perfect the validity, perfection and priority of the Liens and security interests
created or intended to be created by the Collateral Documents, to the extent required under this Agreement or the Collateral Documents,
including, without limitation, amending, amending and restating, supplementing, assigning or otherwise modifying, renewing or replacing
a Collateral Document or other agreements, instruments or documents relating thereto, in each case as may be reasonably requested by the
Administrative Agent, in order to (i) create interests as contemplated and permitted hereunder or under the applicable Collateral Document
(including, but not limited to, International Interests, Assignments, Prospective Assignments, Sales, Prospective Sales, Assignments of
Associated Rights and Subordinations) that may be registered and/or assigned under the Cape Town Treaty, (ii) create, grant, establish,
preserve and perfect the Liens in favor of the Collateral Agent for the benefit of the Secured Parties to the fullest extent possible,
including, where necessary, the subordination of other rights or interests and (iii) realize the benefit of the remedial provisions that
are contemplated by the Cape Town Treaty, subject to the provisions of Section 4.02 of the Aircraft Mortgage. Notwithstanding anything
to the contrary in this Agreement or the Collateral Documents, (i) no perfection actions or steps will be required to be taken in any
jurisdiction other than the United States (or any state thereof), other than with respect to registrations of International Interests
in the Aircraft Collateral with the International Registry and (ii) no Collateral Document governed by the laws of a jurisdiction other
than the United States (or any state thereof) will be required.

 

Without limiting the generality of the foregoing
or any other provisions of the Loan Documents, the Borrower hereby (A) agrees to exclude the application of Article XVI(1)(a) of the Aircraft
Protocol (it being understood that such exclusion shall not derogate from any other rights of the Borrower under or pursuant to the Aircraft
Mortgage) and (B) consents, pursuant to Article XV of the Aircraft Protocol, to any Assignment of Associated Rights within the scope of
Article 33(1) of the Cape Town Convention which is permitted or required by the applicable Loan Documents and further agrees that the
provisions of the preceding paragraph shall apply, in particular, with respect to Articles 31(4) and 36(1) of the Cape Town Convention
to the extent applicable to any such Assignment of Associated Rights.

 

Section
5.12.            
Pacific Route FAA Slot Utilization.

 

Subject to Dispositions permitted by this Agreement
and the SGR Security Agreement and except as would not reasonably be expected to have a Material Adverse Effect or a Collateral Material
Adverse Effect, utilize (or arrange for utilization by exchanging Pacific Route FAA Slots with other air carriers) the Pacific Route FAA
Slots (except Pacific Route FAA Slots which are reasonably determined by the Borrower (in the case of Pacific Route FAA Slots, on the
basis of the most recent Appraisal Report) to be of de minimis value), in a manner consistent in all material respects with applicable
regulations, rules, laws and contracts in order to preserve its right to hold and operate the Pacific Route FAA Slots, taking into account
any waivers or other relief granted to the Borrower by the FAA, any applicable Foreign Aviation Authority, any other applicable Governmental
Authority or any Airport Authority.

 

 

 

 

    	 	86	 

     

    

 

Section
5.13.            
Pacific Route Foreign Slot Utilization.

 

Subject to Dispositions permitted by this Agreement,
the SGR Security Agreement and the UK Debenture except as would not reasonably be expected to have a Material Adverse Effect or a Collateral
Material Adverse Effect, utilize (or arrange for utilization by exchanging Pacific Route Foreign Slots with other air carriers) the Pacific
Route Foreign Slots (except Pacific Route Foreign Slots which are reasonably determined by the Borrower to be of de minimis value)
in a manner consistent in all material respects with applicable regulations, rules, foreign law and contracts in order to preserve its
right to hold and operate the Pacific Route Foreign Slots, taking into account any waivers or other relief granted to the Borrower by
any applicable Foreign Aviation Authorities.

 

Section
5.14.            
Pacific Route Utilization.

 

(a)               
Subject to Dispositions permitted by this Agreement and the SGR Security Agreement and except as would not reasonably be
expected to have a Material Adverse Effect or a Collateral Material Adverse Effect, utilize the Pacific Routes in a manner consistent
in all material respects with Title 49, rules and regulations promulgated thereunder, and applicable foreign law, and the applicable rules
and regulations of the FAA, DOT and any applicable Foreign Aviation Authorities, including, without limitation, any operating authorizations,
certificates, bilateral authorizations and bilateral agreements with any applicable Foreign Aviation Authorities and contracts with respect
to such Pacific Routes.

 

(b)               
Subject to Section 5.14(c) and except as would not reasonably be expected to have a Material Adverse Effect or a Collateral
Material Adverse Effect, maintain access to Supporting Route Facilities sufficient to ensure its ability to retain its rights in and to
the Pacific Routes, taking into account any waivers or other relief granted to the Borrower by the FAA, any other applicable Governmental
Authority, any Airport Authority or any applicable Foreign Aviation Authorities.

 

(c)               
Notwithstanding the foregoing, it is understood and agreed that the Borrower may cease using its rights in and/or use of
any such Supporting Route Facilities in the event that the preservation of such rights in and/or use of such Supporting Route Facilities
is no longer advantageous to the Borrower in connection with the conduct of its operations utilizing the Pacific Routes.

 

Section
5.15.            
Minimum Liquidity. The Borrower shall not, at the close of any Business Day, permit
the sum of (i) the aggregate amount of Unrestricted Cash and (ii) the aggregate principal amount committed and available to be drawn by
Borrower under all revolving credit facilities of the Borrower to be less than $2,000,000,000.

 

Section
5.16.            
[Reserved].

 

Section
5.17.            
Government Sponsored Relief Programs. Before participating in or applying to participate
in any COVID 19-related government-sponsored relief program, the Borrower shall make a determination in good faith in consultation with
counsel that it is eligible to participate in any such program, and shall take into consideration in making such determination all rules,
regulations and FAQs related to such program.

 

 

 

 

    	 	87	 

     

    

 

Section
6.

Negative COVENANTS

 

From the date hereof and for so long as the Revolving
Commitments remain in effect, any Letter of Credit remains outstanding (in a face amount in excess of the sum of (i) the amount of cash
collateral maintained with the Administrative Agent pursuant to ‎Section 2.02(j) and (ii) the face amount of back-to-back letters
of credit delivered pursuant to ‎Section 2.02(j)), any principal of or interest on any Revolving Loan or any fees remain outstanding
or any LC Disbursement remains unreimbursed, the Borrower will not:

 

Section
6.01.            
Liens on the Collateral. 

 

(a)               
Incur, create, assume or suffer to exist any Lien upon or with respect to the Collateral, other than (the “Permitted
Liens”):

 

(i)                
Liens held by the Collateral Agent securing the Obligations.

 

(ii)              
Liens constituting or otherwise in respect of normal operational usage of the affected property, including leases, subleases,
use agreements and swap agreements constituting “Permitted Dispositions” pursuant to clause (g) of the definition thereof,
charters, third party maintenance, storage, leasing, pooling or interchange thereof; provided that, in the case of any lease or
sublease (excluding any lease or sublease (i) constituting a “Permitted Disposition” pursuant to clause (g) of the definition
thereof and (ii) of any Aircraft Collateral pursuant to the Aircraft Mortgage), the rights of the lessee or sublessee shall be subordinated
to the rights (including remedies) of the Collateral Agent under the applicable Collateral Document on terms reasonably satisfactory to
the Collateral Agent;

 

(iii)            
a banker’s lien or right of offset of the holder of such Indebtedness in favor of any lender of moneys or holder of
commercial paper of the Borrower or any subsidiary in the ordinary course of business on moneys of the Borrower such subsidiary deposited
with such lender or holder in the ordinary course of business;

 

(iv)            
Liens in favor of depositary banks arising as a matter of law encumbering deposits (including the right of setoff) and that
are within the general parameters customary in the banking industry;

 

(v)              
Liens for taxes, assessments or governmental charges or claims that are not yet delinquent or that are being contested in
good faith by appropriate proceedings promptly instituted and diligently conducted; provided that any reserve or other appropriate provision
as is required in conformity with GAAP has been made therefor;

 

(vi)            
Liens imposed by law, such as carriers’, warehousemen’s, landlord’s, mechanics’ carriers’,
workmen’s and repairmen’s Liens and other similar Liens, in each case, incurred in the ordinary course of business;

 

 

(vii)           
in the case of any Gate Interests, any interest or title of a licensor, sublicensor, lessor, sublessor or airport operator
under any lease, license or use agreement;

 

(viii)         
Liens arising by operation of law in connection with judgments, attachments or awards which do not constitute an Event of
Default hereunder;

 

(ix)             
any extension, modification, renewal or replacement of the Liens described in clauses (i) through (viii) above, provided
that such extension, modification, renewal or replacement does not increase the principal amount of Indebtedness associated therewith;
and

 

 

 

    	 	88	 

     

    

 

(x)               
Liens on the Aircraft Collateral permitted under the Aircraft Mortgage.

 

Section
6.02.            
Merger, etc.

