Document:

Exhibit 10.7

 

EXECUTION VERSION

 

RECEIVABLES FINANCING AGREEMENT

 

Dated as of May 17, 2016

 

by and among

 

Gardner
Denver Finance II LLC,

as Borrower,

 

THE PERSONS FROM TIME TO TIME PARTY HERETO,

as Lenders and LC Participants,

 

PNC BANK, NATIONAL ASSOCIATION,

as LC Bank,

 

PNC BANK, NATIONAL ASSOCIATION,

as Administrative Agent,

 

GARDNER DENVER, INC.,

as initial Servicer,

 

and

 

PNC CAPITAL MARKETS LLC, as Structuring
Agent

    	 

    	

    

Table
of Contents

 

	 	 	Page
	 	 	 
	ARTICLE I	DEFINITIONS	1

	SECTION 1.01.	Certain Defined Terms	1
	SECTION 1.02.	Other Interpretative Matters	34

	ARTICLE II	TERMS OF THE LOANS	34

	SECTION 2.01.	Loan Facility	34
	SECTION 2.02.	Making Loans; Repayment of Loans	35
	SECTION 2.03.	Interest and Fees	36
	SECTION 2.04.	Records of Loans and Participation Advances	36
	SECTION 2.05.	Defaulting Lenders	37

	ARTICLE III	LETTER OF CREDIT FACILITY	37

	SECTION 3.01.	Letters of Credit	37
	SECTION 3.02.	Issuance of Letters of Credit; Participations	38
	SECTION 3.03.	Requirements For Issuance of Letters of Credit	39
	SECTION 3.04.	Disbursements, Reimbursement	39
	SECTION 3.05.	Repayment of Participation Advances	40
	SECTION 3.06.	Documentation; Documentary and Processing Charges	41
	SECTION 3.07.	Determination to Honor Drawing Request	41
	SECTION 3.08.	Nature of Participation and Reimbursement Obligations	41
	SECTION 3.09.	Indemnity	43
	SECTION 3.10.	Liability for Acts and Omissions	43
	SECTION 3.11.	LC Collateral Accounts	45

	ARTICLE IV	SETTLEMENT PROCEDURES AND PAYMENT PROVISIONS	45

	SECTION 4.01.	Settlement Procedures	45
	SECTION 4.02.	Payments and Computations, Etc	48

	ARTICLE V	INCREASED COSTS; FUNDING LOSSES; TAXES; ILLEGALITY AND SECURITY INTEREST	49

	SECTION 5.01.	Increased Costs	49
	SECTION 5.02.	Funding Losses	50
	SECTION 5.03.	Taxes	50

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Table
of Contents

(continued)

 

	 	 	Page
	 	 	 
	SECTION 5.04.	Inability to Determine LMIR; Change in Legality	54
	SECTION 5.05.	Security Interest	55

 

	ARTICLE VI	CONDITIONS to Effectiveness and CREDIT EXTENSIONS	56

 

	SECTION 6.01.	Conditions Precedent to Effectiveness and the Initial Credit Extension	56
	SECTION 6.02.	Conditions Precedent to All Credit Extensions	56
	SECTION 6.03.	Conditions Precedent to All Releases	57

	ARTICLE VII	REPRESENTATIONS AND WARRANTIES	58

	SECTION 7.01.	Representations and Warranties of the Borrower	58
	SECTION 7.02.	Representations and Warranties of the Servicer	63

 

	ARTICLE VIII	COVENANTS	66

 

	SECTION 8.01.	Covenants of the Borrower	66
	SECTION 8.02.	Covenants of the Servicer	74
	SECTION 8.03.	Separate Existence of the Borrower	79

 

	ARTICLE IX	ADMINISTRATION AND COLLECTION OF RECEIVABLES	83

 

	SECTION 9.01.	Appointment of the Servicer	83
	SECTION 9.02.	Duties of the Servicer	84
	SECTION 9.03.	Collection Account Arrangements	85
	SECTION 9.04.	Enforcement Rights	85
	SECTION 9.05.	Responsibilities of the Borrower	87
	SECTION 9.06.	Servicing Fee	87

 

	ARTICLE X	EVENTS OF DEFAULT	88

 

	SECTION 10.01.	Events of Default	88

 

	ARTICLE XI	THE ADMINISTRATIVE AGENT	91

 

	SECTION 11.01.	Authorization and Action	91
	SECTION 11.02.	Administrative Agent’s Reliance, Etc	92
	SECTION 11.03.	Administrative Agent and Affiliates	92
	SECTION 11.04.	Indemnification of Administrative Agent	92
	SECTION 11.05.	Delegation of Duties	92
	SECTION 11.06.	Action or Inaction by Administrative Agent	93

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Table
of Contents

(continued)

 

	 	 	Page
	 	 	 
	SECTION 11.07.	Notice of Events of Default; Action by Administrative Agent	93
	SECTION 11.08.	Non-Reliance on Administrative Agent and Other Parties	93
	SECTION 11.09.	Successor Administrative Agent	94
	SECTION 11.10.	Structuring Agent	94

 

	ARTICLE XII	INDEMNIFICATION	94

 

	SECTION 12.01.	Indemnities by the Borrower	94
	SECTION 12.02.	Indemnification by the Servicer	97

 

	ARTICLE XIII	MISCELLANEOUS	99

 

	SECTION 13.01.	Amendments, Etc	99
	SECTION 13.02.	Notices, Etc	100
	SECTION 13.03.	Assignability; Addition of Lenders	100
	SECTION 13.04.	Costs and Expenses	102
	SECTION 13.05.	No Proceedings; Limitation on Payments	103
	SECTION 13.06.	Confidentiality	103
	SECTION 13.07.	GOVERNING LAW	105
	SECTION 13.08.	Execution in Counterparts	105
	SECTION 13.09.	Integration; Binding Effect; Survival of Termination	105
	SECTION 13.10.	CONSENT TO JURISDICTION	105
	SECTION 13.11.	WAIVER OF JURY TRIAL	106
	SECTION 13.12.	Ratable Payments	106
	SECTION 13.13.	Limitation of Liability	106
	SECTION 13.14.	Intent of the Parties	107
	SECTION 13.15.	USA Patriot Act	107
	SECTION 13.16.	Right of Setoff	107
	SECTION 13.17.	Severability	107
	SECTION 13.18.	Mutual Negotiations	108
	SECTION 13.19.	Captions and Cross References	108
	SECTION 13.20.	Currency	108
	SECTION 13.21.	Currency Equivalence	109

    	-iii-

    	

    

Table
of Contents

(continued)

 

Page

 

	EXHIBITS	 	 
	 	 	 
	EXHIBIT A	–	Form of [Loan Request] [LC Request]
	EXHIBIT B	–	Form of Reduction Notice
	EXHIBIT C	–	Form of Assignment and Acceptance Agreement
	EXHIBIT D	–	Form of Letter of Credit Application
	EXHIBIT E	–	Credit and Collection Policy
	EXHIBIT F	–	Form of Monthly Report
	EXHIBIT G	–	Form of Compliance Certificate
	EXHIBIT H	–	Closing Memorandum
	EXHIBIT I	–	Form of Weekly Report
	EXHIBIT J	–	Form of Daily Report
	EXHIBIT K	–	U.S. Tax Compliance Certificate
	 	 	 
	SCHEDULES
	 	 	 
	SCHEDULE I	–	Commitments
	SCHEDULE II	–	Lock-Boxes, Collection Accounts and Collection Account Banks
	SCHEDULE III	–	Notice Addresses

    	-iv-

    	

    

This RECEIVABLES FINANCING
AGREEMENT (as amended, restated, supplemented or otherwise modified from time to time, this “Agreement”) is
entered into as of May 17, 2016 by and among the following parties:

 

(i) Gardner
Denver Finance II LLC, a Delaware limited liability company, as Borrower (together with its successors and assigns, the
“Borrower”);

 

(ii) the
Persons from time to time party hereto as Lenders and LC Participants;

 

(iii) PNC
BANK, NATIONAL ASSOCIATION, as LC Bank (in such capacity, together with its successors and assigns in such capacity, the “LC
Bank”);

 

(iv) PNC
BANK, NATIONAL ASSOCIATION (“PNC”), as Administrative Agent;

 

(v) GARDNER
DENVER, INC., a Delaware corporation, in its individual capacity (“GDI”) and as initial Servicer (in such capacity,
together with its successors and assigns in such capacity, the “Servicer”); and

 

(vi)
PNC CAPITAL MARKETS LLC, a Pennsylvania limited liability company, as Structuring Agent.

 

PRELIMINARY STATEMENTS

 

The Borrower has acquired,
and will acquire from time to time, Receivables from the Originator(s) pursuant to the Purchase and Sale Agreement. The Borrower
has requested (a) that the Lenders make Loans from time to time to the Borrower and (b) the LC Bank to issue Letters of Credit
for the account of the Borrower from time to time, in each case, on the terms, and subject to the conditions set forth herein,
secured by, among other things, the Receivables.

 

In consideration of
the mutual agreements, provisions and covenants contained herein, the sufficiency of which is hereby acknowledged, the parties
hereto agree as follows:

 

ARTICLE
I

DEFINITIONS

 

SECTION 1.01. Certain
Defined Terms. As used in this Agreement, the following terms shall have the following meanings (such meanings to be equally applicable
to both the singular and plural forms of the terms defined):

 

“Account Control
Agreement” means each agreement, in form and substance satisfactory to the Administrative Agent, among the Borrower,
the Servicer, the Administrative Agent and a Collection Account Bank, governing the terms of the related Collection Accounts, that,
among other things, provides the Administrative Agent with control within the meaning of the UCC over the deposit accounts subject
to such agreement, as the same may be amended, restated, supplemented or otherwise modified from time to time.

    	 

    	

    

“Adjusted
Dollar LC Participation Amount” means, at any time of determination, the greater of (i) the Dollar LC Participation Amount
less the amount of cash collateral denominated in Dollars held in an LC Collateral Account at such time and (ii) zero ($0).

 

“Adjusted
Euro LC Participation Amount” means, at any time of determination, the greater of (i) the Euro LC Participation Amount
less the amount of cash collateral denominated in Euros held in an LC Collateral Account at such time and (ii) zero (€0).

 

“Adjusted
Korean Won LC Participation Amount” means, at any time of determination, the greater of (i) the Korean Won LC Participation
Amount less the amount of cash collateral denominated in Korean Won held in an LC Collateral Account at such time and (ii) zero
(KRW 0).

 

“Adjusted
Pounds Sterling LC Participation Amount” means, at any time of determination, the greater of (i) the Pounds Sterling
LC Participation Amount less the amount of cash collateral denominated in Pounds Sterling held in an LC Collateral Account at such
time and (ii) zero (£0).

 

“Administrative
Agent” means PNC, in its capacity as contractual representative for the Credit Parties, and any successor thereto in
such capacity appointed pursuant to Article XI or Section 13.03(f).

 

“Adverse Claim”
means any Lien, except any Permitted Lien.

 

“Advisors”
has the meaning set forth in Section 13.06(c).

 

“Affected
Person” means each Credit Party and each of their respective Affiliates.

 

“Affiliate”
means, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under direct or indirect
common control with such Person. A Person shall be deemed to control another Person if such Person possesses, directly or indirectly,
the power to direct or cause the direction of the management and policies of such other Person, whether through the ownership of
voting securities, by contract or otherwise.

 

“Aggregate
Adjusted LC Participation Amount” means, at any time of determination, the greater of (i) the Aggregate LC Participation
Amount less the Dollar Equivalent of all cash collateral held in the LC Collateral Accounts at such time and (ii) zero ($0).

 

“Aggregate
Capital” means, at any time of determination, the aggregate outstanding Capital of all Lenders and LC Participants at
such time.

 

“Aggregate
Interest” means, at any time of determination, the aggregate accrued and unpaid Interest on the Loans of all Lenders
at such time.

 

“Aggregate
LC Participation Amount” means, at any time of determination, the aggregate Dollar Equivalent of all LC Participation
Amounts at such time.

    	2

    	

    

“Aggregate
Currency Reserves” means, at any time of determination, the sum of (i) the Euro Volatility Reserve, plus (ii)
the Korean Won Volatility Reserve, plus (iii) the Pounds Sterling Volatility Reserve.

 

“Agreement”
has the meaning set forth in the preamble to this Agreement.

 

“Alternative
Currency” means (i) Euros, (ii) Pounds Sterling and (iii) Korean Won.

 

“Anti-Terrorism
Laws” means any Applicable Law relating to terrorism financing, trade sanctions programs and embargoes, import/export
licensing, money laundering or bribery, and any regulation, order, or directive promulgated, issued or enforced pursuant to such
Applicable Laws, all as amended, supplemented or replaced from time to time.

 

“Applicable
Law” means, with respect to any Person, (x) all provisions of law, statute, treaty, constitution, ordinance, rule, regulation,
ordinance, requirement, restriction, permit, executive order, certificate, decision, directive or order of any Governmental Authority
applicable to such Person or any of its property and (y) all judgments, injunctions, orders, writs, decrees and awards of all courts
and arbitrators in proceedings or actions in which such Person is a party or by which any of its property is bound. For the avoidance
of doubt, FATCA shall constitute an “Applicable Law” for all purposes of this Agreement.

 

“Assignment
and Acceptance Agreement” means an assignment and acceptance agreement entered into by a Lender, an Eligible Assignee
and the Administrative Agent, and, if required, the Borrower, pursuant to which such Eligible Assignee may become a party to this
Agreement, in substantially the form of Exhibit C hereto.

 

“Attorney
Costs” means and includes all fees, costs, expenses and disbursements of any law firm or other external counsel and all
disbursements of internal counsel.

 

“Bankruptcy
Code” means the United States Bankruptcy Reform Act of 1978 (11 U.S.C. § 101, et seq.), as amended from time to
time.

 

“Base Rate”
means, for any day and any Lender, a fluctuating interest rate per annum as shall be in effect from time to time, which rate shall
be at all times equal to the higher of:

 

(a) the
rate of interest in effect for such day as publicly announced from time to time by the Administrative Agent or its Affiliate as
its “reference rate” or “prime rate”, as applicable. Such “reference rate” or “prime
rate” is set by the Administrative Agent or its Affiliate based upon various factors, including such Person’s costs
and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which
may be priced at, above or below such announced rate, and is not necessarily the lowest rate charged to any customer; and

 

(b) 0.50%
per annum above the latest Federal Funds Rate.

 

“Borrower”
has the meaning specified in the preamble to this Agreement.

 

“Borrower
Indemnified Amounts” has the meaning set forth in Section 12.01(a).

    	3

    	

    

“Borrower
Indemnified Party” has the meaning set forth in Section 12.01(a).

 

“Borrower
Material Adverse Effect” means a material adverse effect on any of the following:

 

(a) the assets,
operations, business or financial condition of the Borrower;

 

(b) the ability
of the Borrower to perform its obligations under this Agreement or any other Transaction Document to which it is a party;

 

(c) the validity
or enforceability of this Agreement or any other Transaction Document to which the Borrower is a party, or the validity, enforceability,
value or collectibility of any material portion of the Pool Receivables;

 

(d) the status,
perfection, enforceability or priority of the Administrative Agent’s security interest in the Collateral; or

 

(e) the rights and
remedies of any Credit Party under the Transaction Documents or associated with its respective interest in the Collateral.

 

“Borrower
Obligations” means all present and future indebtedness, reimbursement obligations, and other liabilities and obligations
(howsoever created, arising or evidenced, whether direct or indirect, absolute or contingent, or due or to become due) of the Borrower
to any Credit Party, Borrower Indemnified Party and/or any Affected Person, arising under or in connection with this Agreement
or any other Transaction Document or the transactions contemplated hereby or thereby, and shall include, without limitation, all
Capital and Interest on the Loans, reimbursement for drawings under the Letters of Credit, all Fees and all other amounts due or
to become due under the Transaction Documents (whether in respect of fees, costs, expenses, indemnifications or otherwise), including,
without limitation, interest, fees and other obligations that accrue after the commencement of any Insolvency Proceeding with respect
to the Borrower (in each case whether or not allowed as a claim in such proceeding).

 

“Borrower’s
Net Worth” means, at any time of determination, an amount equal to (i) the Outstanding Balance of all Pool Receivables
at such time, minus (ii) the sum of (A) the Aggregate Capital at such time, plus (B) the Aggregate Adjusted LC Participation
Amount at such time, plus (C) the Aggregate Interest at such time, plus (D) the aggregate accrued and unpaid Fees
at such time, plus (E) the aggregate outstanding principal balance of all Subordinated Notes at such time, plus (F)
the aggregate accrued and unpaid interest on all Subordinated Notes at such time, plus (G) without duplication, the aggregate
accrued and unpaid other Borrower Obligations at such time.

 

“Borrowing
Base” means, at any time of determination, the amount equal to the lesser of (a) the Facility Limit and (b) the amount
equal to (i) the Net Receivables Pool Balance at such time, minus (ii) the Total Reserves at such time.

    	4

    	

    
“Borrowing
Base Deficit” means, at any time of determination, the amount, if any, by which (a) the Aggregate Capital plus the
Aggregate Adjusted LC Participation Amount at such time, exceeds (b) the sum of (i) the Borrowing Base at such time
plus (ii) the aggregate amount of Collections (if any) then being held by, and under the exclusive control of, the
Administrative Agent, solely to the extent such Collections (x) have been applied to reduce the Outstanding Balance of the
related Receivables for purposes of calculating the Borrowing Base in clause (i) above and (y) have not been applied in
reduction of the Aggregate Capital or otherwise in accordance with the priorities for payment specified in Section
4.01(a).

 

“Breakage
Fee” means (i) for any Interest Period for which Interest is computed by reference to LMIR and a reduction of Capital
is made for any reason on any day other than a Settlement Date or (ii) to the extent that the Borrower shall for any reason, fail
to borrow on the date specified by the Borrower in connection with any request for funding pursuant to Article II of this
Agreement, the amount, if any, by which (A) the additional Interest (calculated without taking into account any Breakage Fee or
any shortened duration of such Interest Period pursuant to the definition thereof) which would have accrued during such Interest
Period on the reductions of Capital relating to such Interest Period had such reductions not been made (or, in the case of clause
(ii) above, the amounts so failed to be borrowed or accepted in connection with any such request for funding by the Borrower),
exceeds (B) the income, if any, received by the applicable Lender from the investment of the proceeds of such reductions of Capital
(or such amounts failed to be borrowed by the Borrower). A certificate as to the amount of any Breakage Fee (including the computation
of such amount) shall be submitted by the affected Lender to the Borrower and shall be conclusive and binding for all purposes,
absent manifest error.

 

“Business
Day” means any day (other than a Saturday or Sunday) on which: (a) banks are not authorized or required to close in Pittsburgh,
Pennsylvania, or New York City, New York and (b) if this definition of “Business Day” is utilized in connection with
LMIR, dealings are carried out in the London interbank market.

 

“Capital”
means, with respect to any Lender, without duplication, the aggregate amounts (i) paid to, or on behalf of, the Borrower in connection
with all Loans made by such Lender pursuant to Article II, (ii) paid by such Lender, as an LC Participant, to the LC Bank
in respect of a Participation Advance made by such Lender to LC Bank pursuant to Section 3.04(b) and (iii) with respect
to the Lender that is the LC Bank, paid by the LC Bank with respect to all drawings under the Letter of Credit to the extent such
drawings have not been reimbursed by the Borrower or funded by Participation Advances, as reduced from time to time by Collections
distributed and applied on account of such Capital pursuant to Section 4.01; provided, that if such Capital
shall have been reduced by any distribution and thereafter all or a portion of such distribution is rescinded or must otherwise
be returned for any reason, such Capital shall be increased by the amount of such rescinded or returned distribution as though
it had not been made.

 

“Capital Stock”
means, with respect to any Person, any and all common shares, preferred shares, interests, participations, rights in or other equivalents
(however designated) of such Person’s capital stock, partnership interests, limited liability company interests, membership
interests or other equivalent interests and any rights (other than debt securities convertible into or exchangeable for capital
stock), warrants or options exchangeable for or convertible into such capital stock or other equity interests.

 

“Change in
Control” means the occurrence of any of the following:

    	5

    	

    

(a) Parent
ceases to own, directly, 100% of the issued and outstanding Capital Stock and all other equity interests of the Borrower free and
clear of all Adverse Claims;

 

(b) Parent
ceases to own, directly or indirectly, 100% of the issued and outstanding Capital Stock, membership interests or other equity interests
of any Originator free and clear of all Adverse Claims;

 

(c) any
Subordinated Note shall at any time cease to be owned by an Originator, free and clear of all Adverse Claims;

 

(d) a
“Change of Control” (as defined in the Credit Agreement) shall have occurred;

 

(e) at
any time prior to a Qualifying IPO of Parent, Holdings ceases to own, directly or indirectly, 100% of the issued and outstanding
Capital Stock, membership interests or other equity interests of Parent; or

 

(f) with
respect to Holdings:

 

(i) the
Permitted Holders shall at any time not own, in the aggregate, directly or indirectly, beneficially and of record, at least thirty-five
percent (35%) of the voting power of the outstanding Voting Stock of Holdings, unless the Permitted Holders have, at such time,
the right or the ability by voting power, contract or otherwise to elect or designate for election at least a majority of the board
of directors of Holdings; or

 

(ii) any
“person”, “entity” or “group” (within the meaning of Section 13(d) or 14(d) of the Exchange
Act), other than the Permitted Holders, shall at any time have acquired direct or indirect beneficial ownership of a percentage
of the voting power of the outstanding Voting Stock of Holdings that exceeds 35% thereof, unless the Permitted Holders have, at
such time, the right or the ability by voting power, contract or otherwise to elect or designate for election at least a majority
of the board of directors of Holdings.

 

“Change in
Law” means the occurrence, after the Closing Date, of any of the following: (a) the adoption or taking effect of any
law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation,
implementation or application thereof by any Governmental Authority or (c) the making or issuance of any request, rule, guideline
or directive (whether or not having the force of law) by any Governmental Authority; provided that notwithstanding anything
herein to the contrary, (w) the final rule titled Risk-Based Capital Guidelines; Capital Adequacy Guidelines; Capital Maintenance:
Regulatory Capital; Impact of Modifications to Generally Accepted Accounting Principles; Consolidation of Asset-Backed Commercial
Paper Programs; and Other Related Issues, adopted by the United States bank regulatory agencies on December 15, 2009, (x) the
Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued
in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements,
the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States
or foreign regulatory authorities, in each case pursuant to the agreements reached by the Basel Committee on Banking Supervision
in “Basel III: A Global Regulatory Framework for More Resilient Banks and Banking Systems” (as amended, supplemented
or otherwise modified or replaced from time to time), shall in each case be deemed to be a “Change in Law”, regardless
of the date enacted, adopted or issued.

    	6

    	

    

“Closing Date”
means May 17, 2016.

 

“Code”
means the Internal Revenue Code of 1986, as amended, reformed or otherwise modified from time to time.

 

“Collateral”
has the meaning set forth in Section 5.05(a).

 

“Collection
Account” means each account listed on Schedule II to this Agreement (as such schedule may be modified from time
to time in connection with the closing or opening of any Collection Account in accordance with the terms hereof) (in each case,
in the name of the Borrower) and maintained at a bank or other financial institution acting as a Collection Account Bank pursuant
to an Account Control Agreement for the purpose of receiving Collections.

 

“Collection
Account Bank” means any of the banks or other financial institutions holding one or more Collection Accounts.

 

“Collections”
means, with respect to any Pool Receivable: (a) all funds that are received by any Originator, the Borrower, the Servicer or any
other Person on their behalf in payment of any amounts owed in respect of such Pool Receivable (including purchase price, service
charges, finance charges, interest, fees and all other charges), or applied to amounts owed in respect of such Pool Receivable
(including insurance payments and net proceeds of the sale or other disposition of repossessed goods or other collateral or property
of the related Obligor or any other Person directly or indirectly liable for the payment of such Pool Receivable and available
to be applied thereon), (b) all Deemed Collections, (c) all proceeds of all Related Security with respect to such Pool Receivable
and (d) all other proceeds of such Pool Receivable.

 

“Commitment”
means, with respect to any Lender, LC Participant or LC Bank, as applicable, the maximum aggregate amount which such Person is
obligated to lend or pay hereunder on account of all Loans and all drawings under all Letters of Credit, on a combined basis, as
set forth on Schedule I or in such other agreement pursuant to which it became a Lender and/or LC Participant, as such amount
may be modified in connection with any subsequent assignment pursuant to Section 13.03 or in connection with a reduction
in the Facility Limit pursuant to Section 2.02(e). If the context so requires, “Commitment” also refers to a
Lender’s obligation to make Loans, make Participation Advances and/or issue Letters of Credit hereunder in accordance with
this Agreement.

 

“Concentration
Percentage” means (i) for any Group A Obligor, 17.50%, (ii) for any Group B Obligor, 10.00%, (iii) for any Group C Obligor,
7.50% and (iv) for any Group D Obligor, 5.00%.

 

“Concentration
Reserve” means, at any time of determination, an amount equal to the product of (a) the sum of the Aggregate Capital
plus the Aggregate Adjusted LC Participation Amount at such time, multiplied
by (b) the quotient of (i) the Concentration Reserve Percentage at such time, divided by (ii) 100% minus the
Concentration Reserve Percentage at such time.

    	7

    	

    

“Concentration
Reserve Percentage” means, at any time of determination, the largest of: (a) the sum of the five (5) largest Obligor
Percentages of the Group D Obligors, (b) the sum of the three (3) largest Obligor Percentages of the Group C Obligors, (c) the
sum of the two (2) largest Obligor Percentages of the Group B Obligors and (d) the largest Obligor Percentage of the Group A Obligors.

 

“Contract”
means, with respect to any Receivable, any and all contracts, instruments, agreements, leases, invoices, notes or other writings
pursuant to which such Receivable arises or that evidence such Receivable or under which an Obligor becomes or is obligated to
make payment in respect of such Receivable.

 

“Controlled
Group” means all members of a controlled group of corporations or other business entities and all trades or businesses
(whether or not incorporated) under common control which, together with the Parent or any of its Subsidiaries, are treated as a
single employer under Section 414 of the Code.

 

“Covered Entity”
means (a) each of Borrower, the Servicer, each Originator, the Parent and each of Parent’s Subsidiaries and (b) each Person
that, directly or indirectly, is in control of a Person described in clause (a) above. For purposes of this definition, control
of a Person shall mean the direct or indirect power to direct or cause the direction of the management and policies of such Person
whether by ownership of equity interests, contract, proxy or otherwise.

 

“Credit Agreement”
means that certain Credit Agreement, dated as of July 30, 2013 (as amended, restated, amended and restated or otherwise modified
from time to time), by and among Renaissance Acquisition Corp., as US borrower, Gardner Denver Holdings GmbH & Co KG, as German
borrower, GD First (UK) Limited, as UK borrower, Renaissance Parent Corp., the lenders from time to time party thereto, and UBS
AG, Stamford Branch, as administrative agent, collateral agent, swingline lender and letter of credit issuer.

 

“Credit and
Collection Policy” means, as the context may require, those receivables credit and collection policies and practices
of the Originators in effect on the Closing Date and described in Exhibit E, as modified in compliance with this Agreement.

 

“Credit Extension”
means the making of any Loan or the issuance of any Letter of Credit or any modification, extension or renewal of any Letter of
Credit.

 

“Credit Party”
means each Lender, the LC Bank, each LC Participant and the Administrative Agent.

 

“Daily Report”
means a report, in substantially the form of Exhibit J.

 

“Daily Reporting
Period” means each period beginning on the first Business Day that occurs on or after the date that is thirty days following
the date on which the Administrative Agent notifies that Borrower or the Servicer to commence delivering Daily Reports after the
occurrence of an Interim Report Trigger and ending on the date, if any, that an Interim Report Trigger is no longer continuing; provided,
however, that each Daily Reporting Period shall continue for no less than four calendar weeks.

    	8

    	

    

“Days’
Sales Outstanding” means, for any Fiscal Month, an amount computed as of the last day of such Fiscal Month equal to:
(a) the average of the Outstanding Balance of all Pool Receivables (other than Unbilled Receivables) as of the last day of each
of the three most recent Fiscal Months ended on the last day of such Fiscal Month, divided by (b) (i) the aggregate
initial Outstanding Balance of all Pool Receivables (other than Unbilled Receivables) generated by the Originators during the three
most recent Fiscal Months ended on the last day of such Fiscal Month, divided by (ii) 90.

 

“Debt”
means, as to any Person at any time of determination, any and all indebtedness, obligations or liabilities (whether matured or
unmatured, liquidated or unliquidated, direct or indirect, absolute or contingent, or joint or several) of such Person for or in
respect of: (i) borrowed money, (ii) amounts raised under or liabilities in respect of any bonds, debentures, notes, note
purchase, acceptance or credit facility, or other similar instruments or facilities, (iii) reimbursement obligations (contingent
or otherwise) under any letter of credit, (iv) any other transaction (including production payments (excluding royalties), installment
purchase agreements, forward sale or purchase agreements, capitalized leases and conditional sales agreements) having the commercial
effect of a borrowing of money entered into by such Person to finance its operations or capital requirements (but not including
(a) accounts payable incurred in the ordinary course of such Person’s business payable on terms customary in the trade, (b)
prepaid or deferred revenue arising in the ordinary course of business and (c) purchase price holdbacks arising in the ordinary
course of business in respect of a portion of the purchase price of an asset to satisfy warrants or other unperformed obligations
of the seller of such asset), (v) all net obligations of such Person in respect of interest rate or currency hedges or (vi) without
duplication, any Guaranty of any such Debt.

 

“Deemed Collections”
has the meaning set forth in Section 4.01(d).

 

“Default Ratio”
means the ratio (expressed as a percentage and rounded to the nearest 1/100 of 1%, with 5/1000th of 1% rounded upward) computed
as of the last day of each Fiscal Month by dividing: (a) the aggregate Outstanding Balance of all Pool Receivables that
became Defaulted Receivables during such Fiscal Month, by (b) the aggregate initial Outstanding Balance of all Pool Receivables
generated by the Originators during the month that is eight (8) Fiscal Months before such Fiscal Month, or such other number of
months prior to such Fiscal Month as determined by the Administrative Agent in connection with modifying clause (a) of the
definition of “Defaulted Receivable” upon not less than 15 days’ prior notice to the Borrower.

 

“Defaulted
Receivable” means a Receivable:

 

(a) as
to which any payment, or part thereof, remains unpaid for more than 210 days from the original due date for such payment or such
other number of days (which in any event shall exceed 120 days) after the original due date as determined by the Administrative
Agent upon not less than 15 days’ prior written notice to the Borrower, for such payment;

    	9

    	

    

(b) as
to which an Insolvency Proceeding shall have occurred with respect to the Obligor thereof or any other Person obligated thereon
or owning any Related Security with respect thereto;

 

(c) that
has been written off the applicable Originator’s or the Borrower’s books as uncollectible; or

 

(d) that,
consistent with the Credit and Collection Policy, should be written off the applicable Originator’s or the Borrower’s
books as uncollectible;

 

provided, however,
that in each case above such amount shall be calculated without giving effect to any netting of credits that have not been matched
to a particular Receivable for the purposes of aged trial balance reporting.

 

“Defaulting
Lender” means any Lender that (a) has failed, within two (2) Business Days of the date required to be funded or paid,
to (i) fund any portion of its Loans or (ii) pay over to any Credit Party any other amount required to be paid by it hereunder,
unless, in the case of clause (i) 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 or any Credit Party 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 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 generally under other agreements in which it commits to extend credit, (c) has failed, within
three (3) Business Days after request by a Credit Party, acting in good faith, to provide a certification in writing from an authorized
officer of such Lender that it will comply with its obligations (and is financially able to meet such obligations) to fund prospective
Loans under this Agreement, provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon such
Credit Party’s receipt of such certification in form and substance satisfactory to it and the Administrative Agent, or (d)
has become the subject of an Insolvency Proceeding.

 

“Delinquency
Ratio” means the ratio (expressed as a percentage and rounded to the nearest 1/100 of 1%, with 5/1000th of 1% rounded
upward) computed as of the last day of each Fiscal Month by dividing: (a) the aggregate Outstanding Balance of all Pool
Receivables that were Delinquent Receivables on such day, by (b) the aggregate Outstanding Balance of all Pool Receivables
on such day.

 

“Delinquent
Receivable” means a Receivable as to which any payment, or part thereof, remains unpaid for more than 150 days from the
original due date for such payment; provided, however, that such amount shall be calculated without giving effect
to any netting of credits that have not been matched to a particular Receivable for the purposes of aged trial balance reporting.

    	10

    	

    

“Dilution
Horizon Ratio” means, for any Fiscal Month, the ratio (expressed as a percentage and rounded to the nearest 1/100th of
1%, with 5/1000th of 1% rounded upward) computed as of the last day of such Fiscal
Month by dividing: (a) the aggregate initial Outstanding Balance of all Pool Receivables (other than Unbilled Receivables)
generated by the Originators during the two (2) most recently ended Fiscal Months, by (b) the Net Receivables Pool Balance
as of the last day of such Fiscal Month. Within thirty (30) days of the completion and the receipt by the Administrative Agent
of the results of any annual audit or field exam of the Receivables and the servicing and origination practices of the Servicer
and the Originators, the numerator of the Dilution Horizon Ratio may be adjusted by the Administrative Agent upon not less than
five (5) Business Days notice to the Borrower to reflect such number of Fiscal Months as the Administrative Agent reasonably believes
best reflects the business practices of the Servicer and the Originators and the actual amount of dilution and Deemed Collections
that occur with respect to Pool Receivables based on the weighted average dilution lag calculation completed as part of such audit
or field exam.

 

“Dilution
Ratio” means, for any Fiscal Month, the greater of (a) 0.50% and (b) the ratio (expressed as a percentage and rounded
to the nearest 1/100th of 1%, with 5/1000th of 1% rounded upward), computed as of the last day of each Fiscal Month by dividing:
(i) the aggregate amount of Deemed Collections during such Fiscal Month (other than any Deemed Collections with respect to any
Receivables that were both (x) generated by an Originator during such Fiscal Month and (y) written off the applicable Originator’s
or the Borrower’s books as uncollectible during such Fiscal Month), by (ii) the aggregate initial Outstanding Balance
of all Pool Receivables (other than Unbilled Receivables) generated by the Originators during the Fiscal Month that is four (4)
months prior to such Fiscal Month.

 

“Dilution
Reserve” means, at any time of determination, an amount equal to the product of (a) the sum of (i) the Aggregate Capital
plus the Aggregate Adjusted LC Participation Amount at such time, multiplied by (b) the quotient of (x) the
Dilution Reserve Percentage at such time, divided by (y) 100% minus the Dilution Reserve Percentage at such
time.

 

“Dilution
Reserve Percentage” means, at any time of determination, the product (expressed as a percentage and rounded to the nearest
1/100th of 1%, with 5/1000th of 1% rounded upward) of (a) the Dilution Horizon Ratio, multiplied by (b) the sum of
(i) 2.50 multiplied by the average of the Dilution Ratios for the twelve (12) most recent Fiscal Months, plus
(ii) the Dilution Volatility Component.

 

“Dilution
Trigger” means the percentage set forth in the Dilution Trigger Agreement as the “Dilution Trigger”.

 

“Dilution
Trigger Agreement” mean the letter agreement entered into after the Closing Date among the Borrower, the Servicer and
the Administrative Agent.

 

“Dilution
Volatility Component” means, for any Fiscal Month, the product (expressed as a percentage and rounded to the nearest
1/100th of 1%, with 5/1000th of 1% rounded upward) of (a) the positive difference, if any, between: (i) the highest Dilution Ratio
for any Fiscal Month during the twelve (12) most recent Fiscal Months and (ii) the arithmetic average of the Dilution Ratios for
such twelve (12) Fiscal Months, multiplied by (b) the quotient of (i) the highest Dilution Ratio for any Fiscal Month
during the twelve (12) most recent Fiscal Months, divided by (ii) the arithmetic average of the Dilution Ratios for
such twelve (12) Fiscal Months.

    	11

    	

    

“Dollar Equivalent”
means, on any date on which a determination thereof is to be made, with respect to (a) any amount denominated in Dollars, such
amount and (b) any amount denominated in Alternative Currency, the Dollar equivalent of such amount of such Alternative Currency
determined by reference to the Spot Rate determined as of such determination date.

 

“Dollar LC
Participation Amount” means at any time of determination, the aggregate LC Participation Amount with respect to Letters
of Credit denominated in Dollars.

 

“Dollars”
and “$” each mean the lawful currency of the United States of America.

 

“Drawing Date”
has the meaning set forth in Section 3.04(a).

 

“Eligible
A-Rated Foreign Obligor” means an Eligible Foreign Obligor that is organized in, or whose principal place of business
is in, a country that has a long-term sovereign foreign currency rating of at least “A” by S&P or “A2”
by Moody’s.

 

“Eligible
Assignee” means (i) any Lender or any of its Affiliates, (ii) any Person managed by a Lender or any of its Affiliates
and (iii) any other financial or other institution.

 

“Eligible
Canadian Obligor” means an Obligor that is organized in or that has a head office (domicile), registered office, and
chief executive office located in Canada.

 

“Eligible
Foreign Obligor” means a Foreign Obligor whose head office (domicile), registered office and chief executive office is
in a country that is not a Sanctioned Country.

 

“Eligible
IG-Rated Foreign Obligor” means an Eligible Foreign Obligor that (i) is not an Eligible A-Rated Foreign Obligor and (ii)
is organized in, or whose principal place of business is in, a country that has a long-term sovereign foreign currency rating of
at least “BBB-” by S&P or “Baa3” by Moody’s.

 

“Eligible
Non-IG-Rated Foreign Obligor” means an Eligible Foreign Obligor that is neither an Eligible A-Rated Foreign Obligor nor
an Eligible IG-Rated Foreign Obligor.

 

“Eligible
Receivable” means, at any time of determination, a Pool Receivable:

 

(a) 
the Obligor of which is: (i) a U.S. Obligor, an Eligible Canadian Obligor or an Eligible Foreign Obligor; (ii) not a Governmental
Authority, (iii) not a Sanctioned Person; (iv) not subject to any Insolvency Proceeding; (v) not an Affiliate of the Borrower,
the Servicer, the Parent or any Originator; (vi) not the Obligor with respect to Delinquent Receivables with an aggregate Outstanding
Balance exceeding 50% of the aggregate Outstanding Balance of all such Obligor’s Pool Receivables; (vii) not a natural person
and (viii) not a material supplier to any Originator or an Affiliate of a material supplier;

 

(b) 
that is denominated and payable only in Dollars in the United States of America, and the Obligor with respect to which has
been instructed to remit Collections in respect thereof directly to a Lock-Box or Collection Account in the United States of America;

    	12

    	

    

(c) 
 that does not have a due date which is more than 365 days after the original invoice date of such Receivable;

 

(d) 
that arises under a Contract for the sale of goods or services in the ordinary course of the applicable Originator’s
business;

 

(e) 
that arises under a duly authorized Contract that (i) is in full force and effect, (ii) is governed by the law of the United
States of America or of any State thereof and (iii) is a legal, valid and binding obligation of the related Obligor, enforceable
against such Obligor in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency,
reorganization or other similar laws affecting the enforcement of creditors’ rights generally and by general principles of
equity regardless of whether enforceability is considered in a proceeding in equity or at law;

 

(f) 
that has been transferred by an Originator to the Borrower pursuant to the Purchase and Sale Agreement with respect to which
transfer all conditions precedent under the Purchase and Sale Agreement have been met;

 

(g) 
that, together with the Contract related thereto, conforms in all material respects with all Applicable Laws (including
any applicable laws relating to usury, truth in lending, fair credit billing, fair credit reporting, equal credit opportunity,
fair debt collection practices and privacy);

 

(h) 
with respect to which all consents, licenses, approvals or authorizations of, or registrations or declarations with, or
notices to, any Governmental Authority or other Person, required to be obtained by, effected or given to an Originator in connection
with the creation of such Receivable, the execution, delivery and performance by such Originator of the related Contract or the
assignment thereof under the Purchase and Sale Agreement have been duly obtained, effected or given and are in full force and effect;

 

(i) 
that is not subject to any existing dispute, right of rescission, right of set-off, counterclaim, any other defense against
the applicable Originator (or any assignee of such Originator) or Adverse Claim; provided that only the portion of such
Pool Receivable subject to such dispute, right of rescission, right of set-off, counterclaim, defense or Adverse Claim shall be
ineligible;

 

(j) 
that satisfies all applicable requirements of the Credit and Collection Policy;

 

(k) 
that, together with the Contract related thereto, has not been modified, waived or restructured since its creation, except
as permitted pursuant to Section 9.02 of this Agreement;

 

(l) 
in which the Borrower owns good and marketable title, free and clear of any Adverse Claims, and that is freely assignable
(including without any consent of the related Obligor or any Governmental Authority unless such consent has been obtained) and
that payments thereon are free and clear of any withholding Tax;

    	13

    	

    

(m) 
 for which the Administrative Agent (on behalf of the Secured Parties) has a valid and enforceable first priority perfected
security interest therein and in the Related Security and Collections with respect thereto in which a security interest may be
perfected by the filing of a financing statement under the UCC, in each case free and clear of any Adverse Claim;

 

(n) 
that (x) constitutes an “account” or “general intangible” (as defined in the UCC), (y) is not evidenced
by instruments or chattel paper and (z) does not constitute, or arise from the sale of, as extracted collateral (as defined in
the UCC);

 

(o) 
that is neither a Defaulted Receivable nor a Delinquent Receivable;

 

(p) 
for which no Originator, the Borrower, the Parent or the Servicer has established any offset or netting arrangements with
the related Obligor in connection with the ordinary course of payment of such Receivable;

 

(q) 
that represents amounts earned and payable by the Obligor that are not subject to the performance of additional services
by the Originator thereof or by the Borrower and the related goods or merchandise shall have been shipped and/or services performed,
other than, in the case of an Eligible Unbilled Receivable, the billing or invoicing of such Receivable; provided, that
if such Receivable is subject to the performance of additional services, only the portion of such Receivable attributable to such
additional services shall be ineligible;

 

(r) 
which (i) does not arise from a sale of accounts made as part of a sale of a business or constitute an assignment for the
purpose of collection only, (ii) is not a transfer of a single account made in whole or partial satisfaction of a preexisting indebtedness
or an assignment of a right to payment under a contract to an assignee that is also obligated to perform under the contract and
(iii) is not a transfer of an interest in or an assignment of a claim under a policy of insurance;

 

(s) 
which does not relate to the sale of any consigned goods or finished goods which have incorporated any consigned goods into
such finished goods;

 

(t) 
for which the related Originator has recognized the related revenue on its financial books and records in accordance with
GAAP; and

 

(u) 
that, if such Receivable is an Unbilled Receivable, is an Eligible Unbilled Receivable.

 

“Eligible
Unbilled Receivable” means, at any time, any Unbilled Receivable if (a) the related Originator has recognized the related
revenue on its financial books and records in accordance with GAAP, and (b) not more than 60 days have expired since the date such
Unbilled Receivable arose.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended from time to time, and any rule or regulation issued thereunder.

 

“ERISA Affiliate”
means, with respect to any Person, any corporation, trade or business which together with the Person is a member of a controlled
group of corporations or a controlled group of trades or businesses and would
be deemed a “single employer” within the meaning of Sections 414(b), (c), (m) of the Code or Section 4001(b) of ERISA.

    	14

    	

    

“Euro LC Participation
Amount” means at any time of determination, the aggregate LC Participation Amount with respect to Letters of Credit denominated
in Euros.

