Document:

chasecreditagreement1011

                                                                                                                                                                                                                          Execution Version                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               CREDIT AGREEMENT                                                                                                                       dated as of                                                                                                                    October 11, 2019                                                                                                                        among                                                                                      LAWSON PRODUCTS, INC., a Delaware corporation, LAWSON PRODUCTS, INC., an Illinois      corporation, BARON DIVESTITURE COMPANY, INC., an Illinois corporation, LAWSON     PRODUCTS CANADA INC., a British Columbia corporation and THE BOLT SUPPLY HOUSE                        LTD., an Alberta corporation, as Borrowers,                                                                                                             The Other Loan Parties Party Hereto,                                                                                                                 The Lenders Party Hereto                                                                                                                         and                                                                                                             JPMORGAN CHASE BANK, N.A.,                                as Administrative Agent                                                                     ___________________________                                                                    JPMORGAN CHASE BANK, N.A.,                        as Sole Bookrunner and Sole Lead Arranger         Credit Agreement (JPM, Lawson, 2019) 4846-0591-2995 v18.docx  4305496 

 

                           TABLE OF CONTENTS                                                                                                                                                                       Page                 ARTICLE I.  Definitions ............................................................................................................................... 1  SECTION 1.01.  Defined Terms ................................................................................................................... 1  SECTION 1.02.  Classification of Loans and Borrowings. ......................................................................... 31  SECTION 1.03.  Terms Generally. ............................................................................................................. 31  SECTION 1.04.  Accounting Terms; GAAP .............................................................................................. 32  SECTION 1.05.  Interest Rates; LIBOR Notification ................................................................................. 33  SECTION 1.06.  Pro Forma Adjustments for Acquisitions and Dispositions ............................................. 33  SECTION 1.07.  Status of Obligations ........................................................................................................ 33  SECTION 1.08.  Rounding ......................................................................................................................... 34  ARTICLE II.  The Credits ........................................................................................................................... 34  SECTION 2.01.  Commitments ................................................................................................................... 34  SECTION 2.02.  Loans and Borrowings ..................................................................................................... 34  SECTION 2.03.  Requests for Borrowings ................................................................................................. 35  SECTION 2.04.  Determination of Dollar Equivalent and Currency. ......................................................... 36  SECTION 2.05.  Swingline Loans. ............................................................................................................. 36  SECTION 2.06.  Letters of Credit ............................................................................................................... 37  SECTION 2.07.  Funding of Borrowings. ................................................................................................... 42  SECTION 2.08.  Interest Elections. ............................................................................................................ 43  SECTION 2.09.  Termination and Reduction of Commitments; Increase in Commitments ...................... 44  SECTION 2.10.  Repayment and Amortization of Loans; Evidence of Debt. ............................................ 46  SECTION 2.11.  Prepayment of Loans ....................................................................................................... 46  SECTION 2.12.  Fees. ................................................................................................................................. 47  SECTION 2.13.  Interest ............................................................................................................................. 48  SECTION 2.14.  Alternate Rate of Interest; Illegality. ............................................................................... 49  SECTION 2.15.  Increased Costs. ............................................................................................................... 51  SECTION 2.16.  Break Funding Payments. ................................................................................................ 52  SECTION 2.17.  Withholding of Taxes; Gross-Up ..................................................................................... 53  SECTION 2.18.  Payments Generally; Allocation of Proceeds; Sharing of Setoffs ................................... 56  SECTION 2.19.  Mitigation Obligations; Replacement of Lenders. ........................................................... 58  SECTION 2.20.  Defaulting Lenders .......................................................................................................... 59  SECTION 2.21.  Returned Payments .......................................................................................................... 61  SECTION 2.22.  Banking Services and Swap Agreements ........................................................................ 62  ARTICLE III.  Representations and Warranties.......................................................................................... 62  SECTION 3.01.  Organization; Powers ....................................................................................................... 62  SECTION 3.02.  Authorization; Enforceability .......................................................................................... 62  SECTION 3.03.  Governmental Approvals; No Conflicts. ......................................................................... 62  SECTION 3.04.  Financial Condition; No Material Adverse Change......................................................... 62  SECTION 3.05.  Properties ......................................................................................................................... 63  SECTION 3.06.  Litigation and Environmental Matters. ............................................................................ 63  SECTION 3.07.  Compliance with Laws and Agreements; No Default. .................................................... 64  SECTION 3.08.  Investment Company Status. ........................................................................................... 64  SECTION 3.09.  Taxes. ............................................................................................................................... 64  SECTION 3.10.  ERISA .............................................................................................................................. 64                                                                                    i                                                       

 

                                                                                                                                                                                                                                     SECTION 3.11.  Disclosure. ....................................................................................................................... 64  SECTION 3.12.  Solvency. ......................................................................................................................... 65  SECTION 3.13.  Insurance. ......................................................................................................................... 65  SECTION 3.14.  Capitalization and Subsidiaries. ....................................................................................... 65  SECTION 3.15.  Security Interest in Collateral .......................................................................................... 65  SECTION 3.16.  Employment Matters ....................................................................................................... 66  SECTION 3.17. Margin Regulations .......................................................................................................... 66  SECTION 3.18. Use of Proceeds ................................................................................................................ 66  SECTION 3.19. No Burdensome Restrictions ............................................................................................ 66  SECTION 3.20.  Anti-Corruption Laws and Sanctions .............................................................................. 66  SECTION 3.21.  EEA Financial Institutions ............................................................................................... 66  SECTION 3.22.  Plan Assets; Prohibited Transactions ............................................................................... 66  ARTICLE IV.  Conditions .......................................................................................................................... 67  SECTION 4.01.  Effective Date .................................................................................................................. 67  SECTION 4.02.  Each Credit Event. ........................................................................................................... 69  ARTICLE V.  Affirmative Covenants ......................................................................................................... 69  SECTION 5.01.  Financial Statements and Other Information ................................................................... 70  SECTION 5.02.  Notices of Material Events. ............................................................................................. 72  SECTION 5.03.  Existence; Conduct of Business ....................................................................................... 72  SECTION 5.04.  Payment of Obligations. .................................................................................................. 73  SECTION 5.05.  Maintenance of Properties ............................................................................................... 73  SECTION 5.06.  Books and Records; Inspection Rights ............................................................................ 73  SECTION 5.07.  Compliance with Laws. ................................................................................................... 73  SECTION 5.08.  Use of Proceeds. .............................................................................................................. 73  SECTION 5.09.  Accuracy of Information .................................................................................................. 74  SECTION 5.10.  Insurance .......................................................................................................................... 74  SECTION 5.11.  Reserved .......................................................................................................................... 74  SECTION 5.12.  Casualty and Condemnation ............................................................................................ 74  SECTION 5.13. Additional Collateral; Further Assurances ....................................................................... 74  SECTION 5.14. Post-Closing Covenants .................................................................................................... 75  ARTICLE VI.  Negative Covenants ............................................................................................................ 75  SECTION 6.01.  Indebtedness. ................................................................................................................... 76  SECTION 6.02.  Liens. ............................................................................................................................... 76  SECTION 6.03.  Fundamental Changes. ..................................................................................................... 77  SECTION 6.04.  Investments, Loans, Advances, Guarantees and Acquisitions ......................................... 78  SECTION 6.05.  Asset Sales ....................................................................................................................... 79  SECTION 6.06.  Sale and Leaseback Transactions .................................................................................... 80  SECTION 6.07.  Swap Agreements ............................................................................................................ 80  SECTION 6.08.  Restricted Payments; Certain Payments of Indebtedness. ............................................... 80  SECTION 6.09.  Transactions with Affiliates. ............................................................................................ 81  SECTION 6.10.  Restrictive Agreements. ................................................................................................... 81  SECTION 6.11. Amendment of Material Documents ................................................................................. 82  SECTION 6.12. Financial Covenants .......................................................................................................... 82  ARTICLE VII.  Events of Default............................................................................................................... 82  ARTICLE VIII.  The Administrative Agent ............................................................................................... 85  SECTION 8.01. Authorization and Action ................................................................................................. 85  SECTION 8.02. Administrative Agent’s Reliance, Indemnification, Etc. .................................................. 88  SECTION 8.03. Posting of Communications .............................................................................................. 89  SECTION 8.04. The Administrative Agent Individually ............................................................................ 90  SECTION 8.05. Successor Administrative Agent ....................................................................................... 91  SECTION 8.06. Acknowledgements of Lenders and Issuing Banks .......................................................... 92                                     ii                                                         

 

                                                                                                                                                                                                                                     SECTION 8.07. Collateral Matters ............................................................................................................. 92  SECTION 8.08. Credit Bidding .................................................................................................................. 93  SECTION 8.09. Certain ERISA Matters ..................................................................................................... 94  SECTION 8.10. Flood Laws ....................................................................................................................... 95  ARTICLE IX.  Miscellaneous ..................................................................................................................... 95  SECTION 9.01.  Notices ............................................................................................................................. 96  SECTION 9.02.  Waivers; Amendments. .................................................................................................... 97  SECTION 9.03.  Expenses; Indemnity; Damage Waiver. ......................................................................... 100  SECTION 9.04.  Successors and Assigns ................................................................................................. 102  SECTION 9.05.  Survival .......................................................................................................................... 105  SECTION 9.06.  Counterparts; Integration; Effectiveness; Electronic Execution .................................... 106  SECTION 9.07.  Severability .................................................................................................................... 106  SECTION 9.08.  Right of Setoff. .............................................................................................................. 106  SECTION 9.09.  Governing Law; Jurisdiction; Consent to Service of Process. ....................................... 107  SECTION 9.10.  WAIVER OF JURY TRIAL. ........................................................................................ 107  SECTION 9.11.  Headings. ....................................................................................................................... 108  SECTION 9.12.  Confidentiality. .............................................................................................................. 108  SECTION 9.13.  Several Obligations; Nonreliance; Violation of Law..................................................... 109  SECTION 9.14.  USA PATRIOT Act ....................................................................................................... 109  SECTION 9.15.  Disclosure ...................................................................................................................... 109  SECTION 9.16.  Appointment for Perfection ........................................................................................... 109  SECTION 9.17.  Interest Rate Limitation ................................................................................................. 109  SECTION 9.18.  No Fiduciary Duty, etc. ................................................................................................. 110  SECTION 9.19.  Marketing Consent ......................................................................................................... 110  SECTION 9.20.  Acknowledgement and Consent to Bail-In of EEA Financial Institutions .................... 110  SECTION 9.21.  Acknowledgement Regarding Any Supported QFCs .................................................... 111  SECTION 9.22.  Canadian Anti-Money Laundering Legislation ............................................................. 112  SECTION 9.23.  Judgment Currency ........................................................................................................ 112  ARTICLE X.  Loan Guaranty ................................................................................................................... 112  SECTION 10.01.  Guaranty. ..................................................................................................................... 112  SECTION 10.02.  Guaranty of Payment .................................................................................................... 113  SECTION 10.03.  No Discharge or Diminishment of Loan Guaranty ........................................................ 113  SECTION 10.04.  Defenses Waived. ......................................................................................................... 114  SECTION 10.05.  Rights of Subrogation ................................................................................................... 114  SECTION 10.06.  Reinstatement; Stay of Acceleration. ............................................................................ 114  SECTION 10.07.  Information ................................................................................................................... 115  SECTION 10.08.  Termination .................................................................................................................. 115  SECTION 10.09.  Taxes............................................................................................................................. 115  SECTION 10.10.  Maximum Liability ....................................................................................................... 115  SECTION 10.11.  Contribution ................................................................................................................. 115  SECTION 10.12.  Liability Cumulative ..................................................................................................... 116  SECTION 10.13.  Keepwell ....................................................................................................................... 116  ARTICLE XI.  The Borrower Representative ........................................................................................... 117  SECTION 11.01.  Appointment; Nature of Relationship ............................................................................ 117  SECTION 11.02.  Powers .......................................................................................................................... 117  SECTION 11.03.  Employment of Agents ................................................................................................. 117  SECTION 11.04.  Notices .......................................................................................................................... 117  SECTION 11.05.  Successor Borrower Representative67 .......................................................................... 117  SECTION 11.06.  Execution of Loan Documents ...................................................................................... 117  SECTION 11.07.  Nature and Extent of Each Borrower’s Liability ........................................................... 118                                                    iii                                                         

 

                                                                                                                                                                                                                                               SCHEDULES:    Commitment Schedule  Schedule 1.01 – Existing Letters of Credit   Schedule 3.05 – Properties etc.   Schedule 3.06 – Disclosed Matters  Schedule 3.10(b) – Canadian Pension Plans  Schedule 3.13 – Insurance  Schedule 3.14 – Capitalization and Subsidiaries   Schedule 6.02 – Existing Liens  Schedule 6.04 – Existing Investments  Schedule 6.05 – Dispositions  Schedule 6.10 – Existing Restrictions    EXHIBITS:    Exhibit A – Assignment and Assumption  Exhibit B-1 – Borrowing Request   Exhibit B-2 – Interest Election Request   Exhibit C-1 – U.S. Tax Compliance Certificate (For Foreign Lenders That Are Not Partnerships For U.S.                    Federal Income Tax Purposes)  Exhibit C-2 – U.S. Tax Compliance Certificate (For Foreign Participants That Are Not Partnerships For                    U.S. Federal Income Tax Purposes)  Exhibit C-3 – U.S. Tax Compliance Certificate (For Foreign Participants That Are Partnerships For U.S.                    Federal Income Tax Purposes)  Exhibit C-4 – U.S. Tax Compliance Certificate (For Foreign Lenders That Are Partnerships For U.S.                    Federal Income Tax Purposes)  Exhibit D – Compliance Certificate   Exhibit E – Joinder Agreement                                          iv                                             

 

      CREDIT AGREEMENT dated as of October 11, 2019 (as it may be amended or modified from  time  to  time,  this “Agreement”), among LAWSON  PRODUCTS,  INC.,  a Delaware corporation (the  “Company”), LAWSON  PRODUCTS,  INC.,  an Illinois corporation (“Lawson  Illinois”), BARON  DIVESTITURE COMPANY, INC., an Illinois corporation (“Baron” and together with the Company and  Lawson  Illinois,  individually,  each  a  “U.S.  Borrower”  and,  collectively,  the  “U.S.  Borrowers”),  LAWSON PRODUCTS CANADA INC., a   British Columbia corporation (“Lawson Products Canada”)  and THE BOLT  SUPPLY  HOUSE  LTD., an Alberta corporation (“Bolt  Supply” and  together  with  Lawson  Products  Canada,  individually,  each  a  “Canadian  Borrower”  and,  collectively,  the  “Canadian  Borrowers”;  the Canadian  Borrowers  and  the  U.S.  Borrowers,  individually,  each  a  “Borrower”  and,  collectively,  the  “Borrowers”),  the  other  Loan Parties  party  hereto,  the  Lenders  party  hereto,  and  JPMORGAN CHASE BANK, N.A., as Administrative Agent.                                PRELIMINARY STATEMENT          WHEREAS, the Borrowers have requested that the Lenders extend credit to the Borrowers in the  form of $100,000,000 in aggregate principal amount of revolving commitments;          WHEREAS, in connection with the foregoing and as an inducement for the Lenders to extend the  credit contemplated hereunder, (i) each of the Borrowers has agreed to secure all of the Canadian Secured  Obligations  by  granting  to  the  Administrative  Agent,  for the  benefit of the  Lenders,  a  first,  subject to  Permitted Encumbrances, priority lien on such Borrower’s assets, including a pledge of all of the Equity  Interests of each Subsidiary of such Borrower and (ii) each of the U.S. Borrowers has agreed to secure all  of the U.S. Secured Obligations by granting to the Administrative Agent, for the benefit of the Lenders, a  first, subject to Permitted Encumbrances, priority lien on such U.S. Borrower’s assets, including a pledge  of certain Equity Interests of each Subsidiary of such U.S. Borrower as set forth herein;           WHEREAS, in connection with the foregoing and as an inducement for the Lenders to extend the  credit contemplated hereunder, (i) each of the Guarantors has agreed to guarantee the Canadian Secured  Obligations and secure such guarantees by granting to the Administrative Agent, for the benefit of the  Lenders, a first, subject to Permitted Encumbrances, priority lien on such Guarantor’s assets, including a  pledge of all of the Equity Interests of each Subsidiary of such Guarantor, and (ii) each of the U.S. Loan  Guarantors has agreed to guarantee the U.S. Secured Obligations and secure such guarantees by granting  to the Administrative Agent, for the benefit of the Lenders, a first, subject to Permitted Encumbrances,  priority lien on such U.S. Loan Guarantor’s assets, including a pledge of certain Equity Interests of each  Subsidiary of such U.S. Loan Guarantor as set forth herein; and          NOW, THEREFORE, in consideration of the mutual agreements contained herein, and other good  and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties  hereto hereby agree as follows:                                      ARTICLE I                                                                              Definitions                SECTION 1.01.  Defined Terms.  As used in this Agreement, the following terms have  the meanings specified below:          “ABR”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the  Loans comprising such Borrowing, is bearing interest at a rate determined by reference to the Alternate  Base Rate.                                          1                                            

 

                                                                                                                                                                                                                                                 “Account” has the meaning assigned to such term in the Security Agreements.          “Acquisition”  means  any transaction, or any series of related transactions,  consummated  on or  after the Effective Date, by which any Loan Party (a) acquires any going business or all or substantially  all of the assets of any Person, whether through purchase of assets, merger or otherwise or (b) directly or  indirectly  acquires  (in  one  transaction  or  as  the  most  recent  transaction  in  a  series  of  transactions)  substantially all (in number of votes) of the Equity Interests of a Person which has ordinary voting power  for  the  election  of  directors  or  other  similar  management  personnel  of  a  Person  (other  than  Equity  Interests having such power only by reason of the happening of a contingency) or substantially all of the  outstanding Equity Interests of a Person.                      “Adjusted LIBO Rate” means, with respect to any Eurodollar Borrowing for any Interest Period  or for any ABR Borrowing, an interest rate per annum (rounded upwards, if necessary, to the next 1/16 of  1%) equal to (a) the LIBO Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate.          “Administrative  Agent” means  JPMorgan  Chase  Bank,  N.A.,  in  its  capacity  as  administrative  agent for the Lenders hereunder.            “Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by the  Administrative Agent.          “Affiliate” means, with respect to a specified Person, another Person that directly, or indirectly  through one or more intermediaries, Controls or is Controlled by or is under common Control with the  specified Person.          “Agent Indemnitee” has the meaning assigned to it in Section 9.03(c).          “Aggregate  Revolving Exposure” means,  at any time,  the  sum of (a) the  outstanding principal  amount of the Revolving Loans and Swingline Loans at such time and (b) the total LC Exposure at such  time.          “Alternate Base Rate” means, for any day, a rate per annum equal to the greatest of (a) the Prime  Rate in effect on such day, (b) the NYFRB Rate in effect on such day plus 1⁄2 of 1%, and (c) the Adjusted  LIBO  Rate  for  a  one-month  Interest  Period  on  such  day  (or  if  such  day  is  not a  Business  Day,  the  immediately  preceding  Business  Day)  plus  1%,  provided  that,  for  the  purpose  of  this  definition,  the  Adjusted LIBO Rate for any day shall be based on the LIBO Screen Rate (or if the LIBO Screen Rate is  not  available  for  such  one  month  Interest  Period,  the  Interpolated  Rate)  at  approximately  11:00  a.m.  London time on such day.  Any change in the Alternate Base Rate due to a change in the Prime Rate, the  NYFRB Rate or the Adjusted LIBO Rate shall be effective from and including the effective date of such  change  in the Prime  Rate, the  NYFRB Rate  or the Adjusted  LIBO Rate,  respectively. If the  Alternate  Base Rate is being used as an alternate rate of interest pursuant to Section 2.14, then the Alternate Base  Rate shall be the greater of clause (a) and (b) above and shall be determined without reference to clause  (c) above.           “Alternative  Currency”  means Canadian dollars and any additional currencies determined  after  the  Effective  Date  by  mutual  agreement  of  the  Borrower  Representative,  Lenders,  Issuing  Bank  and  Administrative  Agent;  provided  that  each  such additional currency  is  a  lawful currency  that  is  readily  available,  freely  transferable  and  not  restricted,  able  to  be  converted  into  dollars  and  available  in  the  London interbank deposit market.                                            2 

 

                                                                                                                                                                                                                                                 “Anti-Corruption Laws” means all laws, rules, and regulations of any jurisdiction applicable to  any Borrower or any Subsidiaries of any Borrower from time to time concerning or relating to bribery or  corruption.          “Applicable Parties” has the meaning assigned to it in Section 8.03(c).           “Applicable Percentage” means, at any time with respect to any Lender, a percentage equal to a  fraction the numerator of which is such Lender’s Commitment at such time and the denominator of which  is  the  aggregate Commitments at  such  time (provided  that,  if  the Commitments  have  terminated  or  expired, the Applicable Percentages shall be determined based upon such Lender’s share of the Aggregate  Revolving Exposure at such time); provided that, in accordance with Section 2.20, so long as any Lender  shall  be  a  Defaulting  Lender,  such  Defaulting  Lender’s  Commitment  shall  be  disregarded  in  the  calculations above.            “Applicable  Rate” means,  for  any  day,  with  respect  to  any  Loan,  or  with  respect  to  the  commitment fees payable hereunder, as the case may be, the applicable rate per annum set forth below  under the  caption “Commitment ABR/Canadian  Prime  Rate Spread”, “Commitment Eurodollar/CDOR  Rate Spread” or “Commitment  Fee  Rate”,  as  the  case  may  be,  based  upon  the Borrowers’ Total  Net  Leverage Ratio  as  of  the  most  recent  determination  date, provided that  until  the  delivery  to  the  Administrative Agent, pursuant to Section 5.01, of the Company’s consolidated financial information for  the Company’s first  fiscal  quarter  ending  after  the  Effective  Date,  the “Applicable  Rate” shall  be  the  applicable rates per annum set forth below in Category 5:                          Total Net Commitment Commitment Commitment                       Leverage   ABR and  Eurodollar/C Fee Rate                        Ratio     Canadian  DOR Rate                                  Prime Rate  Spread                                   Spread                       Category 1  1.50%     2.50%     0.30%                       3.25 to 1.0                        Category 2  1.00%     2.00%     0.30%                      3.25 to 1.0  but                       2.50 to 1.0                       Category 3  0.50%     1.50%     0.25%                      2.50 to 1.0 but                       1.75 to 1.0                       Category 4  0.25%     1.25%     0.20%                      1.75 to 1.0 but                       1.00 to 1.0                       Category 5  0.00%     1.00%     0.15%                       1.00 to 1.0     For purposes of the foregoing, (a) the Applicable Rate shall be determined as of the end of each fiscal  quarter of the Company, based upon the Company’s annual or quarterly consolidated financial statements  delivered pursuant to Section 5.01 and (b) each change in the Applicable Rate resulting from a change in  the Total Net Leverage Ratio shall be effective during the period commencing on and including the date  of delivery to the Administrative Agent of such consolidated financial statements indicating such change  and ending on the date immediately preceding the effective date of the next such change, provided that at  the option of the Administrative Agent or at the request of the Required Lenders, if the Borrowers fail to  deliver the annual or quarterly consolidated financial statements required to be delivered by it pursuant to  Section 5.01, the Total Net Leverage Ratio shall be deemed to be in Category 1 during the period from  the expiration of the time for delivery thereof until such consolidated financial statements are delivered.                                           3 

 

                                                                                                                                                                                                                                           If  at  any  time  the  Administrative  Agent  determines  that  the  financial  statements  upon  which  the  Applicable Rate was determined were incorrect (whether based on a restatement, fraud or otherwise), or  any  ratio  or  compliance  information  in  a  Compliance  Certificate  or  other  certification  was  incorrectly  calculated, relied on incorrect information or was otherwise not accurate, true or correct, the Borrowers  shall be required to retroactively pay any additional amount that the Borrowers would have been required  to pay if such financial statements, Compliance Certificate or other information had been accurate and/or  computed correctly at the time they were delivered.          “Approved Electronic Platform” has the meaning assigned to it in Section 8.03(a).           “Approved Fund” has the meaning assigned to the term in Section 9.04(b).          “Arranger” means JPMorgan Chase Bank, N.A., in its capacity as sole bookrunner and sole lead  arranger hereunder.          “Assignment and Assumption” means an assignment and assumption agreement entered into by a  Lender and an assignee (with the consent of any party whose consent is required by Section 9.04), and  accepted by the Administrative Agent, in the form of Exhibit A or any other form (including electronic  records generated by the use of an electronic platform) approved by the Administrative Agent.          “Availability” means, at any time, an amount equal to (a) the aggregate Commitments minus (b)  the  Aggregate  Revolving  Exposure  (calculated,  with respect  to  any  Defaulting  Lender,  as  if  such  Defaulting Lender had funded its Applicable Percentage of all outstanding Borrowings).          “Availability Period” means the period from and including the Effective Date to but excluding the  earlier of the Revolving Credit Maturity Date and the date of termination of the Commitments.                      “Bail-In  Action”  means  the  exercise  of  any  Write-Down  and  Conversion  Powers  by  the  applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution.                “Bail-In Legislation” means, with respect to any EEA Member Country implementing Article 55  of  Directive  2014/59/EU  of  the  European  Parliament  and  of  the  Council  of  the  European  Union,  the  implementing law for such EEA Member Country from time to time which is described in the EU Bail-In  Legislation Schedule.                 “Banking Services” means each  and  any of the  following bank services  provided  to any Loan  Party or any Subsidiary by any Lender or any of its Affiliates: (a) credit cards for commercial customers  (including, without limitation, “commercial credit cards” and purchasing cards), (b) stored value cards,  (c) merchant processing services, and  (d) treasury management services  (including, without limitation,  controlled disbursement, automated clearinghouse transactions, return items, any direct debit scheme or  arrangement, overdrafts and interstate depository network services).                      “Banking  Services  Obligations”  means  any  and  all  obligations  of  the  Loan  Parties or  their  Subsidiaries, whether absolute or contingent and howsoever and whensoever created, arising, evidenced  or acquired  (including all renewals, extensions and modifications  thereof and substitutions therefor) in  connection with Banking Services.                      “Bankruptcy Code” means title 11 of the United States Code, as amended.                      “Bankruptcy Event” means, with respect to any Person, such Person files a petition or application  seeking relief under any applicable Insolvency Law or similar law of any jurisdiction, when such Person                                         4 

 

                                                                                                                                                                                                                                           becomes  the  subject  of a  voluntary  or  involuntary  bankruptcy or  insolvency  proceeding,  or  has  had  a  receiver, interim  receiver,  receiver  and  manager,  liquidator,  sequestrator, conservator,  trustee,  administrator,  custodian,  assignee  for  the  benefit  of  creditors  or  similar  Person  charged  with  the  reorganization or liquidation of its business appointed for it, or, in the good faith determination of the  Administrative Agent, has taken any action in furtherance of, or indicating its consent to, approval of, or  acquiescence in, any such proceeding or appointment, or has had any order for relief in such proceeding  entered  in  respect  thereof, provided that  a  Bankruptcy  Event  shall  not  result  solely  by  virtue  of  any  ownership  interest,  or  the  acquisition  of  any  ownership  interest,  in  such  Person  by  a  Governmental  Authority or instrumentality thereof, unless  such ownership interest results  in or provides such  Person  with  immunity  from  the  jurisdiction  of  courts  within Canada  or the  U.S.  or  from  the  enforcement  of  judgments or writs of attachment on its assets or permits such Person (or such Governmental Authority or  instrumentality)  to  reject,  repudiate,  disavow  or  disaffirm  any  contracts  or  agreements  made  by  such  Person.          “Beneficial  Ownership  Certification”  means  a  certification  regarding  beneficial  ownership or  control as required by the Beneficial Ownership Regulation.          “Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230.           “Benefit  Plan”  means  any  of  (a)  an  “employee  benefit  plan”  (as  defined  in  Section  3(3)  of  ERISA) that is subject to Title I of ERISA, (b) a “plan” as defined in Section 4975 of the Code to which  Section 4975 of the Code applies, and (c) any Person whose assets include (for purposes of the Plan Asset  Regulations or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any  such “employee benefit plan” or “plan”.           “Bona Fide Debt Fund” means any bona fide debt fund, investment vehicle, regulated banking  entity  or  non-regulated  lending  entity  that  is  primarily  engaged  in  making,  purchasing,  holding  or  otherwise  investing  in  commercial  loans  or  bonds  and/or  similar  extensions  of  credit  in  the  ordinary  course of business.          “Borrower” or “Borrowers” has the meaning assigned to such term in the introductory paragraph  of this Agreement.           “Borrower Representative” has the meaning assigned to such term in Section 11.01.            “Borrowing” means (a) Revolving Loans of the same Type, made, converted or continued on the  same  date  and,  in  the  case  of  Eurodollar  Loans and  CDOR  Rate  Loans,  as  to  which  a  single  Interest  Period is in effect, on the same date, and (b) a Swingline Loan.          “Borrowing  Request” means  a  request  by  the Borrower Representative for  a  Borrowing  in  accordance with Section 2.03, which shall be substantially in the form of Exhibit B-1 hereto or any other  form approved by the Administrative Agent.          “Burdensome  Restrictions” means  any  consensual  encumbrance  or  restriction  of  the  type  described in clause (a) or (b) of Section 6.10.           “Business Day” means any day that is not a Saturday, Sunday or other day on which commercial  banks  in  New  York  City or  Toronto,  Ontario  Vancouver,  British  Columbia  or  Calgary,  Alberta, are  authorized or required by law to remain closed; provided that, when used in connection with a Eurodollar  Loan,  the  term  “Business  Day” shall  also  exclude  any  day  on  which  banks  are  not  open  for  general  business in London.                                         5 

 

                                                                                                                                                                                                                                                   “CAML”  means  the Proceeds  of  Crime  (Money  Laundering)  and  Terrorist  Financing  Act  (Canada)  and  other  anti-terrorism  laws  and  “know  your  client”  policies,  regulations, laws  or  rules  applicable in Canada, including any guidelines or orders thereunder.          “Canadian Borrower” or  “Canadian Borrowers” has  the  meaning  assigned  to  such  term  in  the  introductory paragraph of this Agreement.           “Canadian  Defined  Benefit Pension Plan”  means any Canadian  Pension Plan  which contains a  “defined benefit provision,” as defined in subsection 147.1(1) of the Income Tax Act (Canada).          “Canadian dollars” or “C$” or “Cdn $” refers to lawful currency of Canada.          “Canadian Economic Sanctions and Export Control Laws” means any Canadian laws, regulations  or orders governing transactions in controlled goods or technologies or dealings with countries, entities,  organizations, or individuals subject to economic sanctions and similar measures.          “Canadian Guaranteed Obligations” has the meaning assigned to such term in Section 10.01(b).          “Canadian Loan Guarantors” means, individually or collectively, as the context may require, the  Canadian  Borrowers,  any  other  Canadian Subsidiary  of  a Loan  Party who  becomes  a  party  to  this  Agreement pursuant to a Joinder Agreement, and, in each case, their respective successors and assigns.          “Canadian  Loan  Party” means,  individually  or  collectively,  as  the  context  may  require,  the  Canadian Borrowers and the Canadian Loan Guarantors.          “Canadian  Pension  Event”  means  (a)  any  Loan  Party  shall,  directly  or  indirectly,  terminate  or  cause to terminate, in whole or in part, or initiate the termination of, in whole or in part, any Canadian  Defined  Benefit  Pension  Plan  so  as  to  result  in  any  liability;  (b)  any  Loan  Party  shall  fail  to  make  minimum required contributions to amortize any funding deficiencies under a Canadian Defined Benefit  Pension  Plan  within the  time  period  set  out in applicable  laws  or fail to make  a  required  contribution  under any Canadian Pension Plan which could result in the imposition of a Lien upon the assets of any  Loan  Party;  or  (c)  any  Loan  Party   makes  any  improper  withdrawals  or  applications  of  assets  of  a  Canadian Pension Plan.          “Canadian  Pension  Plans”  means  each  pension  plan  required  to  be  registered  under  Canadian  federal or provincial pension standards legislation that is administered or contributed to by a Loan Party  or any Subsidiary of any  Loan Party for its  employees  or former employees,  but does  not include the  Canada  Pension Plan  or the  Quebec  Pension Plan  as  maintained  by the  Government of Canada  or the  Province of Quebec, respectively.                “Canadian Prime Rate” means, on any day, the rate determined by the Administrative Agent to be  the higher of (i) the rate equal to the PRIMCAN Index rate that appears on the Bloomberg screen at 10:15  a.m. Toronto time on such day (or, in the event that the PRIMCAN Index is not published by Bloomberg,  any  other  information  services  that  publishes  such  index  from  time  to  time,  as  selected  by  the  Administrative Agent in its reasonable discretion) and (ii) the average rate for thirty (30) day Canadian  dollar bankers’ acceptances that appears on the Reuters Screen CDOR Page (or, in the event such rate  does not appear on such page or screen, on any successor or substitute page or screen that displays such  rate, or on the appropriate page of such other information service that publishes such rate from time to  time, as selected by the Administrative Agent in its reasonable discretion) at 10:15 a.m. Toronto time on  such day, plus 1% per annum; provided, that if any the above rates shall be less than zero, such rate shall                                         6 

 

                                                                                                                                                                                                                                           be deemed to be zero for purposes of this Agreement. Any change in the Canadian Prime Rate due to a  change in the PRIMCAN Index or the CDOR Rate shall be effective from and including the effective date  of such change  in the  PRIMCAN  Index  or CDOR Rate, respectively.  When  used in reference  to any  Loan  or  Borrowing, Canadian  Prime  Rate refers  to whether  such  Loan,  or the  Loans  comprising  such  Borrowing, is bearing interest at a rate determined by reference to the Canadian Prime Rate.          “Canadian Secured  Obligations”  means  all  Obligations of  the  Canadian  Loan Parties,  together  with all (i) Banking Services Obligations of the Canadian Loan Parties and the Canadian Subsidiaries and  (ii) Swap Agreement Obligations of the Canadian Loan Parties and the Canadian Subsidiaries owing to  one or more Lenders or their respective Affiliates; provided, however, that the definition of “Canadian  Secured Obligations” shall not create any guarantee by any Guarantor of (or grant of security interest by  any Guarantor to support, as applicable) any Excluded Swap Obligations of such Guarantor for purposes  of  determining  any  obligations  of  any  Guarantor.  For  the  avoidance  of  doubt,  Canadian  Secured  Obligations shall not include any U.S. Secured Obligations.          “Canadian Security Agreement” means, individually or collectively, as the context may require,  (a) that  certain Canadian  Pledge  and  Security  Agreement (including  any  and  all  supplements  thereto),  dated as of the date hereof, among certain of the Canadian Loan Parties and the Administrative Agent, for  the benefit of the Administrative Agent and the other Secured Parties, and (b) any other pledge, hypothec  or security agreement entered into, after the date of this Agreement by any other Canadian Loan Party (as  required  by  this  Agreement  or  any  other  Loan  Document)  or  any  other  Person  for  the  benefit  of  the  Administrative Agent and the other Secured Parties, in each case, as the same may be amended, restated,  supplemented or otherwise modified from time to time.          “Canadian Subsidiary” means any direct or indirect Subsidiary of a Loan Party that is organized  under the laws of Canada or any province or territory thereof.                 “Capital  Expenditures”  means,  without duplication, any  expenditure  or  commitment  to  expend  money for any purchase or other acquisition of any asset which would be classified as a fixed or capital  asset on a consolidated balance sheet of the Company and its Subsidiaries prepared in accordance with  GAAP.           “Capital Lease Obligations” of any Person means the obligations of such Person to pay rent or  other  amounts  under  any  lease  of  (or  other  arrangement  conveying  the  right  to  use)  real  or  personal  property, or a combination thereof, which obligations are required to be classified and accounted for as  capital leases or financing leases on a balance sheet of such Person under GAAP, and the amount of such  obligations shall be the capitalized amount thereof determined in accordance with GAAP.          “CDOR Rate” means, for the relevant Interest Period, the Canadian dollar offered rate which, in  turn  means  on  any  day  the  sum  of  (a)  the  annual  rate  of  interest  determined  with  reference  to  the  arithmetic average rate of the discount rate quotations of all institutions listed in respect of the relevant  Interest Period for Canadian dollar denominated bankers’ acceptances displayed and identified as such on  the “CDOR Page” (or any display substituted therefore) of Reuters Monitor Money Rate Service Reuters  Screen or, in the event such rate does not appear on such page or screen, on any successor or substitute  page or screen that displays such rate, or on the appropriate page of such other information service that  publishes such rate from time to time, as selected by the Administrative Agent in its reasonable discretion  (the “CDOR Screen Rate,” at or about 10:15 a.m. Toronto local time on the first day of the applicable  Interest Period and, if such day is not a Business Day, then on the immediately preceding Business Day  (as adjusted by the Administrative Agent after 10:15 a.m. Toronto local time to reflect any error in the  posted rate of interest or in the posted average annual rate of interest); provided that (x) if the CDOR  Screen Rate shall be less than zero, such rate shall be deemed to be zero for purposes and (y) if the CDOR                                         7 

 

                                                                                                                                                                                                                                           Screen Rate is not available on the Reuters Screen CDOR Page on any particular day for any particular  Interest  Period  (the  “Impacted  CDOR  Rate  Interest  Period”),  then  the  Canadian  dollar  offered  rate  component of such rate on that day shall be calculated as the applicable Interpolated Rate as of such time  on such day; or if such day is not a Business Day, then as so determined on the immediately preceding  Business Day.  “CDOR Rate,” when used with respect to a Loan or a Borrowing, shall refer to whether  such Loan, or the Loans comprising such Borrowing, bears interest at a rate determined by reference to  the CDOR Rate.          “CDOR Screen Rate” has the meaning set forth in the definition of “CDOR Rate.”          “Change in Control” means (a) the acquisition of ownership, directly or indirectly, beneficially or  of record, by any Person or group (within the meaning of the Securities Exchange Act of 1934 and the  rules  of the SEC thereunder as in effect on the date hereof) other than a Permitted Owner (as  defined  below),  of  Equity  Interests  representing  more  than  30%  of  the  aggregate  ordinary  voting  power  represented by the issued and outstanding Equity Interests of the Company; (b) occupation at any time of  a majority of the seats (other than vacant seats) on the board of directors of the Company by Persons who  were not (i) directors of the Company on the date of this Agreement or nominated or appointed by the  board of directors of the Company or (ii) appointed by directors so nominated or appointed; or (c) the  Company shall  cease to  own,  free  and  clear  of  all Liens  or  other  encumbrances,  at  least 100%  of  the  outstanding voting Equity Interests of the other Borrowers on a fully diluted basis; provided that nothing  in this definition shall be interpreted as permitting any transactions not otherwise permitted  under this  Agreement.  For purposes of this definition, “Permitted Owner” means any Person that owns (whether  directly or through any of its Affiliates), as of the Effective Date, Equity Interests representing more than  30% of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests of  the Company.           “Change in Law” means the occurrence after the date of this Agreement (or, with respect to any  Lender, such later date on which such Lender becomes a party to this Agreement) 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) compliance by any Lender or the Issuing Bank (or, for purposes of Section  2.15(b),  by  any  lending  office  of  such  Lender  or  by  such  Lender’s  or  the  Issuing  Bank’s  holding  company, if any) with any request, guideline, requirement or directive (whether or not having the force of  law)  of  any  Governmental  Authority  made  or  issued  after  the  date  of  this  Agreement;  provided  that,  notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer  Protection  Act  and  all  requests,  rules,  guidelines,  requirements  or  directives  thereunder  or  issued  in  connection therewith or in the implementation thereof, and (y) all requests, rules, guidelines, requirements  or directives promulgated by the  Bank for International Settlements, the  Basel Committee on Banking  Supervision (or any successor or similar authority) or the U.S. or foreign regulatory authorities, in each  case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date  enacted, adopted, issued or implemented.          “Charges” has the meaning assigned to such term in Section 9.17.          “Chase”  means  JPMorgan  Chase  Bank,  N.A.,  a  national  banking  association,  in  its  individual  capacity, and its successors.          “Class” refers  to whether such Loan, or the  Loans comprising such Borrowing, are  Revolving  Loans or Swingline Loans.          “Code” means the Internal Revenue Code of 1986, as amended from time to time.                                         8 

 

                                                                                                                                                                                                                                                   “Collateral” means any and all property owned, leased or operated by a Person covered by the  Collateral  Documents  and  any  and  all  other  property  of  any  Loan  Party,  now  existing  or  hereafter  acquired, that may at any time be, become or be intended to be, subject to a security interest or Lien in  favor of the Administrative Agent, on behalf of itself and the Lenders and other Secured Parties, to secure  the Secured Obligations.          “Collateral  Access  Agreements”  has  the  meaning  assigned  to  such  term  in  the Security  Agreements.           “Collateral Documents” means, collectively, the Security Agreements and any other agreements,  instruments  and  documents  executed  in  connection  with  this  Agreement  that  are  intended  to  create,  perfect  or  evidence  Liens  to  secure  the  Secured  Obligations,  including,  without  limitation,  all  other  security agreements, pledge  agreements, mortgages, deeds of trust, loan agreements,  notes, guarantees,  subordination  agreements,  pledges,  powers  of  attorney,  consents,  assignments,  contracts,  fee  letters,  notices, leases, financing statements  and  all other written  matter whether theretofore,  now or hereafter  executed by any Loan Party and delivered to the Administrative Agent.          “Commitment” means,  with  respect  to  each  Lender,  the amount  set  forth  on the Commitment  Schedule opposite such Lender’s name, or in the Assignment and Assumption or other documentation or  record (as such term is defined in Section 9-102(a)(70) of the New York Uniform Commercial Code) as  provided in Section 9.04(b)(ii)(C), pursuant to which such Lender shall have assumed its Commitment, as  applicable, as such Commitment may be reduced or increased from time to time pursuant to (a) Section  2.09 and (b) assignments by or to such Lender pursuant to Section 9.04; provided, that at no time shall the  Revolving Exposure of any Lender exceed its Commitment.  The initial aggregate amount of the Lenders’  Commitments is $100,000,000.          “Commitment Schedule” means the Schedule attached hereto identified as such.                “Commodity Exchange Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as  amended from time to time, and any successor statute.                “Communications” has the meaning assigned to such term in Section 8.03(c).         “Company” has  the  meaning  assigned  to  such  term  in  the  introductory paragraph  of  this  Agreement.           “Competitor” means any Person that is an operating company primarily engaged in substantially  similar business operations as a Borrower or other Loan Party.          “Compliance  Certificate” means a  certificate  of  a  Financial  Officer of  the  Borrower  Representative in substantially the form of Exhibit D.         “Connection Income Taxes” means Other Connection Taxes that are imposed on or measured by  net income (however denominated) or that are franchise Taxes or branch profits Taxes.                “Control” means  the  possession,  directly  or  indirectly,  of  the  power  to  direct  or  cause  the  direction of the management or policies of a Person, whether through the ability to exercise voting power,  by contract or otherwise.  “Controlling” and “Controlled” have meanings correlative thereto.                                            9 

 

                                                                                                                                                                                                                                                 “Credit Party” means the Administrative Agent, the Issuing Bank, the Swingline Lender or any  other Lender.                “Default” means  any  event  or  condition  which  constitutes an  Event  of  Default  or  which  upon  notice, lapse of time or both would, unless cured or waived, become an Event of Default.                      “Defaulting Lender” means any Lender that (a) has failed, within two Business Days of the date  required  to  be  funded  or  paid,  to  (i)  fund  any  portion  of  its  Loans,  (ii)  fund  any  portion  of  its  participations  in  Letters  of  Credit  or  Swingline  Loans  or  (iii)  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 any 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  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 as of the date of certification) to fund prospective Loans and participations in  then outstanding Letters of Credit and Swingline 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 (i) a Bankruptcy Event or (ii) a Bail-In Action.          “Disclosed Matters” means the actions, suits, proceedings and environmental matters disclosed in  Schedule 3.06.          “Disposition”  or  “Dispose”  means  the  sale,  transfer,  license,  lease  or other  disposition  (in  one  transaction or in a series of transactions and whether effected pursuant to a Division or otherwise) of any  property by any Person (including any sale and leaseback transaction), including any sale, assignment,  transfer or other disposal, with or without recourse, of any notes or accounts receivable or any rights and  claims associated therewith.                “Disqualified  Institutions” means  any  Person  that  is  (a)  designated  by the Borrower  Representative, by written notice delivered to the Administrative Agent on or prior to the Effective Date,  as a (i) disqualified institution or (ii) Competitor or (b) clearly identifiable, solely on the basis of such  Person’s  name,  as  an  Affiliate  of  any  Person  referred  to  in  clause  (a)(i)  or  (a)(ii)  above; provided,  however,  Disqualified  Institutions  shall  (A)  exclude  any  Person  that the Borrower Representative has  designated as no longer being a Disqualified Institution by written notice delivered to the Administrative  Agent from time  to time  and (B) include (I) any Person that is  added as a  Competitor or added as an  Affiliate  of  a  Competitor and  (II)  any  Person  that  is  clearly  identifiable,  solely  on  the  basis  of  such  Person’s name, as an Affiliate of any Person referred to in clause (B)(I), pursuant to a written supplement  to  the  list  of  Competitors  that  are  Disqualified  Institutions,  that  is  delivered  by the Borrower  Representative after the date hereof to the Administrative Agent.  Such supplement shall become effective  two  (2)  Business  Days  after  the  date  that  such  written  supplement  is  delivered  to the  Administrative  Agent, but which shall not apply retroactively to disqualify any Persons that have previously acquired an  assignment or participation interest in the Loans and/or Commitments as permitted herein.  In no event  shall a Bona Fide Debt Fund be a Disqualified Institution unless such Bona Fide Debt Fund is identified  under clause (a)(i) above.                                         10 

 

                                                                                                                                                                                                                                                   “Dividing Person” has the meaning assigned to it in the definition of “Division.”           “Division”  means  the  division  of  the  assets,  liabilities  and/or  obligations  of  a  Person  (the  “Dividing  Person”)  among  two  or  more  Persons  (whether  pursuant  to  a  “plan  of  division”  or  similar  arrangement), which may  or may not include the Dividing Person and pursuant to which the Dividing  Person may or may not survive.           “Division Successor” means any Person that, upon the consummation of a Division of a Dividing  Person,  holds  all  or  any  portion  of  the  assets,  liabilities  and/or  obligations  previously  held  by  such  Dividing  Person  immediately  prior  to  the  consummation  of  such  Division.   A  Dividing  Person  which  retains  any  of  its  assets,  liabilities  and/or  obligations  after  a  Division  shall  be  deemed  a  Division  Successor upon the occurrence of such Division.           “Document” has the meaning assigned to such term in the Security Agreements.          “Dollar  Equivalent” means,  for  any  amount,  at  the  time  of  determination  thereof,  (a)  if  such  amount is expressed in dollars, such amount, (b) if such amount is expressed in an Alternative Currency,  the equivalent of such amount in dollars determined by using the rate of exchange for the purchase of  dollars with the Alternative  Currency last provided (either by publication or otherwise provided to the  Administrative  Agent)  by  the  applicable  Thompson  Reuters  Corp.  (“Reuters”)  source  on  the  Business  Day (New York City time) immediately preceding the date of determination or if such service ceases to  be  available  or  ceases  to  provide  a  rate  of  exchange  for  the  purchase  of  dollars  with  the  Alternative  Currency, as provided by such other publicly available information service which provides that rate of  exchange at such time in place of Reuters chosen by the Administrative Agent in its sole discretion (or if  such service ceases  to be available  or ceases to provide  such  rate  of exchange,  the  equivalent of such  amount in dollars as determined by the Administrative Agent using any method of determination it deems  appropriate  in  its  sole  discretion)  and  (c)  if  such  amount  is  denominated  in  any  other  currency,  the  equivalent of such amount in dollars  as determined by the  Administrative  Agent using any  method of  determination it deems appropriate in its sole discretion.          “dollars” or “$” refers to lawful money of the U.S.          “EBITDA” means, for any period, Net Income for such period plus           (a)   without  duplication  and  to  the  extent  deducted  in  determining Net  Income  for  such              period, the sum of:               (i)   Interest Expense for such period,                (ii)  income tax expense for such period net of tax refunds,                (iii) all amounts attributable to depreciation and amortization expense for such period,                (iv)   (x) unusual or nonrecurring charges, severance, relocation costs, integration and                    facilities’ opening costs, retention or completion bonuses, transition costs, and                    costs related to closure/consolidation of facilities, and (y) restructuring charges,                    accruals or reserves (including restructuring costs in connection with Permitted                    Acquisitions),                                           11 

 

                                                                                                                                                                                                                                                       (v)   non-recurring out-of-pocket transactions fees, costs and expenses relating to                    Permitted Acquisitions or any attempted consummation of any Permitted                    Acquisition not to exceed $1,000,000 during such period,               (vi)  unrealized non-cash losses in such period due solely to fluctuations in currency                    values,               (vii) non-recurring out-of-pocket fees, costs and expenses (including legal costs)                    relating to environmental remediation,               (viii) non-cash expenses arising from grants of stock appreciation rights, stock                    performance rights, stock options or restricted stock or other equity instruments                    granted under the Company’s equity incentive plan,               (ix)  losses incurred in connection with the disposition or real property not in the                    ordinary course of business,                (x)   any other non-cash charges for such period (but excluding any non-cash charge                    in respect of an item that was included in Net Income in a prior period) and any                    non-cash charges that relate to the write-down or write-off of inventory, and               (xi)  fees and expenses incurred in connection with this Agreement;    minus           (b)   without duplication and to the extent included in Net Income,                (i)   unrealized non-cash gains in such period due solely to fluctuations in currency                    values,               (ii)  gains incurred in connection with the disposition or real property not in the                    ordinary course of business,               (iii) any cash payments made during such period in respect of non-cash charges                    described in clause (a)(x) taken in a prior period, and               (iv)  any unusual or nonrecurring gains and any non-cash items of income for such                    period;   all calculated for the Company and its Subsidiaries on a consolidated basis in accordance with GAAP.          “ECP” means an “eligible contract participant” as defined in Section 1(a)(18) of the Commodity  Exchange  Act  or  any  regulations  promulgated  thereunder  and  the  applicable  rules  issued  by  the  Commodity Futures Trading Commission and/or the SEC.            “EEA Financial Institution” means (a) any institution established in any EEA Member Country  which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA  Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any  institution established in an EEA Member Country which is a subsidiary of an institution described in  clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.                                            12 

 

                                                                                                                                                                                                                                                 “EEA  Member  Country”  means  any  of  the  member  states  of  the  European  Union,  Iceland,  Liechtenstein, and Norway.          “EEA Resolution Authority” means any public administrative authority or any Person entrusted  with  public  administrative  authority  of  any  EEA  Member  Country  (including  any  delegee)  having  responsibility for the resolution of any EEA Financial Institution.           “Effective Date” means the date on which the conditions specified in Section 4.01 are satisfied  (or waived in accordance with Section 9.02).          “Electronic Signature” means an electronic sound, symbol, or process attached to, or associated  with, a contract or other record and adopted by a Person with the intent to sign, authenticate or accept  such contract or record.         “Electronic System” means any electronic system, including e-mail, e-fax, web portal access for  the  Borrowers and  any other Internet or extranet-based  site,  whether such  electronic  system is  owned,  operated  or hosted  by the  Administrative  Agent or the  Issuing Bank and  any  of its  respective  Related  Parties or any other Person, providing for access to data protected by passcodes or other security system.           “Environmental  Laws”  means  all  laws, rules, regulations,  codes, orders-in-council, ordinances,  orders, decrees, judgments, injunctions, notices or binding agreements issued, promulgated or entered into  by  any  Governmental  Authority,  relating  in  any  way  to (i) the  environment, (ii) preservation  or  reclamation of natural resources, (iii) the management, Release or threatened Release of any Hazardous  Material or (iv) health and safety matters.          “Environmental Liability” means any liability, contingent or otherwise (including any liability for  damages, costs  of environmental remediation, fines, penalties or indemnities), of any Borrower or any  Subsidiary  directly  or  indirectly  resulting  from  or  based  upon  (a) any violation  of  any  Environmental  Law,  (b) the  generation,  use,  handling,  transportation,  storage,  treatment  or  disposal  of  any  Hazardous  Materials,  (c) any exposure  to  any  Hazardous  Materials,  (d) the  Release  or  threatened  Release  of  any  Hazardous Materials into the environment or (e) any contract, agreement or other consensual arrangement  pursuant to which liability is assumed or imposed with respect to any of the foregoing.          “Equipment” has the meaning assigned to such term in the Security Agreements.          “Equity Interests” means shares of capital stock, partnership interests, membership interests in a  limited liability company, beneficial interests in a trust or other equity ownership interests in a Person,  and any warrants, options or other rights entitling the holder thereof to purchase or acquire any of the  foregoing, but excluding any debt securities convertible into any of the foregoing.          “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time  to time, and the rules and regulations promulgated thereunder.          “ERISA Affiliate” means any trade or business (whether or not incorporated) that, together with a  Borrower, is treated as a single employer under Section 414(b) or (c) of the Code or, Section 4001(14) of  ERISA  or, solely  for purposes  of  Section  302  of  ERISA  and  Section  412  of  the  Code,  is  treated  as  a  single employer under Section 414 of the Code.          “ERISA Event” means (a) any “reportable event”, as defined in Section 4043 of ERISA or the  regulations  issued  thereunder, with respect  to  a  Plan  (other than  an  event  for which  the  30-day  notice  period is waived); (b) the failure of Borrower or any ERISA Affiliate to satisfy the “minimum funding                                         13 

 

                                                                                                                                                                                                                                           standard” (as defined in Section 412 of the Code or Section 302 of ERISA), whether or not waived; with  respect to a Plan, (c) the filing of Borrower or an ERISA Affiliate pursuant to Section 412(c) of the Code  or Section 302(c) of ERISA of an application for a waiver of the minimum funding standard with respect  to any Plan; (d) the incurrence by any Borrower or any ERISA Affiliate of any liability under Title IV of  ERISA  with  respect  to  the  termination  of  any  Plan;  (e) the  receipt  by  any  Borrower  or  any  ERISA  Affiliate from the PBGC or a plan administrator of any notice relating to an intention to terminate any  Plan or Plans or to appoint a trustee to administer any Plan; (f) the incurrence by any Borrower or any  ERISA Affiliate of any liability with respect to the withdrawal or partial withdrawal of any Borrower or  any ERISA Affiliate from any Plan or Multiemployer Plan; or (g) the  receipt by any Borrower or any  ERISA  Affiliate  of  any  notice,  or  the  receipt  by  any  Multiemployer  Plan  from  any  Borrower  or  any  ERISA Affiliate of any notice, concerning the imposition upon any Borrower or any ERISA Affiliate of  Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in  critical status, within the meaning of Title IV of ERISA.          “EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the  Loan Market Association (or any successor Person), as in effect from time to time.            “Eurodollar”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or  the  Loans comprising  such  Borrowing,  bear interest at a  rate  determined  by  reference  to the  Adjusted  LIBO Rate.          “Event of Default” has the meaning assigned to such term in Article VII.           “Excluded Swap Obligation” means, with respect to any Guarantor, any Swap Obligation if, and  to the extent that, all or a portion of the Guarantee of such Guarantor of, or the grant by such Guarantor of  a security interest to secure, such Swap Obligation (or any Guarantee thereof) is or becomes illegal under  the  Commodity  Exchange  Act or  any  rule,  regulation  or  order  of  the  Commodity  Futures  Trading  Commission (or the application or official interpretation of any thereof) by virtue  of such Guarantor’s  failure for any reason to constitute an ECP at the time the Guarantee of such Guarantor or the grant of  such security interest becomes or would become  effective  with respect to such Swap  Obligation.  If a  Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall  apply only to the portion of such Swap Obligation that is attributable to swaps for which such Guarantee  or security interest is or becomes illegal.         “Excluded Taxes” means any of the following Taxes imposed on or with respect to a Recipient or  required to be withheld or deducted from a payment to a Recipient: (a) Taxes imposed on or measured by  net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed  as a result of such Recipient being organized under the laws of, or having its principal office or, in the  case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any  political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, 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, Letter of Credit or Commitment pursuant to a law in effect on the date  on which (i) such Lender acquires such interest in the Loan, Letter of Credit or Commitment (other than  pursuant to an assignment request by the Borrowers under Section 2.19(b)) or (ii) such Lender changes its  lending office, except in each case to the extent that, pursuant to Section 2.17, amounts with respect to  such Taxes were payable either to such Lender’s assignor immediately before such Lender acquired the  applicable interest in a Loan, Letter of Credit or Commitment or to such Lender immediately before it  changed  its  lending  office,  (c)  Taxes  attributable  to  such  Recipient’s  failure to  comply  with  Section  2.17(f), (d) any withholding Taxes imposed under FATCA, and (e) Taxes payable under Part XIII of the  ITA that are imposed on amounts paid or credited to or for the account of the applicable Recipient as a  result of such Recipient (i) not dealing at arm’s length (within the meaning of the ITA) with any Loan                                         14 

 

                                                                                                                                                                                                                                           Party,  or (ii)  being  a  “specified  shareholder”  (as  defined  in  subsection  18(5)  of  the  ITA) of  any  Loan  Party or not dealing at arm’s length with such a specified shareholder for purposes of the ITA, except that  neither the Administrative Agent nor any Lender (as the case may be) shall be considered to be dealing at  non-arm’s  length  or  be  a  specified  shareholder  or  a  Person  not  at  arm’s  length  with  a  specified  shareholder, solely as a result of such  Person  having received or perfected a security interest under or  enforced this Agreement or any other Loan Document.          “Existing Letters of Credit” means the Letters of Credit set forth on Schedule 1.01 hereto.          “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, any applicable intergovernmental agreement entered into  between the United States and any other Governmental Authority in connection with the implementation  of the foregoing and any fiscal or regulatory legislation, rules or practices adopted pursuant to any such  intergovernmental  agreement,  or  any  treaty  or  convention  among  Governmental  Authorities  and  implementing the foregoing.           “Federal Funds Effective Rate” means, for any day, the rate calculated by the NYFRB based on  such  day’s  federal  funds  transactions  by  depositary  institutions, as  determined  in  such  manner  as  the  NYFRB shall set forth on its public  website  from time  to time, and  published on the  next succeeding  Business  Day  by  the  NYFRB  as  the  effective  federal  funds  rate, provided  that,  if  the  Federal  Funds  Effective Rate as so determined would be less than zero, such rate shall be deemed to be zero for the  purposes of this Agreement.            “Federal Reserve Board” means the Board of Governors of the Federal Reserve System of the  United States of America.          “Financial  Officer” means  the  chief  financial  officer,  principal  accounting  officer,  treasurer  or  controller of a Borrower.          “Fixed  Charge  Coverage  Ratio”  means,  for  any  period,  the  ratio  of  (a)  EBITDA  minus  Unfinanced  Capital  Expenditures  to  (b)  Fixed  Charges,  all  calculated  for  the Borrowers and  its  Subsidiaries on a consolidated basis in accordance with GAAP.  Operating leases that are reflected on the  consolidated  balance  sheet  of  the  Company  shall  be  excluded  for  purposes  of  calculating  the  Fixed  Charge Coverage Ratio.          “Fixed  Charges”  means,  for  any  period,  without  duplication,  cash  Interest  Expense, plus  scheduled principal payments on Indebtedness actually made, plus expense for taxes paid in cash, plus  Restricted Payments paid in cash by the Company, all calculated for the Company and its Subsidiaries  (other than with respect to Restricted Payments) on a consolidated basis in accordance with GAAP.          “Fixtures” has the meaning assigned to such term in the Security Agreements.          “Flood Laws” has the meaning assigned to such term in Section 8.10.          “Foreign Lender” means a Lender that is not a U.S. Person.           “Funding Account” has the meaning assigned to such term in Section 4.01(g).                                            15 

 