 

(a)               
Merge into or consolidate with any other Person, or permit any other Person to merge into or consolidate with it, or sell,
transfer, lease or otherwise dispose of (in one transaction or in a series of transactions) all or substantially all of its assets (in
each case, whether now owned or hereafter acquired) unless:

 

(i)                
immediately after giving effect thereto no Default or Event of Default shall have occurred and be continuing;

 

(ii)              
the Borrower is the surviving corporation or, if otherwise, (x) such other Person or continuing corporation (the “Successor
Company”) is a corporation or other entity organized under the laws of a state of the United States and (y) such Successor Company
is a U.S. certificated air carrier; and

 

(iii)            
in the case of a Successor Company, the Successor Company shall (A) execute, prior to or contemporaneously with
the consummation of such transaction, such agreements, if any, as are in the reasonable opinion of the Administrative Agent, necessary
to evidence the assumption by the Successor Company of liability for all of the obligations of the Borrower hereunder and the other Loan
Documents and (B) cause to be delivered to the Administrative Agent and the Lenders such legal opinions (which may be from in-house counsel)
as any of them may reasonably request in connection with the matters specified in the preceding clause ‎(A) and (C)
provide such information as each Lender or the Administrative Agent reasonably requests in order to perform its “know your customer”
due diligence with respect to the Successor Company.

 

Upon any consolidation or merger in accordance with
this ‎Section 6.02(a) in any case in which the Borrower is not the surviving corporation, the Successor Company shall succeed
to, and be substituted for, and may exercise every right and power of, the Borrower under this Agreement with the same effect as if such
Successor Company had been named as the Borrower herein. No such consolidation or merger shall have the effect of releasing the Borrower
or any Successor Company which theretofore shall have become a successor to the Borrower in the manner prescribed in this Section 6.02(a)
from its liability with respect to any Loan Document to which it is a party.

 

(b)               
Liquidate, wind up, or dissolve itself (or suffer any liquidation or dissolution).

 

Section
6.03.            
Collateral Coverage Ratio. Permit as of the Amendment No. 1 Effective Date and at the
time of the delivery of each Appraisal Report pursuant to Section 5.01(h)(I) the ratio (the “Collateral Coverage Ratio”)
of (i) the Appraised Value of the Eligible Collateral to (ii) the sum of (a) the Total Revolving Extensions of Credit then outstanding
(other than LC Exposure that has been Cash Collateralized in accordance with ‎Section 2.02(j)) plus (b) the aggregate amount of all
Designated Hedging Obligations and Designated Banking Product Obligations that constitute “Obligations” then outstanding,
to be less than 1.60 to 1.00 (the “Collateral Coverage Test”), provided that if, (A) upon delivery of an Appraisal
Report pursuant to this Agreement and (B) solely with respect to determining compliance with this Section 6.03 and Section 6.05 as a result
thereof, it is determined that the Borrower shall not be in compliance with this ‎Section 6.03, the Borrower shall, within sixty (60)
days of the date of such Appraisal Report (an “Collateral Coverage Ratio Cure Period”), (1) designate Additional Collateral
as Eligible Collateral in accordance with ‎Section 6.05(a) (including the modification of the applicable Collateral schedules, to
reflect such designation) to the extent that, after giving effect to such designation, the Appraised Value of the Eligible Collateral,
based on the most recently delivered Appraisal Report with respect to assets already constituting Eligible Collateral and based on an
Appraisal Report performed at (or relatively contemporaneously with) the time of such addition with respect to assets being added to Eligible
Collateral, shall satisfy the Collateral Coverage Test or (2) prepay the Revolving Loans in accordance with ‎Section 2.12(a) (or Cash
Collateralize Letters of Credit in accordance with ‎Section 2.02(j)) in an amount sufficient to enable the Borrower to comply with
this ‎Section 6.03.

 

 

 

    	 	89	 

     

    

 

Section
6.04.            
[Reserved].

 

Section
6.05.            
Disposition of Collateral. Dispose of, whether voluntarily or involuntarily (it being
understood that loss of property due to theft, destruction, confiscation, prohibition on use or similar event shall constitute a disposal
for purposes of this covenant), any Collateral or agree to do any of the foregoing in respect of the Collateral at any future time, except
that:

 

(a)               
any Permitted Disposition shall be permitted at any time;

 

(b)               
so long as no Event of Default exists, the Borrower may replace Collateral with Additional Collateral (and the applicable
schedule shall be modified to reflect such replacement), provided that (x) such replacement shall be made on at least a dollar-for-dollar
basis based upon (A) in the case of the asset being removed from the Collateral, the Appraised Value of such Collateral (as determined
by the most recently delivered Appraisal Report with respect to such Collateral) and (B) in the case of the asset being added to the Collateral,
the Appraised Value of such asset (as determined by an Appraisal Report performed at (or relatively contemporaneously with) the time of
such replacement), (y) prior to effecting the replacement, the Borrower shall have delivered an Officer’s Certificate to the Administrative
Agent certifying compliance with Section 6.01 and this Section 6.05 and attaching to such certificate the Appraisal Report required by
Section 5.09 and (z) any asset added to the Collateral shall be Eligible Collateral; and

 

(c)               
so long as no Event of Default exists or would result therefrom, the Borrower may remove an asset from the Collateral (and
the applicable schedule shall be modified to reflect such removal), provided that (x) after giving effect to such removal, the Appraised
Value of the remaining Eligible Collateral (as determined by an Appraisal Report of all Collateral performed at (or relatively contemporaneously
with) the time of such removal) shall satisfy the Collateral Coverage Test, and (y) prior to effecting the removal, the Borrower shall
have delivered an Officer’s Certificate to the Administrative Agent certifying that, and providing calculations demonstrating that,
after giving effect to such removal, the Appraised Value of the Eligible Collateral shall satisfy the Collateral Coverage Test, and otherwise
certifying compliance with this Section 6.05 and attaching to such certificate Appraisal Report of all Collateral obtained in connection
with such removal.

 

At the Borrower’s request, the Lien on any
asset or type or category of asset (including after-acquired assets of that type or category) that (i) has been Disposed in accordance
with this Agreement or (ii) is or has become Excluded Property (as defined in the SGR Security Agreement), will, in each case, be promptly
released, provided, in each case, that the following conditions are satisfied or waived: (A) no Event of Default shall have occurred and
be continuing, (B) either (x) after giving effect to such release, the Appraised Value of the Eligible Collateral shall satisfy the Collateral
Coverage Test, (y) the Borrower shall prepay the Revolving Loans in accordance with ‎Section 2.12(a) (or Cash Collateralize Letters
of Credit in accordance with ‎Section 2.02(j)) in an amount required to comply with the Collateral Coverage Test, or (z) the Borrower
shall deliver to the Collateral Agent Additional Collateral in an amount required to comply with the Collateral Coverage Test (in each
case without, for the avoidance of doubt, giving effect to any Collateral Coverage Ratio Cure Period), and (C) the Borrower shall deliver
to the Administrative Agent an Officer’s Certificate demonstrating compliance with the Collateral Coverage Test after giving effect
to such release. Each of the Administrative Agent and Collateral Agent agrees to promptly provide any documents or releases reasonably
requested by the Borrower to evidence any such release.

 

 

 

 

    	 	90	 

     

    

 

Section
6.06.            
Restricted Payments. From the Amendment No. 1 Effective Date and prior to September
30, 2022, declare or pay, directly or indirectly, or otherwise make any Restricted Payment or set apart any sum for the aforesaid purposes,
except:

 

(a)               
dividends in the form of capital stock or increases in the aggregate liquidation value of any preferred stock;

 

(b)               
repurchases of Equity Interests deemed to occur upon (i) the exercise of stock options if the Equity Interests represent
a portion of the exercise price thereof or (ii) the withholding of a portion of Equity Interests issued to employees and other participants
under any equity compensation, retirement or voluntary severance programs of the Borrower or its Subsidiaries, in each case to cover withholding
tax obligations of such persons in respect of such issuance;

 

(c)               
Restricted Payments made pursuant to stock option plans, other benefit plans or other arrangements for management or employees
of the Borrower and its Subsidiaries;

 

(d)               
Restricted Payments to allow the cash payment in lieu of the issuance of fractional shares upon (i) the exercise of options
or warrants or (ii) the conversion or exchange of Equity Interests of any such Person; and

 

(e)               
Restricted Payments in an aggregate amount not to exceed $25,000,000.

 

Section
7.