 

“Euro-Rate
Reserve Percentage” means, the maximum effective percentage in effect on such day as prescribed by the Board of Governors
of the Federal Reserve System (or any successor) for determining the reserve requirements (including without limitation, supplemental,
marginal, and emergency reserve requirements) with respect to eurocurrency funding (currently referred to as “Eurocurrency
Liabilities”).

 

“Euro VAR
Percentage” means the value at risk percentage determined by the Administrative Agent in its sole discretion from time
to time with respect to Euro, and which shall initially be 8.00%.

 

“Euro Volatility
Reserve” means, at any time of determination, the product of (a) the Dollar Equivalent of the Adjusted Euro LC Participation
Amount, multiplied by (b) the Euro VAR Percentage.

 

“Euros”
or “€” means the single currency of participating member states of the European Monetary Union.

 

“Event of
Default” has the meaning specified in Section 10.01. For the avoidance of doubt, any Event of Default that occurs
shall be deemed to be continuing at all times thereafter unless and until waived in accordance with Section 13.01.

 

“Excess Concentration”
means the sum of the following amounts, without duplication:

 

(a) the
sum of the amounts calculated for each of the Obligors equal to the excess (if any) of (i) the aggregate Outstanding Balance of
the Eligible Receivables of such Obligor, over (ii) the product of (x) such Obligor’s Concentration Percentage, multiplied
by (y) the aggregate Outstanding Balance of all Eligible Receivables then in the Receivables Pool; plus

 

(b) the
excess (if any) of (i) the aggregate Outstanding Balance of all Eligible Receivables, the Obligor of which is an Eligible Canadian
Obligor, net of any other Excess Concentrations (if any) related to such Eligible Canadian Obligor’s Concentration Percentage,
over (ii) the product of (x) 7.50%, multiplied by (y) the aggregate Outstanding Balance of all Eligible Receivables
then in the Receivables Pool; plus

 

(c) the
excess (if any) of (i) the aggregate Outstanding Balance of all Eligible Receivables, the Obligor of which is an Eligible Foreign
Obligor, net of any other Excess Concentrations (if any) related to such Eligible Foreign Obligor’s Concentration Percentage,
over (ii) the product of (x) 12.50%, multiplied by (y) the aggregate Outstanding Balance of all Eligible Receivables
then in the Receivables Pool; plus

    	15

    	

    

(d) the
excess (if any) of (i) the aggregate Outstanding Balance of all Eligible Receivables, the Obligor of which is an Eligible A-Rated
Foreign Obligor, net of any other Excess Concentrations (if any) related to such Eligible A-Rated Foreign Obligor’s Concentration
Percentage, over (ii) the product of (x) 12.50%, multiplied by (y) the aggregate Outstanding Balance of all
Eligible Receivables then in the Receivables Pool; plus

 

(e) the
excess (if any) of (i) the aggregate Outstanding Balance of all Eligible Receivables, the Obligor of which is an Eligible IG-Rated
Foreign Obligor, net of any other Excess Concentrations (if any) related to such Eligible IG-Rated Foreign Obligor’s Concentration
Percentage, over (ii) the product of (x) 5.00%, multiplied by (y) the aggregate Outstanding Balance of all
Eligible Receivables then in the Receivables Pool; plus

 

(f) the
excess (if any) of (i) the aggregate Outstanding Balance of all Eligible Receivables, the Obligor of which is an Eligible Non-IG-Rated
Foreign Obligor, net of any other Excess Concentrations (if any) related to such Eligible Non-IG-Rated Foreign Obligor’s
Concentration Percentage, over (ii) the product of (x) 2.50% (or such lesser percentage that the Administrative Agent may,
upon not less than fifteen (15) Business Days’ notice to the Borrower, select in its sole discretion), multiplied
by (y) the aggregate Outstanding Balance of all Eligible Receivables then in the Receivables Pool; plus

 

(g) the
excess (if any) of (i) the aggregate Outstanding Balance of all Eligible Receivables as to which any payment, or part thereof,
remains unpaid for more than 90 days but less than one hundred twenty-one (121) days from the original due date for such payment,
over (ii) the product of (x) 10.00%, multiplied by (y) the aggregate initial Outstanding Balance of all Pool
Receivables generated by the Originators during the fifth most recent Fiscal Month; plus

 

(h) the
excess (if any) of (i) the aggregate Outstanding Balance of all Eligible Receivables as to which any payment, or part thereof,
remains unpaid for more than 120 days but less than one hundred fifty-one (151) days from the original due date for such payment,
over (ii) the product of (x) 7.50%, multiplied by (y) the aggregate initial Outstanding Balance of all Pool
Receivables generated by the Originators during the sixth most recent Fiscal Month.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended or otherwise modified from time to time.

 

“Excluded
Taxes” means any of the following Taxes imposed on or with respect to an Affected Person or required to be withheld or
deducted from a payment to an Affected Person: (a) Taxes imposed on or measured by net income (however denominated), franchise
Taxes and branch profits Taxes, in each case, (i) imposed as a result of such Affected Person being organized under the laws of,
or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing
such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal
withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest
in a Loan or Commitment pursuant to a law in effect on the date on which (i) such Lender makes a Loan or its Commitment or (ii)
such Lender changes its lending office, except in each case to the extent that amounts with respect to such Taxes were payable
either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before
it changed its lending office, (c) Taxes attributable to a Lender’s failure to comply with Section 5.03(f) and (d)
any U.S. federal withholding Taxes imposed pursuant to FATCA.

    	16

    	

    

“Facility
Limit” means $75,000,000 as reduced from time to time pursuant to Section 2.02(e). References to the unused
portion of the Facility Limit shall mean, at any time of determination, an amount equal to (x) the Facility Limit at such time,
minus (y) the sum of the Aggregate Capital plus the Aggregate LC Participation Amount.

 

“FATCA”
means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively
comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof,
any agreement entered into pursuant to Section 1471(b)(1) of the Code, and any laws, regulations, rules or practices adopted pursuant
to any intergovernmental agreement entered into with respect to the foregoing.

 

“Federal Funds
Rate” means, for any day, the per annum rate set forth in the weekly statistical release designated as H.15(519), or
any successor publication, published by the Federal Reserve Board (including any such successor, “H.15(519)”) for such
day opposite the caption “Federal Funds (Effective).” If on any relevant day such rate is not yet published in H. 15(519),
the rate for such day will be the rate set forth in the daily statistical release designated as the Composite 3:30 p.m. Quotations
for U.S. Government Securities, or any successor publication, published by the Federal Reserve Bank of New York (including any
such successor, the “Composite 3:30 p.m. Quotations”) for such day under the caption “Federal Funds Effective
Rate.” If on any relevant day the appropriate rate is not yet published in either H.15(519) or the Composite 3:30 p.m. Quotations,
the rate for such day will be the arithmetic mean as determined by the Administrative Agent of the rates for the last transaction
in overnight Federal funds arranged before 9:00 a.m. (New York City time) on that day by each of three leading brokers of Federal
funds transactions in New York City selected by the Administrative Agent.

 

“Federal Reserve
Board” means the Board of Governors of the Federal Reserve System, or any entity succeeding to any of its principal functions.

 

“Fee Letter”
has the meaning specified in Section 2.03(a).

 

“Fees”
has the meaning specified in Section 2.03(a).

 

“Final Maturity
Date” means the date that (i) is three hundred sixty-five (365) days following the Termination Date or (ii) such earlier
date on which the Aggregate Capital and all other Borrower Obligations become due and payable pursuant to Section 10.01.

    	17

    	

    

“Final Payout
Date” means the date on or after the Termination Date when (i) the Aggregate Capital and Aggregate Interest have been
paid in full, (ii) the Aggregate LC Participation Amount has been reduced to
zero ($0) and no Letters of Credit issued hereunder remain outstanding and undrawn, (iii) all Borrower Obligations shall have been
paid in full, (iv) all other amounts owing to the Credit Parties and any other Borrower Indemnified Party or Affected Person hereunder
and under the other Transaction Documents have been paid in full and (v) all accrued Servicing Fees have been paid in full.

 

“Financial
Covenant Event” shall be deemed to have occurred if, at any time during the Compliance Period, the Consolidated Senior
Secured Debt to Consolidated EBITDA Ratio as of the last day of any Test Period ending during any Compliance Period is greater
than 7.50 to 1.00. As used in this definition, “Compliance Period,” “Consolidated Senior Secured Debt to Consolidated
EBITDA Ratio” and “Test Period” (and any defined term constituting a component of such terms) have the meanings
assigned to such terms in the Credit Agreement as in effect on the Closing Date without giving effect to any amendment, restatement,
waiver or supplement thereto unless otherwise agreed to in writing by the Administrative Agent in its sole discretion. If at any
time following the Closing Date, the Credit Agreement is amended, restated, waived, supplemented or otherwise modified to directly
or indirectly modify the covenant, or any defined term constituting a component thereof, set forth in Section 10.7 of the Credit
Agreement (as in effect on the Closing Date), the Administrative Agent may unilaterally (in its sole discretion) by written notice
to the Borrower and each Lender modify this definition and/or Section 10.01(t) to conform to the Credit Agreement as so
amended, restated, waived, supplemented or otherwise modified.

 

“Financial
Officer” of any Person means, the president, the chief executive officer, the chief financial officer, the chief accounting
officer, the principal accounting officer, the controller, the treasurer, the assistant treasurer, vice president-finance or any
other senior officer of such Person designated as such in writing to the Administrative Agent by such person.

 

“Fiscal Month”
means each calendar month.

 

“Foreign Obligor”
means an Obligor which is a corporation or other business organization whose head office (domicile), registered office and chief
executive office is in a country that is not the United States or Canada.

 

“GAAP”
means generally accepted accounting principles in the United States of America, consistently applied.

 

“GDI”
has the meaning specified in the preamble to this Agreement.

 

“Governmental
Acts” has the meaning set forth in Section 3.09.

 

”Governmental
Authority” means the government of the United States of America or any other nation, or of any political subdivision
thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity
exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government
(including any supra-national bodies such as the European Union or the European Central Bank).

    	18

    	

    

“Group A Obligor”
means any Obligor (or its parent or majority owner, as applicable, if such Obligor is not rated) with a short-term rating of at
least: (a) “A-1” by S&P, or if such Obligor does not have a short-term rating from S&P, a rating of “A+”
or better by S&P on such Obligor’s, its parent’s, or its majority owner’s (as applicable) long-term senior
unsecured and uncredit-enhanced debt securities, or (b) “P-1” by Moody’s, or if such Obligor does not
have a short-term rating from Moody’s, “Al” or better by Moody’s on such Obligor’s, its parent’s
or its majority owner’s (as applicable) long-term senior unsecured and uncredit-enhanced debt securities; provided,
that if an Obligor (or its parent or majority owner, as applicable, if such Obligor is not rated) receives a split rating from
S&P and Moody’s, then such Obligor (or its parent or majority owner, as applicable) shall be deemed to have only the
lower of the two rating for the purpose of determining whether such rating satisfies clauses (a) or (b) above. Notwithstanding
the foregoing, any Obligor that is a Subsidiary of an Obligor that satisfies the definition of “Group A Obligor” shall
be deemed to be a Group A Obligor and shall be aggregated with the Obligor that satisfies such definition for the purposes of determining
the “Concentration Reserve Percentage”, the “Concentration Reserve” and clause (a) of the definition
of “Excess Concentration” for such Obligors, unless such deemed Obligor separately satisfies the definition of “Group
A Obligor”, “Group B Obligor”, or “Group C Obligor”, in which case such Obligor shall be separately
treated as a Group A Obligor, a Group B Obligor or a Group C Obligor, as the case may be, and shall be aggregated and combined
for such purposes with any of its Subsidiaries that are Obligors.

 

“Group B Obligor”
means an Obligor (or its parent or majority owner, as applicable, if such Obligor is not rated) that is not a Group A Obligor,
with a short-term rating of at least: (a) “A-2” by S&P, or if such Obligor does not have a short-term rating from
S&P, a rating of “BBB+” to “A” by S&P on such Obligor’s, its parent’s or its majority
owner’s (as applicable) long-term senior unsecured and uncredit-enhanced debt securities, or (b) “P-2”
by Moody’s, or if such Obligor does not have a short-term rating from Moody’s, “Baal” to “A2”
by Moody’s on such Obligor’s, its parent’s or its majority owner’s (as applicable) long-term senior unsecured
and uncredit-enhanced debt securities; provided, that if an Obligor (or its parent or majority owner, as applicable, if
such Obligor is not rated) receives a split rating from S&P and Moody’s, then such Obligor (or its parent or majority
owner, as applicable) shall be deemed to have only the lower of the two rating for the purpose of determining whether such rating
satisfies clauses (a) or (b) above. Notwithstanding the foregoing, any Obligor that is a Subsidiary of an Obligor
that satisfies the definition of “Group B Obligor” shall be deemed to be a Group B Obligor and shall be aggregated
with the Obligor that satisfies such definition for the purposes of determining the “Concentration Reserve Percentage”,
the “Concentration Reserve” and clause (a) of the definition of “Excess Concentration” for such
Obligors, unless such deemed Obligor separately satisfies the definition of “Group A Obligor”, “Group B Obligor”,
or “Group C Obligor”, in which case such Obligor shall be separately treated as a Group A Obligor, a Group B Obligor
or a Group C Obligor, as the case may be, and shall be aggregated and combined for such purposes with any of its Subsidiaries that
are Obligors.

    	19

    	

    

“Group C Obligor”
means an Obligor (or its parent or majority owner, as applicable, if such Obligor is not rated) that is not a Group A Obligor or
a Group B Obligor, with a short-term rating of at least: (a) “A-3” by S&P, or if such Obligor does not have a short-term
rating from S&P, a rating of “BBB-” to “BBB” by S&P on such Obligor’s, its parent’s
or it’s majority owner’s (as applicable) long-term senior unsecured and uncredit-enhanced debt securities, or
(b) “P-3” by Moody’s, or
if such Obligor does not have a short-term rating from Moody’s, “Baa3” to “Baa2” by Moody’s
on such Obligor’s, its parent’s or its majority owner’s (as applicable) long-term senior unsecured and uncredit-enhanced
debt securities; provided, that if an Obligor (or its parent or majority owner, as applicable, if such Obligor is not rated)
receives a split rating from S&P and Moody’s, then such Obligor (or its parent or majority owner, as applicable) shall
be deemed to have only the lower of the two rating for the purpose of determining whether such rating satisfies clauses (a)
or (b) above. Notwithstanding the foregoing, any Obligor that is a Subsidiary of an Obligor that satisfies the definition
of “Group C Obligor” shall be deemed to be a Group C Obligor and shall be aggregated with the Obligor that satisfies
such definition for the purposes of determining the “Concentration Reserve Percentage”, the “Concentration Reserve”
and clause (a) of the definition of “Excess Concentration” for such Obligors, unless such deemed Obligor separately
satisfies the definition of “Group A Obligor”, “Group B Obligor”, or “Group C Obligor”, in
which case such Obligor shall be separately treated as a Group A Obligor, a Group B Obligor or a Group C Obligor, as the case may
be, and shall be aggregated and combined for such purposes with any of its Subsidiaries that are Obligors.

 

“Group D Obligor”
means any Obligor that is not a Group A Obligor, Group B Obligor or Group C Obligor; provided, that any Obligor (or its
parent or majority owner, as applicable, if such Obligor is unrated) that is not rated by both Moody’s and S&P shall
be a Group D Obligor.

 

“Guaranty”
of any Person means any obligation of such Person guarantying or in effect guarantying any Debt, liability or obligation of any
other Person in any manner, whether directly or indirectly, including any such liability arising by virtue of partnership agreements,
including any agreement to indemnify or hold harmless any other Person, any performance bond or other suretyship arrangement and
any other form of assurance against loss, except endorsement of negotiable or other instruments for deposit or collection in the
ordinary course of business.

 

“Holdings”
means Renaissance Parent Corp., a Delaware corporation.

 

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

 

“Independent
Director” has the meaning set forth in Section 8.03(c).

 

“Initial Investors”
means Kohlberg Kravis Roberts & Co. L.P., KKR Associates North America Fund XI L.P. and KKR Renaissance Co-Invest GP LLC and
each of their respective Affiliates but not including, however, any portfolio companies of any of the foregoing.

 

“Insolvency
Proceeding” means (a) any case, action or proceeding before any court or other Governmental Authority relating to bankruptcy,
reorganization, insolvency, liquidation, receivership, dissolution, winding-up or relief of debtors or (b) any general assignment
for the benefit of creditors of a Person, composition, marshaling of assets for creditors of a Person, or other, similar arrangement
in respect of its creditors generally or any substantial portion of its creditors, in each of clauses (a) and (b) undertaken under
U.S. Federal, state or foreign law, including the Bankruptcy Code.

    	20

    	

    

“Intended
Tax Treatment” has the meaning set forth in Section 13.14.

 

“Interest”
means, for each Loan for each day during any Interest Period (or portion thereof), the amount of interest accrued on the Capital
of such Loan during such Interest Period (or portion thereof) in accordance with Section 2.03(b).

 

“Interest
Period” means, with respect to each Loan, (a) before the Termination Date: (i) initially, the period commencing on the
date such Loan is made pursuant to Section 2.01 (or in the case of any fees payable hereunder, commencing on the Closing
Date) and ending on (but not including) the next Monthly Settlement Date and (ii) thereafter, each period commencing on such Monthly
Settlement Date and ending on (but not including) the next Monthly Settlement Date and (b) on and after the Termination Date, such
period (including a period of one day) as shall be selected from time to time by the Administrative Agent (with the consent or
at the direction of the Majority Lenders) or, in the absence of any such selection, each period of 30 days from the last day of
the preceding Interest Period.

 

“Interest
Rate” means, for any day in any Interest Period for any Loan (or any portion of Capital thereof):

 

(a) so
long as no Event of Default has occurred and is continuing on such day, either (i) LMIR on such day or (ii) if the Base Rate is
then applicable pursuant to Section 5.04, the Base Rate on such day; or

 

(b) for
any day while an Event of Default has occurred and is continuing, an interest rate per annum equal to the sum of 2.50% per annum
plus the greater of (i) the interest rate per annum determined for such Loan and such day pursuant to clause (a) above,
and (ii) the Base Rate in effect on such day;

 

provided, however, that no
provision of this Agreement shall require the payment or permit the collection of Interest in excess of the maximum permitted by
Applicable Law; provided, further, however, that Interest for any Loan shall not be considered paid by any
distribution to the extent that at any time all or a portion of such distribution is rescinded or must otherwise be returned for
any reason.

 

“Interim Report”
means each Daily Report and Weekly Report.

 

“Interim Report
Trigger” means, at any time, (i) the sum of the Aggregate Capital plus the Aggregate Adjusted LC Participation
Amount at such time, exceeds (ii) 50.0% of the Facility Limit at such time.

 

“Investment
Company Act” means the Investment Company Act of 1940, as amended or otherwise modified from time to time.

 

“Korean Won”
or “KRW” means the lawful currency of the Republic of Korea.

 

“Korean Won
LC Participation Amount” means at any time of determination, the aggregate LC Participation Amount with respect to Letters
of Credit denominated in Korean Won.

    	21

    	

    

“Korean Won
VAR Percentage” means the value at risk percentage determined by the Administrative Agent in its sole discretion from
time to time with respect to Korean Won, and which shall initially be 10.0%.

 

“Korean Won
Volatility Reserve” means, at any time of determination, the product of (a) the Dollar Equivalent of the Adjusted Korean
Won LC Participation Amount at such time, multiplied by (b) the Korean Won VAR Percentage.

 

“LC Bank”
has the meaning set forth in the preamble to this Agreement.

 

“LC Collateral
Account” means each account at any time designated as an LC Collateral Account established and maintained by the Administrative
Agent (for the benefit of the LC Bank and the LC Participants), or such other account(s) as may be so designated as such by the
Administrative Agent.

 

“LC Fee Expectation”
has the meaning set forth in Section 3.05(c).

 

“LC Participant”
means PNC and each other Person that becomes a party to this Agreement in the capacity of an “LC Participant”.

 

“LC Participation
Amount” means at any time of determination, and with respect to any currency, the sum of the amounts then available to
be drawn under all outstanding Letters of Credit denominated in such currency.

 

“LC Request”
means a letter in substantially the form of Exhibit A hereto executed and delivered by the Borrower to the Administrative
Agent, the LC Bank and the Lenders pursuant to Section 3.02(a).

 

“Lender”
means PNC and each other Person that becomes a party to this Agreement in the capacity of a “Lender”.

 

“Lender’s
Account” means, with respect to any Lender the account(s) from time to time designated in writing by such Lender to the
Borrower and the Servicer for purposes of receiving payments to or for the account of such Lender and its Affiliates hereunder.

 

“Letter of
Credit” means any stand-by letter of credit issued by the LC Bank at the request of the Borrower pursuant to this
Agreement.

 

“Letter of
Credit Application” has the meaning set forth in Section 3.02(a).

 

“Lien”
means any ownership interest or claim, mortgage, deed of trust, pledge, lien, security interest, hypothecation, charge or other
encumbrance or security arrangement of any nature whatsoever, whether voluntarily or involuntarily given, including, but not limited
to, any conditional sale or title retention arrangement, and any assignment, deposit arrangement or lease intended as, or having
the effect of, security and any filed financing statement or other notice of any of the foregoing (whether or not a lien or other
encumbrance is created or exists at the time of the filing).

    	22

    	

    

“LMIR”
means for any day during any Interest Period, the interest rate per annum determined by the applicable Lender (which determination
shall be conclusive absent manifest error) by dividing (i) the one-month Eurodollar rate for Dollar deposits as reported by Bloomberg
Finance L.P. and shown on US0001M Screen or any other service or page that may replace such page from time to time for the purpose
of displaying offered rates of leading banks for London interbank deposits in Dollars, as of 11:00 a.m. (London time) on such day,
or if such day is not a Business Day, then the immediately preceding Business Day (or if not so reported, then as determined by
the Administrative Agent from another recognized source for interbank quotation), in each case, changing when and as such rate
changes, by (ii) a number equal to 1.00 minus the Euro-Rate Reserve Percentage on such day. The calculation of LMIR may
also be expressed by the following formula:

 

	 	 	 	One-month Eurodollar rate for Dollars	 
	 	 	 	shown on Bloomberg US0001M Screen	 
	 	 	 	or appropriate successor	 
	 	LMIR	=	 	 
	 	 	 	 	 
	 	 	 	1.00 - Euro-Rate Reserve Percentage	 

 

LMIR shall be adjusted
on the effective date of any change in the Euro-Rate Reserve Percentage as of such effective date. Notwithstanding the foregoing,
if LMIR as determined herein would be less than zero percent (0.00%), such rate shall be deemed to be zero percent (0.00%) for
purposes of this Agreement.

 

“Loan”
means any loan made by a Lender pursuant to Section 2.02.

 

“Loan Request”
means a letter in substantially the form of Exhibit A hereto executed and delivered by the Borrower to the Administrative
Agent and the Lenders pursuant to Section 2.02(a).

 

“Lock-Box”
means each locked postal box with respect to which a Collection Account Bank has executed an Account Control Agreement pursuant
to which it has been granted exclusive access for the purpose of retrieving and processing payments made on the Receivables and
which is listed on Schedule II (as such schedule may be modified from time to time in connection with the addition or removal
of any Lock-Box in accordance with the terms hereof).

 

“Loss Horizon
Ratio” means, at any time of determination, the ratio (expressed as a percentage and rounded to the nearest 1/100 of
1%, with 5/1000th of 1% rounded upward) computed by dividing: (a) the sum of (i) the aggregate initial Outstanding Balance
of all Pool Receivables generated by the Originators during the six (6) most recent Fiscal Months, plus (ii) the product
of (x) the aggregate initial Outstanding Balance of all Pool Receivables generated by the Originators during the seventh most recent
Fiscal Month, multiplied by 17.50%, plus (iii) if the Loss Horizon Terms Component on such date is greater
than 60.0, the product of (x) 1.0 minus the quotient of (A) 60.0, divided by (B) the Loss Horizon Terms Component
on such date, multiplied by (y) the aggregate initial Outstanding Balance of all Pool Receivables originated by the
Originators during the sixth most recent Fiscal Month; by (b) the Net Receivables Pool Balance as of such date.

    	23

    	

    

“Loss Horizon
Terms Component” means, at any time of determination, (i) if the Servicer has accurately computed the Weighted Average
Credit Terms on such day and provided the Administrative Agent evidence thereof reasonably satisfactory to the Administrative Agent,
the Weighted Average Credit Terms on such day and (ii) otherwise, the Days’ Sales Outstanding on such day.

 

“Loss Reserve”
means, at any time of determination, an amount equal to the product of (a) the sum of the Aggregate Capital plus the Aggregate
Adjusted LC Participation Amount at such time, multiplied by (b) the quotient of (i) the Loss Reserve Percentage
at such time, divided by (ii) 100% minus the Loss Reserve Percentage at such time.

 

“Loss Reserve
Percentage” means, at any time of determination, the product (expressed as a percentage and rounded to the nearest 1/100th
of 1%, with 5/1000th of 1% rounded upward) of (a) 2.50, multiplied by (b) the highest average of the Default Ratios
for any three (3) consecutive Fiscal Months during the twelve (12) most recent Fiscal Months, multiplied by (c) the
Loss Horizon Ratio.

 

“Majority
Lenders” means one or more Lenders that, individually or in the aggregate, hold more than 50% of the aggregate Commitments
of all Lenders (or, if the Commitments have been terminated, hold Loans with more than 50% of the Aggregate Capital).

 

“Material
Adverse Effect” means a circumstance or condition that would, individually or in the aggregate, materially adversely
affect:

 

(a) the assets,
operations, business or financial condition of the Parent and its Subsidiaries, taken as a whole;

 

(b) the ability
of the Servicer, the Performance Guarantor or any Originator, taken as a whole, to perform its obligations under this Agreement
or any other Transaction Document to which it is a party;

 

(c) the validity
or enforceability of this Agreement or any other Transaction Document, or the validity, enforceability, value or collectibility
of any material portion of the Pool Receivables;

 

(d) the status,
perfection, enforceability or priority of the Administrative Agent’s security interest in the Collateral; or

 

(e) the rights and
remedies of any Credit Party under the Transaction Documents or associated with its respective interest in the Collateral.

 

“Minimum Dilution
Reserve” means, at any time of determination, an amount equal to the product of (a) the sum of the Aggregate Capital
plus the Aggregate Adjusted LC Participation Amount at such time, multiplied by (b) the quotient of (i) the
Minimum Dilution Reserve Percentage at such time, divided by (ii) 100% minus the Minimum Dilution Reserve Percentage
at such time.

    	24

    	

    

“Minimum Dilution
Reserve Percentage” means, at any time of determination, the product (expressed as a percentage and rounded to the nearest
1/100th of 1%, with 5/1000th of 1% rounded upward) of (a) the average of the Dilution Ratios for the twelve (12) most recent Fiscal
Months, multiplied by (b) the Dilution Horizon Ratio.

 

“Monthly Report”
means a report in substantially the form of Exhibit F.

 

“Monthly Settlement
Date” means the 15th calendar day of each calendar month (or if such day is not a Business Day, the next occurring
Business Day).

 

“Moody’s”
means Moody’s Investors Service, Inc. and any successor thereto that is a nationally recognized statistical rating organization.

 

“Multiemployer
Plan” means a multiemployer plan as defined in Section 4001(a)(3) of ERISA to which the Borrower, the Servicer, any Originator,
the Parent or any of their respective ERISA Affiliates (other than one considered an ERISA Affiliate only pursuant to subsection
(m) or (o) of Section 414 of the Code) is making or accruing an obligation to make contributions, or has within any of the preceding
five plan years made or accrued an obligation to make contributions.

 

“Net Receivables
Pool Balance” means, at any time of determination: (a) the aggregate Outstanding Balance of all Eligible Receivables
then in the Receivables Pool, minus (b) the Excess Concentration.

 

“Notice Date”
has the meaning set forth in Section 3.02(b).

 

“Obligor”
means, with respect to any Receivable, the Person obligated to make payments pursuant to the Contract relating to such Receivable.

 

“Obligor Percentage”
means, at any time of determination, for each Obligor, a fraction, expressed as a percentage, (a) the numerator of which is the
aggregate Outstanding Balance of the Eligible Receivables of such Obligor less the amount (if any) then included in the calculation
of the Excess Concentration with respect to such Obligor and its Pool Receivables and (b) the denominator of which is the aggregate
Outstanding Balance of all Eligible Receivables at such time.

 

“OFAC”
means the U.S. Department of Treasury’s Office of Foreign Assets Control.

 

“Order”
has the meaning set forth in Section 3.10.

 

“Originator”
and “Originators” have the meaning set forth in the Purchase and Sale Agreement, as the same may be modified
from time to time by adding new Originators or removing Originators, in each case with the prior written consent of the Administrative
Agent.

 

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

    	25

    	

    

“Other Taxes”
means any and all present or future stamp or documentary Taxes or any other similar excise or property Taxes, charges or levies
or fees arising from any payment made hereunder or from the execution, delivery, filing, recording or enforcement of, or otherwise
in respect of, this Agreement, the other Transaction Documents and the other documents or agreements to be delivered hereunder
or thereunder, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment.

 

“Outstanding
Balance” means, at any time of determination, with respect to any Receivable, the then outstanding principal balance
thereof.

 

“Parent”
means Gardner Denver, Inc., a Delaware corporation.

 

“Parent Group”
has the meaning set forth in Section 8.03(c).

 

“Participant”
has the meaning set forth in Section 13.03(d).

 

“Participant
Register” has the meaning set forth in Section 13.03(e).

 

“Participation
Advance” has the meaning set forth in Section 3.04(b).

 

“PATRIOT Act”
has the meaning set forth in Section 13.15.

 

“PBGC”
means the Pension Benefit Guaranty Corporation, or any successor thereto.

 

“Pension Plan”
means a pension plan as defined in Section 3(2) of ERISA that is subject to Title IV of ERISA with respect to which any Originator,
the Borrower or any other member of the Controlled Group may have any liability, contingent or otherwise.

 

“Percentage”
means, at any time of determination, with respect to any Lender, a fraction (expressed as a percentage), (a) the numerator of which
is (i) prior to the termination of all Commitments hereunder, its Commitment at such time or (ii) if all Commitments hereunder
have been terminated, the aggregate outstanding Capital of all Loans being funded by such Lender at such time and (b) the denominator
of which is (i) prior to the termination of all Commitments hereunder, the aggregate Commitments of all Lenders at such time or
(ii) if all Commitments hereunder have been terminated, the Aggregate Capital at such time.

 

“Performance
Guarantor” means the Parent in its capacity as guarantor under the Performance Guaranty.

 

“Performance
Guaranty” means the Performance Guaranty, dated as of the Closing Date, by the Performance Guarantor in favor of the
Administrative Agent for the benefit of the Secured Parties, as such agreement may be amended, restated, supplemented or otherwise
modified from time to time.

    	26

    	

    

“Permitted
Holders” means each of (i) the Initial Investors and their respective Affiliates and members of management of Holdings
(or its direct or indirect parent) who were holders of Capital Stock of Holdings (or its direct or indirect parent company) on
July 30, 2013 and any group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act or any successor provision)
of which any of the foregoing are members; provided that, in the case of such group and without giving effect to the existence
of such group or any other group, such Initial Investors, their respective Affiliates and members of management, collectively,
have beneficial ownership of more than 50% of the total voting power of the Voting Stock of Holdings or any other direct or indirect
parent company of Holdings and (ii) any direct or indirect parent of Holdings formed not in connection with, or in contemplation
of, a transaction that, assuming such parent was not formed, after giving effect thereto would constitute a Change of Control.

 

“Permitted
Lien” means (a) the interests of the Borrower, the Administrative Agent and each of the other Secured Parties under the
Transaction Documents, (b) any inchoate liens for current taxes, assessments, levies, fees and other government and similar charges
not yet due and payable or the amount or validity of which is being contested in good faith by appropriate proceedings and with
respect to which adequate reserves have been established in accordance with GAAP, but only so long as foreclosure with respect
to such lien is not imminent and the use and value of the property to which the liens attach are not impaired during the pendency
of such proceedings, (c) liens arising out of any judgment or award against any Originator with respect to which (i) an appeal
or proceeding for review is being taken in good faith and with respect to which there shall have been secured a bond pending such
appeal or proceeding for review and (ii) such judgment or award does not constitute an Event of Default, (d) any lien in favor
of, or assigned to, the Administrative Agent (for the benefit of the Secured Parties) and (e) any Lien on the Capital Stock or
other equity interests of the Originators (excluding, for the avoidance of doubt, any Lien on the Capital Stock of the Borrower)
granted in connection with the Credit Agreement (or any refinancing thereof) in favor of the secured parties thereunder.

 

“Person”
means an individual, partnership, corporation (including a business trust), joint stock company, trust, unincorporated association,
joint venture, limited liability company or other entity, or any Governmental Authority.

 

“PNC”
has the meaning set forth in the preamble to this Agreement.

 

“Pool Receivable”
means a Receivable in the Receivables Pool.

 

“Portion of
Capital” means, with respect to any Lender and its related Capital, the portion of such Capital being funded or maintained
by such Lender by reference to a particular interest rate basis.

 

“Pounds Sterling”
or “£” means the lawful currency of the United Kingdom of Great Britain and Northern Ireland.

 

“Pounds Sterling
LC Participation Amount” means at any time of determination, the aggregate LC Participation Amount with respect to Letters
of Credit denominated in Pounds Sterling.

    	27

    	

    

“Pounds Sterling
VAR Percentage” means the value at risk percentage determined by the Administrative Agent in its sole discretion from
time to time with respect to Pounds Sterling, and which shall initially be 10.0%.

 

“Pounds Sterling
Volatility Reserve” means, at any time of determination, the product of (a) the Dollar Equivalent of the Adjusted Pounds
Sterling LC Participation Amount, multiplied by (b) the Pounds Sterling VAR Percentage.

 

“Pro Rata
Share” means, as to any LC Participant, a fraction, the numerator of which equals the Commitment of such LC Participant
at such time and the denominator of which equals the aggregate of the Commitments of all LC Participants at such time.

 

“Purchase
and Sale Agreement” means the Purchase and Sale Agreement, dated as of the Closing Date, among the Servicer, the Originators
and the Borrower, as such agreement may be amended, supplemented or otherwise modified from time to time.

 

“Purchase
and Sale Termination Event” has the meaning set forth in the Purchase and Sale Agreement.

 

“Qualifying
IPO” means the issuance by any Person of its common equity interests in an underwritten primary public offering (other
than a public offering pursuant to a registration statement on Form S-8) pursuant to an effective registration statement filed
with the SEC in accordance with the Securities Act (whether alone or in connection with a secondary public offering) or in a firm
commitment underwritten offering (or series of related offerings of securities to the public pursuant to a final prospectus) made
pursuant to the Securities Act.

 

“Receivable”
means any right to payment of a monetary obligation, whether or not earned by performance, owed to any Originator or the Borrower
(as assignee of an Originator), whether constituting an account, chattel paper, payment intangible, instrument or general intangible,
in each instance arising in connection with the sale of goods that have been or are to be sold or for services rendered or to be
rendered, and includes, without limitation, the obligation to pay any service charges, finance charges, interest, fees and other
charges with respect thereto. Any such right to payment arising from any one transaction, including, without limitation, any such
right to payment represented by an individual invoice or agreement, shall constitute a Receivable separate from a Receivable consisting
of any such right to payment arising from any other transaction.

 

“Receivables
Pool” means, at any time of determination, all of the then outstanding Receivables transferred (or purported to be transferred)
to the Borrower pursuant to the Purchase and Sale Agreement prior to the Termination Date.

 

“Register”
has the meaning set forth in Section 13.03(b).

 

“Reimbursement
Obligation” has the meaning set forth in Section 3.04(a).

 

“Related Rights”
has the meaning set forth in Section 1.1 of the Purchase and Sale Agreement.

    	28

    	

    

“Related Security”
means, with respect to any Receivable:

 

(a) all
of the Borrower’s and each Originator’s interest in any goods (including returned goods), and documentation of title
evidencing the shipment or storage of any goods (including returned goods), the sale of which gave rise to such Receivable;

 

(b) all
instruments and chattel paper that may evidence such Receivable;

 

(c) all
other security interests or liens and property subject thereto from time to time purporting to secure payment of such Receivable,
whether pursuant to the Contract related to such Receivable or otherwise, together with all UCC financing statements or similar
filings relating thereto;

 

(d) all
of the Borrower’s and each Originator’s rights, interests and claims under the related Contracts and all guaranties,
indemnities, insurance and other agreements (including the related Contract) or arrangements of whatever character from time to
time supporting or securing payment of such Receivable or otherwise relating to such Receivable, whether pursuant to the Contract
related to such Receivable or otherwise;

 

(e) all
books and records of the Borrower and each Originator to the extent related to any of the foregoing, and all rights, remedies,
powers, privileges, title and interest (but not obligations) in and to each Lock-Box and all Collection Accounts, into which any
Collections or other proceeds with respect to such Receivables may be deposited, and any related investment property acquired with
any such Collections or other proceeds (as such term is defined in the applicable UCC);

 

(f) all
of the Borrower’s rights, interests and claims under the Purchase and Sale Agreement and the other Transaction Documents;
and

 

(g) all
Collections and other proceeds (as defined in the UCC) of any of the foregoing.

 

“Release”
has the meaning set forth in Section 4.01(a).

 

“Reportable
Compliance Event” means that any Covered Entity becomes a Sanctioned Person, or is charged by indictment, criminal complaint
or similar charging instrument, arraigned, or custodially detained in connection with any Anti-Terrorism Law or any predicate crime
to any Anti-Terrorism Law, or has knowledge of facts or circumstances to the effect that it is reasonably likely that any aspect
of its operations is in actual or probable violation of any Anti-Terrorism Law.

 

“Reportable
Event” means any reportable event as defined in Section 4043(c) of ERISA or the regulations issued thereunder with respect
to a Pension Plan (other than a Pension Plan maintained by an ERISA Affiliate which is considered an ERISA Affiliate only pursuant
to subsection (m) or (o) of Section 414 of the Code).

 

“Representatives”
has the meaning set forth in Section 13.06(c).

    	29

    	

    

“Required
Capital Amount” means $5,000,000.

 

“Restricted
Payments” has the meaning set forth in Section 8.01(r).

 

“S&P”
means Standard & Poor’s Rating Services, a Standard & Poor’s Financial Services LLC business, and any successor
thereto that is a nationally recognized statistical rating organization.

 

“Sanctioned
Country” means a country subject to a comprehensive countrywide or territory-wide sanctions program maintained under
any Anti-Terrorism Law.

 

“Sanctioned
Person” (i) A person named on the list of “Specially Designated Nationals” or “Blocked Persons”
maintained by OFAC available at: http://www.treasury.gov/resource-center/sanctions/SDN List/Pages/default.aspx, or as otherwise
published from time to time, (ii) (A) an agency of the government of a Sanctioned Country, (B) an organization controlled by a
Sanctioned Country or (C) a person resident in a Sanctioned Country, to the extent subject to a sanctions program administered
by OFAC, or (iii) any individual person, group, regime, entity or thing listed or otherwise recognized as a specially designated,
prohibited, sanctioned or debarred person, group, regime, entity or thing, or subject to any limitations or prohibitions (including
but not limited to the blocking of property or rejection of transactions), under any Anti-Terrorism Law.

 

“Scheduled
Termination Date” means May 17, 2019.

 

“SEC”
means the U.S. Securities and Exchange Commission or any governmental agencies substituted therefor.

 

“Secured Parties”
means each Credit Party, each Borrower Indemnified Party and each Affected Person.

 

“Securities
Act” means the Securities Act of 1933, as amended or otherwise modified from time to time.

 

“Servicer”
has the meaning set forth in the preamble to this Agreement, including any successor Servicer pursuant to Section 9.01.

 

“Servicer
Indemnified Amounts” has the meaning set forth in Section 12.02(a).

 

“Servicer
Indemnified Party” has the meaning set forth in Section 12.02(a).

 

“Servicing
Fee” means the fee referred to in Section 9.06(a).

 

“Servicing
Fee Rate” means the rate referred to in Section 9.06(a).

    	30

    	

    

“Settlement Date”
means with respect to any Portion of Capital for any Interest Period or any Interest or Fees, (i) prior to the Termination
Date and so long as no Event of Default has occurred and is continuing, the Monthly Settlement Date and (ii) on and after the
Termination Date or if an Event of Default has occurred and is continuing, each day selected from time to time by the
Administrative Agent (with the consent or at the direction of the Majority Lenders) (it being understood that the
Administrative Agent (with the consent or at the direction of the Majority Lenders) may select such Settlement Date to occur
as frequently as daily), or, in the absence of such selection, the Monthly Settlement Date.

 

“Solvent”
means, with respect to any Person and as of any particular date, (i) the present fair market value (or present fair saleable value)
of the assets of such Person is not less than the total amount required to pay the probable liabilities of such Person on its total
existing debts and liabilities (including contingent liabilities) as they become absolute and matured, (ii) such Person is able
to realize upon its assets and pay its debts and other liabilities, contingent obligations and commitments as they mature and become
due in the normal course of business, (iii) such Person is not incurring debts or liabilities beyond its ability to pay such debts
and liabilities as they mature and (iv) such Person is not engaged in any business or transaction, and is not about to engage in
any business or transaction, for which its property would constitute unreasonably small capital after giving due consideration
to the prevailing practice in the industry in which such Person is engaged.

 

“Spot Rate”
means, on any day, for the purpose of determining the Dollar Equivalent of any amount denominated in a currency other than Dollars,
the exchange rate at which such currency may be exchanged into Dollars as set forth at approximately 11:00 a.m. New York City
time, on such day as published on the Bloomberg Key Cross-Currency Rates Page for such currency.  In the event that such rate
does not appear on any Bloomberg Key Cross Currency Rates Page, the Spot Rate shall be determined by reference to such other publicly
available service for displaying exchange rates as may be selected by the Administrative Agent or, in the absence of such a selection
or publicly available service, such Spot 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 11:00 a.m. New York time, on such date for the purchase of Dollars with the applicable currency for delivery two (2)
Business Days later; provided that if at the 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.

 

“Structuring
Agent” means PNC Capital Markets LLC, a Pennsylvania limited liability company.

 

“Subordinated
Note” has the meaning set forth in the Purchase and Sale Agreement.

 

“Sub-Servicer”
has the meaning set forth in Section 9.01(d).

 

“Subsidiary”
means, as to any Person, a corporation, partnership, limited liability company or other entity of which shares of stock of each
class or other interests having ordinary voting power (other than stock or other interests having such power only by reason of
the happening of a contingency) to elect a majority of the Board of Directors or other managers of such entity are at the time
owned, or management of which is otherwise controlled: (a) by such Person, (b) by one or more Subsidiaries of such Person or (c)
by such Person and one or more Subsidiaries of such Person.

    	31

    	

    

“Taxes”
means any and all present or future taxes, levies, imposts, duties, deductions, charges or withholdings imposed by any Governmental
Authority and all interest, penalties or additions to tax with respect thereto.

 

“Termination
Date” means the earliest to occur of (a) the Scheduled Termination Date, (b) the date on which the “Termination
Date” is declared or deemed to have occurred under Section 10.01, (c) the date selected by the Borrower on which all
Commitments have been reduced to zero pursuant to Section 2.02(e) and (d) the date (if any) on which the Borrower, the Servicer
or any Originator delivers to the Administrative Agent a written notice that the Borrower is unable to pay the Purchase Price for
Receivables and Related Rights pursuant to Section 3.2 of the Purchase and Sale Agreement.