                                                                                                                                                                                                                                                 “GAAP” means generally accepted accounting principles in the U.S., in respect of the U.S. Loan  Parties, and in Canada, in respect of the Canadian Loan Parties.          “Governmental Authority” means the government of Canada, the U.S., any other nation or any  political  subdivision  thereof,  whether provincial,  territorial, 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.          “Guarantee” of or by any Person (the “guarantor”) means any obligation, contingent or otherwise,  of the guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other  obligation of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, and  including any obligation of the guarantor, direct or indirect, (a) to purchase or pay (or advance or supply  funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to advance  or  supply  funds  for  the  purchase  of)  any  security  for  the  payment  thereof,  (b) to  purchase  or  lease  property,  securities  or  services  for  the  purpose  of  assuring  the  owner  of  such  Indebtedness  or  other  obligation of the payment thereof, (c) to maintain working capital, equity capital or any other financial  statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such  Indebtedness or other obligation or (d) as an account party in respect of any letter of credit or letter of  guaranty issued to support such Indebtedness or obligation; provided that the term Guarantee shall not  include  endorsements  for  collection  or  deposit  in  the  ordinary course  of  business. The  amount  of  any  Guarantee shall be  deemed  to be  an amount equal to the  stated  or determinable  amount of the related  primary obligation, or portion thereof, in respect of which  such  Guarantee is made or, if not stated or  determinable, the maximum reasonably anticipated liability in respect thereof.            “Guaranteed Obligations” means, collectively, the U.S. Guaranteed Obligations and the Canadian  Guaranteed Obligations.                      “Guarantors” means  all  Loan  Guarantors  and  all  non-Loan  Parties  who  have  delivered  an  Obligation Guaranty, and the term “Guarantor” means each or any one of them individually.            “Hazardous Materials” means:  (a) any substance, material, or waste that is included within the  definitions  of “hazardous  substances,” “hazardous  materials,” “hazardous  waste,” “toxic  substances,”  “toxic  materials,” “toxic  waste,” or  words  of  similar  import  in  any  Environmental  Law;  (b)  those  substances  listed  as  hazardous  substances  by  the  United  States  Department  of  Transportation  (or  any  successor  agency)  (49  C.F.R.  172.101  and  amendments  thereto)  or  by  the  Environmental  Protection  Agency (or any successor agency) (40 C.F.R. Part 302 and amendments thereto); and (c) any substance,  material, or waste that is petroleum, petroleum-related, or a petroleum by-product, asbestos or asbestos- containing material, polychlorinated biphenyls, flammable, explosive, radioactive, freon gas, radon, or a  pesticide, herbicide, or any other agricultural chemical.           “IBA” has the meaning assigned to such term in Section 1.05.           “Impacted CDOR Rate Interest Period” has the meaning assigned to such term in the definition of  “CDOR Rate.”          “Impacted Interest Period” means an Impacted LIBO Rate Interest Period or an Impacted CDOR  Rate Interest Period, as applicable.          “Impacted LIBO Rate Interest Period” has the meaning assigned to such term in the definition of  “LIBO Rate.”                                            16 

 

                                                                                                                                                                                                                                                 “Indebtedness” of any Person means, without duplication, (a) all obligations of such Person for  borrowed money or with respect to deposits or advances of any kind, (b) all obligations of such Person  evidenced  by  bonds,  debentures,  notes  or  similar  instruments,  (c) all  obligations  of  such  Person  upon  which interest charges are customarily paid, (d) all obligations of such Person under conditional sale or  other title retention agreements relating to property acquired by such Person, (e) all obligations of such  Person  in  respect  of  the  deferred  purchase  price  of  property  or  services  (excluding  current  accounts  payable,  trade  accounts  and  accrued  expenses incurred  in  the  ordinary  course  of  business),  (f) all  Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right,  contingent  or  otherwise,  to  be  secured  by)  any  Lien  on  property  owned  or  acquired  by  such  Person,  whether or not the Indebtedness secured thereby has been assumed, (g) all Guarantees by such Person of  Indebtedness of others, (h) all Capital Lease Obligations of such Person, (i) all obligations, contingent or  otherwise, of such Person as an account party in respect of letters of credit and letters of guaranty, (j) all  obligations,  contingent  or  otherwise,  of  such  Person  in  respect  of  bankers’  acceptances,  and  (k)  obligations under any earn-out (which for all purposes of this Agreement, shall be valued in accordance  with  GAAP) and  (1)  any  other  Off-Balance  Sheet  Liability and  (m)  obligations,  whether  absolute  or  contingent  and  howsoever  and  whensoever  created,  arising,  evidenced  or  acquired  (including  all  renewals,  extensions  and  modifications  thereof  and  substitutions  therefor),  under  (i)  any  and  all  Swap  Agreements, and (ii) any and all cancellations, buy backs, reversals, terminations or assignments of any  Swap Agreement transaction.  The Indebtedness of any Person shall include the Indebtedness of any other  entity (including any partnership in which such Person is a general partner) to the extent such Person is  liable therefor as a result of such Person’s ownership interest in or other relationship with such entity,  except to the extent the terms of such Indebtedness provide that such Person is not liable therefor.          “Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to  any payment made by or on account of any obligation of any Loan Party under any Loan Document and  (b) to the extent not otherwise described in the foregoing clause (a), Other Taxes.          “Indemnitee” has the meaning assigned to such term in Section 9.03(b).          “Ineligible Institution” has the meaning assigned to such term in Section 9.04(b).          “Information” has the meaning assigned to such term in Section 9.12.                “Insolvency Laws” means each of the Bankruptcy Code, the Bankruptcy and Insolvency Act  (Canada), the Companies’ Creditors Arrangement Act (Canada) and the Winding-Up and Restructuring  Act (Canada), in each case as amended, and any other applicable state, provincial, territorial, foreign or  federal bankruptcy laws, each as now and hereafter in effect, any successors to such statutes and any other  applicable insolvency or other similar law of any jurisdiction, including any corporate law of any  jurisdiction permitting a debtor to obtain a stay or a compromise of the claims of its creditors against it  and including any rules and regulations pursuant thereto.           “Interest  Election  Request” means  a  request  by  the Borrower Representative to  convert  or  continue a Revolving Borrowing in accordance with Section 2.08, which shall be substantially in the form  of Exhibit B-2 hereto or any other form approved by the Administrative Agent.          “Interest  Expense”  means,  with  reference  to  any  period,  total  interest  expense  (including  that  attributable to Capital Lease Obligations) of the Borrowers and their Subsidiaries for such period with  respect  to  all  outstanding  indebtedness  of  the  Borrowers  and  their  Subsidiaries  (including  all  commissions, discounts and other fees  and charges owed  with respect to letters of credit and  bankers’  acceptances and net costs under Swap Agreements in respect of interest rates, to the extent such net costs                                          17 

 

                                                                                                                                                                                                                                           are  allocable  to  such  period  in  accordance  with  GAAP),  all  calculated  for  the  Borrower  and  their  Subsidiaries on a consolidated basis for such period in accordance with GAAP.                      “Interest Payment Date” means (a) with respect to any ABR Loan (other than a Swingline Loan)  or any Canadian  Prime  Rate  Loan,  the first Business  Day of each  calendar quarter and  the Revolving  Credit Maturity Date and (b) with respect to any Eurodollar Loan or any CDOR Rate Loan, the last day of  each Interest  Period  applicable  to  the  Borrowing  of  which  such  Loan  is  a  part  and  in  the  case  of  a  Eurodollar  Borrowing  with  an  Interest  Period  of  more  than  three  months’ duration or  a  CDOR  Rate  Borrowing with an Interest Period of more than 90 days’ duration, each day prior to the last day of such  Interest Period that occurs at intervals of three months’ duration after the first day of such Interest Period  and the Revolving Credit Maturity Date, and (c) with respect to any Swingline Loan, the day that such  Loan is required to be repaid and the Revolving Credit Maturity Date.           “Interest Period” means (a) with respect to any Eurodollar Borrowing, the period commencing on  the date of such Eurodollar Borrowing and ending on the numerically corresponding day in the calendar  month that is one, three or six months thereafter, as the Borrower Representative may elect and (b) with  respect to any CDOR Rate Borrowing, the period commencing on the date of such Borrowing and ending  on the date that is 30, 60, 90 or 180 days thereafter, as the Borrower Representative may elect; provided  that (i) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be  extended to the next succeeding Business Day unless such next succeeding Business Day would fall in  the next calendar month, in which case such Interest Period shall end on the next preceding Business Day  and (ii) any Interest Period that commences on the last Business Day of a calendar month (or on a day for  which there is no numerically corresponding day in the last calendar month of such Interest Period) shall  end on the last Business Day of the last calendar month of such Interest Period.  For purposes hereof, the  date of a Borrowing initially shall be the date on which such Borrowing is made and thereafter, in the case  of a Revolving Borrowing, shall be the effective date of the most recent conversion or continuation of  such Borrowing.           “Interpolated Rate” means, at any time, for any Interest Period, the rate per annum (rounded to  the  same  number  of  decimal  places  as  the applicable Screen  Rate)  determined  by  the  Administrative  Agent (which determination shall be conclusive and binding absent manifest error) to be equal to the rate  that results from interpolating on a linear basis between: (a) the applicable Screen Rate for the longest  period (for which the applicable Screen Rate is available) that is shorter than the Impacted Interest Period  and  (b)  the applicable Screen  Rate  for  the  shortest  period  (for  which  the applicable Screen  Rate  is  available)  that  exceeds  the  Impacted  Interest  Period,  in  each  case,  at  such  time;  provided  that,  if  any  Interpolated  Rate  shall  be  less  than  zero,  such  rate  shall  be  deemed  to  be  zero  for  purposes  of  this  Agreement.            “IRS” means the United States Internal Revenue Service.          “Issuing  Bank” means,  individually  and  collectively,  each  of (i) Chase, in  its  capacity  as  the  issuer of Letters of Credit hereunder, (ii) CIBC Bank USA solely with respect to the Existing Letters of  Credit, and (iii) any other Revolving Lender from time to time designated by the Borrower Representative  as an Issuing Bank, with the consent of such Revolving Lender and the Administrative Agent, and their  respective successors  in  such  capacity  as  provided  in  Section 2.06(i).   Any  Issuing  Bank  may,  in  its  discretion, arrange for one or more Letters of Credit to be issued by its Affiliates, in which case the term  “Issuing Bank” shall include any such Affiliate with respect to Letters of Credit issued by such Affiliate  (it  being  agreed  that  such  Issuing  Bank  shall,  or  shall  cause  such  Affiliate  to,  comply  with  the  requirements of Section 2.06 with respect to such Letters of Credit).  At any time there is more than one  Issuing  Bank,  all  singular  references  to  the  Issuing  Bank  shall  mean  any  Issuing  Bank,  either  Issuing                                          18 

 

                                                                                                                                                                                                                                           Bank, each Issuing Bank, the Issuing Bank that has issued the applicable Letter of Credit, or both (or all)  Issuing Banks, as the context may require.          “Issuing Bank Sublimit” means, as of the Effective Date, (i) $15,000,000, in the case of Chase  and (ii) such amount as shall be designated to the Administrative Agent and the Borrower Representative  in writing by an Issuing Bank; provided that any Issuing Bank shall be permitted at any time to increase  or  reduce  its  Issuing  Bank  Sublimit  upon  providing  five  (5)  days’  prior  written  notice  thereof  to  the  Administrative Agent and the Borrowers.          “ITA” means the Income Tax Act (Canada), as amended.          “Joinder Agreement” means a Joinder Agreement in substantially the form of Exhibit E.          “LC Collateral Account” has the meaning assigned to such term in Section 2.06(j).          “LC Disbursement” means any payment made by an Issuing Bank pursuant to a Letter of Credit.          “LC Exposure” means, at any time, the sum of (a) the aggregate undrawn Dollar Equivalent of all  outstanding Letters of Credit plus (b) the aggregate Dollar Equivalent of all LC Disbursements relating to  Letters of Credit that have not yet been reimbursed by or on behalf of the Borrowers.  The LC Exposure  of any Lender at any time shall be its Applicable Percentage of the aggregate LC Exposure at such time.         “Lenders” means the Persons listed on the Commitment Schedule and any other Person that shall  have  become  a  Lender  hereunder  pursuant  to  Section  2.09  or an  Assignment  and  Assumption or  otherwise, other than any such Person that ceases to be a Lender hereunder pursuant to an Assignment  and  Assumption or otherwise.  Unless the  context otherwise requires,  the  term “Lenders” includes the  Swingline Lender and the Issuing Bank.           “Letters of Credit” means the Existing Letters of Credit and the letters of credit issued pursuant to  this Agreement, and the term “Letter of Credit” means any one of them or each of them singularly, as the  context may require.          “Letter of Credit Agreement” has the meaning assigned to it in Section 2.06(b).          “LIBO Rate” means, with respect to any Eurodollar Borrowing for any applicable Interest Period  or for any ABR Borrowing, the LIBO Screen Rate at approximately 11:00 a.m., London time, two (2)  Business Days prior to the commencement of such Interest Period; provided that, if the LIBO Screen Rate  shall not be available at such time for such Interest Period (an “Impacted LIBO Rate Interest Period”),  then  the  LIBO  Rate  shall  be  the  Interpolated  Rate,  subject  to  Section  2.14  in  the  event  that  the  Administrative  Agent  shall  conclude  that  it  shall  not  be  possible  to  determine  such  Interpolated  Rate  (which conclusion shall be conclusive and binding absent manifest error).  Notwithstanding the above, to  the extent that “LIBO Rate” or “Adjusted LIBO Rate” is used in connection with an ABR Borrowing,  such rate shall be determined as modified by the definition of Alternate Base Rate.         “LIBO Screen Rate” means, for any day and time, with respect to any Eurodollar Borrowing for  any Interest Period or for any ABR Borrowing, the London interbank offered rate as administered by ICE  Benchmark  Administration  (or  any  other  Person  that  takes  over  the  administration  of such  rate  for  Dollars) for a period equal in length to such Interest Period as displayed on such day and time on pages  LIBOR01 or LIBOR02 of the Reuters screen that displays such rate (or, in the event such rate does not  appear on a Reuters page or screen, on any successor or substitute page on such screen that displays such  rate, or on the appropriate page of such other information service that publishes such rate from time to                                         19 

 

                                                                                                                                                                                                                                           time  as  selected  by  the  Administrative  Agent  in  its  reasonable  discretion); provided  that,  if  the  LIBO  Screen  Rate as  so  determined  would be  less  than  zero,  such  rate  shall  be  deemed  to be zero  for  the  purposes of this Agreement.         “Lien” means,  with  respect  to  any  asset,  (a) any  mortgage,  deed  of  trust,  lien,  pledge,  hypothecation, encumbrance, charge or security interest in, on or of such asset and  (b) the interest of a  vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any  financing lease having substantially the same economic effect as any of the foregoing) relating to such  asset.                “Loan Documents” means, collectively, this Agreement, each promissory note issued pursuant to  this Agreement, each Letter  of  Credit  Agreement, each Collateral  Document,  the  Loan  Guaranty, any  Obligation Guaranty, and each  other  agreement,  instrument,  document  and  certificate executed  and  delivered  to,  or  in  favor  of, the  Administrative Agent  or  any  Lender and including each  other  pledge,  power  of  attorney,  consent,  assignment,  contract,  notice,  letter  of  credit  agreement,  letter  of  credit  applications and any agreements between the Borrower Representative and the Issuing Bank regarding  the Issuing Bank’s Issuing Bank Sublimit or the respective rights and obligations between the Borrower  and the Issuing Bank in connection with the issuance of Letters of Credit, and each other written matter  whether heretofore, now or hereafter executed by or on behalf of any Loan Party, or any employee of any  Loan Party, and delivered to the Administrative Agent or any Lender in connection with this Agreement  or the transactions contemplated hereby.  Any reference in this Agreement or any other Loan Document  to  a  Loan  Document  shall  include  all  appendices,  exhibits  or  schedules  thereto,  and  all  amendments,  restatements, supplements or other modifications thereto, and shall refer to this Agreement or such Loan  Document as the same may be in effect at any and all times such reference becomes operative.                       “Loan Guarantor” means each Loan Party.                      “Loan Guaranty” means Article X of this Agreement.                “Loan  Parties” means, individually  and collectively, as  the  context  may  require, the Canadian  Loan Parties and the U.S. Loan Parties.          “Loans” means  the  loans  and  advances  made  by  the  Lenders  pursuant  to  this  Agreement,  including Swingline Loans.          “Margin  Stock” means  margin  stock  within  the  meaning  of  Regulations  T,  U  and  X,  as  applicable.           “Material Adverse Effect” means a material adverse effect on (a) the business, assets, operations  or financial condition of the Borrowers and their Subsidiaries taken as a whole, (b) the ability of any Loan  Party to perform any of its Obligations, (c) the Collateral, or the Administrative Agent’s Liens (on behalf  of itself and the other Secured Parties) on the Collateral or the priority of such Liens, or (d) the rights of  or benefits available to the Administrative Agent, the Issuing Bank or the Lenders under any of the Loan  Documents.          “Material Acquisition” means any acquisition with an aggregate total consideration in excess of  $20,000,000.          “Material  Indebtedness” means  Indebtedness  (other  than  the  Loans  and  Letters  of  Credit),  or  obligations  in respect  of  one  or  more  Swap  Agreements,  of  any  one  or  more  of  the Company  and  its  Subsidiaries in  an  aggregate  principal  amount  exceeding $5,000,000.  For  purposes  of  determining                                         20 

 

                                                                                                                                                                                                                                           Material  Indebtedness,  the “principal  amount” of  the  obligations  of a Borrower  or  any  Subsidiary in  respect of any Swap Agreement at any time shall be the maximum aggregate amount (giving effect to any  netting  agreements)  that  such  Borrower  or  such  Subsidiary  would  be  required  to  pay  if  such  Swap  Agreement were terminated at such time.          “Maximum Rate” has the meaning assigned to such term in Section 9.17.          “Moody’s” means Moody’s Investors Service, Inc.          “Multiemployer Plan” means a multiemployer plan as defined in Section 4001(a)(3) of ERISA.                 “Net Income” means,  for any period, the  consolidated  net income  (or loss) determined for the  Company  and  its  Subsidiaries,  on  a  consolidated  basis  in  accordance  with  GAAP; provided that  there  shall  be  excluded  (a)  the  income  (or  deficit)  of  any  Person  accrued  prior  to  the  date  it  becomes  a  Subsidiary or is merged into or consolidated with the Company or any Subsidiary, and (b) the income (or  deficit)  of  any  Person  (other  than  a  Subsidiary)  in  which  the  Company  or  any  Subsidiary  has  an  ownership interest, except to the extent that any such income is actually received by the Company or such  Subsidiary in the form of dividends or similar distributions.         “Non-Consenting Lender” has the meaning assigned to such term in Section 9.02(d).                “NYFRB” means the Federal Reserve Bank of New York.          “NYFRB Rate” means, for any day, the greater of (a) the Federal Funds Effective Rate in effect  on such day and (b) the Overnight Bank Funding Rate in effect on such day (or for any day that is not a  Business Day,  for  the  immediately  preceding  Business Day);  provided  that  if  none  of  such  rates  are  published for any day that is a Business Day, the term “NYFRB Rate” means the rate for a federal funds  transaction quoted at 11:00 a.m. on such day received by the Administrative Agent from a federal funds  broker  of recognized  standing  selected  by  it;  provided,  further,  that if  any  of  the  aforesaid rates as so  determined would be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.          “Obligated Party” has the meaning assigned to such term in Section 10.02.          “Obligation  Guaranty” means  any  Guarantee  of  all  or  any  portion  of  the  Secured  Obligations  executed and delivered to the Administrative Agent for the benefit of the Secured Parties by a guarantor  who is not a Loan Party.                      “Obligations” means all unpaid principal of and accrued and unpaid interest on the Loans, all LC  Exposure,  all  accrued  and  unpaid fees and  all  expenses,  reimbursements,  indemnities  and  other  obligations and indebtedness (including interest and fees accruing during the pendency of any bankruptcy,  insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such  proceeding),  obligations  and  liabilities  of  any  of  the Loan  Parties to  any  of  the  Lenders,  the  Administrative Agent, the Issuing Bank or any indemnified party, individually or collectively, existing on  the Effective Date or arising thereafter, direct or indirect, joint or several, absolute or contingent, matured  or unmatured, liquidated or unliquidated, secured or unsecured, arising by contract, operation of law or  otherwise, arising or incurred under this Agreement or any of the other Loan Documents or in respect of  any of the Loans made or reimbursement or other obligations incurred or any of the Letters of Credit or  other instruments at any time evidencing any thereof.                                            21 

 

                                                                                                                                                                                                                                                 “OFAC”  means the Office  of  Foreign  Assets  Control  of  the  United  States  Department  of  the  Treasury.         “Off-Balance Sheet Liability” of a Person means (a) any repurchase obligation or liability of such  Person with respect to accounts or notes receivable sold by such Person or (b) any indebtedness, liability  or obligation under any so-called “synthetic lease” transaction entered into by such Person.                 “Other Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of a  present  or  former  connection  between  such  Recipient  and  the  jurisdiction  imposing such  Taxes  (other  than a connection arising from such Recipient having executed, delivered, become a party to, performed  its obligations under, received payments under, received or perfected a security interest under, engaged in  any other transaction pursuant to, or enforced, any Loan Document, or sold or assigned an interest in any  Loan, Letter of Credit, or any Loan Document).           “Other  Taxes” means  all present  or  future  stamp,  court  or  documentary,  intangible,  recording,  filing  or  similar  Taxes  that  arise  from  any  payment  made  under,  from  the  execution,  delivery,  performance, enforcement or registration of, from the receipt or perfection of a security interest under, or  otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes  imposed with respect to an assignment (other than an assignment made pursuant to Section 2.19).          “Overnight Bank Funding Rate” means, for any day, the rate comprised of both overnight federal  funds and overnight Eurodollar borrowings by U.S.-managed banking offices of depository institutions  (as such composite rate shall be determined by the NYFRB as set forth on its public website from time to  time) and published on the next succeeding Business Day by the NYFRB as an overnight bank funding  rate.                 “Paid  in  Full”  or  “Payment  in  Full”  means,  (i)  the  indefeasible  payment  in  full  in  cash  of  all  outstanding  Loans  and  LC  Disbursements,  together  with  accrued  and  unpaid  interest  thereon,  (ii)  the  termination, expiration, or cancellation and return of all outstanding Letters of Credit (or alternatively,  with respect to each such Letter of Credit, the furnishing to the Administrative Agent of a cash deposit, or  at  the  discretion  of  the  Administrative  Agent  a  back  up  standby  letter  of  credit  satisfactory  to  the  Administrative Agent and the Issuing Bank, in an amount equal to 103% of the LC Exposure as of the  date of such payment), (iii) the indefeasible payment in full in cash of the accrued and unpaid fees, (iv)  the indefeasible payment in full in cash of all reimbursable expenses and other Secured Obligations (other  than Unliquidated Obligations for which no claim has been made and other obligations expressly stated to  survive  such  payment  and  termination  of  this  Agreement),  together  with  accrued  and  unpaid  interest  thereon,  (v)  the  termination  of  all  Commitments,  and  (vi)  the  termination  of  the  Swap  Agreement  Obligations and the Banking Services Obligations or entering into other arrangements satisfactory to the  Secured Parties counterparties thereto.           “Parent” means, with respect to any Lender, any Person as to which such Lender is, directly or  indirectly, a subsidiary.                “Participant” has the meaning assigned to such term in Section 9.04(c).          “Participant Register” has the meaning assigned to such term in Section 9.04(c).           “PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and  any successor entity performing similar functions.                                            22 

 

                                                                                                                                                                                                                                                 “Permitted  Acquisition”  means any Acquisition  by  any  Loan  Party or  any  Subsidiary in  a  transaction that satisfies each of the following requirements:          (a)   such Acquisition is not a hostile or contested acquisition;         (b)   the  business  acquired  in  connection  with  such  Acquisition  is  not  engaged,  directly  or              indirectly, in any line of business other than the businesses in which the Loan Parties are              engaged on the Effective Date and any business activities that are substantially similar,              related, ancillary or incidental thereto;         (c)   both immediately before and immediately after giving effect to such Acquisition and the              Loans (if any) requested to be made in connection therewith, no Default shall exist;         (d)   at least twenty (20) days prior to any Acquisition with total consideration equal to or in              excess of $20,000,000 (or such shorter time as may be agreed to by the Administrative              Agent  in  its  discretion), the  Borrower  Representative  has  provided  the  Administrative              Agent (i) notice  of such  Acquisition and (ii) copies of the  draft acquisition documents              together  with  a  due  diligence  package reasonably  satisfactory  to  the  Administrative              Agent;         (e)   each  Acquisition shall be  made  by  a  Borrower  or  a  Guarantor and  structured  as  (i) an              asset acquisition of all or substantially all of the assets of the applicable target (or all or              substantially all of a line or lines of business of target) by a Loan Party, (ii) a merger or              amalgamation of a target with and into a Borrower or such Guarantor with the Borrower              or Guarantor as the survivor, or (iii) a purchase of substantially all of the voting Equity              Interests of the applicable target;         (f)   if  such  Acquisition  involves  a  merger or  amalgamation or  a  consolidation  involving  a              Borrower or any other Loan Party, such Borrower or such Loan Party, as applicable, shall              be the surviving entity;         (g)   excluding non-recurring integration charges, the target of such Acquisition must have a              positive pro forma adjusted EBITDA;         (h)   both before and after giving effect to the consummation of the Acquisition and the Loans              (if  any)  requested  to  be  made  in  connection  therewith  on  a  pro  forma  basis,  (i)  the              Borrowers will be in compliance, on a pro forma basis, with the covenants contained in              Section 6.12, calculated based upon financial results  for the  most recent determination              period for which financial statements have been delivered pursuant to Section 5.01, (ii)              the Total Net Leverage Ratio shall not be greater than 0.25 less than the then applicable              Total  Net Leverage  Ratio  covenant  compliance  level permitted  pursuant  to              Section 6.12(b) for  the then  applicable covenant  compliance  test  date  (on  a  pro  forma              basis, calculated based upon financial results for the most recent determination period for              which financial  statements have  been delivered  pursuant  to  Section 5.01) and  (iii)  the              sum of Availability plus unrestricted cash and cash equivalents of the Loan Parties shall              not be less than $10,000,000;         (i)   all actions required to be taken with respect to any newly acquired or formed Subsidiary              of a Borrower or a Loan Party, as applicable, required under Section 5.13 shall have been              taken; and                                          23 

 

                                                                                                                                                                                                                                                 (j)   at least five (5) Business Days prior to any Acquisition with total consideration in excess              of $20,000,000 (or such shorter time as may be agreed to by the Administrative Agent in              its discretion), the Borrower Representative shall provide a certificate (i) certifying that              all  of  the  requirements  for  a  Permitted Acquisition will  be  satisfied  on  or  prior  to  the              consummation  of  such  Acquisition  and  (ii) a  reasonably  detailed  calculation  of  the              requirements set forth in clause (h) above.         “Permitted Encumbrances” means:                (a)  Liens  imposed  by  law  for Taxes  that  are not  yet  due  or  are  being  contested  in        compliance with Section 5.04;                (b)  carriers’,  warehousemen’s,  mechanics’,  materialmen’s,  repairmen’s  and  other  like        Liens imposed by law, arising in the ordinary course of business and securing obligations that are        not overdue by more than sixty (60) days or are being contested in compliance with Section 5.04;                (c)  pledges  and  deposits  made  in  the  ordinary  course  of  business  in  compliance  with        workers’ compensation, unemployment insurance and other social security laws or regulations;                (d)  deposits  to  secure  the  performance  of  bids,  trade  contracts,  leases,  statutory        obligations, surety and appeal bonds, performance bonds and other obligations of a like nature, in        each case in the ordinary course of business;                      (e) judgment Liens in  respect  of judgments  that  do  not  constitute  an  Event  of Default        under clause (k) of Article VII; and                      (f)  easements,  zoning  restrictions,  rights-of-way  and  similar  encumbrances  on  real        property  imposed  by  law  or  arising  in  the  ordinary  course  of  business  that  do  not  secure  any        monetary  obligations  and  do  not  materially  detract  from  the  value  of  the  affected  property  or        interfere with the ordinary conduct of business of any Borrower or any Subsidiary;                 provided  that  the  term “Permitted  Encumbrances” shall  not  include  any  Lien  securing  Indebtedness, except with respect to clause (e) above.          “Permitted Investments” means:                (a)  direct  obligations  of,  or  obligations  the  principal  of  and  interest  on  which  are        unconditionally guaranteed by, the U.S. or the federal government of Canada (or by any agency        thereof to the extent such obligations are backed by the full faith and credit of the U.S. or the        federal  government  of  Canada),  in  each  case  maturing  within  one  year  from  the  date  of        acquisition thereof;                (b)  investments  in  commercial paper  maturing  within  270  days  from  the  date  of        acquisition thereof  and  having,  at  such  date  of acquisition, the  highest  credit  rating  obtainable        from S&P or from Moody’s;                (c)  investments  in  certificates  of  deposit,  bankers’  acceptances  and  time  deposits        maturing within 180 days from the date of acquisition thereof issued or guaranteed by or placed        with,  and  money  market  deposit  accounts  issued  or  offered  by,  any  domestic  office  of  any        commercial  bank  organized  under  the  laws  of  the  U.S. or  Canada or  any  state,  province  or                                          24 

 

                                                                                                                                                                                                                                                 territory thereof which has a combined capital and surplus and undivided profits of not less than        $500,000,000;                (d) fully collateralized repurchase agreements with a term of not more than 30 days for        securities described in clause (a) above and entered into with a financial institution satisfying the        criteria described in clause (c) above; and                (e)  money  market  funds  that  (i)  comply  with  the  criteria  set  forth  in  Securities  and        Exchange Commission Rule 2a-7 under the Investment Company Act of 1940, (ii) are rated AAA        by S&P and Aaa by Moody’s and (iii) have portfolio assets of at least $5,000,000,000.          “Person”  means  any  natural  person,  corporation,  limited or  unlimited liability  company,  trust,  joint venture, association, company, partnership, Governmental Authority or other entity.          “Plan” means any employee pension benefit plan (other than a Multiemployer Plan) subject to the  provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of  which any Borrower or  any  ERISA  Affiliate  is  (or,  if  such  plan  were  terminated,  would  under  Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA.          “Plan Asset Regulations” means 29 CFR § 2510.3-101 et seq., as modified by Section 3(42) of  ERISA, as amended from time to time.           “PPSA” means the Personal Property Security Act British Columbia, including the regulations  thereto, provided that, if validity, perfection or the effect of perfection or non-perfection or the priority of  any Lien created hereunder on the Collateral is governed by the personal property security legislation or  other applicable legislation with respect to personal property security in effect in a jurisdiction other than  British Columbia, “PPSA” means the Personal Property Security Act or such other applicable legislation  in effect from time to time in such other jurisdiction for purposes of the provisions hereof relating to such  validity, perfection, effect of perfection or non-perfection or priority.          “Prime  Rate” means  the  rate  of interest last  quoted  by  The  Wall  Street Journal  as  the  “Prime  Rate” in the U.S. or, if The Wall Street Journal ceases to quote such rate, the highest per annum interest  rate published by the Federal Reserve Board in Federal Reserve Statistical Release H.15 (519) (Selected  Interest Rates) as the “bank prime loan” rate or, if such rate is no longer quoted therein, any similar rate  quoted therein (as determined by the Administrative Agent) or any similar release by the Federal Reserve  Board (as  determined  by the  Administrative  Agent). Each  change  in the  Prime  Rate  shall  be  effective  from and including the date such change is publicly announced or quoted as being effective.            “Projections” has the meaning assigned to such term in Section 5.01(d).          “PTE” means a prohibited transaction class exemption issued by the U.S. Department of Labor,  as any such exemption may be amended from time to time.          “Qualified ECP Guarantor” means, in respect of any Swap Obligation, each Loan Party that has  total assets exceeding $10,000,000 at the time the relevant Loan Guaranty or grant of the relevant security  interest becomes or would become effective with respect to such Swap Obligation or such other person as  constitutes  an “eligible  contract  participant” under  the  Commodity  Exchange  Act  or  any  regulations  promulgated thereunder and can cause another person to qualify as an “eligible contract participant” at  such time by entering into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.                                             25 

 

                                                                                                                                                                                                                                                 “Recipient” means,  as  applicable,  (a)  the  Administrative  Agent,  (b)  any  Lender  and  (c) any  Issuing Bank, or any combination thereof (as the context requires).          “Register” has the meaning assigned to such term in Section 9.04(b).                      “Regulation D” means Regulation D of the Federal Reserve Board, as in effect from time to time  and all official rulings and interpretations thereunder or thereof.          “Regulation T” means Regulation T of the Federal Reserve Board, as in effect from time to time  and all official rulings and interpretations thereunder or thereof.          “Regulation U” means Regulation U of the Federal Reserve Board, as in effect from time to time  and all official rulings and interpretations thereunder or thereof.                “Regulation X” means Regulation X of the Federal Reserve Board, as in effect from time to time  and all official rulings and interpretations thereunder or thereof.            “Related Parties” means, with respect to any specified Person, such Person’s Affiliates and the  respective directors, officers, partners, members, trustees, employees, agents, administrators, managers,  representatives and advisors of such Person and such Person’s Affiliates.          “Release” means  any  releasing,  spilling,  leaking,  pumping,  pouring,  emitting,  emptying,  discharging,  injecting,  escaping,  leaching,  migrating,  disposing,  or  dumping  of  any  substance  into  the  environment.          “Report” means  reports  prepared  by  the  Administrative  Agent  or  another  Person  showing  the  results of audits pertaining to the assets of the Loan Parties from information furnished by or on behalf of  the Borrowers,  after  the  Administrative  Agent  has  exercised  its  rights  of  inspection  pursuant  to  this  Agreement, which Reports may be distributed to the Lenders by the Administrative Agent.          “Required  Lenders”  means,  subject  to  Section  2.20,  at  any  time,  Lenders  having Revolving  Exposure and  Unfunded  Commitments  representing more  than 50%  of  the  sum  of  the  Aggregate  Revolving Exposure and Unfunded Commitments at such time; provided that, (i) as long as there are only  two  Lenders,  Required  Lenders  shall  mean  both  Lenders and  (ii) at  any  time there  are  three or  more  Lenders, Required Lenders shall mean at least two Lenders (Lenders that are Affiliates of one another  being  considered  as  one  Lender  for  purposes  of  this  proviso); provided  further that  the  Revolving  Exposure  of  any  Lender  that  is the Swingline  Lender  shall  be  deemed  to  exclude  any  amount  of  its  Swingline Exposure in excess of its Applicable Percentage of all outstanding Swingline Loans, adjusted  to give effect to any reallocation under Section 2.20 of the Swingline Exposures of Defaulting Lenders in  effect at such time, and the Unfunded Commitment of such Lender shall be determined on the basis of its  Revolving Exposure excluding such excess amount.            “Requirement of Law” means, with respect to any Person, (a) the charter, articles or certificate of  organization or incorporation and bylaws or operating, management or partnership agreement, or other  organizational or governing documents of such Person and (b) any statute, law (including common law),  treaty, rule, regulation, code, ordinance, order, decree, writ, judgment, injunction or determination of any  arbitrator  or  court  or  other  Governmental  Authority  (including  Environmental  Laws),  in  each  case  applicable to or binding upon such Person or any of its property or to which such Person or any of its  property is subject.                                                        26 

 

                                                                                                                                                                                                                                                 “Responsible  Officer”  means  the  president,  Financial  Officer  or  other  executive  officer  of a  Borrower.          “Restricted  Payment” means  any  dividend  or  other  distribution  (whether  in  cash,  securities  or  other property) with respect to any Equity Interest in any Borrower or any Subsidiary, or any payment  (whether in cash, securities or other property), including any sinking fund or similar deposit, on account  of  the  purchase,  redemption,  retirement,  acquisition,  cancellation  or  termination  of  any  such  Equity  Interests or any option, warrant or other right to acquire any such Equity Interests.          “Revaluation  Date”  shall  mean  (a)  with respect  to  any  Loan  denominated  in  any  Alternative  Currency,  each  of  the  following:  (i)  the  date  of  the  Borrowing  of  such  Loan  and  (ii)  each  date  of  a  conversion into or continuation of such Loan pursuant to the terms of this Agreement; (b) with respect to  any Letter of Credit denominated in an Alternative Currency, each of the following: (i) the date on which  such Letter of Credit is issued, (ii) the first Business Day of each calendar month and (iii) the date of any  amendment of such Letter of Credit that has the effect of increasing the face amount thereof; and (c) any  additional date as the Administrative Agent may determine at any time when an Event of Default exists.          “Revolving Credit Maturity Date” means October 11, 2024 (if the same is a Business Day, or if  not then the immediately next succeeding Business Day), or any earlier date on which the Commitments  are reduced to zero or otherwise terminated pursuant to the terms hereof.          “Revolving Exposure” means, with respect to any Lender, at any time, the sum of the aggregate  outstanding  principal  amount  of  such  Lender’s  Revolving  Loans, its  LC  Exposure  and its Swingline  Exposure at such time.          “Revolving Lender” means, as of any date of determination, a Lender with a Commitment or, if  the Commitments have terminated or expired, a Lender with Revolving Exposure.          “Revolving Loan” means a Loan made pursuant to Section 2.01.          “S&P” means Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC  business.          “Sale and Leaseback Transaction” has the meaning assigned to such term in Section 6.06.            “Sanctioned Country” means, at any time, a country, region or territory which is itself the subject  or target of any Sanctions (at the time of this Agreement, Crimea, Cuba, Iran, North Korea and Syria).          “Sanctioned  Person”  means,  at  any  time,  (a)  any  Person  listed  in  any  Sanctions-related  list  of  designated  Persons  maintained  by the  Office of Foreign Assets  Control of the U.S. Department of the  Treasury, or the U.S. Department of State, the Government of Canada pursuant to, or as described in, any  applicable Canadian Economic Sanctions and Export Control Laws, or by the United Nations Security  Council, the European Union, any European Union member state, Her Majesty’s Treasury of the United  Kingdom  or  other  relevant  sanctions  authority,  (b)  any  Person  operating,  organized  or  resident  in  a  Sanctioned Country, or (c) any Person owned or controlled by any such Person or Persons described in  the foregoing clauses (a) or (b).          “Sanctions” means all economic or financial sanctions or trade embargoes imposed, administered  or enforced from time to time by (a) the U.S. government, including those administered by the Office of  Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, or (b) the                                          27 

 

                                                                                                                                                                                                                                           Government of Canada, the United Nations Security Council, the European Union, any European Union  member state or Her Majesty’s Treasury of the United Kingdom or other relevant sanctions authority.          “Screen Rate” means the LIBO Screen Rate or the CDOR Screen Rate, as applicable.          “SEC” means the Securities and Exchange Commission of the U.S.          “Secured  Obligations” means,  collectively, the U.S.  Secured Obligations and the Canadian  Secured Obligations.          “Secured Parties” means (a) the Lenders, (b) the Administrative Agent, (c) each Issuing Bank, (d)  each  provider  of  Banking  Services,  to  the  extent  the  Banking  Services  Obligations  in  respect  thereof  constitute  Secured  Obligations,  (e)  each  counterparty  to  any  Swap  Agreement,  to  the  extent  the  obligations  thereunder  constitute  Secured  Obligations,  (f)  the  beneficiaries  of  each  indemnification  obligation undertaken by any Loan Party under any Loan Document, and (g) the successors and assigns of  each of the foregoing.            “Security Agreements” means, collectively (i) the U.S. Security Agreement and (ii) the Canadian  Security Agreement.          “Statements” has the meaning assigned to such term in Section 2.18(f).            “Statutory Reserve Rate” means a fraction (expressed as a decimal), the numerator of which is the  number  one  and  the  denominator  of  which  is  the  number  one  minus  the  aggregate  of the  maximum  reserve percentage (including any marginal, special, emergency or supplemental reserves) established by  the Federal  Reserve Board  to  which  the  Administrative  Agent  is  subject with  respect  to  the  Adjusted  LIBO Rate, for eurocurrency funding (currently referred to as “Eurocurrency liabilities” in Regulation D).   Such reserve percentages shall include those imposed pursuant to Regulation D of the Federal Reserve  Board.  Eurodollar Loans shall be deemed to constitute eurocurrency funding and to be subject to such  reserve  requirements  without  benefit  of  or  credit  for  proration,  exemptions  or  offsets  that  may  be  available  from  time to  time  to  any  Lender  under Regulation D of  the Federal  Reserve Board or  any  comparable  regulation.   The  Statutory  Reserve  Rate  shall  be  adjusted  automatically  on  and  as  of  the  effective date of any change in any reserve percentage.          “Subordinated Indebtedness” of a Person means any Indebtedness of such Person, the payment of  which  is  subordinated  to  payment  of  the Secured  Obligations  to  the  written  satisfaction  of  the  Administrative Agent.            “subsidiary” means,  with  respect  to  any  Person  (the “parent”)  at  any  date,  any  corporation,  limited  liability  company,  partnership,  association  or  other  entity, the  accounts  of  which  would  be  consolidated with those of the parent in the parent’s consolidated financial statements if such financial  statements were prepared in accordance with GAAP as of such date, as well as any other corporation,  limited  liability company,  partnership,  association  or  other  entity (a) of  which  securities  or  other  ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting  power or, in the case of a partnership, more than 50% of the general partnership interests are, as of such  date, owned, controlled or held, or (b) that is, as of such date, otherwise Controlled, by the parent and/or  one or more subsidiaries of the parent.          “Subsidiary” means any direct or indirect subsidiary of a Borrower or of any other Loan Party, as  applicable.                                           28 

 

                                                                                                                                                                                                                                                 “Swap Agreement” means any agreement with respect to any swap, forward, spot, future, credit  default or derivative transaction or option or similar agreement involving, or settled by reference to, one  or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or  pricing indices or measures of economic, financial or pricing risk or value or any similar transaction or  any  combination  of  these  transactions; provided that no  phantom  stock  or  similar  plan  providing  for  payments  only  on  account  of  services  provided  by  current  or  former  directors,  officers,  employees or  consultants of the Borrowers or their Subsidiaries shall be a Swap Agreement.          “Swap  Agreement  Obligations” means  any  and  all  obligations  of  the  Loan  Parties  and  their  Subsidiaries, whether absolute or contingent and howsoever and whensoever created, arising, evidenced  or  acquired  (including  all  renewals,  extensions  and  modifications  thereof  and  substitutions  therefor),  under (a) any Swap Agreement permitted hereunder with a Lender or an Affiliate of a Lender, and (b) any  cancellations,  buy  backs,  reversals,  terminations  or  assignments  of  any  Swap  Agreement  transaction  permitted hereunder with a Lender or an Affiliate of a Lender.           “Swap Obligation” means, with respect to any Guarantor, any obligation to pay or perform under  any agreement, contract or transaction that constitutes a “swap” within the meaning of section 1a(47) of  the Commodity Exchange Act or any rules or regulations promulgated thereunder.          “Swingline Commitment” means the amount set forth opposite Chase’s name on the Commitment  Schedule as Swingline Commitment.           “Swingline Exposure” means, at any time, the aggregate principal amount of all Swingline Loans  outstanding at such time.  The Swingline Exposure of any Revolving Lender at any time shall be the sum  of (a) its Applicable Percentage of the aggregate principal amount of all Swingline Loans outstanding at  such time (excluding, in the case of any Revolving Lender that is the Swingline Lender, Swingline Loans  made by it that are outstanding at such time to the extent that the other Lenders shall not have funded their  participations in such Swingline Loans), adjusted to give effect to any reallocation under Section 2.20 of  the Swingline Exposure of Defaulting Lenders in effect at such time, and (b) in the case of any Revolving  Lender that is the Swingline Lender, the aggregate principal amount of all Swingline Loans made by such  Revolving Lender outstanding at such time, less the amount of participations funded by the other Lenders  in such Swingline Loans.          “Swingline Lender” means Chase, in its capacity as lender of Swingline Loans hereunder. Any  consent required of the Administrative Agent or the Issuing Bank shall be deemed to be required of the  Swingline  Lender  and  any  consent  given  by Chase in  its  capacity  as  Administrative  Agent  or  Issuing  Bank shall be deemed given by Chase in its capacity as Swingline Lender as well.           “Swingline Loan” means a Loan made pursuant to Section 2.05.          “Taxes” means  any  and  all  present  or  future  taxes,  levies,  imposts,  duties,  deductions,  withholdings (including  backup  withholding) assessments,  fees  or  other  charges  imposed  by  any  Governmental Authority, including any interest, additions to tax or penalties applicable thereto.            “Total Indebtedness” means, at any date, the aggregate principal amount of all Indebtedness (but  excluding clauses (i) and (m) of such definition) determined for the Company and its Subsidiaries on a  consolidated basis at such date.          “Total Net Leverage Ratio” means, on any date, the ratio of (a) Total Indebtedness on such date  minus Unrestricted Cash as of such date in an amount not to exceed $10,000,000 to (b) EBITDA for the  period of four consecutive fiscal quarters most recently ended on or prior to such date.  Operating leases                                         29 

 

                                                                                                                                                                                                                                           that are reflected on the consolidated balance sheet of the Company shall be excluded for purposes of  calculating the Total Net Leverage Ratio.          “Total  Net  Leverage  Ratio  Adjustment” has  the  meaning  assigned  to  such  term  in  Section  6.12(b).          “Transactions” means  the  execution,  delivery  and  performance  by  the Borrowers of  this  Agreement and the other Loan Documents, the borrowing of Loans and other credit extensions, the use of  the proceeds thereof and the issuance of Letters of Credit hereunder.          “Type”, when used in reference to any Loan or Borrowing, refers to whether the rate of interest  on such Loan, or on the Loans comprising such Borrowing, is determined by reference to the Adjusted  LIBO Rate, the Alternate Base Rate, the Canadian Prime Rate or the CDOR Rate.          “UCC” means  the  Uniform  Commercial  Code  as  in  effect  from  time  to  time  in  the  State  of  Illinois or in any other state, the laws of which are required to be applied in connection with the issue of  perfection of security interests.            “Unfinanced  Capital  Expenditures”  means,  for  any  period,  Capital  Expenditures  made  during  such  period  which  are  not financed  from  the  proceeds  of  any  Indebtedness  (other  than  the  Revolving  Loans;  it  being  understood  and  agreed  that,  to  the  extent  any  Capital  Expenditures  are  financed  with  Revolving Loans, such Capital Expenditures shall be deemed Unfinanced Capital Expenditures).          “Unfunded Commitment” means, with respect to each Lender, the Commitment of such Lender  less its Revolving Exposure.          “Unliquidated Obligations” means, at any time, any Secured Obligations (or portion thereof) that  are  contingent  in  nature  or unliquidated  at  such  time,  including  any  Secured  Obligation  that  is:  (i)  an  obligation to reimburse a bank for drawings not yet made under a letter of credit issued by it; (ii) any  other obligation (including any guarantee) that is contingent in nature at such time; or (iii) an obligation to  provide collateral to secure any of the foregoing types of obligations.            “Unrestricted  Cash”  means, as  of  any  date  of  determination,  the  sum  of  the  amount  of  unrestricted  cash  and cash equivalents  held  by  the  Loan  Parties  on  a  consolidated  basis,  without  duplication, to the extent such cash and cash equivalents are readily accessible to the Loan Parties and  subject to account control agreements for the benefit of the Administrative Agent (in form and substance  reasonably satisfactory to the Administrative Agent and effective to grant “control” (as defined under the  applicable state’s Uniform Commercial Code) to the Administrative Agent over such account).          “U.S.” means the United States of America.          “U.S. Borrower” or “U.S. Borrowers” has the meaning assigned to such term in the introductory  paragraph of this Agreement.           “U.S. Guaranteed Obligations” has the meaning assigned to such term in Section 10.01(a).          “U.S. Loan Guarantors” means, individually or collectively, as the context may require, the U.S.  Borrowers, any  U.S.  Subsidiary  that  is  not  a  Borrower  and  has  executed  a  signature  page  to  this  Agreement  and any  other  U.S. Subsidiary  of  a  Loan  Party who  becomes  a  party  to  this  Agreement  pursuant to a Joinder Agreement, and, in each case, their respective successors and assigns.                                           30 

 

                                                                                                                                                                                                                                                 “U.S. Loan  Party” means,  individually  or  collectively,  as  the  context  may  require,  the  U.S.  Borrowers and the U.S. Loan Guarantors.          “U.S. Person” means a “United States person” within the meaning of Section 7701(a)(30) of the  Code.          “U.S. Secured Obligations” means all Obligations of the U.S. Loan Parties, together with all (i)  Banking Services Obligations of the U.S. Loan Parties and the U.S. Subsidiaries and (ii) Swap Agreement  Obligations of the U.S. Loan  Parties and the U.S. Subsidiaries owing to one  or more  Lenders  or their  respective Affiliates; provided, however, that the definition of “U.S. Secured Obligations” shall not create  any guarantee  by  any  Guarantor  of  (or  grant  of  security  interest  by  any  Guarantor  to  support,  as  applicable)  any  Excluded  Swap  Obligations  of  such  Guarantor  for  purposes  of  determining  any  obligations of any Guarantor.          “U.S. Security Agreement” means (a) that certain Pledge and Security Agreement (including any  and  all  supplements  thereto),  dated  as  of  the  date  hereof,  among  the U.S. Loan  Parties  and  the  Administrative Agent, for the benefit of the Administrative Agent and the other Secured Parties, and (b)  any other pledge, hypothec or security agreement entered into, after the date of this Agreement by any  other U.S. Loan Party (as required by this Agreement or any other Loan Document) or any other Person  for the benefit of the Administrative Agent and the other Secured Parties, in each case, as the same may  be amended, restated, supplemented or otherwise modified from time to time.          “U.S. Subsidiary” means any Subsidiary of a Loan Party that is organized under the laws of the  United States, any state thereof or the District of Columbia.          “U.S. Tax  Compliance  Certificate”  has  the  meaning  assigned  to  such  term  in  Section 2.17(f)(ii)(B)(3).         “USA PATRIOT Act” means the Uniting and Strengthening America by Providing Appropriate  Tools Required to Intercept and Obstruct Terrorism Act of 2001.          “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.          “Write-Down and Conversion Powers” means, with respect to any EEA Resolution Authority, the  write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In  Legislation  for  the  applicable  EEA  Member  Country,  which  write-down  and  conversion  powers  are  described in the EU Bail-In Legislation Schedule.          SECTION 1.02.  Classification of Loans and Borrowings.  For purposes of this Agreement, Loans  may be  classified  and  referred to by Class  (e.g., a “Revolving Loan”) or by Type  (e.g., a “Eurodollar  Loan”) or by Class and Type (e.g., a “Eurodollar Revolving Loan”).  Borrowings also may be classified  and referred to by Class (e.g., a “Revolving Borrowing”) or by Type (e.g., a “Eurodollar Borrowing”) or  by Class and Type (e.g., a “Eurodollar Revolving Borrowing”).          SECTION 1.03.  Terms Generally.  (a) The definitions of terms herein shall apply equally to the  singular and plural forms of the terms defined.  Whenever the context may require, any pronoun shall  include the corresponding masculine, feminine and neuter forms.  The words “include”, “includes” and  “including” shall be deemed to be followed by the phrase “without limitation”.  The word “law” shall be  construed as referring to all statutes, rules, regulations, codes and other laws (including official rulings                                         31 

 

                                                                                                                                                                                                                                           and  interpretations  thereunder  having  the  force  of  law  or  with  which  affected  Persons  customarily  comply) and all judgments, orders and decrees of all Governmental Authorities.  The word “will” shall be  construed to have the same meaning and effect as the word “shall”.  Unless the context requires otherwise  (i)  any  definition  of  or  reference  to  any  agreement,  instrument  or  other  document  herein  shall  be  construed as referring to such agreement, instrument or other document as from time to time amended,  restated,  supplemented  or  otherwise  modified  (subject  to  any  restrictions  on  such  amendments,  restatements,  supplements  or  modifications  set  forth  herein),  (ii)  any  definition  of  or  reference  to  any  statute,  rule  or  regulation  shall  be  construed  as  referring  thereto  as  from  time  to  time  amended,  supplemented  or otherwise modified  (including by succession of comparable successor laws), (iii) any  reference herein to any Person shall be construed to include such Person’s successors and assigns (subject  to any restrictions on assignments set forth herein) and, in the case of any Governmental Authority, any  other Governmental Authority that shall have succeeded to any or all functions thereof, (iv) the words  “herein”, “hereof” and “hereunder”,  and  words  of  similar  import,  shall  be  construed  to  refer  to  this  Agreement in its entirety and not to any particular provision hereof, (v) all references herein to Articles,  Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and  Schedules to, this Agreement, (vi) any reference in any definition to the phrase “at any time” or “for any  period” shall refer to the same time or period for all calculations or determinations within such definition,  and (vii) the words “asset” and “property” shall be construed to have the same meaning and effect and to  refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and  contract rights.          (b) All terms used in this Agreement which are defined in Article 8 or Article 9 of the UCC and  which are not otherwise defined herein shall have the same meanings herein as set forth therein, provided  that terms used herein which are defined in the Uniform Commercial Code as in effect in the State of  Illinois on the date hereof shall continue to have the same meaning notwithstanding any replacement or  amendment of such statute, and when used to define a category or categories of the Collateral which is  subject to the PPSA, such terms shall include the equivalent category or categories of property set forth in  the  applicable  PPSA.   Notwithstanding  the  foregoing,  and  where  the  context  so  requires,  (i)  any  term  defined in this Agreement by reference to the "Code", the "UCC" or the "Uniform Commercial Code"  shall  also  have  any  extended,  alternative  or  analogous  meaning  given  to  such  term  in  the  applicable  PPSA, in all cases for the extension, preservation or betterment of the security and rights of the Collateral,  (ii) all references in this Agreement to "Article 8" shall be deemed to refer also to applicable Canadian  securities  transfer  laws  (including,  without  limitation,  the  Securities  Transfer  Act,  2006 (British  Columbia) (collectively, the “STA”)) and (iii) all references in this Agreement to a financing statement,  continuation  statement,  amendment  or  termination  statement  shall  be  deemed  to  refer  also  to  the  analogous documents used under applicable Canadian personal property security laws, including, without  limitation, where applicable, financing change statements.          SECTION 1.04.  Accounting Terms; GAAP.   Except as otherwise expressly provided herein, all  terms of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from  time to time; provided that, if after the date hereof there occurs any change in GAAP or in the application  thereof  on  the  operation  of  any  provision  hereof  and  the  Borrower Representative notifies  the  Administrative Agent that the Borrowers request an amendment to any provision hereof to eliminate the  effect of such change in GAAP or in the application thereof (or if the Administrative Agent notifies the  Borrower Representative that the  Required  Lenders request an  amendment to any provision hereof for  such purpose), regardless of whether any such notice is given before or after such change in GAAP or in  the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and  applied immediately before such change shall have become effective until such notice shall have been  withdrawn  or  such  provision  amended  in  accordance  herewith.  Notwithstanding  any  other  provision  contained herein, all terms of an accounting or financial nature used herein shall be construed, and all  computations  of  amounts  and  ratios  referred  to  herein  shall  be  made  (i)  without  giving  effect  to  any                                         32 

 

                                                                                                                                                                                                                                           election under Financial Accounting Standards Board Accounting Standards Codification 825-10-25 (or  any other Accounting Standards Codification or Financial Accounting Standard having a similar result or  effect) to value any Indebtedness or other liabilities of any Borrower or any Subsidiary at “fair value”, as  defined therein and (ii) without giving effect to any treatment of Indebtedness in respect of convertible  debt instruments under Financial Accounting Standards Board Accounting Standards Codification 470-20  (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result  or effect) to value any such Indebtedness in a reduced or bifurcated manner as described therein, and such  Indebtedness shall at all times be valued at the full stated principal amount thereof.            SECTION 1.05. Interest  Rates;  LIBOR  Notification.   The  interest  rate  on  Eurodollar  Loans  is  determined by reference to the LIBO Rate, which is derived from the London interbank offered rate.  The  London interbank offered rate is intended to represent the rate at which contributing banks may obtain  short-term borrowings from each other in the London interbank market.  In July 2017, the U.K. Financial  Conduct  Authority  announced  that,  after  the  end  of  2021,  it  would  no  longer  persuade  or  compel  contributing banks to make rate submissions to the ICE Benchmark Administration (together with any  successor to the ICE Benchmark Administrator, the “IBA”) for purposes of the IBA setting the London  interbank offered rate. As a result, it is possible that commencing in 2022, the London interbank offered  rate may no longer be available or may no longer be deemed an appropriate reference rate upon which to  determine  the  interest rate on Eurodollar Loans.  In  light of this  eventuality, public  and  private  sector  industry  initiatives  are  currently  underway  to  identify  new  or  alternative  reference  rates  to  be  used  in  place  of the  London  interbank  offered  rate.   In  the  event  that  the  London interbank  offered rate  is  no  longer available or in certain other circumstances as set forth in Section 2.14(c) of this Agreement, such  Section 2.14(c) provides a mechanism for determining an alternative rate of interest.  The Administrative  Agent will notify the Borrower, pursuant to Section 2.14, in advance of any change to the reference rate  upon which the interest rate on Eurodollar Loans is based.  However, the Administrative Agent does not  warrant  or  accept  any  responsibility  for,  and  shall  not  have  any  liability  with  respect  to,  the  administration, submission or any other matter related to the London interbank offered rate or other rates  in  the  definition  of  “LIBO  Rate”  or  with  respect  to  any  alternative  or  successor  rate  thereto,  or  replacement rate thereof, including without limitation, whether the composition or characteristics of any  such alternative, successor or replacement reference rate, as it may or may not be adjusted pursuant to  Section 2.14(c), will be similar to, or produce the same value or economic equivalence of, the LIBO Rate  or have the same volume or liquidity as did the London interbank offered rate prior to its discontinuance  or unavailability.          SECTION  1.06.  Pro  Forma  Adjustments  for  Acquisitions and  Dispositions.  To  the  extent a  Borrower or any Subsidiary makes any acquisition permitted pursuant to Section 6.04 or disposition of  assets outside the ordinary course of business permitted by Section 6.05 during the period of four fiscal  quarters  of the  Borrowers most  recently  ended, EBITDA  and the Total Net Leverage  Ratio shall  be  calculated after giving pro forma  effect thereto (including pro forma  adjustments arising out of events  which are directly attributable to the acquisition or the disposition of assets, are factually supportable and  are expected to have a continuing impact, in each case as determined on a basis consistent with Article 11  of Regulation S-X of the Securities Act of 1933, as amended, as interpreted by the SEC, and as certified  by  a  Financial  Officer  of such Borrower),  as  if  such  acquisition  or  such  disposition  (and  any  related  incurrence, repayment or assumption of Indebtedness) had occurred in the first day of such four-quarter  period.          SECTION 1.07.   Status of Obligations.   In the event that any Borrower or any other Loan Party  shall at any time issue or have outstanding any Subordinated Indebtedness, such Borrower shall take or  cause such other Loan Party to take all such actions as shall be necessary to cause the Secured Obligations  to constitute  senior indebtedness  (however denominated) in respect of such Subordinated  Indebtedness                                         33 

 

                                                                                                                                                                                                                                           and to enable the Administrative Agent and the Lenders to have and exercise any payment blockage or  other remedies available or potentially available to holders of senior indebtedness under the terms of such  Subordinated  Indebtedness.   Without  limiting  the  foregoing,  the  Secured  Obligations  are  hereby  designated as “senior indebtedness” and as “designated senior indebtedness” and words of similar import  under and in respect of any indenture or other agreement or instrument under which such Subordinated  Indebtedness is outstanding and are further given all such other designations as shall be required under the  terms  of  any  such  Subordinated  Indebtedness  in  order  that  the  Lenders  may  have  and  exercise  any  payment blockage or other remedies available or potentially available to holders of senior indebtedness  under the terms of such Subordinated Indebtedness.                SECTION 1.08.   Rounding.   Any financial ratios required to be maintained by any Loan Party  pursuant  to  this  Agreement  shall  be  calculated  by  dividing  the  appropriate  component  by  the  other  component,  carrying  the  result  to  one  place  more  than  the  number  of  places  by  which  such  ratio  is  expressed herein and rounding the result up or down to the nearest number (with a rounding-up if there is  no nearest number).                                                                             ARTICLE II                                       The Credits                SECTION  2.01.  Commitments.  Subject  to  the  terms  and  conditions  set  forth  herein,  each Lender severally (and not jointly) agrees to make Revolving Loans in dollars or Canadian dollars or  another  Alternative  Currency to  the  Borrowers from  time  to  time  during  the  Availability  Period  in  an  aggregate principal amount that will not result (after giving effect to any application of proceeds of such  Borrowing pursuant to Section 2.10(a)) in (i) the Dollar Equivalent of such Lender’s Revolving Exposure  exceeding such Lender’s Commitment or (ii) the Dollar Equivalent of the Aggregate Revolving Exposure  exceeding  the  aggregate Commitments.  Within  the  foregoing  limits  and  subject  to  the  terms  and  conditions set forth herein, the Borrowers may borrow, prepay and reborrow Revolving Loans.          Notwithstanding any provision to the contrary contained in this Agreement or in any other Loan  Document, no Canadian Loan Party shall be obligated under this Agreement or any other Loan Document  to repay, support or guaranty any of the U.S. Secured Obligations or any other obligations of any U.S.  Loan Party under any Loan Document, and the proceeds of any payment made by a Canadian Loan Party  hereunder shall  be  applied  only  to  the  repayment  of  the  Canadian  Secured  Obligations and any other  obligations of the Canadian Loan Parties hereunder or under any other Loan Document.                SECTION 2.02.  Loans and Borrowings.                  (a)  Each  Loan (other  than  a  Swingline  Loan) shall  be  made  as  part  of  a  Borrowing  consisting of Loans of the same Type made by the Lenders ratably in accordance with their respective  Commitments.  The failure of any Lender to make any Loan required to be made by it shall not relieve  any other Lender of its obligations hereunder; provided that the Commitments of the Lenders are several  and  no  Lender  shall  be  responsible  for  any  other  Lender’s  failure  to  make  Loans  as  required.  Any  Swingline Loan shall be made in accordance with the procedures set forth in Section 2.05.                  (b)  Subject  to  Section 2.14,  each  Revolving  Borrowing shall  be  comprised  entirely  of  ABR Loans,  Canadian  Prime  Rate  Loans, Eurodollar  Loans or  CDOR  Rate  Loans as  the Borrower  Representative may request in accordance herewith.  Each Swingline Loan shall be an ABR Loan.  Each  Lender at its option may make any Eurodollar Loan or any CDOR Rate Loan by causing any domestic or  foreign  branch  or  Affiliate  of  such  Lender  to  make  such Loan (and  in  the  case  of  an  Affiliate,  the  provisions of Sections 2.14, 2.15, 2.16 and 2.17 shall apply to such Affiliate to the same extent as to such                                         34 