EVENTS OF DEFAULT

 

Section
7.01.            
Events of Default. In the case of the happening of any of the following events and
the continuance thereof beyond the applicable grace period if any (each, an “Event of Default”):

 

(a)               
any representation or warranty made by the Borrower in this Agreement or in any other Loan Document shall prove to have
been false or misleading in any material respect when made and such representation, to the extent capable of being corrected, is not corrected
within thirty (30) days after the earlier of (A) a Responsible Officer of the Borrower obtaining knowledge of such default or (B)
receipt by the Borrower of notice from the Administrative Agent of such default; or

 

(b)               
default shall be made in the payment of any (i) Fees or interest on the Revolving Loans and such default shall continue
unremedied for more than five (5) Business Days, (ii) other amounts payable hereunder when due (other than amounts set forth in clauses
‎(i) and ‎(iii) hereof), and such default shall continue unremedied for more than ten (10) Business Days, or (iii) principal
of the Revolving Loans or reimbursement obligations or cash collateralization in respect of Letters of Credit, when and as the same shall
become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or by acceleration thereof or otherwise;
or

 

(c)               
default shall be made by the Borrower in the due observance or performance of any covenant, condition or agreement contained
in ‎Section 6 hereof (subject to the Borrower’s right to cure non-compliance with the covenant contained in ‎Section
6.03 as described therein); or

 

 

 

 

    	 	91	 

     

    

 

(d)               
default shall be made by the Borrower in the due observance or performance of any other covenant, condition or agreement
to be observed or performed pursuant to the terms of this Agreement or any of the other Loan Documents and such default shall continue
unremedied for more than thirty (30) days from the earlier of (i) a Responsible Officer having knowledge of such default and (ii) written
notice to the Borrower from the Administrative Agent of such default; or

 

(e)               
(i) failure by the Borrower or any Material Subsidiary to pay any principal of or interest on any Material Indebtedness
when due (or, where permitted, within any applicable grace period), whether by scheduled maturity, required prepayment, acceleration,
demand or otherwise and such default continues unremedied for five (5) Business Days after such due date or applicable grace period or
(ii) any event or condition occurs that results in any Material Indebtedness becoming due prior to its scheduled maturity; provided,
however, that if any such failure, breach or default shall be waived or cured (as evidenced by a writing from such holder or trustee)
then, to the extent of such waiver or cure, the Event of Default hereunder by reason of such failure, breach or default shall be deemed
likewise to have been thereupon waived or cured; or

 

(f)                
an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation,
reorganization or other relief in respect of the Borrower or any Material Subsidiary or its debts, or of a substantial part of its assets,
under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (ii) the
appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower or any Material Subsidiary
for a substantial part of its assets, and, in any such case, such proceeding or petition shall continue undismissed for sixty (60) days
or an order or decree approving or ordering any of the foregoing shall be entered; or

 

(g)               
the Borrower or any Material Subsidiary shall (i) voluntarily commence any proceeding or file any petition seeking
liquidation, reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now
or hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding
or petition described in clause ‎(f) of this ‎Section 7.01, (iii) apply for or consent to the appointment
of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower or any Material Subsidiary or for a
substantial part of its assets, (iv) file an answer admitting the material allegations of a petition filed against it in any
such proceeding, (v) make a general assignment for the benefit of creditors or (vi) take any action for the purpose of
effecting any of the foregoing; or

 

(h)               
the Borrower or any Material Subsidiary admits in writing its inability to pay its debts; or

 

(i)                
[reserved]; or

 

(j)                
any material provision of any Loan Document shall, for any reason, cease to be valid and binding on the Borrower, or the
Borrower shall so assert in any pleading filed in any court; or

 

(k)               
any final judgment in excess of $200,000,000 (exclusive of any judgment or order the amounts of which are fully covered
by insurance less any applicable deductible and as to which the insurer has been notified of such judgment and has not denied coverage)
shall be rendered against the Borrower or any of its Material Subsidiaries and the enforcement thereof shall not have been stayed, vacated,
satisfied, discharged or bonded pending appeal within sixty (60) consecutive days; or

 

 

 

 

    	 	92	 

     

    

 

(l)                
any Termination Event that could reasonably be expected to result in a Material Adverse Effect shall have occurred;

 

then, and in every such event and at any time thereafter during the
continuance of such event, the Administrative Agent may (with the consent of the Required Lenders), and at the request of the Required
Lenders, the Administrative Agent shall, by written notice to the Borrower, take one or more of the following actions, at the same or
different times: (i) terminate forthwith the Revolving Commitments; (ii) declare the Revolving Loans or any portion thereof then
outstanding to be forthwith due and payable, whereupon the principal of the Revolving Loans and other Obligations (other than Designated
Hedging Obligations and Designated Banking Product Obligations) together with accrued interest thereon and any unpaid accrued Fees and
all other liabilities of the Borrower accrued hereunder and under any other Loan Document, shall become forthwith due and payable, without
presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived by the Borrower, anything contained
herein or in any other Loan Document to the contrary notwithstanding; (iii) require the Borrower promptly upon written demand to
Cash Collateralize the LC Exposure; and (iv) exercise any and all remedies under the Loan Documents and under applicable law available
to the Administrative Agent, Collateral Agent and the Lenders. In case of any event with respect to the Borrower described in clause ‎(f)
or ‎(g) of this ‎Section 7.01, the actions and events described in ‎(i), ‎(ii) and ‎(iii) above shall be required
or taken automatically, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower.
Any payment received as a result of the exercise of remedies hereunder shall be applied in accordance with ‎Section 2.17(b).

 

Section
8.

THE AGENTS

 

Section
8.01.            
Administration by Agents. (a) Each of the Lenders and each Issuing Lender hereby
irrevocably appoints the Administrative Agent as its agent hereunder and under the other Loan Documents and authorizes the Administrative
Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof
or thereof, together with such actions and powers as are reasonably incidental thereto. Each of the Lenders and each Issuing Lender hereby
irrevocably appoints the Collateral Agent to act on its behalf as the collateral agent hereunder and under the Collateral Documents and
authorizes the Collateral Agent to take such actions on its behalf and to exercise such powers as are delegated to the Collateral Agent
by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto.

 

(b)               
Each of the Lenders and each Issuing Lender hereby authorizes each of the Administrative Agent and the Collateral Agent,
as applicable, and in their sole discretion:

 

(i)                
in connection with (x) the sale or other disposition of any Collateral or (y) any release of a Lien, in each case, to the
extent permitted by the express terms of this Agreement, to release a Lien granted to the Collateral Agent, for the benefit of the Secured
Parties, on such asset;

 

(ii)              
with respect to the Administrative Agent only, to determine that the cost to the Borrower is disproportionate to the benefit
to be realized by the Secured Parties by perfecting a Lien in a given asset or group of assets included in the Collateral and that should
not be required to perfect such Lien in favor of the Collateral Agent, for the benefit of the Secured Parties; and

 

(iii)            
to enter into the other Loan Documents on terms acceptable to the Administrative Agent and to perform its respective obligations
thereunder to enter into any other agreements reasonably satisfactory to the Administrative Agent granting Liens to the Collateral Agent,
for the benefit of the Secured Parties, on any assets of the Borrower to secure the Obligations; and

 

 

 

 

    	 	93	 

     

    

 

(iv)             
to enter into intercreditor and/or subordination agreements in accordance with Section 6.01 on terms reasonably acceptable
to the Collateral Agent and to perform its obligations thereunder and to take such action and to exercise the powers, rights and remedies
granted to it thereunder and with respect thereto.

 

(c)               
Each of the parties hereto agrees that upon the date that the Discharge of Secured Obligations occurs, each of the Liens
granted to the Collateral Agent, for the benefit of the Secured Parties, hereunder shall automatically be discharged and released without
any further action by any Person.

 

(d)               
It is understood and agreed that the use of the term “agent” herein or in any other Loan Documents (or any other
similar term) with reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations
arising under agency doctrine of any applicable law. Instead such term is used as a matter of market custom, and is intended to create
or reflect only an administrative relationship between contracting parties.

 

Section
8.02.            
Rights of Administrative Agent and Collateral Agent. Any institution serving as the
Administrative Agent or the Collateral Agent hereunder shall have the same rights and powers in their respective capacities as a Lender
as any other Lender and may exercise the same as though it were not an Administrative Agent or Collateral Agent and such bank and its
respective Affiliates may accept deposits from, lend money to and generally engage in any kind of business with the Borrower or any Subsidiary
or other Affiliate thereof as if it were not an Administrative Agent or Collateral Agent hereunder.

 

Section
8.03.            
Liability of Agents.