 

“Total Reserves”
means, at any time of determination, an amount equal to the sum of: (a) the Yield Reserve, plus (b) the greater of (i) the
sum of the Concentration Reserve plus the Minimum Dilution Reserve and (ii) the sum of the Loss Reserve plus the
Dilution Reserve, plus (c) the Aggregate Currency Reserves.

 

“Transaction
Documents” means this Agreement, the Purchase and Sale Agreement, the Account Control Agreements, the Fee Letter, Dilution
Trigger Agreement, each Subordinated Note, the Performance Guaranty and all other certificates, instruments, UCC financing statements,
reports, notices, agreements and documents executed or delivered under or in connection with this Agreement, in each case as the
same may be amended, supplemented or otherwise modified from time to time in accordance with this Agreement.

 

“UCC”
means the Uniform Commercial Code as from time to time in effect in the applicable jurisdiction.

 

“Unmatured
Event of Default” means an event that but for notice or lapse of time or both would constitute an Event of Default.

 

“Unbilled
Receivable” means, at any time, any Receivable as to which the invoice or bill with respect thereto has not yet been
sent to the Obligor therefor.

 

“U.S. Obligor”
means an Obligor that is a corporation or other business organization and is organized under the laws of the United States of America
(or of a United States of America territory, district, state, commonwealth, or possession, including, without limitation, Puerto
Rico and the U.S. Virgin Islands) or any political subdivision thereof.

 

“U.S. Person”
means a “United States person” within the meaning of Section 7701(a)(30) of the Code.

 

“U.S. Tax
Compliance Certificate” has the meaning set forth in Section 5.03(f)(ii)(B)(3).

 

“Volcker Rule”
means Section 13 of the U.S. Bank Holding Company Act of 1956, as amended, and the applicable rules and regulations thereunder.

    	32

    	

    

“Voting Stock”
means, with respect to any Person as of any date, the Capital Stock of such Person that is at the time entitled to vote in the
election of the board of directors of such Person.

 

“Weekly Report”
means a report, in substantially the form of Exhibit I.

 

“Weekly Reporting
Date” means Wednesday of each week or, if such day is not a Business Day, the immediately following Business Day.

 

“Weekly Reporting
Period” means each period beginning on the first Weekly Reporting Date that occurs on or after the date that is fifteen
days following the date on which the Administrative Agent notifies that Borrower or the Servicer to commence delivering Weekly
Reports after the occurrence of an Interim Report Trigger and ending on the date, if any, that an Interim Report Trigger is no
longer continuing; provided, however, that each Weekly Reporting Period shall continuing for no less than four calendar
weeks.

 

“Weighted
Average Credit Terms” means for any Fiscal Month, the weighted average (weighted based on Outstanding Balance) payment
terms (computed in days and calculated based on the difference between the original invoice date and the stated due date for payment)
of invoices for all Receivables (other than Delinquent Receivables) in the Receivables Pool as of the last day of such Fiscal Month.

 

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

 

“Yield Reserve”
means, at any time of determination, an amount equal to the product of (a) the sum of the Aggregate Capital plus the Aggregate
Adjusted LC Participation Amount at such time, multiplied by (b) the quotient of (i) the Yield Reserve Percentage at such
time, divided by (ii) 100% minus the Yield Reserve Percentage at such time.

 

“Yield Reserve
Percentage” means, at any time of determination:

 

1.50 x DSO x (BR + SFR)

360            

 

where:

 

	 	BR	=	the Base Rate;
	 	 	 	 
	 	DSO	=	the Days’ Sales Outstanding for the most recently ended Fiscal Month; and
	 	 	 	 
	 	SFR	=	the Servicing Fee Rate.

    	33

    	

    

SECTION 1.02. Other Interpretative
Matters. All accounting terms not specifically defined herein shall be construed in accordance with GAAP. All terms used
in Article 9 of the UCC in the State of New York and not specifically defined herein, are used herein as defined in such
Article 9. Unless otherwise expressly indicated, all references herein to “Article,” “Section,”
“Schedule”, “Exhibit” or “Annex” shall mean articles and sections of, and schedules,
exhibits and annexes to, this Agreement. For purposes of this Agreement, the other Transaction Documents and all such
certificates and other documents, unless the context otherwise requires: (a) references to any amount as on deposit or
outstanding on any particular date means such amount at the close of business on such day; (b) the words
“hereof,” “herein” and “hereunder” and words of similar import refer to such agreement
(or the certificate or other document in which they are used) as a whole and not to any particular provision of such
agreement (or such certificate or document); (c) references to any Section, Schedule or Exhibit are references to
Sections, Schedules and Exhibits in or to such agreement (or the certificate or other document in which the reference is
made), and references to any paragraph, subsection, clause or other subdivision within any Section or definition refer to
such paragraph, subsection, clause or other subdivision of such Section or definition; (d) the term “including”
means “including without limitation”; (e) references to any Applicable Law refer to that Applicable Law as
amended from time to time and include any successor Applicable Law; (f) references to any agreement refer to that agreement
as from time to time amended, restated or supplemented or as the terms of such agreement are waived or modified in accordance
with its terms; (g) references to any Person include that Person’s permitted successors and assigns; (h) headings are
for purposes of reference only and shall not otherwise affect the meaning or interpretation of any provision hereof; (i)
unless otherwise provided, in the calculation of time from a specified date to a later specified date, the term
“from” means “from and including”, and the terms “to” and “until” each means
“to but excluding”; (j) terms in one gender include the parallel terms in the neuter and opposite gender; (k)
references to any amount as on deposit or outstanding on any particular date means such amount at the close of business on
such day and (l) the term “or” is not exclusive.

 

ARTICLE
II

TERMS OF THE LOANS

 

SECTION 2.01. Loan
Facility. Upon a request by the Borrower pursuant to Section 2.02, and on the terms and subject to the conditions
hereinafter set forth, the Lenders shall, ratably in accordance with their respective Commitments, severally and not jointly, make
Loans to the Borrower from time to time during the period from the Closing Date to the Termination Date. Under no circumstances
shall any Lender be obligated to make any such Loan if, after giving effect to such Loan:

 

(i) 
the Aggregate Capital plus the Aggregate LC Participation Amount would exceed the Facility Limit at such time;

 

(ii) 
the sum of (A) the aggregate outstanding Capital of such Lender plus (B) the related LC Participant’s Pro Rata
Share of the Aggregate LC Participation Amount, would exceed the Commitment of such Lender; or

 

(iii) 
the Aggregate Capital plus the Aggregate Adjusted LC Participation Amount would exceed the Borrowing Base at such time.

    	34

    	

    

SECTION 2.02. Making
Loans; Repayment of Loans. (a) Each Loan hereunder shall be made on at least one (1) Business Day’s prior
written request from the Borrower to the Administrative Agent and each Lender in the form of a Loan Request attached hereto
as Exhibit A. Each such request for a Loan shall be made no later than noon (New York City time) on a Business
Day (it being understood that any such request made after such time shall be deemed to have been made on
the following Business Day) and shall specify (i) the amount of the Loan(s) requested (which shall not be less than $100,000
and shall be an integral multiple of $100,000 in excess thereof), (ii) the allocation of such amount among the Lenders (which
shall be ratable based on the Commitments), (iii) the account to which the proceeds of such Loan shall be distributed and
(iv) the date such requested Loan is to be made (which shall be a Business Day).

 

(b) 
No later than 2:30 p.m. (New York City time) on the date of each Loan specified in the applicable Loan Request, the Lenders
shall, upon satisfaction of the applicable conditions set forth in Article VI and pursuant to the other conditions set forth
in this Article II, make available to the Borrower in same day funds an aggregate amount equal to the amount of such Loans
requested, at the account set forth in the related Loan Request.

 

(c) 
Each Lender’s obligation shall be several, such that the failure of any Lender to make available to the Borrower any
funds in connection with any Loan shall not relieve any other Lender of its obligation, if any, hereunder to make funds available
on the date such Loans are requested (it being understood, that no Lender shall be responsible for the failure
of any other Lender to make funds available to the Borrower in connection with any Loan hereunder).

 

(d) 
The Borrower shall repay in full the outstanding Capital of each Lender on the Final Maturity Date. Prior thereto, the Borrower
shall, on each Settlement Date, make a prepayment of the outstanding Capital of the Lenders to the extent required under Section
4.01 and otherwise in accordance therewith. Notwithstanding the foregoing, the Borrower, in its discretion, shall have the
right to make a prepayment, in whole or in part, of the outstanding Capital of the Lenders on any Business Day upon one (1) Business
Day’s prior written notice thereof to the Administrative Agent and each Lender in the form of a Reduction Notice attached
hereto as Exhibit B; provided, however, that (i) each such prepayment shall be in a minimum aggregate amount
of $100,000 and shall be an integral multiple of $100,000 in excess thereof; provided, however that notwithstanding
the foregoing, a prepayment may be in an amount necessary to reduce any Borrowing Base Deficit existing at such time to zero, and
(ii) any accrued Interest and Fees in respect of such prepaid Capital shall be paid on the immediately following Settlement Date.

 

(e) 
The Borrower may, at any time upon at least fifteen (15) days’ prior written notice to the Administrative Agent and
each Lender, terminate the Facility Limit in whole or ratably reduce the Facility Limit in part. Each partial reduction in the
Facility Limit shall be in a minimum aggregate amount of $5,000,000 or integral multiples of $1,000,000 in excess thereof, and
no such partial reduction shall reduce the Facility Limit to an amount less than $50,000,000. In connection with any partial reduction
in the Facility Limit, the Commitment of each Lender and LC Participant shall be ratably reduced.

    	35

    	

    

(f) 
 In connection with any reduction of the Commitments, the Borrower shall remit to the Administrative Agent (i) instructions
regarding such reduction and (ii) for payment to the Lenders, cash in an amount sufficient to (A) repay the Capital of each Lender
such that its Capital will not exceed its Commitment as so reduced and (B) pay all other outstanding Borrower Obligations with
respect to such reduction (determined based on the ratio of the reduction of the Commitments being effected to the amount of the
Commitments prior to such reduction or, if the Administrative Agent reasonably determines that any portion of the outstanding Borrower
Obligations is allocable solely to that portion of the Commitments being reduced or has arisen solely as a result of such reduction,
all of such portion) including, without duplication, any associated Breakage Fees. Upon receipt of any such amounts, the Administrative
Agent shall apply such amounts first to the reduction of the Aggregate Capital, and second to the payment of the remaining outstanding
Borrower Obligations with respect to such reduction, including any Breakage Fees, by paying such amounts to the Lenders. Notwithstanding
the forgoing, any such reduction of the Commitments shall not be effective to the extent that after giving effect thereto the sum
of (A) the aggregate outstanding Capital of any Lender plus (B) the related LC Participant’s Pro Rata Share of the
Aggregate LC Participation Amount, would exceed such Lender’s Commitment.

 

SECTION 2.03. Interest
and Fees.

 

(a) 
On each Settlement Date, the Borrower shall, in accordance with the terms and priorities for payment set forth in Section
4.01, pay to each Lender, each LC Participant, the LC Bank, the Administrative Agent and the Structuring Agent certain fees
(collectively, the “Fees”) in the amounts set forth in the fee letter agreements from time to time entered into,
among the Borrower, the Lenders, the LC Participants, the LC Bank and/or the Administrative Agent (each such fee letter agreement,
as amended, restated, supplemented or otherwise modified from time to time, collectively being referred to herein as the “Fee
Letter”). Commitment Fees (as defined in the Fee Letter) shall cease to accrue on the unfunded portion of the Commitment
of such Defaulting Lender as provided in Section 2.05.

 

(b) 
Each Loan of each Lender and the Capital thereof (without duplication) shall accrue interest on each day when such Capital
remains outstanding at the then applicable Interest Rate for such Loan. The Borrower shall pay all Interest, Fees and Breakage
Fees accrued during each Interest Period on each Settlement Date in accordance with the terms and priorities for payment set forth
in Section 4.01.

 

SECTION 2.04. Records
of Loans and Participation Advances. Each Lender shall record in its records, the date and amount of each Loan and Participation
Advance made by such Lender hereunder, the Interest Rate with respect thereto, the Interest accrued thereon and each repayment
and payment thereof. Subject to Section 13.03(c), such records shall be conclusive and binding absent manifest error. The
failure to so record any such information or any error in so recording any such information shall not, however, limit or otherwise
affect the obligations of the Borrower hereunder or under the other Transaction Documents to repay the Capital of each Lender,
together with all Interest accruing thereon and all other Borrower Obligations.

    	36

    	

    

SECTION 2.05. Defaulting
Lenders. Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then
the following provisions shall apply for so long as such Lender is a Defaulting Lender:

 

(a) 
Commitment Fees (as defined in the Fee Letter) shall cease to accrue on the unfunded portion of the Commitment of such Defaulting
Lender.

 

(b) 
The Commitment and Capital of such Defaulting Lender shall not be included in determining whether the Majority Lenders have
taken or may take any action hereunder (including any consent to any amendment, waiver or other modification pursuant to Section
13.01); provided, that, this clause (b) shall not apply to the vote of a Defaulting Lender in the case of an
amendment, waiver or other modification requiring the consent of such Lender or each Lender directly affected thereby (if such
Lender is directly affected thereby).

 

(c) 
In the event that the Administrative Agent, the Borrower and the Servicer each agrees in writing that a Defaulting Lender
has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then on such date such Lender shall purchase
at par such of the Loans of the other Lenders as the Administrative Agent shall determine may be necessary in order for such Lender
to hold such Loans in accordance with its Pro Rata Percentage; provided, that no adjustments shall be made retroactively
with respect to fees accrued or payments made by or on behalf of the Borrower while such Lender was a Defaulting Lender, and provided,
further, that except to the extent otherwise agreed by the affected parties, no change hereunder from Defaulting Lender to Lender
that is not a Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender
having been a Defaulting Lender.

 

ARTICLE
III

LETTER OF CREDIT FACILITY

 

SECTION 3.01. Letters
of Credit.

 

(a) 
Subject to the terms and conditions hereof and the satisfaction of the applicable conditions set forth in Article VI,
the LC Bank shall issue or cause the issuance of Letters of Credit denominated in either Dollars or an Alternative Currency on
behalf of the Borrower (and, if applicable, on behalf of, or for the account of, an Originator or an Affiliate of such Originator
in favor of such beneficiaries as such Originator or an Affiliate of such Originator may elect with the consent of the Borrower);
provided, however, that the LC Bank shall be under no obligation to issue or cause the issuance of any Letters of
Credit denominated in an Alternative Currency and any such issuance shall occur in the sole and absolute discretion of the LC Bank;
provided further, however, that the LC Bank will not be required to issue or cause to be issued any Letters
of Credit to the extent that after giving effect thereto:

 

(i) 
the Aggregate Capital plus the Aggregate LC Participation Amount would exceed the Facility Limit at such time;

    	37

    	

    

(ii) 
 the Aggregate Capital plus the Aggregate Adjusted LC Participation Amount would exceed the Borrowing Base at such
time; or

 

(iii) 
the Aggregate LC Participation Amount would exceed the aggregate of the Commitments of the LC Participants at such time.

 

(b) 
Notwithstanding anything to the contrary set forth herein or in any other Transaction
Document, the LC Bank shall be under no obligation to issue Letters of Credit requested by the Borrower which are denominated in
an Alternative Currency if the LC Bank notifies the Borrower on or prior to the date of such issuance that the issuance of such
Letter of Credit, or the funding of any draw thereunder has been made or, in the case of a draw, would be made, impracticable or
unlawful by compliance by the LC Bank in good-faith with any Applicable Law or any request or directive of any Governmental Authority
(whether or not having the force of law).

 

(c) 
Interest shall accrue on all amounts drawn under Letters of Credit for each day on and after the applicable Drawing Date
so long as such drawn amounts shall have not been reimbursed to the LC Bank pursuant to the terms hereof.

 

SECTION 3.02. Issuance
of Letters of Credit; Participations.

 

(a) 
The Borrower may request the LC Bank, upon two (2) Business Days’ prior written notice submitted on or before noon
(New York City time), to issue a Letter of Credit by delivering to the Administrative Agent, each Lender and the LC Bank, the LC
Bank’s form of Letter of Credit Application (the “Letter of Credit Application”), substantially in the
form of Exhibit D attached hereto and an LC Request, in each case completed to the satisfaction of the Administrative Agent
and the LC Bank; and such other certificates, documents and other papers and information as the Administrative Agent or the LC
Bank may reasonably request.

 

(b) 
Each Letter of Credit shall, among other things, (i) provide for the payment of sight drafts or other written demands for
payment when presented for honor thereunder in accordance with the terms thereof and when accompanied by the documents described
therein and (ii) have an expiry date not later than twelve (12) months after such Letter of Credit’s date of issuance, extension
or renewal, as the case may be, and in no event later than twelve (12) months after the Scheduled Termination Date. The terms of
each Letter of Credit may include customary “evergreen” provisions providing that such Letter of Credit’s expiry
date shall automatically be extended for additional periods not to exceed twelve (12) months unless, not less than thirty (30)
days (or such longer period as may be specified in such Letter of Credit) (the “Notice Date”) prior to the applicable
expiry date, the LC Bank delivers written notice to the beneficiary thereof declining such extension; provided, however,
that if (x) any such extension would cause the expiry date of such Letter of Credit to occur after the date that is twelve (12)
months after the Scheduled Termination Date or (y) the LC Bank determines that any condition precedent (including, without limitation,
those set forth in Sections 3.01 and Article VI) to issuing such Letter of Credit hereunder are not satisfied (other
than any such condition requiring the Borrower to submit an LC Request or Letter of Credit Application in respect thereof), then
the LC Bank, in the case of clause (x) above, may (or, at the written direction of any LC Participant, shall) or, in the
case of clause (y) above, shall, use reasonable efforts in accordance with (and to the extent permitted by) the
terms of such Letter of Credit to prevent the extension of such expiry date (including notifying the Borrower and the beneficiary
of such Letter of Credit in writing prior to the Notice Date that such expiry date will not be so extended). Each Letter of Credit
shall be subject either to the Uniform Customs and Practice for Documentary Credits (2007 Revision), International Chamber of Commerce
Publication No. 600, and any amendments or revisions thereof adhered to by the LC Bank or the International Standby Practices (ISP98-International
Chamber of Commerce Publication Number 590), and any amendments or revisions thereof adhered to by the LC Bank, as determined by
the LC Bank.

    	38

    	

    

(c) 
Immediately upon the issuance by the LC Bank of any Letter of Credit (or any amendment to a Letter of Credit increasing
the amount thereof), the LC Bank shall be deemed to have sold and transferred to each LC Participant, and each LC Participant shall
be deemed irrevocably and unconditionally to have purchased and received from the LC Bank, without recourse or warranty, an undivided
interest and participation, to the extent of such LC Participant’s Pro Rata Share, in such Letter of Credit, each drawing
made thereunder and the obligations of the Borrower hereunder with respect thereto, and any security therefor or guaranty pertaining
thereto. Upon any change in the Commitments or Pro Rata Shares of the LC Participants pursuant to this Agreement, it is hereby
agreed that, with respect to all outstanding Letters of Credit and unreimbursed drawings thereunder, there shall be an automatic
adjustment to the participations pursuant to this clause (c) to reflect the new Pro Rata Shares of the assignor and assignee
LC Participant or of all LC Participants with Commitments, as the case may be. In the event that the LC Bank makes any payment
under any Letter of Credit and the Borrower shall not have reimbursed such amount in full to the LC Bank pursuant to Section
3.04(a), each LC Participant shall be obligated to make Participation Advances with respect to such Letter of Credit in accordance
with Section 3.04(b).

 

SECTION 3.03. Requirements
For Issuance of Letters of Credit. The Borrower shall authorize and direct the LC Bank to name the Borrower, an Originator
or an Affiliate of an Originator as the “Applicant” or “Account Party” of each Letter of Credit.

 

SECTION 3.04. Disbursements,
Reimbursement.

 

(a) 
In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the LC Bank
will promptly notify the Administrative Agent and the Borrower of such request. The Borrower shall reimburse (such obligation to
reimburse the LC Bank shall sometimes be referred to as a “Reimbursement Obligation”) the LC Bank in Dollars
prior to 5:00 p.m. (New York City time), on each date that an amount is paid by the LC Bank under any Letter of Credit (each such
date, a “Drawing Date”) in an amount equal to the Dollar Equivalent amount so paid by the LC Bank. In the event
the Borrower fails to reimburse the LC Bank for the full Dollar Equivalent amount of any drawing under any Letter of Credit by
5:00 p.m. (New York City time) on the Drawing Date (including because the conditions precedent to a Loan requested by the Borrower
pursuant to Section 2.01 shall not have been satisfied), the LC Bank will promptly notify each LC Participant thereof. Any
notice given by the LC Bank pursuant to this Section may be oral if promptly confirmed in writing; provided that the lack
of such a prompt written confirmation shall not affect the conclusiveness or binding effect of such oral notice.

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(b) 
 Each LC Participant shall upon any notice pursuant to clause (a) above make available to the LC Bank an amount in
Dollars in immediately available funds equal to its Pro Rata Share of the Dollar Equivalent amount of the drawing (a “Participation
Advance”), whereupon the LC Participants shall each be deemed to have made a Loan in Dollars to the Borrower in that
amount. If any LC Participant so notified fails to make available to the LC Bank the amount in Dollars of such LC Participant’s
Pro Rata Share of such Dollar Equivalent amount by 2:00 p.m. (New York City time) on the Drawing Date, then interest shall accrue
on such LC Participant’s obligation to make such payment, from the Drawing Date to the date on which such LC Participant
makes such payment (i) at a rate per annum equal to the Federal Funds Rate during the first three days following the Drawing Date
and (ii) at a rate per annum equal to the Base Rate on and after the fourth day following the Drawing Date. The LC Bank will promptly
give notice to each LC Participant of the occurrence of the Drawing Date, but failure of the LC Bank to give any such notice on
the Drawing Date or in sufficient time to enable any LC Participant to effect such payment on such date shall not relieve such
LC Participant from its obligation under this clause (b). Each LC Participant’s Commitment shall continue until the
last to occur of any of the following events: (A) the LC Bank ceases to be obligated to issue or cause to be issued Letters of
Credit hereunder, (B) no Letter of Credit issued hereunder remains outstanding and uncancelled or (C) all Credit Parties have been
fully reimbursed for all payments made under or relating to Letters of Credit.

 

SECTION 3.05. Repayment
of Participation Advances.

 

(a) 
Upon (and only upon) receipt by the LC Bank for its account of immediately available funds from or for the account of the
Borrower (i) in reimbursement of any payment made by the LC Bank under a Letter of Credit with respect to which any LC Participant
has made a Participation Advance to the LC Bank or (ii) in payment of Interest on the Loans made or deemed to have been made in
connection with any such draw, the LC Bank will pay to each LC Participant, ratably (based on the outstanding drawn amounts funded
by each such LC Participant in respect of such Letter of Credit), in the same funds as those received by the LC Bank; it
being understood, that the LC Bank shall retain a ratable amount of such funds that were not the subject of any payment
in respect of such Letter of Credit by any LC Participant.

 

(b) 
If the LC Bank is required at any time to return to the Borrower, or to a trustee, receiver, liquidator, custodian, or any
official in any Insolvency Proceeding, any portion of the payments made by the Borrower to the LC Bank pursuant to this Agreement
in reimbursement of a payment made under a Letter of Credit or interest or fee thereon, each LC Participant shall, on demand of
the LC Bank, forthwith return to the LC Bank the amount of its Pro Rata Share of any amounts so returned by the LC Bank plus
interest at the Federal Funds Rate, from the date the payment was first made to such LC Participant through, but not including,
the date the payment is returned by such LC Participant.

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(c) 
If any Letters of Credit are outstanding and undrawn on the Termination Date, the LC Collateral Accounts shall be funded
from Collections (or, in the Borrower’s sole discretion, by other funds available to the Borrower) in an amount equal to
the Dollar Equivalent of the aggregate undrawn face amount of such Letters of Credit plus the Dollar Equivalent of all related
fees to accrue through the stated expiration dates thereof, including any customary presentation, amendment and other processing
fees, and other standard costs and charges, of the LC Bank relating to letters of credit (such
fees to accrue, as reasonably estimated by the LC Bank, the “LC Fee Expectation”); provided, however,
that as of any date of determination, the LC Fee Expectation shall not exceed an amount equal to the product of (i) the sum
of (x) the LC Participation Rate (as defined in the Fee Letter), plus (y) the LC Fronting Fee Rate (as defined in the Fee
Letter), plus (z) 0.50%, times (ii) the aggregate undrawn face amount of such Letters of Credit as of such date of
determination.

 

SECTION 3.06. Documentation;
Documentary and Processing Charges. The Borrower agrees to be bound by the terms of the Letter of Credit Application and by
the LC Bank’s interpretations of any Letter of Credit issued for the Borrower and by the LC Bank’s written regulations
and customary practices relating to letters of credit, though the LC Bank’s interpretation of such regulations and practices
may be different from the Borrower’s own. In the event of a conflict between the Letter of Credit Application and this Agreement,
this Agreement shall govern. The LC Bank shall not be liable for any error, negligence and/or mistakes, whether of omission or
commission, in following the Borrower’s instructions or those contained in the Letters of Credit or any modifications, amendments
or supplements thereto. In addition to any other fees or expenses owing under the Fee Letter or any other Transaction Document
or otherwise pursuant to any Letter of Credit Application, the Borrower shall pay to the LC Bank for its own account any customary
issuance, presentation, amendment and other processing fees, and other standard costs and charges, of the LC Bank relating to letters
of credit as from time to time in effect. Such customary fees shall be due and payable upon demand and shall be nonrefundable.

 

SECTION 3.07. Determination
to Honor Drawing Request. In determining whether to honor any request for drawing under any Letter of Credit by the beneficiary
thereof, the LC Bank shall be responsible only to determine that the documents and certificates required to be delivered under
such Letter of Credit have been delivered and that they comply on their face with the requirements of such Letter of Credit and
that any other drawing condition appearing on the face of such Letter of Credit has been satisfied in the manner so set forth.

 

SECTION 3.08. Nature
of Participation and Reimbursement Obligations. Each LC Participant’s obligation in accordance with this Agreement to
make Participation Advances as a result of a drawing under a Letter of Credit, and the obligations of the Borrower to reimburse
the LC Bank upon a draw under a Letter of Credit, shall be absolute, unconditional and irrevocable, and shall be performed strictly
in accordance with the terms of this Agreement and under all circumstances, including the following circumstances:

 

(i) 
any set-off, counterclaim, recoupment, defense or other right which such LC Participant may have against the LC Bank, the
other Credit Parties, the Borrower, the Servicer, an Originator, the Performance Guarantor or any other Person for any reason whatsoever;

 

(ii) 
the failure of the Borrower or any other Person to comply with the conditions set forth in this Agreement for the making
of a purchase, reinvestments, requests for Letters of Credit or otherwise, it being acknowledged that such conditions are not required
for the making of Participation Advances hereunder;

    	41

    	

    

(iii) 
 any lack of validity or enforceability of any Letter of Credit or any set-off, counterclaim, recoupment, defense or other
right which the Borrower, the Performance Guarantor, the Servicer, an Originator or any Affiliate thereof on behalf of which a
Letter of Credit has been issued may have against the LC Bank, or any other Credit Party or any other Person for any reason whatsoever;

 

(iv) 
any claim of breach of warranty that might be made by the Borrower, an Originator or any Affiliate thereof, the LC Bank,
or any LC Participant against the beneficiary of a Letter of Credit, or the existence of any claim, set-off, defense or other right
which the Borrower, the Servicer, the LC Bank or any LC Participant may have at any time against a beneficiary, any successor beneficiary
or any transferee of any Letter of Credit or the proceeds thereof (or any Persons for whom any such transferee may be acting),
the LC Bank, any other Credit Party or any other Person, whether in connection with this Agreement, the transactions contemplated
herein or any unrelated transaction (including any underlying transaction between the Borrower or any Affiliates of the Borrower
and the beneficiary for which any Letter of Credit was procured);

 

(v) 
the lack of power or authority of any signer of, or lack of validity, sufficiency, accuracy, enforceability or genuineness
of, any draft, demand, instrument, certificate or other document presented under any Letter of Credit, or any such draft, demand,
instrument, certificate or other document proving to be forged, fraudulent, invalid, defective or insufficient in any respect or
any statement therein being untrue or inaccurate in any respect, even if the Administrative Agent or the LC Bank has been notified
thereof;

 

(vi) 
payment by the LC Bank under any Letter of Credit against presentation of a demand, draft or certificate or other document
which does not comply with the terms of such Letter of Credit;

 

(vii)     
the solvency of, or any acts or omissions by, any beneficiary of any Letter of Credit, or any other Person having a role
in any transaction or obligation relating to a Letter of Credit, or the existence, nature, quality, quantity, condition, value
or other characteristic of any property or services relating to a Letter of Credit;

 

(viii) 
any failure by the LC Bank or any of the LC Bank’s Affiliates to issue any Letter of Credit in the form requested
by the Borrower;

 

(ix) 
any Material Adverse Effect or Borrower Material Adverse Effect;

 

(x) 
any breach of this Agreement or any other Transaction Document by any party thereto;

 

(xi) 
the occurrence or continuance of an Insolvency Proceeding with respect to the Borrower, the Performance Guarantor, any Originator
or any Affiliate thereof;

 

(xii) 
the fact that an Event of Default or an Unmatured Event of Default shall have occurred and be continuing;

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(xiii) 
 the fact that this Agreement or the obligations of the Borrower or the Servicer hereunder shall have been terminated; and

 

(xiv) 
any other circumstance or happening whatsoever, whether or not similar to any of the foregoing.

 

SECTION 3.09. Indemnity.
In addition to other amounts payable hereunder, the Borrower hereby agrees to protect, indemnify, pay and save harmless the Administrative
Agent, the LC Bank, each LC Participant, each other Credit Party and each of the LC Bank’s Affiliates that have issued a
Letter of Credit from and against any and all claims, demands, liabilities, damages, taxes, penalties, interest, judgments, losses,
costs, charges and expenses (including Attorney Costs) which the Administrative Agent, the LC Bank, any LC Participant, any other
Credit Party or any of their respective Affiliates may incur or be subject to as a consequence, direct or indirect, of the issuance
of any Letter of Credit (including any losses resulting from the amount of any Alternative Currency purchased by the LC Bank with
the proceeds of Dollars received from the Borrower or any LC Participant in connection with any drawing under a Letter of Credit
denominated in an Alternative Currency for any reason falling short of the amount of the applicable Alternative Currency paid by
the LC Bank in connection with such drawing), except to the extent resulting from (a) the gross negligence or willful misconduct
of the party to be indemnified as determined by a final non-appealable judgment of a court of competent jurisdiction or (b) the
wrongful dishonor by the LC Bank or any of its Affiliates of a proper demand for payment made under any Letter of Credit, except
if such dishonor resulted from any act or omission, whether rightful or wrongful, of any present or future de jure or de facto
Governmental Authority (all such acts or omissions herein called “Governmental Acts”). Under no circumstances
shall the Servicer (or any Affiliate thereof (other than the Borrower)) have any reimbursement or recourse obligations in respect
of any Letter of Credit.

 

SECTION 3.10. Liability
for Acts and Omissions. As between the Borrower, on the one hand, and the Administrative Agent, the LC Bank, the LC Participants,
and the other Credit Parties, on the other, the Borrower assumes all risks of the acts and omissions of, or misuse of any Letter
of Credit by, the respective beneficiaries of such Letter of Credit. In furtherance and not in limitation of the foregoing, none
of the Administrative Agent, the LC Bank, the LC Participants, or any other Credit Party shall be responsible for any of the following,
including any losses or damages to the Borrower, any of its Affiliates or any other Person or property related therefrom: (i) the
form, validity, sufficiency, accuracy, genuineness or legal effect of any document submitted by any party in connection with the
application for an issuance of any such Letter of Credit, even if it should in fact prove to be in any or all respects invalid,
insufficient, inaccurate, fraudulent or forged (even if the LC Bank, any LC Participant or any other Credit Party shall have been
notified thereof); (ii) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign
any such Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be
invalid or ineffective for any reason; (iii) the failure of the beneficiary of any such Letter of Credit, or any other party to
which such Letter of Credit may be transferred, to comply fully with any conditions required in order to draw upon such Letter
of Credit or any other claim of the Borrower against any beneficiary of such Letter of Credit, or any such transferee, or any dispute
between or among the Borrower and any beneficiary of any Letter of Credit or any such transferee; (iv) errors, omissions, interruptions
or delays in transmission or delivery of any messages, by mail, electronic mail, cable,
telegraph, telex, facsimile or otherwise, whether or not they be in cipher; (v) errors in interpretation of technical terms; (vi)
any loss or delay in the transmission or otherwise of any document required in order to make a drawing under any such Letter of
Credit or of the proceeds thereof; (vii) the misapplication by the beneficiary of any such Letter of Credit of the proceeds of
any drawing under such Letter of Credit; or (viii) any consequences arising from causes beyond the control of the Administrative
Agent, the LC Bank, the LC Participants, and the other Credit Parties, including any Governmental Acts, and none of the above shall
affect or impair, or prevent the vesting of, any of the LC Bank’s rights or powers hereunder. In no event shall the Administrative
Agent, the LC Bank, the LC Participants, or the other Credit Parties or their respective Affiliates, be liable to the Borrower
or any other Person for any indirect, consequential, incidental, punitive, exemplary or special damages or expenses (including
without limitation Attorney Costs), or for any damages resulting from any change in the value of any property relating to a Letter
of Credit.

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Without limiting the
generality of the foregoing, the Administrative Agent, the LC Bank, the LC Participants, and the other Credit Parties and each
of their respective Affiliates (i) may rely on any written communication believed in good faith by such Person to have been authorized
or given by or on behalf of the applicant for a Letter of Credit; (ii) may honor any presentation if the documents presented appear
on their face to comply with the terms and conditions of the relevant Letter of Credit; (iii) may honor a previously dishonored
presentation under a Letter of Credit, whether such dishonor was pursuant to a court order, to settle or compromise any claim of
wrongful dishonor, or otherwise, and shall be entitled to reimbursement to the same extent as if such presentation had initially
been honored, together with any interest paid by the LC Bank or its Affiliates; (iv) may honor any drawing that is payable upon
presentation of a statement advising negotiation or payment, upon receipt of such statement (even if such statement indicates that
a draft or other document is being delivered separately), and shall not be liable for any failure of any such draft or other document
to arrive, or to conform in any way with the relevant Letter of Credit; (v) may pay any paying or negotiating bank claiming that
it rightfully honored under the laws or practices of the place where such bank is located; and (vi) may settle or adjust any claim
or demand made on the Administrative Agent, the LC Bank, the LC Participants, or the other Credit Parties or their respective Affiliates,
in any way related to any order issued at the applicant’s request to an air carrier, a letter of guarantee or of indemnity
issued to a carrier or any similar document (each an “Order”) and may honor any drawing in connection with any
Letter of Credit that is the subject of such Order, notwithstanding that any drafts or other documents presented in connection
with such Letter of Credit fail to conform in any way with such Letter of Credit.

 

In furtherance and
extension and not in limitation of the specific provisions set forth above, any action taken or omitted by the LC Bank under or
in connection with any Letter of Credit issued by it or any documents and certificates delivered thereunder, if taken or omitted
in good faith and without gross negligence or willful misconduct, as determined by a final non-appealable judgment of a court of
competent jurisdiction, shall not put the LC Bank under any resulting liability to the Borrower, any Credit Party or any other
Person.

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SECTION 3.11. LC
Collateral Accounts.

 

(a) 
 Provided that no Event of Default or Unmatured Event of Default has occurred and is continuing and the Termination Date
has not occurred, the Borrower may from time to time advise the Administrative Agent and each Lender in writing of its desire to
convert certain amounts that are on deposit in an LC Collateral Account and that are denominated in one currency to another currency
that is either denominated in Dollars or an Alternative Currency. Following receipt of such request, the Administrative Agent shall
notify the Borrower in writing whether or not the Administrative Agent is agreeable to such conversion; provided, however,
that if the Administrative Agent fails to so notify the Borrower within one Business Day, the Administrative Agent shall be deemed
to have declined such conversion request. In the event that the Administrative Agent has so notified the Borrower in writing that
it is agreeable to such conversion, the Borrower and the Administrative Agent shall enter into such documents as the Administrative
Agent may deem necessary or appropriate to effect such conversion, and such conversion shall occur at such exchange rate as agreed
to in writing between the Administrative Agent and the Borrower.

 

(b) 
At any time that an Event of Default or Unmatured Event of Default has occurred and is continuing or at any time on or after
the occurrence of the Termination Date, so long as any of (i) the Adjusted Euro LC Participation Amount, (ii) the Adjusted Korean
Won LC Participation Amount or (iii) the Adjusted Pounds Sterling LC Participation Amount, in any event, is greater than zero,
the Administrative Agent may, in its sole discretion, convert any amounts that are on deposit in an LC Collateral Account and that
are denominated in one currency to either Dollars or an Alternative Currency. Any such conversion shall occur at the exchange rate
reasonably determined by the Administrative Agent to exist at such time of conversion and which is available to the Administrative
Agent at such time of conversion.

 

(c) 
In connection with any such conversion occurring pursuant to this Section 3.11, the Borrower shall promptly pay the
Administrative Agent all customary fees and expenses as well as standard costs and charges of the Administrative Agent in connection
with such conversion as well as all out-of-pocket costs and expenses incurred by the Administrative Agent in connection therewith.
The proceeds of any such conversion shall be deposited by the Administrative Agent into the applicable LC Collateral Account.

 

ARTICLE
IV

SETTLEMENT PROCEDURES AND PAYMENT PROVISIONS

 

SECTION 4.01. Settlement
Procedures.

 

(a) 
The Servicer shall set aside and hold in trust for the benefit of the Secured Parties (or, if so requested by the Administrative
Agent, segregate in a separate account designated by the Administrative Agent, which shall be an account maintained and controlled
by the Administrative Agent unless the Administrative Agent otherwise instructs in its sole discretion), for application in accordance
with the priority of payments set forth below, all Collections on Pool Receivables that are received by the Servicer or the Borrower
or received in any Lock-Box or Collection Account; provided, however, that so long as each of the conditions precedent
set forth in Section 6.03 are satisfied on such date, the Servicer may release to the Borrower from such Collections the
amount (if any) necessary to pay (i) the purchase price for Receivables purchased by the Borrower on
such date in accordance with the terms of the Purchase and Sale Agreement or (ii) amounts owing by the Borrower to the Originators
under the Subordinated Notes (each such release, a “Release”). On each Settlement Date, the Servicer (or, following
its assumption of control of the Collection Accounts, the Administrative Agent) shall, distribute such Collections in the following
order of priority:

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(i) 
first, to the Servicer for the payment of the accrued Servicing Fees payable for the immediately preceding Interest
Period (plus, if applicable, the amount of Servicing Fees payable for any prior Interest Period to the extent such amount has not
been distributed to the Servicer);

 

(ii) 
second, to the Administrative Agent for distribution to each Lender and other Credit Party (ratably, based on the
amount then due and owing), all accrued and unpaid Interest, Fees and Breakage Fees due to such Lender and other Credit Party for
the immediately preceding Interest Period (including any additional amounts or indemnified amounts payable under Sections 5.03
and 12.01 in respect of such payments), plus, if applicable, the amount of any such Interest, Fees and Breakage Fees (including
any additional amounts or indemnified amounts payable under Sections 5.03 and 12.01 in respect of such payments)
payable for any prior Interest Period to the extent such amount has not been distributed to such Lender or Credit Party;

 

(iii) third,
as set forth in clause (x) or (y) below, as applicable:

 

(x) prior
to the occurrence of the Termination Date, to the extent that a Borrowing Base Deficit exists on such date, to the Administrative
Agent for distribution: (I) first, to the Lenders (ratably, based on the aggregate outstanding Capital of each Lender at
such time) for the payment of a portion of the outstanding Aggregate Capital at such time, in an aggregate amount equal to (1) the
amount necessary to reduce the Borrowing Base Deficit to zero ($0) Dollars or (2) at the election of the Borrower, such greater
amount in accordance with Section 2.02(d) and (II) second, to the LC Collateral Accounts, in reduction of the Aggregate
Adjusted LC Participation Amount, in an amount equal to the amount necessary (after giving effect to clause (I) above) to
reduce the Borrowing Base Deficit to zero ($0); or

 

(y) on
and after the occurrence of the Termination Date, to the Administrative Agent for distribution: (I) first, to each Lender
(ratably, based on the aggregate outstanding Capital of each Lender at such time) for the payment in full of the aggregate outstanding
Capital of such Lender at such time and (II) second, to the LC Collateral Accounts (A) the amount necessary to reduce the
Aggregate Adjusted LC Participation Amount to zero ($0) and (B) an amount equal to the LC Fee Expectation at such time;

    	46

    	

    
(iv) fourth,
to the Credit Parties, the Affected Persons and the Borrower Indemnified Parties (ratably, based on the amount due and owing
at such time), for the payment of all other Borrower Obligations then due and owing by the Borrower to the Credit Parties,
the Affected Persons and the Borrower Indemnified Parties; and

 

(v) fifth, the balance, if any, to be paid to the Borrower for its own account.

 

(b) 
Notwithstanding anything to the contrary set forth in this Section 4.01, the Administrative Agent shall have no obligation
to distribute or pay any amount under this Section 4.01 except to the extent actually received by the Administrative Agent.

 

(c) 
Notwithstanding anything contained herein to the contrary, if and to the extent that for any reason any payment by or on
behalf of any Person of any amount owed hereunder is rescinded or must otherwise be restored by the Administrative Agent, any Credit
Party, any Affected Person or any Borrower Indemnified Party, whether as a result of any proceedings in bankruptcy or reorganization
or otherwise, such amount shall be deemed not to have been so received but rather to have been retained by the Borrower and, accordingly,
the Administrative Agent, such Credit Party, such Affected Person or such Borrower Indemnified Party, as the case may be, shall
have a claim against the Borrower for such amount.