 

                                                                                                                                                                                                                                           Lender); provided that  any  exercise  of  such  option  shall  not  affect  the  obligation  of  the Borrowers to  repay such Loan in accordance with the terms of this Agreement.                  (c)  At  the  commencement  of  each  Interest  Period  for  any  Eurodollar  Revolving  Borrowing or any CDOR Rate Revolving Borrowing, such Borrowing shall be in an aggregate amount  that is an integral multiple of $100,000 and not less than $500,000.  At the time that each ABR Revolving  Borrowing or Canadian Prime Rate Borrowing is made, such Borrowing shall be in an aggregate amount  that is an integral multiple of $100,000 and not less than $500,000;  provided that an ABR Revolving  Borrowing or a Canadian Prime Rate Borrowing may be in an aggregate amount that is equal to the entire  unused  balance  of  the  total Commitments  or  that  is  required  to  finance  the  reimbursement  of  an  LC  Disbursement as contemplated by Section 2.06(e).  Each Swingline Loan shall be in an amount that is an  integral multiple of $50,000 and not less than $100,000.  Borrowings of more than one Type and Class  may be outstanding at the same time; provided that there shall not at any time be more than a total of six  (6) Eurodollar Borrowings outstanding and six (6) CDOR Rate Borrowings outstanding.                (d)  Notwithstanding any other provision of this Agreement, the Borrowers shall not be  entitled to request, or to elect to convert or continue, any Borrowing if the Interest Period requested with  respect thereto would end after the Revolving Credit Maturity Date.                 SECTION 2.03.  Requests  for  Borrowings.   To  request  a  Borrowing,  the Borrower  Representative shall notify the Administrative Agent of such request either in writing (delivered by hand  or email as a PDF document) by delivering a Borrowing Request signed by a Responsible Officer of the  Borrower Representative or through Electronic System, if arrangements for doing so have been approved  by the Administrative Agent, (a) in the case of a Eurodollar Borrowing or a CDOR Rate Borrowing, not  later than 10:00 a.m., Chicago time, three Business Days before the date of the proposed Borrowing or  (b) in the case of an ABR Borrowing or a Canadian Prime Rate Borrowing, not later than noon, Chicago  time,  on  the  date  of  the  proposed  Borrowing; provided that  any  such  notice  of  an ABR Revolving  Borrowing or a Canadian Prime Rate Borrowing to finance the reimbursement of an LC Disbursement as  contemplated by Section 2.06(e) may be given not later than 9:00 a.m., Chicago time, on the date of the  proposed Borrowing.  Each such Borrowing Request shall be irrevocable.  Each such Borrowing Request  shall specify the following information in compliance with Section 2.01:                              (i)   the aggregate  amount  of  the  requested  Borrowing  and  a  breakdown  of  the                    separate wires comprising such Borrowing;                            (ii)  name of the applicable Borrower(s);                             (iii) the date of such Borrowing, which shall be a Business Day;                            (iv)  whether  such  Borrowing  is  to  be  an ABR Borrowing,  a Canadian  Prime  Rate                    Borrowing, a Eurodollar Borrowing or a CDOR Rate Borrowing; and                            (v)   in  the  case  of  a  Eurodollar  Borrowing or  a CDOR Rate Borrowing,  the  initial                    Interest Period to be applicable thereto, which shall be a period contemplated by                    the definition of the term “Interest Period.”    If  no  election  as  to the  Type  of Revolving Borrowing is  specified,  then  the  requested  Revolving  Borrowing shall be an ABR Borrowing if denominated in dollars and a Canadian Prime Rate Borrowing  if  denominated  in Canadian  dollars.   If  no  Interest  Period  is  specified  with  respect  to  any  requested  Eurodollar Revolving Borrowing, then the applicable Borrower(s) shall be deemed to have selected an  Interest Period of one month’s duration.  If no Interest Period is specified with respect to any requested                                         35 

 

                                                                                                                                                                                                                                           CDOR Rate Revolving Borrowing, then the applicable Borrower(s) shall be deemed to have selected an  Interest Period of 30 days’ duration.  Promptly following receipt of a Borrowing Request in accordance  with  this  Section, the  Administrative  Agent  shall  advise  each  Lender  of the  details  thereof  and  of  the  amount of such Lender’s Loan to be made as part of the requested Borrowing.          SECTION  2.04. Determination  of  Dollar  Equivalent and  Currency.   (a) The  Administrative  Agent will determine the Dollar Equivalent of any Loan or Letter of Credit denominated in an Alternative  Currency on each applicable Revaluation Date.           (b)   To  the  fullest  extent  permitted  by  law,  the  obligation  of  each  Borrower  and  each  Guarantor  in  respect  of  any  amount  due  in dollars, Canadian  dollars  or  an  Alternative  Currency  (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  Person  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  Person  receives  such  payment.  If the amount of the relevant currency so purchased is less than the sum originally due to such  Person in the relevant currency, the relevant Borrower or Guarantor agrees, as a separate obligation and  notwithstanding any such judgment, to indemnify such Person against such loss, and if the amount of the  specified currency so purchased exceeds the sum of (a) the amount originally due to the relevant Person  in the specified currency plus (b) any amounts shared with other Lenders as a result of allocations of such  excess as a disproportionate payment to such Person under Section 2.18(d) hereof, such Person agrees to  remit such excess to the applicable Borrower.          SECTION 2.05.  Swingline Loans.                  (a)   Subject to the terms and conditions set forth herein, from time to time during the  Availability Period, the Swingline Lender may agree, but shall have  no obligation, to make Swingline  Loans to the Borrowers, in an aggregate principal amount at any time outstanding that will not result in (i)  the aggregate principal amount of outstanding Swingline Loans exceeding the Dollar Equivalent of the  Swingline  Lender’s  Swingline  Commitment,  (ii) the Dollar  Equivalent  of any Lender’s  Revolving  Exposure exceeding its Commitment, or (iii) the Aggregate Revolving Exposures exceeding the aggregate  Commitments; provided that the Swingline  Lender shall not be  required to make  a  Swingline  Loan  to  refinance  an  outstanding  Swingline  Loan.   Within  the  foregoing  limits  and  subject  to  the  terms  and  conditions  set  forth  herein,  the Borrowers may  borrow,  prepay  and  reborrow  Swingline  Loans.   To  request a Swingline Loan, the Borrower Representative shall submit a written notice to the Administrative  Agent by email as a PDF document or through Electronic System, if arrangements for doing so have  been approved by the Administrative Agent, not later than noon, Chicago time, on the day of a proposed  Swingline  Loan.  Each such  notice  shall be in a form approved  by the  Administrative  Agent, shall be  irrevocable  and  shall  specify  the  requested  date  (which  shall  be  a  Business  Day)  and  amount  of the  requested Swingline Loan.  The Administrative Agent will promptly advise the Swingline Lender of any  such  notice  received  from  the Borrower Representative.   The  Swingline  Lender  shall  make  each  Swingline  Loan  available  to  the Borrowers,  to  the  extent the  Swingline  Lender  elects  to  make  such  Swingline Loan by means of a credit to the Funding Account(s) (or, in the case of a Swingline Loan made  to finance the reimbursement of an LC Disbursement as provided in Section 2.06(e), by remittance to the  Issuing Bank, and in the case of repayment of another Loan or fees or expenses as provided by Section  2.18(c), by remittance to the Administrative Agent to be distributed to the Lenders) by 2:00 p.m., Chicago  time, on the requested date of such Swingline Loan.                  (b)   The Swingline Lender may by written notice given to the Administrative Agent  require the Revolving Lenders to acquire participations on such Business Day in all or a portion of the                                         36 

 

                                                                                                                                                                                                                                           Swingline Loans  outstanding.   Such  notice  shall  specify  the  aggregate  amount  of  Swingline  Loans  in  which the Revolving Lenders will participate.  Promptly upon receipt of such notice, the Administrative  Agent  will  give  notice  thereof  to  each Revolving  Lender, specifying  in  such  notice  such  Lender’s  Applicable Percentage of such Swingline Loan or Loans.  Each Revolving Lender hereby absolutely and  unconditionally agrees, promptly upon receipt of such notice from the Administrative Agent (and in any  event, if such notice is received by 11:00 a.m., Chicago time, on a Business Day no later than 4:00 p.m.,  Chicago time on such Business Day and if received after 11:00 a.m., Chicago time, “on a Business Day”  shall mean no later than 9:00 a.m. Chicago time on the immediately succeeding Business Day), to pay to  the Administrative Agent, for the account of the Swingline Lender, such Lender’s Applicable Percentage  of such Swingline Loan or Loans.  Each Revolving Lender acknowledges and agrees that its obligation to  acquire participations in Swingline Loans pursuant to this paragraph is absolute and unconditional and  shall  not  be  affected  by  any  circumstance  whatsoever,  including  the  occurrence  and  continuance  of  a  Default  or  reduction  or  termination  of  the Commitments,  and  that  each  such  payment  shall  be  made  without  any  offset,  abatement,  withholding  or  reduction  whatsoever.   Each  Revolving  Lender  shall  comply with its obligation under this paragraph by wire transfer of immediately available funds, in the  same manner as provided in Section 2.07 with respect to Loans made by such Lender (and Section 2.07  shall apply, mutatis mutandis, to the payment obligations of the Lenders), and the Administrative Agent  shall promptly pay to the Swingline Lender the amounts so received by it from the Revolving Lenders.   The Administrative Agent shall notify the Borrower Representative of any participations in any Swingline  Loan acquired pursuant to this paragraph, and thereafter payments in respect of such Swingline Loan shall  be  made to the Administrative  Agent and  not to the Swingline Lender.  Any amounts  received by the  Swingline  Lender  from  the Borrowers (or  other  party  on  behalf  of  the Borrowers)  in  respect  of  a  Swingline Loan after receipt by the Swingline Lender of the proceeds of a sale of participations therein  shall be promptly remitted to the Administrative Agent; any such amounts received by the Administrative  Agent shall be promptly remitted by the Administrative Agent to the Revolving Lenders that shall have  made  their  payments  pursuant  to  this  paragraph  and  to  the  Swingline  Lender,  as  their  interests  may  appear; provided  that any such payment so  remitted shall be  repaid to the  Swingline  Lender or to the  Administrative Agent, as applicable, if and to the extent such payment is required to be refunded to the  Borrowers for any reason.  The purchase of participations in a Swingline Loan pursuant to this paragraph  shall not relieve the Borrowers of any default in the payment thereof.                  SECTION 2.06.  Letters of Credit.                  (a)   General.   Subject  to  the  terms  and  conditions  set  forth  herein,  the Borrower  Representative, on behalf of a Borrower, may request the issuance of Letters of Credit as the applicant  thereof for the support of the obligations of any Borrower or any Subsidiary thereof, in a form reasonably  acceptable to the Administrative Agent and the Issuing Bank, at any time and from time to time during  the  Availability  Period.  In  the  event  of  any  inconsistency  between  the  terms  and  conditions  of  this  Agreement and the terms and conditions of any Letter of Credit Agreement, the terms and conditions of  this  Agreement shall control.  Notwithstanding anything herein to the  contrary, the Issuing Bank shall  have no obligation hereunder to issue, and shall not issue, any Letter of Credit (i) the proceeds of which  would be made available to any Person (A) to fund any activity or business of or with any Sanctioned  Person, or in any country or territory that, at the time of such funding, is the subject of any Sanctions or  (B) in any manner that would result in a violation of any Sanctions by any party to this Agreement, (ii) if  any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to  enjoin or restrain the Issuing Bank from issuing such Letter of Credit, or any Requirement of Law relating  to  the  Issuing  Bank  or  any  request  or  directive  (whether  or  not  having  the  force  of  law)  from  any  Governmental Authority with jurisdiction over the Issuing Bank shall prohibit, or request that the Issuing  Bank refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall  impose  upon  the  Issuing  Bank  with  respect  to  such  Letter  of  Credit  any  restriction,  reserve  or  capital  requirement (for which the Issuing Bank is not otherwise compensated hereunder) not in effect on the                                         37 

 

                                                                                                                                                                                                                                           Effective Date, or shall impose upon the Issuing Bank any unreimbursed loss, cost or expense which was  not applicable on the Effective Date and which the Issuing Bank in good faith deems material to it, or (iii)  if the issuance of such Letter of Credit would violate one or more policies of the Issuing Bank applicable  to letters of credit generally; provided that, notwithstanding anything herein to the contrary, (x) the Dodd- Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines, requirements  or directives thereunder or issued in connection therewith or in the implementation thereof, and (y) all  requests,  rules,  guidelines,  requirements  or  directives  promulgated  by  the  Bank  for  International  Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the  United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be  deemed not to be in effect on the Effective Date for purposes of clause (ii) above, regardless of the date  enacted, adopted, issued or implemented.                (b)   Notice  of  Issuance, Amendment,  Renewal,  Extension;  Certain  Conditions.   To  request  the  issuance  of  a  Letter  of  Credit  (or  the  amendment,  renewal  or  extension  of  an  outstanding  Letter of Credit), the Borrower Representative shall hand deliver or email as a PDF document (or transmit  through Electronic System, if arrangements for doing so have been approved by the Issuing Bank) to the  Issuing  Bank and  the  Administrative  Agent  (reasonably  in  advance  of  the  requested  date  of  issuance,  amendment, renewal or extension, but in any event no less than three Business Days) a notice requesting  the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended,  and specifying the date of issuance, amendment, renewal or extension (which shall be a Business Day),  the  date  on  which  such  Letter  of  Credit  is  to  expire  (which  shall  comply  with  paragraph (c)  of  this  Section), the amount of such Letter of Credit and whether such Letter of Credit is to be denominated in  dollars  or Canadian  dollars or  another  Alternative  Currency,  the  name  and  address  of  the  beneficiary  thereof, and such other information as shall be necessary to prepare, amend, renew or extend such Letter  of Credit.  In addition, as a condition to any such Letter of Credit issuance, the applicable Borrower shall  have entered into a continuing agreement (or other letter of credit agreement) for the issuance of letters of  credit and/or shall submit a letter of credit application, in each case, as required by the Issuing Bank and  using such Issuing Bank’s standard form (each, a “Letter of Credit Agreement”).  A Letter of Credit shall  be issued, amended, renewed or extended only if (and upon issuance, amendment, renewal or extension of  each Letter of Credit the Borrowers shall be deemed to represent and warrant that), after giving effect to  such issuance, amendment, renewal or extension (i) the Dollar Equivalent of the aggregate LC Exposure  shall not exceed $15,000,000, (ii) no Revolving Lender’s Revolving Exposure (or the Dollar Equivalent  thereof) shall  exceed  its Commitment and  (iii) the Dollar  Equivalent  of the  Aggregate  Revolving  Exposure shall not exceed the aggregate Commitments.  Notwithstanding the foregoing or anything to the  contrary contained herein, no Issuing Bank shall be obligated to issue or modify any Letter of Credit if,  immediately after giving effect thereto, the outstanding LC Exposure in respect of all Letters of Credit  issued  by  such  Person  and  its  Affiliates  would  exceed  such  Issuing  Bank’s  Issuing  Bank  Sublimit.   Without limiting the foregoing and without affecting the limitations contained herein, it is understood and  agreed that the Borrower Representative may from time to time request that an Issuing Bank issue Letters  of Credit in excess of its individual Issuing Bank Sublimit in effect at the time of such request, and each  Issuing Bank agrees to consider any such request in good faith.  Any Letter of Credit so issued by an  Issuing Bank in excess of its individual Issuing Bank Sublimit then in effect shall nonetheless constitute a  Letter of Credit for all purposes of the Credit Agreement, and shall not affect the Issuing Bank Sublimit  of any other Issuing Bank, subject to the limitations on the aggregate LC Exposure set forth in clause (i)  of this Section 2.06(b).                (c)   Expiration Date.  Each Letter of Credit shall expire (or be subject to termination  or  non-renewal by  notice from  the  Issuing  Bank  to  the  beneficiary  thereof) at  or  prior  to the  close  of  business on the earlier of (i) the date one year after the date of the issuance of such Letter of Credit (or, in  the  case  of  any  renewal  or  extension  thereof, including,  without  limitation,  any  automatic renewal  provision, one year after such renewal or extension) and (ii) the date that is five Business Days prior to                                         38 

 

                                                                                                                                                                                                                                           the Revolving Credit Maturity Date (or such later date as may be agreed by the Issuing Bank in its sole  discretion; provided that any such Letter of Credit expiring after the date that is five (5) Business Days  prior to the Revolving Credit Maturity Date shall be cash collateralized in accordance with Section 2.06(j)  below).  The Borrowers agree that if on the Revolving Credit Maturity Date any Letters of Credit remain  outstanding the Borrowers shall then deliver to the Administrative Agent, without notice or demand, cash  collateral (or in Administrative Agent and Issuing Bank’s sole discretion a backup standby letter of credit  satisfactory  to  the  Administrative  Agent  and  the  Issuing  Bank)  in  an  amount  equal  to 103% of  the  aggregate  amount of LC Exposure  then outstanding (which  shall be  held by the  Administrative  Agent  pursuant to the terms herein).                 (d)   Participations.  By the issuance of a Letter of Credit (or an amendment to a Letter  of Credit increasing the amount thereof) and without any further action on the part of the Issuing Bank or  the Revolving Lenders, the Issuing Bank hereby grants to each Revolving Lender, and each Revolving  Lender  hereby  acquires  from  the  Issuing  Bank,  a  participation  in  such  Letter  of  Credit  equal  to  such  Lender’s  Applicable  Percentage  of  the  aggregate  amount  available  to  be  drawn  under  such  Letter  of  Credit.  In consideration and in furtherance of the foregoing, each Revolving Lender hereby absolutely  and unconditionally agrees to pay to the Administrative Agent, for the account of the Issuing Bank, such  Lender’s Applicable Percentage of each LC Disbursement made by the Issuing Bank and not reimbursed  by the Borrowers on the date due as provided in paragraph (e) of this Section, or of any reimbursement  payment required to be refunded to the Borrowers for any reason.  Each Revolving Lender acknowledges  and agrees that its obligation to acquire participations pursuant to this paragraph in respect of Letters of  Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including  any  amendment,  renewal  or  extension  of  any  Letter  of  Credit  or  the  occurrence  and  continuance  of  a  Default  or  reduction  or  termination  of  the  Commitments,  and  that  each  such  payment  shall  be  made  without any offset, abatement, withholding or reduction whatsoever.                (e)   Reimbursement.  If the Issuing Bank shall make any LC Disbursement in respect  of  a  Letter  of  Credit,  the Borrowers shall  reimburse  such  LC  Disbursement  by  paying  to  the  Administrative Agent an amount equal to the Dollar Equivalent of such LC Disbursement not later than  11:00 a.m., Chicago time, on (i) the Business Day that the Borrower Representative receives notice of  such LC Disbursement, if such notice is received prior to 9:00 a.m., Chicago time, on the day of receipt,  or (ii) the Business Day immediately following the day that the Borrower Representative receives such  notice, if such notice is received after 9:00 a.m., Chicago time, on the day of receipt; provided that the  Borrowers may,  subject  to  the  conditions  to  borrowing  set  forth  herein,  request  in  accordance  with  Section  2.03  or  2.05  that such  payment  be  financed  with  an ABR Revolving  Borrowing or  Swingline  Loan or  a  Canadian  Prime  Rate  Borrowing,  as  applicable, in the  Dollar Equivalent  of  the equivalent  amount  and,  to  the  extent  so  financed,  the  Borrowers’ obligation  to  make  such  payment  shall  be  discharged  and  replaced  by  the  resulting ABR Revolving  Borrowing  or  Swingline  Loan or  Canadian  Prime  Rate  Borrowing,  as  applicable.  If  the Borrowers fail  to  make  such  payment  when  due,  the  Administrative  Agent  shall  notify  each  Revolving  Lender  of  the  applicable  LC  Disbursement,  the  payment  then  due  from  the Borrowers in  respect  thereof, and the  Dollar  Equivalent  of such  Lender’s  Applicable Percentage thereof.  Promptly following receipt of such notice, each Revolving Lender shall  pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrowers,  in  the  same  manner  as  provided  in  Section 2.07  with  respect  to  Loans  made  by  such  Lender  (and  Section 2.07 shall apply, mutatis mutandis, to the payment obligations of the Revolving Lenders), and the  Administrative  Agent  shall  promptly  pay  to  the  Issuing  Bank  the  amounts  so  received  by  it  from  the  Revolving Lenders.  Promptly following receipt by the Administrative Agent of any payment from the  Borrowers pursuant  to  this  paragraph,  the  Administrative  Agent  shall  distribute  such  payment  to  the  Issuing Bank or, to the extent that Revolving Lenders have made payments pursuant to this paragraph to  reimburse the Issuing Bank, then to such Lenders and the Issuing Bank, as their interests may appear.   Any payment made by a Revolving Lender pursuant to this paragraph to reimburse the Issuing Bank for                                         39 

 

                                                                                                                                                                                                                                           any LC Disbursement (other than the funding of ABR Revolving Loans, a Swingline Loan or Canadian  Prime Rate Revolving Loans as contemplated above) shall not constitute a Loan and shall not relieve the  Borrowers of their obligation to reimburse such LC Disbursement.                (f)   Obligations  Absolute.   The  Borrowers’ obligation  to reimburse  LC  Disbursements  as  provided  in  paragraph (e)  of  this  Section  shall  be  absolute,  unconditional  and  irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under any and  all circumstances whatsoever and irrespective of (i) any lack of validity or enforceability of any Letter of  Credit, any Letter of Credit Agreement or this Agreement, or any term or provision therein or herein, (ii)  any draft or other document presented under a Letter of Credit proving to be forged, fraudulent or invalid  in any respect or any statement therein being untrue or inaccurate in any respect, (iii) any payment by the  Issuing  Bank  under  a  Letter  of  Credit  against  presentation  of  a  draft  or  other  document  that  does  not  comply  with  the  terms  of  such  Letter  of  Credit,  or  (iv)  any  other event  or  circumstance  whatsoever,  whether or not similar to any of the foregoing, that might, but for the provisions of this Section, constitute  a  legal  or  equitable  discharge  of,  or  provide  a  right  of  setoff  against,  the  Borrowers’ obligations  hereunder.  None of the Administrative Agent, the Revolving Lenders or the Issuing Bank, or any of their  respective Related Parties, shall have any liability or responsibility by reason of or in connection with the  issuance or transfer of any Letter of Credit, or any payment or failure to make any payment thereunder  (irrespective of any of the circumstances referred to in the preceding sentence), or any error, omission,  interruption, loss or delay in transmission or delivery of any draft, notice or other communication under or  relating to any Letter of Credit (including any document required  to make  a  drawing thereunder), any  error in interpretation of technical terms or any consequence arising from causes beyond the control of the  Issuing Bank; provided that the foregoing shall not be construed to excuse the Issuing Bank from liability  to the Borrowers to the extent of any direct damages (as opposed to special, indirect, consequential or  punitive damages, claims in respect of which are hereby waived by the Borrowers to the extent permitted  by applicable law) suffered by any Borrower that are caused by the Issuing Bank’s failure to exercise care  when determining whether drafts and other documents presented under a Letter of Credit comply with the  terms  thereof.   The  parties  hereto  expressly  agree  that,  in  the  absence  of  gross  negligence  or willful  misconduct on the part of the Issuing Bank (as finally determined by a court of competent jurisdiction),  the Issuing Bank shall be deemed to have exercised care in each such determination.  In furtherance of the  foregoing and without limiting the generality thereof, the parties agree that, with respect to documents  presented which appear on their face to be in substantial compliance with the terms of a Letter of Credit,  the  Issuing  Bank  may,  in  its  sole  discretion,  either  accept  and  make  payment  upon  such  documents  without responsibility for further investigation, regardless of any notice or information to the contrary, or  refuse to accept and make payment upon such documents if such documents are not in strict compliance  with the terms of such Letter of Credit.                  (g)   Disbursement Procedures.  The Issuing Bank shall, promptly following its receipt  thereof, examine all documents purporting to represent a demand for payment under a Letter of Credit.   The Issuing Bank shall promptly notify the  Administrative  Agent and the Borrower Representative by  telephone (confirmed by email or through Electronic Systems) of such demand for payment and whether  the Issuing Bank has made or will make an LC Disbursement thereunder; provided that any failure to give  or delay in giving such notice shall not relieve the Borrowers of their obligation to reimburse the Issuing  Bank and the Revolving Lenders with respect to any such LC Disbursement.                  (h)   Interim  Interest.   If  the  Issuing  Bank  shall  make  any  LC  Disbursement,  then,  unless the Borrowers shall reimburse such LC Disbursement in full or a borrowing has been made for  such reimbursement on the  date  such  LC Disbursement is  made, the  unpaid amount thereof shall bear  interest, for each day from and including the date such LC Disbursement is made to but excluding the  date that the Borrowers reimburse such LC Disbursement, at the rate per annum then applicable to ABR  Revolving Loans or Canadian Prime Rate Loans, as applicable, and such interest shall be due and payable                                         40 

 

                                                                                                                                                                                                                                           on the date when such reimbursement is due; provided that, if the Borrowers fail to reimburse such LC  Disbursement  when  due  pursuant  to  paragraph (e)  of  this  Section,  then  Section  2.13(c) shall  apply.   Interest  accrued  pursuant  to  this  paragraph  shall  be  for  the  account  of  the  Issuing  Bank,  except  that  interest accrued on and after the date of payment by any Revolving Lender pursuant to paragraph (e) of  this Section to reimburse the Issuing Bank shall be for the account of such Lender to the extent of such  payment.                (i)   Replacement and Resignation of an Issuing Bank.  (i) The Issuing Bank may be  replaced at any time by written agreement among the Borrower Representative, the Administrative Agent,  the replaced  Issuing Bank and  the  successor Issuing Bank.  The Administrative Agent shall notify the  Revolving Lenders of any such replacement of the Issuing Bank.  At the time any such replacement shall  become effective, the Borrowers shall pay all unpaid fees accrued for the account of the replaced Issuing  Bank  pursuant  to  Section  2.12(b).   From  and  after  the  effective  date  of  any such  replacement,  (i)  the  successor Issuing Bank shall have all the rights and obligations of the Issuing Bank under this Agreement  with respect to Letters  of Credit to be  issued  thereafter and (ii) references  herein to the  term “Issuing  Bank” shall be deemed to refer to such successor or to any previous Issuing Bank, or to such successor  and all previous Issuing Banks, as the context shall require.  After the replacement of an Issuing Bank  hereunder, the replaced Issuing Bank shall remain a party hereto and shall continue to have all the rights  and  obligations  of  an  Issuing  Bank  under  this  Agreement  with  respect  to  Letters  of  Credit then  outstanding and issued by it prior to such replacement, but shall not be required to issue additional Letters  of Credit.                (ii) Subject to the appointment and acceptance of a successor Issuing Bank, the Issuing  Bank  may  resign  as  an  Issuing  Bank  at  any  time  upon  thirty  days’  prior  written  notice  to  the  Administrative  Agent,  the  Borrower Representative and  the  Lenders,  in  which  case,  such resigning  Issuing Bank shall be replaced in accordance with Section 2.06(i) above.                (j)   Cash Collateralization.   If any Event of Default shall occur and be continuing, on  the Business Day that the Borrower Representative receives notice from the Administrative Agent or the  Required  Lenders  (or,  if  the  maturity  of  the  Loans  has  been  accelerated,  Revolving  Lenders  with  LC  Exposure representing greater than 50% of the aggregate LC Exposure) demanding the deposit of cash  collateral pursuant to this paragraph, the Borrowers shall deposit in an account with the Administrative  Agent, in the name of the Administrative Agent and for the benefit of the Revolving Lenders (the “LC  Collateral Account”), an amount in cash equal to 103% of the Dollar Equivalent of the amount of the LC  Exposure as of such date plus accrued and unpaid interest thereon; provided that the obligation to deposit  such cash collateral shall become effective immediately, and such deposit shall become immediately due  and payable, without demand or other notice of any kind, upon the occurrence of any Event of Default  with  respect  to any Borrower described  in  clause (h)  or  (i)  of  Article VII.  The  Borrowers also  shall  deposit cash collateral in accordance with this paragraph as and to the extent required by Section 2.11(b)  or 2.20. Each such deposit shall be held by the Administrative Agent as collateral for the payment and  performance of the Secured Obligations.  The Administrative Agent shall have exclusive dominion and  control, including the exclusive right of withdrawal, over the LC Collateral Account and the Borrowers  hereby grant the Administrative Agent a security interest in the LC Collateral Account and all moneys or  other assets on deposit therein or credited thereto.  Other than any interest earned on the investment of  such deposits, which investments shall be made at the option and sole discretion of the Administrative  Agent and at the Borrowers’ risk and expense, such deposits shall not bear interest.  Interest or profits, if  any, on such investments shall accumulate in such account.  Moneys in such account shall be applied by  the Administrative Agent to reimburse the Issuing Bank for LC Disbursements for which it has not been  reimbursed  and,  to  the  extent  not  so  applied,  shall  be  held  for  the  satisfaction  of  the  reimbursement  obligations of the Borrowers for the LC Exposure at such time or, if the maturity of the Loans has been  accelerated (but subject to the consent of Revolving Lenders with LC Exposure representing greater than                                         41 

 

                                                                                                                                                                                                                                           50% of the aggregate LC Exposure), be applied to satisfy other Secured Obligations.  If the Borrowers are  required to provide an amount of cash collateral hereunder as a result of the occurrence of an Event of  Default, such amount (to the extent not applied as aforesaid) shall be returned to the Borrowers within  three (3) Business  Days  after  all  such Events  of  Default have  been  cured  or  waived as  confirmed  in  writing by the Administrative Agent.                (k)   Issuing Bank Reports to the Administrative Agent.  Unless otherwise agreed by  the  Administrative  Agent,  each  Issuing  Bank  shall,  in  addition  to  its  notification  obligations  set  forth  elsewhere  in  this  Section,  report  in writing  to  the  Administrative  Agent  (i)  periodic  activity  (for  such  period or recurrent periods as shall be requested  by the  Administrative  Agent) in respect of Letters  of  Credit issued by such Issuing Bank, including all issuances, extensions, amendments and renewals, all  expirations and cancelations and all disbursements and reimbursements, (ii) reasonably prior to the time  that such Issuing Bank issues, amends, renews or extends any Letter of Credit, the date of such issuance,  amendment,  renewal  or  extension,  and  the  stated  amount  of  the  Letters  of  Credit  issued,  amended,  renewed or extended by it and outstanding after giving effect to such issuance, amendment, renewal or  extension (and whether the amounts thereof shall have changed), (iii) on each Business Day on which  such Issuing Bank makes any LC Disbursement, the date and amount of such LC Disbursement, (iv) on  any Business Day on which a Borrower fails to reimburse an LC Disbursement required to be reimbursed  to such Issuing Bank on such day, the date of such failure and the amount of such LC Disbursement, and  (v)  on  any  other  Business  Day,  such  other  information  as  the  Administrative  Agent  shall  reasonably  request as to the Letters of Credit issued by such Issuing Bank.                (l)   LC Exposure Determination.  For all purposes of this Agreement, the amount of  a Letter of Credit that, by its terms or the terms of any document related thereto, provides for one or more  automatic increases in the stated amount thereof shall be deemed to be the maximum stated amount of  such Letter of Credit after giving effect to all such increases, whether or not such maximum stated amount  is in effect at the time of determination.                  (m)   Letters  of  Credit  Issued  for  Account  of  Subsidiaries.   Notwithstanding  that  a  Letter of Credit issued or outstanding hereunder supports any obligations of, or is for the account of, a  Subsidiary, or states that a Subsidiary is the “account party,” “applicant,” “customer,” “instructing party,”  or the like of or for such Letter of Credit, and without derogating from any rights of the applicable Issuing  Bank (whether arising by contract, at law, in equity or otherwise) against such Subsidiary in respect of  such Letter of Credit, the Borrowers (i) shall reimburse, indemnify and compensate the applicable Issuing  Bank hereunder for such Letter of Credit (including to reimburse any and all drawings thereunder) as if  such Letter of Credit had been issued solely for the account of such Borrower and (ii) irrevocably waives  any and all defenses that might otherwise be available to it as a guarantor or surety of any or all of the  obligations of such Subsidiary in respect of such Letter of Credit.  Each Borrower hereby acknowledges  that the issuance of such Letters of Credit for its Subsidiaries inures to the benefit of such Borrower, and  that such Borrower’s business derives substantial benefits from the businesses of such Subsidiaries.                (n)   Existing  Letters of  Credit.   By  their  execution  of  this  Agreement,  the  parties  hereto agree that on the Effective Date (without any further action by any Person), the Existing Letters of  Credit shall be deemed to have been issued under this Agreement and the rights and obligations of the  applicable Issuing Bank and the account party thereunder shall be subject to the terms hereof.                SECTION 2.07.  Funding of Borrowings.                  (a)   Each Lender shall make each Loan to be made by such Lender hereunder on the  proposed date thereof solely by wire transfer of immediately available funds by 2:00 p.m., Chicago time,  to the account of the Administrative Agent most recently designated by it for such purpose by notice to                                         42 

 

                                                                                                                                                                                                                                           the Lenders in an amount equal to such Lender’s Applicable Percentage; provided that Swingline Loans  shall be made as provided in Section 2.05.  The Administrative Agent will make such Loans available to  the Borrower Representative by promptly crediting the funds so received in the aforesaid account of the  Administrative Agent to the Funding Account(s); provided that ABR Revolving Loans or Canadian Prime  Rate  Loans,  as  applicable, made  to  finance  the  reimbursement  of  an  LC  Disbursement  as  provided  in  Section 2.06(e) shall be remitted by the Administrative Agent to the Issuing Bank.                (b)   Unless the Administrative Agent shall have received notice from a Lender prior  to the proposed date of any Borrowing that such Lender will not make available to the Administrative  Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender  has made such share available on such date in accordance with paragraph (a) of this Section and may, in  reliance upon such assumption, make available to the applicable Borrower a corresponding amount.  In  such  event,  if  a  Lender  has  not  in  fact  made  its  share  of  the  applicable  Borrowing  available  to  the  Administrative Agent, then the applicable Lender and the Borrowers each severally agree to pay to the  Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day  from and including the date such amount is made available to the applicable Borrower to but excluding  the  date  of  payment  to  the  Administrative  Agent,  at (i) in  the  case  of  such Lender, the  greater  of  the  NYFRB Rate and a  rate  determined  by the  Administrative  Agent in accordance with banking industry  rules on interbank compensation or (ii) in the case of the Borrowers, the interest rate applicable to ABR  Revolving Loans.  If such Lender pays such amount to the Administrative Agent, then such amount shall  constitute such Lender’s Loan included in such Borrowing; provided, that any interest received from the  Borrowers by the Administrative Agent during the period beginning when Administrative Agent funded  the Borrowing until such Lender pays such amount shall be solely for the account of the Administrative  Agent.                SECTION 2.08.  Interest Elections.                  (a)  Each Borrowing initially shall be of the Type specified in the applicable Borrowing  Request and, in the case of a Eurodollar Borrowing and a CDOR Rate Borrowing, shall have an initial  Interest Period as  specified in such  Borrowing Request.  Thereafter, the Borrower Representative may  elect to convert such Borrowing to a different Type or to continue such Borrowing and, in the case of a  Eurodollar Borrowing and a CDOR Rate Borrowing, may elect Interest Periods therefor, all as provided  in  this  Section.   The Borrower Representative may  elect  different  options  with  respect  to  different  portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the  Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall  be considered a separate Borrowing.  This Section shall not apply to Swingline Borrowings, which may  not be converted or continued.                (b)   To  make  an  election  pursuant  to  this  Section,  the Borrower Representative shall  notify the Administrative Agent of such election either in writing (delivered by hand or by email as a PDF  document) by delivering an Interest Election Request signed by a Responsible Officer of the Borrower  Representative or through Electronic System, if arrangements  for doing so  have  been approved  by the  Administrative Agent, by the time that a Borrowing Request would be required under Section 2.03 if the  Borrowers were  requesting  a  Borrowing  of  the  Type  resulting  from  such  election  to  be  made  on  the  effective date of such election.  Each such Interest Election Request shall be irrevocable.                (c)   Each  Interest  Election  Request (including  requests  submitted through Electronic  System) shall specify the following information in compliance with Section 2.02:                            (i)  the  name  of  the  applicable  Borrower  and the  Borrowing  to  which  such  Interest        Election  Request  applies  and,  if  different  options  are  being  elected  with  respect  to  different                                         43 

 

                                                                                                                                                                                                                                                 portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case        the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each        resulting Borrowing);                            (ii)  the effective date of the election made pursuant to such Interest Election Request,        which shall be a Business Day;                            (iii)  whether the resulting Borrowing is to be an ABR Borrowing, a Canadian Prime Rate        Borrowing, a CDOR Rate Borrowing or a Eurodollar Borrowing; and                            (iv)  if the resulting Borrowing is a Eurodollar Borrowing or a CDOR Rate Borrowing,        the Interest Period to be applicable thereto after giving effect to such election, which shall be a        period contemplated by the definition of the term “Interest Period”.                If any such Interest Election Request requests a Eurodollar Borrowing but does not specify an Interest  Period, then the Borrowers shall be deemed to have selected an Interest Period of one month’s duration.   If any such Interest Election Request requests a CDOR Rate Borrowing but does not specify an Interest  Period, then the Borrowers shall be deemed to have selected an Interest Period of 30 days’ duration.                (d)  Promptly following receipt of an Interest Election Request, the Administrative Agent  shall advise each Lender of the details thereof and of such Lender’s portion of each resulting Borrowing.                (e)  If the Borrower Representative fails to deliver a timely Interest Election Request with  respect to a Eurodollar Borrowing prior to the end of the Interest Period applicable thereto, then, unless  such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be  converted  to  an ABR Borrowing.  If  the  Borrower  Representative  fails  to  deliver  a  timely  Interest  Election  Request  with  respect  to  a CDOR  Rate Borrowing  prior  to  the  end  of  the  Interest  Period  applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest  Period such Borrowing shall be converted to a Canadian Prime Rate Borrowing.  Notwithstanding any  contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative  Agent, at the request of the Required Lenders, so notifies the Borrower Representative, then, so long as an  Event  of  Default  is  continuing  (i)  no  outstanding  Borrowing  may  be  converted  to  or  continued  as  a  Eurodollar Borrowing or a CDOR Rate Borrowing and (ii) unless repaid, each Eurodollar Borrowing and  CDOR Rate Borrowing shall be converted to an ABR Borrowing or a Canadian Prime Rate Borrowing,  respectively, at the end of the Interest Period applicable thereto.                SECTION  2.09.  Termination and  Reduction  of  Commitments;  Increase  in  Commitments.                (a)  Unless previously terminated, all the Commitments shall terminate on the Revolving  Credit Maturity Date.                  (b)  The Borrowers may at any time terminate the Commitments upon the Payment in  Full of the Secured Obligations.                 (c)  The Borrowers may from time  to time  reduce the Commitments; provided that (i)  each reduction of the Commitments shall be in an amount that is an integral multiple of $1,000,000 and  not less than $1,000,000 and (ii) the Borrowers shall not terminate or reduce the Commitments if, after  giving effect to any concurrent prepayment of the Revolving Loans in accordance with Section 2.11, the  Dollar Equivalent of the Aggregate Revolving Exposure would exceed the aggregate Commitments.                                            44 

 

                                                                                                                                                                                                                                                       (d)  The Borrower Representative shall notify the Administrative Agent of any election to  terminate or reduce the Commitments under paragraph (b) or (c) of this Section at least three (3) Business  Days  prior  to  the  effective  date  of  such  termination  or  reduction,  specifying  such  election  and  the  effective date thereof.  Promptly following receipt of any notice, the Administrative Agent shall advise  the Lenders of the contents thereof.  Each notice delivered by the Borrower Representative pursuant to  this Section shall be irrevocable; provided that a notice of termination of the Commitments delivered by  the Borrower Representative may  state  that  such  notice is  conditioned  upon  the  effectiveness  of other  credit facilities, in which case such notice may be revoked by the Borrower Representative (by notice to  the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied.  Any  termination or reduction of the Commitments shall be permanent.  Each reduction of the Commitments  shall be made ratably among the Lenders in accordance with their respective Commitments.                (e)   The  Borrowers  shall  have  the  right  to  increase (each,  an  “Increase”) the  Commitments by obtaining additional Commitments, either from one or more of the Lenders or another  lending institution, provided that (i) any such request for an increase shall be in a minimum amount of  $5,000,000, (ii) the Borrower Representative, on behalf of the Borrowers, may make a maximum of five  (5) such requests during the term of this Agreement, (iii) after giving effect thereto, the sum of aggregate  amount of all such Increases not exceed $50,000,000, (iv) the Administrative Agent, the Swingline Lender  and  the  Issuing  Bank  have  approved  the  identity  of  any  such  new  Lender,  such  approvals  not  to  be  unreasonably withheld, (v) any such new Lender assumes all of the rights and obligations of a “Lender”  hereunder, and (vi) the procedure described in Section 2.09(f) have been satisfied.  Nothing contained in this  Section 2.09 shall constitute, or otherwise be deemed to be, a commitment on the part of any Lender to  increase its Commitment hereunder at any time.                (f)   Any  amendment  hereto  for  such  an Increase  shall  be  in  form  and  substance  satisfactory to the Administrative Agent and shall only require the written signatures of the Administrative  Agent,  the  Borrowers  and  each  Lender  being  added  or  increasing  its  Commitment.  As  a  condition  precedent to such an Increase, the Borrowers shall deliver to the Administrative Agent (i) a certificate of  each  Loan  Party  signed  by  an  authorized  officer  of  such  Loan  Party  (A)  certifying  and  attaching  the  resolutions adopted by such Loan Party approving or consenting to such Increase, and (B) in the case of  the Borrowers, certifying that, before and after giving effect to such Increase, (1) the representations and  warranties contained in Article III and the other Loan Documents are true and correct, except to the extent  that such representations and warranties specifically refer to an earlier date, in which case they are true  and correct as of such earlier date, and (2) no Default exists and (3) the Borrowers are in compliance (on a  pro forma basis, giving effect to the entire amount of such Increase as if fully drawn) with the covenants  contained in Section 6.12 and (ii) legal opinions and documents consistent with those delivered on the  Effective Date, to the extent requested by the Administrative Agent.                (g)   On the effective date of any such Increase, (i) any Lender increasing (or, in the  case of any newly added Lender, extending) its Commitment shall make available to the Administrative  Agent such amounts in immediately available funds as the Administrative Agent shall determine, for the  benefit of the other Lenders, as being required in order to cause, after giving effect to such Increase and  the  use  of  such  amounts  to  make  payments  to  such  other  Lenders,  each  Lender’s  portion  of  the  outstanding  Revolving  Loans  of all  the  Lenders  to  equal  its  revised  Applicable  Percentage  of  such  outstanding Revolving Loans, and the Administrative Agent shall make such other adjustments among the  Lenders  with  respect  to  the  Revolving  Loans  then  outstanding  and  amounts  of  principal, interest,  commitment  fees  and  other  amounts  paid  or  payable  with  respect  thereto  as  shall  be  necessary,  in  the  opinion of the Administrative Agent, in order to effect such reallocation and (ii)  the Borrowers shall be  deemed to have repaid and reborrowed all outstanding Revolving Loans as of the date of any Increase in  the Commitments  (with  such  reborrowing to  consist  of  the  Types  of  Revolving  Loans,  with  related  Interest  Periods  if  applicable,  specified  in  a  notice  delivered  by  the  Borrower  Representative,  in                                         45 

 

                                                                                                                                                                                                                                           accordance with the requirements of Section 2.03).  The deemed payments made pursuant to clause (ii) of  the  immediately  preceding  sentence  shall  be  accompanied  by  payment  of  all  accrued  interest  on  the  amount prepaid and, in respect of each Eurodollar Loan and each CDOR Rate Loan, shall be subject to  indemnification  by  the  Borrowers  pursuant  to  the  provisions  of  Section 2.16  if  the  deemed  payment  occurs  other  than  on  the  last  day  of  the  related  Interest  Periods.  Within  a  reasonable  time  after  the  effective date of any Increase, the Administrative Agent shall, and is hereby authorized and directed to,  revise  the  Commitment  Schedule  to  reflect  such Increase  and  shall  distribute  such  revised  Commitment  Schedule to each of the Lenders and the Borrower Representative, whereupon such revised Commitment  Schedule shall replace the old Commitment Schedule and become part of this Agreement.                SECTION 2.10.  Repayment and Amortization of Loans; Evidence of Debt.                  (a) The Borrowers hereby unconditionally promise to pay (i) to the Administrative Agent  for the account of each Revolving Lender the then unpaid principal amount of each Revolving Loan on  the Revolving Credit Maturity Date, and (ii) to the Swingline Lender the then unpaid principal amount of  each Swingline Loan on the earlier of the Revolving Credit Maturity Date and the fifth Business Day after  such Swingline Loan is made; provided that on each date that a Revolving Loan is made, the Borrowers  shall repay all Swingline Loans then outstanding and the proceeds of any such Revolving Loan shall be  applied by the Administrative Agent to repay any Swingline Loans outstanding.                  (b)  Each  Lender  shall  maintain  in  accordance  with  its  usual  practice  an  account or  accounts evidencing the Indebtedness of the Borrowers to such Lender resulting from each Loan made by  such Lender, including the amounts of principal and interest payable and paid to such Lender from time to  time hereunder.                (c)   The  Administrative  Agent  shall  maintain  accounts  in  which  it  shall  record  (i) the  amount  of  each  Loan  made  hereunder,  the  Class  and  Type  thereof  and  the  Interest  Period  applicable  thereto, if any, (ii) the amount of any principal or interest due and payable or to become due and payable  from  the Borrowers to  each  Lender  hereunder  and  (iii)  the  amount  of  any  sum  received  by  the  Administrative Agent hereunder for the account of the Lenders and each Lender’s share thereof.                (d)  The entries made in the accounts maintained pursuant to paragraph (b) or (c) of this  Section shall be prima facie evidence of the existence and amounts of the obligations recorded therein;  provided that the  failure  of any Lender or the  Administrative  Agent to maintain such accounts  or any  error  therein  shall  not  in  any  manner  affect  the  obligation  of  the Borrowers to  repay  the  Loans  in  accordance with the terms of this Agreement.                (e)  Any Lender may request that Loans made by it be evidenced by a promissory note.   In such event, the Borrowers shall prepare, execute and deliver to such Lender a promissory note payable  to such Lender (or, if requested by such Lender, to such Lender and its registered assigns) and in a form  approved  by the Administrative  Agent.  Thereafter, the  Loans evidenced  by such  promissory note and  interest thereon shall at all times (including after assignment pursuant to Section 9.04) be represented by  one or more promissory notes in such form.                SECTION 2.11.  Prepayment of Loans.                  (a)  The Borrowers shall have the right at any time and from time to time to prepay any  Borrowing in whole or in part, subject to prior notice in accordance with paragraph (e) of this Section  and, if applicable, payment of any break funding expenses under Section 2.16.                                            46 

 

                                                                                                                                                                                                                                                       (b)  In  the  event  and  on  such  occasion  that  the Dollar  Equivalent  of  the Aggregate  Revolving  Exposure  exceeds  the  aggregate Commitments,  the  Borrowers shall  prepay  the  Revolving  Loans, LC Exposure and/or Swingline  Loans (or, if no such Borrowings  are  outstanding, deposit cash  collateral in the LC Collateral Account in an aggregate amount equal to such excess, in accordance with  Section 2.06(j)); provided that if the Dollar Equivalent of the Aggregate Revolving Exposure exceeds the  aggregate  Commitments  due  to  currency  fluctuations,  no  prepayment  shall  be  required  until the  Aggregate  Revolving  Exposure  exceeds 102%  of  the  aggregate  Commitments; provided that  the  Aggregate  Revolving  Exposure  shall  not  exceed  the  aggregate  Commitments  for  more  than two (2)  consecutive Business Days.               (c)  The Borrower Representative shall notify the Administrative Agent (and, in the case  of prepayment of a Swingline Loan, the Swingline Lender) by telephone (confirmed by email) or through  Electronic System, if arrangements for doing so have been approved by the Administrative Agent, of any  prepayment under this Section:  (i) in the case of prepayment of a Eurodollar Borrowing or a CDOR Rate  Borrowing, not later than noon, Chicago time, three (3) Business Days before the date of prepayment, or  (ii) in the case of prepayment of an ABR Borrowing or a Canadian Prime Rate Borrowing, not later than  noon, Chicago time, one (1) Business Day before the date of prepayment or (iii) in the case of prepayment  of a Swingline Loan, not later than noon, Chicago time, on the date of prepayment.  Each such notice  shall be irrevocable and shall specify the prepayment date and the principal amount of each Borrowing or  portion  thereof  to  be  prepaid; provided that  if  a  notice  of  prepayment  is  given  in  connection  with  a  conditional notice of termination of the Commitments as contemplated by Section 2.09, then such notice  of prepayment may be revoked if such notice of termination is revoked in accordance with Section 2.09.   Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the  contents thereof.   Each partial prepayment of any Revolving Borrowing shall be in an amount that would  be permitted in the case of an advance of a Borrowing of the same Type as provided in Section 2.02,  except as necessary to apply fully the required amount of a mandatory prepayment.  Each prepayment of a  Borrowing shall be applied ratably to the Loans included in the prepaid Borrowing.  Prepayments shall be  accompanied  by (i) accrued  interest  to  the  extent  required  by  Section  2.13 and  (ii)  break  funding  payments pursuant to Section 2.16.               SECTION 2.12.  Fees.                  (a) The Borrowers agree to pay to the Administrative Agent a commitment fee for the  account of each Revolving Lender, which shall accrue at the Applicable Rate on the daily amount of the  undrawn portion of the  Commitment of such Lender during the period from and including the Effective  Date to but excluding the date on which the Lenders’ Commitments terminate; it being understood that  the LC Exposure of a Lender shall be included and the Swingline Exposure of a Lender shall be excluded  in the drawn portion of the Commitment of such Lender for purposes of calculating the commitment fee.   Accrued  commitment  fees  shall  be  payable  in  arrears  on  the  last  day  of  March,  June,  September  and  December of each year and on the date on which the Commitments terminate, commencing on the first  such date to occur after the date hereof.  All commitment fees shall be computed on the basis of a year of  360 days and shall be payable for the actual number of days elapsed (including the first day but excluding  the last day).                (b)  The Borrowers agree to pay (i) to the Administrative Agent for the account of each  Revolving Lender a participation fee with respect to its participations in Letters of Credit, which shall  accrue at the same Applicable Rate used to determine the interest rate applicable to Eurodollar Revolving  Loans or CDOR Rate Revolving Loans, as applicable, on the daily Dollar Equivalent of such Lender’s LC  Exposure  (excluding  any  portion  thereof  attributable  to  unreimbursed  LC  Disbursements)  during  the  period from and including the Effective Date to but excluding the later of the date on which such Lender’s  Commitment terminates and the date on which such Lender ceases to have any LC Exposure, and (ii) to                                         47 

 

                                                                                                                                                                                                                                           each Issuing Bank a fronting fee, which shall accrue at the rate or rates per annum separately agreed upon  between  the  Borrowers  and  the  Issuing  Bank on  the  daily  amount  of  the  LC  Exposure attributable  to  Letters of Credit issued by such Issuing Bank (excluding any portion thereof attributable to unreimbursed  LC Disbursements) during the period from and including the Effective Date to but excluding the later of  the date of termination of the Commitments and the date on which there ceases to be any LC Exposure, as  well  as  the  Issuing  Bank’s  standard  fees and  commissions with  respect  to  the  issuance,  amendment,  cancellation, negotiation, transfer, presentment, renewal or extension of any Letter of Credit or processing  of drawings thereunder.  Participation fees and fronting fees accrued through and including the last day of  March, June, September and December of each year shall be payable on the third Business Day following  such last day, commencing on the first such date to occur after the Effective Date; provided that all such  fees shall be payable on the date on which the Commitments terminate and any such fees accruing after  the date on which the Commitments terminate shall be payable on demand.  Any other fees payable to the  Issuing  Bank  pursuant  to  this  paragraph shall  be  payable  within ten (10) days  after  demand.   All  participation fees  and fronting fees shall be computed on the basis of a year of 360 days  and shall be  payable for the actual number of days elapsed (including the first day but excluding the last day).                (c)  The Borrowers agree to pay to the Administrative Agent, for its own account, fees  payable  in  the  amounts  and  at  the  times  separately  agreed  upon  between  the Borrowers and  the  Administrative Agent.                (d)  All fees payable hereunder shall be paid on the dates due, in dollars in immediately  available funds, to the Administrative Agent (or to the Issuing Bank, in the case of fees payable to it) for  distribution, in the case of commitment fees and participation fees, to the Lenders entitled thereto.  Fees  paid shall not be refundable under any circumstances.                SECTION 2.13.  Interest.                  (a)  The Loans comprising each ABR Borrowing (including each Swingline Loan) shall  bear  interest  at  the  Alternate  Base  Rate plus  the  Applicable  Rate,  and  the  Loans comprising  each  Canadian Prime Rate Borrowing shall bear interest at the Canadian Prime Rate  plus the Applicable Rate.                (b)  The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted  LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate, and the Loans  comprising each CDOR Rate Borrowing shall bear interest at the CDOR Rate for the Interest Period in  effect for such Borrowing plus the Applicable Rate.                (c) Notwithstanding the foregoing, during the occurrence and continuance of an Event of  Default, the Administrative Agent or the Required Lenders may, at their option, by notice to the Borrower  Representative (which notice may be revoked at the option of the Required Lenders notwithstanding any  provision  of  Section  9.02  requiring  the  consent  of “each  Lender  affected  thereby” for  reductions  in  interest rates), declare that (i) all Loans shall bear interest at 2% plus the rate otherwise applicable to such  Loans as provided in the preceding paragraphs of this Section, (ii) the fees payable pursuant to Section  2.12(b) shall be increased by 2% per annum or (iii) in the case of any other overdue amount outstanding  hereunder,  such  amount  shall  accrue  at  2%  plus  the rate  applicable  to  such  fee  or  other  obligation  as  provided hereunder.                 (d)   Accrued  interest  on  each  Loan (for ABR Loans and  Canadian  Prime  Rate  Loans,  accrued  through  the  last  day  of  the  prior  calendar  month) shall  be  payable  in arrears  on  each  Interest  Payment Date for such Loan and, in the case of Revolving Loans, upon termination of the Commitments;  provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii)  in the event of any repayment or prepayment of any Loan (other than a prepayment of an ABR Revolving                                         48 

 

                                                                                                                                                                                                                                           Loan or a Canadian Prime Rate Loan prior to the end of the Availability Period), accrued interest on the  principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii)  in the event of any conversion of any Eurodollar Loan or CDOR Rate Loan prior to the end of the current  Interest  Period  therefor,  accrued  interest  on such  Loan  shall  be  payable  on  the  effective  date  of  such  conversion.                (e)  All interest hereunder shall be computed on the basis of a year of 360 days, except  that interest computed by reference to the Alternate Base Rate at times when the Alternate Base Rate is  based on the Prime Rate, the CDOR Rate and the Canadian Prime Rate shall be computed on the basis of  a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of  days  elapsed (including the  first day but excluding the  last day).  The applicable  Alternate Base Rate,  Adjusted  LIBO  Rate, LIBO  Rate,  Canadian  Prime  Rate,  and  CDOR  Rate shall  be  determined  by  the  Administrative Agent, and such determination shall be conclusive absent manifest error.                (f)  For purposes of disclosure pursuant to the Interest Act (Canada), the annual rates of  interest  or  fees  to  which  the  rates  of  interest  or  fees  provided  in  this  Agreement  and  the  other  Loan  Documents (and stated herein or therein, as applicable, to be computed on the basis of 360 days or any  other period of time less than a calendar year) are equivalent are the rates so determined multiplied by the  actual number of days in the applicable calendar year and divided by 360 or such other period of time,  respectively. The principle of deemed reinvestment of interest does not apply to any interest calculation  under this Agreement and the rates of interest stipulated in this Agreement are intended to be nominal  rates and not effective rates or yields.                 (g)  If any provision of this Agreement or of any of the other Loan Documents would  obligate any Loan Party to make any payment of interest or other amount payable to the Lenders in an  amount  or  calculated  at  a  rate  which  would  be  prohibited  by  law  or  would  result in  a  receipt  by  the  Lenders of interest at a criminal rate (as such terms  are construed under the Criminal Code (Canada))  then, notwithstanding such provisions, such amount or rate shall be deemed to have been adjusted with  retroactive  effect  to the  maximum  amount  or  rate  of  interest, as the  case  may  be,  as  would  not  be  so  prohibited by law or so result in a receipt by the Lenders of interest at a criminal rate, such adjustment to  be  effected,  to  the  extent  necessary,  as  follows:  (1) firstly,  by  reducing  the  amount  or  rate  of  interest  required  to  be  paid  to  the  Lenders  under  this  Section  2.13,  and  (2)  thereafter,  by  reducing  any  fees,  commissions,  premiums  and  other amounts required to be  paid to the  Lenders which  would constitute  “interest” for purposes of Section 347 of the Criminal Code (Canada).  Notwithstanding the foregoing,  and  after  giving  effect  to  all  adjustments  contemplated  thereby,  if  the  Lenders  shall  have  received  an  amount in excess of the maximum permitted by that section of the Criminal Code (Canada), the Loan  Parties shall be entitled, by notice in writing to the Administrative Agent, to obtain reimbursement from  the Lenders in an amount equal to such excess and, pending such reimbursement, such amount shall be  deemed to be an amount payable by the Lenders to the Borrower.  Any amount or rate of interest referred  to in this Section 2.13(g) shall be determined in accordance with generally accepted actuarial practices  and  principles  as  an  effective  annual  rate  of  interest  over  the  term  that  the applicable  Loan  remains  outstanding on the assumption that any charges, fees or expenses that fall within the meaning of “interest”  (as defined in the Criminal Code (Canada)) shall, if they relate to a specific period of time, be pro-rated  over  that  period  of  time  and  otherwise  be  pro-rated  over  the  period  from  the  Effective  Date  to  the  Maturity  Date  and,  in  the  event  of  a  dispute,  a  certificate  of  a  Fellow  of  the  Canadian  Institute  of  Actuaries  appointed  by  the  Administrative  Agent  shall  be  conclusive  for the  purposes  of  such  determination.                SECTION 2.14.  Alternate Rate of Interest; Illegality.                  (a)   If prior to the commencement of any Interest Period for a Eurodollar Borrowing                                         49 

 