 

(a)               
Each of the Administrative Agent and the Collateral Agent shall not have any duties or obligations except those expressly
set forth herein and in the other Loan Documents, and its duties hereunder and thereunder shall be administrative in nature. Without limiting
the generality of the foregoing, (i) the Administrative Agent and the Collateral Agent shall not be subject to any fiduciary or
other implied duties, regardless of whether an Event of Default has occurred and is continuing, (ii) the Administrative Agent
and the Collateral Agent shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary
rights and powers expressly contemplated hereby or by the other Loan Documents that each such agent is required to exercise in writing
as directed by the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as
provided in ‎Section 10.08 or in the other Loan Documents) and (iii) except as expressly set forth herein and in the other
Loan Documents, the Administrative Agent and the Collateral Agent shall not have any duty to disclose, and shall not be liable for the
failure to disclose, any information relating to the Borrower or any of its Subsidiaries that is communicated to or obtained by the institution
serving as an Administrative Agent or Collateral Agent or any of its Affiliates in any capacity. The Administrative Agent shall not be
liable for any action taken or not taken by it with the consent or at the request of the Required Lenders (or such other number or percentage
of the Lenders as shall be necessary under the circumstances as provided in ‎Section 10.08) or in the absence of its own gross
negligence, bad faith or willful misconduct. The Administrative Agent shall be deemed not to have knowledge of any Event of Default unless
and until written notice thereof is given to the Administrative Agent by the Borrower or a Lender, and the Administrative Agent shall
not be responsible for, or have any duty to ascertain or inquire into, (A) any statement, warranty or representation made in or
in connection with this Agreement, (B) the contents of any certificate, report or other document delivered hereunder or in connection
herewith, (C) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein,
(D) the validity, enforceability, effectiveness or genuineness of this Agreement or any other agreement, instrument or document,
or (E) the satisfaction of any condition set forth in ‎Section 4 or elsewhere herein, other than to confirm receipt
of items expressly required to be delivered to the Administrative Agent, and (iv) each of the Administrative Agent and the Collateral
Agent will not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Administrative Agent,
or the Collateral Agent, as applicable, to liability or that is contrary to any Loan Document or applicable law, including for the avoidance
of doubt, any action that may be in violation of the automatic stay under any Federal, state or foreign bankruptcy, insolvency, receivership
or similar law now or hereafter in effect or that may effect a forfeiture, modification or termination of property of a Defaulting Lender
in violation of any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect.

 

 

 

    	 	94	 

     

    

 

(b)               
The Administrative Agent and the Collateral Agent shall be entitled to rely upon, and shall not incur any liability for
relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing believed by it to be genuine
and to have been signed or sent by the proper Person. Each of the Administrative Agent and the Collateral Agent also may rely upon any
statement made to it orally or by telephone and believed by it to be made by the proper Person, and shall not incur any liability for
relying thereon. Each of the Administrative Agent and the Collateral Agent may consult with legal counsel (who may be counsel for the
Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in
accordance with the advice of any such counsel, accountants or experts.

 

(c)               
Each of the Administrative Agent and the Collateral Agent may perform any and all of its respective duties and exercise
its respective rights and powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by such
agent. The Administrative Agent and the Collateral Agent and any such sub-agent may perform any and all of its duties and exercise its
rights and powers through its Related Parties. The exculpatory provisions of the preceding paragraphs shall apply to any such sub-agent
and to the Related Parties of the Administrative Agent and the Collateral Agent and any such sub-agent, and shall apply to their respective
activities in connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent
and Collateral Agent.

 

Section
8.04.            
Reimbursement and Indemnification. Each Lender agrees (a) to reimburse on demand
the Administrative Agent (and the Collateral Agent) for such Lender’s Aggregate Exposure Percentage of any expenses and fees incurred
for the benefit of the Lenders under this Agreement and any of the Loan Documents, including, without limitation, counsel fees and compensation
of agents and employees paid for services rendered on behalf of the Lenders, and any other expense incurred in connection with the operations
or enforcement thereof, not reimbursed by the Borrower and (b) to indemnify and hold harmless the Administrative Agent and the
Collateral Agent and any of their Related Parties, on demand, in the amount equal to such Lender’s Aggregate Exposure Percentage,
from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses, or disbursements
of any kind or nature whatsoever which may be imposed on, incurred by, or asserted against it or any of them in any way relating to or
arising out of this Agreement or any of the Loan Documents or any action taken or omitted by it or any of them under this Agreement or
any of the Loan Documents to the extent not reimbursed by the Borrower (except such as shall result from its gross negligence or willful
misconduct).

 

 

 

 

 

 

    	 	95	 

     

    

 

Section
8.05.            
Successor Agents. Subject to the appointment and acceptance of a successor agent as
provided in this paragraph, each of the Administrative Agent and Collateral Agent may resign at any time by notifying the Lenders, the
Issuing Lenders and the Borrower. Upon any such resignation by the Administrative Agent or the Collateral Agent, the Required Lenders
shall have the right, with the consent (provided no Event of Default has occurred or is continuing) of the Borrower (such consent not
to be unreasonably withheld or delayed), to appoint a successor. If no successor shall have been so appointed by the Required Lenders
and shall have accepted such appointment within thirty (30) days after the retiring Administrative Agent or Collateral Agent gives
notice of its resignation, then the retiring Administrative Agent or Collateral Agent may, in consultation with the Borrower, on behalf
of the Lenders and the Issuing Lenders, appoint a successor Administrative Agent or Collateral Agent which shall be a bank institution
with an office in New York, New York, or an Affiliate of any such bank. Upon the acceptance of its appointment as Administrative Agent
or Collateral Agent hereunder by a successor, such successor shall succeed to and become vested with all the rights, powers, privileges
and duties of the retiring Administrative Agent or Collateral Agent, as applicable, and the retiring Administrative Agent or shall be
discharged from its duties and obligations hereunder. The fees payable by the Borrower to a successor Administrative Agent or Collateral
Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the
retiring Administrative Agent’s or Collateral Agent’s resignation hereunder, the provisions of this Article and ‎Section
10.04 shall continue in effect for the benefit of such retiring Administrative Agent or Collateral Agent, their respective 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 an Administrative
Agent or Collateral Agent, as applicable.

 

Section
8.06.            
Independent Lenders. Each Lender acknowledges that it has, independently and without
reliance upon the Administrative Agent or the Collateral Agent or any other Lender and based on such documents and information as it has
deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will,
independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it
shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement,
any related agreement or any document furnished hereunder or thereunder.

 

Section
8.07.            
Advances and Payments.

 

(a)               
On the date of each Revolving Loan, the Administrative Agent shall be authorized (but not obligated) to advance, for the
account of each of the Lenders, the amount of the Revolving Loan to be made by it in accordance with its 2024 Revolving Commitment or
20232025 Revolving Commitment, as applicable,
hereunder. Should the Administrative Agent do so, each of the Lenders agrees forthwith to reimburse the Administrative Agent in immediately
available funds for the amount so advanced on its behalf by the Administrative Agent, together with interest at the NYFRB Rate if not
so reimbursed on the date due from and including such date but not including the date of reimbursement.

 

(b)               
Any amounts received by the Administrative Agent in connection with this Agreement (other than amounts to which the Administrative
Agent is entitled pursuant to Sections ‎2.18, ‎2.19, ‎8.04 and ‎10.04), the application of
which is not otherwise provided for in this Agreement, shall be applied in accordance with ‎Section 2.17(b). All amounts to
be paid to a Lender by the Administrative Agent shall be credited to that Lender, after collection by the Administrative Agent, in immediately
available funds either by wire transfer or deposit in that Lender’s correspondent account with the Administrative Agent, as such
Lender and the Administrative Agent shall from time to time agree.

 

 

 

 

    	 	96	 

     

    

 

Section
8.08.            
Sharing of Setoffs. Each Lender agrees
that, except to the extent this Agreement expressly provides for payments to be allocated to a particular Lender or to the Lenders under
a particular Revolving Facility, if it shall, through the exercise either by it or any of its banking Affiliates of a right of banker’s
lien, setoff or counterclaim against the Borrower, including, but not limited to, a secured claim under Section 506 of the Bankruptcy
Code or other security or interest arising from, or in lieu of, such secured claim and received by such Lender (or any of its banking
Affiliates) under any applicable bankruptcy, insolvency or other similar law, or otherwise, obtain payment in respect of its Revolving
Loans or LC Exposure under such Revolving Facility as a result of which the unpaid
portion of its Revolving Loans or LC Exposure thereunder is proportionately
less than the unpaid portion of the Revolving Loans or LC Exposure thereunder
of any other Lender (a) it shall promptly purchase at par (and shall
be deemed to have thereupon purchased) from such other Lender a participation in the Revolving Loans
or LC Exposure thereunder of such other Lender, so that the aggregate unpaid principal amount of each Lender’s Revolving
Loans and LC Exposure under such Revolving Facility and its participation in
Revolving Loans and LC Exposure under such Revolving Facility of the other
Lenders shall be in the same proportion to the aggregate unpaid principal amount of all Revolving Loans
then outstanding and LC Exposure, in each case under such Revolving Facility, as the principal amount of its Revolving Loans
and LC Exposure under such Revolving Facility prior to the obtaining of such payment was to the principal amount of all Revolving
Loans outstanding and LC Exposure, in each case under such Revolving Facility,
prior to the obtaining of such payment and (b) such other adjustments
shall be made from time to time as shall be equitable to ensure that the Lenders under such Revolving Facility share such payment pro-rata,
provided that if any such non-pro-rata payment is thereafter recovered or otherwise set aside, such purchase of participations shall be
rescinded (without interest). The Borrower expressly consents to the foregoing arrangements and agrees, to the fullest extent permitted
by law, that any Lender holding (or deemed to be holding) a participation in a Revolving Loan
or LC Exposure acquired pursuant to this Section or any of its banking Affiliates may exercise any and all rights of banker’s lien,
setoff or counterclaim with respect to any and all moneys owing by the Borrower to such Lender as fully as if such Lender was the original
obligee thereon, in the amount of such participation.