 

(d) 
For the purposes of this Section 4.01:

 

(i) 
if on any day the Outstanding Balance of any Pool Receivable is reduced or adjusted as a result of any defective, rejected,
returned, repossessed or foreclosed goods or services, or any revision, cancellation, allowance, rebate, credit memo, discount
or other adjustment made by the Borrower, any Originator, the Servicer or any Affiliate of the Servicer, or any setoff, counterclaim
or dispute between the Borrower or any Affiliate of the Borrower, an Originator or any Affiliate of an Originator, or the Servicer
or any Affiliate of the Servicer, and an Obligor, the Borrower shall be deemed to have received on such day a Collection of such
Pool Receivable in the amount of such reduction or adjustment and, if an Event of Default or Unmatured Event of Default exists
or if the Purchase and Sale Termination Date has occurred and, in each case, if an Originator has made a related payment in cash
to the Borrower pursuant to Section 3.2(c) of the Purchase and Sale Agreement, shall immediately pay (or cause the applicable
Originator to pay pursuant to Section 3.3 of the Purchase and Sale Agreement) any and all such amounts in respect thereof
to a Collection Account (or as otherwise directed by the Administrative Agent at such time) for the benefit of the Credit Parties
for application pursuant to Section 4.01(a); provided that if a Receivable’s “Purchase Price” has
been reduced by the full Outstanding Balance thereof pursuant to Section 3.3(a) of the Purchase and Sale Agreement and such
reduction has been made in accordance with Section 3.3(c) of the Purchase and Sale Agreement, then the Borrower shall deliver
to the applicable Originator any payments thereafter received by the Borrower on account of such Receivable’s Outstanding
Balance in accordance with the Borrower’s obligations under the proviso to Section 3.3(a) of the Purchase and
Sale Agreement;

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(ii)  if
on any day any of the representations or warranties in Section 7.01 is not true with respect to any
Pool Receivable, the Borrower shall be deemed to have received on such day a Collection of such Pool Receivable in full and,
if an Event of Default or Unmatured Event of Default exists or if the Purchase and Sale Termination Date shall have occurred
and, in each case, if an Originator has made a related payment in cash to the Borrower pursuant to Section 3.2(c) of
the Purchase and Sale Agreement, shall immediately pay the amount of such deemed Collection to a Collection Account (or as
otherwise directed by the Administrative Agent at such time) for the benefit of the Credit Parties for application pursuant
to Section 4.01(a) (Collections deemed to have been received pursuant to Section 4.01(d) are hereinafter
sometimes referred to as “Deemed Collections”);

 

(iii) 
except as provided in clauses (i) or (ii) above or otherwise required by Applicable Law or the relevant Contract,
all Collections received from an Obligor of any Receivable shall be applied to the Receivables of such Obligor in the order of
the age of such Receivables, starting with the oldest such Receivable, unless such Obligor designates in writing its payment for
application to specific Receivables; and

 

(iv) 
if and to the extent the Administrative Agent, any Credit Party, any Affected Person or any Borrower Indemnified Party shall
be required for any reason to pay over to an Obligor (or any trustee, receiver, custodian or similar official in any Insolvency
Proceeding) any amount received by it hereunder, such amount shall be deemed not to have been so received by such Person but rather
to have been retained by the Borrower and, accordingly, such Person shall have a claim against the Borrower for such amount, payable
when and to the extent that any distribution from or on behalf of such Obligor is made in respect thereof.

 

SECTION 4.02. Payments
and Computations, Etc. (a) All amounts to be paid by the Borrower or the Servicer to the Administrative Agent, any Credit
Party, any Affected Person or any Borrower Indemnified Party hereunder shall be paid no later than noon (New York City time) on
the day when due in same day funds to the applicable Lender’s Account.

 

(b) 
Each of the Borrower and the Servicer shall, to the extent permitted by Applicable Law, pay interest on any amount other
than Capital (which Capital shall accrue Interest) not paid or deposited by it when due hereunder, at an interest rate per annum
equal to 2.50% per annum above the Base Rate, payable on demand.

 

(c) 
All computations of interest under subsection (b) above and all computations of Interest, Fees and other amounts
hereunder shall be made on the basis of a year of 360 days (or, in the case of amounts determined by reference to the Base Rate,
365 or 366 days, as applicable) for the actual number of days (including the first but excluding the last day) elapsed. Whenever
any payment or deposit to be made hereunder shall be due on a day other than a Business Day, such payment or deposit shall be made
on the next succeeding Business Day and such extension of time shall be included in the computation of such payment or deposit.

 

(d) 
On any day when any computation or calculation hereunder requires the aggregation of amounts denominated in more than one
currency, all amounts that are denominated in any currency other than Dollars shall be deemed to be the Dollar Equivalent thereof
on such day for purposes of such computation or calculation.

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ARTICLE
V

 

INCREASED COSTS; FUNDING LOSSES; TAXES; ILLEGALITY AND SECURITY INTEREST

 

SECTION 5.01. Increased
Costs.

 

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

 

(i) 
impose, modify or deem applicable any reserve, special deposit, liquidity, 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 Affected Person;

 

(ii) 
subject any Affected Person to any Taxes (except to the extent such Taxes are Indemnified Taxes or 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

 

(iii) 
impose on any Affected Person any other condition, cost or expense (other than Taxes) (A) affecting the Collateral, this
Agreement, any other Transaction Document, any Loan or any Letter of Credit or participation therein or (B) affecting its obligations
or rights to make Loans or issue or participate in Letters of Credit;

 

and the result of any of the foregoing
shall be to increase the cost to such Affected Person of (A) acting as the Administrative Agent or a Lender hereunder with respect
to the transactions contemplated hereby, (B) funding or maintaining any Loan or issuing or participating in, any Letter of Credit
(or interests therein) or (C) maintaining its obligation to fund or maintain any Loan or issuing or participating in, any Letter
of Credit, or to reduce the amount of any sum received or receivable by such Affected Person hereunder, then, upon request of such
Affected Person (or its related Lender), the Borrower shall pay to such Affected Person such additional amount or amounts as will
compensate such Affected Person for such additional costs incurred or reduction suffered.

 

(b) Capital and Liquidity Requirements. If any Affected Person determines that any Change in Law affecting such Affected
Person or any lending office of such Affected Person or such Affected Person’s holding company, if any, regarding capital
or liquidity requirements, has or would have the effect of (x) increasing the amount of capital required to be maintained by such
Affected Person or Affected Person’s holding company, if any, (y) reducing the rate of return on such Affected Person’s
capital or on the capital of such Affected Person’s holding company, if any, or (z) causing an internal capital or liquidity
charge or other imputed cost to be assessed upon such Affected Person or Affected Person’s holding company, if any, in each
case, as a consequence of (A) this Agreement or any other Transaction Document, (B) the commitments of such Affected Person hereunder
or under any other Transaction Document, (C) the Loans, Letters of Credit or participations in Letters of Credit, made or issued
by such Affected Person or (D) any Capital, to a level below that which such Affected Person or such Affected Person’s holding company
could have achieved but for such Change in Law (taking into consideration such Affected Person’s policies and the policies
of such Affected Person’s holding company with respect to capital adequacy and liquidity), then from time to time, upon request
of such Affected Person (or its related Lender), the Borrower will pay to such Affected Person such additional amount or amounts
as will compensate such Affected Person or such Affected Person’s holding company for any such increase, reduction or charge.

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(c) Certificates for Reimbursement. A certificate of an Affected Person (or its related Lender on its behalf) setting
forth the amount or amounts necessary to compensate such Affected Person or its holding company, as the case may be, as specified
in clause (a) or (b) of this Section and delivered to the Borrower, shall be conclusive absent manifest error. The
Borrower shall, subject to the priorities of payment set forth in Section 4.01, pay such Affected Person the amount shown
as due on any such certificate on the first Settlement Date occurring after the Borrower’s receipt of such certificate.

 

(d) Delay in Requests. Failure or delay on the part of any Affected Person to demand compensation pursuant to this
Section shall not constitute a waiver of such Affected Person’s right to demand such compensation; provided that
the Borrower shall not be required to compensate an Affected Person pursuant to this Section for any increased costs incurred
or reductions suffered more than nine (9) months prior to the date that such Affected Person notifies the Borrower of the
Change in Law giving rise to such increased costs or reductions and of such Affected Person’s intention to claim
compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive,
then the nine (9) month period referred to above shall be extended to include the period of retroactive effect thereof).

 

SECTION 5.02. Funding
Losses.

 

(a) 
The Borrower will pay each Lender all Breakage Fees.

 

(b) 
A certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender, as specified in clause
(a) above and delivered to the Borrower, shall be conclusive absent manifest error. The Borrower shall, subject to the priorities
of payment set forth in Section 4.01, pay such Lender the amount shown as due on any such certificate on the first Settlement
Date occurring after the Borrower’s receipt of such certificate.

 

SECTION 5.03. Taxes.

 

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

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

 

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

 

(d) Indemnification by the Lenders. Each Lender shall severally indemnify the Administrative Agent, within ten days after
demand therefor, for (i) any Indemnified Taxes attributable to such Lender or any of its Affiliates that are Affected Persons (but
only to the extent that the Borrower has not already indemnified the Administrative Agent for such Indemnified Taxes and without
limiting any obligation of the Borrower to do so), (ii) any Taxes attributable to the failure of such Lender or any of its Affiliates
that are Affected Persons to comply with Section 13.03(e) relating to the maintenance of a Participant Register and (iii)
any Excluded Taxes attributable to such Lender or any of its Affiliates that are Affected Persons, in each case, that are payable
or paid by the Administrative Agent in connection with any Transaction Document, and any reasonable expenses arising therefrom
or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.
A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive
absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time
owing to such Lender or any of its Affiliates that are Affected Persons under any Transaction Document or otherwise payable by
the Administrative Agent to such Lender or any of its Affiliates that are Affected Persons from any other source against any amount
due to the Administrative Agent under this clause (d).

 

(e) Evidence of Payments. As soon as practicable after any payment of Taxes by the Borrower to a Governmental
Authority pursuant to this Section 5.03, 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, a copy of the return reporting
such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.

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(f) Status of
Affected Persons. (i) Any Affected Person that is entitled to an exemption from or reduction of withholding Tax with
respect to payments made under any Transaction Document shall deliver to the Borrower and the Administrative Agent, at the
time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed
documentation reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made
without withholding or at a reduced rate of withholding. In addition, any Affected Person, if reasonably requested by the
Borrower or the Administrative Agent, shall deliver such other documentation prescribed by Applicable Law or reasonably
requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine
whether or not such Affected Person is subject to backup withholding or information reporting requirements. Notwithstanding
anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation
(other than such documentation set forth in Sections 5.03(f)(ii)(A), 5.03(f)(ii)(B) and 5.03(g)) shall
not be required if, in the Affected Person’s reasonable judgment, such completion, execution or submission would
subject such Affected Person to any material unreimbursed cost or expense or would materially prejudice the legal or
commercial position of such Affected Person.

 

(ii) 
Without limiting the generality of the foregoing:

 

(A) 
a Lender that is a U.S. Person shall deliver to the Borrower and the Administrative Agent on or prior to the date on which
such Lender becomes a party to this Agreement and from time to time upon the reasonable request of the Borrower or the Administrative
Agent, executed originals of Internal Revenue Service Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding
tax;

 

(B)    
any Lender that is not a U.S. Person shall, to the extent it is legally entitled to do so, deliver to the Borrower and the
Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Lender
becomes a party to this Agreement and from time to time upon the reasonable request of the Borrower or the Administrative Agent,
whichever of the following is applicable:

 

(1) 
in the case of such a 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 Transaction Document, executed originals of Internal Revenue Service Form W-8BEN or Internal
Revenue Service Form W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest”
article of such tax treaty and (y) with respect to any other applicable payments under any Transaction Document, Internal Revenue
Service Form W-8BEN or Internal Revenue Service Form W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding
Tax pursuant to the “business profits” or “other income” article of such tax treaty;

 

(2) 
executed originals of Internal Revenue Service Form W-8ECI;

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

 

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

 

(C)    
any Lender that is not a U.S. Person shall, to the extent it is legally entitled to do so, deliver to the Borrower and the
Administrative Agent (in such number of copies as shall be requested by the recipient), on or prior to the date on which such Lender
becomes a party to this Agreement and from time to time upon the reasonable request of the Borrower or the Administrative Agent,
executed originals of any other form prescribed by Applicable Law as a basis for claiming exemption from or a reduction in U.S.
federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by Applicable Law
to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made.

 

(g) Documentation Required by FATCA. If a payment made to a Credit Party under any Transaction Document would be
subject to U.S. federal withholding Tax imposed by FATCA if such Credit Party 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
Credit Party shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by Applicable Law and
at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by
Applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably
requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to
comply with their obligations under FATCA and to determine that such Credit Party has complied with such Affected
Person’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (g), “FATCA”
shall include any amendments made to FATCA after the date of this Agreement.

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(h) Treatment of Refunds. If any party determines, in its sole discretion exercised in good faith, that it has
received a refund of any Taxes as to which it has been indemnified pursuant to this Section 5.03 (including by the
payment of additional amounts pursuant to this Section 5.03), it shall pay to the indemnifying party an amount equal
to such refund (but only to the extent of indemnity payments made under this Section 5.03 with respect to the Taxes
giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without
interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying
party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to
this clause (h) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the
event such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the
contrary in this clause (h), in no event will the indemnified party be required to pay any amount to an indemnifying
party pursuant to this clause (h) the payment of which would place the indemnified party in a less favorable net after
Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such
refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with
respect to such Tax had never been paid. This paragraph shall not be construed to require any indemnified party to make
available its Tax returns (or other information relating to its Taxes that it deems confidential) to the indemnifying party
or any other Person.

 

(i) Survival. Each party’s obligations under this Section 5.03 shall survive the resignation or
replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Credit Party, the
termination of the Commitments and the repayment, satisfaction or discharge of all the Borrower Obligations and the
Servicer’s obligations hereunder.

 

(j) Updates. Each Credit Party agrees that if any form or certification it previously delivered pursuant to this Section
5.03 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.

 

SECTION 5.04. Inability
to Determine LMIR; Change in Legality.

 

(a) 
If any Lender shall have determined (which determination shall be conclusive and binding upon the parties hereto absent
manifest error) on any day, by reason of circumstances affecting the interbank Eurodollar market, either that: (i) dollar deposits
in the relevant amounts and for the relevant Interest Period or day, as applicable, are not available, (ii) adequate and reasonable
means do not exist for ascertaining LMIR for such Interest Period or day, as applicable, or (iii) LMIR determined pursuant hereto
does not accurately reflect the cost to the applicable Affected Person (as conclusively determined by such Lender) of maintaining
any Portion of Capital during such Interest Period or day, as applicable, such Lender shall promptly give telephonic notice of
such determination, confirmed in writing, to the Borrower on such day. Upon delivery of such notice: (i) no Portion of Capital
with respect to such Lender shall be funded thereafter at LMIR unless
and until such Lender shall have given notice to the Administrative Agent and the Borrower that the circumstances giving rise to
such determination no longer exist and (ii) with respect to any outstanding Portion of Capital then funded at LMIR, such Interest
Rate shall automatically and immediately be converted to the Base Rate.

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(b) 
If on any day any Lender shall have been notified by any Affected Person that such Affected Person has determined (which
determination shall be final and conclusive absent manifest error) that any Change in Law, or compliance by such Affected Person
with any Change in Law, shall make it unlawful or impossible for such Affected Person to fund or maintain any Portion of Capital
at or by reference to LMIR, such Lender shall notify the Borrower and the Administrative Agent thereof. Upon receipt of such notice,
until the applicable Lender notifies the Borrower and the Administrative Agent that the circumstances giving rise to such determination
no longer apply, (i) no Portion of Capital with respect to such Lender shall be funded at or by reference to LMIR and (ii) the
Interest for any outstanding Portions of Capital with respect to such Lender then funded at LMIR shall automatically and immediately
be converted to the Base Rate.

 

SECTION 5.05. Security
Interest.

 

(a) 
As security for the performance by the Borrower of all the terms, covenants and agreements on the part of the Borrower to
be performed under this Agreement or any other Transaction Document, including the punctual payment when due of the Aggregate Capital
and all Interest in respect of the Loans and all other Borrower Obligations, the Borrower hereby grants to the Administrative Agent
for its benefit and the ratable benefit of the Secured Parties, a continuing security interest in, all of the Borrower’s
right, title and interest in, to and under all of the following, whether now or hereafter owned, existing or arising (collectively,
the “Collateral”): (i) all Pool Receivables, (ii) all Related Security with respect to such Pool Receivables,
(iii) all Collections with respect to such Pool Receivables, (iv) the Lock-Boxes and Collection Accounts and all amounts on deposit
therein, and all certificates and instruments, if any, from time to time evidencing such Lock-Boxes and Collection Accounts and
amounts on deposit therein, (v) all rights (but none of the obligations) of the Borrower under the Purchase and Sale Agreement,
(vi) all other personal and fixture property or assets of the Borrower of every kind and nature including, without limitation,
all goods (including inventory, equipment and any accessions thereto), instruments (including promissory notes), documents, accounts,
chattel paper (whether tangible or electronic), deposit accounts, securities accounts, securities entitlements, letter of credit
rights, commercial tort claims, securities and all other investment property, supporting obligations, money, any other contract
rights or rights to the payment of money, insurance claims and proceeds, and all general intangibles (including all payment intangibles)
(each as defined in the UCC) and (vii) all proceeds of, and all amounts received or receivable under any or all of, the foregoing.

 

The Administrative
Agent (for the benefit of the Secured Parties) shall have, with respect to all the Collateral, and in addition to all the other
rights and remedies available to the Administrative Agent (for the benefit of the Secured Parties), all the rights and remedies
of a secured party under any applicable UCC. The Borrower hereby authorizes the Administrative Agent to file financing statements
describing as the collateral covered thereby as “all of the debtor’s personal property or assets”
or words to that effect, notwithstanding that such wording may be broader in scope than the collateral described in this Agreement.

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Immediately upon the
occurrence of (i) the Final Payout Date or (ii) the repurchase of any Receivable as set forth in Section 3.3(a) of the Purchase
and Sale Agreement, the Collateral, in the case of clause (i), or the applicable Receivable and any Related Security solely with
respect to such Receivable, in the case of clause (ii), shall be automatically released from the lien created hereby, and this
Agreement and all obligations (other than those expressly stated to survive such termination) of the Administrative Agent, the
Lenders and the other Credit Parties hereunder shall terminate, all without delivery of any instrument or performance of any act
by any party, and all rights to the Collateral shall revert to the Borrower; provided, however, that promptly following
written request therefor by the Borrower delivered to the Administrative Agent following any such termination, and at the expense
of the Borrower, the Administrative Agent shall deliver to the Borrower written authorization for the Borrower to file (or have
filed on its behalf) UCC-3 termination statements and such other documents as the Borrower shall reasonably request to evidence
such termination.

 

ARTICLE
VI

CONDITIONS to Effectiveness and CREDIT EXTENSIONS

 

SECTION 6.01. Conditions
Precedent to Effectiveness and the Initial Credit Extension. This Agreement shall become effective as of the Closing Date when
(a) the Administrative Agent shall have received each of the documents, agreements (in fully executed form), opinions of counsel,
lien search results, UCC filings, certificates and other deliverables listed on the closing memorandum attached as Exhibit H
hereto, in each case, in form and substance acceptable to the Administrative Agent and (b) all fees and expenses payable by the
Borrower on the Closing Date to the Credit Parties have been paid in full in accordance with the terms of the Transaction Documents.

 

SECTION 6.02. Conditions
Precedent to All Credit Extensions. Each Credit Extension hereunder on or after the Closing Date shall be subject to the conditions
precedent that:

 

(a) 
in the case of a Loan, the Borrower shall have delivered to the Administrative Agent and each Lender a Loan Request for
such Loan, and in the case of a Letter of Credit, the Borrower shall have delivered to the Administrative Agent and the LC Bank,
a Letter of Credit Application and an LC Request, in each case, in accordance with Section 2.02(a) or Section 3.02(a),
as applicable;

 

(b) 
the Servicer shall have delivered to the Administrative Agent and each Lender all Monthly Reports and Interim Reports required
to be delivered hereunder;

 

(c) 
the conditions precedent to such Credit Extension specified in Section 2.01(i) through (iii) and Section
3.01(a), as applicable, shall be satisfied;

 

(d) 
on the date of such Credit Extension the following statements shall be true and correct (and upon the occurrence of such
Credit Extension, the Borrower and the Servicer shall be deemed to have represented and
warranted that such statements are then true and correct):

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(i) 
the representations and warranties of the Borrower and the Servicer contained in Sections 7.01 and 7.02 are
true and correct in all material respects on and as of the date of such Credit Extension as though made on and as of such date
unless such representations and warranties by their terms refer to an earlier date, in which case they shall be true and correct
in all material respects on and as of such earlier date;

 

(ii) 
no Event of Default or Unmatured Event of Default has occurred and is continuing, and no Event of Default or Unmatured Event
of Default would result from such Credit Extension;

 

(iii) 
no Borrowing Base Deficit exists or would exist after giving effect to such Credit Extension; and

 

(iv) 
the Termination Date has not occurred.

 

(e) 
the Borrower shall have delivered to the Administrative Agent and the Servicer the Dilution Trigger Agreement, in form and
substance satisfactory to the Administrative Agent in its sole discretion.

 

SECTION 6.03. Conditions
Precedent to All Releases. Each Release hereunder on or after the Closing Date shall be subject to the conditions precedent
that:

 

(a) 
after giving effect to such Release, the Servicer shall be holding in trust for the benefit of the Secured Parties an amount
of Collections sufficient to pay the sum of (x) all accrued and unpaid Servicing Fees, Interest, Fees and Breakage Fees, in each
case, through the date of such Release, (y) the amount of any Borrowing Base Deficit (after giving effect to such Release and the
Borrower’s related purchase of Receivables pursuant to the Purchase and Sale Agreement on the date of such Release) and (z)
the amount of all other accrued and unpaid Borrower Obligations through the date of such Release;

 

(b) 
the Borrower shall use the proceeds of such Release solely to pay the purchase price for Receivables purchased by the Borrower
in accordance with the terms of the Purchase and Sale Agreement; and

 

(c) 
on the date of such Release the following statements shall be true and correct (and upon the occurrence of such Release,
the Borrower and the Servicer shall be deemed to have represented and warranted that such statements are then true and correct):

 

(i) 
the representations and warranties of the Borrower and the Servicer contained in Sections 7.01 and 7.02 are
true and correct in all material respects on and as of the date of such Release as though made on and as of such date unless such
representations and warranties by their terms refer to an earlier date, in which case they shall be true and correct in all material
respects on and as of such earlier date;

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(ii) 
 no Event of Default has occurred and is continuing, and no Event of Default would result from such Release;

 

(iii) 
no Borrowing Base Deficit exists or would exist after giving effect to such Release; and

 

(iv) 
the Termination Date has not occurred.

 

ARTICLE
VII

REPRESENTATIONS AND WARRANTIES

 

SECTION 7.01. Representations
and Warranties of the Borrower. The Borrower represents and warrants to each Credit Party as of the Closing Date, on each Settlement
Date and on each day on which a Credit Extension shall have occurred:

 

(a) Organization and Good Standing. The Borrower is a limited liability company and validly existing in good standing
under the laws of the State of Delaware and has full power and authority to own its properties and to conduct its business as such
properties are currently owned and such business is presently conducted.

 

(b) Due Qualification. The Borrower is duly qualified to do business, is in good standing as a foreign entity and has
obtained all necessary licenses and approvals in all jurisdictions in which the conduct of its business requires such qualification,
licenses or approvals, except where the failure to do so could not reasonably be expected to have a Borrower Material Adverse Effect.

 

(c) Power and Authority; Due Authorization. The Borrower (i) has all necessary power and authority to (A) execute and
deliver this Agreement and the other Transaction Documents to which it is a party, (B) perform
its obligations under this Agreement and the other Transaction Documents to which it is a party and (C) grant a security
interest in the Collateral to the Administrative Agent on the terms and subject to the conditions herein provided and (ii) has
duly authorized by all necessary action such grant and the execution, delivery and performance of, and the consummation of the
transactions provided for in, this Agreement and the other Transaction Documents to which it is a party.

 

(d) Binding Obligations. This Agreement and each of the other Transaction Documents to which the Borrower is a party
constitutes legal, valid and binding obligations of the Borrower, enforceable against the Borrower in accordance with their respective
terms, except (i) as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other
similar laws affecting the enforcement of creditors’ rights generally and (ii) as such enforceability may be limited by general
principles of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law.

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(e) No Conflict
or Violation. The execution, delivery and performance of, and the consummation of the transactions contemplated by, this
Agreement and the other Transaction Documents to which the Borrower is a party, and the fulfillment of the terms hereof and
thereof, will not (i) conflict with, result in any breach of any of the terms or provisions of, or constitute (with or
without notice or lapse of time or both) a default under its organizational documents or any indenture, sale agreement,
credit agreement, loan agreement, security agreement, mortgage, deed of trust, or other agreement or instrument to which the
Borrower is a party or by which it or any of its properties is bound, (ii) result in the creation or imposition of any
Adverse Claim upon any of the Collateral pursuant to the terms of any such indenture, credit agreement, loan agreement,
security agreement, mortgage, deed of trust, or other agreement or instrument other than this Agreement and the other
Transaction Documents or (iii) conflict with or violate any Applicable Law.

 

(f) Litigation and Other Proceedings. (i) There is no action, suit, proceeding or investigation pending or, to the best
knowledge of the Borrower, threatened, against the Borrower before any Governmental Authority and (ii) the Borrower is not subject
to any order, judgment, decree, injunction, stipulation or consent order of or with any Governmental Authority that, in the case
of either of the foregoing clauses (i) and (ii), (A) asserts the invalidity of this Agreement or any other Transaction
Document, (B) seeks to prevent the grant of a security interest in any Collateral by the Borrower to the Administrative Agent,
the ownership or acquisition by the Borrower of any Pool Receivable or other Collateral or the consummation of any of the transactions
contemplated by this Agreement or any other Transaction Document, (C) seeks any determination or ruling that could materially and
adversely affect the performance by the Borrower of its obligations under, or the validity or enforceability of, this Agreement
or any other Transaction Document or (D) individually or in the aggregate for all such actions, suits, proceedings and investigations
could reasonably be expected to have a Borrower Material Adverse Effect.

 

(g) Governmental Approvals. Except where the failure to obtain or make such authorization, consent, order, approval or
action could not reasonably be expected to have a Borrower Material Adverse Effect, all authorizations, consents, orders and approvals
of, or other actions by, any Governmental Authority that are required to be obtained by the Borrower in connection with the grant
of a security interest in the Collateral to the Administrative Agent hereunder or the due execution, delivery and performance by
the Borrower of this Agreement or any other Transaction Document to which it is a party and the consummation by the Borrower of
the transactions contemplated by this Agreement and the other Transaction Documents to which it is a party have been obtained or
made and are in full force and effect.

 

(h) Margin Regulations. The Borrower is not engaged, principally or as one of its important activities, in the business
of extending credit for the purpose of purchasing or carrying margin stock (within the meanings of Regulations T, U and X of the
Board of Governors of the Federal Reserve System).

 

(i) Solvency. After giving effect to the transactions contemplated by this Agreement and the other Transaction Documents,
the Borrower is Solvent.

 

(j) Offices; Legal Name. The Borrower’s sole jurisdiction of organization is the State of Delaware and such jurisdiction
has not changed within four months prior to the date of this Agreement. The office of the Borrower is located at 222 East Erie
Street, Suite 500, Milwaukee, WI 53202. The legal name of the Borrower is Gardner Denver Finance II LLC.

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(k)  Investment Company Act; Volcker Rule. The Borrower (i) is not, and is not controlled by, an “investment company”
registered or required to be registered under the Investment Company Act and (ii) is not a “covered fund” under the
Volcker Rule. In determining that the Borrower is not a “covered fund” under the Volcker Rule, the Borrower relies
on an exemption from the definition of “investment company” set forth in Section 3(c)(5) of the Investment Company
Act, although other exemptions from the definition of “investment company” set forth in the Investment Company Act
may be also be available.

 

(l) No Material Adverse Effect. Since the date of formation of the Borrower there has been no Borrower Material Adverse
Effect.

 

(m) Accuracy of Information. All Monthly Reports, Interim Reports, Loan Requests, LC Requests, Letter of Credit Applications,
certificates, reports, statements, documents and other written information furnished to the Administrative Agent or any other Credit
Party by or on behalf of the Borrower pursuant to any provision of this Agreement or any other Transaction Document, or in connection
with or pursuant to any amendment or modification of, or waiver under, this Agreement or any other Transaction Document, is, at
the time the same are so furnished, complete and correct in all material respects on the date the same are furnished to the Administrative
Agent or such other Credit Party, and does not contain any material misstatement of fact or omit to state a material fact or any
fact necessary to make the statements contained therein not misleading; provided that, with respect to projected financial
information, if any, such representation is made only that such information was prepared in good faith based upon assumptions believed
to be reasonable at the time.

 

(n) Anti-Money Laundering/International Trade Law Compliance. No Covered Entity is a Sanctioned Person. No Covered Entity,
either in its own right or knowingly through any third party, (i) has any of its assets in a Sanctioned Country or in the possession,
custody or control of a Sanctioned Person in violation of any Anti-Terrorism Law; (ii) does business in or with, or derives any
of its income from investments in or transactions with, any Sanctioned Country or Sanctioned Person in violation of any Anti-Terrorism
Law; or (iii) engages in any material dealings or transactions prohibited by any Anti-Terrorism Law.

 

(o) Perfection Representations.

 

(i) 
This Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in the Borrower’s
right, title and interest in, to and under the Collateral which (A) security interest has been perfected and is enforceable against
creditors of and purchasers from the Borrower (in the case of the Related Security, in only that portion of the Related Security
in which a security interest may be perfected by the filing of a financing statement under the UCC) and (B) will be free of all
Adverse Claims in such Collateral.

 

(ii) 
The Receivables constitute “accounts” or “general intangibles” within the meaning of Section 9-102
of the UCC.

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(iii) The Borrower owns and has good and marketable title to the Collateral free and clear of any Adverse Claim of any Person.

 

(iv) All appropriate financing statements, financing statement amendments and continuation statements have been filed in the
proper filing office in the appropriate jurisdictions under Applicable Law in order to perfect (and continue the perfection of)
the sale and contribution of the Receivables and Related Security from each Originator to the Borrower pursuant to the Purchase
and Sale Agreement and the grant by the Borrower of a security interest in the Collateral to the Administrative Agent pursuant
to this Agreement.

 

(v) Other than the security interest granted to the Administrative Agent pursuant to this Agreement, the Borrower has not pledged,
assigned, sold, granted a security interest in, or otherwise conveyed any of the Collateral except as permitted by this Agreement
and the other Transaction Documents. The Borrower has not authorized the filing of and is not aware of any financing statements
filed against the Borrower that include a description of collateral covering the Collateral other than any financing statement
(i) in favor of the Administrative Agent or (ii) that has been terminated. The Borrower is not aware of any judgment lien, ERISA
lien or tax lien filings against the Borrower.

 

(vi) Notwithstanding any other provision of this Agreement or any other Transaction Document, the representations contained in
this Section 7.01(o) shall be continuing and remain in full force and effect until the Final Payout Date.

 

(p) 
The Lock-Boxes and Collection Accounts.

 

(i) Nature of Collection Accounts. Each Collection Account constitutes a “deposit account” within the meaning
of the applicable UCC.

 

(ii) Ownership. Each Lock-Box and Collection Account is in the name of the Borrower, and the Borrower owns and has good
and marketable title to the Collection Accounts free and clear of any Adverse Claim.

 

(iii) Perfection. The Borrower has delivered to the Administrative Agent a fully executed Account Control Agreement relating
to each Lock-Box and Collection Account. The Administrative Agent has “control” (as defined in Section 9-104 of the
UCC) over each Collection Account.

 

(iv) Instructions. Neither the Lock-Boxes nor the Collection Accounts are in the name of any Person other than the Borrower.
Neither the Borrower nor the Servicer has consented to the applicable Collection Account Bank complying with instructions of any
Person other than the Administrative Agent.

 

(q) Ordinary Course of Business. Each remittance of Collections by or on behalf of the Borrower to the Credit Parties
under this Agreement will have been (i) in payment of a debt incurred by the Borrower in the
ordinary course of business or financial affairs of the Borrower and (ii) made in the ordinary course of business or financial
affairs of the Borrower.

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(r) Compliance with Law. The Borrower has complied in all material respects with all Applicable Laws to which it may
be subject.

 

(s) Bulk Sales Act. No transaction contemplated by this Agreement requires compliance
by it with any bulk sales act or similar law.

 

(t) Eligible Receivables. Each Receivable included as an Eligible Receivable in the calculation of the Net Receivables
Pool Balance as of any date is an Eligible Receivable as of such date.

 

(u) Taxes. The Borrower has (i) timely filed all tax returns (federal, state and local) required to be filed by it and
(ii) paid, or caused to be paid, all taxes, assessments and other governmental charges, if any, other than taxes, assessments and
other governmental charges being contested in good faith by appropriate proceedings and as to which adequate reserves have been
provided in accordance with GAAP, except in each case to the extent that such failure to file or pay could not reasonably be expected
to have a Borrower Material Adverse Effect.

 

(v) Tax Status. The Borrower (i) is, and shall at all relevant times continue to be, a “disregarded entity”
within the meaning of U.S. Treasury Regulation § 301.7701-3 for U.S. federal income tax purposes and (ii) is not and will
not at any relevant time become an association (or publicly traded partnership) taxable as a corporation for U.S. federal income
tax purposes.

 

(w) Opinions. The facts regarding the Borrower, the Servicer, each Originator, the Performance Guarantor, the Receivables,
the Related Security and the related matters set forth or assumed in each of the opinions of counsel delivered in connection with
this Agreement and the Transaction Documents are true and correct in all material respects.

 

(x) Other Transaction Documents. Each representation and warranty made by the Borrower under each other Transaction Document
to which it is a party is true and correct in all material respects as of the date when made.

 

(y) Liquidity Coverage Ratio. The Borrower has not, does not and will not during this Agreement (x) issue any obligations
that (A) constitute asset-backed commercial paper, or (B) are securities required to be registered under the Securities Act or
that may be offered for sale under Rule 144A or a similar exemption from registration under the Securities Act or the rules promulgated
thereunder, or (y) issue any other debt obligations or equity interest other than debt obligations substantially similar to the
obligations of the Borrower under this Agreement that are (A) issued to other banks or asset-backed commercial paper conduits in
privately negotiated transactions, and (B) subject to transfer restrictions substantially similar to the transfer restrictions
set forth in this Agreement. The Borrower further represents and warrants that its assets and liabilities are consolidated with
the assets and liabilities of the Parent for purposes of GAAP.

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(z)  Reaffirmation of Representations and Warranties. On the date of each Credit Extension, on the date of each
Release, on each Settlement Date and on the date each Monthly Report, Interim Report or other report is delivered to the Administrative
Agent or any Lender hereunder, the Borrower shall be deemed to have certified that (i) all representations and warranties of the
Borrower hereunder are true and correct in all material respects on and as of such day as though made on and as of such day, except
for representations and warranties which apply as to an earlier date (in which case such representations and warranties shall be
true and correct in all material respects as of such date) and (ii) no Event of Default or an Unmatured Event of Default has occurred
and is continuing or will result from such Credit Extension or Release.

 

Notwithstanding any
other provision of this Agreement or any other Transaction Document, the representations and warranties contained in this Section
shall be continuing, and remain in full force and effect until the Final Payout Date.

 

SECTION 7.02. Representations
and Warranties of the Servicer. The Servicer represents and warrants to each Credit Party as of the Closing Date, on each Settlement
Date and on each day on which a Credit Extension shall have occurred:

 

(a) Organization and Good Standing. The Servicer is a duly organized and validly existing corporation in good standing
under the laws of the State of Delaware, with the power and authority under its organizational documents and under the laws of
Delaware to own its properties and to conduct its business as such properties are currently owned and such business is presently
conducted.

 

(b) Due Qualification. The Servicer is duly qualified to do business, is in good standing as a foreign entity and has
obtained all necessary licenses and approvals in all jurisdictions in which the conduct of its business or the servicing of the
Pool Receivables as required by this Agreement requires such qualification, licenses or approvals, except where the failure to
do so could not reasonably be expected to have a Material Adverse Effect.

 

(c) Power and Authority; Due Authorization. The Servicer has all necessary power and authority to (i) execute and deliver
this Agreement and the other Transaction Documents to which it is a party and (ii) perform its obligations under this Agreement
and the other Transaction Documents to which it is a party and the execution, delivery and performance of, and the consummation
of the transactions provided for in, this Agreement and the other Transaction Documents to which it is a party have been duly authorized
by the Servicer by all necessary action.

 

(d) Binding Obligations. This Agreement and each of the other Transaction Documents to which it is a party constitutes
legal, valid and binding obligations of the Servicer, enforceable against the Servicer in accordance with their respective terms,
except (i) as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar
laws affecting the enforcement of creditors’ rights generally and (ii) as such enforceability may be limited by general principles
of equity, regardless of whether such enforceability is considered in a proceeding in equity or at law.

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(e)  No Conflict or Violation. The execution and delivery of this Agreement and each other Transaction Document to which
the Servicer is a party, the performance of the transactions contemplated by this Agreement and such other Transaction Documents
and the fulfillment of the terms of this Agreement and such other Transaction Documents by the Servicer will not (i) conflict with,
result in any breach of any of the terms or provisions of, or constitute (with or without notice or lapse of time or both) a default
under, the organizational documents of the Servicer or any indenture, sale agreement, credit agreement (including the Credit Agreement),
loan agreement, security agreement, mortgage, deed of trust or other agreement or instrument to which the Servicer is a party or
by which it or any of its property is bound, (ii) result in the creation or imposition of any Adverse Claim upon any of its properties
pursuant to the terms of any such indenture, credit agreement, loan agreement, agreement, mortgage, deed of trust or other agreement
or instrument, other than this Agreement and the other Transaction Documents or (iii) conflict with or violate any Applicable Law,
except to the extent that any such conflict, breach, default, Adverse Claim or violation could not reasonably be expected to have
a Material Adverse Effect.

 

(f) Litigation and Other Proceedings. There is no action, suit, proceeding or investigation pending, or to the Servicer’s
knowledge threatened, against the Servicer before any Governmental Authority: (i) asserting the invalidity of this Agreement or
any of the other Transaction Documents; (ii) seeking to prevent the consummation of any of the transactions contemplated by this
Agreement or any other Transaction Document; or (iii) seeking any determination or ruling that could materially and adversely affect
the performance by the Servicer of its obligations under, or the validity or enforceability of, this Agreement or any of the other
Transaction Documents.

 

(g) No Consents. The Servicer is not required to obtain the consent of any other party or any consent, license, approval,
registration, authorization or declaration of or with any Governmental Authority in connection with the execution, delivery, or
performance of this Agreement or any other Transaction Document to which it is a party that has not already been obtained or the
failure of which to obtain could not reasonably be expected to have a Material Adverse Effect.

 

(h) Compliance with Applicable Law. The Servicer (i) shall duly satisfy all obligations on its part to be fulfilled under
or in connection with the Pool Receivables and the related Contracts, (ii) has maintained in effect all qualifications required
under Applicable Law in order to properly service the Pool Receivables and (iii) has complied in all material respects with all
Applicable Laws in connection with servicing the Pool Receivables.

 

(i) Accuracy of Information. All Monthly Reports, Interim Reports, Loan Requests, LC Requests, Letter of Credit Applications,
certificates, reports, statements, documents and other written information furnished to the Administrative Agent or any other Credit
Party by the Servicer pursuant to any provision of this Agreement or any other Transaction Document, or in connection with or pursuant
to any amendment or modification of, or waiver under, this Agreement or any other Transaction Document, is, at the time the same
are so furnished, complete and correct in all material respects on the date the same are furnished to the Administrative Agent
or such other Credit Party, and does not contain any material misstatement of fact or omit to state a material fact or any fact
necessary to make the statements contained therein not misleading; provided
that, with respect to projected financial information, if any, such representation is made only that such information was prepared
in good faith based upon assumptions believed to be reasonable at the time.

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(j) Location of Records. The offices where the initial Servicer keeps all of its records relating to the servicing of
the Pool Receivables are located at 1800 Gardner Expressway, Quincy, IL 62305.

 

(k) 
Credit and Collection Policy. The Servicer has complied in all material respects with the Credit and Collection Policy
in connection with its servicing of the Pool Receivables and the related Contracts.

 

(l) Eligible Receivables. Each Receivable included as an Eligible Receivable in the calculation of the Net Receivables
Pool Balance as of any date is an Eligible Receivable as of such date.

 

(m) Servicing Programs. No material license or approval is required for the Administrative Agent’s use of any software
or other computer program used by the Servicer, any Originator or any Sub-Servicer in the servicing of the Pool Receivables, other
than those which have been obtained and are in full force and effect.

 

(n) Other Transaction Documents. Each representation and warranty made by the Servicer under each other Transaction Document
to which it is a party (including, without limitation, the Purchase and Sale Agreement) is true and correct in all material respects
as of the date when made.

 

(o) No Material Adverse Effect. Since December 31, 2015 there has been no Material Adverse Effect on the Servicer.

 

(p) Investment Company Act. The Servicer is not an “investment company,” or a company “controlled”
by an “investment company,” within the meaning of the Investment Company Act.

 

(q) Anti-Money Laundering/International Trade Law Compliance. No Covered Entity is a Sanctioned Person. No Covered Entity,
either in its own right or knowingly through any third party, (i) has any of its assets in a Sanctioned Country or in the possession,
custody or control of a Sanctioned Person in violation of any Anti-Terrorism Law; (ii) does business in or with, or derives any
of its income from investments in or transactions with, any Sanctioned Country or Sanctioned Person in violation of any Anti-Terrorism
Law; or (iii) engages in any material dealings or transactions prohibited by any Anti-Terrorism Law.

 

(r) Financial Condition. The consolidated balance sheets of the Servicer and its consolidated Subsidiaries as of December
31, 2015 and the related statements of income and shareholders’ equity of the Servicer and its consolidated Subsidiaries
for the fiscal year then ended, copies of which have been furnished to the Administrative Agent and the Lenders, present fairly
in all material respects the consolidated financial position of the Servicer and its consolidated Subsidiaries for the period ended
on such date, all in accordance with GAAP.

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(s)  Bulk Sales Act. No transaction contemplated by this Agreement requires compliance
by it with any bulk sales act or similar law.

 

(t) Taxes. The Servicer has (i) timely filed all tax returns (federal, state and local) required to be filed by it and
(ii) paid, or caused to be paid, all taxes, assessments and other governmental charges, if any, other than taxes, assessments and
other governmental charges being contested in good faith by appropriate proceedings and as to which adequate reserves have been
provided in accordance with GAAP, except in each case to the extent that the failure to file or pay could not reasonably be expected
to have a Material Adverse Effect.

 

(u) Opinions. The facts regarding the Borrower, the Servicer, each Originator, the Performance Guarantor, the Receivables,
the Related Security and the related matters set forth or assumed in each of the opinions of counsel delivered in connection with
this Agreement and the Transaction Documents are true and correct in all material respects.

 

(v) Reaffirmation of Representations and Warranties. On the date of each Credit Extension, on the date of each
Release, on each Settlement Date and on the date each Monthly Report, Interim Report or other report is delivered to the Administrative
Agent or any Lender hereunder, the Servicer shall be deemed to have certified that (i) all representations and warranties of the
Servicer hereunder are true and correct in all material respects on and as of such day as though made on and as of such day, except
for representations and warranties which apply as to an earlier date (in which case such representations and warranties shall be
true and correct in all material respects as of such date) and (ii) no Event of Default or an Unmatured Event of Default has occurred
and is continuing or will result from such Credit Extension or Release.

 

Notwithstanding any
other provision of this Agreement or any other Transaction Document, the representations contained in this Section shall be continuing,
and remain in full force and effect until the Final Payout Date.

 

ARTICLE
VIII

COVENANTS

 

SECTION 8.01. Covenants
of the Borrower. At all times from the Closing Date until the Final Payout Date:

 

(a) Payment of Principal and Interest. The Borrower shall duly and punctually pay Capital, Interest, Fees and all other
amounts payable by the Borrower hereunder in accordance with the terms of this Agreement.

 

(b) Existence. The Borrower shall keep in full force and effect its existence and rights as a limited liability company
under the laws of the State of Delaware, and shall obtain and preserve its qualification to do business in each jurisdiction in
which such qualification is or shall be necessary to protect the validity and enforceability of this Agreement, the other Transaction
Documents and the Collateral.