                                                                                                                                                                                                                                           or a CDOR Rate Borrowing, as applicable:                (i)   the  Administrative  Agent  determines  (which  determination  shall  be  conclusive        and  binding  absent  manifest  error)  that  adequate  and  reasonable  means  do  not  exist  for        ascertaining (x) the  Adjusted  LIBO  Rate  or  the  LIBO  Rate,  as  applicable  (including,  without        limitation, by means of an Interpolated Rate or because the LIBO Screen Rate is not available or        published  on  a  current  basis) or  (y)  the  CDOR  Screen  Rate,  as  applicable, for  such  Interest        Period; or                                  (ii)  the Administrative Agent is advised by the Required Lenders that the Adjusted        LIBO Rate, the LIBO Rate or the CDOR Screen Rate, as applicable, for such Interest Period will        not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining        their Loans (or Loan) included in such Borrowing for such Interest Period;    then the Administrative Agent shall give notice thereof to the Borrower Representative and the Lenders  through Electronic System as provided in Section 9.01 as promptly as practicable thereafter and, until the  Administrative Agent notifies the Borrower Representative and the Lenders that the circumstances giving  rise to such notice no longer exist, (A) any Interest Election Request that requests the conversion of any  Borrowing to, or continuation of any Borrowing as, a Eurodollar Borrowing or a CDOR Rate Borrowing,  as  applicable, shall  be  ineffective, and  any  such  Eurodollar  Borrowing or  CDOR  Rate  Borrowing,  as  applicable, shall be repaid or converted into an ABR Borrowing or a Canadian Prime Rate Borrowing, as  applicable, on the last day of the then current Interest Period applicable thereto, and (B) if any Borrowing  Request  requests  a  Eurodollar  Borrowing or  a  CDOR  Rate  Borrowing, as  applicable, such  Borrowing  shall be made as an ABR Borrowing or a Canadian Prime Rate Borrowing, as applicable.                (b)   If any Lender determines that any Requirement of Law has made it unlawful, or  if any Governmental Authority has asserted that it is unlawful, for any Lender or its applicable lending  office to make, maintain, fund or continue any Eurodollar Borrowing or CDOR Rate Borrowing, or any  Governmental Authority has imposed material restrictions on the authority of such Lender to purchase or  sell, or to take deposits of, dollars in the London interbank market, then, on notice thereof by such Lender  to  the  Borrower Representative through  the  Administrative  Agent,  any  obligations  of  such  Lender  to  make,  maintain, fund or continue Eurodollar Loans or CDOR Rate Loans, as applicable, or to convert  ABR Borrowings or  Canadian  Prime  Rate  Borrowings to  Eurodollar  Borrowings or  CDOR  Rate  Borrowings, respectively, will be suspended until such Lender notifies the Administrative Agent and the  Borrower Representative that the circumstances giving rise to such determination no longer exist.  Upon  receipt  of  such  notice,  the  Borrowers will  upon  demand  from  such  Lender  (with  a  copy  to  the  Administrative Agent), either prepay or convert all Eurodollar Borrowings or CDOR Rate Borrowings, as  applicable, of such Lender to ABR Borrowings or Canadian Prime Rate Borrowings, as applicable, either  on the  last day of the  Interest Period therefor, if such Lender may lawfully continue  to maintain such  Borrowings  to  such  day,  or  immediately,  if  such  Lender  may  not  lawfully  continue  to  maintain  such  Loans.  Upon any such prepayment or conversion, the Borrowers will also pay accrued interest on the  amount so prepaid or converted.                             (c)   If at any time the Administrative Agent determines (which determination shall be  conclusive absent manifest error) that (i) the circumstances set forth in clause (a)(i) have arisen and such  circumstances  are unlikely to be temporary or (ii) the  circumstances set forth in clause (a)(i) have  not  arisen  but either  (w)  the  supervisor  for  the  administrator  of  the  LIBO  Screen  Rate  has  made  a  public  statement  that  the  administrator  of  the  LIBO Screen  Rate  is  insolvent  (and  there  is  no  successor  administrator that will continue publication of the LIBO Screen Rate), (x) the administrator of the LIBO  Screen Rate has made a public statement identifying a specific date after which the LIBO Screen Rate  will permanently or indefinitely cease to be published by it (and there is no successor administrator that                                         50 

 

                                                                                                                                                                                                                                           will continue publication of the LIBO Screen Rate), (y) the supervisor for the administrator of the LIBO  Screen Rate has made a public statement identifying a specific date after which the LIBO Screen Rate  will permanently or indefinitely cease to be published or (z) the supervisor for the administrator of the  LIBO Screen Rate or a Governmental Authority having jurisdiction over the Administrative Agent has  made a public statement identifying a specific date after which the LIBO Screen Rate may no longer be  used  for  determining  interest  rates  for  loans,  then  the  Administrative  Agent  and  the  Borrower  Representative shall endeavor to establish an alternate rate of interest to the LIBO Rate that gives due  consideration to the then prevailing market convention for determining a rate of interest for syndicated  loans in the United States at such time, and shall enter into an amendment to this Agreement to reflect  such alternate rate of interest and such other related changes to this Agreement as may be applicable (but,  for the avoidance of doubt, such related changes shall not include a reduction of the Applicable Rate).   Notwithstanding anything  to  the  contrary  in  Section  9.02,  such  amendment  shall  become  effective  without any further action or consent of any other party to this Agreement so long as the Administrative  Agent shall not have received, within five (5) Business Days of the date notice of such alternate rate of  interest is provided to the Lenders, a written notice from the Required Lenders stating that such Required  Lenders object to such amendment.  Until an alternate rate of interest shall be determined in accordance  with  this clause  (c)  (but,  in  the  case  of  the  circumstances  described  in  clause (ii)(w),  clause  (ii)(x)  or  clause (ii)(y) of the first sentence of this Section 2.14(c), only to the extent the LIBO Screen Rate for such  Interest Period is  not available  or published  at such time  on a  current basis), (x) any  Interest Election  Request  that  requests  the  conversion  of  any  Borrowing  to,  or  continuation  of  any  Borrowing  as,  a  Eurodollar  Borrowing  shall  be  ineffective and  any  such  Eurodollar  Borrowing  shall  be  repaid  or  converted into an ABR Borrowing on the last day of the then current Interest Period applicable thereto,  and (y) if any Borrowing Request requests a Eurodollar Borrowing, such Borrowing shall be made as an  ABR Borrowing; provided that, if such alternate rate of interest shall be less than zero, such rate shall be  deemed to be zero for the purposes of this Agreement.                SECTION 2.15.  Increased Costs.  (a) If any Change in Law shall:                            (i)  impose, modify or deem applicable any reserve, special deposit, liquidity or similar        requirement (including any compulsory loan requirement, insurance charge or other assessment)        against assets of, deposits with or for the account of, or credit extended by, any Lender (except        any such reserve requirement reflected in the Adjusted LIBO Rate) or the Issuing Bank; or               (ii)  impose on any Lender or the Issuing Bank or the London interbank market any other        condition, cost or expense (other than Taxes) affecting this Agreement or Loans made by such        Lender or any Letter of Credit or participation therein; or               (iii)  subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes        described  in  clauses  (b)  through (e) of  the  definition  of  Excluded  Taxes  and  (C)  Connection        Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or        its deposits, reserves, other liabilities or capital attributable thereto;   and the result of any of the foregoing shall be to increase the cost to such Lender or such other Recipient  of making, continuing, converting into or maintaining any Loan (or of maintaining its obligation to make  any  such  Loan)  or  to  increase  the  cost  to  such  Lender, the  Issuing  Bank or  such  other  Recipient of  participating in, issuing or maintaining any Letter of Credit or to reduce the amount of any sum received  or receivable by such Lender, the Issuing Bank or such other Recipient hereunder (whether of principal,  interest  or  otherwise),  then  the  Borrowers will  pay  to such  Lender,  the  Issuing  Bank  or  such  other  Recipient, as the case may be, such additional amount or amounts as will compensate such Lender, the  Issuing Bank or such other Recipient, as the case may be, for such additional costs incurred or reduction  suffered.                                         51 

 

                                                                                                                                                                                                                                                         (b)   If  any  Lender  or  the  Issuing  Bank  determines  that  any  Change  in  Law  regarding  capital or  liquidity requirements  has  or  would  have  the  effect  of  reducing  the  rate  of  return  on  such  Lender’s or the Issuing Bank’s capital or on the capital of such Lender’s or the Issuing Bank’s holding  company, if any, as a  consequence of this  Agreement, the  Commitments  of or the  Loans  made by, or  participations in Letters of Credit or Swingline Loans held by, such Lender, or the Letters of Credit issued  by the Issuing Bank, to a level below that which such Lender or the Issuing Bank or such Lender’s or the  Issuing  Bank’s  holding  company  could  have  achieved  but  for  such  Change  in  Law  (taking  into  consideration  such  Lender’s  or  the  Issuing  Bank’s  policies  and  the  policies  of  such  Lender’s  or  the  Issuing Bank’s holding company with respect to capital adequacy and liquidity), then from time to time  the Borrowers will pay to such Lender or the Issuing Bank, as the case may be, such additional amount or  amounts  as  will  compensate  such  Lender  or  the  Issuing  Bank  or  such  Lender’s  or  the  Issuing  Bank’s  holding company for any such reduction suffered.                (c)  A certificate of a Lender or the Issuing Bank setting forth the amount or amounts  necessary to compensate such Lender or the Issuing Bank or its holding company, as the case may be, as  specified  in paragraph (a) or (b) of this  Section shall be  delivered  to the Borrower Representative and  shall be conclusive absent manifest error.  The Borrowers shall pay such Lender or the Issuing Bank, as  the  case  may  be,  the  amount  shown  as  due  on  any  such  certificate  within ten  (10) days  after  receipt  thereof.                  (d)   Failure  or  delay  on  the  part  of  any  Lender  or  the  Issuing  Bank  to  demand  compensation pursuant to this Section shall not constitute a waiver of such Lender’s or the Issuing Bank’s  right to demand such compensation; provided that the Borrowers shall not be required to compensate a  Lender or the Issuing Bank pursuant to this Section for any increased costs or reductions incurred more  than 180 days prior to the date that such Lender or the Issuing Bank, as the case may be, notifies the  Borrower Representative of the Change in Law giving rise to such increased costs or reductions and of  such Lender’s or the Issuing Bank’s intention to claim compensation therefor; provided further that, if the  Change in Law giving rise to such increased costs or reductions is retroactive, then the 180-day period  referred to above shall be extended to include the period of retroactive effect thereof.                SECTION  2.16.  Break  Funding  Payments.  In  the  event  of  (a)  the  payment  of  any  principal of any Eurodollar Loan or CDOR Rate Loan other than on the last day of an Interest Period  applicable thereto (including as a result of an Event of Default or as a result of any prepayment pursuant  to Section 2.11), (b) the conversion of any Eurodollar Loan or any CDOR Rate Loan other than on the  last day of the Interest Period applicable thereto, (c) the failure to borrow, convert, continue or prepay any  Eurodollar Loan or any CDOR Rate Loan on the date specified in any notice delivered pursuant hereto  (regardless of whether such notice may be revoked under Section 2.09(d) and is revoked in accordance  therewith), or (d) the assignment of any Eurodollar Loan or any CDOR Rate Loan other than on the last  day  of the  Interest  Period  applicable  thereto  as  a  result  of  a  request  by  the Borrower Representative  pursuant to Section 2.19 or 9.02(d), then, in any such event, the Borrowers shall compensate each Lender  for the loss, cost and expense attributable to such event.  In the case of a Eurodollar Loan or a CDOR  Rate Loan, such loss, cost or expense to any Lender shall be deemed to include an amount determined by  such  Lender  to  be  the  excess,  if  any,  of  (i)  the  amount  of  interest  which  would  have  accrued  on  the  principal amount of such Eurodollar Loan or such CDOR Rate Loan, as applicable, had such event not  occurred,  at  the  Adjusted  LIBO  Rate or  CDOR  Screen  Rate,  as  applicable, that  would  have  been  applicable to such Eurodollar Loan or such CDOR Rate Loan, for the period from the date of such event  to the last day of the then current Interest Period therefor (or, in the case of a failure to borrow, convert or  continue, for the period that would have been the Interest Period for such Eurodollar Loan or such CDOR  Rate Loan), over (ii) the amount of interest which would accrue on such principal amount for such period  at the interest rate which such Lender would bid were it to bid, at the commencement of such period, for                                         52 

 

                                                                                                                                                                                                                                           dollar deposits  of  a  comparable  amount  and  period  from  other  banks  in  the  eurodollar  market,  or  for  Canadian dollar deposits of a comparable amount and period to such CDOR Rate Loan from other banks  in the  Canadian  bankers’ acceptance  market.   A certificate  of  any  Lender  setting  forth  any  amount  or  amounts that such Lender is entitled to receive pursuant to this Section shall be delivered to the Borrower  Representative and shall be conclusive absent manifest error.  The Borrowers shall pay such Lender the  amount shown as due on any such certificate within ten (10) days after receipt thereof.                SECTION 2.17.  Withholding of Taxes; Gross-Up.           (a)  Payments Free of Taxes.  Any and all payments by or on account of any obligation of any  Loan Party under any Loan Document shall be made without deduction or withholding for any Taxes,  except as required by applicable law.  If any applicable law (as determined in the good faith discretion of  an  applicable  withholding  agent)  requires  the  deduction  or  withholding  of  any  Tax  from  any  such  payment by a  withholding agent, then the  applicable withholding agent shall be  entitled to make  such  deduction  or  withholding  and  shall  timely  pay  the  full amount  deducted  or  withheld  to  the  relevant  Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then  the sum payable by the applicable Loan Party shall be increased as necessary so that after such deduction  or withholding has been made (including such deductions and withholdings applicable to additional sums  payable under this Section 2.17), the applicable Recipient receives an amount equal to the sum it would  have received had no such deduction or withholding been made.         (b)  Payment of Other Taxes by Loan Parties.  The Loan Parties shall timely pay to the relevant  Governmental Authority in accordance with applicable law, or at the option of the Administrative Agent  timely reimburse it for, Other Taxes.         (c)  Evidence of Payment.  As soon as practicable after any payment of Taxes by any Loan Party  to  a  Governmental  Authority  pursuant  to  this  Section  2.17,  such  Loan  Party  shall  deliver  to  the  Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority  evidencing such payment, a copy of the return reporting such payment, or other evidence of such payment  reasonably satisfactory to the Administrative Agent.         (d)  Indemnification  by  the Loan  Parties.   The  Loan  Parties  shall  indemnify  each  Recipient,  within ten  (10) 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 Recipient or required to be withheld or deducted from a payment to such Recipient and  any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes  were correctly or legally imposed or asserted by the relevant Governmental Authority.  A certificate as to  the  amount  of  such  payment  or liability  delivered  to any  Loan  Party by  a  Lender (with  a  copy  to  the  Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall  be conclusive absent manifest error.         (e)  Indemnification by the Lenders.  Each Lender shall severally indemnify the Administrative  Agent,  within ten  (10) days  after  demand  therefor,  for  (i)  any  Indemnified  Taxes  attributable  to  such  Lender (but only to the extent that any Loan Party has not already indemnified the Administrative Agent  for such Indemnified Taxes  and  without limiting the obligation of the  Loan Parties to do so), (ii) any  Taxes attributable to such Lender’s failure to comply with the provisions of Section 9.04(c) relating to the  maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each  case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and  any  reasonable  expenses  arising  therefrom  or  with  respect  thereto,  whether or  not  such  Taxes  were  correctly or legally imposed or asserted by the relevant Governmental Authority.  A certificate as to the  amount  of  such  payment  or  liability  delivered  to  any  Lender  by  the  Administrative  Agent  shall  be                                         53 

 

                                                                                                                                                                                                                                           conclusive absent manifest error.  Each Lender hereby authorizes the Administrative Agent to setoff and  apply any and  all amounts at any time  owing to such Lender under any Loan Document or otherwise  payable by the Administrative Agent to such Lender from any other source against any amount due to the  Administrative Agent under this paragraph (e).         (f)  Status of Lenders.                 (i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with  respect to payments made under any Loan Document shall deliver to the Borrower Representative and the  Administrative Agent, at the time or times reasonably requested by the Borrower Representative or the  Administrative Agent, such properly completed and executed documentation reasonably requested by the  Borrower Representative or the Administrative Agent as will permit such payments to be made without  withholding or at a reduced rate of withholding.  In addition, any Lender, if reasonably requested by the  Borrower Representative or the Administrative Agent, shall deliver such other documentation prescribed  by applicable law or reasonably requested by the Borrower Representative or the Administrative Agent as  will enable the Borrower Representative or the Administrative Agent to determine whether or not such  Lender  is  subject  to  backup  withholding  or  information  reporting  requirements.   Notwithstanding  anything  to  the  contrary  in  the  preceding  two  sentences,  the  completion,  execution  and  submission  of  such documentation (other than such documentation set forth in Section 2.17(f)(ii)(A), (ii)(B) and (ii)(D)  below)  shall  not  be  required  if  in  the  Lender’s  reasonable  judgment  such  completion,  execution  or  submission would subject such Lender to any material unreimbursed cost or expense or would materially  prejudice the legal or commercial position of such Lender.               (ii) Without limiting the generality of the foregoing,                             (A) any Lender that is a U.S. Person shall deliver to the Borrower Representative and the  Administrative  Agent  on  or  prior  to  the  date  on  which  such  Lender  becomes a  Lender  under  this  Agreement (and from time to time thereafter upon the reasonable request of the Borrower Representative  or the Administrative Agent), an executed copy of IRS Form W-9 certifying that such Lender is exempt  from U.S. federal backup withholding tax;                            (B) any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the  Borrower Representative and the Administrative Agent (in such number of copies as shall be requested by  the  recipient)  on  or  prior  to  the  date  on  which such  Foreign  Lender  becomes  a  Lender  under  this  Agreement (and from time to time thereafter upon the reasonable request of the Borrower Representative  or the Administrative Agent), whichever of the following is applicable:                      (1) in the case of a Foreign Lender claiming the benefits of an income tax treaty              to  which  the U.S. is  a  party  (x)  with  respect  to  payments  of  interest  under  any  Loan              Document, an executed copy  of IRS  Form  W-8BEN or  IRS  Form  W-8BEN-E,  as              applicable, establishing an exemption from, or reduction of, U.S. federal withholding Tax              pursuant  to  the “interest” article  of  such  tax  treaty  and  (y)  with  respect  to  any  other              applicable payments  under any Loan Document, IRS Form W-8BEN or IRS Form W-             8BEN-E,  as  applicable, 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) in  the  case  of  a  Foreign  Lender  claiming  that  its  extension  of  credit  will              generate U.S. effectively connected income, an executed copy of IRS Form W-8ECI;                                                  54 

 

                                                                                                                                                                                                                                                             (3) in the case of a  Foreign Lender claiming the  benefits of the exemption for              portfolio interest under Section 881(c) of the Code, (x) a certificate substantially in the              form  of Exhibit  C-1  to the  effect that  such  Foreign Lender  is  not  a “bank” within  the              meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of a Borrower              within  the  meaning  of  Section  881(c)(3)(B)  of  the  Code,  or  a “controlled  foreign              corporation” described  in  Section  881(c)(3)(C)  of  the  Code  (a “U.S.  Tax  Compliance              Certificate”) and (y) an executed copy of IRS Form W-8BEN or IRS Form W-8BEN-E,              as applicable; or                                        (4) to the extent a Foreign Lender is not the beneficial owner, an executed copy              of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN or IRS              Form W-8BEN-E, as applicable, a U.S. Tax Compliance Certificate substantially in the              form of Exhibit C-2 or Exhibit C-3, IRS Form W-9, and/or other certification documents              from  each beneficial owner,  as  applicable; provided that  if  the  Foreign  Lender  is  a              partnership  and  one  or  more  direct  or  indirect  partners  of  such  Foreign  Lender  are              claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax              Compliance Certificate substantially in the form of Exhibit C-4 on behalf of each such              direct and indirect partner;                      (C)  any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the  Borrower Representative and the Administrative Agent (in such number of copies as shall be requested by  the  recipient)  on  or  prior  to  the  date  on  which  such  Foreign  Lender  becomes  a  Lender  under  this  Agreement (and from time to time thereafter upon the reasonable request of the Borrower Representative  or the Administrative Agent), executed copies of any other form prescribed by applicable law as a basis  for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together  with such supplementary documentation as may be prescribed by applicable law to permit the Borrower  Representative or  the  Administrative  Agent  to  determine  the  withholding  or  deduction  required  to  be  made; and                            (D) if a payment made to a Lender under any Loan Document would be subject to U.S.  federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable  reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code,  as applicable), such Lender shall deliver to the Borrower Representative and the Administrative Agent at  the  time  or  times  prescribed  by  law  and  at  such  time  or  times  reasonably  requested  by  the  Borrower  Representative 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 Representative or  the  Administrative  Agent  as  may  be  necessary  for  the  Borrower Representative and the Administrative Agent to comply with their obligations under FATCA  and  to  determine  that  such  Lender  has  complied  with  such  Lender’s  obligations  under  FATCA  or  to  determine the amount to deduct and withhold from such payment.  Solely for purposes of this clause (D),  “FATCA” shall include any amendments made to FATCA after the date of this Agreement.                Each Lender agrees that if any form or certification it previously delivered expires or becomes  obsolete  or  inaccurate  in  any  respect,  it  shall  update  such  form  or  certification or  promptly  notify  the  Borrower Representative and the Administrative Agent in writing of its legal inability to do so.                (g)  Treatment of Certain Refunds.  If any party determines, in its sole discretion exercised in  good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this  Section 2.17 (including by the payment of additional amounts pursuant to this Section 2.17), it shall pay  to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments  made under this Section 2.17 with respect to the Taxes giving rise to such refund), net of all out-of-pocket                                         55 

 

                                                                                                                                                                                                                                           expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by  the relevant Governmental Authority with respect to such refund).  Such indemnifying party, upon the  request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to  this paragraph (g) (plus any penalties, interest or other charges imposed by the relevant Governmental  Authority) in the event that such indemnified party is required to repay such refund to such Governmental  Authority.   Notwithstanding  anything  to  the  contrary  in  this  paragraph  (g),  in  no  event  will  the  indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (g)  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 giving rise to such refund had never been paid.  This paragraph (g) shall not be construed to  require any indemnified party to make available its Tax returns (or any other information relating to its  Taxes that it deems confidential) to the indemnifying party or any other Person.         (h)  Survival.  Each party’s obligations under this Section 2.17 shall survive the resignation or  replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender,  the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under  any Loan Document (including the Payment in Full of the Secured Obligations).         (i)  Defined Terms.  For purposes of this Section 2.17, the term “Lender” includes any Issuing  Bank and the term “applicable law” includes FATCA.                SECTION 2.18.  Payments Generally; Allocation of Proceeds; Sharing of Setoffs.                  (a)   The Borrowers shall make each payment or prepayment required to be made by it  hereunder  (whether  of  principal,  interest,  fees  or  reimbursement  of  LC  Disbursements,  or  of  amounts  payable under Sections 2.15, 2.16 or 2.17, or otherwise) prior to 2:00 p.m., Chicago time, on the date  when due or the date fixed for any prepayment hereunder, in immediately available funds, without setoff,  recoupment or counterclaim.  Any amounts received after such time on any date may, in the discretion of  the  Administrative  Agent, be  deemed  to  have  been  received  on  the  next succeeding  Business  Day  for  purposes of calculating interest thereon.  All such payments shall be made to the Administrative Agent at  its offices at 10 S Dearborn, Chicago, IL 60603, except payments to be made directly to the Issuing Bank  or Swingline Lender as expressly provided herein and except that payments pursuant to Sections 2.15,  2.16, 2.17 and 9.03 shall be made directly to the Persons entitled thereto.  The Administrative Agent shall  distribute  any  such  payments  received  by  it  for  the  account  of  any  other  Person  to  the  appropriate  recipient  promptly  following  receipt  thereof.  Unless  otherwise  provided  for  herein,  if any  payment  hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to the  next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be  payable for the period of such extension.  All payments hereunder shall be made in dollars.                  (b)   All  payments  and  any proceeds  of  Collateral  received  by  the  Administrative  Agent (i) not constituting either (A) a specific payment of principal, interest, fees or other sum payable  under the Loan Documents (which shall be applied as specified by the Borrowers), or (B) a mandatory  prepayment (which shall be applied in accordance with Section 2.11) or (ii) after an Event of Default has  occurred and is continuing and the Administrative Agent so elects or the Required Lenders so direct, shall  be  applied  ratably first,  to  pay  any  fees,  indemnities,  or  expense  reimbursements  then  due  to  the  Administrative  Agent, the  Swingline  Lender and  the  Issuing  Bank  from  the Borrowers (other  than  in  connection with Banking Services Obligations or Swap Agreement Obligations), second, to pay any fees,  indemnities,  or expense  reimbursements  then  due  to  the  Lenders  from  the Borrowers (other  than  in  connection  with Banking  Services  Obligations  or  Swap  Agreement  Obligations), third,  to  pay  interest  then due and payable on the Loans ratably, fourth, to prepay principal on the Loans and unreimbursed LC                                         56 

 

                                                                                                                                                                                                                                           Disbursements and to pay any amounts owing in respect of Swap Agreement Obligations and Banking  Services Obligations up to and including the amount most recently provided to the Administrative Agent  pursuant  to  Section  2.22, ratably, fifth,  to  pay  an  amount  to  the  Administrative  Agent  equal  to  one  hundred three percent  (103%)  of  the aggregate  LC  Exposure,  to  be  held  as  cash  collateral  for  such  Obligations, and sixth, to the payment of any other Secured Obligation due to the Administrative Agent  or any Lender from the Borrowers or any other Loan Party. Notwithstanding anything to the  contrary  contained in this Agreement, unless so directed by the Borrower Representative, or unless a Default is in  existence, neither the Administrative Agent nor any Lender shall apply any payment which it receives to  any Eurodollar Loan of a Class or CDOR Rate Loan of a Class, except (i) on the expiration date of the  Interest Period applicable thereto, or (ii) in the event, and only to the extent, that there are no outstanding  ABR Loans or Canadian Prime Rate Loans of the same Class and, in any such event, the Borrowers shall  pay the break funding payment required in accordance with Section 2.16. The Administrative Agent and  the Lenders shall have the continuing and exclusive right to apply and reverse and reapply any and all  such proceeds and payments to any portion of the Secured Obligations.                        Notwithstanding the foregoing, Secured Obligations arising under Banking Services Obligations  or  Swap Agreement Obligations  shall  be  excluded  from  the  application described  above and  paid  in  clause sixth if  the  Administrative  Agent  has  not  received  written  notice  thereof,  together  with  such  supporting  documentation  as  the  Administrative  Agent  may have reasonably  requested  from  the  applicable provider of such Banking Services or Swap Agreements.                            (c)   At the election of the Administrative Agent, all payments of principal, interest,  LC  Disbursements,  fees, premiums,  reimbursable  expenses  (including,  without  limitation,  all  reimbursement for fees, costs and expenses pursuant to Section 9.03), and other sums payable under the  Loan  Documents,  may  be  paid  from  the  proceeds  of  Borrowings  made  hereunder, whether  made  following a request by the Borrower Representative pursuant to Section 2.03 or 2.05 or a deemed request  as  provided  in  this  Section  or  may  be  deducted  from the  primary deposit  account  of the  Borrowers  maintained  with  the  Administrative  Agent.  The  Borrowers hereby  irrevocably  authorize (i)  the  Administrative Agent to make a Borrowing for the purpose of paying each payment of principal, interest  and fees as it becomes due hereunder or any other amount due under the Loan Documents and agree that  all  such  amounts  charged  shall  constitute  Loans (including  Swingline  Loans),  and  that  all  such  Borrowings shall be deemed to have been requested pursuant to Sections 2.03 or 2.05, as applicable, and  (ii) the Administrative Agent to charge the primary deposit account of any Borrower maintained with the  Administrative Agent for each payment of principal, interest and fees as it becomes due hereunder or any  other amount due under the Loan Documents.                (d)   If, except as otherwise expressly provided herein, any Lender shall, by exercising  any right of setoff or counterclaim or otherwise, obtain payment in respect of any principal of or interest  on any of its Loans or participations in LC Disbursements resulting in such Lender receiving payment of  a greater proportion of the aggregate amount of its Loans and participations in LC Disbursements and  Swingline Loans and accrued interest thereon than the proportion received by any other similarly situated  Lender,  then  the  Lender  receiving  such  greater  proportion shall  purchase  (for  cash  at  face  value)  participations in the Loans and participations in LC Disbursements and Swingline Loans of other Lenders  to the extent necessary so that the benefit of all such payments shall be shared by all such Lenders ratably  in accordance with the aggregate amount of principal of and accrued interest on their respective Loans  and participations in LC Disbursements and Swingline Loans; provided that (i) if any such participations  are purchased and all or any portion of the payment giving rise thereto is recovered, such participations  shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii)  the provisions of this paragraph shall not be construed to apply to any payment made by the Borrowers  pursuant to and in accordance with the express terms of this Agreement or any payment obtained by a  Lender  as  consideration  for  the  assignment of or  sale  of  a  participation  in  any  of  its  Loans  or                                         57 

 

                                                                                                                                                                                                                                           participations in LC Disbursements and Swingline Loans to any assignee or participant, other than to the  Borrowers or  any  Subsidiary  or  Affiliate  thereof  (as  to  which  the  provisions  of  this  paragraph  shall  apply).  Each Borrower consents to the foregoing and agrees, to the extent it may effectively do so under  applicable  law,  that  any  Lender  acquiring  a  participation  pursuant  to  the  foregoing  arrangements  may  exercise  against such Borrower  rights  of  setoff  and  counterclaim  with  respect  to  such  participation  as  fully as if such Lender were a direct creditor of such Borrower in the amount of such participation.                (e)   Unless the Administrative Agent shall have received, prior to any date on which  any  payment  is  due to  the  Administrative  Agent for  the  account  of  the  Lenders  or  the  Issuing  Bank  pursuant to the terms hereof or any other Loan Document (including any date that is fixed for prepayment  by  notice  from  the Borrower  Representative to  the  Administrative  Agent  pursuant  to  Section  2.11(c)),  notice from the Borrower Representative that the Borrowers will not make such payment or prepayment,  the  Administrative  Agent  may  assume  that  the Borrowers  have made  such  payment  on  such  date  in  accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or the Issuing  Bank, as the case may be, the amount due.  In such event, if the Borrowers have not in fact made such  payment, then each of the Lenders or the Issuing Bank, as the case may be, severally agrees to repay to  the Administrative Agent forthwith on demand the amount so distributed to such Lender or Issuing Bank  with interest thereon,  for each day from and  including the  date  such  amount is distributed to it to but  excluding the date of payment to the Administrative Agent, at the greater of the NYFRB Rate and a rate  determined  by  the  Administrative  Agent  in  accordance  with  banking  industry  rules  on  interbank  compensation.                (f)   The  Administrative  Agent  may  from  time  to  time  provide  the  Borrowers  with  account statements or invoices with respect to any of the Secured Obligations (the “Statements”).  The  Administrative Agent is under no duty or obligation to provide Statements, which, if provided, will be  solely for the Borrowers’ convenience.  Statements may contain estimates of the amounts owed during the  relevant billing period, whether of principal, interest, fees or other Secured Obligations.  If the Borrowers  pay the full amount indicated on a Statement on or before the due date indicated on such Statement, the  Borrowers  shall  not  be in  default  of  payment  with  respect to  the  billing  period  indicated  on  such  Statement;  provided,  that  acceptance  by  the  Administrative  Agent,  on  behalf  of  the  Lenders,  of  any  payment that is less than the total amount actually due at that time (including but not limited to any past  due amounts) shall not constitute a waiver of the Administrative Agent’s or the Lenders’ right to receive  payment in full at another time.                SECTION 2.19.  Mitigation Obligations; Replacement of Lenders.                (a)   If any Lender requests compensation under Section 2.15, or if the Borrowers are  required  to  pay  any Indemnified  Taxes  or additional  amounts to  any  Lender  or  any  Governmental  Authority for the account of any Lender pursuant to Section 2.17, then such Lender shall use reasonable  efforts to designate a different lending office for funding or booking its Loans hereunder or to assign its  rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such  Lender,  such  designation  or  assignment  (i)  would  eliminate  or  reduce  amounts  payable  pursuant  to  Sections 2.15 or 2.17, as the case may be, in the future and (ii) would not subject such Lender to any  unreimbursed  cost  or  expense  and  would  not  otherwise  be  disadvantageous  to  such  Lender.   The  Borrowers hereby agree to pay all reasonable costs and expenses incurred by any Lender in connection  with any such designation or assignment.                (b)  If  any  Lender  requests  compensation  under  Section  2.15,  or  if the Borrowers  are  required  to  pay  any Indemnified  Taxes  or additional  amounts to  any  Lender  or  any  Governmental  Authority for the account of any Lender) pursuant to Section 2.17, or if any Lender becomes a Defaulting  Lender, then  the  Borrowers may, at their sole  expense and effort, upon notice to such Lender and the                                         58 

 

                                                                                                                                                                                                                                           Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with  and subject to the restrictions contained in Section 9.04), all its interests, rights (other than its existing  rights  to  payments  pursuant to  Sections  2.15  or  2.17) and  obligations  under  this  Agreement and  other  Loan  Documents to  an  assignee  that  shall  assume  such  obligations  (which  assignee  may  be  another  Lender,  if  a  Lender  accepts  such  assignment); provided that (i)  the Borrowers shall  have  received  the  prior  written  consent  of  the  Administrative  Agent  (and in  circumstances  where  its  consent  would  be  required under Section 9.04, the Issuing Bank and the Swingline Lender), which consent shall not unrea- sonably be withheld, (ii) such Lender shall have received payment of an amount equal to the outstanding  principal  of  its  Loans  and funded participations  in  LC  Disbursements  and  Swingline  Loans,  accrued  interest thereon,  accrued  fees  and  all other amounts payable  to it hereunder, from the  assignee (to the  extent of such outstanding principal and accrued interest and fees) or the Borrowers (in the case of all  other amounts) and (iii) in the case of any such assignment resulting from a claim for compensation under  Section 2.15 or payments required to be made pursuant to Section 2.17, such assignment will result in a  reduction  in  such  compensation  or  payments.   A  Lender  shall  not  be  required  to  make  any  such  assignment  and  delegation  if,  prior  thereto,  as  a  result  of  a  waiver  by  such  Lender  or  otherwise,  the  circumstances entitling the Borrowers to require such assignment and delegation cease to apply.  Each  party hereto agrees that (i) an assignment required pursuant to this paragraph may be effected pursuant to  an Assignment and Assumption executed by the Borrower Representative, the Administrative Agent and  the assignee (or, to the extent applicable, an agreement incorporating an Assignment and Assumption by  reference pursuant to an Approved Electronic Platform as to which the Administrative Agent and such  parties are participants), and (ii) the Lender required to make such assignment need not be a party thereto  in order for such assignment to be effective and shall be deemed to have consented to and be bound by the  terms thereof; provided that, following the effectiveness of any such assignment, the other parties to such  assignment  agree  to  execute  and  deliver  such  documents  necessary  to  evidence  such  assignment  as  reasonably  requested  by  the  applicable  Lender,  provided  that  any  such  documents  shall  be  without  recourse to or warranty by the parties thereto.          SECTION 2.20.  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)   fees shall cease to accrue on the unfunded portion of the Commitment of such Defaulting  Lender pursuant to Section 2.12(a);          (b)   any payment of principal, interest, fees or other amounts received by the Administrative  Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant  to  Section  2.18(b)  or  otherwise)  or  received  by  the  Administrative  Agent  from  a  Defaulting  Lender  pursuant  to  Section  9.08  shall  be  applied  at  such  time  or  times  as  may  be  determined  by  the  Administrative Agent as follows:  first, to the payment of any amounts owing by such Defaulting Lender  to the Administrative Agent hereunder; second, to the payment on a pro rata basis of any amounts owing  by such Defaulting Lender to any Issuing Bank or Swingline Lender hereunder; third, to cash collateralize  the Issuing Banks’ LC Exposure with respect to such Defaulting Lender in accordance with this Section;  fourth, as the Borrower Representative may request (so long as no Default or Event of Default exists), to  the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof  as required by this Agreement, as determined by the Administrative Agent; fifth, if so determined by the  Administrative Agent and the Borrower Representative, to be held in a deposit account and released pro  rata in order to (x) satisfy such Defaulting Lender’s potential future funding obligations with respect to  Loans  under  this  Agreement  and  (y)  cash  collateralize  the  Issuing  Banks’  future  LC  Exposure  with  respect to such Defaulting Lender with respect to future Letters of Credit issued under this Agreement, in  accordance with this  Section; sixth, to the  payment of any amounts  owing to the  Lenders,  the  Issuing                                         59 

 

                                                                                                                                                                                                                                           Banks or Swingline Lender as a result of any judgment of a court of competent jurisdiction obtained by  any Lender, the Issuing Banks or Swingline Lender against such Defaulting Lender as a result of such  Defaulting Lender’s breach of its obligations under this Agreement or under any other Loan Document;  seventh, so long as no Default or Event of Default exists, to the payment of any amounts owing to the  Borrowers as a result of any judgment of a court of competent jurisdiction obtained by the Borrowers  against such Defaulting Lender as a result of such Defaulting Lender's breach of its obligations under this  Agreement or under any other Loan Document; and eighth, to such Defaulting Lender or as otherwise  directed  by  a  court  of  competent  jurisdiction;  provided  that  if  (x)  such  payment  is  a  payment  of  the  principal amount of any Loans or LC Disbursements in respect of which such Defaulting Lender has not  fully funded its appropriate share, and (y) such Loans were made or the related Letters of Credit were  issued at a time when the conditions set forth in Section 4.02 were satisfied or waived, such payment shall  be applied solely to pay the Loans of, and LC Disbursements owed to, all non-Defaulting Lenders on a  pro rata basis prior to being applied to the payment of any Loans of, or LC Disbursements owed to, such  Defaulting Lender until such time as all Loans and funded and unfunded participations in the Borrowers’  obligations corresponding to such Defaulting Lender’s LC Exposure and Swingline Loans are held by the  Lenders pro rata in accordance with the Commitments without giving effect to clause (d) below.  Any  payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held)  to pay amounts owed by a Defaulting Lender or to post cash collateral pursuant to this Section shall be  deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto;                 (c)   such Defaulting Lender shall not have the right to vote on any issue on which voting is  required  (other  than  to  the  extent  expressly  provided  in  Section  9.02(b))  and  the  Commitment  and  Revolving Exposure of such Defaulting Lender shall not be included in determining whether the Required  Lenders have taken or may take any action hereunder or under any other Loan Document; provided that,  except as otherwise provided in Section 9.02, 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;                 (d)   if any Swingline Exposure or LC Exposure exists at the time such Lender becomes a  Defaulting Lender then:                (i)   all or any part of the Swingline Exposure and LC Exposure of such Defaulting        Lender (other than, in the case of a Defaulting Lender that is the Swingline Lender, the portion of        such  Swingline Exposure  referred  to  in  clause  (b)  of  the  definition  of  such  term)  shall  be        reallocated  among  the  non-Defaulting  Lenders  in  accordance  with  their  respective  Applicable        Percentages but only (x) to the extent that such reallocation does not, as to any non-Defaulting        Lender, cause such non-Defaulting Lender’s Revolving Exposure to exceed its Commitment;                              (ii)  if the reallocation described in clause (i) above cannot, or can only partially, be        effected, the Borrowers shall within one (1) Business Day following notice by the Administrative        Agent (x) first, prepay such Swingline Exposure and (y) second, cash collateralize, for the benefit        of the Issuing Bank, the Borrowers’ obligations corresponding to such Defaulting Lender’s LC        Exposure  (after  giving  effect  to  any  partial  reallocation  pursuant  to  clause  (i)  above)  in        accordance with the procedures set forth in Section 2.06(j) for so long as such LC Exposure is        outstanding;                             (iii) if the Borrowers cash collateralize any portion of such Defaulting Lender’s LC        Exposure pursuant to clause (ii) above, the Borrowers shall not be required to pay any fees to        such Defaulting Lender pursuant to Section 2.12(b) with respect to such Defaulting Lender’s LC        Exposure during the period such Defaulting Lender’s LC Exposure is cash collateralized;                                                       60 

 

                                                                                                                                                                                                                                                       (iv)  if  the  LC  Exposure  of  the  non-Defaulting  Lenders  is  reallocated  pursuant  to        clause (i) above, then the fees payable to the Lenders pursuant to Sections 2.12(a) and 2.12(b)        shall be adjusted in accordance with such non-Defaulting Lenders’ Applicable Percentages; and                             (v)   if  all  or  any  portion  of  such  Defaulting  Lender’s  LC  Exposure  is  neither        reallocated nor cash collateralized pursuant to clause (i) or (ii) above, then, without prejudice to        any rights or remedies of the Issuing Bank or any other Lender hereunder, all letter of credit fees        payable  under Section 2.12(b) with respect to such Defaulting Lender’s  LC Exposure  shall be        payable to the Issuing Bank until and to the extent that such LC Exposure is reallocated and/or        cash collateralized; and                (e)   so long as such Lender is a Defaulting Lender, the Swingline Lender shall not be required  to fund any Swingline Loan and the Issuing Bank shall not be required to issue, amend, renew, extend or  increase any Letter of Credit, unless it is satisfied that the related exposure and such Defaulting Lender’s  then outstanding LC Exposure will be 103% covered by the Commitments of the non-Defaulting Lenders  and/or  cash  collateral  will  be  provided  by  the  Borrowers in  accordance  with  Section  2.20(d),  and  Swingline  Exposure  related  to any  such  newly  made  Swingline  Loan  or LC  Exposure  related  to  any  newly issued or increased Letter of Credit shall be allocated among non-Defaulting Lenders in a manner  consistent with Section 2.20(d)(i) (and such Defaulting Lender shall not participate therein).          If (i) a Bankruptcy Event or a Bail-In Action with respect to the Parent of any Lender shall occur  following the date hereof and for so long as such event shall continue or (ii) the Swingline Lender or the  Issuing Bank has a good faith belief that any Lender has defaulted in fulfilling its obligations under one or  more other agreements in which such Lender commits to extend credit, the Swingline Lender shall not be  required  to  fund  any  Swingline  Loan  and  the  Issuing  Bank  shall  not  be  required  to  issue,  amend  or  increase any Letter of Credit, unless the Swingline Lender or the Issuing Bank, as the case may be, shall  have entered into arrangements with the Borrowers or such Lender, satisfactory to the Swingline Lender  or the Issuing Bank, as the case may be, to defease any risk to it in respect of such Lender hereunder.          In the event that each of the Administrative Agent, the Borrowers, the Swingline Lender and the  Issuing  Bank  agrees  that  a  Defaulting  Lender  has  adequately  remedied  all  matters  that  caused  such  Lender to be a Defaulting Lender, then the Swingline Exposure and LC Exposure of the Lenders shall be  readjusted to reflect the inclusion of such Lender’s Commitment and on the date of such readjustment  such Lender shall purchase at par such of the Loans of the other Lenders (other than Swingline Loans) as  the Administrative Agent shall determine may be necessary in order for such Lender to hold such Loans  in accordance with its Applicable Percentage.          SECTION  2.21.  Returned  Payments. If, after  receipt  of  any  payment  which  is  applied  to  the  payment of all or any part of the Obligations (including a payment effected through exercise of a right of  setoff), the Administrative Agent or any Lender is for any reason compelled to surrender such payment or  proceeds  to  any  Person  because  such  payment  or  application  of  proceeds  is  invalidated,  declared  fraudulent,  set  aside,  determined  to  be  void  or  voidable  as  a  preference,  impermissible  setoff,  or  a  diversion of trust funds, or for any other reason (including pursuant to any settlement entered into by the  Administrative Agent or such Lender in its discretion), then the Obligations or part thereof intended to be  satisfied shall be revived and continued and this Agreement shall continue in full force as if such payment  or proceeds had not been received by the Administrative Agent or such Lender.  The provisions of this  Section  2.21  shall  be  and  remain  effective  notwithstanding  any  contrary  action  which  may  have  been  taken  by  the  Administrative  Agent  or  any  Lender  in  reliance  upon  such  payment  or  application  of  proceeds.  The provisions of this Section 2.21 shall survive the termination of this Agreement.                                            61 

 

                                                                                                                                                                                                                                                 SECTION  2.22.  Banking  Services  and  Swap  Agreements.  Each  Lender  or  Affiliate  thereof  providing Banking Services for, or having Swap Agreements with, any Loan Party or any Subsidiary of a  Loan Party shall deliver to the Administrative Agent, promptly after entering into such Banking Services  or  Swap  Agreements,  written  notice  setting  forth  the  aggregate  amount  of  all  Banking  Services  Obligations and Swap Agreement Obligations of such Loan Party or Subsidiary thereof to such Lender or  Affiliate  (whether  matured  or  unmatured,  absolute  or  contingent).   In  furtherance  of  that  requirement,  each such Lender or Affiliate thereof shall furnish the Administrative Agent, from time to time after a  significant change therein or upon a request therefor, a summary of the amounts due or to become due in  respect  of  such  Banking  Services  Obligations  and  Swap Agreement Obligations.   The  most  recent  information provided to the Administrative Agent shall be used in determining which tier of the waterfall,  contained  in  Section  2.18(b),  such  Banking  Services  Obligations  and/or  Swap Agreement Obligations  will be placed.                                       ARTICLE III                                                                       Representations and Warranties                Each  Loan  Party  represents  and  warrants  to  the  Lenders  that (and  where  applicable,  agrees):                 SECTION 3.01.  Organization; Powers.  Each Loan Party and each Subsidiary is duly  organized or  formed,  validly  existing  and  in  good  standing  under  the  laws  of  the  jurisdiction  of  its  organization, has all requisite power and authority to carry on its business as now conducted and, except  where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a  Material  Adverse  Effect,  is  qualified  to  do  business  in, and  is  in  good  standing  in,  every  jurisdiction  where such qualification is required.                  SECTION 3.02.  Authorization; Enforceability.  The Transactions are within each Loan  Party’s corporate or other organizational powers and have been duly authorized by all necessary corporate  or other organizational actions and, if required, actions by equity holders.  Each Loan Document to which  each Loan Party is a party has been duly executed and delivered by such Loan Party and constitutes a  legal, valid and binding obligation of such Loan Party, enforceable in accordance with its terms, subject  to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights  generally and subject to general principles of equity, regardless of whether considered in a proceeding in  equity or at law.                SECTION 3.03.  Governmental Approvals; No Conflicts.  The Transactions (a) do not  require any consent or approval of, registration or filing with, or any other action by, any Governmental  Authority,  except  such  as  have  been  obtained  or  made  and  are  in  full  force  and  effect and  except  for  filings  necessary  to  perfect  Liens  created  pursuant  to  the  Loan  Documents,  (b)  will  not  violate  any  Requirement of Law applicable to any Loan Party or any Subsidiary, (c) will not violate or result in a  default  under  any  indenture, material agreement  or  other material instrument  binding  upon  any  Loan  Party  or  any Subsidiary or the assets of  any  Loan  Party  or  any Subsidiary,  or  give  rise  to  a  right  thereunder to require any payment to be made by any Loan Party or any Subsidiary, and (d) will not result  in the creation or imposition of, or other requirement to create, any Lien on any asset of any Loan Party or  any Subsidiary, except Liens created pursuant to the Loan Documents.                SECTION 3.04.  Financial Condition; No Material Adverse Change.                  (a)  The Borrower Representative has heretofore furnished to the Lenders its consolidated  balance sheet and statements of income, stockholders equity and cash flows (i) as of and for the fiscal                                         62 

 

                                                                                                                                                                                                                                           year ended December 31, 2018, reported on by BDO USA LLP, independent public accountants, and (ii)  as  of  and  for  the  fiscal  quarter  and  the  portion  of  the  fiscal  year  ended June  30,  2019, certified  by a  Financial Officer.  Such financial statements present fairly, in all material respects, the financial position  and results of operations and cash flows of the Borrowers and their consolidated Subsidiaries as of such  dates and for such periods in accordance with GAAP, subject to normal year-end audit adjustments and  the absence of footnotes in the case of the statements referred to in clause (ii) above.                (b)   No  event,  change  or  condition  has  occurred  that  has  had,  or  could  reasonably  be  expected to have, a Material Adverse Effect, since December 31, 2018.                SECTION 3.05.  Properties, etc.                  (a)  As of the date of this Agreement, Schedule 3.05 sets forth the address of each parcel  of real property that is owned or leased by any Loan Party.  Each of such leases and subleases is valid and  enforceable in accordance with its terms and is in full force and effect, and no default by any party to any  such lease or sublease exists, except, in each case, where such invalidity, unenforceability, ineffectiveness  or default, as applicable, individually or in the aggregate, could not reasonably be expected to result in a  Material Adverse Effect.  Each of the Loan Parties and each Subsidiary has good and indefeasible title to,  or  valid  leasehold  interests  in,  all of its  real  and  personal  property,  free  of  all  Liens  other  than  those  permitted by Section 6.02 and minor defects of title that do not interfere with its business as currently  conducted or the ability to utilize such properties for their intended purposes.                  (b)   Each  Loan  Party  and each Subsidiary owns,  or  is  licensed  to  use,  all trademarks,  tradenames,  copyrights,  patents  and  other  intellectual  property necessary  to  its  business  as  currently  conducted, except for such trademarks, tradenames, copyrights, patents and other intellectual property the  loss of which, individually or in the aggregate, could not reasonably be expected to result in a Material  Adverse Effect.  A correct and complete list of the registered trademarks, patents and copyrights, as of the  date  of  this  Agreement, that are  owned  by  any  Loan  Party is  set  forth  on Schedule  3.05,  and  the  use  thereof by each Loan Party and each Subsidiary does not infringe in any material respect upon the rights  of  any  other Person, and each  Loan Party’s and each Subsidiary’ rights  thereto  are  not subject to any  licensing agreement or similar arrangement.                SECTION 3.06.  Litigation and Environmental Matters.                  (a)  There  are  no  actions,  suits  or  proceedings  by  or  before  any  arbitrator  or  Governmental Authority pending against or, to the knowledge of any Loan Party, threatened against or  affecting any Loan Party or any Subsidiary (i) as to which there is a reasonable possibility of an adverse  determination  and  that,  if  adversely  determined,  could  reasonably  be  expected,  individually  or  in  the  aggregate,  to  result  in  a  Material  Adverse  Effect  or  (ii) that  involve any  Loan  Document or  the  Transactions.                (b)  Except for the Disclosed Matters, (i) no Loan Party or any Subsidiary has received  written notice of any claim with respect to any material Environmental Liability and (ii) and except with  respect to any other matters that, individually or in the aggregate, could not reasonably be expected to  result in a Material Adverse Effect, no Loan Party or any Subsidiary (A) has failed to comply with any  Environmental Law or to obtain, maintain or comply with any permit, license or other approval required  under any Environmental Law (B) has become subject to any Environmental Liability, or (C) has received  notice of any claim with respect to any Environmental Liability.                                            63 

 

                                                                                                                                                                                                                                                       (c)  Since  the  date  of  this  Agreement,  there  has  been  no  change  in  the  status  of  the  Disclosed  Matters  that,  individually  or  in  the  aggregate,  has  resulted  in,  or  materially  increased  the  likelihood of, a Material Adverse Effect.                SECTION 3.07.  Compliance with Laws and Agreements; No Default.  Except where the  failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material  Adverse Effect, each Loan Party and each Subsidiary is in compliance with (i) all Requirement of Law  applicable to it or its property and (ii) all indentures, agreements and other instruments binding upon it or  its property.  No Default has occurred and is continuing.                SECTION 3.08.  Investment Company Status.  No Loan Party or any Subsidiary is an  “investment  company” as  defined  in,  or  subject  to  regulation  under,  the  Investment Company Act  of  1940.                SECTION 3.09.  Taxes.  Each Loan Party and each Subsidiary has timely filed or caused  to be filed all Tax returns and reports required to have been filed and has paid or caused to be paid all  Taxes  required  to  have  been  paid  by  it,  except  (a)  Taxes  that  are  being  contested  in good  faith  by  appropriate proceedings and for which such Loan Party or such Subsidiary, as applicable, has set aside on  its books adequate reserves or (b) to the extent that the failure to do so could not be expected to result in a  Material Adverse Effect.  No tax liens have been filed and no claims are being asserted with respect to  any such taxes, except such tax liens or claims that, individually or in the aggregate, could not reasonably  be expected to result in a Material Adverse Effect.                SECTION 3.10.  ERISA.  (a)  No ERISA Event has occurred or is reasonably expected to  occur  that,  when  taken  together  with  all  other  such  ERISA  Events  for  which  liability  is  reasonably  expected to occur, could reasonably be expected to result in a Material Adverse Effect.  The present value  of all accumulated benefit obligations under each Plan (based on the assumptions used for purposes of  Accounting Standards Codification 715) did not, as of the date of the most recent financial statements  reflecting such amounts, exceed the fair market value of the assets of such Plan.          (b)  As of the Effective Date, none of the Canadian Pension Plans are Canadian Defined Benefit  Pension Plans.  Schedule 3.10(b) lists all Canadian Pension Plans.  Except as could not reasonably be  expected to have a Material Adverse Effect: (i) the Canadian Pension Plans are duly registered under the  ITA and all other laws which require registration and no event has occurred which is reasonably likely to  cause  the  loss  of  such  registered  status,  (ii)  the  Canadian  Pension  Plans  have  been  administered  and  invested  in  compliance  with  their  terms  and  requirements  of  law  and  there  have  been  no  improper  withdrawals  or applications  of the assets  of the  Canadian  Pension Plans,  (iii) there  are  no outstanding  disputes concerning the assets of the Canadian Pension Plans, (iv) no promises of benefit improvements  under the Canadian Pension Plans have been made and there are no taxes, penalties or interest owing in  respect of any Canadian Pension Plan, and (v) all payments, contributions required to be made by any  Loan Party to or in respect of any Canadian Pension Plan have been made on a timely basis in accordance  with the current terms of such plans and all requirements of law.                SECTION 3.11.  Disclosure.  (a) As of the date hereof, the Loan Parties have disclosed to  the Lenders all agreements, instruments and corporate or other restrictions to which any Loan Party or  any Subsidiary is subject, and all other matters known to it, that, individually or in the aggregate, could  reasonably be expected to result in a Material Adverse Effect.  None of the reports, financial statements,  certificates or other information furnished  by or on behalf of any Loan Party or any Subsidiary to the  Administrative Agent or any Lender in connection with the negotiation of this Agreement or any other  Loan Document (as modified or supplemented by other information so furnished) contains any material  misstatement of fact or omits to state any material fact necessary to make the statements therein, in the                                         64 

 

                                                                                                                                                                                                                                           light of the circumstances under which they were made, not misleading; provided that, with respect to  projected  financial information, the  Loan Parties represent only that such  information was prepared  in  good faith based upon assumptions believed to be reasonable at the time delivered and, if such projected  financial information was delivered prior to the Effective Date, as of the Effective Date.                (b)  As of the Effective Date, to the best knowledge of each Borrower, the information included  in the Beneficial Ownership Certification provided on or prior to the Effective Date to any Lender in  connection with this Agreement is true and correct in all respects.                  SECTION 3.12.  Solvency.  (a)  Immediately after the consummation of the Transactions  to occur on the Effective Date, (i) the fair value of the assets of the Loan Parties taken as a whole, at a fair  valuation, will exceed their debts and liabilities, subordinated, contingent or otherwise; (ii) the present fair  saleable value of the property of the Loan Parties taken as a whole will be greater than the amount that  will be required to pay the probable liability of their debts and other liabilities, subordinated, contingent  or otherwise, as such debts and other liabilities become absolute and matured, taken as a whole; (iii) the  Loan Parties, taken as a whole, will be able to pay their debts and liabilities, subordinated, contingent or  otherwise, as such debts and liabilities become absolute and matured; (iv) the Loan Parties will not have  unreasonably small capital with which to conduct the business in which they are engaged as such business  is now conducted and is proposed to be conducted after the Effective Date; and (v) with respect to any  Canadian  Loan  Party,  each  such  Canadian  Loan  Party  is  a  Person  who  is  not  an  Insolvent  Person  (as  defined in the Bankruptcy and Insolvency Act (Canada).                (b)   No Loan Party intends to, and no Loan Party believes that it or any Subsidiary  will, incur debts beyond its ability to pay such debts as they mature, taking into account the timing of and  amounts of cash to be received by it or any such Subsidiary and the timing of the amounts of cash to be  payable on or in respect of its Indebtedness or the Indebtedness of any such Subsidiary.                       SECTION  3.13.  Insurance.  Schedule 3.13 sets  forth  a  description  of  all  insurance  maintained by or on behalf of the Loan Parties and their Subsidiaries as of the Effective Date.  As of the  Effective Date, all premiums in respect of such insurance have been paid.  The Loan Parties believe that  the insurance maintained by or on behalf of the Loan Parties and their Subsidiaries is adequate and is  customary  for  companies  engaged  in  the  same  or  similar  businesses  operating  in  the  same  or  similar  locations.                        SECTION 3.14. Capitalization and Subsidiaries.  Schedule 3.14 sets forth (a) a correct  and  complete  list  of  the  name  and  relationship  to the  Borrowers of  each Subsidiary, (b)  a  true  and  complete listing of each class of each Borrower’s authorized Equity Interests, of which all of such issued  Equity Interests are validly issued, outstanding, fully paid and non-assessable, and owned beneficially and  of record by the Persons identified on Schedule 3.14, and (c) the type of entity of each Borrower and each  Subsidiary.  All of the issued and outstanding Equity Interests owned by any Loan Party have been (to the  extent such concepts are relevant with respect to such ownership interests) duly authorized and issued and  are fully paid and non-assessable.                SECTION 3.15. Security Interest in Collateral.  The provisions of this Agreement and the  other Loan Documents create legal and valid Liens on all the Collateral in favor of the Administrative  Agent, for the benefit of the Secured Parties, and such Liens constitute perfected and continuing Liens on  the  Collateral, securing the  Secured  Obligations, enforceable  against the applicable  Loan  Party and all  third parties, and having priority over all other Liens on the Collateral except in the case of (a) Permitted  Encumbrances, to  the  extent  any  such  Permitted  Encumbrances  would  have  priority  over  the  Liens  in  favor of the Administrative Agent pursuant to any applicable law or agreement and (b) Liens perfected                                          65 

 

                                                                                                                                                                                                                                           only  by  possession  (including  possession  of  any  certificate  of  title), to  the  extent  the  Administrative  Agent has not obtained or does not maintain possession of such Collateral.                SECTION  3.16. Employment  Matters.   As  of  the  Effective  Date,  there  are  no  strikes,  lockouts or slowdowns against any Loan Party or any Subsidiary pending or, to the knowledge of any  Loan Party, threatened.  The hours worked by and payments made to employees of the Loan Parties and  their Subsidiaries  have  not  been  in  violation  of  the  Fair  Labor  Standards  Act  or  any  other  applicable  federal, state, local or foreign law dealing with such matters, except where such a violation, individually  or in the aggregate, would not reasonably be expected to have a Material Adverse Effect.  All payments  due from any Loan Party or any Subsidiary, or for which any claim may be made against any Loan Party  or any Subsidiary, on account of wages and employee health and welfare insurance and other benefits,  have been paid or accrued as a liability on the books of such Loan Party or such Subsidiary.                        SECTION 3.17.  Margin Regulations.  No Loan Party is engaged and will not engage,  principally or as one of its important activities, in the business of purchasing or carrying Margin Stock, or  extending credit for the purpose of purchasing or carrying Margin Stock, and no part of the proceeds of  any Borrowing or Letter of Credit hereunder will be used to buy or carry any Margin Stock.  Following  the application of the proceeds of each Borrowing or drawing under each Letter of Credit, not more than  25% of the value of the assets (either of any Loan Party only or of the Loan Parties and their Subsidiaries  on a consolidated basis) will be Margin Stock.                      SECTION 3.18.  Use of Proceeds.  The proceeds of the Loans have been used and will  be used, whether directly or indirectly as set forth in Section 5.08.                SECTION  3.19.  No  Burdensome  Restrictions.   No  Loan  Party  is  subject  to any  Burdensome Restrictions except Burdensome Restrictions permitted under Section 6.10.                      SECTION  3.20.  Anti-Corruption  Laws  and  Sanctions.  Each  Loan  Party  has  implemented and maintains in effect policies and procedures designed to ensure compliance by such Loan  Party, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption  Laws  and applicable  Sanctions, and  such  Loan  Party, its Subsidiaries and their respective  officers  and  directors and, to the knowledge  of such  Loan Party, its employees and agents, are in compliance with  Anti-Corruption Laws and applicable Sanctions in all material respects and are not knowingly engaged in  any  activity  that  would  reasonably  be  expected  to  result  in  any  Loan  Party  being  designated  as  a  Sanctioned  Person.  None  of  (a)  any  Loan  Party,  any  Subsidiary,  any  of  their  respective  directors  or  officers or, to the knowledge of any such Loan Party or Subsidiary, employees, or (b) to the knowledge of  any such Loan Party or Subsidiary, any agent of such Loan Party or any Subsidiary that will act in any  capacity in connection with or benefit from the credit facility established hereby, is a Sanctioned Person.    No Borrowing or Letter of Credit, use of proceeds, Transaction or other transaction contemplated by this  Agreement or the other Loan Documents will violate Anti-Corruption Laws or applicable Sanctions.                       SECTION  3.21.  EEA  Financial  Institutions.  No  Loan  Party  is  an  EEA  Financial  Institution.                       SECTION 3.22.  Plan Assets; Prohibited Transactions .  None of the Loan Parties or any  of  their  Subsidiaries  is  an  entity  deemed  to  hold  “plan  assets”  (within  the  meaning  of  the  Plan  Asset  Regulations), and neither the execution, delivery nor performance of the transactions contemplated under  this Agreement, including the making of any Loan and the issuance of any Letter of Credit hereunder,  will give rise to a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the  Code.                                           66 