 

Section
8.09.            
Other Agents. No Agent (other than the Administrative Agent and the Collateral Agent)
shall have any right, power, obligation, liability, responsibility or duty under this Agreement other than those applicable to all Lenders
as such. Without limiting the foregoing, no such Agent shall have or be deemed to have any fiduciary relationship with any Lender. Each
Lender acknowledges that it has not relied, and will not rely, on any such Agent in deciding to enter into this Agreement or in taking
or not taking action hereunder.

 

Section
8.10.            
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 withholding tax applicable to such payment. If the Internal
Revenue Service 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 for any reason, or the Administrative Agent has paid over to the Internal Revenue Service applicable
withholding tax relating to a payment to a Lender but no deduction has been made from such payment, without duplication of any indemnification
obligations set forth in ‎Section 8.04, 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 any expenses incurred.

 

 

 

 

    	 	97	 

     

    

 

Section
8.11.            
Appointment by Secured Parties. Each existing and future Secured Party shall be deemed
to have appointed the Administrative Agent as its agent and the Collateral Agent as its collateral agent under the Loan Documents in accordance
with the terms of this Section 8 and to have acknowledged that the provisions of this Section 8 apply to such Secured Party mutatis
mutandis as though it were a party hereto (and any acceptance by such Secured Party of the benefits of this Agreement or any other
Loan Document shall be deemed an acknowledgment of the foregoing).

 

Section
8.12.            
Certain ERISA Matters. (a) Each Lender (x) represents and warrants, as of the date
such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such
Person ceases being a Lender party hereto, for the benefit of, the Agents and their respective Affiliates, and not, for the avoidance
of doubt, to or for the benefit of the Borrower, that at least one of the following is and will be true:

 

(i)                
such Lender is not using “plan assets” (within the meaning of the Plan Asset Regulations) of one or more Benefit
Plans in connection with the Revolving Loans, the Letters of Credit or the Revolving 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 Revolving Loans, the Letters of Credit, the Revolving Commitments and this Agreement, and the conditions for
exemptive relief thereunder are and will continue to be satisfied in connection therewith,

 

(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 Revolving Loans, the Letters of Credit, the Revolving Commitments and this Agreement,
(C) the entrance into, participation in, administration of and performance of the Revolving Loans, the Letters of Credit, the Revolving
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 Revolving Loans, the Letters of Credit, the Revolving 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.

 

 

 

 

    	 	98	 

     

    

 

(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
Agents and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower, that:

 

(i)                
none of the Agents 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, any Loan Document 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 Revolving Loans, the Letters of Credit, the Revolving Commitments and this Agreement is independent
(within the meaning of 29 CFR § 2510.3-21, as amended from time to time) 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 $50,000,000, 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 Revolving Loans, the Letters of Credit, the Revolving 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 Revolving Loans, the Letters of Credit, the Revolving Commitments and this Agreement is a fiduciary
under ERISA or the Code, or both, with respect to the Revolving Loans, the Letters of Credit, the Revolving 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 Agents or any their respective Affiliates for investment advice
(as opposed to other services) in connection with the Revolving Loans, the Letters of Credit, the Revolving Commitments or this Agreement.

 

(c)               
The Agents hereby inform 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 Revolving Loans, the Letters of Credit, the Revolving Commitments and this Agreement, (ii) may recognize a gain if
it extended the Revolving Loans, the Letters of Credit or the Revolving Commitments for an amount less than the amount being paid for
an interest in the Revolving Loans, the Letters of Credit or the Revolving 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.

 

 

 

 

    	 	99	 

     

    

 

Section
9.

[RESERVED]

 

Section
10.

MISCELLANEOUS

 

Section
10.01.         Notices.
(a) Except in the case of notices and other communications expressly permitted to be given by telephone (and subject to paragraph ‎(b)
below), all notices and other communications provided for herein or under any other Loan Document shall be in writing (including by facsimile
or electronic mail (other than to the Borrower, unless agreed) pursuant to procedures approved by the Administrative Agent), and shall
be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopy, as follows:

 

(i)                
if to the Borrower, to it at Delta Air Lines, Inc., 1030 Delta Boulevard, Atlanta, GA 30354, Attention of: (x) Treasurer,
Dept. 856, Telecopier No.: (404) 715-3110, Telephone No.: (404) 715-5993 and (y) Chief Legal Officer, Dept. 971, Telecopier No.: (404)
715-2233, Telephone No.: (404) 715-2191;

 

(ii)              
if to JPMCB as Administrative Agent, to it at JPMorgan Chase Bank, N.A., Loan and Agency Services Group, 500 Stanton Christiana
Road, 1/NCC5, Newark, Delaware 19713, Attention of: Nicole C. Reilly (Email Address: nicole.c.reilly@jpmorgan.com), with a copy to
JPMorgan Chase Bank, N.A., 383 Madison Avenue, New York, New York 10179, Attention of: Cristina Caviness (Email Address: cristina.caviness@jpmorgan.com);

 

(iii)            
if to an Issuing Lender, to it at the address most recently specified by it in notice delivered by it to the Administrative
Agent and the Borrower, with a copy to the Administrative Agent as provided in clause ‎(ii) above; and

 

(iv)             
if to any other Lender, to it at its address (or telecopy number) set forth on Schedule 2.01 hereto or, if subsequently
delivered, an administrative questionnaire in a form as the Administrative Agent may require.

 

(b)               
Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communications pursuant
to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to ‎Section
2 unless otherwise agreed by the Administrative Agent and the applicable Lender. The Administrative Agent or the Borrower may, in its
reasonable 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.

 

(c)               
Any party hereto may change its address or telecopy number for notices and other communications hereunder by notice to the
other parties hereto. All notices and other communications given to any party hereto in accordance with the provisions of this Agreement
shall be deemed to have been given on the date of receipt.

 

Section
10.02.         Successors
and Assigns. (a) The provisions of this Agreement shall be binding upon and inure to the benefit
of the parties hereto and their respective successors and assigns permitted hereby (including any Affiliate of an Issuing Lender that
issues any Letter of Credit), except that (i) the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder
(other than as permitted by Section 6.02(a)) without the prior written consent of each Lender (and any attempted assignment or transfer
by the Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations
hereunder except in accordance with this ‎Section 10.02. 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 (including any Affiliate of an
Issuing Lender that issues any Letter of Credit), Participants (to the extent provided in paragraph ‎(d) of this ‎Section 10.02)
and, to the extent expressly contemplated hereby, the Related Parties of the Administrative Agent, the Issuing Lenders and the Lenders)
any legal or equitable right, remedy or claim under or by reason of this Agreement.

 

 

 

 

    	 	100	 

     

    

 

(b)               
(i) Subject to the conditions set forth in paragraph ‎(b)‎(ii) below, any Lender may assign to
one or more Eligible Assignees all or a portion of its rights and obligations under any Revolving Facility (including all or a portion
of its Revolving Commitment and the Revolving Loans under such Revolving Facility at the time owing to it) with the prior written consent
(such consent not to be unreasonably withheld or delayed) of:

 

(A)             
the Administrative Agent; provided that no consent of the Administrative Agent shall be required if the assignee
is a Lender or an Affiliate of a Lender;

 

(B)             
the Borrower; provided that no consent of the Borrower shall be required for an assignment (1) if an Event of
Default under ‎Section 7.01(b), ‎Section 7.01(f) or ‎Section 7.01(g) has occurred and is continuing or (2) if the assignee
is a Lender or an Eligible Affiliate Assignee; and

 

(C)             
each Issuing Lender under such Revolving Facility; provided that no consent of any Issuing Lender shall be required
if the assignee is a Lender or an Affiliate of a Lender;

 

(ii)              
Assignments shall be subject to the following additional conditions:

 

(A)             
any assignment of any portion of the Total Revolving Commitment, Revolving Loans and LC Exposure shall be made to an Eligible
Assignee;

 

(B)             
except in the case of an assignment to a Lender or an Affiliate of a Lender or an assignment of the entire remaining amount
of the assigning Lender’s Revolving Commitment or Revolving Loans, the amount of such Revolving Commitment or Revolving Loans of
the assigning Lender subject to each such assignment (determined as of the date the Assignment and Acceptance with respect to such assignment
is delivered to the Administrative Agent) shall not be less than $5,000,000, and after giving effect to such assignment, the portion of
the Revolving Loan or Revolving Commitment held by the assigning Lender of the same tranche as the assigned portion of the Revolving Loan
or Revolving Commitment shall not be less than $5,000,000, in each case unless the Borrower and the Administrative Agent otherwise consent,
provided that any such assignment shall be in increments of $500,000 in excess of the minimum amount described above;

 

(C)             
each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights
and obligations under this Agreement, provided that this clause shall not be construed to prohibit the assignment of a proportionate
part of all the assigning Lender’s rights and obligations in respect of one (1) Class of Revolving Commitments or Revolving Loans;

 

(D)             
the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Acceptance, together
with a processing and recordation fee of $3,500 for the account of the Administrative Agent (unless otherwise agreed); and

 

(E)              
the assignee, if it was not a Lender immediately prior to such assignment, shall deliver to the Administrative Agent an
administrative questionnaire in a form as the Administrative Agent may require.