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(c)  Financial Reporting. The Borrower will maintain a system of accounting established and administered in accordance
with GAAP, and the Borrower (or the Servicer on its behalf) shall furnish to the Administrative Agent, the LC Bank and each Lender:

 

(i) Annual Financial Statements of the Borrower. Promptly upon completion and in no event later than 90 days after
the close of each fiscal year of the Borrower, annual unaudited financial statements of the Borrower certified by a Financial Officer
of the Borrower that they fairly present in all material respects, in accordance with GAAP, the financial condition of the Borrower
as of the date indicated and the results of its operations for the periods indicated.

 

(ii) Monthly Reports and Interim Reports. As soon as available and in any event (a) not later than two (2) Business Days
prior to each Settlement Date, a Monthly Report as of the most recently completed Fiscal Month, (b) not later than the Weekly Reporting
Date following each calendar week during a Weekly Reporting Period, a Weekly Report with respect to the Pool Receivables with data
as of the most recently completed calendar week and (c) on each Business Day during a Daily Reporting Period, a Daily Report with
respect to the Pool Receivables with data as of the close of business on the immediately preceding Business Day; provided,
however, that at any time after the occurrence and during the continuance of an Unmatured Event of Default or an Event of
Default, upon prior written notice from the Administrative Agent, the Borrower shall furnish or cause to be furnished to the Administrative
Agent and each Lender on each Business Day a Daily Report with respect to the Pool Receivables with data as of the close of business
on the immediately preceding Business Day.

 

(iii) Other Information. Such other information relating to the Collateral and the Borrower and the transactions
contemplated hereby (including non-financial information) as the Administrative Agent or any Lender may from time to time reasonably
request.

 

(iv) Quarterly
Financial Statements of Parent. As soon as available and in any event within five (5) days after the date on which such
financial statements are required to be filed with the SEC (after giving effect to any permitted extensions) (or, if such
financial statements are not required to be filed with the SEC, in no event later than 45 days following the end of each of
the first three fiscal quarters in each of Parent’s fiscal years), (i) the unaudited consolidated balance sheet and
statements of income of Parent and its consolidated Subsidiaries (including the Borrower, the Servicer and each Originator)
as at the end of such fiscal quarter and the related unaudited consolidated statements of earnings and cash flows for such
fiscal quarter and for the elapsed portion of the fiscal year ended with the last day of such fiscal quarter, in each case
setting forth comparative figures for the corresponding fiscal quarter in the prior fiscal year, all of which shall be
certified by a Financial Officer of Parent that they fairly present in all material respects, in accordance with GAAP, the
financial condition of Parent and its consolidated Subsidiaries as of the dates indicated and the results of their operations
for the periods indicated, subject to normal year-end audit adjustments and the absence of footnotes and (ii) to the extent
required to be filed with the SEC, management’s discussion and analysis of the
important operational and financial developments during such fiscal quarter.

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(v) Annual Financial Statements of Parent. As soon as available and in any event within five (5) days after the date
on which such financial statements are required to be filed with the SEC (after giving effect to any permitted extensions) (or,
if such financial statements are not required to be filed with the SEC, on or before the date that is 90 days after the close of
each of Parent’s fiscal years, the consolidated balance sheet of Parent and its consolidated Subsidiaries (including the
Borrower, the Servicer and each Originator) as at the end of such fiscal year and the related consolidated statements of earnings
and cash flows for such fiscal year setting forth comparative figures for the preceding fiscal year, all reported on by independent
certified public accountants of recognized national standing (without a “going concern” or like qualification or exception)
to the effect that such consolidated financial statements present fairly in all material respects, in accordance with GAAP, the
financial condition of Parent and its consolidated Subsidiaries as of the dates indicated and the results of their operations for
the periods indicated.

 

(vi) Other Reports and Filings. Promptly (but in any event within ten days) after the filing or delivery thereof, copies
of all financial information, proxy materials and reports, if any, which Parent or any of its consolidated Subsidiaries shall publicly
file with the SEC.

 

Notwithstanding anything
herein to the contrary, any financial information, proxy statements or other material required to be delivered pursuant to this
paragraph (c) shall be deemed to have been furnished to each of the Administrative Agent and each Lender on the date that
such report, proxy statement or other material is posted on the SEC’s website at www.sec.gov.

 

(d) Notices. The Borrower (or the Servicer on its behalf) will notify the Administrative Agent and each Lender in writing
of any of the following events promptly upon (but in no event later than three (3) Business Days after) a Financial Officer or
other officer learning of the occurrence thereof, with such notice describing the same, and if applicable, the steps being taken
by the Person(s) affected with respect thereto:

 

(i) Notice of Events of Default or Unmatured Events of Default. A statement of a Financial Officer of the Borrower setting
forth details of any Event of Default or Unmatured Event of Default that has occurred and is continuing and the action which the
Borrower proposes to take with respect thereto.

 

(ii) Litigation. The institution of any litigation, arbitration proceeding or governmental proceeding on the Servicer,
the Parent or any Originator, which could reasonably be expected to have a Material Adverse Effect, or the institution of any litigation,
arbitration proceeding or governmental proceeding on the Borrower.

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(iii) Adverse
Claim. (A) Any Person shall obtain an Adverse Claim upon the Collateral or any portion thereof, (B) any Person
other than the Borrower, the Servicer or the Administrative Agent shall obtain any rights or direct any action with respect
to any Collection Account (or related Lock-Box) or (C) any Obligor shall receive any change in payment instructions with
respect to Pool Receivable(s) from a Person other than the Servicer or the Administrative Agent.

 

(iv) Name Changes. At least thirty (30) days before any change in any Originator’s or the Borrower’s name,
jurisdiction of organization or any other change requiring the amendment of UCC financing statements filed against the Borrower
or any Originator.

 

(v) Change in Accountants or Accounting Policy. Any change in (i) the external accountants of the Borrower, the Servicer,
any Originator or the Parent, (ii) any accounting policy of the Borrower or (iii) any material accounting policy of any Originator
that is relevant to the transactions contemplated by this Agreement or any other Transaction Document (it being understood that
any change to the manner in which any Originator accounts for the Pool Receivables shall be deemed “material” for such
purpose).

 

(vi) Termination Event. The occurrence of a Purchase and Sale Termination Event under the Purchase and Sale Agreement.

 

(vii) Material Adverse Change. Promptly after the occurrence thereof, notice of any Borrower Material Adverse Effect or
Material Adverse Effect.

 

(e) Conduct of Business. The Borrower will carry on and conduct its business in substantially the same manner and in
substantially the same fields of enterprise as it is presently conducted and will do all things necessary to remain duly organized,
validly existing and in good standing as a domestic organization in its jurisdiction of organization and maintain all requisite
authority to conduct its business in each jurisdiction in which its business is conducted.

 

(f) Compliance with Laws. The Borrower will comply with all Applicable Laws to which it may be subject if the failure
to comply could reasonably be expected to have a Borrower Material Adverse Effect.

 

(g) Furnishing of Information and Inspection of Receivables. The Borrower will furnish or cause to be furnished to the
Administrative Agent, the LC Bank and each Lender from time to time such information with respect to the Pool Receivables and the
other Collateral as the Administrative Agent, the LC Bank or any Lender may reasonably request. The Borrower will, at the Borrower’s
expense, during regular business hours with prior written notice (i) permit the Administrative Agent, the LC Bank and each Lender
or their respective agents or representatives to (A) examine and make copies of and abstracts from all books and records relating
to the Pool Receivables or other Collateral, (B) visit the offices and properties of the Borrower for the purpose of examining
such books and records and (C) discuss matters relating to the Pool Receivables, the other Collateral or the Borrower’s performance
hereunder or under the other Transaction Documents to which it is a party with any of the officers, directors, employees or independent
public accountants of the Borrower having knowledge of such matters and (ii) without limiting the provisions
of clause (i) above, during regular business hours, at the Borrower’s expense, upon prior written notice from the
Administrative Agent, permit certified public accountants or other auditors acceptable to the Administrative Agent to conduct a
review of its books and records with respect to such Pool Receivables and other Collateral; provided, that the Borrower
shall be required to reimburse the Administrative Agent for only one (1) combined review of the Servicer, the Borrower and the
Originators pursuant to Section 8.02(e) and the Borrower pursuant to clause (ii) above in any twelve-month period,
unless an Event of Default has occurred and is continuing.

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(h) Payments on Receivables, Collection Accounts. The Borrower (or the Servicer on its behalf) will, and will cause each
Originator to, at all times, instruct all Obligors to deliver payments on the Pool Receivables to a Collection Account or a Lock-Box.
The Borrower (or the Servicer on its behalf) will, and will cause each Originator to, at all times, maintain such books and records
necessary to identify Collections received from time to time on Pool Receivables and to segregate such Collections from other property
of the Servicer and the Originators. If any payments on the Pool Receivables or other Collections are received by the Borrower,
the Servicer or an Originator, it shall hold such payments in trust for the benefit of the Administrative Agent, the Lenders and
the other Secured Parties and promptly (but in any event within one (1) Business Day after becoming aware of such receipt) remit
such funds into a Collection Account. The Borrower shall use commercially reasonable efforts to ensure that no funds other than
Collections on Pool Receivables and other Collateral are deposited into any Collection Account. If such funds are nevertheless
deposited into any Collection Account, the Borrower (or the Servicer on its behalf) will within two (2) Business Days identify
and transfer such funds to the appropriate Person entitled to such funds. The Borrower will not, and will not permit the Servicer,
any Originator or any other Person to commingle Collections or other funds to which the Administrative Agent, any Lender or any
other Secured Party is entitled, with any other funds. The Borrower shall only add a Collection Account (or a related Lock-Box)
or a Collection Account Bank to those listed on Schedule II to this Agreement, if the Administrative Agent has received
notice of such addition and an executed and acknowledged copy of an Account Control Agreement (or an amendment thereto) from the
applicable Collection Account Bank. The Borrower shall only terminate a Collection Account Bank or close a Collection Account (or
a related Lock-Box) with the prior written consent of the Administrative Agent.

 

(i) Sales, Liens, etc. Except as otherwise provided herein, the Borrower will not sell, assign (by operation of law or
otherwise) or otherwise dispose of, or create or suffer to exist any Adverse Claim upon (including, without limitation, the filing
of any financing statement) or with respect to, any Pool Receivable or other Collateral, or assign any right to receive income
in respect thereof.

 

(j) Extension or Amendment of Pool Receivables. Except as otherwise permitted in Section 9.02, the
Borrower will not, and will not permit the Servicer to, alter the delinquency status or adjust the Outstanding Balance or otherwise
modify the terms of any Pool Receivable in any material respect, or amend, modify or waive, in any material respect, any term or
condition of any related Contract.

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(k) Change in
Credit and Collection Policy. The Borrower will not make any material change in the Credit and Collection Policy that
would be reasonably expected to either (x) have a material adverse effect on the collectability of the Pool Receivables or
(y) have a Borrower Material Adverse Effect or a Material Adverse Effect, in each case, without the prior written consent of
the Administrative Agent and the Majority Lenders. Promptly following any material change in the Credit and Collection
Policy, the Borrower will deliver a copy of the updated Credit and Collection Policy to the Administrative Agent and each
Lender.

 

(l) Fundamental Changes. The Borrower shall not, without the prior written consent of the Administrative Agent and the
Majority Lenders, permit itself to merge or consolidate with or into, or convey, transfer, lease or otherwise dispose of (whether
in one transaction or in a series of transactions) all or substantially all of its assets (whether now owned or hereafter acquired)
to, any Person. The Borrower shall provide the Administrative Agent with at least 30 days’ prior written notice before making
any change in the Borrower’s name or location or making any other change in the Borrower’s identity or corporate structure
that could impair or otherwise render any UCC financing statement filed in connection with this Agreement or any other Transaction
Document “seriously misleading” as such term (or similar term) is used in the applicable UCC; each notice to the Administrative
Agent and the Lenders pursuant to this sentence shall set forth the applicable change and the proposed effective date thereof.

 

(m) Books and Records. The Borrower shall maintain and implement (it being understood and agreed that the Servicer may
maintain and implement on the Borrower’s behalf) administrative and operating procedures (including an ability to recreate
records evidencing Pool Receivables and related Contracts in the event of the destruction of the originals thereof), and keep and
maintain (it being understood and agreed that the Servicer may keep and maintain on the Borrower’s behalf) all documents,
books, records, computer tapes and disks and other information reasonably necessary or advisable for the collection of all Pool
Receivables (including records adequate to permit the daily identification of each Pool Receivable and all Collections of and adjustments
to each existing Pool Receivable).

 

(n) Identifying of Records. The Borrower shall: identify (it being understood and agreed that the Servicer may identify
on the Borrower’s behalf) its master data processing records relating to Pool Receivables and related Contracts with a legend
that indicates that the Pool Receivables have been pledged in accordance with this Agreement.

 

(o) Change in Payment Instructions to Obligors. The Borrower shall not (and shall not instruct or encourage the Servicer
or any Sub-Servicer to) add, replace or terminate any Collection Account (or any related Lock-Box) or make any change in its (or
their) instructions to the Obligors regarding payments to be made to the Collection Accounts (or any related Lock-Box), other than
any instruction to remit payments to a different Collection Account (or any related Lock-Box), unless the Administrative Agent
shall have received (i) prior written notice of such addition, termination or change and (ii) a signed and acknowledged Account
Control Agreement (or amendment thereto) with respect to such new Collection Accounts (or any related Lock-Box), in each case (x)
in form and substance reasonably satisfactory to the Administrative Agent and (y) in accordance with the terms hereof and, if applicable,
such Account Control Agreement.

 

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(p) Security
Interest, Etc. The Borrower shall (and shall cause the Servicer to), at its expense, take all action necessary to
establish and maintain a valid and enforceable first priority perfected security interest in the Receivables and that portion
of the Collateral in which an ownership or security interest may be created under the UCC and perfected by the filing of a
financing statement under the UCC, in each case free and clear of any Adverse Claim, in favor of the Administrative Agent (on
behalf of the Secured Parties), including taking such action to perfect, protect or more fully evidence the security interest
of the Administrative Agent (on behalf of the Secured Parties) as the Administrative Agent or any Secured Party may
reasonably request. In order to evidence the security interests of the Administrative Agent under this Agreement, the
Borrower shall, from time to time take such action, or execute (if necessary) and deliver such instruments as may be
necessary (including, without limitation, such actions as are reasonably requested by the Administrative Agent) to maintain
and perfect, as a first-priority interest, the Administrative Agent’s security interest in the Receivables and that
portion of the Related Security and Collections in which a security interest may be perfected by the filing of a financing
statement under the UCC. The Borrower shall, from time to time and within the time limits established by law, prepare and
present to the Administrative Agent for the Administrative Agent’s authorization and approval, all financing
statements, amendments, continuations or initial financing statements in lieu of a continuation statement, or other filings
necessary to continue, maintain and perfect the Administrative Agent’s security interest as a first-priority
interest. The Administrative Agent’s approval of such filings shall authorize the Borrower to file such financing
statements under the UCC without the signature of the Borrower, any Originator or the Administrative Agent where allowed by
Applicable Law. Notwithstanding anything else in the Transaction Documents to the contrary, the Borrower shall not have any
authority to file a termination, partial termination, release, partial release, or any amendment that deletes the name of a
debtor or excludes collateral of any such financing statements filed in connection with the Transaction Documents, without
the prior written consent of the Administrative Agent.

 

(q) Certain Agreements. Without the prior written consent of the Administrative Agent and the Majority Lenders, the Borrower
will not amend, modify, waive, revoke or terminate any Transaction Document to which it is a party or any provision of the Borrower’s
organizational documents which requires the consent of the “Independent Director” (as such term is used in the Borrower’s
Certificate of Formation and Limited Liability Company Agreement).

 

(r) Restricted Payments. (i) Except pursuant to clause (ii) below, the Borrower will not: (A) purchase
or redeem any of its membership interests, (B) declare or pay any dividend or set aside any funds for any such purpose, (C) prepay,
purchase or redeem any Debt (other than any Loans pursuant to this Agreement), (D) lend or advance any funds or (E) repay
any loans or advances to, for or from any of its Affiliates (the amounts described in clauses (A) through (E) being
referred to as “Restricted Payments”).

 

(ii) Subject to the limitations set forth in clause (iii) below, the Borrower may make Restricted Payments so long as
such Restricted Payments are made only in one or more of the following ways: (A) the Borrower may make cash payments (including
prepayments) on the Subordinated Notes in accordance with their respective terms (it being understood that the foregoing shall
not restrict any adjustment to the balance of any Subordinated Note pursuant to Sections 3.2, 3.3 or 3.4 of the Purchase and Sale
Agreement as a result of the issuance or expiration of any Letter of Credit) and (B) the Borrower may declare and pay dividends
if, both immediately before and immediately after giving effect
thereto, the Borrower’s Net Worth is not less than the Required Capital Amount.

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(iii) The Borrower may make Restricted Payments only out of the funds, if any, it receives pursuant to Sections 4.01 of
this Agreement; provided that the Borrower shall not pay, make or declare any Restricted Payment (including any dividend)
if, after giving effect thereto, any Event of Default or Unmatured Event of Default shall have occurred and be continuing.

 

(s) Other Business. The Borrower will not: (i) engage in any business other than the transactions contemplated by the
Transaction Documents, (ii) create, incur or permit to exist any Debt of any kind (or cause or permit to be issued for its account
any letters of credit (excluding, for the avoidance of doubt, Letters of Credit issued hereunder) or bankers’ acceptances
other than pursuant to this Agreement or the Subordinated Notes or (iii) form any Subsidiary or make any investments in any other
Person.

 

(t) Use of Collections Available to the Borrower. The Borrower shall apply the Collections available to the Borrower
to make payments in the following order of priority: (i) the payment of its obligations under this Agreement and each of the other
Transaction Documents (other than the Subordinated Notes), (ii) the payment of accrued and unpaid interest on the Subordinated
Notes and (iii) other legal and valid purposes.

 

(u) Further
Assurances; Change in Name or Jurisdiction of Origination, etc. (i) The Borrower hereby authorizes and hereby agrees from
time to time, at its own expense, promptly to execute (if necessary) and deliver all further instruments and documents, and
to take all further actions, that may be necessary or desirable, or that the Administrative Agent may reasonably request, to
perfect, protect or more fully evidence the security interest granted pursuant to this Agreement or any other
Transaction Document, or to enable the Administrative Agent (on behalf of the Secured Parties) to exercise and enforce the
Secured Parties’ rights and remedies under this Agreement and the other Transaction Document. Without limiting the
foregoing, the Borrower hereby authorizes, and will, upon the request of the Administrative Agent, at the Borrower’s
own expense, execute (if necessary) and file such financing statements or continuation statements, or amendments thereto, and
such other instruments and documents, that may be necessary, or that the Administrative Agent may reasonably request, to
perfect, protect or evidence any of the foregoing.

 

(ii) The Borrower authorizes the Administrative Agent to file financing statements, continuation statements and amendments thereto
and assignments thereof, relating to the Receivables, the Related Security, the related Contracts, Collections with respect thereto
and the other Collateral without the signature of the Borrower. A photocopy or other reproduction of this Agreement shall be sufficient
as a financing statement where permitted by law.

 

(iii) The Borrower shall at all times be organized under the laws of the State of Delaware and shall not take any action to change
its jurisdiction of organization.

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(iv)  The Borrower will not change its name, location, identity or corporate structure unless (x) the Borrower, at its own expense,
shall have taken all action necessary or appropriate to perfect or maintain the perfection of the security interest under this
Agreement (including, without limitation, the filing of all financing statements and the taking of such other action as the Administrative
Agent may request in connection with such change or relocation) and (y) if requested by the Administrative Agent, the Borrower
shall cause to be delivered to the Administrative Agent, an opinion, in form and substance satisfactory to the Administrative Agent
as to such UCC perfection and priority matters as the Administrative Agent may request at such time.

 

(v) Anti-Money Laundering/International Trade Law Compliance. The Borrower will not become a Sanctioned Person. No Covered
Entity, either in its own right or through any third party, will use the proceeds of any Credit Extension for the purpose of funding
any operations in, financing any investments or activities in, or, making any payments to, a Sanctioned Country or Sanctioned Person
in material violation of any Anti-Terrorism Law. The funds used to repay each Credit Extension will not be derived from any activity
made unlawful by the Anti-Terrorism Laws. The Borrower shall comply with all Anti-Terrorism Laws. The Borrower shall promptly notify
the Administrative Agent and each Lender in writing upon the occurrence of a Reportable Compliance Event. The Borrower has not
used and will not use the proceeds of any Credit Extension for the purpose of funding any operations in, financing any investments
or activities in or making any payments to, a Sanctioned Person or a Sanctioned Country.

 

(w) Borrower’s Tax Status. The Borrower will remain a wholly-owned subsidiary of a United States person (within
the meaning of Section 7701(a)(30) of the Code). No action will be taken that would cause the Borrower to (i) be treated other
than as a “disregarded entity” within the meaning of U.S. Treasury Regulation § 301.7701-3 for U.S. federal income
tax purposes or (ii) become an association taxable as a corporation or a publicly traded partnership taxable as a corporation
for U.S. federal income tax purposes.

 

SECTION 8.02. Covenants
of the Servicer. At all times from the Closing Date until the Final Payout Date:

 

(a) Financial Reporting. The Servicer will maintain a system of accounting established and administered in accordance
with GAAP, and the Servicer shall furnish to the Administrative Agent, the LC Bank and each Lender:

 

(i) Compliance Certificates. (a) A compliance certificate promptly upon completion of the annual report of the
Parent and in no event later than 90 days after the close of the Parent’s fiscal year (or, if later, in the manner and period
set forth in Section 8.01(c)(v)), in form and substance substantially similar to Exhibit G signed by a Financial
Officer of the Servicer stating that no Event of Default or Unmatured Event of Default has occurred and is continuing, or if any
Event of Default or Unmatured Event of Default has occurred and is continuing, stating the nature and status thereof and (b) within
45 days after the close of each fiscal quarter of the Servicer (or, if later, in the manner set forth in Section 8.01(c)(iv)),
a compliance certificate in form and substance substantially similar to Exhibit G signed by a Financial Officer of the Servicer
stating that no Event of Default or Unmatured
Event of Default has occurred and is continuing, or if any Event of Default or Unmatured Event of Default has occurred and is continuing,
stating the nature and status thereof.

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(ii) Monthly Reports and Interim Reports. As soon as available and in any event (a) not later than two (2) Business Days
prior to each Settlement Date, a Monthly Report as of the most recently completed Fiscal Month, (b) not later than the Weekly Reporting
Date following each calendar week during a Weekly Reporting Period, a Weekly Report with respect to the Pool Receivables with data
as of the most recently completed calendar week and (c) on each Business Day during a Daily Reporting Period, a Daily Report with
respect to the Pool Receivables with data as of the close of business on the immediately preceding Business Day; provided,
further, that at any time after the occurrence and during the continuance of an Unmatured Event of Default or an Event of
Default, upon prior written notice from the Administrative Agent, the Servicer shall furnish or cause to be furnished to the Administrative
Agent and each Lender on each Business Day a Daily Report with respect to the Pool Receivables with data as of the close of business
on the immediately preceding Business Day.

 

(iii) Other Information. Such other information (including non-financial information) relating to the Borrower, the Servicer,
the Originators and the Collateral as the Administrative Agent or any Lender may from time to time reasonably request.

 

(b) Notices. The Servicer will notify the Administrative Agent and each Lender in writing of any of the following events
promptly upon (but in no event later than three (3) Business Days after) a Financial Officer or other officer learning of the occurrence
thereof, with such notice describing the same, and if applicable, the steps being taken by the Person(s) affected with respect
thereto:

 

(i) Notice of Events of Default or Unmatured Events of Default. A statement of a Financial Officer of the
Servicer setting forth details of any Event of Default or Unmatured Event of Default that has occurred and is continuing and the
action which the Servicer proposes to take with respect thereto.

 

(ii) 
Litigation. The institution of any litigation, arbitration proceeding or governmental proceeding which could reasonably
be expected to be determined adversely and, if so determined, could reasonably be expected to have a Material Adverse Effect.

 

(iii) Adverse Claim. (A) Any Person shall obtain an Adverse Claim upon the Collateral or any portion thereof, (B)
any Person other than the Borrower, the Servicer or the Administrative Agent shall obtain any rights or direct any action with
respect to any Collection Account (or related Lock-Box) or (C) any Obligor shall receive any change in payment instructions with
respect to Pool Receivable(s) from a Person other than the Servicer or the Administrative Agent.

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(iv)  Name Changes. At least thirty (30) days before any change in the Borrower’s name or any other change requiring
the amendment of UCC financing statements filed against the Borrower, a notice setting forth such changes and the effective date
thereof.

 

(v) Change in Accountants or Accounting Policy. Any change in (i) the external accountants of the Borrower, the Servicer,
any Originator or the Parent, (ii) any accounting policy of the Borrower or (iii) any material accounting policy of any Originator
that is relevant to the transactions contemplated by this Agreement or any other Transaction Document (it being understood that
any change to the manner in which any Originator accounts for the Pool Receivables shall be deemed “material” for such
purpose).

 

(vi) Termination Event. The occurrence of a Purchase and Sale Termination Event.

 

(vii) Material Adverse Change. Promptly after the occurrence thereof, notice of any Borrower Material Adverse Effect or
Material Adverse Effect.

 

(c) Conduct of Business. The Servicer will carry on and conduct its business in substantially the same manner and in
substantially the same fields, or fields complimentary or ancillary thereto, of enterprise as it is presently conducted, and will
do all things necessary to remain duly organized, validly existing and in good standing as a domestic corporation in its jurisdiction
of organization and maintain all requisite authority to conduct its business in each jurisdiction in which its business is conducted
if the failure to have such authority could reasonably be expected to have a Material Adverse Effect.

 

(d) Compliance with Laws. The Servicer will comply with all Applicable Laws to which it may be subject if the failure
to comply could reasonably be expected to have a Material Adverse Effect.

 

(e) Furnishing of Information and Inspection of Receivables. The Servicer will furnish or cause to be furnished to the
Administrative Agent, the LC Bank and each Lender from time to time such information with respect to the Pool Receivables and the
other Collateral as the Administrative Agent, the LC Bank or any Lender may reasonably request. The Servicer will, at the Servicer’s
expense, during regular business hours with prior written notice, (i) permit the Administrative Agent, the LC Bank and each Lender
or their respective agents or representatives to (A) examine and make copies of and abstracts from all books and records relating
to the Pool Receivables or other Collateral, (B) visit the offices and properties of the Servicer for the purpose of examining
such books and records and (C) discuss matters relating to the Pool Receivables, the other Collateral or the Servicer’s performance
hereunder or under the other Transaction Documents to which it is a party with any of the officers, directors, employees or independent
public accountants of the Servicer (provided that representatives of the Servicer are present during such discussions) having knowledge
of such matters and (ii) without limiting the provisions of clause (i) above, during regular business hours, at the
Servicer’s expense, upon prior written notice from the Administrative Agent, permit certified public accountants or other
auditors acceptable to the Administrative Agent to conduct a review of its books and records with respect to the Pool
Receivables and other Collateral; provided, that the Servicer shall be required to reimburse the Administrative Agent for
only one (1) combined review of the Borrower pursuant to Section 8.01(g) and the Servicer, the Borrower and the Originators
pursuant to clause (ii) above in any twelve-month period unless an Event of Default has occurred and is continuing.

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(f) Payments on
Receivables, Collection Accounts. The Servicer will at all times, instruct all Obligors to deliver payments on the Pool Receivables
to a Collection Account or a Lock-Box. The Servicer will, at all times, maintain such books and records necessary to identify Collections
received from time to time on Pool Receivables and to segregate such Collections from other property of the Servicer and the Originators.
If any payments on the Pool Receivables or other Collections are received by the Borrower, the Servicer or an Originator, it shall
hold such payments in trust for the benefit of the Administrative Agent, the Lenders and the other Secured Parties and promptly
(but in any event within one (1) Business Day after receipt) remit such funds into a Collection Account. The Servicer shall not
permit funds other than Collections on Pool Receivables and other Collateral to be deposited into any Collection Account. If such
funds are nevertheless deposited into any Collection Account, the Servicer will within two (2) Business Days identify and transfer
such funds to the appropriate Person entitled to such funds. The Servicer will not, and will not permit the Borrower, any Originator
or any other Person to commingle Collections or other funds to which the Administrative Agent, any Lender or any other Secured
Party is entitled, with any other funds. The Servicer shall only add a Collection Account (or a related Lock-Box), or a Collection
Account Bank to those listed on Schedule II to this Agreement, if the Administrative Agent has received notice of such addition
and an executed and acknowledged copy of an Account Control Agreement (or an amendment thereto) from the applicable Collection
Account Bank. The Servicer shall only terminate a Collection Account Bank or close a Collection Account (or a related Lock-Box)
with the prior written consent of the Administrative Agent.

 

(g) Extension
or Amendment of Pool Receivables. Except as otherwise permitted in Section 9.02, the Servicer will not alter the delinquency
status or adjust the Outstanding Balance or otherwise modify the terms of any Pool Receivable in any material respect, or amend,
modify or waive, in any material respect, any term or condition of any related Contract. The Servicer shall at its expense, timely
and fully perform and comply in all material respects with all provisions, covenants and other promises required to be observed
by it under the Contracts related to the Pool Receivables (if any), and timely and fully comply with the Credit and Collection
Policy with regard to each Pool Receivable and the related Contract.

 

(h) Change in
Credit and Collection Policy. The Servicer will not make any change in the Credit and Collection Policy that would be reasonably
expected to either (x) have a material adverse effect on the collectability of the Pool Receivables or (y) have a Borrower Material
Adverse Effect or a Material Adverse Effect, in each case, without the prior written consent of the Administrative Agent and the
Majority Lenders. Promptly following any material change in the Credit and Collection Policy, the Servicer will deliver a copy
of the updated Credit and Collection Policy to the Administrative Agent and each Lender.

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(i) Records.
The Servicer will maintain and implement administrative and operating procedures (including an ability to recreate records
evidencing Pool Receivables and related Contracts in the event of the destruction of the originals thereof), and keep and
maintain all documents, books, records, computer tapes and disks and other information reasonably necessary or advisable for
the collection of all Pool Receivables (including records adequate to permit the daily identification of each Pool Receivable
and all Collections of and adjustments to each existing Pool Receivable).

 

(j)  Identifying
of Records. The Servicer shall identify its master data processing records relating to Pool Receivables and related Contracts
with a legend that indicates that the Pool Receivables have been pledged in accordance with this Agreement.

 

(k) Change in
Payment Instructions to Obligors. The Servicer shall not (and shall not permit any Sub-Servicer to) add, replace or terminate
any Collection Account (or any related Lock-Box) or make any change in its instructions to the Obligors regarding payments to be
made to the Collection Accounts (or any related Lock-Box), other than any instruction to remit payments to a different Collection
Account (or any related Lock-Box), unless the Administrative Agent shall have received (i) prior written notice of such addition,
termination or change and (ii) a signed and acknowledged Account Control Agreement (or an amendment thereto) with respect to such
new Collection Accounts (or any related Lock-Box) in each case (x) in form and substance reasonably satisfactory to the Administrative
Agent and (y) in accordance with the terms hereof and, if applicable, such Account Control Agreement.

 

(l) Security Interest,
Etc. The Servicer shall, at its expense, take all action necessary to establish and maintain a valid and enforceable first
priority perfected security interest in the Receivables and that portion of the Collateral in which a security interest may be
created under the UCC and perfected by the filing of a financing statement under the UCC, in each case free and clear of any Adverse
Claim in favor of the Administrative Agent (on behalf of the Secured Parties), including taking such action to perfect, protect
or more fully evidence the security interest of the Administrative Agent (on behalf of the Secured Parties) as the Administrative
Agent or any Secured Party may reasonably request. In order to evidence the security interests of the Administrative Agent under
this Agreement, the Servicer shall, from time to time take such action, or execute (if necessary) and deliver such instruments
as may be necessary (including, without limitation, such actions as are reasonably requested by the Administrative Agent) to maintain
and perfect, as a first-priority interest, the Administrative Agent’s security interest in the Receivables and that portion
of the Related Security and Collections in which a security interest may be perfected by the filing of a financing statement under
the UCC. The Servicer shall, from time to time and within the time limits established by law, prepare and present to the Administrative
Agent for the Administrative Agent’s authorization and approval, all financing statements, amendments, continuations or initial
financing statements in lieu of a continuation statement, or other filings necessary to continue, maintain and perfect the Administrative
Agent’s security interest as a first-priority interest. The Administrative Agent’s approval of such filings shall authorize
the Servicer to file such financing statements under the UCC without the signature of the Borrower, any Originator or the Administrative
Agent where allowed by Applicable Law. Notwithstanding anything else in the Transaction Documents to the contrary, the Servicer
shall not have any authority to file a termination, partial termination, release, partial release, or any amendment that deletes
the name of a debtor or excludes collateral of any
such financing statements filed in connection with the Transaction Documents, without the prior written consent of the Administrative
Agent.

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(m) Further
Assurances; Change in Name or Jurisdiction of Origination, etc. The Servicer hereby authorizes and hereby agrees from
time to time, at its own expense, promptly to execute (if necessary) and deliver all further instruments and documents, and
to take all further actions, that may be necessary, or that the Administrative Agent may reasonably request, to perfect,
protect or more fully evidence the security interest granted pursuant to this Agreement or any other Transaction Document, or
to enable the Administrative Agent (on behalf of the Secured Parties) to exercise and enforce their respective rights and
remedies under this Agreement or any other Transaction Document. Without limiting the foregoing, the Servicer hereby
authorizes, and will, upon the request of the Administrative Agent (with such request being hereby deemed to be an
authorization as to such filing by the Administrative Agent), at the Servicer’s own expense, execute (if necessary) and
file such financing statements or continuation statements, or amendments thereto, and such other instruments and documents,
that may be necessary or desirable, or that the Administrative Agent may reasonably request (with such request being hereby
deemed to be an authorization as to such filing by the Administrative Agent), to perfect, protect or evidence any of the
foregoing.

 

(n) Anti-Money
Laundering/International Trade Law Compliance. The Servicer will not become a Sanctioned Person. No Covered Entity, either
in its own right or through any third party, will use the proceeds of any Credit Extension for the purpose of funding any operations
in, financing any investments or activities in, or, making any payments to, a Sanctioned Country or Sanctioned Person in violation
of any Anti-Terrorism Law. The funds used to repay each Credit Extension will not be derived from any activity made unlawful by
the Anti-Terrorism Laws. The Servicer shall comply with all Anti-Terrorism Laws. The Servicer shall promptly notify the Administrative
Agent and each Lender in writing upon the occurrence of a Reportable Compliance Event.

 

(o) Borrower’s
Tax Status. The Servicer shall not take or cause any action to be taken that could result in the Borrower (i) being treated
other than as a “disregarded entity” within the meaning of U.S. Treasury Regulation § 301.7701-3 for U.S. federal
income tax purposes or (ii) becoming an association taxable as a corporation or a publicly traded partnership taxable as a corporation
for U.S. federal income tax purposes.

 

SECTION 8.03. Separate
Existence of the Borrower. Each of the Borrower and the Servicer hereby acknowledges that the Credit Parties are entering into
the transactions contemplated by this Agreement and the other Transaction Documents in reliance upon the Borrower’s identity
as a legal entity separate from any Originator, the Servicer, the Performance Guarantor and their Affiliates. Therefore, each of
the Borrower and Servicer shall take all steps specifically required by this Agreement to continue the Borrower’s identity
as a separate legal entity and to make it apparent to third Persons that the Borrower is an entity with assets and liabilities
distinct from those of the Performance Guarantor, the Originators, the Servicer and any other Person, and is not a division of
the Performance Guarantor, the Originators, the Servicer, its Affiliates or any other Person. Without limiting the generality of
the foregoing and in addition to and consistent with the other covenants set forth herein, each of the Borrower and the Servicer
shall take such actions as shall be required in order that:

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(a) Special
Purpose Entity. The Borrower will be a special purpose company whose primary activities are restricted in its Limited
Liability Company Agreement to: (i) purchasing or otherwise acquiring from the Originators, owning, holding, collecting,
granting security interests or selling interests in, the Collateral, (ii) entering into agreements for the selling, servicing
and financing of the Receivables Pool (including the Transaction Documents) and (iii) conducting such other activities as it
deems necessary or appropriate to carry out its primary activities.

 

(b) No Other Business
or Debt. The Borrower shall not engage in any business or activity except as set forth in this Agreement nor, incur any indebtedness
or liability other than as expressly permitted by the Transaction Documents.

 

(c) Independent
Director. Not fewer than one member of the Borrower’s board of directors (the “Independent Director”)
shall be a natural person who (i) has never been, and shall at no time be, an equityholder, director, officer, manager, member,
partner, officer, employee or associate, or any immediate relative of the foregoing, of any member of the Parent Group (as hereinafter
defined) (other than his or her service as an Independent Director of the Borrower or an independent director of any other bankruptcy-remote
special purpose entity formed for the sole purpose of securitizing, or facilitating the securitization of, financial assets of
any member or members of the Parent Group), (ii) is not a material customer or supplier of any member of the Parent Group (other
than his or her service as an Independent Director of the Borrower or an independent director of any other bankruptcy-remote special
purpose entity formed for the sole purpose of securitizing, or facilitating the securitization of, financial assets of any member
or members of the Parent Group), (iii) is not a member of the immediate family of any person described in (ii) above, and
(iv) has (x) prior experience as an independent director for a corporation or limited liability company whose organizational or
charter documents required the unanimous consent of all independent directors thereof before such corporation or limited liability
company could consent to the institution of bankruptcy or insolvency proceedings against it or could file a petition seeking relief
under any applicable federal or state law relating to bankruptcy and (y) at least three years of employment experience with one
or more entities that provide, in the ordinary course of their respective businesses, advisory, management or placement services
to issuers of securitization or structured finance instruments, agreements or securities. For purposes of this clause (c),
“Parent Group” shall mean (i) the Parent, the Servicer, the Performance Guarantor and each Originator, (ii)
each person that directly or indirectly, owns or controls, whether beneficially, or as a trustee, guardian or other fiduciary,
five percent (5%) or more of the Capital Stock in the Parent, (iii) each person that controls, is controlled by or is under common
control with the Parent and (iv) each of such person’s officers, directors, managers, joint venturers and partners; provided
that the term Parent Group shall not include any Person or relationship which exists solely as a result of direct or indirect ownership
of, or control by, one or more common Initial Investors. For the purposes of this definition, “control” of a person
means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a
person or entity, whether through the ownership of voting securities, by contract or otherwise. A person shall be deemed to be
an “associate” of (A) a corporation or organization of which such person is an officer, director, partner or manager
or is, directly or indirectly, the beneficial owner of ten percent (10%) or more of any class of equity securities, (B) any trust
or other estate in which such person serves as trustee or in a similar capacity and (C) any relative or spouse of a person described
in clause (A) or (B) of this sentence, or any immediate relative of such spouse.

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The Borrower shall (A)
give written notice to the Administrative Agent of the election or appointment, or proposed election or appointment, of a new Independent
Director of the Borrower, which notice shall be given not later than ten (10) Business Days prior to the date such appointment
or election would be effective (except when such election or appointment is necessary to fill a vacancy caused by the death, disability,
or incapacity of the existing Independent Director, or the failure of such Independent Director to satisfy the criteria for an
Independent Director set forth in this clause (c), in which case the Borrower shall provide written notice of such election
or appointment within one (1) Business Day) and (B) with any such written notice, certify to the Administrative Agent that the
Independent Director satisfies the criteria for an Independent Director set forth in this clause (c).

 

The Borrower’s
Limited Liability Company Agreement shall provide that: (A) the Borrower’s board of directors shall not approve, or
take any other action to cause the filing of, a voluntary bankruptcy petition with respect to the Borrower unless the Independent
Director shall approve the taking of such action in writing before the taking of such action and (B) such provision and
each other provision requiring an Independent Director cannot be amended without the prior written consent of the Independent
Director.

 

The Independent Director
shall not at any time serve as a trustee in bankruptcy for the Borrower, the Parent, the Performance Guarantor, any Originator,
the Servicer or any of their respective Affiliates.

 

(d) Organizational
Documents. The Borrower shall maintain its organizational documents in conformity with this Agreement, such that it does not
amend, restate, supplement or otherwise modify its ability to comply with the terms and provisions of any of the Transaction Documents,
including, without limitation, Section 8.01(p).

 

(e) Conduct of
Business. The Borrower shall conduct its affairs strictly in accordance with its organizational documents and observe all necessary,
appropriate and customary company formalities, including, but not limited to, holding all regular and special members’ and
board of directors’ meetings appropriate to authorize all company action, keeping separate and accurate minutes of its meetings,
passing all resolutions or consents necessary to authorize actions taken or to be taken, and maintaining accurate and separate
books, records and accounts, including, but not limited to, payroll and intercompany transaction accounts.

 

(f) Compensation.
Any employee, consultant or agent of the Borrower will be compensated from the Borrower’s funds for services provided to
the Borrower, and to the extent that Borrower shares the same employees as the Servicer (or any other Affiliate thereof), the salaries
and expenses relating to providing benefits to such employees shall be fairly allocated among such entities, and each such entity
shall bear its fair share of the salary and benefit costs associated with such common employees. The Borrower will not engage any
agents other than its attorneys, auditors and other professionals, and a servicer and any other agent contemplated by the Transaction
Documents for the Receivables Pool, which servicer will be fully compensated for its services by payment of the Servicing Fee.

 

(g) Servicing and Costs. The
Borrower will contract with the Servicer to perform for the Borrower all operations required on a daily basis to service the Receivables
Pool.

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The Borrower will not incur any indirect
or overhead expenses for items shared with the Servicer (or any other Affiliate thereof) that are not reflected in the Servicing
Fee. To the extent, if any, that the Borrower (or any Affiliate thereof) shares items of expenses not reflected in the Servicing
Fee, such as legal, auditing and other professional services, such expenses will be allocated to the extent practical on the basis
of actual use or the value of services rendered, and otherwise on a basis reasonably related to the actual use or the value of
services rendered.

 

(h) Operating
Expenses. The Borrower’s operating expenses will not be paid by the Servicer, the Parent, the Performance Guarantor,
any Originator or any Affiliate thereof.

 

(i) Stationery.
The Borrower will have its own separate stationery.

 

(j) Books and
Records. The Borrower’s books and records will be maintained separately from those of the Servicer, the Parent, the Performance
Guarantor, the Originators and any of their Affiliates and in a manner such that it will not be difficult or costly to segregate,
ascertain or otherwise identify the assets and liabilities of the Borrower.

 

(k) Disclosure
of Transactions. All financial statements of the Servicer, the Parent, the Performance Guarantor, the Originators or any Affiliate
thereof that are consolidated to include the Borrower will disclose that (i) the Borrower’s sole business consists of the
purchase or acceptance through capital contributions of the Receivables and Related Rights from the Originators and the subsequent
retransfer of or granting of a security interest in such Receivables and Related Rights to the Administrative Agent pursuant to
this Agreement, (ii) the Borrower is a separate legal entity with its own separate creditors who will be entitled, upon its liquidation,
to be satisfied out of the Borrower’s assets prior to any assets or value in the Borrower becoming available to the Borrower’s
equity holders and (iii) the assets of the Borrower are not available to pay creditors of the Servicer, the Parent, the Performance
Guarantor, the Originators or any Affiliate thereof.

 

(l) Segregation
of Assets. The Borrower’s assets will be maintained in a manner that facilitates their identification and segregation
from those of the Servicer, the Parent, the Performance Guarantor, the Originators or any Affiliates thereof.