 

                                                                                                                                                                                                                                                                            ARTICLE IV                                                                             Conditions                SECTION 4.01.  Effective Date.  The obligations of the Lenders to make Loans and of  the Issuing Bank to issue Letters of Credit hereunder shall not become effective until the date on which  each of the following conditions is satisfied (or waived in accordance with Section 9.02):                (a)  Credit Agreement and Loan Documents.  The Administrative Agent (or its counsel)        shall have received (i) from each party hereto either (A) a counterpart of this Agreement signed        on behalf of such party or (B) written evidence satisfactory to the Administrative Agent (which        may include electronic transmission of a signed signature page of this Agreement) that such party        has signed a counterpart of this Agreement and (ii) duly executed copies of the Loan Documents        and such other certificates, documents, instruments and agreements as the Administrative Agent        shall reasonably request in connection with the transactions contemplated by this Agreement and        the  other Loan Documents, including any promissory notes requested  by a  Lender pursuant to        Section  2.10  payable  to  the  order  of  each  such  requesting  Lender  and  written  opinions of  the        Loan  Parties’ U.S.  and  Canadian counsels,  addressed  to  the  Administrative  Agent, the  Issuing        Bank and the Lenders, all in form and substance satisfactory to the Administrative Agent.                             (b)  Closing  Certificates;  Certified  Certificate  of  Incorporation;  Good  Standing        Certificates.  The Administrative Agent shall have received (i) a certificate of each Loan Party,        dated the  Effective  Date  and executed  by its  Secretary or Assistant Secretary, which  shall (A)        certify the resolutions of its Board of Directors, members or other body authorizing the execution,        delivery and performance of the Loan Documents to which it is a party, (B) identify by name and        title  and  bear  the  signatures  of the  officers  of  such  Loan  Party  authorized  to  sign  the  Loan        Documents to which it is a party and, in the case of a Borrower, its Financial Officers, and (C)        contain  appropriate  attachments,  including  the charter,  articles  or certificate  of organization  or        incorporation of  each  Loan  Party  certified  by  the  relevant  authority  of  the  jurisdiction  of        organization  of  such  Loan  Party  and  a true  and  correct  copy  of  its  bylaws  or  operating,        management or partnership agreement, or other organizational or governing documents, and (ii) a        good standing certificate for each Loan Party from its jurisdiction of organization.                (c)  No Default Certificate.  The Administrative Agent shall have received a certificate,        signed by a Financial Officer of each Borrower, dated as of the Effective Date (i) stating that no        Default  has  occurred  and  is  continuing,  (ii)  stating  that  the  representations  and  warranties        contained in the Loan Documents are true and correct as of such date, and (iii) certifying as to        any other factual matters as may be reasonably requested by the Administrative Agent.                            (d)  Fees.  The Lenders and the Administrative Agent shall have received all fees required        to be paid, and all expenses required to be reimbursed for which invoices have been presented        (including the reasonable fees and expenses of legal counsel), on or before the Effective Date.         All such amounts will be paid with proceeds of Loans made on the Effective Date and will be        reflected in the funding instructions given by the Borrower Representative to the Administrative        Agent on or before the Effective Date.               (e)  Lien Searches.  The Administrative Agent shall have received the results of a recent        lien search in the jurisdiction of organization of each Loan Party, and such search shall reveal no        Liens  on  any  of  the  assets  of  the  Loan  Parties  except  for  liens  permitted  by  Section  6.02  or        discharged on or prior to the Effective Date pursuant to a payoff letter or other documentation        satisfactory to the Administrative Agent.                                         67 

 

                                                                                                                                                                                                                                       (f)  Payoff  Letter.   The  Administrative  Agent  shall  have  received  satisfactory  payoff  letters for all existing Indebtedness required to be repaid and which confirms that all Liens upon  any  of  the  property  of  the  Loan  Parties  constituting  Collateral  will  be  terminated  concurrently  with such payment and all letters of credit issued or guaranteed as part of such Indebtedness shall  have been cash collateralized or supported by a Letter of Credit.         (g)  Funding  Account.   The  Administrative  Agent  shall  have  received  a  notice  setting  forth the deposit account of the Borrowers (the “Funding Account”) to which the Administrative  Agent is authorized by the Borrowers to transfer the proceeds of any Borrowings requested or  authorized pursuant to this Agreement.                       (h)  Solvency.   The  Administrative  Agent  shall  have  received  a  solvency  certificate  signed by a Financial Officer of the Borrower Representative dated the Effective Date in form  and substance reasonably satisfactory to the Administrative Agent.         (i)  Pledged Equity Interests; Stock Powers; Pledged Notes.  The Administrative Agent  shall have received (i) the certificates representing the Equity Interests pledged pursuant to the  Security Agreements, together with an undated stock power for each such certificate executed in  blank by a duly authorized officer of the pledgor thereof and (ii) each promissory note (if any)  pledged  to  the  Administrative  Agent  pursuant  to  the Security  Agreements endorsed  (without  recourse) in blank (or accompanied by an executed transfer form in blank) by the pledgor thereof.         (j)  Filings,  Registrations  and  Recordings.   Each  document  (including  any  Uniform  Commercial  Code  financing  statement) required  by the  Collateral  Documents  or  under  law  or  reasonably requested by the Administrative Agent to be filed, registered or recorded in order to  create in favor of the Administrative  Agent, for the benefit of the Secured  Parties, a  perfected  Lien on the  Collateral described therein, prior and superior in right to any other Person (other  than with respect to Liens expressly permitted by Section 6.02), shall be in proper form for filing,  registration or recordation.         (k) Insurance.   The  Administrative  Agent  shall have  received  evidence  of  insurance  coverage in form, scope, and substance reasonably satisfactory to the Administrative Agent and  otherwise in compliance with the terms of Section 5.10 of this Agreement and of the applicable  Security Agreements.                (l) Letter of Credit Application.  The Administrative Agent shall have received a properly  completed letter of credit application (whether standalone or pursuant to a master agreement, as  applicable) if  the  issuance  of  a  Letter  of  Credit  will  be  required  on  the  Effective  Date.   The  Borrowers shall  have  executed  the  Issuing  Bank’s  master  agreement  for  the  issuance  of  commercial Letters of Credit.          (m)   Legal  Due  Diligence.  The  Administrative  Agent  and  its  counsel  shall  have  completed  all  legal  due  diligence, the  results  of  which  shall  be  satisfactory  to  Administrative  Agent in its sole discretion.           (n)  USA PATRIOT Act, Etc.  (i) The Administrative Agent shall have received, (x) at  least five (5) days prior to the Effective Date, all documentation and other information regarding  the  Borrowers requested  in  connection  with applicable  “know  your  customer”  and  anti-money  laundering rules and regulations, including the USA PATRIOT Act, to the  extent requested in  writing  of the  Borrowers at least ten  (10)  days  prior  to the Effective Date,  and  (y) a  properly                                   68 

 

                                                                                                                                                                                                                                                 completed and signed IRS Form W-8 or W-9, as applicable, for each Loan Party, and (ii) to the        extent  the  Borrowers  qualify  as  a  “legal  entity  customer”  under  the  Beneficial  Ownership        Regulation, at least five (5) days prior to the Effective Date, any Lender that has requested, in a        written  notice  to the  Borrowers at  least the  (10) days  prior  to  the  Effective  Date,  a  Beneficial        Ownership  Certification  in  relation  to each Borrower  shall  have  received  such  Beneficial        Ownership Certification (provided that, upon the execution and delivery by such Lender of its        signature page to this Agreement, the condition set forth in this clause (ii) shall be deemed to be        satisfied).                       (o)  Other  Documents.   The  Administrative  Agent shall  have  received  such  other        documents as the Administrative Agent, the Issuing Bank, any Lender or their respective counsel        may have reasonably requested.                The Administrative Agent shall notify the Borrowers, the Lenders and the Issuing Bank of the Effective  Date, and such notice shall be conclusive and binding.  Notwithstanding the foregoing, the obligations of  the Lenders to make Loans and of the Issuing Bank to issue Letters of Credit hereunder shall not become  effective unless each of the foregoing conditions is satisfied (or waived pursuant to Section 9.02) at or  prior  to  2:00  p.m., Chicago time,  on October  11,  2019 (and,  in  the  event  such  conditions  are  not  so  satisfied or waived, the Commitments shall terminate at such time).                SECTION 4.02.  Each Credit Event.  The obligation of each Lender to make a Loan on  the occasion of any Borrowing, and of the Issuing Bank to issue, amend, renew or extend any Letter of  Credit, is subject to the satisfaction of the following conditions:                (a)   The  representations  and  warranties  of  the Loan  Parties set  forth  in the  Loan        Documents shall be true and correct in all material respects with the same effect as though made        on and as of the date of such Borrowing or the date of issuance, amendment, renewal or extension        of such Letter of Credit, as applicable (it being understood and agreed that any representation or        warranty which by its terms is made as of a specified date shall be required to be true and correct        in all material respects  only as of such specified  date,  and  that any representation or warranty        which  is  subject  to  any  materiality  qualifier  shall  be  required  to  be  true  and  correct  in  all        respects).                (b)  At the time of and immediately after giving effect to such Borrowing or the issuance,        amendment, renewal or extension of such Letter of Credit, as applicable, no Default shall have        occurred and be continuing.    Each  Borrowing  and  each  issuance,  amendment,  renewal  or  extension  of  a  Letter  of  Credit  shall  be  deemed to constitute a representation and warranty by the Borrowers on the date thereof as to the matters  specified in paragraphs (a) and (b) of this Section.     Notwithstanding the failure to satisfy the conditions precedent set forth in paragraphs (a) or (b) of this  Section, unless otherwise directed by the Required Lenders, the Administrative Agent may, but shall have  no obligation to, continue to make Loans and an Issuing Bank may, but shall have no obligation to, issue,  amend, renew or extend, or cause to be issued, amended, renewed or extended, any Letter of Credit for  the  ratable  account  and  risk  of  Lenders  from  time  to  time  if  the  Administrative  Agent  believes  that  making such Loans or issuing, amending, renewing or extending, or causing the issuance, amendment,  renewal or extension of,  any such Letter of Credit is in the best interests of the Lenders.                                      ARTICLE V                                                                                   69 

 

                                                                                                                                                                                                                                                                         Affirmative Covenants                Until all  of  the  Secured  Obligations  shall  have  been  Paid  in  Full, each  Loan  Party  executing this Agreement covenants and agrees, jointly and severally with all of the other Loan Parties,  with the Lenders that:                SECTION  5.01.  Financial  Statements and Other  Information.   The Borrowers will  furnish to the Administrative Agent and each Lender:                (a) within ninety (90) days after the end of each fiscal year of the Borrowers, its audited        consolidated  balance  sheet  and  related  statements  of  operations,  stockholders’ equity  and  cash        flows as of the end of and for such year, setting forth in each case in comparative form the figures        for  the  previous  fiscal  year,  all  reported  on  by  independent  public  accountants  of  recognized        national standing (without a “going concern” or like qualification, commentary or exception, and        without  any  qualification  or  exception  as  to  the  scope  of  such  audit)  to  the  effect  that  such        consolidated financial statements present fairly in all material respects the financial condition and        results of operations of the Borrowers and their consolidated Subsidiaries on a consolidated basis        in accordance with GAAP consistently applied;                (b) within forty-five  (45) days  after the end of each of the first three fiscal quarters of        each  fiscal  year  of  the Borrowers,  its  consolidated  balance  sheet  and  related statements  of        operations, stockholders’ equity and cash flows as of the end of and for such fiscal quarter and the        then elapsed portion of such fiscal year, setting forth in each case in comparative form the figures        for the corresponding period or periods of (or, in the case of the balance sheet, as of the end of)        the  previous  fiscal  year,  all  certified  by  a  Financial Officer  of  the  Borrower  Representative  as        presenting fairly in all material respects the financial condition and results of operations of the        Borrowers and their consolidated Subsidiaries on a consolidated basis in accordance with GAAP        consistently applied, subject to normal year-end audit adjustments and the absence of footnotes;                (c) concurrently with any delivery of financial statements under clause (a) or (b)  above, a        Compliance  Certificate  (i) certifying,  in  the  case  of  the financial statements  delivered  under        clause (b)  above, as presenting fairly in all material respects the financial condition and results of        operations  of  the Borrowers  and  their consolidated  Subsidiaries  on  a  consolidated  basis  in        accordance with GAAP consistently applied, subject to normal year-end  audit adjustments and        the absence of footnotes, (ii) certifying as to whether a Default has occurred and, if a Default has        occurred, specifying the details thereof and any action taken or proposed to be taken with respect        thereto, (iii) setting forth reasonably detailed calculations demonstrating compliance with Section        6.12 and  (iv) stating  whether  any  change  in  GAAP  or  in  the  application  thereof  has  occurred        since  the  date  of  the  audited  financial  statements  referred  to  in  Section 3.04  and,  if  any  such        change  has  occurred,  specifying  the  effect  of  such  change  on  the financial statements        accompanying such certificate;                (d)  as soon as available, but in any event no later than forty-five (45) days following the        end of each fiscal year of the Borrowers, a copy of the plan (including a projected consolidated        balance sheet, income statement and cash flow statement) of the Borrowers for each fiscal quarter        of  the  upcoming  fiscal  year (the “Projections”) in  form  reasonably  satisfactory  to  the        Administrative Agent;                       (e)   promptly  after  the  same  become  publicly  available,  copies  of  all  periodic  and        other  reports,  proxy  statements  and  other  materials  filed  by  any  Loan  Party  or  any  Subsidiary        with the SEC, or any Governmental Authority succeeding to any or all of the functions of the                                         70 

 

                                                                                                                                                                                                                         SEC, or with any national securities  exchange,  or distributed  by Borrowers to its  shareholders  generally, as the case may be;          (f)   promptly after receipt thereof by any Borrower or any Subsidiary, copies of each  notice or other correspondence received from the SEC (or comparable agency in any applicable  non-U.S. jurisdiction) concerning any investigation or possible investigation or other inquiry by  the SEC or such other agency regarding financial or other operational results of any Borrower or  any Subsidiary thereof;                        (g)  promptly  following  any  request  therefor,  copies  of  any  detailed  audit  reports,  management  letters  or  recommendations  submitted  to  the  board  of  directors  (or  the  audit  committee of the board of directors) of any Borrower by independent accountants in connection  with the accounts or books of the Borrower or any Subsidiary, or any audit of any of them as the  Administrative Agent or any Lender (through the Administrative Agent) may reasonably request;                       (h)  promptly  following  any  request  therefor, (x) such  other  information  regarding  the  operations,  business  affairs  and  financial  condition  of any  Loan  Party or  any  Subsidiary,  or  compliance  with  the  terms  of  this  Agreement,  as  the  Administrative  Agent  or  any  Lender   (through Administrative Agent) may reasonably request and (y) information and documentation  reasonably requested by the Administrative Agent or any Lender for purposes of compliance with  applicable “know your customer” and anti-money laundering rules and regulations, including the  USA PATRIOT Act and the Beneficial Ownership Regulation; and                (i) promptly after any request therefor by the Administrative Agent or any Lender, copies  of (i) any documents described in Section 101(k)(1) of ERISA that the Borrowers or any ERISA  Affiliate may request with respect to any Multiemployer Plan and (ii) any notices described in  Section 101(l)(1) of ERISA that the Borrowers or any ERISA Affiliate may request with respect  to  any  Multiemployer  Plan;  provided  that  if  the Borrowers or any  ERISA  Affiliate has  not  requested  such  documents  or  notices  from  the  administrator  or  sponsor  of  the  applicable  Multiemployer  Plan,  the Borrowers or  the  applicable  ERISA  Affiliate  shall  promptly  make  a  request  for  such  documents  and  notices  from  such  administrator  or  sponsor  and  shall  provide  copies of such documents and notices promptly after receipt thereof.                  Documents required to be delivered pursuant to Section 5.01(a), (b) or (e) (to the extent  any such documents are included in materials otherwise filed with the SEC) may be  delivered  electronically  and,  if  so  delivered,  shall  be  deemed  to  have  been  delivered  on  the  date  (i)  on  which such materials are publicly available as posted on the Electronic Data Gathering, Analysis  and Retrieval system (EDGAR); or (ii) on which such documents are posted on the Borrowers’  behalf on an Internet or intranet website, if any, to which each Lender and the  Administrative  Agent have access (whether a commercial, third-party website or whether made available by the  Administrative Agent); provided that:  (A) upon written request by the Administrative Agent (or  any  Lender  through  the  Administrative  Agent)  to  the  Borrower Representative,  the  Borrower  Representative shall deliver paper copies of such documents to the Administrative Agent or such  Lender  until  a  written  request  to  cease  delivering  paper  copies  is  given  by  the  Administrative  Agent or such Lender and (B) the Borrower Representative shall notify the Administrative Agent  and  each  Lender  (by  facsimile  or  through  Electronic  System)  of  the  posting  of  any  such  documents  and  provide  to  the  Administrative  Agent through  Electronic  System electronic  versions (i.e., soft copies) of such documents.  The Administrative Agent shall have no obligation  to request the delivery of or to maintain paper copies of the documents referred to above, and in  any event shall have  no responsibility to monitor compliance  by the  Borrowers with any such  request by a Lender for delivery, and each Lender shall be solely responsible for timely accessing                                   71 

 

                                                                                                                                                                                                                                                 posted documents or requesting delivery of paper copies of such document to it and maintaining        its copies of such documents.                SECTION 5.02.  Notices of Material Events.  Each of the Borrowers will furnish to the  Administrative  Agent  and  each  Lender  prompt (but  in  any  event  within  any  time  period  that  may  be  specified below) written notice of the following:                (a) the occurrence of any Default;                            (b)  receipt  of  any  notice  of  any  investigation by  a  Governmental  Authority or  any        litigation or proceeding commenced or threatened against any Loan Party or any Subsidiary that        (i)  seeks,  and  there  is  a  reasonable  expectation  that  it  will  result  in, damages  in  excess  of        $1,000,000, (ii) seeks injunctive relief with respect to material assets or business, (iii) is asserted        or  instituted  against  any  Plan,  its  fiduciaries  or  its  assets,  (iv)  alleges material criminal        misconduct by any Loan Party or any Subsidiary, (v) alleges the material violation of, or seeks to        impose  remedies  under,  any  Environmental  Law  or  related Requirement  of  Law,  or  seeks to        impose material Environmental Liability, (vi) asserts liability on the part of any Loan Party or any        Subsidiary in excess of $1,000,000 in respect of any tax, fee, assessment, or other governmental        charge, or (vii) involves any material product recall;                 (c)  any material change in accounting or financial reporting practices by any Borrower        or any Subsidiary;                (d) the occurrence of any ERISA Event or Canadian Pension Event that, alone or together        with any other ERISA Events or Canadian Pension Events that have occurred, could reasonably        be expected to result in liability of the Loan Parties and their Subsidiaries in an aggregate amount        exceeding $1,000,000;                 (e) any other development that results in, or could reasonably be expected to result in, a        Material Adverse Effect; and                (f) any  change  in  the  information  provided  in  the  Beneficial  Ownership  Certification        delivered to such Lender that would result in a change to the list of beneficial owners identified in        such certification.    Each notice delivered under this Section shall be accompanied by a statement of a Financial Officer or  other  executive  officer  of  the Borrower Representative setting  forth  the  details  of  the  event  or  development requiring such notice and any action taken or proposed to be taken with respect thereto.                SECTION 5.03.  Existence; Conduct of Business.  Each Loan Party will, and will cause  each Subsidiary to, (a) do or cause to be done all things necessary to preserve, renew and keep in full  force  and  effect  its  legal  existence  and  the  rights,  qualifications,  licenses,  permits,  franchises,  governmental authorizations, intellectual property rights, licenses and permits material to the conduct of  its business, and maintain all requisite authority to conduct its business in each jurisdiction in which its  business is conducted, except in jurisdictions where the failure to be so qualified would not result in a  Material  Adverse  effect; provided that  the foregoing  shall  not  prohibit  any  merger, amalgamation,  consolidation, liquidation or dissolution permitted  under Section 6.03 and (b) carry on and  conduct its  business  in  substantially  the  same  manner  and  in  substantially  the  same  fields  of  enterprise  as  it  is  presently  conducted or  in  fields  of  enterprise  that  are  incidental  or  reasonably  related  to  its  fields  of  enterprise as of the date of this Agreement.                                           72 

 

                                                                                                                                                                                                                                                       SECTION  5.04.  Payment  of  Obligations.  Each  Loan  Party  will, and  will  cause  each  Subsidiary to, pay or discharge all Material Indebtedness and all other material liabilities and obligations,  including Taxes, that if not paid, could result in a Material Adverse Effect before the same shall become  delinquent or in default, except where (a) the validity or amount thereof is being contested in good faith  by  appropriate  proceedings,  (b)  such  Loan  Party or  Subsidiary has  set  aside  on  its  books  adequate  reserves with respect thereto in accordance with GAAP and (c) the failure to make payment pending such  contest could not reasonably be expected to result in a Material Adverse Effect; provided, however, that  each  Loan  Party  will,  and  will  cause  each  Subsidiary  to, remit material withholding  taxes  and  other  payroll taxes to appropriate Governmental Authorities as and when claimed to be due, notwithstanding  the foregoing exceptions.                SECTION 5.05.  Maintenance of Properties.  Each Loan Party will, and will cause each  Subsidiary  to, keep  and  maintain  all  property  material  to the  conduct  of  its  business  in  good  working  order and condition, ordinary wear and tear excepted.                SECTION 5.06.  Books and Records; Inspection Rights.  Each Loan Party will, and will  cause  each  Subsidiary  to, (a)  keep  proper  books  of record  and  account  in  which  full,  true  and  correct  entries are made of all dealings and transactions in relation to its business and activities and (b) permit  any representatives designated by the Administrative Agent or any Lender (including employees of the  Administrative  Agent,  any  Lender  or  any  consultants,  accountants,  lawyers,  agents and  appraisers  retained by the Administrative Agent), upon reasonable prior notice, to visit and inspect its properties,  including examining and making extracts from its books and records, and to discuss its affairs, finances  and condition with its officers and independent accountants; provided that unless an Event of Default has  occurred and is continuing, the Administrative Agent and the Lenders shall not conduct more than one  such  visit  or  inspection  per  year;  provided  further  that  if  an  Event  of  Default  has  occurred  and  is  continuing, the Administrative Agent and the Lenders may, in their discretion, also conduct at the Loan  Party’s  premises  field  examinations  of  the  Loan  Party’s  assets,  liabilities,  books  and  records and  environmental assessment reports and Phase I or Phase II studies.  The Loan Parties acknowledge that the  Administrative Agent, after exercising its rights of inspection, may prepare and distribute to the Lenders  certain Reports pertaining to the Loan Parties’ assets for internal use by the Administrative Agent and the  Lenders.                SECTION  5.07.  Compliance  with  Laws.  Each  Loan  Party  will,  and  will  cause  each  Subsidiary to, comply with each Requirement of Law applicable to it or its property (including without  limitation Environmental Laws), except, in each case, where the failure to do so, individually or in the  aggregate, could not reasonably be expected to result in a Material Adverse Effect.  Each Loan Party will  maintain in effect and enforce policies and procedures designed to ensure compliance by such Loan Party,  its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws  and applicable Sanctions.                SECTION 5.08.  Use of Proceeds.         (a) The proceeds of the Loans shall be used by the Borrower to finance the working capital needs and        to fund the general and corporate purposes of the Borrowers and their Subsidiaries in the ordinary        course of business, to finance Permitted Acquisitions, and to make Restricted Payments.  No part        of the proceeds of any Loan and no Letter of Credit will be used, whether directly or indirectly,        (i) for any purpose that entails a violation of any of the regulations of the Federal Reserve Board,        including  Regulations T,  U  and  X  or  (ii)  to  make  any  Acquisition  other  than Permitted        Acquisitions.                     (b) The Borrowers will not request any Borrowing or Letter of Credit, and no Borrower shall use, and                                         73 

 

                                                                                                                                                                                                                                                 each  Borrower shall  procure  that  its  Subsidiaries  and  its  or  their  respective  directors,  officers,        employees  and  agents  shall  not  use,  the  proceeds  of  any  Borrowing  or  Letter  of  Credit  (a) in        furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of        money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (b) for        the purpose of funding, financing or facilitating any activities, business or transaction of or with        any Sanctioned Person, or in any Sanctioned Country, except to the extent permitted for a Person        required to comply with Sanctions, or (c) in any manner that would result in the violation of any        Sanctions applicable to any party hereto.                 SECTION  5.09.  Accuracy  of  Information.   The Loan  Parties will  ensure  that  any  information, including financial statements or other documents, furnished to the Administrative Agent or  the  Lenders  in  connection  with  this  Agreement or  any  other  Loan  Document or  any  amendment  or  modification hereof or thereof or waiver hereunder or thereunder contains no material misstatement of  fact  or  omits  to  state  any  material  fact  necessary  to  make  the  statements  therein,  in  the  light  of  the  circumstances under which they were made, not misleading, and the furnishing of such information shall  be deemed to be a representation and warranty by the Borrowers on the date thereof as to the matters  specified in this Section 5.09; provided that, with respect to the Projections, the Loan Parties will cause  the Projections to be prepared in good faith based upon assumptions believed to be reasonable at the time.                SECTION  5.10.  Insurance. Each  Loan  Party  will,  and  will  cause  each  Subsidiary  to,  maintain with financially sound and reputable carriers (a) insurance in such amounts (with no greater risk  retention) and against such risks and such other hazards, as is customarily maintained by companies of  established repute engaged in the same or similar businesses operating in the same or similar locations  and (b) all insurance required pursuant to the Collateral Documents.  The Borrowers will furnish to the  Lenders, upon request of the Administrative Agent, but no less frequently than annually, information in  reasonable detail as to the insurance so maintained.                      SECTION 5.11.  Reserved.                SECTION  5.12.  Casualty  and  Condemnation.   The Borrowers will  furnish  to  the  Administrative Agent and the Lenders prompt written notice of any casualty or other insured damage to  any material portion of the Collateral or the commencement of any action or proceeding for the taking of  any  material  portion  of  the  Collateral  or  interest  therein  under  power  of  eminent  domain  or  by  condemnation or similar proceeding.                SECTION 5.13.  Additional Collateral; Further Assurances.                 (a)  Subject to applicable Requirements of Law, each Loan Party will cause each of its  Subsidiaries formed or acquired after the date of this Agreement to become a Loan Party by executing a  Joinder Agreement; provided that no such Subsidiary shall be required to be a Guarantor or Loan Party  hereunder  to  the  extent that the provision  of  a  guarantee  would  result  in  a  material  adverse  tax  consequence for the Borrowers and their Subsidiaries or the cost, burden, difficulty or consequence of  such  Subsidiary  providing  such  a  guarantee  outweighs  the  value  afforded  thereby.  In  connection  therewith,  the  Administrative  Agent  shall  have  received  all  documentation  and  other  information  regarding such newly formed or acquired Subsidiaries as may be required to comply with the applicable  “know  your  customer”  rules  and  regulations,  including  the  USA  Patriot  Act.  Upon  execution  and  delivery  thereof,  each  such  Person  (i)  shall  automatically  become  a  Loan  Guarantor  hereunder  and  thereupon shall have all of the rights, benefits, duties, and obligations in such capacity under the Loan  Documents and (ii) will grant Liens to the Administrative Agent, for the benefit of the Administrative  Agent  and  the  other  Secured  Parties,  in  any  property  of such  Loan  Party  which  constitutes  Collateral,  excluding any parcel of real property located in the U.S. owned by any Loan Party; provided that in no                                         74 

 

                                                                                                                                                                                                                                           event shall any Canadian Loan Party guarantee, support or otherwise provide Collateral to secure the U.S.  Secured Obligations.                      (b)  Each Loan Party will cause 100% of the issued and outstanding Equity Interests of  each  of  its  Subsidiaries  to be  subject  at  all  times  to  a  first  priority, perfected  Lien  in  favor  of  the  Administrative Agent for the benefit of the Administrative Agent and the other Secured Parties, pursuant  to the terms and conditions of the Loan Documents or other security documents as the Administrative  Agent shall reasonably request, except to the extent that the pledging of such Equity Interests would result  in  a  material  adverse  tax  consequence  for  such  Loan  Party  and  its  Subsidiaries  or  the  cost,  burden,  difficulty or consequence of the pledging of such Equity Interests outweighs the value afforded thereby.   For the avoidance of doubt, any Lien granted by any Canadian Loan Party under this paragraph (b) shall  secure only the Canadian Secured Obligations.               (c)  Without limiting the foregoing, each Loan Party will, and will cause each Subsidiary  to,  execute  and  deliver,  or  cause  to  be  executed  and  delivered,  to  the  Administrative  Agent  such  documents, agreements and instruments, and will take or cause to be taken such further actions (including  the filing and recording of financing statements and other documents and such other actions or deliveries  of the type required by Section 4.01, as applicable), which may be required by any Requirement of Law  or which the Administrative Agent may, from time to time, reasonably request to carry out the terms and  conditions of this Agreement and the other Loan Documents and to ensure perfection and priority of the  Liens created or intended to be created by the Collateral Documents, all in form and substance reasonably  satisfactory to the Administrative Agent and all at the expense of the Loan Parties.                 (d)  If any material assets (excluding any real property or improvements thereto or any  interest therein) are acquired by any Loan Party after the Effective Date (other than assets constituting  Collateral under the Security Agreements that become subject to the Lien under the applicable Security  Agreement  upon  acquisition  thereof),  the Borrower Representative will (i) notify  the  Administrative  Agent and the Lenders thereof, and, if requested by the Administrative Agent or the Required Lenders,  cause such assets to be subjected to a Lien securing the Secured Obligations and (ii)  take, and cause each  applicable Loan  Party to  take,  such  actions  as  shall  be  necessary  or  reasonably  requested by  the  Administrative Agent to grant and perfect such Liens, all at the expense of the Loan Parties.                (e)   Notwithstanding  anything  herein  or  in  any  other  Loan  Document  to  the  contrary,  none of the U.S. Secured Obligations shall be secured by Collateral of any Canadian Loan Party.           SECTION  5.14.  Post-Closing  Covenants Within  one  hundred  fifty  (150)  days  following  the  Effective  Date, the  Administrative  Agent  shall  have  received each  of  (i) a  deposit  account  control  agreement  required  to  be  provided  pursuant  to the  Security  Agreements and  (ii)  a  Collateral  Access  Agreement required to be provided pursuant to the Security Agreements with respect to the Loan Parties’  chief  executive  office  location  in  Chicago,  Illinois and distribution  centers  located  in  Reno,  Nevada,  McCook, Illinois, Mississauga, Ontario, and Calgary, Alberta.                                      ARTICLE VI                                                                           Negative Covenants                Until all  of  the  Secured  Obligations  shall  have  been  Paid  in  Full,  each Loan  Party  executing this Agreement covenants and agrees, jointly and severally with all of the other Loan Parties,  with the Lenders that:                                             75 

 

                                                                                                                                                                                                                                                       SECTION 6.01.  Indebtedness.  No Loan Party will, nor will it permit any Subsidiary to,  create, incur, assume or suffer to exist any Indebtedness, except:                (a)  the Secured Obligations and the Guaranteed Obligations;                (b)   Indebtedness  of any Borrower to  any  Subsidiary  and  of  any  Subsidiary  to any        Borrower or any other Subsidiary, provided that (i) Indebtedness of any Subsidiary that is not a        Loan Party to any Borrower or any other Loan Party shall be subject to the limitations set forth in        Section 6.04, (ii) Indebtedness of any Loan Party to any Subsidiary that is not a Loan Party shall        be subordinated to the Secured Obligations on terms reasonably satisfactory to the Administrative        Agent, and (iii) the aggregate amount of Indebtedness of Canadian Loan Parties and Canadian        Subsidiaries owing to  U.S. Loan  Parties at  any  time  outstanding,  together  with  the  aggregate        amount of all outstanding Guarantees under Section 6.01(c)(iii) and  investments by U.S. Loan        Parties in Subsidiaries that are not U.S. Loan Parties made after the Effective Date under Section        6.04(b), shall not exceed 25% of the aggregate book value of the consolidated total assets of the        Company  and  its  Subsidiaries,  as  reflected  in  the  most  recent  financial  statements  of  the        Company and its Subsidiaries delivered pursuant to Section 5.01;               (c)   Guarantees  by any Borrower of  Indebtedness  of  any  Subsidiary  and  by  any        Subsidiary  of  Indebtedness  of any Borrower or  any  other  Subsidiary, provided that  (i)  the        Indebtedness so Guaranteed is permitted by this Section 6.01, (ii) Guarantees by any Borrower or        other Loan Party of Indebtedness of any Subsidiary that is not a Loan Party shall be subject to        Section 6.04, (iii) the aggregate amount of Indebtedness of Canadian Loan Parties and Canadian        Subsidiaries that is Guaranteed by U.S. Loan Parties, at any time outstanding, together with the        aggregate amount of all outstanding Indebtedness under Section 6.01(b)(iii) and investments by        U.S. Loan Parties in Subsidiaries  that are  not U.S. Loan  Parties made after the Effective  Date        under Section 6.04(b), shall not exceed 25% of the aggregate book value of the consolidated total        assets of the Company and its Subsidiaries, as reflected in the most recent financial statements of        the Company and its Subsidiaries delivered pursuant to Section 5.01;                 (d)  Indebtedness owed to any Person providing workers’ compensation, health, disability        or other employee benefits or property, casualty or liability insurance, pursuant to reimbursement        or  indemnification  obligations  to  such Person,  in  each  case  incurred  in  the  ordinary  course  of        business;               (e)  Indebtedness of any Loan Party in respect of performance bonds, bid bonds, appeal        bonds,  surety  bonds  and  similar  obligations,  in  each  case  provided  in  the  ordinary  course  of        business; and               (f)  other  Indebtedness  in  an  aggregate  principal  amount  not  exceeding 10%  of  the        aggregate  book  value  of  the  consolidated  total  assets  of  the  Company  and  its  Subsidiaries,  as        reflected in the most recent financial statements of the Company and its Subsidiaries delivered        pursuant to Section 5.01, at any time outstanding.                SECTION 6.02.  Liens.  No Loan Party will, nor will it permit any Subsidiary to, create,  incur, assume or permit to exist any Lien on any property or asset now owned or hereafter acquired by it,  or assign or sell any income or revenues (including Accounts) or rights in respect of any thereof, except:                (a) Liens created pursuant to any Loan Document;                             (b) Permitted Encumbrances;                                         76 

 

                                                                                                                                                                                                                                                         (c) any Lien on any property or asset of any Borrower or any Subsidiary existing on the        date hereof and set forth in Schedule 6.02; provided that (i) such Lien shall not apply to any other        property or asset of such Borrower or Subsidiary or any other Borrower or Subsidiary and (ii)        such Lien shall secure only those obligations which it secures on the date hereof and extensions,        renewals and replacements thereof that do not increase the outstanding principal amount thereof;                (d) any  Lien  existing  on  any  property  or  asset  prior  to  the  acquisition  thereof  by  any        Borrower or any Subsidiary or existing on any property or asset of any Person that becomes a        Loan Party after the date hereof prior to the time such Person becomes a Loan Party; provided        that (i) such Lien is not created in contemplation of or in connection with such acquisition or such        Person becoming a Loan Party, as the case may be, (ii) such Lien shall not apply to any other        property or assets of the Loan Party and (iii) such Lien shall secure only those obligations which        it secures on the date of such acquisition or the date such Person becomes a Loan Party, as the        case  may  be  ,and  extensions,  renewals  and  replacements  thereof  that  do  not  increase  the        outstanding principal amount thereof;                 (e)  Liens  of  a  collecting  bank  arising  in  the  ordinary  course  of  business  under        Section 4-210 of  the UCC in  effect  in  the  relevant  jurisdiction  covering  only  the  items  being        collected upon;               (f)  Liens arising out of Sale and Leaseback Transactions permitted by Section 6.06;               (g)   Liens  granted  by  a  Subsidiary  that  is  not a  Loan  Party  in favor  of a Borrower or        another Loan Party in respect of Indebtedness owed by such Subsidiary;                (h)  Liens (i) in favor of customs and revenue authorities arising as a matter of law to  secure payment of customs duties in connection with the importation of goods in the ordinary course of  business and (ii) on specific items of inventory or other goods and proceeds thereof of any Person  securing such Person’s obligations in respect of bankers’ acceptances or documentary letters of credit  issued or created for the account of such Person to facilitate the purchase, shipment or storage of such  inventory or such other goods in the ordinary course of business;                (i)   Liens arising out of conditional sale, title retention, consignment or similar  arrangements for sale of goods entered into by any Borrower or any Subsidiaries in the ordinary course of  business; and                (j)   other Liens securing obligations in an aggregate principal amount at any time  outstanding not exceeding $5,000,000.                SECTION 6.03.  Fundamental Changes.                  (a)  No Loan Party will, nor will it permit any Subsidiary to, merge into or consolidate  with any other Person, or permit any other Person to merge or amalgamate into or consolidate with it, or  otherwise Dispose of all or substantially all of its assets, or all or substantially all of the stock of any of its  Subsidiaries (in  each  case,  whether  now owned  or  hereafter  acquired), or liquidate  or  dissolve,  except  that,  if  at  the  time  thereof  and  immediately  after  giving  effect  thereto  no  Event  of  Default  shall  have  occurred and be continuing, (i) any Canadian Subsidiary of any Borrower may merge into a Borrower in a  transaction in which a Borrower is the surviving entity, (ii) any U.S. Subsidiary of any Borrower may  merge into a U.S. Borrower in a transaction in which a U.S. Borrower is the surviving entity, (iii) any  Canadian Loan Party (other than any Borrower) may merge into any other Loan Party in a transaction in                                         77 

 

                                                                                                                                                                                                                                           which the surviving entity is a Loan Party, (iv) any U.S. Loan Party (other than any Borrower) may merge  into any other U.S. Loan Party in a transaction in which the surviving entity is a U.S. Loan Party and (v)  any Subsidiary that is not a Loan Party may liquidate or dissolve if the Borrowers determine in good faith  that  such  liquidation  or  dissolution  is  in  the  best  interests of the Borrowers and  is  not  materially  disadvantageous to the Lenders; provided that any such merger involving a Person that is not a wholly  owned  Subsidiary  immediately  prior  to  such  merger  shall  not  be  permitted  unless  also  permitted  by  Section 6.04.                (b)  No Loan Party will, nor will it permit any Subsidiary to, consummate a Division as  the  Dividing  Person, without  the  prior  written  consent  of  Administrative Agent. Without  limiting  the  foregoing, if any Loan Party that is a limited liability company consummates a Division (with or without  the prior consent of Administrative Agent as required above), each Division Successor shall be required  to comply with the obligations set forth in Section 5.13 and the other further assurances obligations set  forth  in  the  Loan  Documents  and  become  a Loan  Party under  this  Agreement  and  the  other  Loan  Documents.                 (c)  No Loan Party will, nor will it permit any Subsidiary to, engage in any business other  than  businesses  of  the  type  conducted  by  the  Borrowers and their Subsidiaries  on the  date hereof and  businesses reasonably related thereto and reasonable extensions thereof.                 (d) No Loan Party will, nor will it permit any Subsidiary to change its fiscal year or any  fiscal quarter from the basis in effect on the Effective Date.                (e) No Loan Party will change the accounting basis upon which its financial statements  are prepared, except as required by GAAP or directed by the SEC.                (f) No Loan Party will change the tax filing elections it has made under the Code.                (g) No Loan Party will, nor will it permit any Subsidiary to, contribute to or assume or  cause an obligation to contribute to or have any liability under any Canadian Defined Benefit Pension  Plan or acquire an interest in any Person that sponsors, maintains or contributes to or at any time in the  five-year period preceding such acquisition has sponsored, maintained, or contributed to a Canadian  Defined Benefit Pension Plan, without the prior written consent of the Administrative Agent.                SECTION 6.04.  Investments, Loans, Advances, Guarantees and Acquisitions.  No Loan  Party will, nor will it permit any Subsidiary to, form any subsidiary after the Effective Date, or purchase,  hold or acquire (including pursuant to any merger or amalgamation with any Person that was not a Loan  Party  and  a  wholly  owned  Subsidiary  prior  to  such  merger)  any Equity  Interests, evidences  of  indebtedness  or  other  securities  (including  any  option,  warrant  or  other  right  to  acquire  any  of  the  foregoing) of, make or permit to exist any loans or advances to, Guarantee any obligations of, or make or  permit to exist any investment or any other interest in, any other Person, or purchase or otherwise acquire  (in one transaction or a series of transactions) any assets of any other Person constituting a business unit  (whether through purchase of assets, merger or otherwise), except:                (a) Permitted Investments;                (b) investments  by  the Loan  Parties in  Equity  Interests  in their  respective  Subsidiaries        that  are  Loan  Parties, provided that any  such  Equity  Interests  held  by  a  Loan  Party  shall  be        pledged  pursuant  to  the applicable Security  Agreement; provided  further that the  aggregate        amount of investments by U.S. Loan Parties in Subsidiaries that are not U.S. Loan Parties, made        after the Effective Date, together with the aggregate amount of all outstanding Indebtedness under                                         78 

 

                                                                                                                                                                                                                                                 Section  6.01(b)(iii)  and Guarantees  under  Section  6.01(c)(iii),  shall  not  exceed 25%  of  the        aggregate  book  value  of  the  consolidated  total  assets  of  the  Company  and  its  Subsidiaries,  as        reflected in the most recent financial statements of the Company and its Subsidiaries delivered        pursuant to Section 5.01, at the time such investment is made.               (c) loans or advances made by any Loan Party to any other Loan Party and made by any        Subsidiary that is not a Loan Party to a Loan Party or any other Subsidiary, provided that (i) any        such loans and advances made by a Loan Party shall be evidenced by a promissory note pledged        pursuant to the applicable Security Agreement, and (ii) loans and advances by U.S. Loan Parties        to Canadian Loan Parties shall be subject to the terms of Section 6.01(b)(iii), determined without        regard to any write-downs or write-offs.               (d) Guarantees of Indebtedness of Canadian Loan Parties by U.S. Loan Parties permitted        by Section 6.01(c)(iii) and Guarantees of Canadian Loan Parties by Canadian Loan Parties;                (e) notes payable, or stock or other securities issued by account debtors to a Loan Party        pursuant to negotiated agreements with respect to settlement of such account debtor’s Accounts        in the ordinary course of business, consistent with past practices;                            (f)  investments in the form of Swap Agreements permitted by Section 6.07;               (g)  investments constituting deposits described in clauses (c) and (d) of the definition of        the term “Permitted Encumbrances”;                (h)  Permitted Acquisitions;                (i)  investments in existence on the date hereof and as described in Schedule 6.04;                 (j)  investments of any Person existing at the time such Person becomes a Subsidiary of a        Borrower or consolidates or merges with a Borrower or any of such party’s Subsidiary (including        in  connection  with  a  Permitted  Acquisition),  so  long  as  such  investments  were  not  made  in        contemplation of such Person becoming a Subsidiary or of such merger; and               (k)  other investments, loans or advances not to exceed 10% of the aggregate book value        of  the  consolidated  total  assets  of  the  Company  and  its  Subsidiaries,  as  reflected  in  the  most        recent  financial  statements  of  the  Company  and  its  Subsidiaries  delivered  pursuant  to  Section        5.01, in the aggregate at the time such investment, loan or advance is made; provided that before        and immediately after giving effect to such investment, loan or advance, no Default has occurred        and is continuing.                 SECTION 6.05.  Asset Sales.  No Loan Party will, nor will it permit any Subsidiary to,  Dispose  of  any  asset,  including  any  Equity  Interest  owned  by  it,  nor  will any Borrower permit  any  Subsidiary to issue any additional Equity Interest in such Subsidiary (other than to another Borrower or  another Subsidiary in compliance with Section 6.04), except:               (a)  Dispositions  of  (i) inventory  in  the  ordinary  course  of  business  and  (ii)  used,        obsolete, worn out or surplus Equipment or property in the ordinary course of business;               (b)  Dispositions of  assets to any Borrower or any  Subsidiary, provided that any  such        sales, transfers or dispositions (i) involving a Subsidiary that is not a Loan Party or (ii) from a                                          79 

 

                                                                                                                                                                                                                                                 U.S. Loan Party to a Canadian Loan Party or from a Canadian Loan Party to a U.S. Loan Party, in        each case, shall be made in compliance with Section 6.09;               (c)  Dispositions of Accounts (excluding sales or dispositions in a factoring arrangement)        in connection with the compromise, settlement or collection thereof;               (d)  Dispositions of Permitted Investments and other investments permitted by clauses (g)        and (j) of Section 6.04;               (e)  Sale and Leaseback Transactions permitted by Section 6.06;               (f)  Dispositions resulting from any casualty or other insured damage to, or any taking        under power of eminent domain or by condemnation or similar proceeding of, any property or        asset of any Borrower or any Subsidiary; and                (g)  Dispositions of assets (other than Equity Interests in a Subsidiary unless all Equity        Interests in such Subsidiary are sold) that are not permitted by any other clause of this Section,        provided that  the  aggregate  fair  market  value  of  all  assets Disposed  of  in  reliance  upon  this        paragraph (g) shall not exceed $10,000,000 during any fiscal year of the Borrowers;   provided that, other than as set forth on Schedule 6.05, all Dispositions permitted under this Section 6.05  (other than those permitted by paragraphs (b), (d) and (f) above) shall be made for fair value and for at  least 75% cash consideration.               SECTION  6.06.  Sale  and  Leaseback  Transactions.   No  Loan  Party  will, nor  will  it  permit  any Subsidiary to, enter into  any  arrangement,  directly  or  indirectly,  whereby  it  shall  sell  or  transfer any property, real or personal, used or useful in its business, whether now owned or hereafter  acquired, and thereafter rent or lease such property or other property that it intends to use for substantially  the same purpose or purposes as the property sold or transferred (a “Sale and Leaseback Transaction”),  except for any such sale of any fixed or capital assets by any Borrower or any Subsidiary that is made for  cash  consideration  in  an  amount  not  less  than  the  fair  value  of  such  fixed  or  capital  asset  and  is  consummated  within 180 days  after  such  Borrower  or  such  Subsidiary  acquires  or  completes  the  construction of such fixed or capital asset.               SECTION  6.07.  Swap  Agreements.   No  Loan  Party  will,  nor  will  it  permit  any  Subsidiary  to, enter  into  any  Swap  Agreement,  except  (a)  Swap  Agreements  entered  into  to  hedge  or  mitigate risks to which any Borrower or any Subsidiary has actual exposure (other than those in respect of  Equity Interests of any Borrower or any Subsidiary), and (b) Swap Agreements entered into in order to  effectively cap, collar or exchange interest rates (from floating to fixed rates, from one floating rate to  another  floating  rate  or  otherwise)  with  respect  to  any  interest-bearing  liability  or  investment of any  Borrower or any Subsidiary.                SECTION 6.08.  Restricted Payments; Certain Payments of Indebtedness.                  (a)  No Loan Party will, nor will it permit any Subsidiary to, declare or make, or agree to  declare or make,  directly or indirectly, any  Restricted Payment, or incur any obligation (contingent or  otherwise) to do so, except (i) each of the Borrowers may declare and pay dividends with respect to its  common stock payable solely in additional shares of its common stock, and, with respect to its preferred  stock, payable solely in additional shares of such preferred stock or in shares of its common stock, (ii)  Subsidiaries  may  declare and  pay  dividends  ratably  with  respect  to  their  Equity  Interests, (iii)  the  Borrowers may make Restricted Payments, pursuant to and in accordance with stock option plans or other                                         80 

 

                                                                                                                                                                                                                                           benefit  plans  for  management  or  employees  of  the Borrowers and their Subsidiaries, and  (iv)  the  Company may  make  distributions  and  pay  dividends  to  its  equityholders,  in  each  case,  not  otherwise  permitted to be made by this Section 6.08 so long as, in each case, all of the following conditions are  satisfied: (x) no  Default shall exist  immediately  prior  to  or  immediately  after  giving  effect  to  the  distribution or dividend, and (y) after giving effect to such Restricted Payment, on a pro forma basis as of  the last day of the most recently ended fiscal quarter for which financial statements have been delivered  (or are required to have been delivered) pursuant to Section 5.01 (A) the Loan Parties are in compliance  with the covenants set forth in Section 6.12 and (B) the Total Net Leverage Ratio is not greater than the  ratio that is 0.50 to 1.00 less than the then-prevailing Total Net Leverage Ratio covenant compliance level  set forth in Section 6.12(b).                      (b)  No Loan Party will, nor will it permit any Subsidiary to, make or agree to pay or  make,  directly  or  indirectly,  any  payment  or other  distribution  (whether  in  cash,  securities  or  other  property)  of  or  in  respect  of  principal  of  or  interest  on  any  Indebtedness,  or  any  payment  or  other  distribution (whether in cash, securities or other property), including any sinking fund or similar deposit,  on  account  of  the  purchase,  redemption,  retirement,  acquisition,  cancellation  or  termination  of  any  Indebtedness, except:               (i)  payment of Indebtedness created under the Loan Documents;               (ii)  payment of regularly scheduled interest and principal payments as and when due in        respect of any Indebtedness permitted under Section 6.01, other than payments in respect of the        Subordinated Indebtedness prohibited by the subordination provisions thereof;               (iii)  refinancings of Indebtedness to the extent permitted by Section 6.01; and                (iv)  payment of secured Indebtedness that becomes due as a result of the voluntary sale        or transfer of the property or assets securing such Indebtedness to the extent such sale or transfer        is permitted by the terms of Section 6.05.               SECTION 6.09.  Transactions with Affiliates.  No Loan Party will, nor will it permit any  Subsidiary to, sell, lease or otherwise transfer any property or assets to, or purchase, lease or otherwise  acquire  any  property  or  assets  from,  or  otherwise  engage  in  any  other  transactions  with,  any  of  its  Affiliates, except (a) transactions that (i) are in the ordinary course of business and (ii) are at prices and  on terms and conditions not less favorable to such Loan Party or such Subsidiary than could be obtained  on an arm’s-length basis from unrelated third parties, (b) transactions (i) between or among the U.S. Loan  Parties not  involving  any  other  Affiliate and  (ii) between  or  among  the Canadian Loan  Parties  not  involving any other Affiliate, (c) any investment permitted by Sections 6.04(b), 6.04(c) or 6.04(d), (d) any  Indebtedness  permitted  under  Section  6.01(b) or  6.01(c),  (e) any  Restricted  Payment  permitted  by  Section 6.08, (f) the payment of reasonable fees to directors of any Borrower or any Subsidiary who are  not  employees  of such Borrower  or any Subsidiary,  and  compensation  and  employee  benefit  arrangements paid to, and indemnities provided for the benefit of, directors, officers or employees of the  Borrowers or their Subsidiaries in the ordinary course of business, and (g) any issuances of securities or  other  payments,  awards  or  grants  in  cash,  securities  or  otherwise  pursuant  to,  or  the  funding  of,  employment agreements,  stock options  and  stock ownership plans approved  by a Borrower’s  board of  directors.                SECTION  6.10.  Restrictive  Agreements.  No  Loan  Party  will,  nor  will  it  permit  any  Subsidiary to, directly or indirectly enter into, incur or permit to exist any agreement or other arrangement  that prohibits, restricts or imposes any condition upon (a) the ability of such Loan Party or any Subsidiary  to create, incur or permit to exist any Lien upon any of its property or assets, or (b) the ability of any                                         81 

 

                                                                                                                                                                                                                                           Subsidiary to pay dividends or other distributions with respect to any Equity Interests or to make or repay  loans or advances to any Borrower or any other Subsidiary or to Guarantee Indebtedness of any Borrower  or  any  other  Subsidiary; provided that  (i)  the  foregoing  shall  not  apply  to  restrictions  and  conditions  imposed  by any  Requirement  of  Law or  by  any  Loan  Document,  (ii) the  foregoing  shall  not  apply  to  restrictions and conditions existing on the date hereof identified on Schedule 6.10 (but shall apply to any  extension or renewal of, or any amendment or modification expanding the scope of, any such restriction  or  condition),  (iii)  the  foregoing  shall  not  apply  to  customary  restrictions  and  conditions  contained  in  agreements  relating  to  the  sale  of  a  Subsidiary  pending  such  sale,  provided  such  restrictions  and  conditions apply only to the Subsidiary that is to be sold and such sale is permitted hereunder, (iv) clause  (a) of the foregoing shall not apply to restrictions or conditions imposed by any agreement relating to  secured  Indebtedness  permitted  by  this  Agreement  if  such  restrictions  or  conditions  apply  only  to  the  property  or  assets  securing  such  Indebtedness  and  (v)  clause  (a)  of  the  foregoing  shall  not  apply  to  customary provisions in leases and other contracts restricting the assignment thereof.                 SECTION  6.11. Amendment  of  Material  Documents.  No  Loan  Party  will,  nor  will  it  permit any Subsidiary to, amend, modify or waive any of its rights under (a)  any agreement relating to  any Subordinated Indebtedness, or (b) its charter, articles or certificate of organization or incorporation  and  bylaws  or  operating,  management  or  partnership  agreement,  or  other  organizational  or  governing  documents, to the extent any such amendment, modification or waiver would be materially adverse to the  Lenders.                SECTION 6.12. Financial Covenants.                 (a)   Fixed Charge Coverage Ratio.  The Company will not permit the Fixed Charge  Coverage Ratio, for any period of four consecutive fiscal quarters ending on the last day of any fiscal  quarter, to be less than 1.15 to 1.00.                            (b)   Total Net Leverage Ratio.  The Company will not permit the Total Net Leverage  Ratio, on the last day of any fiscal quarter, to be greater than 3.25 to 1.00; provided that upon the written  request  of  the  Borrower Representative delivered  to  the  Administrative  Agent in  connection  with  any  Material Acquisition, the foregoing required Total Net Leverage Ratio level for each of the four fiscal  quarters  ending  immediately  following  the  consummation  date  of  such  Material  Acquisition  shall  be  increased to 3.75 to 1.0 (a “Total Net Leverage Ratio Adjustment”); provided further, however, that such  Total Net Leverage Ratio Adjustment shall occur (i) only twice during the term of this Agreement, and  (ii) only to the extent that no Event of Default has then occurred and is continuing.  Promptly following  receipt of notice from the Borrower Representative of its election to give effect to a Total Net Leverage  Ratio Adjustment, the  Administrative  Agent shall give  written  notice of the  Total Net Leverage  Ratio  Adjustment  to  the  Lenders,  and this  Agreement  shall  be  automatically  amended,  without  any  further  action by any party, to reflect such Total Net Leverage Ratio Adjustment.                                       ARTICLE VII                                     Events of Default                If any of the following events (“Events of Default”) shall occur:                (a)  the Borrowers shall  fail  to  pay  any  principal  of  any  Loan  or  any  reimbursement        obligation  in  respect  of  any  LC  Disbursement  when  and  as  the  same  shall  become  due  and        payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise;                                             82 

 

                                                                                                                                                                                                                               (b)  the Borrowers shall  fail  to  pay  any  interest  on  any  Loan  or  any  fee  or  any  other  amount  (other  than  an  amount  referred  to  in  clause  (a) of  this  Article)  payable  under  this  Agreement or any other Loan Document, when and as the same shall become due and payable,  and such failure shall continue unremedied for a period of three (3) Business Days;                       (c) any representation or warranty made or deemed made by or on behalf of any Loan  Party or any Subsidiary in, or in connection with, this Agreement or any other Loan Document or  any amendment or modification hereof or thereof or waiver hereunder or thereunder, or in any  report, certificate, financial statement or other document furnished pursuant to or in connection  with this Agreement or any other Loan Document or any amendment or modification hereof or  thereof  or  waiver hereunder  or thereunder,  shall  prove  to  have  been  materially  incorrect  when  made or deemed made;                       (d) any Loan Party shall fail to observe or perform any covenant, condition or agreement  contained  in  Section 5.02(a),  5.03  (with  respect  to  a  Loan  Party’s  existence)  or  5.08  or  in  Article VI;                       (e) any Loan Party shall fail to observe or perform any covenant, condition or agreement  contained in this Agreement or any other Loan Document (other than those specified in clause  (a), (b) or (d) above), and such failure shall continue unremedied for a period of (i) 5 days after  the  earlier  of  any  Loan  Party’s  knowledge of  such  breach  or  notice  thereof  from  the  Administrative Agent (which notice will be given at the request of any Lender) if such breach  relates to terms or provisions of Section 5.01, 5.02 (other than Section 5.02(a)), 5.06 or 5.13 of  this Agreement or (ii) 30 days after the earlier of any Loan Party’s knowledge of such breach or  notice thereof from the Administrative Agent (which notice will be given at the request of any  Lender) if such breach relates to terms or provisions of any other Section of this Agreement;                       (f) any Loan Party or any Subsidiary shall fail to make any payment (whether of principal  or interest and regardless of amount) in respect of any Material Indebtedness, when and as the  same shall become due and payable;                       (g) any event or condition occurs that results in any Material Indebtedness becoming due  prior to its scheduled maturity or that enables or permits (after giving effect to any grace or cure  periods) the holder or holders of any Material Indebtedness or any trustee or agent on its or their  behalf  to  cause  any  Material  Indebtedness  to  become  due,  or  to  require  the  prepayment,  repurchase, redemption or defeasance thereof, prior to its scheduled maturity; provided that this  clause (g) shall not apply to secured Indebtedness that becomes due as a result of the voluntary  sale or transfer of the  property or assets securing such Indebtedness  to the extent such  sale or  transfer is permitted by the terms of Section 6.05;                       (h) an involuntary case or proceeding shall be commenced under any Insolvency Law or  an  involuntary petition shall be  filed (including the  filing of any notice of intention in respect  thereof) seeking  (i) bankruptcy, liquidation, winding-up,  dissolution  or  suspension  of  general  operations, (ii) the composition, rescheduling, reorganization, arrangement or readjustment of or  other relief or stay of proceedings to enforce in respect of a Loan Party or Subsidiary or some or  all  of its  debts,  or  of all  or a  substantial  part  of  its  assets,  under  any Insolvency  Law now or  hereafter  in  effect  or  (iii) the  appointment  of  a  receiver,  trustee, interim  receiver,  receiver  and  manager, liquidator, administrator, custodian, sequestrator, conservator or similar official for any  Loan Party or any Subsidiary or for all or a substantial part of its assets, and, in any such case,  such proceeding, case or petition shall continue  undismissed for sixty (60) days  or an order or  decree approving or ordering any of the foregoing shall be entered;                                   83 

 

                                                                                                                                                                                                                                              (i) any Loan Party or any Subsidiary shall (i) voluntarily commence any proceeding or  case or file any petition or application seeking liquidation, reorganization or other relief under  any Insolvency Law now or hereafter in effect, (ii) consent to the institution of, or fail to contest  in a timely and appropriate manner, any proceeding, case or petition described in clause (h) of  this  Article,  (iii) apply  for  or  consent  to  the  appointment  of or  the  taking  of  possession  by, a  receiver,  trustee, interim  receiver,  receiver  and  manager,  liquidator,  administrator, custodian,  sequestrator, conservator, agent or similar official for such Loan Party or Subsidiary of any Loan  Party  or of  all  or a  substantial  part  of  its  assets,  (iv) file  an  answer  admitting  the  material  allegations  of  a  petition  filed  against  it  in  any  such  proceeding,  (v) make an  assignment  or a  general assignment for the benefit of creditors or (vi) take any action for the purpose of effecting  any of the foregoing;                       (j) any Loan Party or any Subsidiary shall become unable, admit in writing its inability,  or publicly declare its intention not to, or fail generally, to pay its debts as they become due, or  any Canadian Loan Party shall become an “insolvent person” as defined in the Bankruptcy and  Insolvency Act (Canada);                       (k) one or more judgments for the payment of money in an aggregate amount in excess of  $5,000,000 shall be rendered against any Loan Party, any Subsidiary or any combination thereof  and the same shall remain undischarged for a period of sixty (60) consecutive days during which  execution  shall  not  be  effectively  stayed,  or  any  action  shall  be  legally  taken  by  a  judgment  creditor to attach or levy upon any assets of any Loan Party or any Subsidiary to enforce any such  judgment or any Loan Party or any Subsidiary shall fail within sixty (60) days to discharge one or  more non-monetary judgments or orders which, individually or in the aggregate, could reasonably  be expected to have a Material Adverse Effect, which judgments or orders, in any such case, are  not  stayed  on  appeal or  otherwise being  appropriately  contested  in  good  faith  by  proper  proceedings diligently pursued;                       (l) an ERISA Event or Canadian Pension Event shall have occurred that, in the opinion of  the Required Lenders, when taken together with all other ERISA Events and Canadian Pension  Events that have occurred, could reasonably be expected to result in liability of the Borrowers and  their Subsidiaries in an aggregate amount exceeding $5,000,000;                       (m) a Change in Control shall occur;                       (n) the  Loan  Guaranty or any Obligation Guaranty shall fail to remain in full force  or  effect or a Loan Party shall take any action shall be taken to discontinue or to assert the invalidity  or  unenforceability  of  the  Loan  Guaranty or  any Obligation  Guaranty, or  any  Loan  Guarantor  shall fail to comply with any of the terms or provisions of the Loan Guaranty or any Obligation  Guaranty to which it is a party, or any Loan Guarantor shall deny that it has any further liability  under the Loan Guaranty or any Obligation Guaranty to which it is a party, or shall give notice to  such effect, including, but not limited to notice of termination delivered pursuant to Section 10.08  or any notice of termination delivered pursuant to the terms of any Obligation Guaranty;                       (o) except  as  permitted  by  the  terms  of  any  Collateral  Document,  (i)  any  Collateral  Document shall for any reason fail to create a valid security interest in any Collateral purported to  be covered thereby, or (ii) any Lien securing any Secured Obligation shall cease to be a perfected,  first priority Lien;                                       84 