 

The Administrative Agent shall not be responsible
for monitoring the Disqualified Institutions list and shall have no liability for non-compliance by any Lender. The Disqualified Institutions
list shall be made available to any Lender upon request to the Administrative Agent.

 

 

 

 

    	 	101	 

     

    

 

(iii)            
Subject to acceptance and recording thereof pursuant to paragraph ‎(b)‎(iv) of
this ‎Section 10.02, from and after the effective date specified in each Assignment and Acceptance, the assignee thereunder
shall be a party hereto and, to the extent of the interest assigned by such Assignment and Acceptance, have the rights and obligations
of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment
and Acceptance, be released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all of
the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue
to be entitled to the benefits of Sections ‎2.14, ‎2.16 and ‎10.04). Any assignment
or transfer by a Lender of rights or obligations under this Agreement that does not comply with this ‎Section 10.02
shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance
with paragraph ‎(d) of this Section.

 

(iv)             
The Administrative Agent shall maintain at its offices a copy of each Assignment and Acceptance delivered to it and a register
for the recordation of the names and addresses of the Lenders, and the Revolving Commitments of, and principal amount (and stated interest)
of the Revolving Loans and LC Disbursements under each Revolving Facility owing to, each Lender pursuant to the terms hereof from time
to time (the “Register”). The entries in the Register shall be conclusive absent manifest error, and the Borrower,
the Administrative Agent, the Issuing Lenders and the Lenders shall treat each Person whose name is recorded in the Register pursuant
to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall
be available for inspection by the Borrower, the Issuing Lenders and any Lender, at any reasonable time and from time to time upon reasonable
prior notice.

 

(v)               
Notwithstanding anything to the contrary contained herein, no assignment may be made hereunder to any Defaulting Lender
or any of its subsidiaries, or any Person who, upon becoming a Lender hereunder, would constitute any of the foregoing Persons described
in this clause ‎(v).

 

(vi)             
In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment will
be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment make such additional
payments to the Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright
payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including funding, with the
consent of the Borrower and the Administrative Agent, the applicable pro rata share of Revolving Loans under each applicable Revolving
Facility previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably
consent), to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Borrower, Administrative Agent,
the Issuing Lender and each other Lender under each applicable Revolving Facility (and interest accrued thereon), and (y) acquire (and
fund as appropriate) its full pro rata share of all Revolving Loans and participations in Letters of Credit in accordance with
its Aggregate Exposure Percentage. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting
Lender hereunder becomes effective under applicable law without compliance with the provisions of this paragraph, then the assignee of
such interest will be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs.

 

(c)               
Upon its receipt of a duly completed Assignment and Acceptance executed by an assigning Lender and an assignee, the assignee’s
completed administrative questionnaire in a form as the Administrative Agent may require (unless the assignee shall already be a Lender
hereunder), the processing and recordation fee referred to in paragraph ‎(b) of this Section and any written consent to
such assignment required by paragraph ‎(b) of this Section, the Administrative Agent shall accept such Assignment and Acceptance
and record the information contained therein in the Register; provided that if either the assigning Lender or the assignee shall
have failed to make any payment required to be made by it pursuant to ‎Section 2.02(d) or ‎(e), ‎2.04(a),
‎8.04 or ‎10.04(c), the Administrative Agent shall have no obligation to accept such Assignment and Acceptance and
record the information therein in the Register unless and until such payment shall have been made in full, together with all accrued interest
thereon. No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this
paragraph.

 

 

 

    	 	102	 

     

    

 

(d)                (i)
Any Lender may, without the consent of the Borrower, the Administrative Agent or any Issuing Lender, sell participations to one or
more banks or other entities (other than a Disqualified Institution to the extent the Disqualified Institutions list is made
available to any Lender upon request to the Administrative Agent) (a “Participant”) in all or a portion of such
Lender’s rights and obligations under this Agreement (including all or a portion of its Revolving Commitment and the Revolving
Loans); provided that (A) such Lender’s obligations under this Agreement shall remain unchanged, (B) such
Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (C) the
Borrower, the Administrative Agent, the Issuing Lenders 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. Any agreement or instrument pursuant to
which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and
to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or
instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or
waiver described in the first proviso to ‎Section 10.08(a) that affects such Participant. Subject to paragraph ‎(d)‎(ii)
of this Section, the Borrower agrees that each Participant shall be entitled to the benefits of Sections ‎2.14 and ‎2.16
to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph ‎(b) of this
Section. To the extent permitted by law, each Participant also shall be entitled to the benefits of ‎Section 8.08 as
though it were a Lender, provided such Participant agrees to be subject to the requirements of ‎Section 8.08 as though it
were a Lender. Each Lender that sells a participation, acting solely for this purpose as a non-fiduciary agent of the Borrower,
shall maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated
interest) of each Participant’s interest in the Revolving Loans or other obligations under this Agreement (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 Revolving Commitments, Revolving Loans, Letters of Credit or its other obligations under this
Agreement or any Loan Document) except to the extent that such disclosure is necessary to establish that such Revolving Commitment,
Revolving Loan, Letter of Credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury
Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender, the Borrower and
the Administrative Agent shall treat each person whose name is recorded in the Participant Register pursuant to the terms hereof as
the owner of such participation for all purposes of this Agreement, notwithstanding notice to the contrary.

 

(ii)              
A Participant shall not be entitled to receive any greater payment under ‎Section 2.16 than the applicable
Lender would have been entitled to receive with respect to the participation sold to such Participant. A Participant that would be a Foreign
Lender if it were a Lender shall not be entitled to the benefits of ‎Section 2.16 unless such Participant agrees, for
the benefit of the Borrower, to comply with Sections ‎2.16(f), ‎2.16(g), ‎2.16(h)
and ‎2.18 as though it were a Lender.

 

(e)               
Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement
to secure obligations of such Lender, including without limitation any pledge or assignment to secure obligations to a Federal Reserve
Bank or any central bank having jurisdiction over such Lender, and this ‎Section 10.02 shall not apply to any such pledge or
assignment of a security interest; provided that no such pledge or assignment of a security interest shall release a Lender from
any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

 

(f)                
Any Lender may, in connection with any assignment or participation or proposed assignment or participation pursuant to this
‎Section 10.02, disclose to the assignee or participant or proposed assignee or participant, any information relating to the
Borrower furnished to such Lender by or on behalf of the Borrower; provided that prior to any such disclosure, each such assignee
or participant or proposed assignee or participant are advised of and agree to be bound by either the provisions of ‎Section
10.03 or other provisions at least as restrictive as ‎Section 10.03.

 

 

 

 

    	 	103	 

     

    

 

Section
10.03.         Confidentiality.
Each Lender and each Agent agrees to keep any information delivered or made available by or on behalf of the Borrower to it confidential,
in accordance with its customary procedures, from anyone other than persons employed or retained by such Lender or Agent who are or are
expected to become engaged in evaluating, approving, structuring or administering the Revolving Loans, and who are advised by such Lender
or Agent of the confidential nature of such information; provided that nothing herein shall prevent any Lender or Agent from disclosing
such information (a) to any of its Related Parties and their respective agents, legal counsel, auditors and other advisors (it being
understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such information and instructed
to keep such information confidential, and the applicable Lender or Agent shall be responsible for compliance by such Persons with such
obligation) or to any other Lender, (b) upon the order of any court or administrative agency, (c) upon the request or demand of
any regulatory agency or authority (including in connection with any audit or examination by a bank examiner exercising examination or
regulatory authority over such Lender or Agent), (d) which has been publicly disclosed other than as a result of a disclosure by any
Lender or Agent which is not permitted by this Agreement, (e) in connection with any litigation to which any Lender or Agent, or their
respective Affiliates may be a party to the extent reasonably required, (f) to the extent reasonably required in connection with the
exercise of any remedy hereunder, (g) with the Borrower’s consent, (h) to any nationally recognized rating agency that requires
access to information about a Lender or Agent’s investment portfolio in connection with ratings issued with respect to such Lender
or Agent and (i) to any actual or proposed participant or assignee of all or part of its rights hereunder or to any direct or indirect
contractual counterparty (or the professional advisors thereto) to any swap or derivative transaction relating to the Borrower and its
obligations, in each case, (i) other than a Disqualified Institution and (ii) subject to the proviso in ‎Section 10.02(f) (with
any reference to any assignee or participant set forth in such proviso being deemed to include a reference to such contractual counterparty
for purposes of this ‎Section 10.03(g)). If any Lender or Agent is in any manner requested or required to disclose any of the information
delivered or made available to it by the Borrower under clauses ‎(b) or ‎(e) of this Section, such Lender or Agent will, to the
extent permitted by law, provide the Borrower with prompt notice, to the extent reasonable, so that the Borrower may seek, at its sole
expense, a protective order or other appropriate remedy or may waive compliance with this Section. In addition, any Lender or Agent may
disclose information pertaining to this Agreement routinely provided by arrangers to data service providers, including league table providers,
that serve the lending industry.