 

(m) Corporate
Formalities. The Borrower will strictly observe limited liability company formalities in its dealings with the Servicer, the
Parent, the Performance Guarantor, the Originators or any Affiliates thereof, and funds or other assets of the Borrower will not
be commingled with those of the Servicer, the Parent, the Performance Guarantor, the Originators or any Affiliates thereof except
as permitted by this Agreement in connection with servicing the Pool Receivables. The Borrower shall not maintain joint bank accounts
or other depository accounts to which the Servicer, the Parent, the Performance Guarantor, the Originators or any Affiliate thereof
(other than the Servicer solely in its capacity as such) has independent access. The Borrower is not named, and has not entered
into any agreement to be named, directly or indirectly, as a direct or contingent beneficiary or loss payee on any insurance policy
with respect to any loss relating to the property of the Servicer, the Parent, the Performance Guarantor, the Originators or any
Subsidiaries or other Affiliates thereof. The Borrower will pay to the appropriate Affiliate the marginal increase or, in the absence
of such increase, the market amount of its portion
of the premium payable with respect to any insurance policy that covers the Borrower and such Affiliate.

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(n) Arm’s-Length
Relationships. The Borrower will maintain arm’s-length relationships with the Servicer, the Parent, the Performance Guarantor,
the Originators and any Affiliates thereof. Any Person that renders or otherwise furnishes services to the Borrower will be compensated
by the Borrower at market rates for such services it renders or otherwise furnishes to the Borrower. Neither the Borrower on the
one hand, nor the Servicer, the Parent, the Performance Guarantor, any Originator or any Affiliate thereof, on the other hand,
will be or will hold itself out to be responsible for the debts of the other or the decisions or actions respecting the daily business
and affairs of the other. The Borrower, the Servicer, the Parent, the Performance Guarantor, the Originators and their respective
Affiliates will immediately correct any known misrepresentation with respect to the foregoing, and they will not operate or purport
to operate as an integrated single economic unit with respect to each other or in their dealing with any other entity.

 

(o) Allocation
of Overhead. To the extent that Borrower, on the one hand, and the Servicer, the Parent, the Performance Guarantor, any Originator
or any Affiliate thereof, on the other hand, have offices in the same location, the Borrower shall pay a fair and appropriate allocation
of overhead costs between it and them, and the Borrower shall bear its fair share of such expenses, which may be paid through the
Servicing Fee or otherwise.

 

ARTICLE
IX

ADMINISTRATION AND COLLECTION

OF RECEIVABLES

 

SECTION 9.01. Appointment
of the Servicer.

 

(a) The servicing,
administering and collection of the Pool Receivables shall be conducted by the Person
so designated from time to time as the Servicer in accordance with this Section 9.01.
Until the Administrative Agent gives notice to GDI (in
accordance with this Section 9.01) of the designation
of a new Servicer, GDI is hereby designated as, and hereby
agrees to perform the duties and obligations of, the Servicer pursuant to the terms hereof. Upon
the occurrence of an Event of Default, the Administrative Agent may (with the consent of the
Majority Lenders) and shall (at the direction of the Majority
Lenders) designate as Servicer any Person (including
itself) to succeed GDI or any successor Servicer, on
the condition in each case that any such Person so designated shall agree to perform the duties
and obligations of the Servicer pursuant to the terms hereof.

 

(b) Upon the designation
of a successor Servicer as set forth in clause (a) above, GDI agrees that
it will terminate its activities as Servicer hereunder in a manner that the Administrative Agent reasonably determines will facilitate
the transition of the performance of such activities to the new Servicer, and GDI shall cooperate with and assist such new Servicer.
Such cooperation shall include access to and transfer of records (including all Contracts) related to Pool Receivables and use
by the new Servicer of all licenses (or the obtaining of new licenses), hardware or software necessary or reasonably desirable
to collect the Pool Receivables and the Related Security.

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(c) GDI acknowledges that, in making its decision to execute and deliver this Agreement, the Administrative
Agent and each Lender have relied on GDI’s agreement
to act as Servicer hereunder. Accordingly, GDI agrees
that it will not voluntarily resign as Servicer without the prior written consent of the Administrative
Agent and the Majority Lenders.

 

(d) The Servicer
may delegate its duties and obligations hereunder to any subservicer (each a “Sub-Servicer”);
 provided, that, in each such delegation: (i) such Sub-Servicer
shall agree in writing to perform the delegated duties and obligations of the Servicer pursuant
to the terms hereof, (ii) the Servicer shall remain liable for the performance of the duties
and obligations so delegated, (iii) the Borrower, the Administrative Agent and each Lender
shall have the right to look solely to the Servicer for performance, (iv) the terms of any agreement
with any Sub-Servicer shall provide that the Administrative
Agent may terminate such agreement upon the termination of the Servicer
hereunder by giving notice of its desire to terminate such agreement to the Servicer
(and the Servicer shall provide appropriate notice to each such Sub-Servicer)
and (v) if such Sub-Servicer is not an Affiliate of the Parent, the Administrative
Agent and the Majority Lenders shall have consented in writing in advance to such delegation.

 

SECTION 9.02.  Duties
of the Servicer.

 

(a) The Servicer
shall take or cause to be taken all such action as may be necessary to service, administer
and collect each Pool Receivable from time to time, all in accordance with this Agreement
and all Applicable Laws, with reasonable care and diligence, and in accordance with the Credit
and Collection Policy and consistent with the past practices of the Originators. The Servicer
shall set aside, for the accounts of each Secured Party, the amount of Collections
to which each such Secured Party is entitled in accordance with Article IV
hereof. The Servicer may, in accordance with the Credit and
Collection Policy and consistent with past practices of the Originators, take such action, including modifications, waivers
or restructurings of Pool Receivables and related Contracts, as the Servicer may reasonably determine
to be appropriate to maximize Collections thereof or reflect
adjustments expressly permitted under the Credit and Collection Policy or as expressly required
under Applicable Laws or the applicable Contract;  provided,
that for purposes of this Agreement: (i) such action shall not, and shall not be deemed to, change
the number of days such Pool Receivable has remained unpaid from the date of the original due
date related to such Pool Receivable, (ii) such action shall not alter the status of such Pool
Receivable as a Delinquent Receivable or a Defaulted Receivable
or limit the rights of any Secured Party under this Agreement
or any other Transaction Document and (iii) if an Event of Default has occurred and is
continuing, the Servicer may take such action only upon the prior written consent of the Administrative
Agent. The Borrower shall deliver to the Servicer and the Servicer shall hold for the benefit
of the Administrative Agent (individually and for the benefit of each Secured Party), in accordance with their respective interests,
all records and documents (including computer tapes or disks) with respect to each Pool Receivable.

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(b) The Servicer shall,
as soon as practicable following actual receipt of collected funds, turn over to the Borrower the collections of any indebtedness
that is not a Pool  Receivable, less, if GDI or an Affiliate thereof is not the Servicer, all reasonable and appropriate out-of-pocket
costs and expenses of such Servicer of servicing, collecting and administering such collections. The Servicer, if other than GDI
or an Affiliate thereof, shall, as soon as practicable upon demand, deliver to the Borrower all records in its possession that
evidence or relate to any indebtedness that is not a Pool Receivable, and copies of records in its possession that evidence or
relate to any indebtedness that is a Pool Receivable.

 

(c) The Servicer’s
obligations hereunder shall terminate on the Final Payout Date. Promptly following the Final Payout Date, the Servicer
shall deliver to the Borrower all books, records and related materials that the Borrower
previously provided to the Servicer, or
that have been obtained by the Servicer, in connection with this Agreement.

 

SECTION 9.03. Collection
Account Arrangements. Prior to the Closing Date, the Borrower shall
have entered into Account Control Agreements with all of the Collection Account Banks and
delivered executed counterparts of each to the Administrative Agent. Upon the
occurrence and during the continuance of an Unmatured Event of Default or an Event of Default, the Administrative
Agent may (with the consent of the Majority Lenders) and shall
(upon the direction of the Majority Lenders) at any time thereafter give notice to
each Collection Account Bank that the Administrative Agent is exercising its rights under
the Account Control Agreements to do any or all of
the following: (a) to have the exclusive dominion and control of
the Collection Accounts transferred to the Administrative Agent (for
the benefit of the Secured Parties) and to exercise exclusive dominion and control over
the funds deposited therein (for the benefit of the Secured Parties), (b) to have the
proceeds that are sent to the respective Collection Accounts redirected pursuant to the Administrative
Agent’s instructions rather than deposited in the applicable Collection Account
and (c) to take any or all other actions permitted
under the applicable Account Control Agreement. The Borrower hereby
agrees that if the Administrative Agent at any time takes any action set forth in
the preceding sentence, the Administrative Agent shall have exclusive control (for
the benefit of the Secured Parties) of the proceeds (including Collections) of all Pool
Receivables and the Borrower hereby further agrees to take any other action that the Administrative
Agent may reasonably request to transfer such control. Any proceeds of Pool
Receivables received by the Borrower or the Servicer thereafter
shall be sent immediately to, or as otherwise instructed by, the Administrative
Agent.

 

SECTION 9.04. Enforcement
Rights.

 

(a) At any time following
the occurrence and during the continuation of an Event of Default:

 

(i) the
Administrative Agent (at the Borrower’s expense) may
direct the Obligors that payment of all amounts payable under any Pool
Receivable is to be made directly to the Administrative Agent or its designee;

 

(ii) the
Administrative Agent may instruct the Borrower or the Servicer to
give notice of the Secured Parties’ interest in Pool Receivables to each
Obligor, which notice shall direct that payments be made directly to the Administrative
Agent or its designee (on behalf of the Secured Parties), and the Borrower or the Servicer,
as the case may be, shall give such notice at the expense of the Borrower or the Servicer,
as the case may be; provided, that if the Borrower or the
Servicer, as the case may be, fails to so notify each Obligor within
two (2) Business Days following instruction by the Administrative Agent, the Administrative Agent
(at the Borrower’s or the Servicer’s,
as the case may be, expense) may so notify the Obligors;

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(iii) the
Administrative Agent may request the Servicer to, and upon
such request the Servicer shall: (A) assemble all of the records necessary to collect the Pool
Receivables and the Related Security, and transfer or license
to a successor Servicer the use of all software necessary to collect the Pool
Receivables and the Related Security, and make the same available to the Administrative
Agent or its designee (for the benefit of the Secured Parties) at a place selected by
the Administrative Agent and (B) segregate all cash, checks and other instruments received by
it from time to time constituting Collections in a manner reasonably acceptable to the Administrative
Agent and, promptly upon receipt, remit all such cash, checks and instruments, duly endorsed or
with duly executed instruments of transfer, to the Administrative Agent or its designee;

 

(iv) the
Administrative Agent may notify the Collection Account Banks that the Borrower and the Servicer will no longer have any access
to the Collection Accounts;

 

(v) the
Administrative Agent may (or, at the direction of the Majority Lenders shall) replace the Person then acting as Servicer; and

 

(vi) the
Administrative Agent may collect any amounts due from an Originator
under the Purchase and Sale Agreement or the Performance Guarantor under the Performance Guaranty.

 

For the avoidance of
doubt, the foregoing rights and remedies of the Administrative Agent upon an Event of Default are in addition to and not exclusive
of the rights and remedies contained herein and under the other Transaction Documents.

 

(b) The Borrower
hereby authorizes the Administrative Agent (on behalf of the Secured Parties), and irrevocably
appoints the Administrative Agent as its attorney-in-fact with full power of substitution and
with full authority in the place and stead of the Borrower, which appointment is coupled with
an interest, to take any and all steps in the name of the Borrower and on behalf of the Borrower
necessary or desirable, in the reasonable determination of the Administrative
Agent, after the occurrence and during the continuation of an Event of Default, to collect any and all amounts or
portions thereof due under any and all Collateral, including
endorsing the name of the Borrower on checks and other instruments representing Collections
and enforcing such Collateral. Notwithstanding anything to the contrary contained in this
subsection, none of the powers conferred upon such attorney-in-fact pursuant to the preceding sentence shall subject such attorney-in-fact
to any liability if any action taken by it shall prove to be inadequate or invalid, nor shall
they confer any obligations upon such attorney-in-fact in any manner whatsoever.

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(c) The Servicer
hereby authorizes the Administrative Agent (on behalf of the Secured Parties), and irrevocably appoints the Administrative
Agent as its attorney-in-fact with full power of substitution and with full authority in the place and stead of the Servicer,
which appointment is coupled with an interest, to take any and all steps in the name of the Servicer and on behalf of the
Servicer necessary or desirable, in the reasonable determination of the Administrative Agent, after the occurrence and during
the continuation of an Event of Default, to collect any and all amounts or portions thereof due under any and all Collateral,
including endorsing the name of the Servicer on checks and other instruments representing Collections and enforcing such
Collateral. Notwithstanding anything to the contrary contained in this subsection, none of the powers conferred upon such
attorney-in-fact pursuant to the preceding sentence shall subject such attorney-in-fact to any liability if any action taken
by it shall prove to be inadequate or invalid, nor shall they confer any obligations upon such attorney-in-fact in any manner
whatsoever.

 

SECTION 9.05. Responsibilities
of the Borrower.

 

(a) Anything herein
to the contrary notwithstanding, the Borrower shall: pay when due any taxes, including
any sales taxes payable in connection with the Pool Receivables and their creation and
satisfaction. None of the Credit Parties shall have any obligation or
liability with respect to any Collateral, nor shall any of them be obligated to perform
any of the obligations of the Borrower, the Servicer or any
Originator thereunder.

 

(b) GDI
hereby irrevocably agrees that if at any time it shall cease to be the Servicer hereunder,
it shall act (if the then-current Servicer so requests) as the data-processing agent of the Servicer
and, in such capacity, GDI shall conduct the data-processing functions of the administration
of the Receivables and the Collections thereon in substantially
the same way that GDI conducted such data-processing functions while it acted as the Servicer.
In connection with any such processing functions, the Borrower shall pay to GDI its reasonable out-of-pocket costs and expenses
from the Borrower’s own funds (subject to the priority of payments set forth in Section 4.01).

 

SECTION 9.06. Servicing
Fee.

 

(a) Subject to clause
(b) below, the Borrower shall pay the Servicer a fee (the “Servicing Fee”) equal to 1.00% per annum (the
“Servicing Fee Rate”) of the daily average aggregate Outstanding Balance of the Pool Receivables. Accrued Servicing
Fees shall be payable from Collections to the extent of available funds in accordance with Section 4.01.

 

(b) If the
Servicer ceases to be GDI or an Affiliate thereof, the
Servicing Fee shall be the greater of: (i) the amount calculated pursuant to clause (a)
above and (ii) an alternative amount specified by the successor Servicer not to exceed 110% of
the aggregate reasonable costs and expenses incurred by such successor Servicer in connection
with the performance of its obligations as Servicer hereunder.

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ARTICLE
X

EVENTS OF DEFAULT

 

SECTION 10.01. Events
of Default. If any of the following events (each an “Event of Default”) shall occur:

 

(a) (i) the Borrower,
any Originator, the Performance Guarantor or the Servicer shall fail to perform or observe any term, covenant or agreement under
this Agreement or any other Transaction Document (other than any such failure which would constitute an Event of Default under
 clause (ii) or (iii) of this paragraph (a)), and such failure, solely to the extent capable of cure, shall
continue for ten (10) Business Days, (ii) the Borrower, any Originator, the Performance Guarantor or the Servicer shall fail to
make when due (x) any payment or deposit to be made by it under this Agreement or any other Transaction Document and such failure
shall continue unremedied for two (2) Business Days or (iii) GDI shall resign as Servicer, and no successor Servicer reasonably
satisfactory to the Administrative Agent shall have been appointed;

 

(b) any representation
or warranty made or deemed made by the Borrower, any Originator, the Performance Guarantor or the Servicer (or any of their respective
officers) under or in connection with this Agreement or any other Transaction Document or any information or report delivered by
the Borrower, any Originator, the Performance Guarantor or the Servicer pursuant to this Agreement or any other Transaction Document,
shall prove to have been incorrect or untrue in any material respect when made or deemed made or delivered;

 

(c) the Borrower
or the Servicer shall fail to deliver a Monthly Report or Interim Report pursuant to this Agreement, and such failure shall remain
unremedied for two (2) Business Days;

 

(d) this Agreement
or any security interest granted pursuant to this Agreement or any other Transaction Document shall for any reason cease to create,
or for any reason cease to be, a valid and enforceable first priority perfected security interest in favor of the Administrative
Agent with respect to the Collateral, free and clear of any Adverse Claim;

 

(e) the Borrower,
any Originator, the Performance Guarantor or the Servicer shall generally not pay its debts as such debts become due, or shall
admit in writing its inability to pay its debts generally, or shall make a general assignment for the benefit of creditors; or
any Insolvency Proceeding shall be instituted by or against the Borrower, any Originator, the Performance Guarantor or the Servicer
and, in the case of any such proceeding instituted against any Originator, the Performance Guarantor or the Servicer (but not instituted
by such Person), either such proceeding is not controverted within thirty (30) days after commencement of such proceeding or shall
remain undismissed or unstayed for a period of sixty (60) consecutive days, or any of the actions sought in such proceeding (including
the entry of an order for relief against, or the appointment of a receiver, trustee, custodian or other similar official for, it
or for any substantial part of its property) shall
occur; or the Borrower, any Originator, the Performance Guarantor or the Servicer shall take any corporate or organizational action
to authorize any of the actions set forth above in this paragraph;

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(f) (i) the average
for three consecutive Fiscal Months of: (A) the Default Ratio shall exceed 2.0%, (B) the Delinquency Ratio shall exceed 8.0% or
(C) the Dilution Ratio shall exceed the Dilution Trigger or (ii) the Days’ Sales Outstanding shall exceed 70.0 days;

 

(g) a Change in Control
shall occur;

 

(h) a Borrowing Base
Deficit shall occur, and shall not have been cured within two (2) Business Days;

 

(i) (i) the Borrower
shall fail to pay any principal of or premium or interest on any of its Debt when the same becomes due and payable (whether by
scheduled maturity, required prepayment, acceleration, demand or otherwise), and such failure shall continue after the applicable
grace period, if any, specified in the agreement, mortgage, indenture or instrument relating to such Debt (whether or not such
failure shall have been waived under the related agreement); (ii) any Originator, the Performance Guarantor or the Servicer, or
any of their respective Subsidiaries, individually or in the aggregate, shall fail to pay any principal of or premium or interest
on (x) any Debt under the Credit Agreement or (y) any of its other Debt that is outstanding in a principal amount of at least $50,000,000
in the aggregate when the same becomes due and payable (whether by scheduled maturity, required prepayment, acceleration, demand
or otherwise), and such failure shall continue after the applicable grace period, if any, specified in the Credit Agreement or
such agreement, mortgage, indenture or instrument relating to such Debt (whether or not such failure shall have been waived under
the related agreement); (iii) any other event shall occur or condition shall exist under the Credit Agreement or any other agreement,
mortgage, indenture or instrument relating to any such Debt (as referred to in clause (i) or (ii) of this paragraph
and shall continue after the applicable grace period (not to exceed 30 days), if any, specified in the Credit Agreement or such
other agreement, mortgage, indenture or instrument (whether or not such failure shall have been waived under the related agreement),
if the effect of such event or condition is to give the applicable debtholders the right (whether acted upon or not) to accelerate
the maturity of such Debt (as referred to in clause (i) or (ii) of this paragraph) or to terminate the commitment
of any lender thereunder, or (iv) any such Debt (as referred to in clause (i) or (ii) of this paragraph) shall be
declared to be due and payable, or required to be prepaid (other than by a regularly scheduled required prepayment), redeemed,
purchased or defeased, or an offer to repay, redeem, purchase or defease such Debt shall be required to be made or the commitment
of any lender thereunder terminated, in each case before the stated maturity thereof;

 

(j) any “Event
of Default” (as defined in the Credit Agreement) shall occur under the Credit Agreement (for the avoidance of doubt, this
 clause (j) shall not be construed to limit the preceding clause (i));

 

(k) the Performance
Guarantor shall fail to perform any of its obligations under the Performance Guaranty and such failure shall continue unremedied
for two (2) Business Days;

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(l) the Borrower
shall fail (x) at any time (other than for ten (10) Business Days following notice of the death or resignation of any
Independent Director) to have an Independent Director who satisfies each requirement and qualification specified in Section
8.03(c) of this Agreement for Independent Directors, on the Borrower’s board of directors or (y) to timely notify
the Administrative Agent of any replacement or appointment of any director that is to serve as an Independent Director on the
Borrower’s board of directors as required pursuant to Section 8.03(c) of this Agreement;

 

(m) either (i) the
Internal Revenue Service shall file notice of a lien pursuant to Section 6323 of the Code with regard to any assets of the Borrower,
any Originator or the Parent or (ii) the PBGC shall, or shall indicate its intention to, file notice of a lien pursuant to Section
4068 of ERISA with regard to any of the assets of the Borrower, the Servicer, any Originator or the Parent;

 

(n) (i) the occurrence
of a Reportable Event; (ii) the adoption of an amendment to a Pension Plan that would require the provision of security pursuant
to Section 401(a)(29) of the Code; (iii) the existence with respect to any Multiemployer Plan of an “accumulated funding
deficiency” (as defined in Section 431 of the Code or Section 304 of ERISA), whether or not waived; (iv) the failure to satisfy
the minimum funding standard under Section 412 of the Code with respect to any Pension Plan (v) the incurrence of any liability
under Title IV of ERISA with respect to the termination of any Pension Plan or the withdrawal or partial withdrawal of any of the
Borrower, any Originator, the Servicer, the Parent or any of their respective ERISA Affiliates from any Multiemployer Plan; (vi)
the receipt by any of the Borrower, any Originator, the Servicer, the Parent or any of their respective ERISA Affiliates from the
PBGC or any plan administrator of any notice relating to the intention to terminate any Pension Plan or Multiemployer Plan or to
appoint a trustee to administer any Pension Plan or Multiemployer Plan; (vii) the receipt by the Borrower, any Originator, the
Servicer, the Parent or any of their respective ERISA Affiliates of any notice concerning the imposition of Withdrawal Liability
or a determination that a Multiemployer Plan is, or is expected to be, insolvent within the meaning of Title IV of ERISA; (viii)
the occurrence of a prohibited transaction with respect to any of the Borrower, any Originator, the Servicer, the Parent or any
of their respective ERISA Affiliates (pursuant to Section 4975 of the Code); (ix) the occurrence or existence of any other similar
event or condition with respect to a Pension Plan or a Multiemployer Plan, with respect to each of clause (i) through (ix),
either individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect or a Borrower Material
Adverse Effect;

 

(o) a Material Adverse
Effect shall occur and remain unremedied for ten (10) Business Days or a Borrower Material Adverse Effect shall occur;

 

(p) a Purchase and
Sale Termination Event shall occur under the Purchase and Sale Agreement;

 

(q) the Borrower
shall (x) be required to register as an “investment company” within the meaning of the Investment Company Act or (y)
become a “covered fund” within the meaning of the Volker Rule;

 

(r) any material
provision of this Agreement or any other Transaction Document shall cease to be in full force and effect or any of the Borrower,
any Originator, the Performance Guarantor or the Servicer (or any of their respective Affiliates) shall so state in writing;

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(s) one or more judgments
or decrees shall be entered against the Borrower, any Originator, the Performance Guarantor or the Servicer, or any Affiliate of
any of the foregoing involving in the aggregate a liability (not paid or to the extent not covered by a reputable and solvent insurance
company) and such judgments and decrees either shall be final and non-appealable or shall not be vacated, discharged or stayed
or bonded pending appeal for any period of thirty (30) consecutive days, and the aggregate amount of all such judgments equals
or exceeds $50,000,000 (or solely with respect to the Borrower, $15,325); or

 

(t) a Financial Covenant
Event shall occur;

 

then, and in any such event, the Administrative
Agent may (or, at the direction of the Majority Lenders shall) by notice to the Borrower (x) declare the Termination Date to have
occurred (in which case the Termination Date shall be deemed to have occurred), (y) declare the Final Maturity Date to have occurred
(in which case the Final Maturity Date shall be deemed to have occurred) and (z) declare the Aggregate Capital and all other Borrower
Obligations to be immediately due and payable (in which case the Aggregate Capital and all other Borrower Obligations shall be
immediately due and payable); provided that, automatically upon the occurrence of any event (without any requirement for
the giving of notice) described in subsection (e) of this Section 10.01 with respect to the Borrower, the Termination
Date shall occur and the Aggregate Capital and all other Borrower Obligations shall be immediately due and payable. Upon any such
declaration or designation or upon such automatic termination, the Administrative Agent and the other Secured Parties shall have,
in addition to the rights and remedies which they may have under this Agreement and the other Transaction Documents, all other
rights and remedies provided after default under the UCC and under other Applicable Law, which rights and remedies shall be cumulative.
Any proceeds from liquidation of the Collateral shall be applied in the order of priority set forth in Section 4.01.

 

ARTICLE
XI

THE ADMINISTRATIVE AGENT

 

SECTION 11.01. Authorization
and Action. Each Credit Party hereby appoints and authorizes the Administrative Agent to take such action as agent on its behalf
and to exercise such powers under this Agreement as are delegated to the Administrative Agent by the terms hereof, together with
such powers as are reasonably incidental thereto. The Administrative Agent shall not have any duties other than those expressly
set forth in the Transaction Documents, and no implied obligations or liabilities shall be read into any Transaction Document,
or otherwise exist, against the Administrative Agent. The Administrative Agent does not assume, nor shall it be deemed to have
assumed, any obligation to, or relationship of trust or agency with, the Borrower or any Affiliate thereof or any Credit Party
except for any obligations expressly set forth herein. Notwithstanding any provision of this Agreement or any other Transaction
Document, in no event shall the Administrative Agent ever be required to take any action which exposes the Administrative Agent
to personal liability or which is contrary to any provision of any Transaction Document or Applicable Law.

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SECTION 11.02. Administrative
Agent’s Reliance, Etc. Neither the Administrative Agent nor any of its directors, officers, agents or employees
shall be liable for any action taken or omitted to be taken by it or them as Administrative Agent under or in connection with
this Agreement (including, without limitation, the Administrative Agent’s servicing, administering or collecting Pool
Receivables in the event it replaces the Servicer in such capacity pursuant to Section 9.01), in the absence of its or
their own gross negligence or willful misconduct. Without limiting the generality of the foregoing, the Administrative Agent:
(a) may consult with legal counsel (including counsel for any Credit Party or the Servicer), independent certified public
accountants and other experts selected by it and shall not be liable for any action taken or omitted to be taken in good
faith by it in accordance with the advice of such counsel, accountants or experts; (b) makes no warranty or representation to
any Credit Party (whether written or oral) and shall not be responsible to any Credit Party for any statements, warranties or
representations (whether written or oral) made by any other party in or in connection with this Agreement; (c) shall not have
any duty to ascertain or to inquire as to the performance or observance of any of the terms, covenants or conditions of this
Agreement on the part of any Credit Party or to inspect the property (including the books and records) of any Credit Party;
(d) shall not be responsible to any Credit Party for the due execution, legality, validity, enforceability, genuineness,
sufficiency or value of this Agreement or any other instrument or document furnished pursuant hereto; and (e) shall be
entitled to rely, and shall be fully protected in so relying, upon any notice (including notice by telephone), consent,
certificate or other instrument or writing (which may be by facsimile) believed by it to be genuine and signed or sent by the
proper party or parties.

 

SECTION 11.03. Administrative
Agent and Affiliates. With respect to any Credit Extension or interests therein owned by any Credit Party that is also the
Administrative Agent, such Credit Party shall have the same rights and powers under this Agreement as any other Credit Party and
may exercise the same as though it were not the Administrative Agent. The Administrative Agent and any of its Affiliates may generally
engage in any kind of business with the Borrower or any Affiliate thereof and any Person who may do business with or own securities
of the Borrower or any Affiliate thereof, all as if the Administrative Agent were not the Administrative Agent hereunder and without
any duty to account therefor to any other Secured Party.

 

SECTION 11.04. Indemnification
of Administrative Agent. Each Lender agrees to indemnify the Administrative Agent (to the extent not reimbursed by the Borrower
or any Affiliate thereof), ratably according to the respective Percentage of such Lender, 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 the Administrative Agent in any way relating to or arising out of this
Agreement or any other Transaction Document or any action taken or omitted by the Administrative Agent under this Agreement or
any other Transaction Document; provided that no Lender shall be liable for any portion of such liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from the Administrative Agent’s
gross negligence or willful misconduct.

 

SECTION 11.05. Delegation
of Duties. The Administrative Agent may execute any of its duties through agents or attorneys-in-fact and shall be entitled
to advice of counsel concerning all matters pertaining to such duties. The Administrative Agent shall not be responsible for the
negligence or misconduct of any agents or attorneys-in-fact selected by it with reasonable care.

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SECTION 11.06. Action
or Inaction by Administrative Agent. The Administrative Agent shall in all cases be fully justified in failing or refusing
to take action under any Transaction Document unless it shall first receive such advice or concurrence of the Lenders and assurance
of its indemnification by the Lenders, as it deems appropriate. The Administrative Agent shall in all cases be fully protected
in acting, or in refraining from acting, under this Agreement or any other Transaction Document in accordance with a request or
at the direction of the Lenders and such request or direction and any action taken or failure to act pursuant thereto shall be
binding upon all Credit Parties. The Credit Parties and the Administrative Agent agree that unless any action to be taken by the
Administrative Agent under a Transaction Document (i) specifically requires the advice or concurrence of all Lenders or (ii) may
be taken by the Administrative Agent alone or without any advice or concurrence of any Lender, then the Administrative Agent may
take action based upon the advice or concurrence of the Majority Lenders.

 

SECTION 11.07. Notice
of Events of Default; Action by Administrative Agent. The Administrative Agent shall not be deemed to have knowledge or notice
of the occurrence of any Unmatured Event of Default or Event of Default unless the Administrative Agent has received notice from
any Credit Party or the Borrower stating that an Unmatured Event of Default or Event of Default has occurred hereunder and describing
such Unmatured Event of Default or Event of Default. If the Administrative Agent receives such a notice, it shall promptly give
notice thereof to each Lender, whereupon each Lender shall promptly give notice thereof to its respective LC Participant(s). The
Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, concerning an Unmatured
Event of Default or Event of Default or any other matter hereunder as the Administrative Agent deems advisable and in the best
interests of the Secured Parties.

 

SECTION 11.08. Non-Reliance
on Administrative Agent and Other Parties. Each Credit Party expressly acknowledges that neither the Administrative Agent nor
any of its directors, officers, agents or employees has made any representations or warranties to it and that no act by the Administrative
Agent hereafter taken, including any review of the affairs of the Borrower or any Affiliate thereof, shall be deemed to constitute
any representation or warranty by the Administrative Agent. Each Credit Party represents and warrants to the Administrative Agent
that, independently and without reliance upon the Administrative Agent or any other Credit Party and based on such documents and
information as it has deemed appropriate, it has made and will continue to make its own appraisal of and investigation into the
business, operations, property, prospects, financial and other conditions and creditworthiness of the Borrower, each Originator,
the Performance Guarantor or the Servicer and the Pool Receivables and its own decision to enter into this Agreement and to take,
or omit, action under any Transaction Document. Except for items expressly required to be delivered under any Transaction Document
by the Administrative Agent to any Credit Party, the Administrative Agent shall not have any duty or responsibility to provide
any Credit Party with any information concerning the Borrower, any Originator, the Performance Guarantor or the Servicer that comes
into the possession of the Administrative Agent or any of its directors, officers, agents, employees, attorneys-in-fact or Affiliates.

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SECTION 11.09. 
Successor Administrative Agent.

 

(a) The Administrative
Agent may, upon at least thirty (30) days’ notice to the Borrower, the Servicer and each Lender, resign as Administrative
Agent. Except as provided below, such resignation shall not become effective until a successor Administrative Agent is appointed
by the Majority Lenders as a successor Administrative Agent and has accepted such appointment. If no successor Administrative Agent
shall have been so appointed by the Majority Lenders, within thirty (30) days after the departing Administrative Agent’s
giving of notice of resignation, the departing Administrative Agent may, on behalf of the Secured Parties, appoint a successor
Administrative Agent as successor Administrative Agent. If no successor Administrative Agent shall have been so appointed by the
Majority Lenders within sixty (60) days after the departing Administrative Agent’s giving of notice of resignation, the departing
Administrative Agent may, on behalf of the Secured Parties, petition a court of competent jurisdiction to appoint a successor Administrative
Agent.

 

(b) Upon such acceptance
of its appointment as Administrative Agent hereunder by a successor Administrative Agent, such successor Administrative Agent shall
succeed to and become vested with all the rights and duties of the resigning Administrative Agent, and the resigning Administrative
Agent shall be discharged from its duties and obligations under the Transaction Documents. After any resigning Administrative Agent’s
resignation hereunder, the provisions of this Article XI and Article XII shall inure to its benefit as to any actions
taken or omitted to be taken by it while it was the Administrative Agent.

 

SECTION 11.10. Structuring
Agent. Each of the parties hereto hereby acknowledges and agrees that the Structuring Agent shall not have any right, power,
obligation, liability, responsibility or duty under this Agreement, other than the Structuring Agent’s right to receive fees
pursuant to Section 2.03. Each Credit Party acknowledges that it has not relied, and will not rely, on the Structuring Agent
in deciding to enter into this Agreement and to take, or omit to take, any action under any Transaction Document.

 

ARTICLE
XII

INDEMNIFICATION

 

SECTION 12.01. Indemnities
by the Borrower.

 

(a) Without limiting
any other rights that the Administrative Agent, the Credit Parties, the Affected Persons and their respective assigns, officers,
directors, agents and employees (each, a “Borrower Indemnified Party”) may have hereunder or under Applicable
Law, the Borrower hereby agrees to indemnify each Borrower Indemnified Party from and against any and all claims, losses and liabilities
(including Attorney Costs) (all of the foregoing being collectively referred to as “Borrower Indemnified Amounts”)
arising out of or resulting from this Agreement or any other Transaction Document or the use of proceeds of the Credit Extensions
or the security interest in respect of any Pool Receivable or any other Collateral; excluding, however, (a) any
portion of Borrower Indemnified Amounts to the extent a final non-appealable judgment of a court of competent jurisdiction holds
that such portion of such Borrower Indemnified Amounts resulted from the bad faith, gross negligence or willful misconduct by the Borrower
Indemnified Party seeking indemnification and (b) Taxes other than as described in clause (xiv) below or Taxes that represent
losses, claims or damages arising from any non-Tax claim. Without limiting or being limited by the foregoing, the Borrower shall
pay on demand (it being understood that if any portion of such payment obligation is made from Collections, such payment will be
made at the time and in the order of priority set forth in Section 4.01), to each Borrower Indemnified Party any and all
amounts necessary to indemnify such Borrower Indemnified Party from and against any and all Borrower Indemnified Amounts relating
to or resulting from any of the following (but excluding Borrower Indemnified Amounts and Taxes described in clause (b)
above):

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(i) any
Pool Receivable which the Borrower or the Servicer includes as an Eligible Receivable as part of the Net Receivables Pool Balance
but which is not an Eligible Receivable at such time;

 

(ii) any
representation, warranty or statement made or deemed made by the Borrower (or any of its respective officers) under or in connection
with this Agreement, any of the other Transaction Documents, any Monthly Report, any Interim Report or any other information or
report delivered by or on behalf of the Borrower pursuant hereto which shall have been untrue or incorrect when made or deemed
made;

 

(iii) the
failure by the Borrower to comply with any Applicable Law with respect to any Pool Receivable or the related Contract; or the failure
of any Pool Receivable or the related Contract to conform to any such Applicable Law;

 

(iv) the
failure to vest in the Administrative Agent a first priority perfected security interest in all or any portion of the Collateral,
in each case free and clear of any Lien;

 

(v) the
failure to have filed, or any delay in filing, financing statements, financing statement amendments, continuation statements or
other similar instruments or documents under the UCC of any applicable jurisdiction or other Applicable Laws with respect to any
Pool Receivable and the other Collateral and Collections in respect thereof, whether at the time of any Credit Extension or at
any subsequent time;

 

(vi) any
dispute, claim or defense (other than discharge in bankruptcy) of an Obligor to the payment of any Pool Receivable (including,
without limitation, a defense based on such Pool Receivable or the related Contract not being a legal, valid and binding obligation
of such Obligor enforceable against it in accordance with its terms), or any other claim resulting from or relating to collection
activities with respect to such Pool Receivable;

 

(vii) any
failure of the Borrower to perform any of its duties or obligations in accordance with the provisions hereof and of each other
Transaction Document related to Pool Receivables or to timely and fully comply with the Credit and Collection Policy in regard
to each Pool Receivable;

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(viii) any
products liability, environmental or other claim arising out of or in connection with any Pool Receivable or other merchandise,
goods or services which are the subject of or related to any Pool Receivable;

 

(ix) the
commingling of Collections of Pool Receivables at any time with other funds;

 

(x) any
investigation, litigation or proceeding (actual or threatened) related to this Agreement or any other Transaction Document or the
use of proceeds of any Credit Extensions or in respect of any Pool Receivable or other Collateral or any related Contract;

 

(xi) any
failure of the Borrower to comply with its covenants, obligations and agreements contained in this Agreement or any other Transaction
Document;

 

(xii) any
setoff with respect to any Pool Receivable;

 

(xiii) any
claim brought by any Person other than a Borrower Indemnified Party arising from any activity by the Borrower or any Affiliate
of the Borrower in servicing, administering or collecting any Pool Receivable;

 

(xiv) the
failure by the Borrower to pay when due any taxes, including, without limitation, sales, excise or personal property taxes;

 

(xv) any
failure of a Collection Account Bank to comply with the terms of the applicable Account Control Agreement or any amounts (including
in respect of an indemnity) payable by the Administrative Agent to a Collection Account Bank under any Account Control Agreement;

 

(xvi) any
dispute, claim, offset or defense (other than discharge in bankruptcy of the Obligor) of the Obligor to the payment of any Pool
Receivable (including, without limitation, a defense based on such Pool Receivable or the related Contract not being a legal, valid
and binding obligation of such Obligor enforceable against it in accordance with its terms), or any other claim in each case resulting
from the sale of goods or the rendering of services related to such Pool Receivable or the furnishing or failure to furnish any
such goods or services or other similar claim or defense not arising from the financial inability of any Obligor to pay undisputed
indebtedness;

 

(xvii) any
action taken by the Administrative Agent as attorney-in-fact for the Borrower, any Originator or the Servicer pursuant to this
Agreement or any other Transaction Document;

 

(xviii) the use of proceeds
of any Credit Extension or the usage of any Letter of Credit; or

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(xix) any
reduction in Capital as a result of the distribution of Collections if all or a portion of such distributions shall thereafter
be rescinded or otherwise must be returned for any reason.

 

(b) Notwithstanding
anything to the contrary in this Agreement, solely for purposes of the Borrower’s indemnification obligations in clauses
(ii), (iii), (vii) and (xi) of this Article XII, any representation, warranty or covenant qualified
by the occurrence or non-occurrence of a material adverse effect or similar concepts of materiality shall be deemed to be not so
qualified.

 

(c) If for any reason
the foregoing indemnification is unavailable (other than pursuant to the exclusions contained in Section 12.01(a)) to any
Borrower Indemnified Party or insufficient to hold it harmless, then the Borrower shall contribute to such Borrower Indemnified
Party the amount paid or payable by such Borrower Indemnified Party as a result of such loss, claim, damage or liability in such
proportion as is appropriate to reflect the relative economic interests of the Borrower and its Affiliates on the one hand and
such Borrower Indemnified Party on the other hand in the matters contemplated by this Agreement as well as the relative fault of
the Borrower and its Affiliates and such Borrower Indemnified Party with respect to such loss, claim, damage or liability and any
other relevant equitable considerations. The reimbursement, indemnity and contribution obligations of the Borrower under this Section
shall be in addition to (but without duplication of) any liability which the Borrower may otherwise have, shall extend upon the
same terms and conditions to each Borrower Indemnified Party, and shall be binding upon and inure to the benefit of any successors,
assigns, heirs and personal representatives of the Borrower and the Borrower Indemnified Parties.

 

(d) Any indemnification
or contribution under this Section shall survive the termination of this Agreement.

 

SECTION 12.02. Indemnification
by the Servicer.

 

(a) The Servicer
hereby agrees to indemnify and hold harmless the Borrower, the Administrative Agent, the Credit Parties, the Affected Persons and
their respective assigns, officers, directors, agents and employees (each, a “Servicer Indemnified Party”),
from and against any loss, liability, expense, damage or injury suffered or sustained by reason of any acts, omissions or alleged
acts or omissions arising out of activities of the Servicer pursuant to this Agreement or any other Transaction Document, including
any judgment, award, settlement, Attorney Costs and other costs or expenses incurred in connection with the defense of any actual
or threatened action, proceeding or claim (all of the foregoing being collectively referred to as, “Servicer Indemnified
Amounts”); excluding (i) any portion of Servicer Indemnified Amounts to the extent a final non-appealable judgment of
a court of competent jurisdiction holds that such portion of such Servicer Indemnified Amounts resulted from the bad faith, gross
negligence or willful misconduct by the Servicer Indemnified Party seeking indemnification, (ii) Taxes other than Taxes that represent
losses, claims or damages arising from any non-Tax claim and (iii) Servicer Indemnified Amounts to the extent the same includes
losses in respect of Pool Receivables that are uncollectible solely
on account of the insolvency, bankruptcy, lack of creditworthiness or other financial inability to pay of the related Obligor.
Without limiting or being limited by the foregoing, the Servicer shall pay on demand, to each Servicer Indemnified Party any and all amounts
necessary to indemnify such Servicer Indemnified Party from and against any and all Servicer Indemnified Amounts relating to or
resulting from any of the following (but excluding Servicer Indemnified Amounts described in clauses (i), (ii) and
 (iii) above):

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(i) any
representation, warranty or statement made or deemed made by the Servicer (or any of its respective officers) under or in connection
with this Agreement, any of the other Transaction Documents, any Monthly Report, any Interim Report or any other written information
or written report delivered by or on behalf of the Servicer pursuant hereto which shall have been untrue or incorrect when made
or deemed made;

 

(ii) the
failure by the Servicer to comply with any Applicable Law with respect to any Pool Receivable or the related Contract; or the failure
of any Pool Receivable or the related Contract to conform to any such Applicable Law;

 

(iii) the
commingling of Collections of Pool Receivables at any time with other funds;

 

(iv) any
failure of a Collection Account Bank to comply with the terms of the applicable Account Control Agreement or any amounts (including
in respect of an indemnity) payable by the Administrative Agent to a Collection Account Bank under any Account Control Agreement;
or

 

(v) any
failure of the Servicer to comply with its covenants, obligations and agreements contained in this Agreement or any other Transaction
Document.

 

(b) If for any reason
the foregoing indemnification is unavailable (other than pursuant to the exclusions contained in Section 12.02(a)) to any
Servicer Indemnified Party or insufficient to hold it harmless, then the Servicer shall contribute to the amount paid or payable
by such Servicer Indemnified Party as a result of such loss, claim, damage or liability in such proportion as is appropriate to
reflect the relative economic interests of the Servicer and its Affiliates on the one hand and such Servicer Indemnified Party
on the other hand in the matters contemplated by this Agreement as well as the relative fault of the Servicer and its Affiliates
and such Servicer Indemnified Party with respect to such loss, claim, damage or liability and any other relevant equitable considerations.
The reimbursement, indemnity and contribution obligations of the Servicer under this Section shall be in addition to (but without
duplication of) any liability which the Servicer may otherwise have, shall extend upon the same terms and conditions to Servicer
Indemnified Party, and shall be binding upon and inure to the benefit of any successors, assigns, heirs and personal representatives
of the Servicer and the Servicer Indemnified Parties.