 

                                                                                                                                                                                                                                                       (p) any Collateral Document shall fail to remain in full force or effect or any action shall        be taken to discontinue or to assert the invalidity or unenforceability of any Collateral Document;        or                      (q) any  material  provision  of  any  Loan  Document  for  any  reason  ceases  to  be  valid,        binding  and  enforceable  in  accordance  with  its  terms  (or  any  Loan  Party  shall  challenge  the        enforceability  of  any  Loan  Document  or  shall  assert  in  writing,  or  engage  in  any  action  or        inaction that evidences its assertion, that any provision of any of the Loan Documents has ceased        to be or otherwise is not valid, binding and enforceable in accordance with its terms);          then,  and  in  every  such  event (other than  an  event  with  respect to  the Borrowers described  in        clause (h) or (i) of this Article), and at any time thereafter during the continuance of such event,        the Administrative Agent may, and at the request of the Required Lenders shall, by notice to the        Borrower Representative, take  either or both of the  following actions,  at the  same  or different        times:  (i) terminate  the  Commitments,  (including  the  Swingline  Commitment), whereupon the        Commitments shall terminate immediately, (ii) declare the Loans then outstanding to be due and        payable in whole (or in part, but ratably as among the Classes of Loans and the Loans of each        Class at the time outstanding, in which case any principal not so declared to be due and payable        may  thereafter  be  declared  to  be  due  and  payable), whereupon  the principal  of  the  Loans  so        declared to be due and payable, together with accrued interest thereon and all fees (including, for        the  avoidance  of  doubt, any break  funding  payments) and  other  obligations  of  the Borrowers        accrued hereunder, shall become due and payable immediately, in each case without presentment,        demand, protest or other notice of any kind, all of which are hereby waived by the Borrowers, and        (iii) require cash collateral for the LC Exposure in accordance with Section 2.06(j) hereof; and in        the case of any event with respect to the Borrowers described in clause (h) or (i) of this Article,        the Commitments, (including the Swingline Commitment), shall automatically terminate and the        principal of the Loans then outstanding, and cash collateral for the LC Exposure, together with        accrued interest thereon and all fees (including, for the avoidance of doubt, any break funding        payments) and other obligations of the Borrowers accrued hereunder and under any other Loan        Document,  shall  automatically  become due  and  payable, in  each  case without  presentment,        demand, protest or other notice of any kind, all of which are hereby waived by the Borrowers.        Upon  the  occurrence  and  during  the  continuance  of  an  Event  of  Default,  the  Administrative        Agent  may,  and  at  the request  of  the  Required  Lenders  shall,  increase  the  rate  of  interest        applicable  to  the  Loans  and  other  Obligations  as  set forth in this  Agreement  and  exercise  any        rights and remedies provided to the Administrative Agent under the Loan Documents or at law or        equity, including all remedies provided under the UCC.                                           ARTICLE VIII                                                                         The Administrative Agent                SECTION 8.01. Authorization and Action.           (a) Each Lender, on behalf of itself and any of its Affiliates that are Secured Parties and each  Issuing Bank hereby irrevocably appoints the entity named as Administrative Agent in the heading of this  Agreement and its successors and assigns to serve as the administrative agent and collateral agent under  the Loan Documents and each Lender and each Issuing Bank authorizes the Administrative Agent to take  such actions as agent on its behalf and to exercise such powers under this Agreement and the other Loan  Documents as  are  delegated  to  the  Administrative  Agent under  such  agreements and to  exercise  such  powers  as  are reasonably  incidental  thereto. In  addition,  to  the  extent  required under  the  laws  of  any  jurisdiction other than within the United States, each Lender and each Issuing Bank hereby grants to the                                         85 

 

                                                                                                                                                                                                                                           Administrative Agent any required powers of attorney to execute and enforce any Collateral Document  governed  by  the  laws  of  such  jurisdiction  on  such  Lender’s  or such Issuing  Bank’s  behalf.  Without  limiting the foregoing, each Lender and each Issuing Bank hereby authorizes the Administrative Agent to  execute  and  deliver,  and  to  perform  its  obligations  under,  each  of  the  Loan  Documents  to  which  the  Administrative Agent is a party, and to exercise all rights, powers and remedies that the Administrative  Agent may have under such Loan Documents.                (b) As to any matters not expressly provided for herein and in the other Loan Documents  (including  enforcement  or  collection),  the  Administrative  Agent  shall  not  be  required  to  exercise  any  discretion  or  take  any  action,  but  shall  be  required  to  act  or  to refrain from  acting  (and  shall  be  fully  protected in so acting or refraining from acting) upon the written instructions of the Required Lenders (or  such other number or percentage of the Lenders as shall be necessary, pursuant to the terms in the Loan  Documents),  and,  unless  and  until  revoked  in  writing,  such  instructions  shall  be  binding  upon  each  Lender and each Issuing Bank; provided, however, that the Administrative Agent shall not be required to  take any action that (i) the Administrative Agent in good faith believes exposes it to liability unless the  Administrative Agent receives an indemnification and is exculpated in a manner satisfactory to it from the  Lenders and the Issuing Banks with respect to such action or (ii) is contrary to this Agreement or any  other Loan Document or applicable law, including any action that may be in violation of the automatic  stay under any requirement of law relating to bankruptcy, insolvency or reorganization or relief of debtors  or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation  of  any  requirement  of  law  relating  to  bankruptcy,  insolvency  or  reorganization  or  relief of  debtors;  provided,  further,  that the Administrative  Agent  may  seek  clarification  or  direction  from  the  Required  Lenders  prior  to  the  exercise  of  any  such  instructed  action  and  may  refrain  from  acting  until  such  clarification or direction has been provided.  Except as expressly set forth in the  Loan Documents,  the  Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose,  any information relating to any Borrower, any other Loan Party, any Subsidiary or any Affiliate of any of  the foregoing that is communicated to or obtained by the Person serving as Administrative Agent or any  of  its  Affiliates  in  any  capacity.  Nothing  in  this  Agreement  shall  require  the  Administrative  Agent  to  expend or risk its own funds or otherwise incur any financial liability in the performance of any of its  duties hereunder or in the exercise of any of its rights or powers if it shall have reasonable grounds for  believing  that  repayment  of  such  funds  or  adequate  indemnity  against  such  risk  or  liability  is  not  reasonably assured to it.          (c) In performing its functions and duties hereunder and under the other Loan Documents, the  Administrative Agent is acting solely on behalf of the Lenders and the Issuing Banks (except in limited  circumstances expressly provided for herein relating to the maintenance of the Register), and its duties are  entirely mechanical and administrative in nature.  Without limiting the generality of the foregoing:                         (i) the  Administrative  Agent  does  not  assume and  shall  not  be  deemed  to  have              assumed any obligation or duty or any other relationship as the agent, fiduciary or trustee              of  or  for  any  Lender,  Issuing  Bank,  any  other  Secured  Party  or  holder  of  any  other              obligation other  than  as  expressly  set  forth  herein  and  in  the  other  Loan  Documents,              regardless of whether a  Default or an  Event of Default has occurred and is continuing              (and it is understood and agreed that the use of the term “agent” (or any similar term)              herein or in any other Loan Document with reference to the Administrative Agent is not              intended to connote any fiduciary duty or other implied (or express) obligations arising              under agency doctrine of any applicable law, and that such term is used as a matter of              market  custom  and  is  intended  to  create or  reflect  only  an  administrative  relationship              between contracting parties); additionally, each Lender agrees that it will not assert any              claim against the Administrative Agent based on an alleged breach of fiduciary duty by                                          86 

 

                                                                                                                                                                                                                                                       the  Administrative  Agent  in  connection  with  this  Agreement  and/or the  transactions              contemplated hereby;                  (ii) where  the  Administrative  Agent  is  required  or  deemed  to  act  as  a  trustee  in              respect of any Collateral over which  a  security interest has been  created  pursuant to a              Loan  Document expressed  to  be  governed  by  the  laws  of Canada  (or  any  province  or              territory thereof), or is required or deemed to hold any Collateral “on trust” pursuant to              the foregoing, the obligations and liabilities of the Administrative Agent to the Secured              Parties in  its  capacity  as  trustee  shall  be  excluded  to  the  fullest  extent  permitted  by              applicable law; and                  (iii) nothing  in  this  Agreement  or  any  Loan  Document  shall  require  the              Administrative Agent to account to any Lender for any sum or the profit element of any              sum received by the Administrative Agent for its own account;         (d) The Administrative Agent may perform any of its duties and exercise its rights and powers  hereunder or under any other Loan Document by or through any one or more sub-agents appointed by the  Administrative  Agent.  The  Administrative  Agent  and  any  such  sub-agent  may  perform  any  of  their  respective duties and exercise their respective rights and powers through their respective Related Parties.  The exculpatory provisions of this Article shall apply to any such sub-agent and to the Related Parties of  the Administrative Agent and any such sub-agent, and shall apply to their respective activities pursuant to  this Agreement. The Administrative Agent shall not be responsible for the negligence or misconduct of  any sub-agent except to the extent that a court of competent jurisdiction determines in a final and non- appealable judgment that the Administrative Agent acted with gross negligence or willful misconduct in  the selection of such sub-agent.                (e) The Arranger shall not have any obligations or duties whatsoever in such capacity under this  Agreement  or  any  other  Loan  Document  and  shall  incur  no  liability  hereunder  or  thereunder  in  such  capacity, but all such persons shall have the benefit of the indemnities provided for hereunder.                (f) In case of the pendency of any proceeding with respect to any Loan Party under any Federal,  state  or  foreign Insolvency  Law or  similar  law  now  or  hereafter  in  effect,  the  Administrative  Agent  (irrespective of whether the principal of any Loan or any reimbursement obligation in respect of any LC  Disbursement  shall  then  be  due  and  payable  as  herein  expressed  or  by  declaration  or otherwise  and  irrespective of whether the Administrative Agent shall have made any demand on the Borrowers) shall be  entitled and empowered (but not obligated) by intervention in such proceeding or otherwise:                   (i)  to file and prove a claim for the whole amount of the principal and interest owing              and unpaid in respect of the Loans, LC Disbursements and all other Obligations that are              owing and unpaid and to file such other documents as may be necessary or advisable in              order to have the claims of the Lenders, the Issuing Banks and the Administrative Agent              (including  any  claim  under  Sections  2.12,  2.13,  2.15,  2.17  and  9.03)  allowed  in  such              judicial proceeding; and                  (ii)   to collect and receive any monies or other property payable or deliverable on any              such claims and to distribute the same;    and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such  proceeding is hereby authorized by each Lender, each Issuing Bank and each other Secured Party to make  such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent  to the making of such payments directly to the Lenders, the Issuing Banks or the other Secured Parties, to                                         87 

 

                                                                                                                                                                                                                                           pay to the Administrative Agent any amount due to it, in its capacity as the Administrative Agent, under  the  Loan  Documents  (including  under  Section  9.03).  Nothing  contained  herein  shall  be  deemed  to  authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Lender  or  Issuing  Bank  any  plan  of  reorganization,  arrangement,  adjustment  or  composition  affecting  the  Obligations or the rights of any Lender or Issuing Bank or to authorize the Administrative Agent to vote  in respect of the claim of any Lender or Issuing Bank in any such proceeding.          (g) The  provisions  of  this  Article  are  solely  for  the  benefit  of  the  Administrative  Agent,  the  Lenders  and  the  Issuing  Banks,  and,  except  solely  to  the  extent  of  the  Borrowers’ rights  to  consent  pursuant to and subject to the conditions set forth in this Article, none of the Borrowers or any Subsidiary,  or  any  of  their  respective  Affiliates,  shall  have  any  rights  as  a  third  party  beneficiary  under  any  such  provisions. Each Secured Party, whether or not a party hereto, will be deemed, by its acceptance of the  benefits  of  the  Collateral  and  of  the  Guarantees  of  the  Secured  Obligations  provided  under  the  Loan  Documents, to have agreed to the provisions of this Article.                SECTION 8.02. Administrative Agent’s Reliance, Indemnification, Etc.           (a)    Neither the Administrative Agent nor any of its Related Parties shall be (i) liable for any  action taken or omitted to be taken by such party, the Administrative Agent or any of its Related Parties  under or in connection with this Agreement or the other Loan Documents (x) with the consent of or at the  request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary,  or as the Administrative Agent shall believe in good faith to be necessary, under the circumstances as  provided in the Loan Documents) or (y) in the absence of its own gross negligence or willful misconduct  (such absence to be presumed unless otherwise determined by a court of competent jurisdiction by a final  and non-appealable judgment) or (ii) responsible in any manner to any of the Lenders for any recitals,  statements, representations or warranties made by any Loan Party or any officer thereof contained in this  Agreement or any other Loan Document or in any certificate, report, statement or other document referred  to  or  provided  for  in,  or  received  by  the  Administrative  Agent  under  or  in  connection  with,  this  Agreement  or  any  other  Loan  Document  or  for  the  value,  validity,  effectiveness,  genuineness,  enforceability or sufficiency of this  Agreement or any other Loan Document or for any failure of any  Loan Party to perform its obligations hereunder or thereunder.          (b)   The Administrative Agent shall be deemed not to have knowledge of any Default unless  and  until  written  notice  thereof  (stating  that  it  is  a  “notice  of  default”)  is  given  to  the  Administrative  Agent  by  the  Borrowers,  a  Lender  or  an  Issuing  Bank,  and  the  Administrative  Agent  shall  not  be  responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation  made in or in connection with any Loan Document, (ii) the contents of any certificate, report or other  document delivered thereunder or in connection therewith, (iii) the performance or observance of any of  the covenants, agreements or other terms or conditions set forth in any Loan Document or the occurrence  of  any  Default,  (iv)  the  sufficiency,  validity,  enforceability,  effectiveness  or  genuineness  of  any  Loan  Document or any other agreement, instrument or document, (v) the satisfaction of any condition set forth  in Article IV or elsewhere in any Loan Document, other than to confirm receipt of items (which on their  face  purport  to  be  such  items) expressly  required  to  be  delivered  to  the  Administrative  Agent  or  satisfaction  of  any  condition  that  expressly  refers  to  the  matters  described  therein  being  acceptable  or  satisfactory  to  the  Administrative  Agent, or  (vi) the  creation,  perfection  or  priority  of  Liens  on  the  Collateral. Notwithstanding anything herein to the contrary, the Administrative Agent shall not be liable  for, or be responsible for any claim, liability, loss, cost or expense suffered by any Borrower, any other  Loan  Party,  any  Subsidiary,  any  Lender  or  any  Issuing  Bank  as  a  result  of,  any  determination  of  the  Revolving Exposure, any of the component amounts thereof or any portion thereof attributable to each  Lender or Issuing Bank, or any Dollar Equivalent.                                              88 

 

                                                                                                                                                                                                                                                 (c)   Without limiting the foregoing, the Administrative Agent (i) may treat the payee of any  promissory note as its holder until such promissory note has been assigned in accordance with Section  9.04, (ii) may rely on the Register to the extent set forth in Section 9.04(b), (iii) may consult with legal  counsel (including counsel to the Borrowers), independent 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, (iv) makes no warranty or representation to any  Lender or Issuing Bank and shall not be responsible to any Lender or Issuing Bank for any statements,  warranties or representations made by or on behalf of any Loan Party in connection with this Agreement  or any other Loan Document, (v) in determining compliance with any condition hereunder to the making  of a Loan, or the issuance of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a  Lender or an Issuing Bank, may presume  that such condition is satisfactory to such Lender or Issuing  Bank  unless  the  Administrative  Agent  shall  have  received  notice to the  contrary  from  such  Lender  or  Issuing Bank sufficiently in advance of the making of such Loan or the issuance of such Letter of Credit  and (vi) shall be entitled to rely on, and shall incur no liability under or in respect of this Agreement or  any other Loan Document by acting upon, any notice, consent, certificate or other instrument or writing  (which  writing  may  be  a  fax,  any  electronic  message,  Internet  or  intranet  website  posting  or  other  distribution)  or  any  statement  made  to  it  orally  or  by  telephone  and  believed  by  it  to  be  genuine  and  signed or sent or otherwise authenticated by the proper party or parties (whether or not such Person in fact  meets the requirements set forth in the Loan Documents for being the maker thereof).          (d)   The Administrative Agent shall not be responsible or have any liability for, or have any  duty  to  ascertain,  inquire  into,  monitor  or  enforce,  compliance  with  the  provisions  hereof  relating  to  Disqualified Institutions.  Without limiting the generality of the foregoing, the Administrative Agent shall  not (x) be obligated to ascertain, monitor or inquire as to whether any Lender or Participant or prospective  Lender or Participant is a Disqualified Institution or (y) have any liability with respect to or arising out of  any assignment or participation of Loans, or disclosure of confidential information, to any Disqualified  Institution.                SECTION 8.03. Posting of Communications.           (a)    Each Borrower agrees that the Administrative Agent may, but shall not be obligated to,  make  any  Communications  available  to  the  Lenders  and  the  Issuing  Banks  by  posting  the  Communications  on  IntraLinksTM,  DebtDomain,  SyndTrak,  ClearPar  or  any  other electronic  system  chosen by the Administrative Agent to be its electronic transmission system (the “Approved Electronic  Platform”).                (b)   Although the Approved Electronic Platform and its primary web portal are secured with  generally-applicable  security  procedures  and  policies  implemented  or  modified  by  the  Administrative  Agent from time to time (including, as of the Effective Date, a user ID/password authorization system)  and the Approved Electronic Platform is secured through a per-deal authorization method whereby each  user may access the Approved Electronic Platform only on a deal-by-deal basis, each of the Lenders, each  of the Issuing Banks and each Borrower acknowledges and agrees that the distribution of material through  an  electronic  medium  is  not  necessarily  secure, that  the  Administrative  Agent  is  not  responsible  for  approving  or  vetting  the  representatives  or  contacts  of  any  Lender  that  are  added  to  the Approved  Electronic  Platform, and  that  there may  be confidentiality  and  other  risks  associated  with  such  distribution.  Each  of  the  Lenders,  each  of  the  Issuing  Banks  and each Borrower  hereby  approves  distribution  of  the  Communications  through  the  Approved  Electronic  Platform  and  understands  and  assumes the risks of such distribution.                (c)   THE APPROVED ELECTRONIC PLATFORM AND THE COMMUNICATIONS ARE  PROVIDED  “AS  IS”  AND  “AS  AVAILABLE”.  THE  APPLICABLE  PARTIES  (AS  DEFINED                                         89 

 

                                                                                                                                                                                                                                           BELOW)  DO  NOT  WARRANT  THE  ACCURACY  OR  COMPLETENESS  OF  THE  COMMUNICATIONS,  OR  THE  ADEQUACY  OF  THE  APPROVED  ELECTRONIC  PLATFORM  AND  EXPRESSLY  DISCLAIM  LIABILITY  FOR  ERRORS  OR  OMISSIONS  IN  THE  APPROVED  ELECTRONIC  PLATFORM  AND  THE  COMMUNICATIONS.  NO  WARRANTY  OF  ANY  KIND,  EXPRESS,   IMPLIED   OR    STATUTORY,    INCLUDING    ANY     WARRANTY     OF  MERCHANTABILITY,  FITNESS  FOR  A  PARTICULAR  PURPOSE,  NON-INFRINGEMENT  OF  THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE  BY  THE  APPLICABLE  PARTIES  IN  CONNECTION  WITH  THE  COMMUNICATIONS  OR  THE  APPROVED ELECTRONIC PLATFORM. IN NO EVENT SHALL THE ADMINISTRATIVE AGENT,  ANY  ARRANGER  OR  ANY  OF  THEIR  RESPECTIVE  RELATED  PARTIES  (COLLECTIVELY,  “APPLICABLE PARTIES”) HAVE ANY LIABILITY TO ANY LOAN PARTY, ANY LENDER, ANY  ISSUING  BANK  OR  ANY  OTHER  PERSON  OR  ENTITY  FOR  DAMAGES  OF  ANY  KIND,  INCLUDING  DIRECT  OR  INDIRECT,  SPECIAL,  INCIDENTAL  OR  CONSEQUENTIAL  DAMAGES,  LOSSES  OR  EXPENSES  (WHETHER  IN  TORT,  CONTRACT  OR  OTHERWISE)  ARISING  OUT  OF  ANY  LOAN  PARTY’S  OR  THE  ADMINISTRATIVE  AGENT’S  TRANSMISSION  OF  COMMUNICATIONS  THROUGH  THE  INTERNET  OR  THE  APPROVED  ELECTRONIC PLATFORM.    “Communications” means, collectively, any notice, demand, communication, information, document or  other  material  provided  by  or  on  behalf  of  any  Loan  Party  pursuant  to  any  Loan  Document  or  the  transactions contemplated therein which is distributed by the Administrative Agent, any Lender or any  Issuing  Bank  by  means  of  electronic  communications  pursuant  to  this  Section,  including  through  an  Approved Electronic Platform.          (d)   Each  Lender  and  each  Issuing  Bank  agrees  that  notice  to  it  (as  provided  in  the  next  sentence) specifying that Communications have been posted to the Approved Electronic Platform shall  constitute effective delivery of the Communications to such Lender for purposes of the Loan Documents.   Each Lender and Issuing Bank agrees (i) to notify the Administrative Agent in writing (which could be in  the  form  of  electronic  communication)  from  time  to  time  of  such  Lender’s  or  Issuing  Bank’s  (as  applicable) email address to which the foregoing notice may be sent by electronic transmission and (ii)  that the foregoing notice may be sent to such email address.                (e)   Each  of  the  Lenders,  each  of  the  Issuing  Banks  and each Borrower  agrees  that  the  Administrative Agent may, but (except as may be required by applicable law) shall not be obligated to,  store the Communications on the Approved Electronic Platform in accordance with the Administrative  Agent’s generally applicable document retention procedures and policies.                (f)   Nothing herein shall prejudice the right of the Administrative Agent, any Lender or any  Issuing Bank to give any notice or other communication pursuant to any Loan Document in any other  manner specified in such Loan Document.                SECTION 8.04. The Administrative Agent Individually. With respect to its Commitment,  Loans including Swingline Loans) and Letters of Credit, the Person serving as the Administrative Agent  shall have and may exercise the same rights and powers hereunder and is subject to the same obligations  and liabilities as and to the extent set forth herein for any other Lender or Issuing Bank, as the case may  be.  The terms “Issuing Banks”, “Lenders”, “Required Lenders” and any similar terms shall, unless the  context  clearly  otherwise  indicates,  include  the  Administrative  Agent  in  its  individual  capacity  as  a  Lender,  Issuing  Bank  or  as  one  of  the  Required  Lenders,  as  applicable.  The  Person  serving  as  the  Administrative Agent and its Affiliates may accept deposits from, lend money to, own securities of, act as  the financial advisor or in any other advisory capacity for and generally engage in any kind of banking,  trust or other business with, any Loan Party, any Subsidiary or any Affiliate of any of the foregoing as if                                         90 

 

                                                                                                                                                                                                                                           such Person was not acting as the Administrative Agent and without any duty to account therefor to the  Lenders or the Issuing Banks.                SECTION 8.05.  Successor Administrative Agent.           (a)   The Administrative Agent may resign at any time by giving 30 days’ prior written notice  thereof to the Lenders, the Issuing Banks and the Borrower Representative, whether or not a successor  Administrative Agent has been appointed. Upon any such resignation, the Required Lenders shall have  the right to appoint a successor Administrative Agent.  If no successor Administrative Agent shall have  been so appointed by the Required Lenders, and shall have accepted such appointment, within thirty (30)  days  after  the  retiring  Administrative  Agent’s  giving  of  notice  of  resignation,  then  the  retiring  Administrative  Agent  may,  on  behalf  of  the  Lenders  and  the  Issuing  Banks,  appoint  a  successor  Administrative Agent, which shall be a bank with an office in the United States or an Affiliate of any such  bank.   In  either  case,  such  appointment shall  be  subject to  the  prior  written  approval  of the  Borrower  Representative (which  approval  may  not  be  unreasonably  withheld and  shall  not  be  required  while  an  Event  of  Default  has  occurred  and  is  continuing).   Upon  the  acceptance  of  any  appointment  as  Administrative Agent by a successor Administrative Agent, such successor Administrative Agent shall  succeed  to,  and  become  vested  with,  all  the  rights,  powers,  privileges  and  duties  of  the  retiring  Administrative  Agent.  Upon  the  acceptance  of  appointment  as  Administrative  Agent  by  a  successor  Administrative  Agent,  the  retiring  Administrative  Agent  shall  be  discharged  from  its  duties  and  obligations  under  this  Agreement  and  the  other  Loan  Documents.  Prior  to  any  retiring  Administrative  Agent’s resignation hereunder as Administrative Agent, the retiring Administrative Agent shall take such  action  as  may  be  reasonably  necessary  to  assign  to  the  successor Administrative  Agent  its  rights  as  Administrative Agent under the Loan Documents.                (b)   Notwithstanding paragraph (a) of this Section, in the event no successor Administrative  Agent shall have been so appointed and shall have accepted such appointment within thirty (30) days after  the retiring Administrative Agent gives notice of its intent to resign, the retiring Administrative Agent  may give notice of the effectiveness of its resignation to the Lenders, the Issuing Banks and the Borrower  Representative, whereupon, on the date of effectiveness of such resignation stated in such notice, (i) the  retiring Administrative Agent shall be discharged from its duties and obligations hereunder and under the  other Loan Documents; provided that, solely for purposes of maintaining any security interest granted to  the  Administrative  Agent  under  any Collateral Document  for  the  benefit  of  the  Secured  Parties,  the  retiring Administrative Agent shall continue to be vested with such security interest as collateral agent for  the benefit of the  Secured Parties, and continue to be entitled to the rights set forth in such Collateral  Document and Loan Document, and, in the case of any Collateral in the possession of the Administrative  Agent, shall continue to hold such Collateral, in each case until such time as a successor Administrative  Agent is appointed and accepts such appointment in accordance with this Section (it being understood and  agreed that the retiring Administrative Agent shall have no duty or obligation to take any further action  under  any  Security  Document,  including  any  action  required  to  maintain  the perfection  of  any  such  security interest),  and (ii) the Required Lenders shall succeed to and become vested with all the rights,  powers,  privileges  and  duties  of  the  retiring  Administrative  Agent;  provided  that  (A)  all  payments  required to be made hereunder or under any other Loan Document to the Administrative Agent for the  account of any Person other than the Administrative Agent shall be made directly to such Person and (B)  all notices and other communications required or contemplated to be given or made to the Administrative  Agent shall directly be given or made to each Lender and each Issuing Bank.  Following the effectiveness  of the Administrative Agent’s resignation from its capacity as such, the provisions of this Article, Section  2.17(d) and Section 9.03, as well as any exculpatory, reimbursement and indemnification provisions set  forth in any other Loan Document, shall continue in effect for the benefit of such retiring Administrative  Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be                                          91 

 

                                                                                                                                                                                                                                           taken by any of them while the retiring Administrative Agent was acting as Administrative Agent and in  respect of the matters referred to in the proviso under clause (a) above.                SECTION 8.06. Acknowledgements of Lenders and Issuing Banks.           (a)   Each  Lender represents  that it  is  engaged  in  making,  acquiring  or  holding  commercial  loans in the ordinary course of its business and that it has, independently and without reliance upon the  Administrative  Agent,  any  Arranger, or  any  other  Lender,  or  any  of  the  Related  Parties  of any  of  the  foregoing,  and  based  on  such  documents  and  information  as it has  deemed  appropriate,  made  its  own  credit analysis and decision to enter into this Agreement as a Lender, and to make, acquire or hold Loans  hereunder.   Each  Lender  also  acknowledges  that  it  will,  independently  and  without  reliance  upon  the  Administrative  Agent,  any  Arranger, or  any  other  Lender, or  any  of  the  Related  Parties  of any  of  the  foregoing,  and  based  on  such  documents  and  information  (which  may  contain  material,  non-public  information  within  the  meaning  of  the  United  States  securities  laws  concerning  the  Borrower  and  its  Affiliates) as it shall from time to time deem appropriate, continue to make its own decisions in taking or  not  taking  action  under  or  based  upon  this  Agreement,  any  other  Loan  Document  or  any  related  agreement or any document furnished hereunder or thereunder.                (b)   Each Lender, by delivering its signature page to this Agreement on the Effective Date, or  delivering its signature page to an Assignment and Assumption or any other Loan Document pursuant to  which  it  shall  become  a  Lender  hereunder,  shall  be  deemed  to  have  acknowledged  receipt  of,  and  consented to and approved, each Loan Document and each other document required to be delivered to, or  be approved by or satisfactory to, the Administrative Agent or the Lenders on the Effective Date or the  effective date of any such Assignment and Assumption or any other Loan document pursuant to which it  shall have become a Lender hereunder.                (c)   Each Lender hereby agrees that (i) it has requested a copy of each Report prepared by or  on  behalf  of  the  Administrative  Agent;  (ii)  the  Administrative  Agent  (A)  makes  no  representation  or  warranty, express or implied, as to the completeness or accuracy of any Report or any of the information  contained therein or any inaccuracy or omission contained in or relating to a Report and (B) shall not be  liable  for  any  information  contained  in  any  Report;  (iii)  the  Reports  are  not  comprehensive  audits  or  examinations,  and  that  the  Administrative  Agent  undertakes  no  obligation  to  update,  correct  or  supplement the Reports; (iv) it will keep all Reports confidential and strictly for its internal use, not share  the  Report  with  any  Loan  Party  or  any  other  Person  except  as  otherwise  permitted  pursuant  to  this  Agreement; and (v) without limiting the generality of any other indemnification provision contained in  this Agreement, (A) it will hold the Administrative Agent and any such other Person preparing a Report  harmless from any action the indemnifying Lender may take or conclusion the indemnifying Lender may  reach or draw from any Report in connection with any extension of credit that the indemnifying Lender  has  made  or  may  make  to  the  Borrowers,  or  the  indemnifying  Lender’s  participation  in,  or  the  indemnifying  Lender’s  purchase  of,  a  Loan  or  Loans;  and  (B)  it  will  pay  and  protect,  and  indemnify,  defend, and hold the Administrative Agent and any such other Person preparing a Report harmless from  and  against,  the  claims,  actions,  proceedings,  damages,  costs,  expenses,  and  other  amounts  (including  reasonable attorneys’ fees) incurred by the Administrative Agent or any such other Person as the direct or  indirect result of any third parties who might obtain all or part of any Report through the indemnifying  Lender.                SECTION 8.07. Collateral Matters.           (a)   Except with respect to the exercise of setoff rights  in accordance with Section 9.08 or  with respect to a Secured Party’s right to file a proof of claim in an insolvency proceeding, no Secured  Party shall have any right individually to realize upon any of the Collateral or to enforce any Guarantee of                                         92 

 

                                                                                                                                                                                                                                           the Secured Obligations, it being understood and agreed that all powers, rights and remedies under the  Loan Documents may be exercised solely by the Administrative Agent on behalf of the Secured Parties in  accordance with the terms thereof.  In its capacity, the Administrative Agent is a “representative” of the  Secured Parties within the meaning of the term “secured party” as defined in the UCC.  In the event that  any Collateral is hereafter pledged by any Person as collateral security for the Secured Obligations, the  Administrative  Agent  is  hereby  authorized,  and  hereby  granted  a  power  of  attorney,  to  execute  and  deliver  on  behalf  of  the  Secured  Parties  any  Loan  Documents  necessary  or  appropriate  to  grant  and  perfect a Lien on such Collateral in favor of the Administrative Agent on behalf of the Secured Parties.               (b)   In furtherance of the foregoing and not in limitation thereof, no arrangements in respect  of Banking Services the obligations under which constitute Secured Obligations and no Swap Agreement  the obligations under which constitute Secured Obligations, will create (or be deemed to create) in favor  of any Secured Party that is a party thereto any rights in connection with the management or release of  any  Collateral  or  of  the  obligations  of  any  Loan  Party  under  any  Loan  Document.   By  accepting  the  benefits  of  the  Collateral,  each  Secured  Party  that  is  a  party  to  any  such  arrangement  in  respect  of  Banking  Services  or  Swap  Agreement,  as  applicable,  shall  be  deemed  to  have  appointed  the  Administrative Agent to serve as administrative agent and collateral agent under the Loan Documents and  agreed to be bound by the Loan Documents as a Secured Party thereunder, subject to the limitations set  forth in this paragraph.                 (c)   The Secured Parties irrevocably authorize the Administrative Agent, at its option and in  its discretion, to subordinate any Lien on any property granted to or held by the Administrative Agent  under any Loan Document to the holder of any Lien on such property that is permitted by Section 6.02(b).  The  Administrative  Agent  shall  not  be  responsible  for  or have  a  duty  to  ascertain  or  inquire  into  any  representation or warranty regarding the existence, value or collectability of the Collateral, the existence,  priority or perfection of the Administrative Agent’s Lien thereon or any certificate prepared by any Loan  Party in connection therewith, nor shall the Administrative Agent be responsible or liable to the Lenders  or any other Secured Party for any failure to monitor or maintain any portion of the Collateral.                SECTION 8.08. Credit Bidding.  The Secured Parties hereby irrevocably authorize the  Administrative  Agent,  at  the  direction  of the  Required  Lenders,  to  credit  bid  all or any  portion  of  the  Obligations  (including  by  accepting  some  or  all  of  the  Collateral  in  satisfaction  of  some  or  all of  the  Obligations pursuant to a deed in lieu of foreclosure or otherwise) and in such manner purchase (either  directly or through one or more acquisition vehicles) all or any portion of the Collateral (a) at any sale  thereof conducted under the provisions of the Bankruptcy Code, including under Sections 363, 1123 or  1129 of the  Bankruptcy Code,  or any similar laws  in any other jurisdictions to which a  Loan Party is  subject, or (b) at any other sale, foreclosure or acceptance of collateral in lieu of debt conducted by (or  with the consent or at the direction of) the Administrative Agent (whether by judicial action or otherwise)  in  accordance  with  any  applicable  law.   In  connection  with  any  such  credit  bid  and  purchase,  the  Obligations  owed  to  the  Secured  Parties  shall  be  entitled  to  be,  and  shall  be,  credit  bid  by  the  Administrative Agent at the direction of the Required Lenders on a ratable basis (with Obligations with  respect  to  contingent  or  unliquidated  claims  receiving  contingent  interests  in  the  acquired  assets  on  a  ratable basis that shall vest upon the liquidation of such claims in an amount proportional to the liquidated  portion of the contingent claim amount used in allocating the contingent interests) for  the asset or assets  so purchased (or for the equity interests or debt instruments of the acquisition vehicle or vehicles that are  issued in connection with such purchase).  In connection with any such bid (i) the Administrative Agent  shall be authorized to form one or more acquisition vehicles and to assign any successful credit bid to  such acquisition vehicle or vehicles (ii) each of the Secured Parties’ ratable interests in the Obligations  which were credit bid shall be deemed without any further action under this Agreement to be assigned to  such vehicle or vehicles for the purpose of closing such sale, (iii) the Administrative shall be authorized to  adopt documents providing for the governance of the acquisition vehicle or vehicles (provided that any                                         93 

 

                                                                                                                                                                                                                                           actions by the Administrative Agent with respect to such acquisition vehicle or vehicles, including any  disposition of the assets or equity interests thereof, shall be governed, directly or indirectly, by, and the  governing documents shall provide for, control by the vote of the Required Lenders or their permitted  assignees  under the terms  of this  Agreement or the governing documents  of the  applicable  acquisition  vehicle or vehicles, as the case  may be,  irrespective of the termination of this Agreement and  without  giving  effect  to  the  limitations  on  actions  by  the  Required  Lenders  contained  in  Section  9.02  of  this  Agreement),  (iv)  the  Administrative  Agent  on  behalf  of  such  acquisition  vehicle  or  vehicles  shall  be  authorized to issue to each of the Secured Parties, ratably on account of the relevant Obligations which  were  credit  bid,  interests,  whether  as  equity,  partnership interests,  limited  partnership  interests  or  membership interests, in any such acquisition vehicle  and/or debt instruments issued by such acquisition  vehicle, all without the need for any Secured Party or acquisition vehicle to take any further action, and  (v)  to  the  extent  that  Obligations  that  are  assigned  to  an  acquisition  vehicle  are  not  used  to  acquire  Collateral  for  any  reason  (as  a  result  of  another  bid  being  higher  or  better,  because  the  amount  of  Obligations  assigned  to  the  acquisition  vehicle  exceeds  the  amount  of  Obligations  credit  bid  by  the  acquisition  vehicle  or  otherwise),  such  Obligations  shall  automatically  be  reassigned  to  the  Secured  Parties  pro  rata  with  their  original  interest  in  such  Obligations  and  the  equity  interests  and/or  debt  instruments  issued  by  any  acquisition  vehicle  on  account  of  such  Obligations  shall  automatically  be  cancelled, without the need for any Secured Party or any acquisition vehicle to take any further action.   Notwithstanding that the ratable portion of the Obligations of each Secured Party are deemed assigned to  the acquisition vehicle or vehicles as set forth in clause (ii) above, each Secured Party shall execute such  documents and provide such information regarding the Secured Party (and/or any designee of the Secured  Party  which  will  receive  interests  in  or  debt  instruments  issued  by  such  acquisition  vehicle)  as  the  Administrative Agent may reasonably request in connection with the formation of any acquisition vehicle,  the formulation or submission of any credit bid or the consummation of the transactions contemplated by  such credit bid.                SECTION 8.09. Certain ERISA Matters.            (a)   Each  Lender (x) represents  and  warrants,  as of the  date  such  Person  became  a  Lender  party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date  such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent, and each  Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of any  Borrower or any other Loan Party, that at least one of the following is and will be true:                         (i)   such Lender is not using “plan assets” (within the meaning of the Plan              Asset Regulations) of one or more Benefit Plans in connection with the Loans, the Letters              of Credit or the Commitments,                     (ii)  the transaction exemption set forth in one or more PTEs, such as PTE 84-             14  (a  class  exemption for  certain  transactions  determined  by  independent  qualified              professional  asset  managers),  PTE  95-60  (a  class  exemption  for  certain  transactions              involving insurance company general accounts), PTE 90-1 (a class exemption for certain              transactions involving insurance company pooled separate accounts), PTE 91-38 (a class              exemption for  certain  transactions  involving  bank  collective  investment  funds) or  PTE              96-23 (a class exemption for certain transactions determined by in-house asset managers),              is applicable with respect to such Lender’s entrance into, participation in, administration              of  and  performance  of  the  Loans,  the  Letters  of  Credit,  the  Commitments  and  this              Agreement,                      (iii) (A)  such  Lender  is  an  investment  fund  managed  by  a  “Qualified              Professional  Asset Manager”  (within the  meaning  of  Part VI  of  PTE  84-14),  (B)  such                                         94 

 

                                                                                                                                                                                                                                                       Qualified  Professional Asset Manager made the  investment decision on behalf of such              Lender  to  enter  into,  participate  in,  administer  and  perform  the  Loans,  the  Letters  of              Credit,  the  Commitments  and  this  Agreement,  (C)  the  entrance  into,  participation  in,              administration of and performance of the Loans, the Letters of Credit, the Commitments              and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of              PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection              (a)  of  Part  I  of  PTE  84-14  are  satisfied  with  respect  to  such  Lender’s  entrance  into,              participation in, administration of and performance of the Loans, the Letters of Credit, the              Commitments and this Agreement, or                     (iv)  such  other  representation,  warranty  and  covenant  as  may  be  agreed  in              writing between the Administrative Agent, in its sole discretion, and such Lender.   In addition, unless sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender  or such Lender has not provided another representation, warranty and covenant as provided in sub-clause  (iv) in the immediately preceding clause (a), such Lender further (x) represents and warrants, as of the  date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became  a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the  Administrative  Agent, and  each  Arranger and their respective  Affiliates,  and  not, for the  avoidance of  doubt, to or for the  benefit of any Borrower or any other Loan Party, that none  of the  Administrative  Agent, or any Arranger or any of their respective Affiliates is a fiduciary with respect to the Collateral or  the assets of such Lender (including in connection with the reservation or exercise of any rights by the  Administrative Agent under this Agreement, any Loan Document or any documents related to hereto or  thereto).                (a)   The Administrative Agent, and each Arranger hereby informs the Lenders that each such  Person  is  not  undertaking  to  provide  investment  advice or  to  give  advice  in  a  fiduciary  capacity,  in  connection with the transactions contemplated hereby, and that such Person has a financial interest in the  transactions contemplated hereby in that such Person or an Affiliate thereof (i) may receive interest or  other payments with respect to the Loans, the Letters of Credit, the Commitments, this Agreement and  any other Loan Documents, (ii) may recognize a gain if it extended the Loans, the Letters of Credit or the  Commitments for an amount less than the amount being paid for an interest in the Loans, the Letters of  Credit or the Commitments by such Lender or (iii) may receive fees or other payments in connection with  the  transactions  contemplated  hereby,  the  Loan  Documents  or  otherwise,  including  structuring  fees,  commitment  fees,  arrangement  fees,  facility  fees,  upfront  fees,  underwriting  fees,  ticking  fees,  agency  fees, administrative agent or collateral agent fees, utilization fees, minimum usage fees, letter of credit  fees,  fronting  fees,  deal-away  or  alternate  transaction  fees,  amendment  fees,  processing  fees,  term  out  premiums,  banker’s  acceptance  fees,  breakage  or  other  early  termination  fees  or  fees  similar  to  the  foregoing.                SECTION 8.10. Flood Laws.   Chase has adopted internal policies and procedures that  address requirements placed on federally regulated lenders under the National Flood Insurance Reform  Act of 1994 and related legislation (the “Flood Laws”).  Chase, as administrative agent or collateral agent  on a syndicated facility, will post on the applicable electronic platform (or otherwise distribute to each  Lender in the syndicate) documents that it receives in connection with the Flood Laws.  However, Chase  reminds  each  Lender  and  Participant  in  the facility  that,  pursuant  to  the  Flood  Laws,  each  federally  regulated Lender (whether acting as a Lender or Participant in the facility) is responsible for assuring its  own compliance with the flood insurance requirements.                                     ARTICLE IX                                                                                   95 

 

                                                                                                                                                                                                                                                                            Miscellaneous                SECTION 9.01.  Notices.                  (a)  Except  in  the  case  of  notices  and  other  communications  expressly  permitted  to  be  given by telephone or Electronic Systems (and subject in each case to paragraph (b) below), all notices  and  other  communications  provided  for  herein  shall  be  in  writing  and  shall  be  delivered  by  hand  or  overnight courier service, mailed by certified or registered mail or sent by email, as follows:                (i) if to any Loan Party, to it in care of the Borrower Representative at:                                  Lawson Products, Inc., a Delaware corporation                    8770 W. Bryn Mawr Ave., Suite 900                    Chicago, IL 60631                    Attention: Ron Knutson, Chief Financial Officer                    Email address: Ron.knutson@lawsonproducts.com                                        With a copy to (which shall not constitute notice):                                        Mayer Brown LLP                    71 S. Wacker Drive                    Chicago, IL 60606                    Attn: Fred Fisher                            (ii) if to the Administrative Agent, the Swingline Lender, or Chase in its capacity as an                 Issuing Bank, to JPMorgan Chase Bank, N.A. at:                                  JPMorgan Chase Bank, N.A.                    Middle Market Servicing                    10 South Dearborn, Floor L2                    Suite IL1-1145                    Chicago, IL, 60603-2300                    Attention: Yuvette Owens                    Email address: Yuvette.owens@jpmorgan.com                                        With a copy to:                                  JPMorgan Chase Bank, N.A.                    Middle Market Servicing                    10 South Dearborn, Floor L2                    Suite IL1-1145                    Chicago, IL, 60603-2300                    Attention: Jessica Gallegos                    Email address: Jessica.g.gallegos@jpmorgan.com                                        With a copy to:                                        JPMorgan Chase Bank, N.A.                    10 South Dearborn, Floor 35                    Chicago, IL, 60603-2300                    Attention: Jared Zuniga                                         96 

 

                                                                                                                                                                                                                                                             Email address: Jared.j.zuniga@chase.com                            (iii) if to any other Lender or Issuing Bank, to it at its address or email address set forth in                 its Administrative Questionnaire.    All such notices and other communications (i) sent by hand or overnight courier service, or mailed by  certified or registered mail shall be deemed to have been given when received, provided that if not given  during normal business hours for the recipient, such notice or communication shall be deemed to have  been given at the opening of business on the next Business Day of the recipient, or (ii) delivered through  Electronic Systems or Approved Electronic Platforms, as applicable, to the extent provided in paragraph  (b) below shall be effective as provided in such paragraph.          (b)   Notices  and  other  communications  to  the  Lenders  hereunder  may  be  delivered  or  furnished by using Electronic Systems or Approved Electronic Platforms, as applicable, or pursuant to  procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices  pursuant to Article II or to compliance and no Default certificates delivered pursuant to Section 5.01(c)  unless  otherwise provided  for  in  such  provisions  or agreed  by  the  Administrative  Agent  and  the  applicable Lender.  Each of the Administrative Agent and the Borrower Representative (on behalf of the  Loan Parties) may, in its discretion, agree to accept notices and other communications to it hereunder by  using Electronic  Systems or Approved  Electronic  Platforms,  as  applicable, pursuant  to  procedures  approved  by  it;  provided  that  approval  of  such  procedures  may  be  limited  to  particular  notices  or  communications.   Unless  the  Administrative  Agent  otherwise  proscribes,  all  such  notices  and  other  communications (i) sent to an e-mail address shall be deemed received upon the sender’s receipt of an  acknowledgement  from  the  intended  recipient  (such  as  by  the “return  receipt  requested” function,  as  available, return e-mail or other written acknowledgement), provided that if not given during the normal  business hours of the recipient, such notice or a communication shall be deemed to have been given at the  opening of business on the next Business Day for the recipient, and (ii) posted to an Internet or intranet  website shall be deemed received upon the deemed receipt by the intended recipient, at its e-mail address  as described in the foregoing clause (i), of notification that such notice or communication is available and  identifying the website address therefor; provided that, for both clauses (i) and (ii) above, if such notice,  e-mail or other communication is not sent during the normal business hours of the recipient, such notice  or communication shall be deemed to have been sent at the opening of business on the next Business Day  of the recipient.                (c)  Any party hereto may change its address, facsimile number or e-mail address for notices and  other communications hereunder by notice to the other parties hereto.                      SECTION 9.02.  Waivers; Amendments.                  (a)  No failure or delay by the Administrative Agent, the Issuing Bank or any Lender in  exercising any right or power hereunder or under any other Loan Document shall operate  as a waiver  thereof,  nor  shall  any  single  or  partial  exercise  of  any  such  right  or  power,  or  any  abandonment  or  discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or  the exercise of any other right or power.  The rights and remedies of the Administrative Agent, the Issuing  Bank  and  the  Lenders  hereunder  and  under  any  other  Loan  Document  are  cumulative  and  are  not  exclusive of any rights or remedies that they would otherwise have.  No waiver of any provision of any  Loan Document or consent to any departure by any Loan Party therefrom shall in any event be effective  unless the same shall be permitted by paragraph (b) of this Section, and then such waiver or consent shall  be  effective  only  in  the  specific  instance  and  for  the  purpose  for  which  given.   Without  limiting  the  generality of the foregoing, the making of a Loan or issuance of a Letter of Credit shall not be construed                                          97 

 

                                                                                                                                                                                                                                           as a waiver of any Default, regardless of whether the Administrative Agent, any Lender or the Issuing  Bank may have had notice or knowledge of such Default at the time.          (b)   Subject  to Section  2.09(f), Section  2.14(c) and  Section  9.02(e) below, neither this  Agreement nor any other Loan Document nor any provision hereof or thereof may be waived, amended or  modified  except  (i)  in  the  case  of  this  Agreement, pursuant to  an  agreement  or  agreements  in  writing  entered into by the Borrowers and the Required Lenders or (ii) in the case of any other Loan Document,  pursuant to an agreement or agreements in writing entered into by the Administrative Agent and the Loan  Party or Loan Parties that are parties thereto, with the consent of the Required Lenders; provided that no  such agreement shall (A) increase the Commitment of any Lender without the written consent of such  Lender  (including  any  such  Lender  that  is  a  Defaulting  Lender),  (B)  reduce  or  forgive  the  principal  amount of any Loan or LC Disbursement or reduce the rate of interest thereon, or reduce or forgive any  interest or fees payable hereunder, without the written consent of each Lender (including any such Lender  that is a Defaulting Lender) directly affected thereby (except that any amendment or modification of the  financial  covenants  in  this  Agreement  (or  defined  terms  used  in  the  financial  covenants  in  this  Agreement) shall not constitute a reduction in the rate of interest or fees for purposes of this clause (B)),  (C) postpone any scheduled date of payment of the principal amount of any Loan or LC Disbursement, or  any  date  for  the  payment  of  any  interest,  fees  or  other  Obligations  payable  hereunder,  or  reduce  the  amount  of,  waive  or  excuse  any  such  payment,  or  postpone  the  scheduled  date  of  expiration  of  any  Commitment, without the written consent of each Lender (including any such Lender that is a Defaulting  Lender) directly affected thereby, (D) change Section 2.09(c) or Section 2.18(b) or (d) in a manner that  would alter the  manner in which payments are shared, without the written consent of each Lender (other  than any  Defaulting  Lender), (E) change  any  of  the  provisions  of  this  Section  or  the  definition  of  “Required Lenders” or any other provision of any Loan Document specifying the number or percentage  of Lenders required to waive, amend or modify any rights thereunder or make any determination or grant  any consent thereunder, without the written consent of each Lender (other than any Defaulting Lender)  directly affected thereby, (F) change Section 2.20, without the consent of each Lender (other than any  Defaulting Lender), (G) release any Guarantor from its obligation under its Loan Guaranty or Obligation  Guaranty (except  as  otherwise  permitted  herein  or  in  the  other  Loan  Documents),  without  the  written  consent of each Lender (other than any Defaulting Lender), or (H) except as provided in clause (c) of this  Section or in any Collateral Document, release all or substantially all of the Collateral without the written  consent of each Lender (other than any Defaulting Lender); provided further that no such agreement shall  amend, modify or otherwise affect the rights or duties of the Administrative Agent, the Swingline Lender  or the  Issuing  Bank  hereunder  without  the  prior  written  consent  of  the  Administrative  Agent, the  Swingline Lender or the Issuing Bank, as the case may be (it being understood that any amendment to  Section 2.20 shall require the consent of the Administrative Agent, the Swingline Lender and the Issuing  Bank); provided further that no such agreement shall amend or modify the provisions of Section 2.07 or  any letter of credit application and any bilateral agreement between the Borrower Representative and the  Issuing Bank regarding the Issuing Bank’s Issuing Bank Sublimit or the respective rights and obligations  between the Borrower and the Issuing Bank in connection with the issuance of Letters of Credit without  the  prior  written  consent  of  the  Administrative  Agent  and  the  Issuing  Bank,  respectively.   The  Administrative  Agent  may  also  amend  the Commitment  Schedule to  reflect  assignments  entered  into  pursuant to Section 9.04. Any amendment, waiver or other modification of this Agreement or any other  Loan Document that by its terms affects the rights or duties under this Agreement of the Lenders (but not  the Lenders of any other Class), may be effected by an agreement or agreements in writing entered into  by the Borrowers and the requisite number or percentage in interest of each affected Class of Lenders that  would be required to consent thereto under this Section if such Class of Lenders were the only Class of  Lenders hereunder at the time.                            (c)   The  Lenders and  the  Issuing  Bank hereby  irrevocably  authorize  the  Administrative  Agent,  at  its  option  and  in  its  sole  discretion,  to  release  any  Liens  granted  to  the                                         98 

 

                                                                                                                                                                                                                                           Administrative Agent by the Loan Parties on any Collateral (i) upon the Payment in Full of all Secured  Obligations, and the cash collateralization of all Unliquidated Obligations in a manner satisfactory to each  affected Lender, (ii) constituting property being sold or disposed of if the Loan Party disposing of such  property certifies to the Administrative Agent that the sale or disposition is made in compliance with the  terms  of this  Agreement (and  the  Administrative  Agent may rely conclusively on any such certificate,  without further inquiry), and to the extent that the property being sold or disposed of constitutes 100% of  the Equity Interests of a Subsidiary, the Administrative Agent is authorized to release any Loan Guaranty  or Obligation Guaranty provided  by such Subsidiary, (iii) constituting property leased to a  Loan  Party  under a lease which has expired or been terminated in a transaction permitted under this Agreement, or  (iv) as required to effect any sale or other disposition of such Collateral in connection with any exercise of  remedies of the Administrative Agent and the Lenders pursuant to Article VII.  Except as provided in the  preceding sentence, the Administrative Agent will not release any Liens on Collateral without the prior  written  authorization  of  the  Required  Lenders; provided that the  Administrative  Agent  may, in  its  discretion, release its Liens on Collateral valued in the aggregate not in excess of $500,000 during any  calendar year without the prior written authorization of the Required Lenders and may release liens on  Collateral  in  connection  with  a  transaction  permitted  by  this  Agreement (it  being  agreed  that  the  Administrative Agent may rely conclusively on one or more certificates of the Borrower Representative  as to the value of any Collateral to be so released, without further inquiry).  Any such release shall not in  any manner discharge, affect, or impair the Obligations or any Liens (other than those expressly being  released) upon (or obligations of the Loan Parties in respect of) all interests retained by the Loan Parties,  including the proceeds of any sale, all of which shall continue to constitute part of the Collateral. Any  execution and delivery by the Administrative Agent of documents in connection with any such release  shall be without recourse to or warranty by the Administrative Agent.         (d)   If, in connection with any proposed amendment, waiver or consent requiring the consent  of “each Lender” or “each Lender affected thereby,” the consent of the Required Lenders is obtained, but  the consent of other necessary Lenders is not obtained (any such Lender whose consent is necessary but  has not been obtained being referred to herein as a “Non-Consenting Lender”), then the Borrowers may  elect  to  replace  a  Non-Consenting  Lender  as  a  Lender  party  to  this  Agreement, provided that,  concurrently with such replacement, (i) another bank or other entity which is reasonably satisfactory to  the Borrowers, the Administrative Agent and the Issuing Bank shall agree, as of such date, to purchase for  cash the Loans and other Obligations due to the Non-Consenting Lender pursuant to an Assignment and  Assumption and to become a Lender for all purposes under this Agreement and to assume all obligations  of the Non-Consenting Lender to be terminated as of such date and to comply with the requirements of  clause (b) of Section 9.04, and (ii) the Borrowers shall pay to such Non-Consenting Lender in same day  funds on the day of such replacement (1) all interest, fees and other amounts then accrued but unpaid to  such  Non-Consenting  Lender  by  the  Borrowers hereunder  to  and  including  the  date  of  termination,  including without limitation payments due to such Non-Consenting Lender under Sections 2.15 and 2.17,  and (2) an amount, if any, equal to the payment which would have been due to such Lender on the day of  such replacement under Section 2.16 had the Loans of such Non-Consenting Lender been prepaid on such  date rather than sold to the replacement Lender.  Each party hereto agrees that an assignment required  pursuant to this paragraph may be effected pursuant to an Assignment and Assumption executed by the  Borrower,  the  Administrative  Agent  and  the  assignee  (or,  to  the  extent  applicable,  an  agreement  incorporating an Assignment and Assumption by reference pursuant to an Approved Electronic Platform  as to which the Administrative Agent and such parties are participants), and (b) the Lender required to  make such assignment need not be a party thereto in order for such assignment to be effective and shall be  deemed to have consented to an be bound by the terms thereof; provided that, following the effectiveness  of any such assignment, the other parties to such assignment agree to execute and deliver such documents  necessary to evidence such assignment as reasonably requested by the applicable Lender, provided that  any such documents shall be without recourse to or warranty by the parties thereto.                                           99 

 

                                                                                                                                                                                                                                                 (e)   Notwithstanding anything to the contrary herein the Administrative Agent may, with the  consent of the Borrower Representative only, amend, modify or supplement this Agreement or any of the  other Loan Documents to cure any ambiguity, omission, mistake, defect or inconsistency.                SECTION 9.03.  Expenses; Indemnity; Damage Waiver.                  (a)  The Loan Parties, jointly and severally, shall pay all (i) reasonable and documented  out-of-pocket expenses incurred by the Administrative Agent and its Affiliates, including the reasonable  and documented fees, charges and disbursements of counsel for the Administrative Agent (but limited to  one counsel for Administrative Agent and the Lenders in each applicable jurisdiction (except in the case  of  a  conflict  of  interest  between  the  Lenders,  in  which  case,  one  additional  counsel  for  each  Lender  similarly  situated  in  respect  of  such  conflict  of  interest shall  be  allowed)),  in  connection  with  the  syndication  and  distribution  (including,  without  limitation,  via  the  internet  or  through  an  Electronic  System or Approved Electronic Platform) of the credit facilities provided for herein, the preparation and  administration of the Loan Documents and any amendments, modifications or waivers of the provisions  of  the  Loan  Documents  (whether  or  not  the  transactions  contemplated  hereby  or  thereby  shall  be  consummated), (ii) reasonable and documented out-of-pocket expenses incurred by the Issuing Bank in  connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for  payment thereunder and (iii) out-of-pocket expenses incurred by the Administrative Agent, the Issuing  Bank or any Lender, including the fees, charges and disbursements of any counsel for the Administrative  Agent,  the  Issuing  Bank  or  any  Lender (but  limited  to  one  counsel  for the  Administrative  Agent,  the  Issuing Bank and the Lenders in each applicable jurisdiction (except in the case of a conflict of interest  between any such parties, in which case, one additional counsel for each such party similarly situated in  respect of such conflict of interest shall be allowed)), in connection with the enforcement, collection or  protection of its rights in connection with the Loan Documents, including its rights under this Section, or  in connection with the Loans made or Letters of Credit issued hereunder, including all such out-of-pocket  expenses incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of  Credit (including the out-of-pocket fees, charges and disbursements of other advisors and professionals  engaged  by  the  Administrative  Agent and, to  the  extent  no Event  of Default  has  occurred  and  is  continuing, approved by the Borrower Representative).  Expenses being reimbursed by the Loan Parties  under  this  Section  include,  without  limiting  the  generality  of  the  foregoing, fees, costs  and  expenses  incurred in connection with:                            (A)   during the existence of an Event of Default, appraisals and insurance reviews;                            (B)   during  the  existence  of  an  Event  of  Default, field  examinations  and  the        preparation of Reports based on the fees charged by a third party retained by the Administrative        Agent or the internally allocated fees for each Person employed by the Administrative Agent with        respect to each field examination;                            (C)   fees and other charges for (i) lien searches and (ii) filing financing statements and        continuations,  and  other  actions  to  perfect,  protect,  and  continue  the  Administrative  Agent’s        Liens;                             (D)   sums paid or incurred to take any action required of any Loan Party under the        Loan Documents that such Loan Party fails to pay or take; and                             (E)   during the existence of an Event of Default, forwarding loan proceeds, collecting        checks  and  other  items  of  payment,  and  establishing  and  maintaining  the  accounts  and  lock        boxes, and costs and expenses of preserving and protecting the Collateral.                                            100 

 