 

 

 

 

    	 	104	 

     

    

 

Section
10.04.         Expenses;
Indemnity; Damage Waiver. (a) (i) The Borrower shall pay or reimburse: (b) all reasonable fees
and reasonable out-of-pocket expenses of the Administrative Agent and the Arrangers (limited in the case of legal fees and expenses, to
the reasonable fees, disbursements and other charges of Simpson Thacher & Bartlett LLP, as counsel to the Administrative Agent) associated
with the syndication of the credit facilities provided for herein, and the preparation, execution, delivery and administration of the
Loan Documents and (in the case of the Administrative Agent) any amendments, modifications or waivers of the provisions hereof (whether
or not the transactions contemplated hereby or thereby shall be consummated); and (c) all fees and out-of-pocket expenses of the
Administrative Agent and the Lenders (limited in the case of legal fees and expenses, to one (1) outside counsel to the Administrative
Agent and the Lenders, taken as a whole (and, in the case of an actual or perceived conflict of interest, an additional counsel to all
such similarly situated affected parties)) in connection with the enforcement of the Loan Documents.

 

(ii)              
The Borrower shall pay or reimburse (A) all reasonable fees and reasonable expenses of the Administrative Agent and the
Appraisers incurred in connection with the Administrative Agent’s (x) periodic appraisals and (y) other monitoring of Collateral
as allowed hereunder and (B) all reasonable fees and reasonable expenses of the Issuing Lenders in connection with the issuance, amendment,
renewal or extension of any Letter of Credit or any demand or any payment thereunder.

 

(iii)            
All payments or reimbursements pursuant to the foregoing clauses ‎(a)‎(i) and ‎(ii)
shall be paid within thirty (30) days of written demand together with back-up documentation supporting such reimbursement request.

 

(b)               
The Borrower shall indemnify each Agent, the Issuing Lenders and each Lender, and each Related Party of any of the foregoing
Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all
losses, claims, damages, liabilities and related expenses (limited in the case of legal fees and expenses, to one (1) outside counsel
to all Indemnitees, taken as a whole (and, in the case of an actual or perceived conflict of interest, an additional counsel to all such
similarly situated affected Indemnitees)) incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result
of (i) the execution or delivery of this Agreement or any agreement or instrument contemplated hereby, the performance by the
parties hereto of their respective obligations hereunder or the consummation of the Transactions or any other transactions contemplated
hereby, (ii) any Revolving Loan or Letter of Credit or the use of the proceeds therefrom (including any refusal by any Issuing
Lender to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly
comply with the terms of such Letter of Credit), (iii) in connection with clauses ‎(i) and ‎(ii) above,
any Release of Hazardous Materials on or from any property owned or operated by the Borrower or any of its Subsidiaries, or any Environmental
Liability related to or asserted against the Borrower or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation,
investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory and regardless of whether
any Indemnitee is a party thereto and whether or not the same are brought by the Borrower, its equity holders, affiliates or creditors
or any other Person; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses,
claims, damages, liabilities or related expenses are determined by a court of competent jurisdiction by final and nonappealable judgment
to (x) have resulted from the material breach of the obligations of such Indemnitee under the Loan Documents or the bad faith, gross negligence
or willful misconduct of such Indemnitee or (y) arise from disputes solely among the Indemnitees (other than any dispute involving claims
against any Person in its capacity as an Agent or similar role hereunder) that do not involve an act or omission by the Borrower or any
of its Subsidiaries. For the avoidance of doubt, no Indemnitee shall be liable for any damages arising from the use by others of information
or other materials obtained through electronic, telecommunications or other information transmission systems, except to the extent any
such damages are found by a final non-appealable judgment of a court of competent jurisdiction to arise from the gross negligence or willful
misconduct of such Indemnitee. This ‎Section 10.04(b) shall not apply with respect to Taxes other than Taxes that represent
losses or damages arising from any non-Tax claim.

 

 

 

 

    	 	105	 

     

    

 

(c)               
To the extent that the Borrower fails to pay any amount required to be paid by it to the Administrative Agent or an Issuing
Lender under paragraph ‎(a) or ‎(b) of this ‎Section 10.04, each Lender severally agrees to pay to the
Administrative Agent or the applicable Issuing Lender, as the case may be, such portion of the unpaid amount equal to such Lender’s
Aggregate Exposure Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought); provided
that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or
asserted against the Administrative Agent or the applicable Issuing Lender in its capacity as such.

 

(d)               
To the extent permitted by applicable law, neither the Borrower nor any Indemnitee shall have any liability for special,
indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result
of, this Agreement or any agreement or instrument contemplated hereby, the Transactions, any Revolving Loan or Letter of Credit or the
use of the proceeds thereof (other than in respect of such damages incurred or paid by an Indemnitee to a third party).

 

Section
10.05.         Governing
Law; Jurisdiction; Consent to Service of Process. (a) This Agreement shall be construed in accordance
with and governed by the law of the State of New York.

 

(b)               
Each party hereto hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction
of the Supreme Court of the State of New York sitting in New York County and of the United States District Court of the Southern District
of New York sitting in New York County, 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 parties hereto hereby irrevocably and unconditionally
agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State court 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, to the extent permitted by law, be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other
manner provided by law.

 

(c)               
Each party hereto hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do
so, any objection which 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 10.05. Each of the parties hereto
hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action
or proceeding in any such court.

 

(d)               
Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in ‎Section
10.01. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by
law.

 

 

 

 

    	 	106	 

     

    

 

Section
10.06.         No Waiver.
No failure on the part of the Administrative Agent or the Collateral Agent or any of the Lenders to exercise, and no delay in exercising,
any right, power or remedy hereunder or any of the other Loan Documents shall operate as a waiver thereof, nor shall any single or partial
exercise of any such right, power or remedy preclude any other or further exercise thereof or the exercise of any other right, power or
remedy. All remedies hereunder are cumulative and are not exclusive of any other remedies provided by law.

 

Section
10.07.         Extension
of Maturity. Should any payment of principal of or interest or any other amount due hereunder become
due and payable on a day other than a Business Day, the maturity thereof shall be extended to the next succeeding Business Day and, in
the case of principal, interest shall be payable thereon at the rate herein specified during such extension.

 

Section
10.08.         Amendments,
etc. 

 

(a)               
Except as set forth in ‎Section 2.09 or as otherwise set forth in this Agreement, no modification, amendment
or waiver of any provision of this Agreement, and no consent to any departure by the Borrower therefrom, shall in any event be effective
unless the same shall be in writing and signed by the Required Lenders (or signed by the Administrative Agent with the consent of the
Required Lenders), and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given;
provided, however, that no such modification or amendment shall without the prior written consent of:

 

(i)                
each Lender directly and adversely affected thereby (A) increase the Revolving Commitment of any Lender or extend the
termination date of the Revolving Commitment of any Lender (it being understood that a waiver of an Event of Default shall not constitute
an increase in or extension of the termination date of the Revolving Commitment of a Lender), or (B) reduce the principal amount of
any Revolving Loan, any reimbursement obligation in respect of any Letter of Credit, or the rate of interest payable thereon (provided
that only the consent of the Required Lenders shall be necessary for a waiver of default interest referred to in ‎Section
2.08), or extend any date for the payment of principal, interest or Fees hereunder or reduce any Fees payable hereunder or extend the
final maturity of the Borrower’s obligations hereunder or (C) amend, modify or waive any provision of ‎Sections
2.17(b) or ‎(e);

 

(ii)              
all of the Lenders (A) amend or modify any provision of this Agreement which provides for the unanimous consent or approval
of the Lenders or (B) amend this ‎Section 10.08 that has the effect of changing the number or percentage of Lenders
that must approve any modification, amendment, waiver or consent or modify the percentage of the Lenders required in the definition of
Required Lenders;

 

(iii)            
(x) the Required 2024 Lenders in addition to the Required Lenders to change the definition of the term “Required 2024
Lenders” and (y) the Required 20232025
Lenders in addition to the Required Lenders to change the definition of the term “Required 20232025
Lenders”; and

 

provided further, that any waiver, amendment
or modification of this Agreement that by its terms affects the rights or duties under this Agreement of one (1) Class of Lenders (but
not of any other Class of Lenders) may be effected by an agreement or agreements in writing entered into by the Borrower and the requisite
percentage in interest of the affected Class of Lenders that would be required to consent thereto under this section if such Class of
Lenders were the only Class of Lenders hereunder at the time.

 

 

 

 

    	 	107	 

     

    

 

(b)               
No such amendment or modification shall adversely affect the rights and obligations of the Administrative Agent or any Issuing
Lender hereunder without its prior written consent.