 

(c) Any indemnification
or contribution under this Section shall survive the termination of this Agreement.

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ARTICLE
XIII

MISCELLANEOUS

 

SECTION 13.01. Amendments,
Etc.

 

(a) No failure on
the part of any Credit Party to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof; nor
shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any
other right. No amendment or waiver of any provision of this Agreement or consent to any departure by any of the Borrower or any
Affiliate thereof shall be effective unless in a writing signed by the Administrative Agent and the Majority Lenders (and, in the
case of any amendment, also signed by the Borrower), and then such amendment, waiver or consent shall be effective only in the
specific instance and for the specific purpose for which given; provided, however, that (A) no amendment, waiver
or consent shall, unless in writing and signed by the Servicer, affect the rights or duties of the Servicer under this Agreement;
(B) no amendment, waiver or consent shall, unless in writing and signed by the Administrative Agent and each Lender:

 

(i) change
(directly or indirectly) the definitions of, Borrowing Base Deficit, Defaulted Receivable, Delinquent Receivable, Eligible Receivable,
Facility Limit, Final Maturity Date, Net Receivables Pool Balance or Total Reserves contained in this Agreement, or increase the
then existing Concentration Percentage for any Obligor or change the calculation of the Borrowing Base;

 

(ii) reduce
the amount of Capital or Interest that is payable on account of any Loan or with respect to any other Credit Extension or delay
any scheduled date for payment thereof;

 

(iii) change
any Event of Default;

 

(iv) release
all or a material portion of the Collateral from the Administrative Agent’s security interest created hereunder;

 

(v) release
the Performance Guarantor from any of its obligations under the Performance Guaranty or terminate the Performance Guaranty;

 

(vi) change
any of the provisions of this Section 13.01 or the definition of “Majority Lenders”; or

 

(vii) change
the order of priority in which Collections are applied pursuant to Section 4.01.

 

Notwithstanding the
foregoing, (A) no amendment, waiver or consent shall increase any Lender’s or LC Participant’s Commitment hereunder
without the consent of such Lender or LC Participant, as applicable and (B) no amendment, waiver or consent shall reduce any Fees
payable by the Borrower to any Lender or delay the dates on which any such Fees are payable, in either case, without the consent
of such Lender and (C) no consent with respect to any amendment, waiver or
other modification of this Agreement shall be required of any Defaulting Lender, except in accordance with the terms set forth
in Section 2.05(b). For the avoidance of doubt and notwithstanding the foregoing, the definition of “Financial Covenant
Event” and Section 10.01(t) may be modified by the Administrative Agent from time to time in accordance with the terms
set forth in the definition of “Financial Covenant Event”.

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SECTION 13.02. Notices,
Etc. All notices and other communications hereunder shall, unless otherwise stated herein, be in writing (which shall include
facsimile communication) and faxed or delivered, to each party hereto, at its address set forth under its name on Schedule III
hereto or at such other address as shall be designated by such party in a written notice to the other parties hereto. Notices and
communications by facsimile shall be effective when sent (and shall be followed by hard copy sent by regular mail), and notices
and communications sent by other means shall be effective when received.

 

SECTION 13.03. Assignability;
Addition of Lenders.

 

(a) Assignment
by Lenders. Each Lender may assign to any Eligible Assignee all or a portion of its rights and obligations under this Agreement
(including, without limitation, all or a portion of its Commitment and any Loan or interests therein owned by it); provided,
 however that

 

(i) except
for an assignment by a Lender to either an Affiliate of such Lender or any other Lender, each such assignment shall require the
prior written consent of the Borrower (such consent not to be unreasonably withheld, conditioned or delayed); provided,
 however, that such consent shall not be required if an Event of Default or an Unmatured Event of Default has occurred and
is continuing;

 

(ii) each
such assignment shall be of a constant, and not a varying, percentage of all rights and obligations under this Agreement;

 

(iii) the
amount being assigned pursuant to each such assignment (determined as of the date of the Assignment and Acceptance Agreement with
respect to such assignment) shall in no event be less than the lesser of (x) $5,000,000 and (y) all of the assigning Lender’s
Commitment; and

 

(iv) the
parties to each such assignment shall execute and deliver to the Administrative Agent, for its acceptance and recording in the
Register, an Assignment and Acceptance Agreement.

 

Upon such
execution, delivery, acceptance and recording from and after the effective date specified in such Assignment and Acceptance
Agreement, (x) the assignee thereunder shall be a party to this Agreement, and to the extent that rights and obligations
under this Agreement have been assigned to it pursuant to such Assignment and Acceptance Agreement, have the rights and
obligations of a Lender hereunder and (y) the assigning Lender shall, to the extent that rights and obligations have been
assigned by it pursuant to such Assignment and Acceptance Agreement, relinquish such rights and be released from such
obligations under this Agreement (and, in the case of an Assignment and Acceptance Agreement covering all or the remaining
portion of an assigning Lender’s
rights and obligations under this Agreement, such Lender shall cease to be a party hereto).

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(b) Register.
The Administrative Agent shall, acting solely for this purpose as an agent of the Borrower, maintain at its address referred to
on Schedule III of this Agreement (or such other address of the Administrative Agent notified by the Administrative Agent
to the other parties hereto) a copy of each Assignment and Acceptance Agreement delivered to and accepted by it and a register
for the recordation of the names and addresses of the Lenders, the Commitment of each Lender and the aggregate outstanding Capital
(and stated interest) of the Loans of each Lender from time to time (the “Register”). The entries in the Register
shall be conclusive and binding for all purposes, absent manifest error, and the Borrower, the Servicer, the Administrative Agent,
the Lenders, and the other Credit Parties may treat each Person whose name is recorded in the Register as a Lender under this Agreement
for all purposes of this Agreement. The Register shall be available for inspection by the Borrower, the Servicer, the LC Bank and
any Lender at any reasonable time and from time to time upon reasonable prior notice.

 

(c) Procedure.
Upon its receipt of an Assignment and Acceptance Agreement executed and delivered by an assigning Lender and an Eligible Assignee
or assignee Lender, the Administrative Agent shall, if such Assignment and Acceptance Agreement has been duly completed, (i) accept
such Assignment and Acceptance Agreement, (ii) record the information contained therein in the Register and (iii) give prompt notice
thereof to the Borrower and the Servicer.

 

(d) Participations.
Each Lender may sell participations to one or more Eligible Assignees (each, a “Participant”) in or to all or
a portion of its rights and/or obligations under this Agreement (including, without limitation, all or a portion of its Commitment
and the interests in the Loans owned by it); provided, however, that

 

(i) such
Lender’s obligations under this Agreement (including, without limitation, its Commitment to the Borrower hereunder) shall
remain unchanged, and

 

(ii) such
Lender shall remain solely responsible to the other parties to this Agreement for the performance of such obligations.

 

The Administrative Agent,
the Lenders, the LC Bank, the LC Participants, the Borrower and the Servicer shall have the right to continue to deal solely and
directly with such Lender in connection with such Lender’s rights and obligations under this Agreement.

 

(e)  Participant
Register. Each Lender that sells a participation shall, acting solely for this
purpose as an agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the
principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under
this Agreement (the “Participant Register”);  provided that
no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any
Participant or any information relating to a Participant’s interest in any Commitments, Loans, Letters of Credit
or its other obligations under this Agreement) to any Person except to the extent that such disclosure is necessary to
establish that such Commitment,
Loan, Letter of Credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations.
The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose
name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding
any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall
have no responsibility for maintaining a Participant Register.

    	101

    	

    

(f) Assignments
by Administrative Agent. This Agreement and the rights and obligations of the Administrative Agent herein shall be assignable
by the Administrative Agent and its successors and assigns; provided that in the case of an assignment to a Person that
is not an Affiliate of the Administrative Agent, so long as no Event of Default or Unmatured Event of Default has occurred and
is continuing, such assignment shall require the Borrower’s consent (not to be unreasonably withheld, conditioned or delayed).

 

(g) Assignments
by the Borrower or the Servicer. Neither the Borrower nor, except as provided in Section 9.01, the Servicer may assign
any of its respective rights or obligations hereunder or any interest herein without the prior written consent of the Administrative
Agent, the LC Bank and each Lender (such consent to be provided or withheld in the sole discretion of such Person).

 

(h)  Pledge
to a Federal Reserve Bank. Notwithstanding anything to the contrary set forth herein, (i) any Lender or any of its respective
Affiliates may at any time pledge or grant a security interest in all or any portion of its interest in, to and under this
Agreement (including, without limitation, rights to payment of Capital and Interest) and any other Transaction Document to secure
its obligations to a Federal Reserve Bank or other central bank having jurisdiction over such Lender,
without notice to or the consent of the Borrower, the Servicer, any Affiliate thereof or any Credit Party; provided, however,
that that no such pledge shall relieve such assignor of its obligations under this Agreement.

 

(i) Pledge to
a Security Trustee. Notwithstanding anything to the contrary set forth herein, (i) any Lender or any of their respective Affiliates
may at any time pledge or grant a security interest in all or any portion of its interest in, to and under this Agreement (including,
without limitation, rights to payment of Capital and Interest) and any other Transaction Document to a security trustee in connection
with the funding by such Person of Loans, without notice to or the consent of the Borrower, the Servicer, any Affiliate thereof
or any Credit Party; provided, however, that that no such pledge shall relieve such assignor of its obligations under
this Agreement.

 

SECTION 13.04. Costs
and Expenses. In addition to the rights of indemnification granted under Section 12.01 hereof, the Borrower agrees to
pay on demand all reasonable out-of-pocket costs and expenses in connection with the preparation, negotiation, execution, delivery
and administration of this Agreement and the other Transaction Documents (together with all amendments, restatements, supplements,
consents and waivers, if any, from time to time hereto and thereto), including, without limitation, (i) the reasonable Attorney
Costs for the Administrative Agent and the other Credit
Parties and any of their respective Affiliates with respect thereto and with respect to advising the Administrative Agent and the
other Credit Parties and their respective
Affiliates as to their rights and remedies under this Agreement and the other Transaction Documents and (ii) reasonable accountants’,
auditors’ and consultants’ fees and expenses for the Administrative Agent and the other Credit Parties and any of their
respective Affiliates incurred in connection with the administration and maintenance of this Agreement or advising the Administrative
Agent or any other Credit Party as to their rights and remedies under this Agreement or as to any actual or reasonably claimed
breach of this Agreement or any other Transaction Document. In addition, the Borrower agrees to pay on demand all reasonable out-of-pocket
costs and expenses (including reasonable Attorney Costs), of the Administrative Agent and the other Credit Parties and their respective
Affiliates, incurred in connection with the enforcement of any of their respective rights or remedies under the provisions of this
Agreement and the other Transaction Documents.

    	102

    	

    

SECTION 13.05. No
Proceedings; Limitation on Payments.

 

(a) Each of the Servicer
and each Lender and each assignee of a Loan or any interest therein, hereby covenants and agrees that it will not institute against,
or join any other Person in instituting against, the Borrower any Insolvency Proceeding until one year and one day after the Final
Payout Date; provided, that the Administrative Agent may take any such action in its sole discretion following the occurrence
of an Event of Default.

 

(b) The provisions
of this Section 13.05 shall survive any termination of this Agreement.

 

SECTION 13.06. Confidentiality.

 

(a) Each of the Borrower
and the Servicer covenants and agrees to hold in confidence, and not disclose to any Person, the terms of this Agreement or the
Fee Letter (including any fees payable in connection with this Agreement, the Fee Letter or any other Transaction Document or the
identity of the Administrative Agent or any other Credit Party), except as the Administrative Agent and each Lender may have consented
to in writing prior to any proposed disclosure; provided, however, that it may disclose such information (i) to its
Advisors, Representatives, the Initial Investors and the Permitted Holders, (ii) to the extent such information has become available
to the public other than as a result of a disclosure by or through the Borrower, the Servicer or their Advisors and Representatives
or (iii) to the extent it should be (A) required by Applicable Law, or in connection with any legal or regulatory proceeding or
(B) requested by any Governmental Authority to disclose such information; provided, that, in the case of clause (iii)
above, the Borrower and the Servicer will use reasonable efforts to maintain confidentiality and will (unless otherwise prohibited
by Applicable Law) notify the Administrative Agent and the affected Credit Party of its intention to make any such disclosure prior
to making such disclosure. Each of the Borrower and the Servicer agrees to be responsible for any breach of this Section by its
Representatives and Advisors and agrees that its Representatives and Advisors will be advised by it of the confidential nature
of such information and shall agree to comply with this Section. Notwithstanding the foregoing, it is expressly agreed that each
of the Borrower, the Servicer and their respective Affiliates may publish a press release or otherwise publicly announce the existence
and principal amount of the Commitments under this Agreement and the transactions contemplated hereby; provided that the
Administrative Agent shall be provided a reasonable opportunity
to review such press release or other public announcement prior to its release
and provide comment thereon; and provided, further, that no such press release shall name or otherwise identify the
Administrative Agent, any other Credit Party or any of their respective Affiliates without such Person’s prior written consent
(such consent not to be unreasonably withheld, conditioned or delayed). Notwithstanding the foregoing, the Borrower consents to
the publication by the Administrative Agent or any other Credit Party of a tombstone or similar advertising material relating to
the financing transactions contemplated by this Agreement.

    	103

    	

    

(b) Each of the Administrative
Agent and each other Credit Party, severally and with respect to itself only, agrees to hold in confidence, and not disclose to
any Person, any confidential and proprietary information concerning the Borrower, the Servicer and their respective Affiliates
and their businesses or the terms of this Agreement (including any fees payable in connection with this Agreement or the other
Transaction Documents), except as the Borrower or the Servicer may have consented to in writing prior to any proposed disclosure;
 provided, however, that it may disclose such information (i) to its Advisors and Representatives, (ii) to its assignees
and Participants and potential assignees and Participants and their respective counsel if they agree in writing to hold it confidential,
(iii) to the extent such information has become available to the public other than as a result of a disclosure by or through it
or its Representatives or Advisors, (iv) at the request of a bank examiner or other regulatory authority or in connection with
an examination of any of the Administrative Agent or any Lender or their respective Affiliates or (v) to the extent it should be
(A) required by Applicable Law, or in connection with any legal or regulatory proceeding or (B) requested by any Governmental Authority
to disclose such information; provided, that, in the case of clause (vi) above, the Administrative Agent and each
Lender will use reasonable efforts to maintain confidentiality and will (unless otherwise prohibited by Applicable Law) notify
the Borrower and the Servicer of its making any such disclosure as promptly as reasonably practicable thereafter. Each of the Administrative
Agent and each Lender, severally and with respect to itself only, agrees to be responsible for any breach of this Section by its
Representatives and Advisors and agrees that its Representatives and Advisors will be advised by it of the confidential nature
of such information and shall agree to comply with this Section.

 

(c) As used in this
Section, (i) “Advisors” means, with respect to any Person, such Person’s accountants, attorneys and other
confidential advisors and (ii) “Representatives” means, with respect to any Person, such Person’s Affiliates,
Subsidiaries, directors, managers, officers, employees, members, investors, financing sources, insurers, professional advisors,
representatives and agents; provided that such Persons shall not be deemed to Representatives of a Person unless (and solely
to the extent that) confidential information is furnished to such Person.

 

(d) Notwithstanding
the foregoing, to the extent not inconsistent with applicable securities laws, each party hereto (and each of its employees, representatives
or other agents) may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure (as defined
in Section 1.6011-4 of the Treasury Regulations) of the transactions contemplated by the Transaction Documents and all materials
of any kind (including opinions or other tax analyses) that are provided to such Person relating to such tax treatment and tax
structure.

    	104

    	

    

SECTION 13.07. GOVERNING
LAW. THIS AGREEMENT, INCLUDING THE RIGHTS AND DUTIES OF THE PARTIES HERETO, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW
YORK, BUT WITHOUT REGARD TO ANY OTHER CONFLICTS OF LAW PROVISIONS THEREOF, EXCEPT TO THE EXTENT THAT THE PERFECTION, THE EFFECT
OF PERFECTION OR PRIORITY OF THE INTERESTS OF ADMINISTRATIVE AGENT OR ANY LENDER IN THE COLLATERAL IS GOVERNED BY THE LAWS OF A
JURISDICTION OTHER THAN THE STATE OF NEW YORK).

 

SECTION 13.08. Execution
in Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed
to be an original and all of which when taken together shall constitute one and the same agreement. Delivery of an executed counterpart
hereof by facsimile or other electronic means shall be equally effective as delivery of an originally executed counterpart.

 

SECTION 13.09. Integration;
Binding Effect; Survival of Termination. This Agreement and the other Transaction Documents contain the final and complete
integration of all prior expressions by the parties hereto with respect to the subject matter hereof and shall constitute the entire
agreement among the parties hereto with respect to the subject matter hereof superseding all prior oral or written understandings.
This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted
assigns. This Agreement shall create and constitute the continuing obligations of the parties hereto in accordance with its terms
and shall remain in full force and effect until the Final Payout Date; provided, however, that the provisions of
 Sections 3.08, 3.09, 3.10, 3.11, 5.01, 5.02, 5.03, 11.04, 11.06,
 12.01, 12.02, 13.04, 13.05, 13.06, 13.09, 13.11 and 13.13 shall survive
any termination of this Agreement.

 

SECTION 13.10. CONSENT
TO JURISDICTION. (a) EACH PARTY HERETO HEREBY IRREVOCABLY SUBMITS TO (I) WITH RESPECT TO THE BORROWER AND THE SERVICER, THE
EXCLUSIVE JURISDICTION, AND (II) WITH RESPECT TO EACH OF THE OTHER PARTIES HERETO, THE NON-EXCLUSIVE JURISDICTION, IN EACH CASE,
OF ANY NEW YORK STATE OR FEDERAL COURT SITTING IN NEW YORK CITY, NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING
TO THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT, AND EACH PARTY HERETO HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT
OF SUCH ACTION OR PROCEEDING (I) IF BROUGHT BY THE BORROWER, THE SERVICER OR ANY AFFILIATE THEREOF, SHALL BE HEARD AND DETERMINED,
AND (II) IF BROUGHT BY ANY OTHER PARTY TO THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT, MAY BE HEARD AND DETERMINED, IN EACH
CASE, IN SUCH NEW YORK STATE COURT OR, TO THE EXTENT PERMITTED BY LAW, IN SUCH FEDERAL COURT. NOTHING IN THIS SECTION 13.10
SHALL AFFECT THE RIGHT OF THE ADMINISTRATIVE AGENT OR ANY OTHER CREDIT PARTY TO BRING ANY ACTION OR PROCEEDING AGAINST THE BORROWER OR THE SERVICER OR ANY OF THEIR
RESPECTIVE PROPERTY IN THE COURTS OF OTHER JURISDICTIONS. EACH OF THE BORROWER AND THE SERVICER HEREBY IRREVOCABLY WAIVES, TO THE
FULLEST EXTENT IT MAY EFFECTIVELY DO SO, THE
DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING. THE PARTIES HERETO AGREE THAT A FINAL JUDGMENT
IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY
OTHER MANNER PROVIDED BY LAW.

    	105

    	

    

(b) EACH
OF THE BORROWER AND THE SERVICER CONSENTS TO THE SERVICE OF ANY AND ALL PROCESS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING
OF COPIES OF SUCH PROCESS TO IT AT ITS ADDRESS SPECIFIED IN SECTION 13.02. NOTHING IN THIS SECTION 13.10 SHALL AFFECT
THE RIGHT OF THE ADMINISTRATIVE AGENT OR ANY OTHER CREDIT PARTY TO SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW.

 

SECTION 13.11. WAIVER
OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, TRIAL BY JURY IN ANY JUDICIAL
PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT
OF, RELATED TO, OR CONNECTED WITH THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT.

 

SECTION 13.12. Ratable
Payments. If any Credit Party, whether by setoff or otherwise, has payment made to it with respect to any Borrower Obligations
in a greater proportion than that received by any other Credit Party entitled to receive a ratable share of such Borrower Obligations,
such Credit Party agrees, promptly upon demand, to purchase for cash without recourse or warranty a portion of such Borrower Obligations
held by the other Credit Parties so that after such purchase each Credit Party will hold its ratable proportion of such Borrower
Obligations; provided that if all or any portion of such excess amount is thereafter recovered from such Credit Party, such
purchase shall be rescinded and the purchase price restored to the extent of such recovery, but without interest.

 

SECTION 13.13. Limitation
of Liability.

 

(a) No claim
may be made by the Borrower or any Affiliate thereof or any other Person against any Credit Party or their respective
Affiliates, members, directors, officers, employees, incorporators, attorneys or agents for any special, indirect,
consequential or punitive damages in respect of any claim for breach of contract or any other theory of liability arising out
of or related to the transactions contemplated by this Agreement or any other Transaction Document, or any act, omission or
event occurring in connection herewith or therewith; and each of the Borrower and the Servicer hereby waives, releases, and
agrees not to sue upon any claim for any such damages, whether or not accrued and whether or not known or suspected to exist
in its favor. None of the Credit Parties and their respective Affiliates shall have any liability to the Borrower or any
Affiliate thereof or any other Person asserting claims on behalf of or in right of the Borrower or any Affiliate thereof in
connection with or as a result of this Agreement or any other Transaction Document or the transactions contemplated hereby or
thereby, except to the extent that any losses, claims, damages, liabilities or expenses incurred by the Borrower or any
Affiliate thereof result from the breach of contract, gross negligence or willful misconduct of such Credit Party in
performing its duties and obligations hereunder and under the other Transaction Documents to which it is a party.

    	106

    	

    

(b) The obligations
of the Administrative Agent and each of the other Credit Parties under this Agreement and each of the Transaction Documents are
solely the corporate obligations of such Person. No recourse shall be had for any obligation or claim arising out of or based upon
this Agreement or any other Transaction Document against any member, director, officer, employee or incorporator of any such Person.

 

SECTION 13.14. Intent
of the Parties. The Borrower has structured this Agreement with the intention that the Loans and the obligations of the Borrower
hereunder will be treated under United States federal, and applicable state, local and foreign tax law as debt (the “Intended
Tax Treatment”). The Borrower, the Servicer, the Administrative Agent and the other Credit Parties agree to file no tax
return, or take any action, inconsistent with the Intended Tax Treatment unless required by law. Each assignee and each Participant
acquiring an interest in a Credit Extension, by its acceptance of such assignment or participation, agrees to comply with the immediately
preceding sentence.

 

SECTION 13.15. USA
Patriot Act. Each of the Administrative Agent and each of the other Credit Parties hereby notifies the Borrower and the Servicer
that pursuant to the requirements of the USA PATRIOT Act, Title III of Pub. L. 107-56 (signed into law October 26, 2001) (the “PATRIOT
Act”), the Administrative Agent and the other Credit Parties may be required to obtain, verify and record information
that identifies the Borrower, the Originators, the Servicer and the Performance Guarantor, which information includes the name,
address, tax identification number and other information regarding the Borrower, the Originators, the Servicer and the Performance
Guarantor that will allow the Administrative Agent and the other Credit Parties to identify the Borrower, the Originators, the
Servicer and the Performance Guarantor in accordance with the PATRIOT Act. This notice is given in accordance with the requirements
of the PATRIOT Act. Each of the Borrower and the Servicer agrees to provide the Administrative Agent and each other Credit Parties,
from time to time, with all documentation and other information required by bank regulatory authorities under “know your
customer” and anti-money laundering rules and regulations, including, without limitation, the PATRIOT Act.

 

SECTION 13.16. Right
of Setoff. Each Credit Party is hereby authorized (in addition to any other rights it may have), at any time during the continuance
of an Event of Default, to setoff, appropriate and apply (without presentment, demand, protest or other notice which are hereby
expressly waived) any deposits and any other indebtedness held or owing by such Credit Party (including by any branches or agencies
of such Credit Party) to, or for the account of, the Borrower or the Servicer against amounts owing by the Borrower or the Servicer
hereunder (even if contingent or unmatured); provided that such Credit Party shall notify the Borrower or the Servicer,
as applicable, promptly following such setoff.

 

SECTION 13.17. Severability.
Any provisions of this Agreement which are prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition
or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other
jurisdiction.

    	107

    	

    

SECTION 13.18. Mutual
Negotiations. This Agreement and the other Transaction Documents are the product of mutual negotiations by the parties thereto
and their counsel, and no party shall be deemed the draftsperson of this Agreement or any other Transaction Document or any provision
hereof or thereof or to have provided the same. Accordingly, in the event of any inconsistency or ambiguity of any provision of
this Agreement or any other Transaction Document, such inconsistency or ambiguity shall not be interpreted against any party because
of such party’s involvement in the drafting thereof.

 

SECTION 13.19. Captions
and Cross References. The various captions (including the table of contents) in this Agreement are provided solely for convenience
of reference and shall not affect the meaning or interpretation of any provision of this Agreement. Unless otherwise indicated,
references in this Agreement to any Section, Schedule or Exhibit are to such Section Schedule or Exhibit to this Agreement, as
the case may be, and references in any Section, subsection, or clause to any subsection, clause or subclause are to such subsection,
clause or subclause of such Section, subsection or clause.

 

SECTION 13.20. Currency.
Each reference in this Agreement to Dollars or to Alternative Currency (the “relevant currency”) is of the essence.
To the fullest extent permitted by law, the obligation of the Borrower in respect of any amount due in the relevant currency under
this Agreement shall, notwithstanding any payment in any other currency (whether pursuant to a judgment or otherwise), be discharged
only to the extent of the amount in the relevant currency that the Administrative Agent or any Credit Party entitled to receive
such payment may, in accordance with normal banking procedures, purchase with the sum paid in such other currency (after any premium
and costs of exchange) on the Business Day immediately following the day on which such party receives such payment. If the amount
in the relevant currency so purchased for any reason falls short of the amount originally due in the relevant currency, the Borrower
shall pay such additional amounts, in the relevant currency, as may be necessary to compensate for the shortfall. Any obligations
of the Borrower not discharged by such payment shall, to the fullest extent permitted by Applicable Law, be due as a separate and
independent obligation and, until discharged as provided herein, shall continue in full force and effect.

    	108

    	

    
SECTION 13.21. Currency
Equivalence. If for the purposes of obtaining judgment in any court it is necessary to convert a sum due from the
Borrower on the Borrower Obligations in the currency expressed to be payable herein (the “specified
currency”) into another currency, the parties agree that the rate of exchange used shall be that at which in
accordance with normal banking procedures the Administrative Agent could purchase the specified currency with such other
currency on the Business Day preceding that on which final judgment is given. The obligation of the Borrower in respect of
any such sum due to the Administrative Agent or any Credit Party on the Borrower Obligations shall, notwithstanding any
judgment in a currency other than the specified currency, be discharged only to the extent that on the Business Day following
receipt by the Administrative Agent or such Credit Party, as applicable, of any sum adjudged to be so due in such other
currency, the Administrative Agent or such Credit Party, as applicable, may in accordance with normal banking procedures
purchase the specified currency with such other currency. If the amount of the specified currency so purchased is less than
the sum originally due to the Administrative Agent or such Credit Party in the specified currency, the Borrower agrees to the
extent such amount was originally due from the Borrower, as a separate obligation and notwithstanding any such judgment, to
indemnify the Administrative Agent or such Credit Party, as the case may be, against such loss, and if the amount of the
specified currency so purchased exceeds the amount originally due to the Administrative Agent or such Credit Party in the
specified currency, the Administrative Agent or such Credit Party, as the case may be, agrees to remit such excess to
the Borrower.

 

[Signature Pages Follow]

    	109

    	

    

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

 

	 	GARDNER DENVER FINANCE II LLC,
 as the Borrower	 
	 	 	 
	 	By: 	/s/ Andrew R. Schiesl	 
	 	Name:	Andrew R. Schiesl	 
	 	Title:	President	 
	 	 	 
	 	GARDNER DENVER, INC., 
 as the Servicer	 
	 	 	 
	 	By: 	/s/ Andrew R. Schiesl	 
	 	Name:	Andrew R. Schiesl	 
	 	Title:	Secretary	 

 

Receivables Financing
Agreement

    	S-1

    	

    

	 	PNC BANK, NATIONAL ASSOCIATION,	 
	 	as Administrative Agent	 
	 	 	 
	 	By: 	/s/ Michael A. Brown	 
	 	Name:	Michael A. Brown	 
	 	Title:	Managing Director	 
	 	 	 
	 	PNC BANK, NATIONAL ASSOCIATION,	 
	 	as a Lender	 
	 	 	 
	 	By: 	/s/ Michael A. Brown	 
	 	Name:	Michael A. Brown	 
	 	Title:	Managing Director	 
	 	 	 
	 	PNC BANK, NATIONAL ASSOCIATION,	 
	 	as LC Bank and as an LC Participant	 
	 	 	 
	 	By: 	/s/ Michael A. Brown	 
	 	Name:	Michael A. Brown	 
	 	Title:	Senior Vice President	 

 

Receivables Financing
Agreement

    	S-2

    	

    

EXHIBIT A

Form of [Loan Request] [LC Request]

[Letterhead of Borrower]

 

[Date]

 

[Administrative Agent]

 

[Lenders]

 

Re: [Loan Request] [LC Request]

 

Ladies and Gentlemen:

 

Reference is hereby
made to that certain Receivables Financing Agreement, dated as of May 17, 2016 among Gardner Denver Finance II LLC (the “Borrower”),
Gardner Denver, Inc., as Servicer (the “Servicer”), the Lenders party thereto, the LC Participants party thereto
and PNC Bank, National Association, as Administrative Agent (in such capacity, the “Administrative Agent”) and
as the LC Bank (as amended, supplemented or otherwise modified from time to time, the “Agreement”). Capitalized
terms used in this [Loan Request] [LC Request] and not otherwise defined herein shall have the meanings assigned thereto in the
Agreement.

 

[This letter constitutes
a Loan Request pursuant to Section 2.02(a) of the Agreement. The Borrower hereby request a Loan in the amount of [$_______]
to be made on [_____, 20__]. The proceeds of such Loan should be deposited to [Account number], at [Name, Address and ABA Number
of Bank]. After giving effect to such Loan, the Aggregate Capital will be [$_______].]

 

[This letter constitutes
an LC Request pursuant to Section 3.02(a) of the Agreement. The Borrower hereby request that the LC Bank issue a Letter
of Credit with a face amount of [$][€][£][KRW][_______] on [_____, 20__]. After giving effect to such issuance, (i)
the Dollar LC Participation Amount will be $[_______], (ii) the Euro LC Participation Amount will be € [_______], (iii) the
Korean Won LC Participation Amount will be KRW [_______] and (iv) the Pounds Sterling LC Participation Amount will be £ [_______].

 

The Borrower hereby
represents and warrants as of the date hereof, and after giving effect to such Credit Extension, as follows:

 

(i) the
representations and warranties of the Borrower and the Servicer contained in Sections 7.01 and 7.02 of the Agreement
are true and correct in all material respects on and as of the date of such Credit Extension as though made on and as of such date
unless such representations and warranties by their terms refer to an earlier date, in which case they shall
be true and correct in all material respects on and as of such earlier date;

 

    	Exhibit A-1

    	

    

(ii) no
Event of Default or Unmatured Event of Default has occurred and is continuing, and no Event of Default or Unmatured Event of Default
would result from such Credit Extension;

 

(iii) no
Borrowing Base Deficit exists or would exist after giving effect to such Credit Extension;

 

(iv) the
Aggregate Capital plus the Aggregate LC Participation Amount would exceed the Facility Limit; and

 

(v) the
Termination Date has not occurred.

    	Exhibit A-2

    	

    

IN WITNESS
WHEREOF, the undersigned has executed this letter by its duly authorized officer as of the date first above written.

 

	 	Very truly yours,	 
	 		 
	 	GARDNER DENVER FINANCE II LLC	 
	 	 	 
	 	 	 
	 	By: 	             	 
	 	Name:	 
	 	Title:	 

    	Exhibit A-3

    	

    

EXHIBIT B

Form of Reduction Notice

 

[Letterhead of Borrower]

 

[Date]

 

[Administrative Agent]

 

[Lenders]

 

Re: Reduction Notice

 

Ladies and Gentlemen:

 

Reference is hereby
made to that certain Receivables Financing Agreement, dated as of May 17, 2016 among Gardner Denver Finance II LLC, as borrower
(the “Borrower”), Gardner Denver, Inc., as Servicer (the “Servicer”), the Lenders party thereto,
and PNC Bank, National Association, as Administrative Agent (in such capacity, the “Administrative Agent”) (as
amended, supplemented or otherwise modified from time to time, the “Agreement”). Capitalized terms used in this
Reduction Notice and not otherwise defined herein shall have the meanings assigned thereto in the Agreement.

 

This letter constitutes
a Reduction Notice pursuant to Section 2.02(d) of the Agreement. The Borrower hereby notifies the Administrative Agent and
the Lenders that it shall prepay the outstanding Capital of the Lenders in the amount of [$_______] to be made on [_____,
201_].  After giving effect to such prepayment, the Aggregate Capital will be [$_______].

 

The Borrower hereby
represents and warrants as of the date hereof, and after giving effect to such reduction, as follows:

 

 (i) the representations and warranties of the
Borrower and the Servicer contained in Sections 7.01 and 7.02 of the Agreement are true and correct in all material
respects on and as of the date of such prepayment as though made on and as of such date unless such representations and warranties
by their terms refer to an earlier date, in which case they shall be true and correct in all material respects on and as of such
earlier date;

 

 (ii) no Event of Default or
Unmatured Event of Default has occurred and is continuing, and no Event of Default or Unmatured Event of Default would result
from such prepayment;

 

 (iii) no Borrowing Base Deficit exists or would
exist after giving effect to such prepayment; and

 

 (iv) the Termination Date has not occurred.

    	Exhibit B-1

    	

    

In Witness Whereof,
the undersigned has executed this letter by its duly authorized officer as of the date first above written.

 

	 	Very truly yours,	 
	 	 	 
	 	GARDNER DENVER FINANCE II LLC	 
	 	 	 
	 	By: 	             	 
	 	Name:	 
	 	Title:	 

    	Exhibit B-2

    	

    

EXHIBIT C

Form of Assignment and Acceptance Agreement

 

Dated as of ___________, 20__

 

 Section 1.

 

	Commitment assigned:	$[_____]
	Assignor’s remaining Commitment:	$[_____]
	Capital allocable to Commitment assigned:	$[_____]
	Assignor’s remaining Capital:	$[_____]
	Interest (if any) allocable to Capital assigned:	$[_____]
	Interest (if any) allocable to Assignor’s remaining Capital:	$[_____]

 

Section 2.

 

Effective Date of this Assignment and
Acceptance Agreement: [__________]

 

Upon execution and delivery
of this Assignment and Acceptance Agreement by the assignee and the assignor and the satisfaction of the other conditions to assignment
specified in Section 13.03(b) of the Agreement (as defined below), from and after the effective date specified above, the
assignee shall become a party to, and, to the extent of the rights and obligations thereunder being assigned to it pursuant to
this Assignment and Acceptance Agreement, shall have the rights and obligations of a Lender under that certain Receivables Financing
Agreement, dated as of May 17, 2016 among Gardner Denver Finance II LLC, as Borrower, Gardner Denver, Inc., as Servicer, the Lenders
party thereto, the Lenders party thereto, the LC Participants party thereto and PNC Bank, National Association, as Administrative
Agent and as the LC Bank (as amended, supplemented or otherwise modified from time to time, the “Agreement”).

 

(Signature Pages Follow)

    	Exhibit C-1

    	

    

	ASSIGNOR:	[_________]	 
	 	 	 
	 	By: 	 	 
		Name:	 
	 	Title	 
	 	 	 
	ASSIGNEE:	[_________]	 
	 	 	 
	 	By: 	                 	 
		Name:	 
	 	Title:	 
	 	 	 
	 	[Address]	 

 

Accepted as of date first above

written:

 

PNC BANK, NATIONAL ASSOCIATION,

as Administrative Agent

 

	By: 	 	 
	Name:	 
	Title:	 

 

		,
	as Borrower	 

 

	By: 	         	 
	Name:	 
	Title:	 

    	Exhibit C-2

    	

    

EXHIBIT D

 

Form of Letter of Credit Application

(Attached)

    	Exhibit D-1

    	

    

EXHIBIT E

Credit and Collection Policy

 

(On file with the Administrative Agent)

    	Exhibit E-1

    	

    

EXHIBIT F

Form of Monthly Report

 

(Attached)

    	Exhibit F-1

    	

    

EXHIBIT G

Form of Compliance Certificate

 

To: PNC Bank, National Association, as
Administrative Agent

 

This Compliance Certificate
is furnished pursuant to that certain Receivables Financing Agreement, dated as of May 17, 2016 among Gardner Denver Finance II
LLC (the “Borrower”), Gardner Denver, Inc., as Servicer (the “Servicer”), the Lenders party
thereto, the LC Participants party thereto and PNC Bank, National Association, as Administrative Agent (in such capacity, the “Administrative
Agent”) and as the LC Bank (as amended, supplemented or otherwise modified from time to time, the “Agreement”).
Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to them in the Agreement.

 

THE UNDERSIGNED HEREBY
CERTIFIES THAT:

 

1. I am the duly
elected ________________of the Servicer.

 

2. I have reviewed
the terms of the Agreement and each of the other Transaction Documents and I have made, or have caused to be made under my supervision,
a detailed review of the transactions and condition of the Borrower during the accounting period covered by the attached financial
statements.

 

3. The examinations
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 an Unmatured Event of Default, as each such term is defined under the Agreement, during or at
the end of the accounting period covered by the attached financial statements or as of the date of this Certificate[, except as
set forth in paragraph 5 below].

 

4. Schedule I
attached hereto sets forth financial statements of the Parent and its Subsidiaries for the period referenced on such Schedule
I.

 

[5. Described below
are the exceptions, if any, to paragraph 3 above by listing, in detail, the nature of the condition or event, the period during
which it has existed and the action which Borrower has taken, is taking, or proposes to take with respect to each such condition
or event:]

    	Exhibit G-1

    	

    

The foregoing certifications
are made and delivered this ______ day of ___________________, 20___.

 

[_________]

 

	By: 
	 
	Name: 
	 
	Title: 
	 

    	Exhibit G-2

    	

    

SCHEDULE
I TO COMPLIANCE CERTIFICATE

 

A. Schedule of Compliance
as of  ___________________, 20__ with Section 8.02(a) of the Agreement. Unless otherwise defined herein, the terms used
in this Compliance Certificate have the meanings ascribed thereto in the Agreement.

 

This schedule relates
to the month ended: __________________.

 

B. The following
financial statements of the Parent and its Subsidiaries for the period ending on ______________, 20__, are attached hereto:

    	Exhibit G-3

    	

    

EXHIBIT H

Closing Memorandum

 

(Attached)

    	Exhibit H-1

    	

    

EXHIBIT I

 

Form of Weekly Report

    	Exhibit I-1

    	

    

EXHIBIT J

 

Form of Daily Report

    	Exhibit J-1 

    	

    

EXHIBIT K

 FORM OF U.S. TAX COMPLIANCE CERTIFICATE

 

(For Foreign Lenders That Are Not Partnerships
For U.S. Federal Income Tax Purposes)

 

Reference is hereby
made to that certain Receivables Financing Agreement, dated as of May 17, 2016 among Gardner Denver Finance II LLC (the “Borrower”),
Gardner Denver, Inc., as Servicer (the “Servicer”), the Lenders party thereto, the LC Participants party thereto
and PNC Bank, National Association, as Administrative Agent (in such capacity, the “Administrative Agent”) and
as the LC Bank (as amended, supplemented or otherwise modified from time to time, the “Agreement”). Capitalized
terms used herein and not otherwise defined herein shall have the meanings assigned to them in the Agreement.

 

Pursuant to the provisions
of Section 5.03(f) of the Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner
of the Loan(s) in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A)
of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and
(iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.

 

The undersigned has
furnished the Administrative Agent and the Borrower with a certificate of its non-U.S. Person status on IRS Form W-8BEN or IRS
Form W-8BEN-E. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes,
the undersigned shall promptly so inform the Borrower and the Administrative Agent, and (2) the undersigned shall have at all times
furnished the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the
calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

 

[NAME OF LENDER]

	By: 
	 
	    Name:	
	    Title:	 

 

Date: ________ __, 20[ ]

    	Exhibit K-1

    	

    

 FORM OF U.S. TAX COMPLIANCE CERTIFICATE

 

(For Foreign Participants That Are
Not Partnerships For U.S. Federal Income Tax Purposes)

 

Reference is hereby
made to that certain Receivables Financing Agreement, dated as of May 17, 2016 among Gardner Denver Finance II LLC (the “Borrower”),
Gardner Denver, Inc., as Servicer (the “Servicer”), the Lenders party thereto, the LC Participants party thereto
and PNC Bank, National Association, as Administrative Agent (in such capacity, the “Administrative Agent”) and
as the LC Bank (as amended, supplemented or otherwise modified from time to time, the “Agreement”). Capitalized
terms used herein and not otherwise defined herein shall have the meanings assigned to them in the Agreement.

 

Pursuant to the provisions
of Section 5.03(f) of the Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner
of the participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section
881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B)
of the Code, and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of
the Code.

 

The undersigned has
furnished its participating Lender with a certificate of its non-U.S. Person status on IRS Form W-8BEN or IRS Form W-8BEN-E. By
executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned
shall promptly so inform such Lender in writing, and (2) the undersigned shall have at all times furnished such Lender with a properly
completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned,
or in either of the two calendar years preceding such payments.

 

[NAME OF LENDER]

	By: 
	 
	    Name:	
	    Title:	 

 

Date: ________ __, 20[ ]

    	Exhibit K-2

    	

    

 FORM OF U.S. TAX COMPLIANCE CERTIFICATE

 

(For Foreign Participants That Are
Partnerships For U.S. Federal Income Tax Purposes)

 

Reference is hereby
made to that certain Receivables Financing Agreement, dated as of May 17, 2016 among Gardner Denver Finance II LLC (the “Borrower”),
Gardner Denver, Inc., as Servicer (the “Servicer”), the Lenders party thereto, the LC Participants party thereto
and PNC Bank, National Association, as Administrative Agent (in such capacity, the “Administrative Agent”) and
as the LC Bank (as amended, supplemented or otherwise modified from time to time, the “Agreement”). Capitalized
terms used herein and not otherwise defined herein shall have the meanings assigned to them in the Agreement.

 

Pursuant to the provisions
of Section 5.03(f) of the Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the participation
in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners
of such participation, (iii) with respect such participation, neither the undersigned nor any of its direct or indirect partners/members
is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the
meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder
of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members
is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code.

 

The undersigned has
furnished its participating Lender with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members
that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or IRS Form W-8BEN-E or (ii) an IRS Form W-8IMY accompanied
by an IRS Form W-8BEN or IRS Form W-8BEN-E from each of such partner’s/member’s beneficial owners that is claiming
the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on
this certificate changes, the undersigned shall promptly so inform such Lender and (2) the undersigned shall have at all times
furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment
is to be made to the undersigned, or in either of the two calendar years preceding such payments.