                                                                                                                                                                                                                                           All of the foregoing fees, costs and expenses may be charged to the Borrowers as Revolving Loans or to  another deposit account, all as described in Section 2.18(c).                (b)  The Loan Parties, jointly and severally, shall indemnify the Administrative Agent,  each  Arranger, each Issuing  Bank  and  each  Lender,  and  each  Related  Party  of  any  of  the  foregoing  Persons  (each  such  Person  being  called  an “Indemnitee”)  against,  and  hold  each  Indemnitee  harmless  from, any and all losses, claims, damages, penalties, liabilities and related expenses, including the fees,  charges  and  disbursements  of  any  counsel  for  any  Indemnitee,  incurred  by  or  asserted  against  any  Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery of the Loan  Documents or any agreement or instrument contemplated thereby, the performance by the parties hereto  of  their  respective  obligations  thereunder  or  the  consummation  of  the  Transactions  or  any  other  transactions contemplated hereby, (ii) any Loan or Letter of Credit or the use of the proceeds therefrom  (including any refusal by an Issuing Bank to honor a demand for payment under a Letter of Credit if the  documents presented in connection with such demand do not strictly comply with the terms of such Letter  of Credit), (iii) any actual or alleged presence or Release of Hazardous Materials on or from any property  owned or operated by a Loan Party or a Subsidiary, or any Environmental Liability related in any way to  a Loan Party or a Subsidiary, or (iv) any actual or prospective claim, litigation, investigation, arbitration  or  proceeding  relating  to  any  of  the  foregoing,  whether  or  not  such  claim,  litigation,  investigation,  arbitration or  proceeding  is  brought  by  any  Loan  Party  or  their  respective  equity  holders,  Affiliates,  creditors or any other third Person and whether based on contract, tort or any other theory and regardless  of  whether  any  Indemnitee  is  a  party  thereto; provided that  such  indemnity  shall  not,  as  to  any  Indemnitee, be available to the extent that such losses, claims, damages, penalties, liabilities or related  expenses are determined by a court of competent jurisdiction by final and non-appealable judgment to (i)  have resulted from the gross negligence, willful misconduct or bad faith of such Indemnitee or (ii) have  resulted  from  disputes  solely  among  the  Indemnitees (other  than  against  the  Arranger  of  the  Administrative Agent in its capacity as such) . This Section 9.03(b) shall not apply with respect to Taxes  other than any Taxes that represent losses or damages arising from any non-Tax claim.                (c)  Each Lender severally agrees to pay any amount required to be paid by any Loan  Party under paragraph (a) or (b) of this Section 9.03 to the Administrative Agent, the Swingline Lender  and  each Issuing  Bank,  and  each Related  Party  of  any  of  the  foregoing Persons  (each,  an  “Agent  Indemnitee”) (to the extent not reimbursed by the Loan Parties and without limiting the obligation of any  Loan Party to do so), ratably according to their respective Applicable Percentage in effect on the date on  which indemnification is sought under this Section (or, if indemnification is sought after the date upon  which  the  Commitments  shall  have  terminated  and  the  Loans  shall  have  been  paid  in  full,  ratably  in  accordance with such Applicable Percentage immediately prior to such date), from and against any and all  losses, claims, damages, liabilities and related expenses, including the fees, charges and disbursements of  any kind whatsoever that may at any time (whether before or after the payment of the Loans) be imposed  on, incurred by or asserted against such Agent Indemnitee in any way relating to or arising out of the  Commitments, this Agreement, any of the other Loan Documents or any documents contemplated by or  referred to herein or therein or the transactions contemplated hereby or thereby or any action taken or  omitted by such Agent Indemnitee under or in connection with any of the foregoing; provided that the  unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may  be, was incurred by or asserted against such Agent Indemnitee in its capacity as such; provided further  that  no  Lender  shall  be  liable  for  the  payment  of  any  portion  of  such  liabilities,  obligations,  losses,  damages, penalties, actions, judgments, suits, costs, expenses or disbursements that are found by a final  and  non-appealable  decision  of  a  court  of  competent  jurisdiction  to  have  resulted  from such  Agent  Indemnitee’s gross negligence or willful misconduct.  The agreements in this Section shall survive the  termination of this Agreement and the Payment in Full of the Secured Obligations.                                           101 

 

                                                                                                                                                                                                                                                       (d)  To the extent permitted by applicable law, no Loan Party shall assert, and each Loan  Party hereby waives, any claim against any Indemnitee, (i) for any damages arising from the use by others  of information or other materials obtained through telecommunications, electronic or other information  transmission systems  (including  the  Internet),  or  (ii) on  any  theory  of  liability,  for  special,  indirect,  consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection  with,  or  as  a  result  of,  this  Agreement,  any  other  Loan  Document, or  any  agreement  or  instrument  contemplated hereby or thereby, the Transactions, any Loan or Letter of Credit or the use of the proceeds  thereof; provided that, nothing in this paragraph (d) shall relieve any Loan Party of any obligation it may  have  to  indemnify  an  Indemnitee  against  special,  indirect,  consequential  or  punitive  damages  asserted  against such Indemnitee by a third party.                (e)  All amounts due under this Section shall be payable promptly after written demand  therefor.                SECTION 9.04.  Successors and Assigns.                  (a)  The provisions of this Agreement shall be binding upon and inure to the benefit of  the parties hereto and their respective successors and assigns permitted hereby (including any Affiliate of  the Issuing Bank that issues any Letter of Credit), except that (i) no Borrower may assign or otherwise  transfer any of its rights or obligations hereunder without the prior written consent of each Lender (and  any attempted assignment or transfer by a Borrower without such consent shall be null and void) and (ii)  no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with  this  Section.  Nothing in this  Agreement, expressed or implied,  shall be construed  to confer upon any  Person (other than the parties hereto, their respective successors and assigns permitted hereby (including  any Affiliate of the Issuing Bank that issues any Letter of Credit), Participants (to the extent provided in  paragraph (c) of this  Section) and, to the extent expressly contemplated  hereby, the  Related  Parties  of  each of the Administrative Agent, the Issuing Bank and the Lenders) any legal or equitable right, remedy  or claim under or by reason of this Agreement.                (b)(i)   Subject  to  the  conditions  set  forth  in  paragraph  (b)(ii)  below,  any  Lender  may  assign  to  one  or  more Persons  (other  than  an  Ineligible  Institution) all  or  a  portion  of  its  rights  and  obligations under this Agreement (including all or a portion of its Commitment, participations in Letters  of Credit and the Loans at the time owing to it) with the prior written consent (such consent not to be  unreasonably withheld) of:                      (A)   the Borrower Representative, provided that, the Borrower Representative        shall be deemed to have consented to an assignment of all or a portion of the Revolving Loans        and  Commitments unless  it  shall  object  thereto  by  written  notice  to  the  Administrative  Agent        within ten (10) Business Days after having received notice thereof, and provided further that no        consent  of  the  Borrower Representative shall  be  required for an  assignment  to  a  Lender,  an        Affiliate of a Lender, an Approved Fund or, if an Event of Default has occurred and is continuing,        any other assignee;                             (B) the Administrative Agent;                            (C) the Issuing Bank; and                            (D) the Swingline Lender.                (ii)  Assignments shall be subject to the following additional conditions:                                           102 

 

                                                                                                                                                                                                                                                             (A) except in the case of an assignment to a Lender, an Affiliate of a Lender, or        an Approved Fund, or an assignment of the entire remaining amount of the assigning Lender’s        Commitment or Loans, the amount of the Commitment or Loans of the assigning Lender subject        to each such assignment (determined as of the date the Assignment and Assumption with respect        to such assignment is delivered to the Administrative Agent) shall not be less than $5,000,000        unless  each  of  the Borrower Representative and  the  Administrative  Agent  otherwise  consent,        provided that no such consent of the Borrower Representative shall be required if an Event of        Default has occurred and is continuing;                      (B) each partial assignment shall be  made as an  assignment of a  proportionate        part of all the assigning Lender’s rights and obligations under this Agreement;                      (C) the parties to each assignment shall execute and deliver to the Administrative        Agent  (x)  an  Assignment  and  Assumption  or  (y)  to  the  extent  applicable,  an  agreement        incorporating  an  Assignment  and  Assumption  by  reference  pursuant  to  an  Approved  Electric        Platform as to which the Administrative Agent and the parties to the Assignment and Assumption        are participants, together with a processing and recordation fee of $3,500; and                      (D) the assignee, if it shall not be a Lender, shall deliver to the Administrative        Agent  an  Administrative  Questionnaire  in  which  the  assignee  designates  one  or  more credit        contacts  to  whom  all  syndicate-level  information  (which  may  contain  material  non-public        information  about  the Company,  the other Loan  Parties  and  their  Related  Parties  or  their        respective  securities)  will  be  made  available  and  who  may  receive  such  information  in        accordance with the assignee’s compliance procedures and applicable laws, including federal and        state securities laws.                For  the  purposes  of  this  Section  9.04(b),  the  terms “Approved  Fund” and “Ineligible  Institution” have the following meanings:                “Approved  Fund” means  any  Person  (other  than  a  natural  person)  that  is  engaged  in  making, purchasing, holding or investing in bank loans and similar extensions of credit in the ordinary  course of its business and that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or  (c) an entity or an Affiliate of an entity that administers or manages a Lender.                “Ineligible Institution” means a (a) natural person, (b) a Defaulting Lender or its Parent,  (c) holding company, investment vehicle or trust for, or owned and operated for the primary benefit of, a  natural  person  or  relative(s)  thereof; provided that, with  respect  to  clause  (c), such  holding  company,  investment vehicle or trust shall not constitute an Ineligible Institution if it (i) has not been established for  the primary purpose of acquiring any Loans or Commitments, (ii) is managed by a professional advisor,  who  is  not  such  natural  person  or  a  relative  thereof,  having  significant  experience  in  the  business  of  making or purchasing commercial loans, and (iii) has assets greater than $25,000,000 and a significant  part of its activities consist of making or purchasing commercial loans and similar extensions of credit in  the ordinary course of its business; provided that upon the occurrence and during the continuance of an  Event of Default, any Person (other than a Lender) shall be an Ineligible Institution if after giving effect  to any  proposed  assignment  to  such  Person,  such  Person  would  hold  more  than  25%  of  the  then  outstanding Aggregate Revolving Exposure or Commitments, as the case may be, (d) a Loan Party or a  Subsidiary or other Affiliate of a Loan Party, or (e) a Disqualified Institution.                (iii)   Subject  to  acceptance  and  recording  thereof pursuant  to  paragraph (b)(iv)  of  this  Section,  from  and  after the  effective  date  specified  in  each  Assignment  and  Assumption, the  assignee  thereunder  shall  be  a  party  hereto  and,  to  the  extent  of  the  interest  assigned  by  such  Assignment  and                                        103 

 

                                                                                                                                                                                                                                           Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender  thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released  from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering  all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a  party hereto but shall continue to be entitled to the benefits of Sections 2.15, 2.16, 2.17 and 9.03).  Any  assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply  with  this  Section  9.04  shall  be  treated  for  purposes  of  this  Agreement  as  a  sale  by  such  Lender  of  a  participation in such rights and obligations in accordance with paragraph (c) of this Section.                (iv)  The Administrative Agent, acting for this purpose as a non-fiduciary agent of the  Borrowers, shall maintain at one of its offices a copy of each Assignment and Assumption delivered to it  and a register for the recordation of the names and addresses of the Lenders, and the Commitment of, and  principal amount (and stated interest) of the Loans and LC Disbursements owing to, each Lender pursuant  to the terms hereof from time to time (the “Register”).  The entries in the Register shall be conclusive, and  the Borrowers, the Administrative Agent, the Issuing Bank and the Lenders shall treat each Person whose  name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of  this Agreement, notwithstanding notice to the contrary.  The Register shall be available for inspection by  the Borrowers,  the  Issuing  Bank  and  any  Lender,  at  any  reasonable  time  and  from  time  to  time  upon  reasonable prior notice.                (v)  Upon its receipt of (x) a duly completed Assignment and Assumption executed by an  assigning  Lender  and  an  assignee  or  (y)  to  the  extent  applicable,  an  agreement  incorporating  an  Assignment and Assumption by reference pursuant to an Approved Electronic Platform as to which the  Administrative Agent and the parties to the Assignment and Assumption are participants, the assignee’s  completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the  processing and recordation fee referred to in paragraph (b) of this Section and any written consent to such  assignment  required  by  paragraph  (b)  of  this  Section,  the  Administrative  Agent  shall  accept  such  Assignment and Assumption and record the information contained therein in the Register; provided that if  either the assigning Lender or the assignee shall have failed to make any payment required to be made by  it pursuant to Section 2.05, 2.06(d) or (e), 2.07(b), 2.18(d) or 9.03(c), the Administrative Agent shall have  no  obligation  to  accept  such  Assignment  and  Assumption  and  record  the  information  therein  in  the  Register unless and until such payment shall have been made in full, together with all accrued interest  thereon.  No assignment shall be effective for purposes of this Agreement unless it has been recorded in  the Register as provided in this paragraph.                (c)  Any Lender may, without the consent of the Borrowers, the Administrative Agent,  the Swingline Lender or the Issuing Bank, sell participations to one or more banks or other entities (a  “Participant”) other than an Ineligible Institution in all or a portion of such Lender’s rights and obligations  under  this  Agreement  (including  all  or  a  portion  of  its  Commitment  and/or the  Loans  owing  to  it);  provided that  (i) such  Lender’s  obligations under  this  Agreement  shall  remain  unchanged;  (ii) such  Lender shall remain solely responsible to the other parties hereto for the performance of such obligations;  and (iii) the Borrowers, the Administrative Agent, the Issuing Bank and the other Lenders shall continue  to deal solely and directly with such Lender in connection with such Lender’s rights and/or obligations  under this Agreement.  Any agreement or instrument pursuant to which a Lender sells such a participation  shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any  amendment, modification or waiver of any provision of this Agreement; provided that such agreement or  instrument may provide that such Lender will not, without the consent of the Participant, agree to any  amendment,  modification  or  waiver  described  in  the  first  proviso  to  Section 9.02(b)  that  affects  such  Participant.  The Borrowers agree that each Participant shall be entitled to the benefits of Sections 2.15,  2.16  and  2.17  (subject  to  the  requirements  and  limitations  therein,  including  the  requirements  under  Sections 2.17(f) and (g) (it being understood that the documentation required under Section 2.17(f) shall                                        104 

 

                                                                                                                                                                                                                                           be delivered to the participating Lender and the information and documentation required under Section  2.17(g)  will  be  delivered  to  the  Borrower Representative and  the  Administrative  Agent)) to  the  same  extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this  Section; provided that such Participant (A) agrees  to be  subject to the  provisions  of Sections 2.18 and  2.19 as if it were an assignee under paragraph (b) of this Section; and (B) shall not be entitled to receive  any greater payment under Sections 2.15 or 2.17 with respect to any participation, than its participating  Lender  would  have  been  entitled  to  receive,  except to  the  extent  such  entitlement to  receive  a  greater  payment  results  from  a  Change  in  Law  that  occurs  after  the  Participant  acquired  the  applicable  participation.          Each  Lender  that  sells  a  participation  agrees,  at  the  Borrowers’ request  and  expense,  to  use  reasonable efforts to cooperate with the Borrowers to effectuate the provisions of Section 2.19(b) with  respect to any Participant. To the extent permitted by law, each Participant also shall be entitled to the  benefits  of  Section 9.08  as  though  it  were  a  Lender,  provided  such  Participant  agrees to  be  subject  to  Section 2.18(d) as though it were a Lender.  Each Lender that sells a participation shall, acting solely for  this purpose as a non-fiduciary agent of the Borrowers, 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 or any other Loan  Document (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 or any other Loan  Document) 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.                (d)  Any Lender may at any time pledge or assign a security interest in all or any portion  of its rights under this Agreement to secure obligations of such Lender, including without limitation any  pledge or assignment to secure obligations to a Federal Reserve Bank, and this Section shall not apply to  any such pledge  or assignment of a security interest; provided that no such pledge  or assignment of a  security  interest  shall  release  a Lender  from  any  of  its  obligations  hereunder  or  substitute  any  such  pledgee or assignee for such Lender as a party hereto.                SECTION  9.05.  Survival.   All  covenants,  agreements,  representations  and  warranties  made by the Loan Parties in the Loan Documents and in the certificates or other instruments delivered in  connection with or pursuant to this Agreement or any other Loan Document shall be considered to have  been  relied  upon  by  the  other  parties  hereto  and  shall  survive  the  execution and  delivery  of  the  Loan  Documents  and  the  making  of  any  Loans  and  issuance  of  any  Letters  of  Credit,  regardless  of  any  investigation made by any such other party or on its behalf and notwithstanding that the Administrative  Agent, the Issuing Bank or any Lender may have had notice or knowledge of any Default or incorrect  representation or warranty at the time any credit is extended hereunder, and shall continue in full force  and effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount  payable under this Agreement is outstanding and unpaid or any Letter of Credit is outstanding and so long  as the Commitments have not expired or terminated.  The provisions of Sections 2.15, 2.16, 2.17 and 9.03  and Article VIII shall survive and remain in full force and effect regardless of the consummation of the  transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the Letters  of Credit and the Commitments or the termination of this Agreement or any other Loan Document or any  provision hereof or thereof.                                        105 

 

                                                                                                                                                                                                                                                         SECTION 9.06.  Counterparts; Integration; Effectiveness; Electronic Execution.  (a) This  Agreement may be executed in counterparts (and by different parties hereto on different counterparts),  each of which shall constitute an original, but all of which when taken together shall constitute a single  contract.  This Agreement, the other Loan Documents and any separate letter agreements with respect to  (i) fees payable to the Administrative Agent and (ii) increases or reductions of the Issuing Bank Sublimit  of the Issuing Bank constitute the entire contract among the parties relating to the subject matter hereof  and supersede any and all previous agreements and understandings, oral or written, relating to the subject  matter hereof.  Except as provided in Section 4.01, this Agreement shall become effective when it shall  have been executed by the Administrative Agent and when the Administrative Agent shall have received  counterparts hereof which, when taken together, bear the signatures of each of the other parties hereto,  and  thereafter shall be  binding upon and  inure  to the benefit of the  parties  hereto and  their respective  successors and assigns.            (b)   Delivery  of  an  executed  counterpart  of  a  signature  page  of  this  Agreement  by  telecopy,  emailed pdf. or any other electronic means that reproduces an image of the actual executed signature page  shall  be  effective  as  delivery  of  a  manually  executed  counterpart  of  this  Agreement.  The  words  “execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to any document to  be signed in connection with this Agreement and the transactions contemplated hereby or thereby shall be  deemed to include Electronic Signatures, deliveries or the keeping of records in electronic form, each of  which  shall  be  of  the  same  legal  effect,  validity  or  enforceability  as  a  manually  executed  signature,  physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the  extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global  and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other  similar state laws based on the Uniform Electronic Transactions Act; provided that nothing herein shall  require the Administrative Agent to accept electronic signatures in any form or format without its prior  written consent.                SECTION 9.07.  Severability.  Any provision of any Loan Document held to be invalid,  illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of  such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of  the remaining provisions thereof; and the invalidity of a particular provision in a particular jurisdiction  shall not invalidate such provision in any other jurisdiction.                              SECTION  9.08.  Right  of  Setoff.  If  an  Event  of  Default  shall  have  occurred  and  be  continuing, each Lender, each Issuing Bank, and each of their respective Affiliates is hereby authorized at  any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all  deposits (general or special, time or demand, provisional or final) at any time held and other obligations at  any  time  owing, by  such  Lender,  such  Issuing  Bank or any  such Affiliate  to  or  for  the  credit  or  the  account of any Loan Party against any and all of the Secured Obligations owing to such Lender or such  Issuing Bank or their respective Affiliates, irrespective of whether or not such Lender, Issuing Bank or  Affiliate shall have made any demand under this Agreement or any other Loan Document and although  such obligations of the Loan Parties may be contingent or unmatured or are owed to a branch office or  Affiliate of such Lender or such Issuing Bank different from the branch office or Affiliate holding such  deposit or obligated on such  indebtedness; provided that in the event that any Defaulting Lender shall  exercise  any  such  right  of  setoff,  (x)  all  amounts  so  set  off  shall  be  paid  over  immediately  to  the  Administrative  Agent  for  further  application  in  accordance  with  the  provisions  of  Section  2.20  and,  pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed  held in trust for the benefit of the Administrative Agent, the Issuing Banks, and the Lenders, and (y) the  Defaulting  Lender  shall  provide  promptly  to  the  Administrative  Agent  a  statement  describing  in  reasonable detail the Secured Obligations owing to such Defaulting Lender as to which it exercised such                                        106 

 

                                                                                                                                                                                                                                           right  of  setoff.  The  applicable  Lender,  the Issuing  Bank or  such  Affiliate shall  notify  the Borrower  Representative and the  Administrative  Agent of such setoff or application; provided that the failure  to  give such notice shall not affect the validity of such setoff or application under this Section.  The rights of  each Lender, each Issuing Bank and their respective Affiliates under this Section are in addition to other  rights  and  remedies  (including  other  rights  of  setoff)  that such  Lender,  such  Issuing  Bank  or  their  respective Affiliates may have.                 SECTION 9.09.  Governing Law; Jurisdiction; Consent to Service of Process.                  (a)  The Loan Documents (other than those containing a contrary express choice of law  provision) shall be governed by and construed in accordance with the internal laws of the State of Illinois,  but giving effect to federal laws applicable to national banks.                (b)  Each  of  the  Lenders  and  the  Administrative  Agent  hereby  irrevocably  and  unconditionally  agrees  that,  notwithstanding  the  governing  law provisions  of  any  applicable  Loan  Document, any claims  brought against the  Administrative  Agent by any Secured Party relating to this  Agreement,  any  other  Loan  Document,  the  Collateral  or  the  consummation  or  administration  of  the  transactions contemplated hereby or thereby shall be construed in accordance with and governed by the  law of the State of Illinois.                (c)  Each of the parties hereto hereby irrevocably and unconditionally submits, for itself  and its property, to the exclusive jurisdiction of any U.S. federal or Illinois state court sitting in Chicago,  Illinois, and any appellate court from any thereof, in any action or proceeding arising out of or relating to  any Loan Documents, the transactions relating hereto or thereto, or for recognition or enforcement of any  judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in  respect of any such action or proceeding may (and any such claims, cross-claims or third party claims  brought against the Administrative Agent or any of its Related Parties may only) be heard and determined  in such state court or, to the extent permitted by law, in such federal court.  Each of the parties hereto  agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in  other  jurisdictions  by  suit  on  the  judgment  or  in  any  other  manner  provided  by  law.   Nothing  in  this  Agreement or any other Loan Document shall affect any right that the Administrative Agent, the Issuing  Bank or any Lender may otherwise have to bring any action or proceeding relating to this Agreement or  any other Loan Document against any Loan Party or its properties in the courts of any jurisdiction.                 (d)  Each Loan Party hereby irrevocably and unconditionally waives, to the fullest extent  it may legally and effectively do so, any objection which it may now or hereafter have to the laying of  venue of any suit, action or proceeding arising out of or relating to this Agreement or any other Loan  Document in any court referred to in paragraph (b) of this Section.  Each of the parties hereto hereby  irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the  maintenance of such action or proceeding in any such court.                (e)  Each  party to  this  Agreement  irrevocably  consents  to  service  of  process  in  the  manner provided for notices in Section 9.01.  Nothing in this Agreement or any other Loan Document  will affect the right of any party to this Agreement to serve process in any other manner permitted by law.                SECTION  9.10.  WAIVER  OF  JURY  TRIAL.  EACH  PARTY  HERETO  HEREBY  WAIVES,  TO  THE  FULLEST  EXTENT  PERMITTED  BY  APPLICABLE  LAW,  ANY  RIGHT  IT  MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY  ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR  THE  TRANSACTIONS  CONTEMPLATED    HEREBY  OR  THEREBY  (WHETHER  BASED  ON  CONTRACT, TORT OR ANY OTHER THEORY).  EACH PARTY HERETO (A) CERTIFIES THAT                                        107 

 

                                                                                                                                                                                                                                           NO REPRESENTATIVE  OR OTHER  AGENT  (INCLUDING ANY  ATTORNEY)   OF ANY OTHER  PARTY  HAS  REPRESENTED,  EXPRESSLY  OR  OTHERWISE,  THAT  SUCH  OTHER  PARTY  WOULD  NOT,  IN  THE  EVENT  OF  LITIGATION,  SEEK  TO  ENFORCE  THE  FOREGOING  WAIVER  AND  (B) ACKNOWLEDGES  THAT  IT  AND  THE  OTHER  PARTIES  HERETO  HAVE  BEEN  INDUCED  TO  ENTER  INTO  THIS  AGREEMENT  BY,  AMONG  OTHER  THINGS,  THE  MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.                SECTION 9.11.  Headings.  Article and Section headings and the Table of Contents used  herein  are  for  convenience  of  reference  only,  are  not  part  of  this  Agreement  and  shall  not  affect  the  construction of, or be taken into consideration in interpreting, this Agreement.                SECTION 9.12.  Confidentiality.  Each of the Administrative Agent, the Issuing Bank  and the Lenders agrees to maintain the confidentiality of the Information (as defined below), except that  Information  may  be  disclosed  (a) to  its  and  its  Affiliates’ directors,  officers,  employees  and  agents,  including accountants, legal counsel and  other advisors (it being understood that the  Persons to whom  such disclosure is made will be informed of the confidential nature of such Information and instructed to  keep  such Information  confidential),  (b) to  the  extent  requested  by  any Governmental  Authority  (including any self-regulatory authority, such as the National Association of Insurance Commissioners),  (c) to the extent required by any Requirement of Law or by any subpoena or similar legal process, (d) to  any other party to this Agreement, (e) in connection with the exercise of any remedies hereunder or under  any other Loan Document or any suit, action or proceeding relating to this Agreement or any other Loan  Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing  provisions substantially the same as those of this Section, to (x) any assignee of or Participant in, or any  prospective assignee of or Participant in, any of its rights or obligations under this Agreement or (y) any  actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the  Loan  Parties  and  their  obligations,  (g)  with  the  consent  of  the Borrower Representative, (h)  on a  confidential basis to (1) any rating agency in connection with rating any Borrower or its Subsidiaries or  the  credit  facilities  provided  for  herein  or  (2)   the  CUSIP  Service  Bureau  or  any  similar  agency  in  connection with the issuance and monitoring of identification numbers with respect to the credit facilities  provided for herein, or (i) to the extent such Information (x) becomes publicly available other than as a  result of a breach of this Section or (y) becomes available to the Administrative Agent, the Issuing Bank  or any Lender on a non-confidential basis from a source other than the Borrowers.  For the purposes of  this Section, “Information” means all information received from the Borrowers relating to the Borrowers  or their business,  other  than  any  such  information  that  is  available  to  the  Administrative  Agent,  the  Issuing Bank or any Lender on a non-confidential basis prior to disclosure by the Borrowers and other  than information pertaining to this Agreement provided by arrangers to data service providers, including  league  table  providers,  that  serve  the  lending  industry.   Any  Person  required  to  maintain  the  confidentiality of Information as provided in this Section shall be considered to have complied with its  obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of  such Information as such Person would accord to its own confidential information.          EACH  LENDER  ACKNOWLEDGES  THAT  INFORMATION  AS   DEFINED  IN  SECTION  9.12 FURNISHED TO IT PURSUANT TO THIS AGREEMENT MAY INCLUDE MATERIAL NON- PUBLIC INFORMATION CONCERNING THE BORROWERS, THE OTHER LOAN PARTIES AND   THEIR  RELATED  PARTIES  OR  THEIR  RESPECTIVE  SECURITIES,  AND  CONFIRMS  THAT  IT  HAS DEVELOPED COMPLIANCE PROCEDURES REGARDING THE USE OF MATERIAL NON- PUBLIC  INFORMATION  AND  THAT  IT  WILL  HANDLE  SUCH  MATERIAL  NON-PUBLIC  INFORMATION  IN  ACCORDANCE  WITH  THOSE  PROCEDURES  AND  APPLICABLE  LAW,  INCLUDING FEDERAL AND STATE SECURITIES LAWS.                                             108 

 

                                                                                                                                                                                                                                                 ALL  INFORMATION, INCLUDING  REQUESTS  FOR  WAIVERS  AND  AMENDMENTS,  FURNISHED BY THE BORROWERS OR THE ADMINISTRATIVE AGENT PURSUANT TO, OR IN  THE  COURSE  OF  ADMINISTERING,  THIS  AGREEMENT  WILL  BE  SYNDICATE-LEVEL  INFORMATION,  WHICH  MAY  CONTAIN  MATERIAL  NON-PUBLIC  INFORMATION  ABOUT  THE  BORROWER,  THE  LOAN  PARTIES  AND  THEIR  RELATED  PARTIES  OR  THEIR  RESPECTIVE  SECURITIES.   ACCORDINGLY,  EACH  LENDER  REPRESENTS  TO  THE  BORROWERS   AND  THE  ADMINISTRATIVE  AGENT  THAT  IT  HAS  IDENTIFIED  IN  ITS  ADMINISTRATIVE  QUESTIONNAIRE  A  CREDIT  CONTACT  WHO  MAY  RECEIVE  INFORMATION  THAT  MAY  CONTAIN  MATERIAL  NON-PUBLIC  INFORMATION  IN  ACCORDANCE WITH ITS COMPLIANCE PROCEDURES AND APPLICABLE LAW, INCLUDING  FEDERAL AND STATE SECURITIES LAWS.                SECTION  9.13. Several  Obligations;  Nonreliance;  Violation  of  Law.   The  respective  obligations of the Lenders hereunder are several and not joint and the failure of any Lender to make any  Loan  or  perform  any  of  its  obligations  hereunder  shall not  relieve  any  other  Lender  from  any  of  its  obligations hereunder.  Each Lender hereby represents that it is not relying on or looking to any margin  stock (as defined in Regulation U of the Federal Reserve Board) for the repayment of the Borrowings  provided for herein.  Anything contained in this Agreement to the contrary notwithstanding, neither the  Issuing  Bank  nor  any  Lender  shall  be  obligated  to  extend  credit  to  the Borrowers in  violation  of  any  Requirement of Law.                SECTION 9.14.  USA PATRIOT Act.  Each Lender that is subject to the requirements of  the USA PATRIOT Act hereby notifies each Loan Party that pursuant to the requirements of the USA  PATRIOT  Act,  it is  required  to  obtain,  verify  and  record  information  that  identifies  such  Loan  Party,  which  information  includes  the  name  and  address  of  such  Loan  Party  and  other  information  that  will  allow such Lender to identify such Loan Party in accordance with the USA PATRIOT Act.                SECTION 9.15.  Disclosure. Each Loan Party, each Lender and the Issuing Bank hereby  acknowledges and agrees that the Administrative Agent and/or its Affiliates from time to time may hold  investments in, make other loans to or have other relationships with, any of the Loan Parties and their  respective Affiliates.                 SECTION 9.16.  Appointment for Perfection.  Each Lender hereby appoints each other  Lender as its agent for the purpose of perfecting Liens, for the benefit of the Administrative Agent and the  Secured Parties, in assets which, in accordance with Article 9 of the UCC or any other applicable law can  be  perfected  only by possession or control.  Should any Lender (other than the Administrative  Agent)  obtain possession or control of any such Collateral, such Lender shall notify the Administrative Agent  thereof, and, promptly upon the Administrative Agent’s request therefor shall deliver such Collateral to  the Administrative Agent or otherwise deal with such Collateral in accordance with the Administrative  Agent’s instructions.                SECTION  9.17.  Interest  Rate  Limitation.  Notwithstanding  anything  herein  to  the  contrary, if at any time the interest rate applicable to any Loan, together with all fees, charges and other  amounts  which are treated as interest on such  Loan under applicable law (collectively the “Charges”),  shall  exceed  the  maximum  lawful  rate  (the “Maximum  Rate”)  which  may  be  contracted  for,  charged,  taken, received or reserved by the Lender holding such Loan in accordance with applicable law, the rate  of  interest  payable  in  respect  of  such  Loan  hereunder,  together  with  all  Charges  payable  in  respect  thereof, shall be limited to the Maximum Rate  and, to the extent lawful, the interest and Charges that  would have been payable in respect of such Loan but were not payable as a result of the operation of this  Section shall be cumulated and the interest and Charges payable to such Lender in respect of other Loans  or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount,                                        109 

 

                                                                                                                                                                                                                                           together with interest thereon at the NYFRB Rate to the date of repayment, shall have been received by  such Lender.                SECTION 9.18.  No Fiduciary Duty, etc.  (a) Each Borrower acknowledges and agrees,  and acknowledges its Subsidiaries’ understanding, that no Credit Party will have any obligations except  those obligations expressly set forth herein and in the other Loan Documents and each Credit Party is  acting solely in the capacity of an arm’s length contractual counterparty to the Borrowers with respect to  the Loan Documents and the transactions contemplated herein and therein and not as a financial advisor  or a fiduciary to, or an agent of, any Borrower or any other person.  Each Borrower agrees that it will not  assert any claim against any Credit Party based on an alleged breach of fiduciary duty by such Credit  Party in connection with this Agreement and the transactions contemplated hereby.  Additionally, each  Borrower acknowledges and agrees that no Credit Party is advising any Borrower as to any legal, tax,  investment, accounting, regulatory or any other matters in any jurisdiction.  The Borrowers shall consult  with their own advisors concerning such matters and shall be responsible for making its own independent  investigation and appraisal of the transactions contemplated herein or in the other Loan Documents, and  the Credit Parties shall have no responsibility or liability to any Borrower with respect thereto.          (b)   Each  Borrower  further  acknowledges  and  agrees,  and  acknowledges  its Subsidiaries’  understanding, that each Credit Party, together with its Affiliates, is a full service securities or banking  firm engaged in securities trading and brokerage activities as well as providing investment banking and  other financial services.  In the  ordinary course of business, any Credit Party may provide  investment  banking and other financial services to, and/or acquire, hold or sell, for its own accounts and the accounts  of customers, equity, debt and other securities and financial instruments (including bank loans and other  obligations) of, the Borrowers and other companies with which the Borrowers may have commercial or  other  relationships.   With  respect  to  any  securities  and/or  financial  instruments  so  held  by  any  Credit  Party or any of its customers, all rights in respect of such securities and financial instruments, including  any voting rights, will be exercised by the holder of the rights, in its sole discretion.                (c)   In addition, each Borrower acknowledges and agrees, and acknowledges its Subsidiaries’  understanding, that each Credit Party and its affiliates may be providing debt financing, equity capital or  other  services  (including  financial  advisory  services)  to  other  companies  in  respect  of  which  the  Borrowers may have conflicting interests regarding the transactions described herein and otherwise.  No  Credit Party will use confidential information obtained from any Borrower by virtue of the transactions  contemplated by the Loan Documents or its other relationships with the Borrowers in connection with the  performance by such Credit Party of services for other companies, and no Credit Party will furnish any  such information to other companies.  Each Borrower also acknowledges that no Credit Party has any  obligation to use in connection with the transactions contemplated by the Loan Documents, or to furnish  to any Borrower, confidential information obtained from other companies.          SECTION 9.19.  Marketing Consent.  The Borrowers hereby authorize Chase and its affiliates  (collectively,  the  “Chase  Parties”),  at  their  respective  sole  expense, to  the  extent approved  by  the  Borrower  (such  approval  not  to  be  unreasonably  withheld,  conditioned  or  delayed),  to include  the  Borrowers’  name  and  logo  in  advertising  slicks  posted  on  its  internet  site,  in  pitchbooks  or  sent  in  mailings to prospective customers and to give such other publicity to this Agreement as each may from  time to time determine in its sole discretion.  The foregoing authorization shall remain in effect unless the  Borrower Representative notifies Chase in writing that such authorization is revoked.       SECTION  9.20.  Acknowledgement  and  Consent  to  Bail-In  of  EEA  Financial  Institutions.   Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement  or understanding among any such parties, each party hereto acknowledges that any liability of any EEA  Financial  Institution  arising  under  any  Loan  Document  may  be  subject  to  the Write-Down  and                                        110 

 

                                                                                                                                                                                                                                           Conversion Powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and  agrees to be bound by:               (a)   the  application  of  any  Write-Down  and  Conversion  Powers  by  an  EEA  Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party  hereto that is an EEA Financial Institution; and               (b)   the effects of any Bail-In Action on any such liability, including, if applicable:                     (i)   a reduction in full or in part or cancellation of any such liability;                     (ii)  a  conversion  of  all,  or  a  portion  of,  such  liability  into  shares  or  other              instruments of ownership in such EEA Financial Institution, its parent entity, or a bridge              institution that may be issued to it or otherwise conferred on it, and that such shares or              other instruments of ownership will be accepted by it in lieu of any rights with respect to              any such liability under this Agreement or any other Loan Document; or                     (iii) the variation of the terms of such liability in connection with the exercise              of the Write-Down and Conversion Powers of any EEA Resolution Authority.         SECTION 9.21.  Acknowledgement Regarding Any  Supported  QFCs .  To the extent that the  Loan Documents provide support, through a guarantee or otherwise, for Swap Agreements or any other  agreement  or  instrument  that  is  a  QFC  (such  support  “QFC Credit  Support”  and  each  such  QFC  a  “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution power of  the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the  Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated  thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit  Support  (with  the  provisions  below  applicable  notwithstanding  that the  Loan  Documents  and  any  Supported QFC may in fact be stated to be governed by the laws of the State of Illinois and/or of the  United States or any other state of the United States):           In the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject  to a  proceeding under a  U.S. Special Resolution Regime,  the  transfer of such  Supported  QFC and the  benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and  such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit  Support) from such Covered Party will be effective to the same extent as the transfer would be effective  under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any  such interest, obligation and rights in property) were governed by the laws of the United States or a state  of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes  subject  to  a  proceeding  under  a  U.S.  Special  Resolution  Regime,  Default  Rights  under  the  Loan  Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be  exercised against such Covered Party are permitted to be exercised to no greater extent than such Default  Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan  Documents  were  governed  by  the  laws  of  the  United  States  or  a  state  of  the  United  States.  Without  limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect  to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported  QFC or any QFC Credit Support.    As used in this Section 9.21, the following terms have the meanings set forth below:          “Covered Entity” means any of the following:                                          111 

 

                                                                                                                                                                                                                                                   (i)   a “covered entity” as that term is defined in, and interpreted in accordance with, 12              C.F.R. § 252.82(b);        (ii)  a “covered bank” as that term is defined in, and interpreted in accordance with, 12              C.F.R.§ 47.3(b); or        (iii) (iii) a “covered FSI” as that term is defined in, and interpreted in accordance with, 12              C.F.R.§ 382.2(b).           “Default Right” has the meaning assigned to that term in, and shall be interpreted in accordance  with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.           “QFC” has the meaning assigned to the term “qualified financial contract” in, and shall be  interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).         SECTION 9.22.  Canadian Anti-Money Laundering Legislation.  Each Loan Party acknowledges  that, pursuant to CAML, the  Lenders  and Administrative  Agent may be  required  to obtain, verify and  record  information  regarding  the  Loan  Parties,  their  respective  directors,  authorized  signing  officers,  direct  or  indirect  shareholders  or  other  Persons  in  control  of  such  Loan  Parties,  and  the  transactions  contemplated hereby.  Each Loan Party shall promptly provide all such information, including supporting  documentation and other evidence, as may be reasonably requested by any Lender or the Administrative  Agent, or any prospective assignee or participant of a Lender or the Administrative Agent, in order to  comply with any applicable CAML, whether now or hereafter in existence.   Each of the Lenders agrees  that  the  Administrative  Agent  has  no  obligation  to  ascertain  the  identity  of  the  Loan  Parties  or  any  authorized signatories of the  Loan Parties on behalf of any Lender, or to confirm the  completeness  or  accuracy of any information it obtains from the Loan Parties or any such authorized signatory in doing so.         SECTION 9.23.  Judgment Currency. If, for the purposes of obtaining judgment in any court, it is  necessary to convert a sum due hereunder in dollars into another currency (the “Other Currency”), to the  fullest  extent  permitted  by  applicable  law,  the rate  of  exchange  used  shall  be  that  at  which  the  Administrative  Agent  could,  in  accordance  with  normal  procedures,  purchase  dollars  with  the  Other  Currency on the Business Day preceding that on which final judgment is given. The obligation of each  Loan Party in respect of any such sum due from it to the Secured Parties hereunder shall, notwithstanding  any  judgment  in  such  Other  Currency,  be  discharged only  to  the  extent  that,  on  the  Business  Day  immediately following the date on which the Administrative Agent receives any sum adjudged to be so  due  in  the  Other  Currency,  the Administrative  Agent  may,  in  accordance  with  normal  banking  procedures, purchase dollars with the Other Currency. If the dollars so purchased are less than the sum  originally  due  to  the  Secured  Parties  in  dollars,  each  Loan  Party  agrees,  as  a  separate obligation  and  notwithstanding any such judgment, to indemnify the Secured Parties against such loss, and if the dollars  so purchased exceed the sum originally due to the Secured Parties in dollars, the Secured Parties agrees to  remit to the Loan Parties such excess.                                            ARTICLE X                                      Loan Guaranty           SECTION 10.01.  Guaranty.  (a) Each U.S. Loan Guarantor (other than those that have delivered  a separate Guaranty) hereby agrees that it is jointly and severally liable for, and, as a primary obligor and  not merely as surety, absolutely, unconditionally and irrevocably guarantees to the Secured Parties, the  prompt payment when due, whether at stated maturity, upon acceleration or otherwise, and at all times  thereafter, of the Secured Obligations and all costs and expenses to the extent required by Section 9.03,  paid or incurred by the Administrative Agent, the Issuing Bank and the Lenders in endeavoring to collect                                        112 

 

                                                                                                                                                                                                                                           all or any part of the Secured Obligations from, or in prosecuting any action against, any Borrower, any  Loan  Guarantor  or  any  other  guarantor  of  all  or  any  part  of  the  Secured  Obligations  (such  costs  and  expenses,  together  with  the  Secured  Obligations,  collectively  the  “U.S.  Guaranteed Obligations”);  provided, however, that the definition of “U.S. Guaranteed Obligations” shall not create any guarantee by  any U.S. Loan  Guarantor  of  (or  grant  of  security  interest  by  any U.S. Loan  Guarantor  to  support,  as  applicable) any Excluded Swap Obligations of such U.S. Loan Guarantor for purposes of determining any  obligations  of  any U.S. Loan  Guarantor).   Each U.S. Loan  Guarantor  further  agrees  that  the U.S.  Guaranteed  Obligations  may  be  extended  or  renewed  in  whole  or  in  part  without  notice  to  or  further  assent  from  it,  and  that  it  remains  bound  upon  its  guarantee  notwithstanding  any  such  extension  or  renewal.  All terms of this Loan Guaranty apply to and may be enforced by or on behalf of any domestic  or  foreign  branch  or  Affiliate  of  any  Lender  that  extended  any  portion  of  the U.S. Guaranteed  Obligations.          (b)   Each Canadian Loan Guarantor (other than those that have delivered a separate Guaranty)  hereby agrees that it is jointly and severally liable for, and, as a primary obligor and not merely as surety,  absolutely, unconditionally and irrevocably guarantees to the Secured Parties, the prompt payment when  due,  whether  at  stated  maturity,  upon  acceleration  or  otherwise,  and  at  all  times  thereafter,  of  the  Canadian Secured Obligations and all costs and expenses to the extent required by Section 9.03 paid or  incurred by the Administrative Agent, the Issuing Bank and the Lenders in endeavoring to collect all or  any part of the Canadian Secured Obligations from, or in prosecuting any action against, any Canadian  Borrower, any Canadian Loan Guarantor or any other guarantor of all or any part of the Canadian Secured  Obligations (such costs and expenses, together with the Canadian Secured Obligations, collectively the  “Canadian  Guaranteed Obligations”); provided,  however,  that  the  definition  of  “Canadian Guaranteed  Obligations”  shall  not  create  any  guarantee  by  any Canadian Loan  Guarantor  of  (or  grant  of  security  interest by any Canadian Loan Guarantor to support, as applicable) any Excluded Swap Obligations of  such Canadian Loan  Guarantor  for  purposes  of  determining  any  obligations  of  any Canadian Loan  Guarantor).  Each Canadian Loan Guarantor further agrees that the Canadian Guaranteed Obligations may  be extended or renewed in whole or in part without notice to or further assent from it, and that it remains  bound  upon  its  guarantee  notwithstanding  any  such  extension  or  renewal.  All  terms  of  this  Loan  Guaranty apply to and may be enforced by or on behalf of any domestic or foreign branch or Affiliate of  any Lender that extended any portion of the Canadian Guaranteed Obligations.  Notwithstanding anything  contained  in  this  Agreement  to  the  contrary  (including,  without  limitation,  this  Section  10.01),  no  Canadian Loan Party shall guarantee any U.S. Secured Obligations.                  SECTION 10.02.  Guaranty of Payment.  This Loan Guaranty is a guaranty of payment and not of  collection.  Each Loan Guarantor waives any right to require the Administrative Agent, the Issuing Bank or  any Lender to sue any Borrower or any Loan Guarantor, or any other guarantor of, or any other Person  obligated for, all or any part of the Guaranteed Obligations (each, an “Obligated Party”), or otherwise to  enforce its payment against any collateral securing all or any part of the Guaranteed Obligations.          SECTION  10.03.  No  Discharge  or  Diminishment  of  Loan  Guaranty.   (a) Except  as  otherwise  provided for herein, the obligations of each Loan Guarantor hereunder are unconditional and absolute and  not subject to any reduction, limitation, impairment or termination for any reason (other than the Payment  in Full of the Guaranteed Obligations), including:  (i) any claim of waiver, release, extension, renewal,  settlement, surrender, alteration or compromise of any of the Guaranteed Obligations, by operation of law  or otherwise; (ii) any change in the corporate existence, structure or ownership of any Borrower or any  other  Obligated  Party  liable  for  any  of  the  Guaranteed  Obligations;  (iii)  any  insolvency,  bankruptcy,  reorganization or other similar proceeding affecting any Obligated Party or their assets, or any resulting  release or discharge of any obligation of any Obligated Party; or (iv) the existence of any claim, setoff or  other  rights  which  any  Loan  Guarantor  may  have  at  any  time  against  any  Obligated  Party,  the                                         113 

 

                                                                                                                                                                                                                                           Administrative Agent, the Issuing Bank, any Lender or any other Person, whether in connection herewith  or in any unrelated transactions.                  (b)   The  obligations  of  each  Loan  Guarantor  hereunder  are  not  subject  to  any  defense  or  setoff,  counterclaim,  recoupment  or  termination  whatsoever  by  reason  of  the  invalidity,  illegality  or  unenforceability of any of the Guaranteed Obligations or otherwise, or any provision of applicable law or  regulation purporting to prohibit payment by any Obligated Party, of the Guaranteed Obligations or any  part thereof.                  (c)   Further, the obligations of any Loan Guarantor hereunder are not discharged or impaired  or otherwise affected by: (i) the failure of the Administrative Agent, the Issuing Bank or any Lender to  assert any claim or demand or to enforce any remedy with respect to all or any part of the Guaranteed  Obligations; (ii) any waiver or modification of or supplement to any provision of any agreement relating  to  the  Guaranteed  Obligations;  (iii)  any  release,  non-perfection  or  invalidity  of  any  indirect  or  direct  security  for  the  obligations  of  any  Borrower  for  all  or  any  part  of  the  Guaranteed  Obligations  or  any  obligations of any other Obligated Party liable for any of the Guaranteed Obligations; (iv) any action or  failure to act by the Administrative Agent, the Issuing Bank or any Lender with respect to any collateral  securing any part of the Guaranteed Obligations; or (v) any default, failure or delay, willful or otherwise,  in  the  payment  or  performance  of  any  of  the  Guaranteed  Obligations,  or  any  other  circumstance,  act,  omission or delay that might in any manner or to any extent vary the risk of such Loan Guarantor or that  would otherwise operate as a discharge of any Loan Guarantor as a matter of law or equity (other than the  Payment in Full of the Guaranteed Obligations).                  SECTION 10.04.  Defenses Waived.  To the fullest extent permitted by applicable law, each Loan  Guarantor hereby waives any defense based on or arising out of any defense of any Borrower or any Loan  Guarantor or the unenforceability of all or any part of the Guaranteed Obligations from any cause, or the  cessation from any cause of the liability of any Borrower, any Loan Guarantor or any other Obligated Party,  other  than  the  Payment  in  Full  of  the  Guaranteed  Obligations.  Without  limiting  the  generality  of  the  foregoing, each Loan Guarantor irrevocably waives acceptance hereof, presentment, demand, protest and, to  the fullest extent permitted by law, any notice not provided for herein, as well as any requirement that at any  time  any  action  be  taken  by  any  Person  against any  Obligated  Party or  any  other  Person.   Each  Loan  Guarantor confirms that it is not a surety under any state law and shall not raise any such law as a defense to  its obligations hereunder.  The Administrative Agent may, at its election, foreclose on any Collateral held by  it by  one  or  more  judicial  or  nonjudicial  sales,  accept  an  assignment  of  any  such  Collateral  in  lieu  of  foreclosure  or  otherwise  act  or  fail  to  act  with  respect  to  any  collateral  securing  all  or  a  part  of  the  Guaranteed  Obligations,  compromise  or  adjust  any part  of  the  Guaranteed  Obligations,  make  any  other  accommodation with any Obligated Party or exercise any other right or remedy available to it against any  Obligated Party, without affecting or impairing in any way the liability of such Loan Guarantor under this  Loan  Guaranty, except  to  the  extent  the  Guaranteed Obligations  have  been  Paid  in  Full.   To  the  fullest  extent  permitted  by  applicable  law,  each  Loan  Guarantor  waives  any  defense  arising  out  of  any  such  election even though that election may operate, pursuant to applicable law, to impair or extinguish any right  of reimbursement or subrogation or other right or remedy of any Loan Guarantor against any Obligated  Party or any security.          SECTION 10.05.  Rights of Subrogation.  No Loan Guarantor will assert any right, claim or cause  of action, including, without limitation, a claim of subrogation, contribution or indemnification that it has  against any Obligated Party or any collateral, until the Loan Parties and the Loan Guarantors have fully  performed all their obligations to the Administrative Agent, the Issuing Bank and the Lenders.                 SECTION 10.06.  Reinstatement; Stay of Acceleration.  If at any time any payment of any portion  of  the  Guaranteed  Obligations  (including  a  payment  effected  through  exercise  of  a  right  of  setoff)  is                                        114 

 

                                                                                                                                                                                                                                           rescinded, or must otherwise be restored or returned upon the insolvency, bankruptcy or reorganization of  any  Borrower  or  otherwise  (including  pursuant  to  any  settlement  entered  into  by  a  Secured  Party  in  its  discretion), each Loan Guarantor’s obligations under this Loan Guaranty with respect to that payment shall  be reinstated at such time as though the payment had not been made and whether or not the Administrative  Agent, the Issuing Bank and the Lenders are in possession of this Loan Guaranty. If acceleration of the time  for  payment  of  any  of  the  Guaranteed  Obligations  is  stayed  upon  the  insolvency,  bankruptcy  or  reorganization of any Borrower, all such amounts otherwise subject to acceleration under the terms of any  agreement  relating  to  the  Guaranteed  Obligations  shall  nonetheless  be  payable  by  the  Loan  Guarantors  forthwith on demand by the Administrative Agent.                SECTION  10.07.  Information.   Each  Loan  Guarantor  assumes  all  responsibility  for  being  and  keeping  itself  informed  of  the  Borrowers’ financial  condition  and  assets,  and  of  all  other  circumstances  bearing upon the risk of nonpayment of the Guaranteed Obligations and the nature, scope and extent of the  risks that each Loan Guarantor assumes and incurs under this Loan Guaranty, and agrees that none of the  Administrative Agent, the Issuing Bank or any Lender shall have any duty to advise any Loan Guarantor of  information known to it regarding those circumstances or risks.                SECTION 10.08.  Termination.  Each of the Lenders and the Issuing Bank may continue to make  loans or extend credit to the Borrowers based on this Loan Guaranty until five (5) days after it receives  written notice of termination from any Loan Guarantor.  Notwithstanding receipt of any such notice, each  Loan Guarantor will continue to be liable to the Lenders for any Guaranteed Obligations created, assumed  or committed to prior to the fifth day after receipt of the notice, and all subsequent renewals, extensions,  modifications  and  amendments  with  respect  to,  or  substitutions  for,  all  or  any  part  of  such  Guaranteed  Obligations.  Nothing in this Section 10.08 shall be deemed to constitute a waiver of, or eliminate, limit,  reduce or otherwise impair any rights or remedies the Administrative Agent or any Lender may have in  respect of, any Default or Event of Default that shall exist under clause (o) of Article VII hereof as a result  of any such notice of termination.                         SECTION 10.09.  Taxes.  Each payment of the Guaranteed Obligations will be made by each Loan  Guarantor without withholding for any Taxes, unless such withholding is required by law.  If any Loan  Guarantor  determines,  in  its  sole  discretion  exercised  in  good  faith,  that  it  is  so required  to  withhold  Taxes, then such Loan Guarantor may so withhold and shall timely pay the full amount of withheld Taxes  to the relevant Governmental Authority in accordance with applicable law.  If such Taxes are Indemnified  Taxes, then the amount payable by such Loan Guarantor shall be increased as necessary so that, net of  such  withholding  (including  such  withholding  applicable  to  additional  amounts  payable  under  this  Section), the Administrative Agent, Lender or Issuing Bank (as the case may be) receives the amount it  would have received had no such withholding been made.                  SECTION 10.10.  Maximum Liability.  Notwithstanding any other provision of this Loan Guaranty,  the amount guaranteed by each Loan Guarantor hereunder shall be limited to the extent, if any, required so  that its obligations hereunder shall not be subject to avoidance under Section 548 of the Bankruptcy Code or  under any applicable state Uniform Fraudulent Transfer Act, Uniform Fraudulent Conveyance Act, Uniform  Voidable Transactions Act or similar statute or common law.  In determining the limitations, if any, on the  amount of any Loan Guarantor’s obligations hereunder pursuant to the preceding sentence, it is the intention  of  the parties  hereto  that  any  rights  of  subrogation,  indemnification  or  contribution  which  such  Loan  Guarantor may have under this Loan Guaranty, any other agreement or applicable law shall be taken into  account.          SECTION 10.11.  Contribution.                                          115 

 

                                                                                                                                                                                                                                                               (a)   To  the  extent  that  any  Loan  Guarantor  shall  make  a  payment  under  this  Loan        Guaranty (a “Guarantor Payment”) which, taking into account all other Guarantor Payments then        previously or concurrently made by any other Loan Guarantor, exceeds the amount which otherwise        would have been paid by or attributable to such Loan Guarantor if each Loan Guarantor had paid        the aggregate Guaranteed Obligations satisfied by such Guarantor Payment in the same proportion        as such Loan Guarantor’s “Allocable Amount” (as defined below) (as determined immediately prior        to  such  Guarantor  Payment)  bore  to  the  aggregate  Allocable  Amounts  of  each  of  the  Loan        Guarantors  as  determined  immediately  prior  to  the  making  of  such  Guarantor  Payment,  then,        following indefeasible payment in full in cash of the Guarantor Payment, the Payment in Full of the        Guaranteed  Obligations  and  the  termination  of  this  Agreement, such  Loan  Guarantor  shall  be        entitled  to receive  contribution  and  indemnification  payments  from, and  be  reimbursed  by,  each        other Loan Guarantor for the amount of such excess, pro rata based upon their respective Allocable        Amounts in effect immediately prior to such Guarantor Payment.                (b)   As of any date of determination, the “Allocable Amount” of any Loan Guarantor        shall be equal to the excess of the fair saleable value of the property of such Loan Guarantor over        the total liabilities of such Loan Guarantor (including the maximum amount reasonably expected to        become due in respect of contingent liabilities, calculated, without duplication, assuming each other        Loan Guarantor that is also liable for such contingent liability pays its ratable share thereof), giving        effect to all payments made by other Loan Guarantors as of such date in a manner to maximize the        amount of such contributions.               (c)   This  Section  10.11  is  intended  only  to  define  the  relative  rights  of  the  Loan        Guarantors, and nothing set forth in this Section 10.11 is intended to or shall impair the obligations        of the Loan Guarantors to pay any amounts as and when the same shall become due and payable in        accordance with the terms of this Loan Guaranty.               (d)   The parties hereto acknowledge that the rights of contribution and indemnification        hereunder  shall  constitute  assets  of  the  Loan  Guarantor  or  Loan  Guarantors  to  which  such        contribution and indemnification is owing.               (e)   The  rights  of  the  indemnifying  Loan  Guarantors  against  other  Loan  Guarantors        under  this  Section  10.11  shall  be  exercisable  upon  the Payment  in  Full  of the  Guaranteed        Obligations and the termination of this Agreement.         SECTION  10.12.  Liability  Cumulative.  The  liability  of  each  Loan  Party  as  a  Loan  Guarantor  under this Article X is in addition to and shall be cumulative with all liabilities of each Loan Party to the  Administrative  Agent,  the  Issuing  Bank  and  the  Lenders  under  this  Agreement  and  the  other  Loan  Documents to which such Loan Party is a party or in respect of any obligations or liabilities of the other  Loan Parties, without any limitation as to amount, unless the instrument or agreement evidencing or creating  such other liability specifically provides to the contrary.          SECTION  10.13.  Keepwell.   Each  Qualified  ECP  Guarantor  hereby  jointly  and  severally  absolutely, unconditionally and irrevocably undertakes to provide such funds or other support as may be  needed from time to time by each other Guarantor to honor all of its obligations under this Guarantee in  respect of a Swap Obligation (provided, however, that each Qualified ECP Guarantor shall only be liable  under this Section 10.13 for the maximum amount of such liability that can be hereby incurred without  rendering its obligations under this Section 10.13 or otherwise under this Loan Guaranty voidable under  applicable law relating to fraudulent conveyance or fraudulent transfer, and not for any greater amount).  Except as otherwise provided herein, the obligations of each Qualified ECP Guarantor under this Section                                        116 

 

                                                                                                                                                                                                                                           10.13 shall remain in full force and effect until the termination of all Swap Obligations.  Each Qualified  ECP  Guarantor  intends  that  this Section  10.13  constitute,  and  this  Section  10.13  shall  be  deemed  to  constitute,  a “keepwell,  support,  or  other  agreement” for  the  benefit  of  each  other  Loan  Party  for  all  purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.                                                                                                                     ARTICLE XI                                The Borrower Representative.                                                 SECTION 11.01.  Appointment; Nature of Relationship.   The Company is hereby appointed by  each  of  the  Borrowers  as  its  contractual  representative  (herein  referred  to  as  the “Borrower  Representative”) hereunder and under each other Loan Document, and each of the Borrowers irrevocably  authorizes the Borrower Representative to act as the contractual representative of such Borrower with the  rights  and  duties  expressly  set  forth  herein  and  in  the  other  Loan  Documents.   The  Borrower  Representative agrees to act as such contractual representative upon the express conditions contained in  this Article XI.  Additionally, the Borrowers hereby appoint the Borrower Representative as their agent to  receive  all  of  the  proceeds  of  the  Loans  in  the  Funding  Account(s),  at  which  time  the  Borrower  Representative shall promptly disburse such Loans to the appropriate Borrower(s), provided that, in the  case of a Revolving Loan, such amount shall not exceed the Availability.  The Administrative Agent and  the  Lenders,  and  their  respective  officers,  directors,  agents  or  employees,  shall  not  be  liable  to  the  Borrower Representative or any Borrower for any action taken or omitted to be taken by the Borrower  Representative or the Borrowers pursuant to this Section 11.01.          SECTION  11.02.  Powers.   The  Borrower  Representative  shall  have  and  may  exercise  such  powers under the Loan Documents as are specifically delegated to the Borrower Representative by the  terms  of  each  thereof,  together  with  such  powers  as  are  reasonably  incidental  thereto.   The  Borrower  Representative shall have no implied duties to the Borrowers, or any obligation to the Lenders to take any  action  thereunder  except  any  action specifically  provided  by  the  Loan  Documents  to  be  taken  by  the  Borrower Representative.          SECTION 11.03.  Employment of Agents.   The Borrower Representative may execute any of its  duties  as  the  Borrower  Representative  hereunder  and  under  any  other  Loan  Document  by  or  through  authorized officers.          SECTION 11.04.  Notices.  Each Borrower shall immediately notify the Borrower Representative  of the occurrence of any Default or Event of Default hereunder, refer to this Agreement, describe such  Default or Event of Default, and  state that such notice is  a “notice of default”.   In the  event that the  Borrower Representative  receives such a notice, the Borrower Representative  shall give  prompt notice  thereof  to  the  Administrative  Agent  and  the  Lenders.   Any  notice  provided  to  the  Borrower  Representative hereunder shall constitute notice to each Borrower on the date received by the Borrower  Representative.          SECTION 11.05.  Successor Borrower Representative.   Upon the prior written consent of the  Administrative  Agent,  the  Borrower  Representative  may  resign  at  any  time,  such  resignation  to  be  effective upon the appointment of a successor Borrower Representative.  The Administrative Agent shall  give prompt written notice of such resignation to the Lenders.          SECTION  11.06.  Execution  of  Loan  Documents.   The  Borrowers  hereby  empower  and  authorize  the  Borrower  Representative,  on  behalf  of  the  Borrowers, to  execute  and  deliver  to  the  Administrative  Agent  and  the  Lenders  the  Loan  Documents  and  all  related  agreements,  certificates,                                        117 