 

(c)               
No notice to or demand on the Borrower shall entitle the Borrower to any other or further notice or demand in the same,
similar or other circumstances. Each assignee under ‎Section 10.02(b) shall be bound by any amendment, modification, waiver,
or consent authorized as provided herein, and any consent by a Lender shall bind any Person subsequently acquiring an interest on the
Revolving Loans held by such Lender. No amendment to this Agreement shall be effective against the Borrower unless signed by the Borrower.

 

(d)               
Notwithstanding anything to the contrary contained in ‎Section 10.08(a), (i) in the event that the Borrower
requests that this Agreement be modified or amended in a manner which would require the unanimous consent of all of the Lenders or the
consent of all Lenders directly and adversely affected thereby and, in each case, such modification or amendment is agreed to by the Required
Lenders or the Required 2024 Lenders or Required 20232025
Lenders, as applicable, then the Borrower may replace any non-consenting Lender in accordance with ‎Section 10.02; provided
that such amendment or modification can be effected as a result of the assignment contemplated by such Section (together with all other
such assignments required by the Borrower to be made pursuant to this clause ‎(i)); (ii) no Defaulting Lender shall have
any right to approve or disapprove any amendment, waiver or consent hereunder, except that the Revolving Commitment of such Lender may
not be increased or extended without the consent of such Lender (it being understood that the Revolving Commitment and the outstanding
Revolving Loans or other extensions of credit held or deemed held by any Defaulting Lender shall be excluded for a vote of the Lenders
hereunder requiring any consent of the Lenders), (iii) notwithstanding anything to the contrary herein, any Extension Agreement effected
in accordance with ‎Section 2.29 may be made without the consent of the Required Lenders and (iv) if the Administrative
Agent and the Borrower shall have jointly identified any ambiguity, mistake, typographical error or other obvious error or any error or
omission of a technical or immaterial nature in any provision of the Loan Documents (including the exhibits and schedules thereto), then
the Administrative Agent and the Borrower shall be permitted to amend such provision and such amendment shall become effective without
any further action or consent of any other party to any Loan Document.

 

(e)               
In addition, notwithstanding anything to the contrary contained in ‎Section 10.08(a), with the written consent
of the Administrative Agent (not to be unreasonably withheld or delayed), the Borrower and the lenders providing the relevant Refinancing
Revolving Facility, this Agreement and, as appropriate, the other Loan Documents, may be amended as may be necessary or appropriate, in
the reasonable opinion of the Administrative Agent and the Borrower, (x) to permit the creation hereunder of any such Refinancing Revolving
Facility and the incurrence of the related Refinancing Debt (any such amendment, a “Refinancing Amendment”) and (y)
to include appropriately the Lenders holding such credit facilities in any determination of the Required Lenders, Required 2024 Lenders
and/or Required 20232025 Lenders, as applicable.
The effectiveness of any Refinancing Amendment shall be subject to the satisfaction on the date thereof of each of the conditions set
forth in ‎Section 4.02 (other than, with respect to Section 4.02(b), the representations and warranties set forth in Sections
‎3.04(b) and ‎3.06(a)) (it being understood that all references to the making or borrowing of Revolving Loans or
the issuance of Letters of Credit or similar language in such ‎Section 4.02 shall be deemed to refer to the effective date
of such Refinancing Amendment) and such other conditions as the parties thereto shall agree.

 

(f)                
In addition, notwithstanding anything to the contrary contained in Section 10.08, the Borrower may from time to time deliver
to the Administrative Agent an updated Schedule 6.05 to replace the then-existing Schedule 6.05 in connection with (x) any disposition,
transfer or removal by the Borrower or any Subsidiary of the Borrower of any Pool Asset pursuant to Section 6.05 or (y) any designation
of Additional Pool Assets as Pool Assets as contemplated by the definition of Additional Pool Assets set forth in Section 1.01 hereof.

 

 

 

 

    	 	108	 

     

    

 

Section
10.09.         Severability.
Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining
provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any
other jurisdiction.

 

Section
10.10.         Headings.
Section headings used herein are for convenience only and are not to affect the construction of or be taken into consideration in interpreting
this Agreement.

 

Section
10.11.         Survival.
All covenants, agreements, representations and warranties made by the Borrower herein and in the certificates or other instruments delivered
in connection with or pursuant to this Agreement shall be considered to have been relied upon by the other parties hereto and shall survive
the execution and delivery of this Agreement and the making of any Revolving 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 the Administrative Agent, any Issuing Lender
or any Lender may have had notice or knowledge of any Event of Default or incorrect representation or warranty at the time 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 Revolving
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 Revolving Commitments have not expired or terminated. The provisions of Sections ‎2.14, ‎2.15, ‎2.16 and ‎10.04
and ‎Section 8 shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby,
the repayment of the Revolving Loans, the expiration or termination of the Letters of Credit and the Revolving Commitments, or the termination
of this Agreement or any provision hereof.

 

Section
10.12.         Execution
in Counterparts; Integration; Effectiveness. This Agreement may be executed in counterparts (and by
different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together
shall constitute a single contract. This Agreement constitutes the entire contract among the parties relating to the subject matter hereof
and supersedes any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided
in ‎Section 4.01, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the
Administrative Agent shall have received counterparts hereof which, when taken together, bear the signatures of each of the other parties
hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.
Delivery of an executed counterpart of a signature page of this Agreement by telecopy or electronic .pdf copy shall be effective as delivery
of a manually executed counterpart of this Agreement.

 

Section
10.13.         USA Patriot
Act. Each Lender that is subject to the requirements of the Patriot Act hereby notifies the Borrower
that pursuant to the requirements of the Patriot Act, it is required to obtain, verify and record information that identifies the Borrower,
which information includes the name and address of the Borrower and other information that will allow such Lender to identify the Borrower
in accordance with the Patriot Act.

 

 

 

 

    	 	109	 

     

    

 

Section
10.14.         WAIVER
OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY
RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO ANY OF THE LOAN DOCUMENTS
OR THE TRANSACTIONS CONTEMPLATED THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES
THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT,
IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE
BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

Section
10.15.         No Fiduciary
Duty. Each Agent, each Lender and their Affiliates (collectively, solely for purposes of this paragraph,
the “Lenders”), may have economic interests that conflict with those of the Borrower, its stockholders and/or its affiliates.
The Borrower agrees that nothing in the Loan Documents or otherwise related to the Transactions will be deemed to create an advisory,
fiduciary or agency relationship or fiduciary or other implied duty between any Lender, on the one hand, and the Borrower, its stockholders
or its affiliates, on the other hand. The parties hereto acknowledge and agree that (i) the transactions contemplated by the Loan Documents
(including the exercise of rights and remedies hereunder and thereunder) are arm’s-length commercial transactions between the Lenders,
on the one hand, and the Borrower and its Subsidiaries, on the other hand, and (ii) in connection therewith and with the process leading
thereto, (x) no Lender has assumed an advisory or fiduciary responsibility in favor of the Borrower, its stockholders 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 Lender has advised, is currently advising or will advise the Borrower, its stockholders or its affiliates
on other matters) or any other obligation to the Borrower except the obligations expressly set forth in the Loan Documents and (y) each
Lender is acting solely as principal and not as the agent or fiduciary of the Borrower, its management, stockholders, affiliates, creditors
or any other Person. The Borrower acknowledges and agrees that the Borrower has consulted its own legal and financial advisors to the
extent it deemed appropriate and that it is responsible for making its own independent judgment with respect to such transactions and
the process leading thereto. The Borrower agrees that it will not claim that any Lender has rendered advisory services of any nature or
respect, or owes a fiduciary or similar duty to the Borrower, in connection with such transaction or the process leading thereto.

 

Section
10.16.         Acknowledgement
and Consent to Bail-In of Affected Financial Institutions. Notwithstanding anything to the contrary
in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that
any liability of any Affected Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be
subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and
agrees to be bound by:

 

(a)              
the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising
hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and

 

(b)              
the effects of any Bail-In Action on any such liability, including, if applicable:

 

(i)               
a reduction in full or in part or cancellation of any such liability;

 

(ii)              
a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial
Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares
or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement
or any other Loan Document; or

 

(iii)            
the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of
the applicable Resolution Authority.

 

 

 

 

    	 	110	 

     

    

 

Section
10.17.         Registrations
with International Registry. Each of the parties hereto (i) consents to the registrations with the International
Registry of the International Interest constituted by the Aircraft Mortgage, and (ii) covenants and agrees that it will take all such
action reasonably requested by Borrower or Administrative Agent in order to make any registrations with the International Registry, including
without limitation establishing a valid and existing account with the International Registry and appointing an Administrator and/or a
Professional User reasonably acceptable to the Administrative Agent to make registrations with respect to the Aircraft Collateral and
providing consents to any registration as may be contemplated by the Loan Documents.

 

[Remainder of Page Intentionally Left Blank]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	111

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00350-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00350-of-00352.parquet"}]]