 

[NAME OF LENDER]

	By: 
	 
	    Name:	
	    Title:	 

 

Date: ________ __, 20[ ]

    	Exhibit K-3

    	

    

 FORM OF U.S. TAX COMPLIANCE CERTIFICATE

 

(For Foreign Lenders That Are Partnerships
For U.S. Federal Income Tax Purposes)

 

Reference is hereby made to that certain
Receivables Financing Agreement, dated as of May 17, 2016 among Gardner Denver Finance II LLC (the “Borrower”),
Gardner Denver, Inc., as Servicer (the “Servicer”), the Lenders party thereto, the LC Participants party thereto
and PNC Bank, National Association, as Administrative Agent (in such capacity, the “Administrative Agent”) and
as the LC Bank (as amended, supplemented or otherwise modified from time to time, the “Agreement”). Capitalized
terms used herein and not otherwise defined herein shall have the meanings assigned to them in the Agreement.

 

Pursuant to the provisions
of Section 5.03(f) of the Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the Loan(s)
in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners
of such Loan(s), (iii) with respect to the extension of credit pursuant to the Agreement or any other Transaction Document, neither
the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered
into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct
or indirect partners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code
and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to the Borrower as described
in Section 881(c)(3)(C) of the Code.

 

The undersigned has
furnished the Administrative Agent and the Borrower with IRS Form W-8IMY accompanied by one of the following forms from each of
its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or IRS Form W-8BEN-E or (ii) an
IRS Form W-8IMY accompanied by an IRS Form W-8BEN or IRS Form W-8BEN-E from each of such partner’s/member’s beneficial
owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the
information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative
Agent, and (2) the undersigned shall have at all times furnished the Borrower and the Administrative Agent with a properly completed
and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either
of the two calendar years preceding such payments.

 

[NAME OF LENDER]

	By: 
	 
	    Name:	
	    Title:	 

 

Date: ________ __, 20[
]

    	Exhibit K-3

    	

    

SCHEDULE I

Commitments

 

    	Schedule I-1

    	

    

SCHEDULE II

Lock-Boxes, Collection Accounts and Collection Account Banks

 

    	Schedule II-1

    	

    

SCHEDULE III

Notice Addresses

 

(A) in the case of the Borrower, at
the following address:

 

Gardner Denver Finance II LLC

222 East Erie Street

Milwaukee, WI 53202

Telephone: (414) 212-4755

Facsimile: (414) 212-4725

Attention: Benjamin Wilkey

 

with a copy to:

 

Gardner Denver, Inc.

222 East Erie Street

Milwaukee, WI 53202

Telephone: (414) 212-4755

Facsimile: (414) 212-4725

Attention: Benjamin Wilkey

 

(B) in the case of the Servicer, at
the following address:

 

Gardner Denver, Inc.

222 East Erie Street

Milwaukee, WI 53202

Telephone: (414) 212-4755

Facsimile: (414) 212-4725

Attention: Benjamin Wilkey

 

(C) in the case of the Administrative
Agent, at the following address:

 

PNC Bank, National Association

300 Fifth Avenue

11th Floor

Pittsburgh, PA 15222

Telephone: (412) 768-3090

Facsimile: (412) 762-9184

Attention: Robyn Reeher

    	Schedule III-1

    	

    

(D) in the case of the LC Bank, at the following
address:

PNC Bank, National Association

300 Fifth Avenue

11th Floor

Pittsburgh, PA 15222

Telephone: (412) 768-3090

Facsimile: (412) 762-9184

Attention: Robyn Reeher

 

(E) in the case of any other Person,
at the address for such Person specified in the other Transaction Documents; in each case, or at such other address as shall be
designated by such Person in a written notice to the other parties to this Agreement.

    	Schedule III-2Exhibit 10.10

 

INDEMNIFICATION AGREEMENT

 

This INDEMNIFICATION AGREEMENT, dated as of July 30, 2013 (the “Agreement”),
is among KKR Renaissance Aggregator L.P., a Delaware limited partnership (“Aggregator LP”), KKR Renaissance
Aggregator GP LLC, a Delaware limited liability company (“Aggregator GP”), Renaissance Parent Corp., a Delaware
corporation (“Parent”), Gardner Denver, Inc., a Delaware corporation (the “Company” and, together with
Aggregator LP and Parent, the “Company Entities”), and Kohlberg Kravis Roberts & Co. L.P. (the “Manager”).
Capitalized terms used herein without definition have the meanings set forth in Section 1 of this Agreement.

 

RECITALS

 

A. Gardner
Denver, Inc., Parent and Renaissance Acquisition Corp. (“Merger Sub”) entered into an Agreement and Plan of Merger,
dated as of March 7, 2013 (as the same may be amended from time to time in accordance with its terms, the “Merger Agreement”),
pursuant to which Merger Sub is merged with and into the Company with the Company as the surviving corporation (the “Merger”).

 

B. In connection with the Merger, an Affiliate of the Manager (such Affiliate, the “Investor”) has entered into
equity commitment letters with Parent, pursuant to which it has agreed to contribute or cause to be contributed a cash equity
investment in Parent.

 

C. The Investor and certain of its Affiliates have entered into an Amended and Restated Limited Partnership Agreement of Aggregator
LP (as the same may be amended from time to time in accordance with the terms thereof, the “Partnership Agreement”),
dated as of July 29, 2013, setting forth certain agreements with respect to, among other things, the management of Aggregator
LP and transfers of its limited partnership interests in various circumstances.

 

D. In order to finance the Merger and related transactions, the Manager and certain of its Affiliates have assisted Aggregator LP
in arranging to sell limited partnership interests to the Investor, certain of its Affiliates and certain co-investors (directly
or indirectly through a passive investment vehicle) (the “Equity Offering”).

 

E. In order to finance the Merger, certain of Parent’s Subsidiaries have (i) entered into senior secured credit facilities and
(ii) issued senior notes (the “Notes Offering”) (collectively, together with the repayment (via tender or otherwise)
of any existing indebtedness of Parent and its Subsidiaries, the “Financings”), which Financings have been facilitated
and arranged with the assistance of the Manager or its Affiliates.

    	 

    	

    

F. Members of the Company Group
from time to time in the future may (i) offer and sell, or cause to be offered and sold, equity or debt securities (such
offerings, collectively, the “Subsequent Offerings”), including (a) offerings of shares of capital stock of
a member of the Company Group, and/or options to purchase such shares, to employees, directors and consultants of and to a
member of the Company Group (any such offering, a “Management Offering”), and (b) one or more offerings of
debt securities for the purpose of refinancing any indebtedness of a member of the Company Group or for other corporate
purposes, and (ii) repurchase, redeem or otherwise acquire certain securities of a member of the Company Group or engage in
recapitalization or structural reorganization transactions relating thereto (any such repurchase, redemption, acquisition,
recapitalization or reorganization, a “Redemption”), in each case subject to the terms and conditions of the
Organizational Documents and any other applicable agreement, which offerings and/or Redemptions are expected to be arranged
and facilitated through the services of the Manager or its Affiliates as provided herein and pursuant to the terms of that
certain letter agreement between the Manager and Parent, dated as of the date hereof (the “Monitoring
Agreement”).

 

G. The
parties hereto recognize the possibility that claims might be made against and liabilities incurred by the Investor Parties or
their respective related Persons or Affiliates, under applicable securities laws or otherwise in connection with the Transactions
or the Securities Offerings, or relating to other actions or omissions of or by members of the Company Group or their Agents,
or relating to the provision of financial advisory, investment banking, syndication, monitoring and management consulting services
(the “Transaction Services”) to the Company Group by the Manager or its Affiliates, including under that certain
letter agreement between KKR Capital Markets LLC and Parent, dated as of the date hereof (the “Syndication Agreement”)
and under the letter agreement between the Manager and the Company, dated as of the date hereof (the “Transaction
Fee Agreement”) and the parties hereto accordingly wish to provide for the Investor Parties and their respective related
Persons and Affiliates to be indemnified in respect of any such claims and liabilities.

 

G. The
parties hereto recognize that claims might be made against and liabilities incurred by directors, officers and managers of any
member of the Company Group in connection with their acting in their respective capacities, and accordingly wish to provide for
such directors, officers and managers to be indemnified to the fullest extent permitted by law in respect of any such claims and
liabilities.

 

H. The parties hereto
recognize that the Company Group benefits from the portfolio company oversight provided by each Investor Party and the
ability of each investor Party to share internally portfolio company information. The general partner of Aggregator LP and
the board of directors of each of Parent and the Company have therefore consented to the Investor Directors sharing any
information such Investor Directors receive from any member of the Company Group with officers, directors, members, employees
and representatives of the Manager and its Affiliates (other than other portfolio companies) and to the internal use by the
Manager and such Affiliates of any information received from any member of the Company Group, subject, however, to the
Manager maintaining adequate procedures to prevent such information from bein used in connection with the purchase or sale of
securities of members of the Company Group in violation of applicable law.

    	 

    	

    

NOW, THEREFORE, in consideration of the foregoing premises,
and the mutual agreements and covenants and provisions herein set forth, the parties hereto hereby agree as follows:

 

I. Definitions.

 

(a) “Affiliate”
means, with respect to any Person, (i) any other Person that directly or indirectly Controls, is Controlled by, or is under
common Control with, such Person, (ii) any officer, director, general partner, limited partner or trustee of any such Person described
in clause (i) or (ii). For these purposes, “Control”, including the correlative terms “Controlling”,
“Controlled by” and “under common Control with”, of any Person shall mean the possession, direct or indirect,
of the power to direct or cause the direction of the management and policies of such Person (whether through the ownership of
voting securities, by contract, as trustee or executor, or otherwise).

 

(b) “Agent”
means present or past representatives, attorneys, financial or investment advisors, consultants, accountants, investment bankers,
commercial bankers, engineers, advisors or other agents.

 

(c) “Capital
Stock” means any and all shares, interests, participations, or other equivalents (however designated) of capital stock
of a corporation, any and all ownership interests in a Person (other than a corporation), and any and all warrants, options, or
other rights to purchase or acquire any of the foregoing.

 

(d) “Change of Control”
means (i) the sale of all or substantially all of the assets of Aggregator LP or Parent to any Person (or group of Persons
acting in concert), other than to (A) the KKR North America Fund XI L.P. or its Affiliates or (B) any employee benefit plan (or
trust forming a part thereof) maintained by the Aggregator LP or Parent or their Affiliates or other Person of which a majority
of its voting power or other equity securities is owned, directly or indirectly, by Aggregator LP or (ii) a merger, recapitalization
or other sale (in one transaction or a series of related transactions) by Aggregator LP or Parent to a Person (or group of Persons
acting in concert) of equity interests that results in any Person (or group of Persons acting in concert), other than to KKR North
America Fund XI L.P. or any of its Affiliates, owning more than 50% of the equity interests of Aggregator LP or Parent (or any
resulting company after a merger).

 

(e) “Claim” means,
with respect to any Indemnitee, any claim by or against such Indemnitee involving any Obligation with respect to which such Indemnitee
may be entitled to be indemnified by any member of the Company Group under this Agreement.

    	 

    	

    

(f) “Commission”
means, collectively, the United. States Securities and Exchange Commission, any similar governing body of a foreign jurisdiction,
and any successor entity to the foregoing.

 

(a) “Company
Director Indemnity” means any monitoring, stockholder, indemnification or other agreement the Investor Directors have
entered into with any member of the Company Group providing for indemnification and for advancement of expenses for the Investor
Directors in connection with their service as a director, manager or member of any member of the Company Group, and the Investor
Directors may, in their capacities as directors, managers or members of any member of the Company Group, be indemnified and/or
entitled to advancement of expenses under the certificate or articles of incorporation, by-laws, limited liability company operating
agreement, limited partnership agreement, any other organizational documents of, or any policies of insurance procured by, the
applicable member of the Company Group.

 

(b) “Company
Group” means Aggregator LP, Aggregator GP, Parent and any of their respective Subsidiaries or Affiliates (other than
the Manager and its Affiliates to the extent such entities are Affiliates of Aggregator LP, Aggregator GP, Parent, the Company
or any of their respective Subsidiaries or Affiliates solely as a result of an investment in Aggregator LP, Aggregator GP, Parent
or the Company or any of their respective Subsidiaries), including, for the avoidance of doubt, the entities acquired (directly
or indirectly) by Parent in connection with the Merger.

 

(c) “Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

(d) “Expenses”
means all attorneys’ fees, disbursements and expenses, retainers, court, arbitration and mediation costs, transcript
costs, fees of experts, bonds, witness fees, costs of collecting and producing documents, travel expenses, duplicating costs,
printing and binding costs, telephone charges, postage, delivery service fees and all other disbursements or expenses of the types
customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing
to be a witness in, appealing or otherwise participating in a Proceeding.

 

(e) “Indemnitee”
means each of the Investor Parties and their respective Affiliates (other than members of the Company Group), their respective
successors and assigns, and each of the Investor Parties and their respective Affiliates’ (including the members of the Company
Group) directors, officers, managers, partners, members, employees, agents, advisors, consultants, representatives and Controlling
Persons of each of them, or of their partners, members and Controlling Persons, and each other Person who is or becomes a director,
officer or manager of any member of the Company Group, in each case irrespective of the capacity in which such Person acts.

 

(I) “Investor
Directors” means executives of the Manager or its Affiliates who serve as directors, managers or members of any
member of the Company Group, and other Persons (who are not executives of the Manager or its Affiliates) who serve as
directors, managers or members of any member of the Company Group as an appointee or designee of any Investor Party.

    	 

    	

    

(m) “Investor Indemnification
Agreements” means one or more certificate or articles of incorporation, by-laws, limited liability company operating
agreement, limited partnership agreement and any other organizational document, and insurance policies maintained by each of the
Investor Parties providing for, among other things, indemnification of and advancement of expenses for the Investor Directors
for, among other things, the same matters that are subject to indemnification and advancement of expenses under this Agreement,
any Related Document and the Company Director Indemnity.

 

(a) “Investor Indemnitors”
means the Investor Parties and/or their respective Affiliates and Controlling Persons, in their capacity as indemnitors to
the Investor Directors under the Investor Indemnification Agreements.

 

(b) “Investor Parties”
means the Manager and its Affiliates (excluding, for purposes of this Agreement, any portfolio companies of the Manager unrelated
to the operations of the Company Group).

 

(c) “Obligations”
means, collectively, any and all claims, obligations, liabilities, causes of actions, Proceedings, investigations, judgments,
decrees, losses, damages (including punitive and exemplary damages), fees, fines, penalties, amounts paid in settlement, costs
and Expenses (including interest, assessments and other charges in connection therewith and disbursements of attorneys, accountants,
investment bankers and other professional advisors), in each case whether incurred, arising or existing with respect to third
parties or otherwise at any time or from time to time.

 

(d) “Organizational Documents”
means the certificate of incorporation and bylaws (or other organizational documents of similar substance and purpose), as
may be amended from time to time in accordance with the terms thereof, of any member of the Company Group.

 

(e) “Person”
means an individual, corporation, limited liability company, limited or general partnership, trust or other entity, including
a governmental or political subdivision or an agency or instrumentality thereof.

 

(f) “Proceeding”
means a threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative,
including a claim, demand, discovery request, formal or informal investigation, inquiry, administrative hearing, arbitration or
other form of alternative dispute resolution, including an appeal from any of the foregoing.

    	 

    	

    

(t) “Related
Document” means any agreement, certificate, instrument or other document to which any member of the Company Group
may be a party or by which it or any of its properties or assets may be bound or affected from time to time relating in any
way to the Transactions or any Securities Offering or any of the transactions contemplated thereby, including without
limitation, in each case as the same may be amended from time to time, (i) any registration statement filed by or on behalf
of any member of the Company Group with the Commission in connection with the Transactions or any Securities Offering,
including all exhibits, financial statements and schedules appended thereto, and any submissions to the Commission in
connection therewith, (ii) any prospectus, preliminary, free-writing or otherwise, included in such registration statements
or otherwise filed by or on behalf of any member of the Company Group in connection with the Transactions or any Securities
Offering or used to offer or confirm sales of their respective securities in any Securities Offering, (iii) any private
placement or offering memorandum or circular, information statement or other information or materials distributed by or on
behalf of any member of the Company Group or any placement agent or underwriter in connection with the Transactions or any
Securities Offering, (iv) any federal, state or foreign securities law or other governmental or regulatory filings or
applications made in connection with any Securities Offering, the Transactions or any of the transactions
contemplated thereby, (v) any dealer-manager, underwriting, subscription, purchase, stockholders, option or registration
rights agreement or plan entered into or adopted by any member of the Company Group in connection with any Securities
Offering, (vi) any purchase, repurchase, redemption, recapitalization or reorganization or other agreement entered into by
any member of the Company Group in connection with any Redemption, or (vii) any quarterly, annual or current reports or other
filing filed, furnished or supplementally provided by any member of the Company Group with or to the Commission or any
securities exchange, including all exhibits, financial statements and schedules appended thereto, and any submission to the
Commission or any securities exchange in connection therewith.

 

(f) “Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

(g) “Securities
Offerings” means the Equity Offering, the Notes Offering, any Management Offering, and any Subsequent Offering.

 

(h) “Subsidiary”
means (i) any corporation or other entity a majority of the Capital Stock of which having ordinary voting power to elect a
majority of the board of directors or other Persons performing similar functions is at the time owned, directly or indirectly,
with power to vote, by Aggregator LP or any direct or indirect Subsidiary of Aggregator LP or (ii) a partnership in which Aggregator
LP or any direct or indirect Subsidiary is a general partner.

 

(i) “Transactions”
means the Merger, the Equity Offering, the Financings and transactions for which Transaction Services are provided.

    	 

    	

    

(y) “Transaction
Services” has the meaning set forth in the Recitals to this Agreement.

 

(j) “Unpaid
Director Indemnity Amounts” means the amount that the Indemnifying Party fails to indemnify or advance to an Investor
Director as required or contemplated by this Agreement, any Related Document or any Company Director Indemnity.

 

 2. Indemnification.

 

(a) Each member of the Company Group (each an “Indemnifying Party” and collectively the “Indemnifying Parties”), jointly and severally, agrees to indemnify, defend and hold harmless each Indemnitee:

 

(i) from and against any and all Obligations, whether incurred by such Indemnitee with respect to third parties or otherwise, in any
way resulting from, arising out of or in connection with, based upon or relating to (A) the Securities Act, the Exchange Act or
any other applicable securities or other laws in connection with any Securities Offering, the Financings, any Related Document
or any of the transactions contemplated thereby (including, for the avoidance of doubt, indemnification from the Company in respect
of any franchise taxes incurred by Parent), (B) any other action or failure to act by any member of the Company Group (or any
of their Agents) or any of their predecessors, whether such action or failure has occurred or is yet to occur or any obligation
of any member of the Company Group or any of their predecessors or any such Agent, or (C) the performance by the Manager or any
of its Affiliates of Transaction Services for any member of the Company Group (whether performed prior to the date hereof, hereafter,
pursuant to the Monitoring Agreement, the Syndication Agreement, the Transaction Fee Agreement or otherwise);

 

(ii) to the fullest extent permitted by the law specified herein as governing this Agreement, by the law of the place of organization
of an Indemnifying Party, or by any other applicable law in effect as of the date hereof or as amended to increase the scope of
permitted indemnification, whichever is greater (except, with respect to any Indemnifying Party, to the extent that such indemnification
may be prohibited by the law of the place of organization of such Indemnifying Party), from and against any and all Obligations
whether incurred with respect to third parties or otherwise, in any way resulting from, arising out of or in connection with,
based upon or relating to (A) the fact that such Indemnitee is or was a director, officer or manager of any member of the Company
Group or is or was serving at the request of such entity as a director, officer, manager, member, employee or agent of or advisor
or consultant to another corporation, partnership, joint venture, trust or other enterprise or (B) any breach or alleged breach
by such Indemnitee of his or her fiduciary duty as a director, officer or manager of any member of the Company Group; and

    	 

    	

    

(iii) to the fullest extent permitted by the law specified herein as governing this Agreement, by the law of the place of organization
of an Indemnifying Party, or by any other applicable law in effect as of the date hereof or as amended to increase the scope of
permitted indemnification, whichever is greater (except, with respect to any Indemnifying Party, to the extent that such indemnification
may be prohibited by the law of the place of organization of such Indemnifying Party), who was or is a party, or is threatened
to be made a party, to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative
or investigative (including (i) any action by or in the right of, or relating to, the Company Group and (ii) any past, current
or future litigation relating to the Transactions or its equity ownership in the Company Group), by reason of any actions or omissions
or alleged acts or omissions arising out of such Indemnitee’s activities either on behalf of the Company Group or in furtherance
of the interests of the Company Group or arising out of or in connection with its purchase and/or ownership of equity interests
in the Company Group or its involvement in the Transactions, from and against any and all Obligations; provided, that such
Indemnitee was not guilty of fraud, a willful breach of this Agreement or a willful illegal act;

 

in each case including any and all fees, costs and Expenses (including fees and disbursements
of attorneys and other professional advisers) incurred by or on behalf of any Indemnitee in asserting, exercising or enforcing
any of its rights, powers, privileges or remedies in respect of this Agreement, the Monitoring Agreement, the Syndication Agreement,
the Transaction Fee Agreement or any Related Document.

 

(b) Without in any way limiting the foregoing Section 2(a), each of the Indemnifying Parties agrees, jointly and severally, to indemnify,
defend and hold harmless each Indemnitee from and against any and all Obligations resulting from, arising out of or in connection
with, based upon or relating to liabilities under the Securities Act, the Exchange Act or any other applicable securities or other
laws, rules or regulations in connection with (i) the inaccuracy or breach of or default under any representation, warranty, covenant
or agreement in any Related Document, (ii) any untrue statement or alleged untrue statement of a material fact contained in any
Related Document or (iii) any omission or alleged omission to state in any Related Document a material fact required to be stated
therein or necessary to make the statements therein not misleading. Notwithstanding the foregoing, the Indemnifying Parties shall
not be obligated to indemnify such Indemnitee from and against any such Obligation to the extent that such Obligation arises out
of or is based upon an untrue statement or omission made in such Related Document in reliance upon and in conformity with written
information furnished to the Indemnifying Parties, as the case may be, in an instrument duly executed by such Indemnitee and specifically
stating that it is for use in the preparation of such Related Document.

    	 

    	

    

(c) Without limiting the foregoing, in the event that any Proceeding is initiated by an Indemnitee or any member of the Company Group
to enforce or interpret this Agreement or any rights of such Indemnitee to indemnification or advancement of expenses (or related
Obligations of such Indemnitee) under any member of the Company Group’s certificate of incorporation or bylaws (or similar
organizational documents), any other agreement to which such Indemnitee and any member of the Company Group are party, any vote
of directors of any member of the Company Group, the law of incorporation or formation of any member of the Company Group or any
other applicable law or any liability insurance policy, the Indemnifying Parties shall indemnify such Indemnitee against all costs
and Expenses incurred by such Indemnitee or on such Indemnitee’s behalf in connection with such Proceeding, whether or not
such Indemnitee is successful in such Proceeding, except to the extent that the court presiding over such Proceeding determines
that material assertions made by such Indemnitee in such proceeding were in bad faith.

 

(k) (i) Each of
the Company Entities acknowledges and agrees that the obligations of the Indemnifying Parties under this Agreement, any Related
Document or any Company Director Indemnity to indemnify or advance expenses to any Investor Director for the matters covered thereby
shall be the primary source of indemnification and advancement of such Investor Director in connection therewith, and any obligation
on the part of any Investor Indemnitor under any Investor Indemnification Agreement to indemnify or advance expenses to such Investor
Director shall be secondary to the Indemnifying Party’s obligation and shall be reduced by any amount that the Investor Director
may collect as indemnification or advancement from the Indemnifying Party. In the event that the Indemnifying Party fails to indemnify
or advance expenses to an Investor Director as required or contemplated by this Agreement, any Related Document or any Company
Director Indemnity, and any Investor Indemnitor makes any payment to such Investor Director in respect of indemnification or advancement
of expenses under any Investor Indemnification Agreement on account of such Unpaid Director Indemnity Amounts, such Investor Indemnitor
shall be subrogated to the rights of such Investor Director under this Agreement, any Related Document or any Company Director
Indemnity, as the case may be, in respect of such Unpaid Director Indemnity Amounts.

 

(ii) Each of the Company
Entities, each as an Indemnifying Party from time to time, agrees that, to the fullest extent permitted by applicable law (A)
its obligation to indemnify any Indemnitee under this Agreement, any. Related Documents or any Company Director Indemnity
shall include any amounts expended by any Investor Indemnitor under the Investor Indemnification Agreements in respect of
indemnification or advancement of expenses to any Investor Director in connection with litigation or other proceedings
involving his or her service as a director of any member of the Company Group to the extent such amounts expended by such
Investor Indemnitor are on account of any Unpaid Director Indemnity Amounts and (B) it shall not be entitled to contribution
or indemnification from, or subrogation against, any Investor Indemnitor in respect of amounts expended by it to indemnify or
advance expenses to any Investor Director under this Agreement, any Related Documents or any Company Director Indemnity.

    	 

    	

    

(e) The rights, indemnities and remedies herein provided are cumulative and are not exclusive of any rights, indemnities or remedies
that any party or other Indemnitee may otherwise have by contract, at law or in equity or otherwise, provided that (i) to the
extent that any Indemnitee is entitled to be indemnified by any Company Entity and by any other Indemnitee or any insurer under
a policy procured by any Indemnitee, the obligations of the Company Entity hereunder shall be primary and the obligations of such
other Indemnitee or insurer secondary, and (ii) none of the Company Entities shall be entitled to contribution or indemnification
from or subrogation against such other Indemnitee or insurer.

 

3. Contribution.

 

(l) If for any reason
the indemnity provided for in Section 2(a) is unavailable or is insufficient to hold harmless any Indemnitee from any of the Obligations
covered by such indemnity, then the Indemnifying Parties, jointly and severally, shall contribute to the amount paid or payable
by such Indemnitee as a result of such Obligation in such proportion as is appropriate to reflect (i) the relative fault of each
member of the Company Group and their Agents, on the one hand, and such Indemnitee, on the other, in connection with the state
of facts giving rise to such Obligation, (ii) if such Obligation results from, arises out of, is based upon or relates to any
Transaction or any Securities Offering, the relative benefits received by each member of the Company Group and their Agents, on
the one hand, and such Indemnitee, on the other, from such Transaction or Securities Offering and (iii) if required by applicable
law, any other relevant equitable considerations.

 

(m) If for any reason
the indemnity specifically provided for in Section 2(b) is unavailable or is insufficient to hold harmless any Indemnitee from
any of the Obligations covered by such indemnity, then the Indemnifying Parties, jointly and severally, shall contribute to the
amount paid or payable by such Indemnitee as a result of such Obligation in such proportion as is appropriate to reflect (i) the
relative fault of each of the members of the Company Group and their Agents, on the one hand, and such Indemnitee, on the other,
in connection with the information contained in or omitted from any Related Document, which inclusion or omission resulted in
the inaccuracy or breach of or default under any representation, warranty, covenant or agreement therein, or which information
is or is alleged to be untrue, required to be stated therein or necessary to make the statements therein not misleading, (ii)
the relative benefits received by the members of the Company Group and their Agents, on the one hand, and such Indemnitee, on
the other, from such Transaction or Securities Offering and (iii) if required by applicable law, any other relevant equitable
considerations.

    	 

    	

    

(n) For purposes of
Section 3(a), the relative fault of each member of the Company Group and their Agents, on the one hand, and of an Indemnitee,
on the other, shall be determined by reference to, among other things, their respective relative intent, knowledge, access to
information and opportunity to correct the state of facts giving rise to such Obligation. For purposes of Section 3(b), the relative
fault of each of the members of the Company Group and their Agents, on the one hand, and of an Indemnitee, on the other, shall
be determined by reference to, among other things, (i) whether the included or omitted information relates to information supplied
by the members of the Company Group and their Agents, on the one hand, or by such Indemnitee, on the other, (ii) their respective
relative intent, knowledge, access to information and opportunity to correct such inaccuracy, breach, default, untrue or alleged
untrue statement, or omission or alleged omission, and (iii) applicable law. For purposes of Section 3(a) or 3(b), the relative
benefits received by each member of the Company Group and their Agents, on the one hand, and an Indemnitee, on the other, shall
be determined by weighing the direct monetary proceeds to the Company Group, on the one hand, and such Indemnitee, on the other,
from such Transaction or Securities Offering.

 

(d) The parties hereto acknowledge and agree that it would not be just and equitable if contributions pursuant to Section 3(a) or
3(b) were determined by pro rata allocation or by any other method of allocation that does not take into account the equitable
considerations referred to in such respective Section. No Indemnifying Party shall be liable under Section 3(a) or 3(b), as applicable,
for contribution to the amount paid or payable by any Indemnitee except to the extent and under such circumstances such Indemnifying
Party would have been liable to indemnify, defend and hold harmless such Indemnitee under the corresponding Section 2(a) or 2(b),
as applicable, if such indemnity were enforceable under applicable law. No Indemnitee shall be entitled to contribution from any
Indemnifying Party with respect to any Obligation covered by the indemnity specifically provided for in Section 2(b) in the event
that such Indemnitee is finally determined to be guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the Securities Act) in connection with such Obligation and the Indemnifying Parties are not guilty of such fraudulent misrepresentation.

    	 

    	

    

4. Indemnification Procedures.

 

(a) Whenever any Indemnitee shall
have actual knowledge of the assertion of a Claim against it, such Indemnitee shall notify the appropriate member of the
Company Group in writing of the Claim (the “Notice of Claim”) with reasonable promptness after such
Indemnitee has such knowledge relating to such Claim; provided the failure or delay of such Indemnitee to give such
Notice of Claim shall not relieve any Indemnifying Party of its indemnification obligations under this Agreement except to
the extent that such omission results in a failure of actual notice to it and it is materially injured as a result of the
failure to give such Notice of Claim. The Notice of Claim shall specify all material facts known to such Indemnitee relating
to such Claim and the monetary amount or an estimate of the monetary amount of the Obligation involved if such Indemnitee has
knowledge of such amount or a reasonable basis for making such an estimate. The Indemnifying Parties shall, at their expense,
undertake the defense of such Claim attorneys of their own choosing reasonably satisfactory in all respects to such
Indemnitee, subject to the right of such Indemnitee to undertake such defense as hereinafter provided. An Indemnitee may
participate in such defense with counsel of such lndemnitee’s choosing at the expense of the Indemnifying Parties. In
the event that the Indemnifying Parties do not undertake the defense of the Claim within a reasonable time after such
Indemnitee has given the Notice of Claim, or in the event that such Indemnitee shall in good faith determine that the defense
of any claim by the Indemnifying Parties is inadequate or may conflict with the interest of any Indemnitee (including Claims
brought by or on behalf of any member of the Company Group), such Indemnitee may, at the expense of the Indemnifying Parties
and after giving notice to the Indemnifying Parties of such action, undertake the defense of the Claim and compromise or
settle the Claim, all for the account of and at the risk of the Indemnifying Parties. In the defense of any Claim against an
Indemnitee, no Indemnifying Party shall, except with the prior written consent of such Indemnitee, consent to entry of any
judgment or enter into any settlement that includes any injunctive or other non-monetary relief or any payment of money by
such Indemnitee, or that does not include as an unconditional term thereof the giving by the Person or Persons asserting such
Claim to such Indemnitee of an unconditional release from all liability on any of the matters that are the subject of
such Claim and an acknowledgement that such Indemnitee denies all wrongdoing in connection with such matters. The
Indemnifying Parties shall not be obligated to indemnify an Indemnitee against amounts paid in settlement of a Claim if such
settlement is effected by such Indemnitee without the prior written consent of Parent (on behalf of all Indemnifying
Parties), which shall not be unreasonably withheld. In each case, each Indemnitee seeking indemnification hereunder will
cooperate with the Indemnifying Parties, so long as an Indemnifying Party is conducting the defense of the Claim, in the
preparation for and the prosecution of the defense of such Claim, including making available evidence within the control of
such Indemnitee, as the case may be, and persons needed as witnesses who are employed by such Indemnitee, as the case may be,
in each case as reasonably needed for such defense and at cost, which cost, to the extent reasonably incurred, shall be paid
by the Indemnifying Parties.

 

(b) An Indemnitee shall notify the Indemnifying Parties in writing of the amount requested for advances (“Notice of Advances”). The Indemnifying Parties hereby agree to advance reasonable costs and Expenses incurred by any Indemnitee in connection with
any Claim (but not for any Claim initiated or brought voluntarily by an Indemnitee other than a Proceeding pursuant to Section
2(c)) in advance of the final disposition of such Claim without regard to whether such Indemnitee will ultimately be entitled
to be indemnified for such costs and expenses upon receipt of an undertaking by or on behalf of such Indemnitee to repay amounts
so advanced if it shall ultimately be determined in a decision of a court of competent jurisdiction from which no appeal can be
taken that such Indemnitee is not entitled to be indemnified by the Indemnifying Parties as authorized by this Agreement. The
Indemnifying Parties shall make payment of such advances no later than 10 days after the receipt of the Notice of Advances

    	 

    	

    

(d) An Indemnitee shall notify the Indemnifying Parties in writing of the amount of any Claim actually paid by such Indemnitee (the
“Notice of Payment”). The amount of any Claim actually paid by such Indemnitee shall bear simple interest at
the rate equal to the JPMorgan Chase Bank, N.A. prime rate as of the date of such payment plus 2% per annum, from the date the
Indemnifying Parties receive the Notice of Payment to the date on which any Indemnifying Party shall repay the amount of such
Claim plus interest thereon to such Indemnitee. The Indemnifying Parties shall make indemnification payments to such Indemnitee
no later than 30 days after receipt of the Notice of Payment.

 

(a) Independent Legal
Counsel. If there has not been a Change in Control, independent legal counsel shall be selected by the board of directors
of Parent and approved by such Indemnitee (which approval shall not be unreasonably withheld or delayed). If there has been a
Change in Control, independent legal counsel shall be selected by such Indemnitee and approved by Parent (which approval shall
not be unreasonably withheld or delayed). The Indemnifying Parties shall pay the fees and expenses of such independent legal counsel
and indemnify such independent legal counsel against any and all Expenses, claims, liabilities and damages arising out of or relating
to its engagement.

 

5. Certain Covenants.

 

(o) The rights of each Indemnitee
to be indemnified under any other agreement, document, certificate or instrument or applicable law are independent of and in addition
to any rights of such Indemnitee to be indemnified under this Agreement and, to the extent applicable, subject to Section 2(d).
The rights of each Indemnitee and the obligations of the Indemnifying Parties hereunder shall remain in full force and effect
regardless of any investigation made by or on behalf of such Indemnitee. Following the Transactions, each of the Company Entities,
and each of their corporate successors, shall implement and maintain in full force and effect any and all corporate charter and
by-law (or similar organizational document) provisions that may be necessary or appropriate to enable it to carry out its obligations
hereunder to the fullest extent permitted by applicable law, including a provision of its certificate of incorporation (or similar
organizational document) eliminating liability of a director for breach of fiduciary duty to the fullest extent permitted by applicable
law, as amended from time to time. So long as Parent or any other member of the Company Group maintains liability insurance for
any directors, officers, employees or agents of any such Person, the Indemnifying Parties shall ensure that each Indemnitee serving
in such capacity is covered by such insurance in such a manner as to provide such Indemnitee the same rights and benefits as are
accorded to the most favorably insured of Parent’s and the Company Group’s then current directors and officers.

    	 

    	

    
(p) Each of Aggregator LP, Parent
and the Company hereby agrees that it will not amend (and will cause each other member of the Company Group not to amend) any
Company Director Indemnity as in effect on the date hereof to alter the rights of any Investor Director in any manner that would
alter any Investor Director’s rights with respect to conduct pre-dating the date of any such amendment without the consent
of the Manager.

 

6. Notices. All notices and other communications hereunder shall be in writing and shall be delivered by certified or registered
mail (first class postage prepaid and return receipt requested), telecopier, overnight courier or hand delivery, as follows:

 

(a)    If to Aggregator LP, to:

 

c/o Kohlberg Kravis Roberts & Co. L.P.

9 West 57th St., Suite 4200

New York, New York 10019

Attention: David Sorkin, Esq.

Facsimile: (212) 750-0003

 

with copies (which shall not constitute notice) to:

 

Simpson Thacher & Bartlett LLP

425 Lexington Avenue

New York, New York 10017

Attention: Sean Rodgers, Esq.

Fax: (212) 455-2502

 

(b)   If to any other member of the Company Group:

 

Renaissance Parent Corp.

c/o Kohlberg Kravis Roberts & Co. L.P.

9 West 57th Street, Suite 4200

New York, New York 10019

Facsimile: (212) 750-0003

Attn: David Sorkin, Esq.

 

with copies (which shall not constitute notice) to:

 

Simpson Thacher & Bartlett LLP

425 Lexington Avenue

New York, New York 10017

Attention: Sean Rodgers, Esq.

Fax: (212) 455-2502

    	 

    	

    

(c) If to the Manager, to:

 

Kohlberg Kravis Roberts & Co. L.P.

9 West 57th St., Suite 4200

New York, New York 10019

Attention: David Sorkin, Esq.

Facsimile: (212) 750-0003

 

with a copy (which shall not constitute notice) to:

 

Simpson Thacher & Bartlett LLP

425 Lexington Avenue

New York, New York 10017

Attention: Sean Rodgers, Esq.

Fax: (212) 455-2502

 

or to such other address or such other person as the Company Entities or the Manager shall have
designated by notice to the other parties hereto. All communications hereunder shall be effective upon receipt by the party to
which they are addressed.

 

7. Governing Law; Jurisdiction,
Waiver of Jury Trial. This Agreement shall be governed in all respects, including validity, interpretation and effect, by
the law of the State of New York, regardless of the law that might be applied under principles of conflict of laws to the
extent such principles would require or permit the application of the laws of another jurisdiction. Each of the parties
hereto irrevocably and unconditionally (a) agrees that any legal suit, action or proceeding brought by any party hereto
arising out of or based upon this Agreement or the transactions contemplated hereby may be brought in any court of the State
of New York or Federal District Court for the Southern District of New York located in the City, County and State of New York
(each, a “New York Court”), (b) waives, to the fullest extent that it may effectively do so, any objection
that it may now or hereafter have to the laying of venue of any such proceeding brought in a New York Court, and any claim
that any such action or proceeding brought in a New York Court has been brought in an inconvenient forum, (c) submits to the
non-exclusive jurisdiction of any New York Court in any suit, action or proceeding and (d) ACKNOWLEDGES AND AGREES THAT ANY
CONTROVERSY THAT MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE HEREBY
WAIVES ANY RIGHT THAT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT
OF OR RELATING TO THIS AGREEMENT, OR THE BREACH, TERMINATION OR VALIDITY OF THIS AGREEMENT. With respect to clause (d) of the
immediately preceding sentence, each of the parties hereto acknowledges and certifies that (i) 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 waiver contained therein, (ii) it understands and has considered the implications of such
waiver, (iii) it makes such waiver voluntarily and (iv) it has been induced to enter into this Agreement by, among other
things, the mutual waivers and certifications contained in this Section 7. No Indemnifying Party shall seek any order of a
court or other governmental authority that would prohibit or otherwise interfere with the performance of any of
the Indemnifying Parties’ advancement, indemnification and other obligations under this Agreement.

    	 

    	

    

8. Severability. If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable, the
validity, legality and enforceability of the remaining provisions hereof shall not in any way be affected or impaired thereby.

 

1. Successors; Binding Effect. Each Indemnifying Party will require any successor (whether direct or indirect, by purchase,
merger, consolidation, reorganization or otherwise) to all or substantially all of the business and assets of such Indemnifying
Party, by agreement in form and substance satisfactory to the Manager and its counsel, expressly to assume and agree to perform
this Agreement in the same manner and to the same extent that such Indemnifying Party would be required to perform if no such
succession had taken place. This Agreement shall be binding upon and inure to the benefit of each party hereto and its successors
and permitted assigns, and each other Indemnitee, but neither this Agreement nor any right, interest or obligation hereunder shall
be assigned, whether by operation of law or otherwise, by Parent, Aggregator LP or the Company without the prior written consent
of the Manager.

 

2. Miscellaneous. The
headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or
interpretation of this Agreement. This Agreement is not intended to confer any right or remedy hereunder upon any Person
other than (i) each of the parties hereto and their respective successors and permitted assigns and (ii) each other
Indemnitee and, with respect to the provisions of Section 5(b), the Investor Directors, all of whom are intended to be third
party beneficiaries thereof. No amendment, modification, supplement or discharge of this Agreement, and no waiver hereunder
shall be valid and binding unless set forth in writing and duly executed by the party or other Indemnitee against whom
enforcement of the amendment, modification, supplement or discharge is sought. Neither the waiver by any of the parties
hereto or any other Indemnitee of a breach of or a default under any of the provisions of this Agreement, nor the failure by
any party hereto or any other Indemnitee on one or more occasions, to enforce any of the provisions of this Agreement or to
exercise any right, powers or privilege hereunder, shall be construed as a waiver of any other breach or default of a similar
nature, or as a waiver of any provisions hereof, or any rights, powers or privileges hereunder. Subject to Section 2(d)
hereof, the rights, indemnities and remedies herein provided are cumulative and are not exclusive of any rights, indemnities
or remedies that any party or other Indemnitee may otherwise have by contract, at law or in equity or otherwise. This
Agreement may be executed in several counterparts, each of which shall be deemed an original, and all of which together shall
constitute one and the same instrument. Whenever the words “include”, “includes” or “including”
are used in this Agreement they shall be deemed to be followed by the words “without limitation.”

    	 

    	

    

11. Information. Each of Aggregator LP, Parent and the Company hereby consents to the Investor Directors sharing any information
such Investor Directors receive from any member of the Company Group with officers, directors, members, employees and representatives
of the Manager and its Affiliates (other than other portfolio companies) and to the internal use by the Manager and its Affiliates
of any information received from any member of the Company Group, subject, however, to the Manager maintaining adequate procedures
to prevent such information from being used in connection with the purchase or sale of securities of any member of the Company
Group in violation of applicable law.

 

[Signature Pages Follow]

 

17

    	 

    	

    

IN WITNESS WHEREOF, the parties hereto have duly executed this
Agreement by their authorized representatives as of the date first above written.

 

	 	 	KOHLBERG KRAVIS ROBERTS & CO. L.P.
	 	 	 
	 	By:	         /s/ William Janetschek
	 	 	Name: William Janetschek
	 	 	Title:  CFO

 

Indemnification Agreement – Signature Page

    	 

    	

    

	 	 	KKR RENAISSANCE AGGREGATOR L.P.
	 	 	 
	 	 	By: KKR Renaissance Aggregator GP LLC, 

    its general partner,
	 	 	 
	 	By:	         /s/ William Janetschek
	 	 	Name: William Janetschek
	 	 	Title:  CFO

 

Indemnification Agreement – Signature Page

    	 

    	

    

	 	 	Renaissance Parent Corp.
	 	 	 
	 	By:	         /s/ Josh Weisenbeck
	 	 	Name: Josh Weisenbeck
	 	 	Title:  Vice President

 

Indemnification Agreement – Signature Page

    	 

    	

    

	 	 	KKR RENAISSANCE AGGREGATOR GP LLC
	 	 	 
	 	By:	         /s/ William Janetschek
	 	 	Name: William Janetschek
	 	 	Title:  Vice President

 

Indemnification Agreement – Signature Page

    	 

    	

    

	 	 	GARDNER DENVER, INC.
	 	 	 
	 	By:	         /s/ Michael M.
    Larsen
	 	 	Name: Michael M. Larsen
	 	 	Title:  President, Chief Executive

    Officer and Chief Financial Officer

 

Indemnification Agreement – Signature Page

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