 

                                                                                                                                                                                                                                           documents,  or  instruments  as  shall  be  necessary  or  appropriate  to  effect  the  purposes  of  the  Loan  Documents, including, without limitation, the Compliance Certificates.  Each Borrower agrees that any  action  taken  by  the  Borrower  Representative  or  the  Borrowers  in  accordance  with  the  terms  of  this  Agreement or the other Loan Documents, and the exercise by the Borrower Representative of its powers  set forth therein or herein, together with such other powers that are reasonably incidental thereto, shall be  binding upon all of the Borrowers.          SECTION 11.07.  Nature and Extent of Each Borrower’s Liability.          (a)   Joint and  Several Liability.  Each  U.S. Borrower agrees  that it is jointly and  severally  liable  for  all Secured Obligations  and  all  agreements of  the  Borrowers  hereunder  and under  the  Loan  Documents.  As  such,  each  U.S. Borrower  agrees  that  it  is  a  guarantor  of  each  other  Borrower’s  obligations  and  liabilities  hereunder  and  under  the  other  Loan  Documents.   Each  Canadian  Borrower  agrees that it is jointly and severally liable for all Canadian Secured Obligations and all agreements of the  Canadian Borrowers under the Loan Documents.  As such, each Canadian Borrower agrees that it is a  guarantor  of  each other  Canadian  Borrower’s  obligations  and liabilities  hereunder and  under  the  other  Loan Documents.          (b)   Direct Liability.  Nothing contained in this Section 11.07 shall limit the liability of any  Borrower with respect to Loans made directly or indirectly to that Borrower (including Loans advanced to  any other Borrower and then re-loaned or otherwise transferred to, or for the benefit of, such Borrower),  LC Exposure relating to Letters of Credit issued to support such  Borrower’s  business, and  all accrued  interest, fees, expenses and other related Obligations with respect thereto, for which such Borrower shall  be primarily liable for all purposes hereunder.                                 [Signature Page Follows]                                         118 

 

            IN  WITNESS  WHEREOF,  the  parties  hereto  have  caused  this  Agreement  to  be  duly  executed and delivered by their respective authorized officers as of the day and year first above written.                                        LAWSON PRODUCTS, INC., a Delaware corporation                                                                            By:_____________________________                                      Name: \s\Ron Knutson______________                                      Title: EVP/CFO____________________                                        LAWSON PRODUCTS, INC., an Illinois corporation                                                                            By:_____________________________                                      Name: \s\Ron Knutson______________                                      Title: EVP/CFO____________________                                                                            BARON DIVESTITURE COMPANY, INC., an Illinois                                      corporation                                                                            By:_____________________________                                      Name: \s\Ron Knutson______________                                      Title: EVP/CFO____________________                                          SANDALWOOD DIVESTITURE COMPANY, INC.,                                      an Alabama corporation                                                                            By:_____________________________                                      Name: \s\Ron Knutson______________                                      Title: EVP/CFO____________________                                                                              LAWSON PRODUCTS CANADA INC., a British                                      Columbia corporation                                                                            By:_____________________________                                      Name: \s\Ron Knutson______________                                      Title: EVP/CFO____________________                                                                                                                  THE BOLT SUPPLY HOUSE LTD., an Alberta                                      corporation                                                                            By:_____________________________                                      Name: \s\Ron Knutson______________                                      Title: EVP/CFO____________________                                                                                              [Signature Page to Credit Agreement] 

 

                                                                                                                                                                       JPMORGAN CHASE BANK, N.A., individually, and as            Administrative Agent, Swingline Lender and Issuing            Bank                                     By:_____________________________            Name:___________________________            Title:____________________________                                                                   [Signature Page to Credit Agreement] 

 

                                                                                                                                                                       CIBC BANK USA, as a Lender                                    By:_____________________________            Name:___________________________            Title:____________________________                                           [Signature Page to Credit Agreement] 

 

                                                                                                                                                                       BANK OF AMERICA, N.A., as a Lender                                    By:_____________________________            Name:___________________________            Title:____________________________                                    BANK OF AMERICA, NATIONAL            ASSOCIATION, acting through its Canada Branch,            as a Lender                                    By:_____________________________            Name:___________________________            Title:____________________________                            [Signature Page to Credit Agreement] 

 

                                                                                                                                                                                                                                                                                          COMMITMENT SCHEDULE                            Lender                     Commitment               Swingline Commitment   JPMorgan Chase Bank, N.A.              $50,000,000                  $10,000,000   CIBC Bank USA                          $30,000,000                     N/A   Bank of America, N.A.                  $20,000,000                     N/A               Total                     $100,000,000                  $10,000,000                                                      Commitment  Schedule                                                      

 

                                                                                                                                                                                                                   SCHEDULE 1.01                                            Existing Letters of Credit                               Beneficiary       LC #      Maturity    Amount  Federal Insurance 2218-3066  02/19/2020  $96,000.00  Company (Chubb)  Credit Suisse AG  2218-3057  02/21/2020 $981,019.00    (Columbus)    Real Estate -  2218- 23037 11/08/2019 $300,000.00    Sublease (Alcan)                                                                                                                              

 

                                                                                                                                                               SCHEDULE 3.05                      Properties etc.                                     SCHEDULE 3.06                     Disclosed Matters                                    SCHEDULE 3.10(b)                    Canadian Pension Plans                                   SCHEDULE 3.13                         Insurance                                     SCHEDULE 3.14                Capitalization and Subsidiaries                                     SCHEDULE 6.01                   Existing Indebtedness                                     SCHEDULE 6.02                      Existing Liens                                     SCHEDULE 6.04                     Existing Investments                                     SCHEDULE 6.10                     Existing Restrictions                                                                            

 

                                                                                                                   EXHIBIT A                           ASSIGNMENT AND ASSUMPTION                  This Assignment and Assumption (this “Assignment and Assumption”) is dated as of the  Effective  Date  set  forth  below  and  is  entered  into  by  and  between  [Insert  name  of  Assignor]  (the  “Assignor”)  and  [Insert  name  of  Assignee]  (the “Assignee”).   Capitalized  terms  used  but  not  defined  herein  shall  have  the  meanings  given  to  them  in  the  Credit  Agreement  identified  below  (as  amended,  supplemented  or otherwise modified from time  to time, the “Credit Agreement”), receipt of a  copy of  which is hereby acknowledged by the Assignee.  The Standard Terms and Conditions set forth in Annex 1  attached  hereto  are  hereby  agreed  to  and  incorporated  herein  by  reference  and  made  a  part  of  this  Assignment and Assumption as if set forth herein in full.                For  an  agreed  consideration,  the  Assignor  hereby  irrevocably  sells  and  assigns  to  the  Assignee, and the Assignee hereby irrevocably purchases and assumes from the Assignor, subject to and  in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date  inserted  by  the  Administrative  Agent  as  contemplated  below  (i)  all  of  the  Assignor’s  rights  and  obligations  in  its  capacity  as  a  Lender  under  the  Credit  Agreement  and  any  other  documents  or  instruments  delivered  pursuant  thereto  to  the  extent  related  to  the  amount  and  percentage  interest  identified  below of all of such outstanding rights and obligations  of the Assignor under the respective  facilities identified below (including any letters of credit and guarantees and swingline loans included in  such  facilities)  and  (ii)  to  the  extent  permitted  to  be  assigned  under  applicable  law,  all  claims,  suits,  causes of action and other rights of the Assignor (in its capacity as a Lender) against any Person, whether  known or unknown, arising under or in connection with the Credit Agreement, any other documents or  instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on  or  related  to  any  of  the  foregoing,  including  contract  claims,  tort claims,  malpractice  claims,  statutory  claims  and  all  other  claims at  law  or  in  equity  related  to  the  rights  and  obligations  sold  and  assigned  pursuant to clause (i) above (the rights and obligations sold and assigned pursuant to clauses (i) and (ii)  above  being  referred  to  herein  collectively  as  the “Assigned  Interest”).   Such  sale  and  assignment  is  without recourse to the Assignor and, except as expressly provided in this Assignment and Assumption,  without representation or warranty by the Assignor.    1.    Assignor:         ______________________________    2.    Assignee:         ______________________________                          [and is an Affiliate/Approved Fund of [identify Lender]1]    3.    Borrowers:        Lawson Products, Inc., a Delaware corporation, Lawson Products, Inc.,        an Illinois corporation, Baron Divestiture Company, Inc., an Illinois corporation, Lawson        Products Canada Inc., a British Columbia corporation, and The Bolt Supply House Ltd., an        Alberta corporation    4.    Administrative Agent: JPMorgan Chase Bank, N.A., as the administrative agent under the                                Credit Agreement    5.    Credit Agreement: The Credit Agreement dated as of October 11, 2019 by and among                          Lawson Products, Inc., a Delaware corporation, Lawson Products, Inc.,                        1 Select as applicable.                                        1                                            

 

                                                                  an Illinois corporation, Baron Divestiture Company, Inc., an Illinois  corporation, Lawson Products Canada Inc., a British Columbia  corporation and The Bolt Supply House Ltd., an Alberta corporation  (collectively, the “Borrowers”), the other Loan Parties party thereto, the  Lenders party thereto, JPMorgan Chase Bank, N.A., as Administrative  Agent, and the other parties thereto                                            2                                 

 

                                                                             6.     Assigned Interest:            Facility Assigned2 Aggregate Amount of     Amount of      Percentage Assigned of                      Commitment/Loans for Commitment/Loans    Commitment/Loans3                          all Lenders          Assigned                     $                   $                                %                     $                   $                                %                     $                   $                                %      Effective Date:   _____________ ___, 20___ [TO BE INSERTED BY ADMINISTRATIVE AGENT AND  WHICH  SHALL  BE  THE  EFFECTIVE  DATE  OF  RECORDATION  OF  TRANSFER  IN  THE  REGISTER THEREFOR.]    The Assignee agrees to deliver to the Administrative Agent a completed Administrative Questionnaire in  which  the  Assignee  designates  one or  more  credit  contacts  to  whom  all  syndicate-level  information  (which  may  contain  material  non-public  information  about  the Company,  the  Loan  Parties  and  their  Related  Parties  or  their  respective  securities)  will  be  made  available  and  who  may  receive  such  information  in  accordance  with  the  Assignee’s  compliance  procedures and  applicable  laws,  including  federal and state securities laws.    The terms set forth in this Assignment and Assumption are hereby agreed to:                                        ASSIGNOR                                        [NAME OF ASSIGNOR]                                          By:______________________________                                      Name:____________________________                                      Title:_____________________________                                          ASSIGNEE                                        [NAME OF ASSIGNEE]                                          By:______________________________                                      Name:___________________________                                      Title:_____________________________                              2 Fill in the appropriate terminology for the types of facility under the Credit Agreement that is being assigned under  this Assignment (e.g. “Commitment”)  3 Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder.                                        3                                            

 

                                                                             [Consented to and]4 Accepted:    JPMORGAN CHASE BANK, N.A., as     Administrative Agent, Swingline Lender and Issuing Bank       By:_________________________________  Name:______________________________  Title:_______________________________      [Consented to:]5     [NAME OF RELEVANT PARTY]      By:________________________________  Name:_____________________________  Title:_______________________________                              4 To be added only if the consent of the Administrative Agent, Issuing Bank and/or Swingline Lender, as applicable,  is required by the terms of the Credit Agreement.  5 To  be  added  only  if  the  consent  of  the  Borrower  Representative  and/or  other  parties  (e.g.  Swingline  Lender,  Issuing Bank) is required by the terms of the Credit Agreement.                                        4                                            

 

                                                                                                     ANNEX 1 to ASSIGNMENT AND ASSUMPTION                                   [__________________]6                          STANDARD TERMS AND CONDITIONS FOR                            ASSIGNMENT AND ASSUMPTION                1.  Representations and Warranties.                  1.1   Assignor.  The Assignor (a) represents and warrants that (i) it is the legal and beneficial  owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any lien, encumbrance or other  adverse claim and (iii) it has full power and authority, and has taken all action necessary, to execute and  deliver this Assignment and Assumption and to consummate the transactions contemplated hereby; and (b)  assumes  no  responsibility  with  respect  to  (i)  any  statements,  warranties  or  representations  made  in  or  in  connection  with  the  Credit  Agreement  or  any  other  Loan  Document,  (ii)  the  execution,  legality,  validity,  enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the  financial condition of any Borrower, any Subsidiary or Affiliate or any other Person obligated in respect of  any Loan Document (iv) any requirements under applicable law for the Assignee to become a lender under  the Credit Agreement or any other Loan Document or to charge interest at the rate set forth therein from time  to  time  or  (v) the  performance  or  observance  by any Borrower, any Subsidiary  or  Affiliate, or  any  other  Person of any of their respective obligations under any Loan Document.                1.2.  Assignee.  The  Assignee  (a)  represents  and  warrants  that  (i)  it has  full  power  and  authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to  consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii)  it  satisfies  the  requirements,  if  any,  specified  in  the  Credit  Agreement  and  under  applicable  law  that  are  required to be satisfied by it in order to acquire the Assigned Interest and become a Lender, 7 (iii) from and  after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder  and,  to  the  extent  of  the  Assigned  Interest,  shall  have  the  obligations  of  a  Lender  thereunder,  (iv)  it  has  received  a  copy  of  the  Credit  Agreement,  together  with  copies  of  the  most  recent  financial  statements  delivered pursuant to Section 5.01 thereof, as applicable, and such other documents and information as it has  deemed  appropriate  to  make  its  own  credit  analysis  and  decision  to  enter  into  this  Assignment  and  Assumption  and  to  purchase  the  Assigned  Interest  on  the  basis  of  which  it  has  made  such  analysis  and  decision independently and without reliance on the Administrative Agent, any Arranger, the Assignor or any  other Lender or any of their respective Related Parties, and (v) attached to the Assignment and Assumption is  any  documentation  required  to  be  delivered  by  it  pursuant  to  the  terms  of  the  Credit  Agreement,  duly  completed and executed by the Assignee and (vi) it is not an Affiliated Lender; and (b) agrees that (i) it will,  independently and without reliance on the Administrative Agent, any Arranger, the Assignor or any other  Lender or any of their respective Related Parties, and based on such documents and information as it shall  deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under  the Loan Documents, and (ii) it will perform in accordance with their terms all of the obligations which by  the terms of the Loan Documents are required to be performed by it as a Lender.                2.   Payments.  From and after the Effective Date, the Administrative Agent shall make all  payments  in  respect  of  the  Assigned  Interest  (including  payments  of  principal,  interest,  fees  and  other                         6 Describe Credit Agreement at option of Administrative Agent.  2 To the extent the Borrower or another Lender insists on adding a specific representation from the Assignee that it is  not a Disqualified Institution, please discuss with the internal Chase counsel that covers the transaction.  Please keep in  mind that the Borrower would have already reviewed and approved the primary syndicate in executing a Master  Consent to Assignments and therefore the “not a Disqualified Institution” representation provides no additional  protection for the Borrower.                                          1                                              

 

                                                                            amounts) to the Assignor for amounts which have accrued to but excluding the Effective Date and to the  Assignee for amounts which have accrued from and after the Effective Date.                3.  General Provisions.  This Assignment and Assumption shall be binding upon, and inure  to  the  benefit  of,  the  parties  hereto  and  their  respective  successors  and  assigns.   This  Assignment  and  Assumption may be executed in any number of counterparts, which together shall constitute one instrument.   Acceptance and adoption of the terms of this Assignment and Assumption by the Assignee and the Assignor  by  Electronic  Signature  (as  defined  in the  Credit  Agreement)  or  delivery of  an  executed  counterpart  of a  signature page of this Assignment and Assumption by any Approved Electronic Platform (as defined in the  Credit Agreement) shall be effective as delivery of a manually executed counterpart of this Assignment and  Assumption.  This Assignment and Assumption shall be governed by, and construed in accordance with,  the law of the State of Illinois.           

 

                                                                                                               EXHIBIT B-1                                                                   [FORM OF] BORROWING REQUEST                                                                     [COMPANY NAME/HEADER]                                           JPMorgan Chase Bank, N.A.  10 South Dearborn, Floor L2  Suite IL1-1145  Chicago, IL, 60603-2300  Attention: ___________________  ___________    Date:     Ladies and Gentlemen:    This Borrowing Request is furnished pursuant to Section 2.03 of that certain Credit Agreement dated as  of October 11, 2019  (as amended, restated, supplemented or otherwise modified from time to time, the  “Agreement”) among Lawson Products, Inc., a Delaware corporation (as the “Borrower Representative”),  the other Loan Parties party thereto, the lenders party thereto and JPMorgan Chase Bank, N.A. (“Chase”),  as  Agent for  the  Lenders.   Unless  otherwise  defined  herein,  capitalized  terms  used  in  this  Borrowing  Request have the meanings ascribed thereto in the Agreement.  The Borrower Representative represents  that, as of this date, the conditions precedent set forth in Section 4.02(a) and (b) are satisfied.                                            The Borrower Representative hereby notifies Chase of its request for the following Borrowing:                                                                    1. Revolving Borrowing                    2. Aggregate Amount of the Revolving Borrowing8:                                      $_________________                    3. Name[s] of the applicable Borrower[s]                    4. Borrowing Date of the Borrowing (must be a Business Day):                       ____________________                    5. The Borrowing shall be a ___ ABR Borrowing, a ___ Canadian Prime Rate                       Borrowing, a ____ CDOR Rate Borrowing or ___ Eurodollar Borrowing9                    6. If a Eurodollar Borrowing, the duration of Interest Period 10:                                             One Month __________                                             Three Months_________                                             Six Months__________                    7. If a CDOR Rate Borrowing, the duration of Interest Period 11:                                             30 days __________                                             60 days_________                                             90 days__________                        8 Must comply with Section 2.02(c) of the Agreement  9 If no election is made, then the requested Borrowing shall be an [ABR] [Canadian Prime Rate]  Borrowing  10 Shall be subject to the definition of “Interest Period.”  Cannot extend beyond the Maturity Date.  If an Interest  Period is not specified, then the Borrower shall be deemed to have selected an Interest Period of one month’s  duration.  11 Shall be subject to the definition of “Interest Period.”  Cannot extend beyond the Maturity Date.  If an Interest  Period is not specified, then the Borrower shall be deemed to have selected an Interest Period of 30 days’ duration.                                             

 

                       180 days__________                                                                                     LAWSON PRODUCTS, INC., a Delaware corporation    By: _______________________   Name:   Title:       2                     

 

                                                                                                               EXHIBIT B-2                       [FORM OF] INTEREST ELECTION REQUEST                             LAWSON PRODUCTS, INC.  JPMorgan Chase Bank, N.A.  10 South Dearborn, Floor L2  Suite IL1-1145  Chicago, IL, 60603-2300  Attention: ___________________      Date:    Ladies and Gentlemen:  This Interest Election Request is furnished pursuant to Section 2.08(c) of that certain Credit Agreement  dated as of October 11, 2019 (as amended, restated, supplemented or otherwise modified from time to  time,  the  “Agreement”)  among Lawson  Products,  Inc., a  Delaware corporation (as the  “Borrower  Representative”),  the  other  Loan  Parties,  the  lenders  party  thereto and JPMorgan  Chase  Bank,  N.A.  (“Chase”),  as  Agent  for  the  Lenders.   Unless  otherwise  defined  herein,  capitalized  terms  used  in  this  Interest Election Request have the meanings ascribed thereto in the Agreement.            The Borrower Representative is hereby requesting to convert or continue certain Borrowings as follows:     1.    Borrowing to which this Interest Election Request applies:           ________________________________     2.    Date of conversion/continuation (must be a Business Day): __________________, 20____     2.       Amount of Borrowings being converted/continued:  $ _______________     3.       Nature of conversion/continuation:             a. Conversion of [ABR Borrowings][Canadian Prime Rate Borrowings] to [Eurodollar              Borrowings][CDOR Rate Borrowings]             b. Conversion of [Eurodollar Borrowings][CDOR Rate Borrowings] to [ABR Borrowings][Canadian              Prime Rate Borrowings]             c. Continuation of [Eurodollar Borrowings][CDOR Rate Borrowings]as such     4. If  Borrowings  are  being  continued  as  or  converted  to [Eurodollar  Borrowings][CDOR  Rate        Borrowings],  the  duration  of  the  new  Interest  Period  that  commences  on  the        conversion/continuation date12:          [One Month][30 days]  __________ [Three Months][60 days] __________ [Six        Months][90 days]  __________  [180 days]  __________     5. The undersigned officer of Borrower Representative certifies that, both before and after giving        effect to the request above, no Default or Event of Default has occurred and is continuing under        the Agreement.                                                     LAWSON PRODUCTS, INC., a Delaware                                               corporation                                             By: _______________________                                            Name:                                             Title:                                              12 Shall be subject to the definition of “Interest Period.” Cannot extend beyond the Maturity Date.  If an Interest  Period is not specified, then the Borrower shall be deemed to have selected an Interest Period of one month’s  duration.                                                                                     

 

                                    EXHIBIT C-1                                                   [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 the Credit Agreement dated as of October 11, 2019 (as amended,  supplemented  or  otherwise  modified  from  time  to  time,  the “Credit  Agreement”),  among Lawson  Products, Inc., a Delaware corporation, Lawson Products, Inc., an Illinois corporation, Baron Divestiture  Company,  Inc.,  an  Illinois corporation, Lawson Products  Canada Inc., a  British Columbia  corporation,  and The Bolt Supply House Ltd., an Alberta corporation (collectively, the “Borrowers”), and each lender  from time to time party thereto.                  Pursuant  to  the  provisions  of  Section  2.17  of  the  Credit  Agreement,  the  undersigned  hereby  certifies that (i) it is the sole record and beneficial owner of the Loan(s) (as well as any promissory note(s)  evidencing such 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 any Borrower  within the meaning of Section 871(h)(3)(B) of the Code and (iv) it is not a controlled foreign corporation  related to any Borrower as described in Section 881(c)(3)(C) of the Code.                The undersigned has furnished the Administrative Agent and the Borrower Representative with a  certificate of its non-U.S. Person status on IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable.   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 Representative and the Administrative  Agent,  and  (2)  the  undersigned  shall  have  at  all  times  furnished  the  Borrower Representative and  the  Administrative  Agent  with  a  properly  completed  and  currently  effective  certificate  prior  to  the  first  payment to be made to the undersigned, or in either of the two calendar years preceding such payments.                 Unless  otherwise  defined  herein, terms  defined  in  the  Credit  Agreement and  used  herein  shall  have the meanings given to them in the Credit Agreement.    [NAME OF LENDER]    By:_________________________  Name:_______________________  Title:________________________      Date: ________ __, 20[  ]                                                                                          

 

                                                                                                                  EXHIBIT C-2                                                                              [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 the Credit Agreement dated as of October 11, 2019 (as amended,  supplemented or otherwise modified from time to time, the “Credit Agreement”), Lawson Products, Inc.,  a Delaware corporation, Lawson Products, Inc., an Illinois corporation, Baron Divestiture Company, Inc.,  an  Illinois  corporation,  Lawson  Products  Canada Inc.,  a  British  Columbia  corporation,  and The  Bolt  Supply House Ltd., an Alberta corporation (collectively, the “Borrowers”), and each lender from time to  time party thereto.                  Pursuant  to  the  provisions  of  Section  2.17  of  the  Credit  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 any Borrower within the meaning of Section 871(h)(3)(B) of the  Code, and (iv) it is not a controlled foreign corporation related to any 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, as applicable.  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 prior to the first payment to be made  to the undersigned, or in either of the two calendar years preceding such payments.                  Unless  otherwise  defined  herein, terms  defined  in  the  Credit  Agreement and  used  herein  shall  have the meanings given to them in the Credit Agreement.    [NAME OF PARTICIPANT]    By:_________________________  Name:_______________________  Title:________________________      Date: ________ __, 20[  ]                                                                                                                                  

 

                                                                                                                  EXHIBIT C-3                                                                              [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 the Credit Agreement dated as of October 11, 2019 (as amended,  supplemented  or  otherwise  modified  from  time  to  time,  the “Credit  Agreement”), among Lawson  Products, Inc., a Delaware corporation, Lawson Products, Inc., an Illinois corporation, Baron Divestiture  Company,  Inc.,  an  Illinois corporation, Lawson Products  Canada Inc., a  British Columbia  corporation,  and The Bolt Supply House Ltd., an Alberta corporation (collectively, the “Borrowers”), and each lender  from time to time party thereto.                  Pursuant  to  the  provisions  of  Section  2.17  of  the  Credit 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 any 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 any 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, as applicable, or (ii) an IRS Form W- 8IMY accompanied by a withholding statement together with an IRS Form W-8BEN or IRS Form W- 8BEN-E,  as  applicable, from  each  of  such partner’s/member’s beneficial owners  that  is  claiming  the  portfolio  interest  exemption.   By  executing  this  certificate,  the  undersigned  agrees  that  (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 prior to the first payment to be made to the undersigned, or in either of the  two calendar years preceding such payments.                Unless  otherwise  defined  herein, terms  defined  in  the  Credit  Agreement and  used  herein  shall  have the meanings given to them in the Credit Agreement.    [NAME OF PARTICIPANT]    By:_________________________  Name:_______________________  Title:________________________      Date: ________ __, 20[  ]                                                                                       

 

                                                                                                              EXHIBIT C-4                                                                              [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 the Credit Agreement dated as of October 11, 2019 (as amended,  supplemented  or  otherwise  modified  from  time  to  time,  the “Credit  Agreement”), among Lawson  Products, Inc., a Delaware corporation, Lawson Products, Inc., an Illinois corporation, Baron Divestiture  Company,  Inc.,  an  Illinois corporation, Lawson  Products  Canada Inc., a  British Columbia  corporation,  and The Bolt Supply House Ltd., an Alberta corporation (collectively, the “Borrowers”), and each lender  from time to time party thereto.                  Pursuant  to  the  provisions  of  Section  2.17  of  the  Credit  Agreement,  the  undersigned  hereby  certifies that (i) it is the sole record owner of the Loan(s) (as well as any promissory note(s) evidencing  such 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)  (as  well  as  any promissory  note(s)  evidencing  such  Loan(s)), (iii) with respect to the extension of credit pursuant to this Credit Agreement or any other Loan  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 any 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 any Borrower  as described in Section 881(c)(3)(C) of the Code.                The undersigned has furnished the Administrative Agent and the Borrower Representative 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,  as  applicable, or (ii) an IRS Form W-8IMY accompanied by a withholding statement together with an IRS  Form W-8BEN or IRS Form W-8BEN-E, as applicable, from each of such partner’s/member’s beneficial  owners that is claiming the portfolio interest exemption.  By executing this certificate, the undersigned  agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so  inform the Borrower Representative and the Administrative Agent, and (2) the undersigned shall have at  all times furnished the Borrower Representative and the Administrative Agent with a properly completed  and currently effective certificate prior to the first payment to be made to the undersigned, or in either of  the two calendar years preceding such payments.                Unless  otherwise  defined  herein, terms  defined  in  the  Credit  Agreement and  used  herein  shall  have the meanings given to them in the Credit Agreement.    [NAME OF LENDER]    By:_________________________  Name:_______________________  Title:________________________  Date: ________ __, 20[  ]                                                                   1                                              

 

                                                                                                                 EXHIBIT D                                                                                                              COMPLIANCE CERTIFICATE    To:   The Lenders party to the        Credit Agreement described below          This Compliance Certificate (“Certificate”), for the period ended _______ __, 201_,  is furnished  pursuant to that certain Credit Agreement dated as of October 11, 2019 (as amended, modified, renewed  or extended from time to time, the “Agreement”) among Lawson Products, Inc., a Delaware corporation,  Lawson Products, Inc., an Illinois corporation, Baron Divestiture Company, Inc., an Illinois corporation,  Lawson  Products  Canada Inc.,  a  British  Columbia  corporation,  and The  Bolt  Supply House  Ltd.,  an  Alberta corporation (collectively, the “Borrowers”), the other Loan Parties, the Lenders party thereto and  JPMorgan  Chase  Bank,  N.A.,  as  Administrative  Agent  for  the  Lenders  and  as  the  Issuing  Bank  and  Swingline Lender.  Unless otherwise defined herein, capitalized terms used in this Certificate have the  meanings ascribed thereto in the Agreement.          THE UNDERSIGNED HEREBY CERTIFIES ON ITS BEHALF AND ON BEHALF OF THE  BORROWERS THAT:     2.    I am the                        of the Borrower Representative and I am authorized to deliver this        Certificate on behalf of the Borrowers and their Subsidiaries;          3.    I have reviewed the terms of the Agreement and I have made, or have caused to be made under        my supervision, a detailed review of the compliance of the Borrowers and their Subsidiaries with        the  Agreement  during  the  accounting  period  covered  by  the  attached  financial  statements  (the        “Relevant Period”);    4.    The  attached  financial  statements  of  the Company and,  as  applicable,  its  Subsidiaries  and/or        Affiliates  for  the  Relevant  Period:  (a)  have  been  prepared  on  an  accounting  basis  (the        “Accounting  Method”) consistent  with the  requirements  of the  Agreement  and,  except  as  may        have  been  otherwise  expressly  agreed  to  in  the  Agreement,  in  accordance  with  GAAP        consistently applied, and (b) to the extent that the attached are not the Company’s annual fiscal        year  end  statements,  are  subject  to  normal  year-end  audit  adjustments  and  the  absence  of        footnotes;    5.    The examinations described in paragraph 2 did not disclose and I have no knowledge of, except        as set forth below, (a) the existence of any condition or event which constitutes a Default or an        Event of Default under the Agreement or any other Loan Document during or at the end of the        Relevant Period or as of the date of this Certificate or (b) any change in the Accounting Method        or in the application thereof that has occurred since the date of the annual financial statements        delivered  to  the Administrative  Agent in  connection  with  the  closing  of  the  Agreement  or        subsequently delivered as required in the Agreement;    6.    I hereby certify that, except as set forth below, no Loan Party has changed (i) its name, (ii) its        chief executive office, (iii) its principal place of business, (iv) the type of entity it is or (v) its state                                         2                                              

 

                                                                                   of  incorporation  or  organization  without  having  given  the  Administrative  Agent  the  notice        required by Section ___ of the Security Agreement;      7.    Schedule I attached hereto sets forth financial data and computations41 evidencing the Borrowers’        compliance with certain covenants of the Agreement, all of which data and computations are true,        complete and correct; and          8.    Schedule  II hereto  sets  forth  the  computations  necessary  to  determine  the  Applicable  Rate        commencing on the Business Day this Certificate is delivered.           Described below are the exceptions, if any, referred to in paragraph 4 hereof by listing, in detail,  the (i) nature of the condition or event, the period during which it has existed and the action which the  Borrowers have taken, are taking, or propose to take with respect to each such condition or event or (ii)  change in the Accounting Method or the application thereof and the effect of such change on the attached  financial statements:                                                                                                                                                                                                                                                    The foregoing certifications, together with the computations set forth in Schedule I and Schedule  II  hereto  and  the  financial  statements  delivered  with  this  Certificate  in  support  hereof,  are  made  and  delivered this      day of               ,        .                                            Lawson Products, Inc., a Delaware corporation                                            as the Borrower Representative                                              By:                                                                             Name:                                                                     Title:                                      41 Schedule I must include detailed calculation tables for all components of the financial covenant calculations.                                        3                                              

 

                                                                                                          Schedule I to Compliance Certificate                                                                                                             Compliance as of _________, 20__ with                        Provisions of Section 6.12 of the Agreement                                                                                       [Schedule I must include detailed calculation tables for all components of the financial covenant                  calculations.  Sample calculation tables are set forth below.]                                           A.    SECTION 6.12(A)  MINIMUM FIXED CHARGE COVERAGE RATIO                    1. Net Income                                             $___________        2. Plus:                                                                   a. Interest Expense for such period                    $___________           b. income tax expense for such period net of tax refunds $___________           c. All amounts attributable to depreciation and amortization expense              for such period                                     $___________           d. (x) unusual or nonrecurring charges, severance, relocation costs,              integration  and facilities’ opening  costs,  retention or  completion              bonuses,  transition costs,  and  costs  related  to              closure/consolidation  of  facilities,  and  (y)  restructuring  charges,              accruals  or  reserves  (including  restructuring  costs  in  connection              with Permitted Acquisitions)                        $___________           e. non-recurring out-of-pocket transactions fees, costs and expenses              relating to Permitted Acquisitions or any attempted consummation              of  any  Permitted  Acquisition  not  to  exceed  $1,000,000  during              such period                                         $___________           f. unrealized  non-cash  losses  in  such  period  due  solely  to              fluctuations in currency values                     $___________           g. non-recurring  out-of-pocket  fees,  costs  and  expenses  (including              legal costs) relating to environmental remediation  $___________           h. non-cash  expenses  arising  from  grants  of  stock  appreciation              rights, stock performance rights, stock options or restricted stock              or other equity instruments granted under the Company’s equity              incentive plan                                      $___________           i. losses incurred in connection with the disposition or real property              not in the ordinary course of business              $___________           j. any  other  non-cash  charges for  such  period  (but  excluding  any              non-cash  charge  in  respect  of  an  item  that  was  included  in  Net              Income in a prior period) and any non-cash charges that relate to              the write-down or write-off of inventory            $___________           k. fees and expenses incurred in connection with the Agreement $___________                                                                                      

 

                                                                                   3. Minus:                                                                  a. unrealized non-cash gains in such period due solely to fluctuations              in currency values                                  $___________           b. gains incurred in connection with the disposition or real property              not in the ordinary course of business              $___________           c. any  cash  payments  made  during  such  period  in  respect  of  non-             cash charges described in Line 2(j) above taken in a prior period $___________           d. any  unusual  or  nonrecurring  gains  and  any  non-cash  items  of              income for such period                              $___________        4. Total (EBITDA)                                         $___________        5. Unfinanced Capital Expenditures                        $___________        6. Remainder of Line 4 minus Line 5                       $___________        7. Interest Expense                                       $___________        8. scheduled principal payments on Indebtedness actually made $___________        9. expense for taxes paid in cash                         $___________        10. Restricted Payments paid in cash by the Company       $___________        11. Sum of Lines 7, 8, 9 and 10 (“Fixed Charges”)         $___________        12. Ratio of Line 6 to Line 11                             _____ to 1.00        13. Minimum Required                                        1.15 to 1.00        14. Company in compliance?                                   Yes / No                                            B.    SECTION 6.12(B):  MAXIMUM TOTAL NET LEVERAGE RATIO                      1. Total Indebtedness                                     $___________        2. Unrestricted Cash in an amount not to exceed $10,000,000 $___________        3. Remainder of Line 1 minus Line 2                       $___________        4. EBITDA                                                 $___________        5. Ratio of Line 3 to Line 4                               _____ to 1.00        6. Maximum allowed                                         _____ to 1.00        7. Company in compliance?                                    Yes / No                                                                                                                              2                                              

 

                                                                            Schedule II to Compliance Certificate                                                       Borrower’s Applicable Rate Calculation as of _________, 20__                                                      Total Net Leverage Ratio:                :1.00  Applicable Rate Category:                    Category 1             [Yes/No]            3.25 to 1.0             Category 2             [Yes/No]           3.25 to 1.0  but            2.50 to 1.0            Category 3             [Yes/No]           2.50 to 1.0 but            1.75 to 1.0            Category 4             [Yes/No]           1.75 to 1.0 but            1.00 to 1.0            Category 5             [Yes/No]            1.00 to 1.0                                The Applicable Rate Category is:  Category [1/2/3/4/5]                                                                                                               

 

                                                                                                                   EXHIBIT E                                                                        JOINDER AGREEMENT                                                 THIS JOINDER AGREEMENT (this “Agreement”), dated as of [    ], is entered into between  ________________________________,  a  _________________  (the “New  Subsidiary”)  and  JPMORGAN CHASE BANK, N.A., in its capacity as administrative agent (the “Administrative Agent”)  under  that  certain  Credit  Agreement  dated  as  of October  11,  2019 (as  the  same  may  be  amended,  modified, extended or restated from time to time, the “Credit Agreement”) among Lawson Products, Inc.,  a Delaware corporation, Lawson Products, Inc., an Illinois corporation, Baron Divestiture Company, Inc.,  an  Illinois  corporation,  Lawson  Products  Canada Inc.,  a  British  Columbia  corporation,  and The  Bolt  Supply House Ltd., an Alberta corporation (the “Borrowers”), the other Loan Parties party thereto, the  Lenders party thereto and the Administrative Agent for the Lenders. All capitalized terms used herein and  not otherwise defined herein shall have the meanings set forth in the Credit Agreement.          The New Subsidiary and the Administrative Agent, for the benefit of the Secured Parties, hereby  agree as follows:          1.    The New Subsidiary hereby acknowledges, agrees and confirms that, by its execution of  this  Agreement,  the  New  Subsidiary  will  be  deemed  to  be  a [U.S.][Canadian] Loan  Party  under  the  Credit Agreement and a “[U.S.][Canadian] Loan Guarantor” for all purposes of the Credit Agreement  and  shall  have  all  of  the  obligations  of  a [U.S.][Canadian] Loan  Party  and  a [U.S.][Canadian] Loan  Guarantor thereunder as if it had executed the Credit Agreement.  The New Subsidiary hereby ratifies, as  of the date hereof, and agrees to be bound by, all of the terms, provisions and conditions contained in the  Credit Agreement, including without limitation (a) all of the representations and warranties of the Loan  Parties  set  forth  in  Article  III  of  the  Credit  Agreement, *[and]* (b)  all  of  the  covenants  set  forth  in  Articles V and VI of the Credit Agreement *[and (c) all of the guaranty obligations set forth in Article X  of the Credit Agreement.  Without limiting the generality of the foregoing terms of this paragraph 1, the  New Subsidiary, subject to the limitations set forth in Section 10.10 and 10.13 of the Credit Agreement,  hereby  guarantees,  jointly  and  severally  with  the  other [U.S.][Canadian] Loan  Guarantors,  to  the  Administrative  Agent  and  the  Lenders,  as  provided  in  Article  X  of  the  Credit Agreement,  the  prompt  payment and performance of the [U.S.][Canadian] Guaranteed Obligations in full when due (whether at  stated maturity, as a mandatory prepayment, by acceleration or otherwise) strictly in accordance with the  terms  thereof  and  agrees  that  if  any  of  the [U.S.][Canadian] Guaranteed  Obligations  are  not paid  or  performed in full when due (whether at stated maturity, as a mandatory prepayment, by acceleration or  otherwise), the New Subsidiary will, jointly and severally together with the other [U.S.][Canadian] Loan  Guarantors, promptly pay and perform the same, without any demand or notice whatsoever, and that in  the  case  of  any  extension  of  time  of  payment  or  renewal  of  any  of  the [U.S.][Canadian] Guaranteed  Obligations,  the  same  will  be  promptly  paid  in  full  when  due  (whether  at  extended  maturity,  as  a  mandatory prepayment, by acceleration or otherwise) in accordance with the terms of such extension or  renewal.]*   *[The  New  Subsidiary  has  delivered  to  the  Administrative  Agent  an  executed  Obligation  Guaranty.]*          2.    If required, the New Subsidiary is, simultaneously with the execution of this Agreement,  executing  and  delivering  such  Collateral  Documents  (and  such  other  documents  and  instruments)  as  requested by the Administrative Agent in accordance with the Credit Agreement.          3.    The address of the New Subsidiary for purposes of Section 9.01 of the Credit Agreement  is as follows:                                                                                                                                             1   

 

                                                                                                                                       4.    The  New  Subsidiary  hereby  waives  acceptance  by  the  Administrative  Agent  and  the  Lenders  of  the  guaranty  by  the  New  Subsidiary  upon  the  execution  of  this  Agreement  by  the  New  Subsidiary.          5.    This Agreement may be executed in any number of counterparts, each of which when so  executed and delivered shall be an original, but all of which together shall constitute one and the same  instrument.          6.    THIS  AGREEMENT  AND  THE  RIGHTS  AND  OBLIGATIONS  OF  THE  PARTIES  HEREUNDER  SHALL  BE  GOVERNED  BY  AND  CONSTRUED  AND  INTERPRETED  IN  ACCORDANCE WITH THE LAWS OF THE STATE OF ILLINOIS.          IN WITNESS WHEREOF, the New Subsidiary has caused this Agreement to be duly executed  by its authorized officer, and the Administrative Agent, for the benefit of the Secured Parties, has caused  the same to be accepted by its authorized officer, as of the day and year first above written.                                        [NEW SUBSIDIARY]                                        By:                                                                       Name:                                                                     Title:                                                                      Acknowledged and accepted:                                        JPMORGAN CHASE BANK, N.A., as Administrative                                       Agent                                        By:                                                                       Name:                                                                     Title:                                                                          2Exhibit 10.1

 

Execution
Version

 

AMENDMENT
NO. 2 To

AmenDed
and Restated Credit Agreement

 

THIS AMENDMENT NO. 2 TO AMENDED AND RESTATED
CREDIT AGREEMENT (this “Amendment”) is made as of October 15, 2019, by and among VIRTUSA CORPORATION,
a Delaware corporation (the “Borrower”), JPMORGAN CHASE BANK, N.A. as the Administrative Agent (the “Administrative
Agent”), the Guarantors party hereto and each Lender as of the date hereof. Unless otherwise defined herein, capitalized
terms used herein shall have the meanings ascribed to them in the Credit Agreement described below.

 

WITNESSETH:

 

WHEREAS, the Borrower, the Guarantors from
time to time party thereto, the Lenders from time to time party thereto, and the Administrative Agent are parties to that certain
Credit Agreement dated as of February 6, 2018 (as amended, modified, restated or otherwise supplemented from time to time, the
 “Credit Agreement”);

 

WHEREAS, the Borrower has requested that
the Lenders and the Administrative Agent agree to amend certain provisions of the Credit Agreement in order to (i) increase the
Revolving Commitments under the Credit Agreement in the aggregate principal amount of $75,000,000 (“Revolving Commitment
Increase”), (ii) amend the Applicable Rate and certain fees for the Commitments and Loans under the Credit Agreement
and (iii) make certain other changes to the Credit Agreement as further set forth in Exhibit A attached hereto;

 

WHEREAS, subject to the satisfaction of
the conditions set forth herein, the Administrative Agent and the Lenders are willing to provide the Revolving Commitment Increase
to the Borrower on the Second Amendment Effective Date, and the parties hereto agree to amend certain provisions of the Credit
Agreement, all on the terms and subject to the conditions set forth in this Amendment.

 

NOW, THEREFORE, in consideration of the
premises set forth herein (which are incorporated herein as though fully set forth below, by this reference thereto) and for other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each of the undersigned agrees as
follows:

 

1.            Acknowledgments,
Affirmations and Representations and Warranties.

 

Each Loan Party acknowledges, affirms,
represents and warrants that:

 

(i)           The
Borrower has the corporate power and authority to enter into, and has taken all necessary corporate action to authorize, this
Amendment and the transactions contemplated hereby.

 

(ii)          Each
Guarantor has the corporate and/or company power and authority to enter into, and has taken all necessary corporate or company
action to authorize, this Amendment and the transactions contemplated hereby.

 

(iii)         No
consent, approval, authorization or order of, or filing, registration or qualification with, any court or governmental authority
or third party is required in connection with the execution, delivery or performance by each Loan Party of this Amendment.

 

     

     

    

 

(iv)        The
execution, delivery and performance of this Amendment and the transactions contemplated hereby (a) do not and will not violate
in any material respect any applicable law or regulation or the charter, by-laws or other organizational documents of the Borrower
or any of its Subsidiaries or any order of any Governmental Authority, (b) do not and will not violate or result in a default
under any material indenture, agreement or other instrument binding upon the Borrower or any of its Subsidiaries or its material
assets, or give rise to a right thereunder to require any payment to be made by the Borrower or any of its Subsidiaries, and (c)
do not and will not result in the creation or imposition of any Lien on any asset of the Borrower or any of its Subsidiaries (other
than Liens created pursuant to or otherwise permitted under the Loan Documents).

 

(v)         This
Amendment has been duly executed and delivered by each Loan Party, and each of this Amendment and the Credit Agreement as amended
hereby constitutes the legal, valid and binding obligation of each Loan Party that is a party thereto, enforceable against such
Loan Party in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws
affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a
proceeding in equity or at law.

 

(vi)        All
representations and warranties of the Borrower and each Loan Party set forth in the Credit Agreement and the other Loan Documents
are true and correct in all material respects (or, with respect to representations and warranties already qualified by concepts
of materiality, in all respects) on and as of the date hereof (except for representations and warranties that expressly speak
as of a specific date, then on and as of such specific date).

 

(vii)       Both
immediately before and immediately after giving effect to this Amendment, no Default or Event of Default exists under the Credit
Agreement or any of the other Loan Documents.

 

2.            Amendments
to Credit Agreement. Subject to the covenants, terms and conditions set forth herein and in reliance upon the representations
and warranties set forth herein, the Credit Agreement, including all of the Exhibits attached thereto, is hereby amended such
that, after giving effect to all such amendments, it shall read in its entirety as set forth in Exhibit A attached hereto.

 

3.            Amendment
of Schedule 2.01A. Schedule 2.01A to the Credit Agreement is hereby deleted and replaced with Schedule 2.01A attached hereto
as Annex 1.

 

4.            Conditions
to Effectiveness. This Amendment shall become effective on the first date (the “Second Amendment Effective Date”)
upon which each of the following conditions has been satisfied:

 

a.            The
Administrative Agent (or its counsel) shall have received from the Borrower, each other Loan Party and each Lender either (i)
a counterpart of this Amendment signed on behalf of such party or (ii) written evidence satisfactory to the Administrative Agent
(which may include facsimile or other electronic transmission of a signed counterpart of this Amendment) that such party has signed
a counterpart of this Amendment.

 

b.            The
Administrative Agent (or its counsel) shall have received, each in form and substance satisfactory to the Administrative Agent,
a Note (“New Note”) executed by the Borrower for each Lender requesting a Note to the extent requested
at least two (2) Business Days prior to the Second Amendment Effective Date.

 

c.            The
Administrative Agent shall have received a favorable written opinion (addressed to the Administrative Agent and the Lenders and
dated the Second Amendment Effective Date) of Goodwin Procter LLP, counsel for the Loan Parties, and covering such
matters relating to the Loan Parties, this Amendment, the New Notes, if any, or other Loan Documents
as the Administrative Agent shall reasonably request. 

 

    2

     

    

 

d.             The
Administrative Agent shall have received: (i) a copy of each organizational document of each Loan Party and, to the extent applicable,
certified as of a recent date by the appropriate governmental official or a certificate signed by an officer of such Loan Party
certifying that such organizational document has not been amended, modified or rescinded since they were last furnished in writing
to the Administrative Agent, and remain in full force and effect as of the date hereof; (ii) signature and incumbency certificates
of the officers of the Loan Parties executing this Amendment, the New Notes and each other agreement executed in connection therewith
to which such Loan Party is a party as of the Second Amendment Effective Date; (iii) resolutions of the board of directors or
similar governing body of each Loan Party approving and authorizing the execution, delivery and performance of this Amendment,
the New Notes, the other Loan Documents and each other agreement executed in connection therewith to which such Loan Party is
a party as of the Second Amendment Effective Date, certified as of the Second Amendment Effective Date by such Loan Party as being
in full force and effect without modification or amendment; and (iv) a good standing certificate (to the extent such concept is
known in the relevant jurisdiction) from the applicable Governmental Authority of each Loan Party’s respective jurisdiction
of incorporation, organization or formation dated as of a recent date prior to the Second Amendment Effective Date.

 

e.             The
Administrative Agent shall have received all fees due and payable on or prior to the Second Amendment Effective Date, and, to
the extent invoiced at least one day prior to the Second Amendment Effective Date, shall have been reimbursed for all out of pocket
expenses (including legal fees and expenses) required to be reimbursed by the Borrower hereunder.

 

f.              The
Administrative Agent shall have received a Solvency Certificate.

 

g.             The
Administrative Agent (or its counsel) shall have received the results of a search of the UCC filings with respect to each Loan
Party.

 

h.             The
Administrative Agent shall have received, at least three (3) Business Days prior to the Second Amendment Effective Date, all documentation
and other information with respect to the Borrower and the Guarantors required under applicable “know your customer”
and anti-money laundering rules and regulations, including the USA Patriot Act, as the Administrative Agent and Lenders shall
have reasonably requested in writing at least ten (10) Business Days prior to Second Amendment Effective Date. The Administrative
Agent and each requesting Lender shall have received, at least five days prior to the Second Amendment Effective Date and solely
to the extent the Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, a certification
regarding beneficial ownership of the Borrower as required by the Beneficial Ownership Regulation, in form and substance substantially
the same as the form of Certification Regarding Beneficial Owners of Legal Entity Customers published jointly, in May 2018, by
the Loan Syndications and Trading Association and Securities Industry and Financial Markets Association.

 

i.              All
representations and warranties of the Borrower and each Loan Party set forth in the Credit Agreement (as amended hereby), this
Amendment and the other Loan Documents shall be true and correct in all material respects (or, with respect to representations
and warranties already qualified by concepts of materiality, in all respects) on and as of the Second Amendment Effective Date
(except for representations and warranties that expressly speak as of a specific date, then on and as of such specific date).

 

    3

     

    

 

j.             Both
immediately before and immediately after giving effect to this Amendment, no Default or Event of Default shall exist, have occurred
and be continuing under the Credit Agreement or any of the other Loan Documents.

 

k.            No
Material Adverse Effect shall have occurred or exist, and there has been no event, development or circumstance that, individually
or in the aggregate, would reasonably be expected to have a Material Adverse Effect.

 

l.             The
Administrative Agent shall have received a certificate of a Responsible Officer of Borrower certifying that each of the conditions
specified in paragraphs (i), (j) and (k) of this Section 4 has been satisfied.

 

m.           The
Administrative Agent shall have received such other documents as the Administrative Agent or the Required Lenders (through the
Administrative Agent) may reasonably request.

 

5.             Reaffirmation;
No Waiver. Each Loan Party, as maker, debtor, assignor, obligor, guarantor, or in other similar capacity in which it incurs
obligations to the Administrative Agent, the Issuing Bank or the Lenders under any of the Loan Documents, hereby ratifies and
reaffirms all of its respective payment and performance obligations, contingent or otherwise, under each of the Loan Documents
to which it is a party and, to the extent it has granted liens or mortgages on or security interests in any of its properties
pursuant to any Collateral Document as security for the Secured Obligations, hereby ratifies and reaffirms such grant of liens,
mortgages and security interests and confirms and agrees that with respect to liens and security interests on any right, title
and interest of such Loan Party in any personal property granted pursuant to a security agreement, pledge agreement or otherwise,
such liens and security interests hereafter secure all of the Secured Obligations, in each case as if each reference in such Collateral
Document to the obligations secured thereby are construed to hereafter mean and refer to such Secured Obligations (including,
without limitation, with respect to all Loans and all LC Exposure) and including under the Credit Agreement and other Loan Documents,
as amended by this Amendment. Each Loan Guarantor acknowledges, affirms and agrees that all Secured Obligations to the Administrative
Agent, the Issuing Bank, the Lenders and the Secured Parties have been guaranteed and continue to be guaranteed by such Loan Guarantor
pursuant to the terms of the Credit Agreement, as amended by this Amendment. Each Loan Party acknowledges and reaffirms that it
is responsible for the observance and full performance of the Secured Obligations and that each of the Loan Documents to which
it is a party remains in full force and effect, continues to apply to the Secured Obligations, as amended by this Amendment, and
are hereby ratified and confirmed in all respects. The execution of this Amendment shall not operate as a novation, or waiver
of any right, power or remedy of the Administrative Agent, the Issuing Bank, the Lenders or Secured Parties, or waiver of any
provision of any of the Loan Documents. The Loan Parties agree and acknowledge that this Amendment shall be deemed a Loan Document.
All references in the Loan Documents to the Credit Agreement shall be deemed to be references to the Credit Agreement, as amended
by this Amendment.

 

6.             Fees
and Expenses. The Loan Parties agree that they will promptly pay all reasonable and documented legal and professional fees
and expenses (including all reasonable and documented fees and expenses of Goulston & Storrs PC, as counsel to the Administrative
Agent) incurred by the Administrative Agent in connection with this Amendment and the transactions contemplated hereby.

 

7.             Successors
and Assigns. This Amendment shall be binding upon each of the Loan Parties and upon its respective successors and assigns
and shall inure to the benefit of the Administrative Agent, the Lenders and their respective successors and assigns. The successors
and assigns of such entities shall include, without limitation, their respective receivers, trustees, or debtors-in-possession.

 

    4

     

    

 

8.             Governing
Law. THIS AMENDMENT SHALL BE GOVERNED BY AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK.

 

9.             Execution
in Counterparts. This Amendment may be executed in any number of counterparts and by different parties hereto in separate
counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute
one and the same agreement. Delivery of an executed counterpart of a signature page of this Amendment by facsimile, emailed pdf,
or any other electronic means that reproduces an image of the actual executed signature page shall be effective as delivery of
a manually executed counterpart of this Amendment.

 

[remainder of page intentionally left
blank; signature pages follow]

 

    5

     

    

 

IN WITNESS WHEREOF, this Amendment
has been duly executed by each of the undersigned as of the day and year first set forth above.

 

	 	VIRTUSA CORPORATION
	 	 
	 	 
		By:	/s/ Ranjan Kalia
	 	 	Name:	Ranjan Kalia
	 	 	Title:	Executive Vice President, Chief Financial Officer, Treasurer and Secretary

 

	 	ETOUCH SYSTEMS CORP.
	 	 	 
	 	 	 
	 	By:	/s/ Ranjan Kalia
	 	 	Name:	 Ranjan Kalia
	 	 	Title:	 Chief Financial Officer and Secretary

 

[Signature Page to Amendment No. 2 (Virtusa)]

 

    

     

    

 

	 	JPMORGAN CHASE BANK, N.A., as Administrative
Agent
	 	 
	 	 
		By:	/s/ Stacy Benham
	 	 	Name:	 Stacy Benham
	 	 	Title:	 Vice President

 

	 	JPMORGAN CHASE BANK, N.A., as Lender and Issuing Bank
	 	 
	 	 
		By:	/s/ Stacy Benham
	 	 	Name:	Stacy Benham
	 	 	Title:	 Vice President

 

 

[Signature Page to Amendment No. 2 (Virtusa)]

 

    

     

    

 

	 	Bank of America, N.A.,
	 	as a Lender and Issuing Bank
	 	 	 
		By:	/s/ Molly Kropp
	 	 	Name:	 Molly Kropp
	 	 	Title:	 Senior Vice President

 

[Signature Page to Amendment
No. 2 (Virtusa)]

 

    

     

    

 

	 	Citizens Bank, N.A.
	 	as a Lender
	 	 
	 	 
		By:	/s/ William M. Clossey
	 	 	Name:	 William M. Clossey
	 	 	Title:	 Senior Vice President

 

[Signature Page to Amendment No. 2 (Virtusa)]

 

    

     

    

 

	 	Wells Fargo Bank, N.A., as a Lender
	 	 
	 	 
		By:	/s/ Cameron Burbank
	 	 	Name:	 Cameron Burbank
	 	 	Title:	 Vice President

 

[Signature Page to Amendment No. 2 (Virtusa)]

 

    

     

    

 

	 	CITIBANK, N.A.,
	 	as a Lender
	 	 
	 	 
		By:	/s/ Ronald Homa
	 	 	Name:	 Ronald Homa
	 	 	Title:	 Senior Vice President

 

[Signature Page to Amendment No. 2 (Virtusa)]

 

    

     

    

 

	 	PNC Bank, National Association,
	 	as a Lender
	 	 
	 	 
		By:	/s/ Michael Richards
	 	 	Name:	Michael Richards
	 	 	Title:	SVP, Managing Director

 

[Signature Page to Amendment No. 2 (Virtusa)]

 

    

     

    

 

	 	HSBC Bank USA, N.A.,
	 	as a Lender
	 	 
	 	 
		By:	/s/ Andrew Everett
	 	 	Name:	 Andrew Everett
	 	 	Title:	 Vice President

 

[Signature Page to Amendment No. 2 (Virtusa)]

 

    

     

    

 

	 	Silicon Valley Bank,
	 	as a Lender
	 	 
	 	 
		By:	/s/ Ryan Aberdale
	 	 	Name:	 Ryan Aberdale
	 	 	Title:	 Vice President

 

[Signature Page to Amendment No. 2 (Virtusa)]

 

    

     

    

 

Annex 1

 

Schedule
2.01A

 

Commitments

 

	Lender	Revolving Commitment	Outstanding Term Loans (as

 of the Second Amendment

 Effective Date)	Total
	JPMorgan Chase Bank, N.A.	$58,055,555.61	$48,819,444.39	$106,875,000.00
	Bank of America, N.A.	$42,777,777.77	$35,972,222.23	$78,750,000.00
	Citizens Bank, N.A.	$30,555,555.54	$25,694,444.46	$56,250,000.00
	Wells Fargo Bank, N.A.	$30,555,555.54	$25,694,444.46	$56,250,000.00
	Citibank, N.A.	$30,555,555.54	$25,694,444.46	$56,250,000.00
	PNC Bank, National Association	$30,555,555.54	$25,694,444.46	$56,250,000.00
	HSBC Bank USA, National Association	$30,555,555.54	$25,694,444.46	$56,250,000.00
	Silicon Valley Bank	$21,388,888.92	$17,986,111.08	$39,375,000.00
	Total	$275,000,000.00	$231,250,000.00	$506,250,000.00

 

    

     

    

 

Exhibit A

 

    

     

    

 

Exhibit A to Amendment No. 2 to

Amended and Restated Credit Agreement

 

 

 

 

 

AMENDED AND RESTATED

 

CREDIT AGREEMENT

 

dated as of

 

February 6, 2018

 

among

 

VIRTUSA
CORPORATION,

 

as Borrower,

 

THE
OTHER LOAN PARTIES PARTY HERETO,

 

The
Lenders Party Hereto,

 

and

 

JPMORGAN CHASE BANK,
N.A.,

as Administrative
Agent

 

 

 

 

JPMORGAN CHASE BANK,
N.A., and

MERRILL LYNCH, PIERCE,
FENNER & SMITH INCORPORATED

as Joint Bookrunner(s)
and Lead Arranger(s)

 

     

     

     

TABLE
OF CONTENTS

 

	ARTICLE I Definitions	5
	SECTION 1.01	Defined Terms	5
	SECTION 1.02	Classification of Loans and Borrowings	46
	SECTION 1.03	Terms Generally	46
	SECTION 1.04	Accounting Terms; GAAP	46
	SECTION 1.05	Status of Obligations	47
	SECTION 1.06	Interest Rates; LIBOR Notification	47
	SECTION 1.07	Divisions	47
	ARTICLE II The Credits	48
	SECTION 2.01	Commitments	48
	SECTION 2.02	Loans and Borrowings	49
	SECTION 2.03	Requests for Borrowings	49
	SECTION 2.04	Determination of Dollar Amounts	50
	SECTION 2.05	[Reserved.]	50
	SECTION 2.06	Letters of Credit	51
	SECTION 2.07	Funding of Borrowings	57
	SECTION 2.08	Interest Elections	57
	SECTION 2.09	Termination and Reduction of Commitments	58
	SECTION 2.10	Repayment of Loans; Evidence of Debt	59
	SECTION 2.11	Prepayment of Loans	61
	SECTION 2.12	Fees	63
	SECTION 2.13	Interest	64
	SECTION 2.14	Alternate Rate of Interest	65
	SECTION 2.15	Increased Costs	66
	SECTION 2.16	Break Funding Payments	67
	SECTION 2.17	Payments Free of Taxes	68
	SECTION 2.18	Payments Generally; Allocation of Proceeds; Pro Rata Treatment; Sharing of Set-offs	72
	SECTION 2.19	Mitigation Obligations; Replacement of Lenders	75
	SECTION 2.20	Defaulting Lenders	76
	SECTION 2.21	Expansion Option; Incremental Facilities	79
	ARTICLE III Representations and Warranties	82
	SECTION 3.01	Organization; Powers	82
	SECTION 3.02	Authorization; Enforceability	82
	SECTION 3.03	Governmental Approvals; No Conflicts	82
	SECTION 3.04	Financial Condition; No Material Adverse Change	83
	SECTION 3.05	Properties; Intellectual Property	83
	SECTION 3.06	Litigation and Environmental Matters	83
	SECTION 3.07	Compliance with Laws and Agreements	84
	SECTION 3.08	Investment Company Status	84
	SECTION 3.09	Taxes	84

 

    i

     

     

	SECTION 3.10	ERISA	84
	SECTION 3.11	Disclosure	85
	SECTION 3.12	No Default	85
	SECTION 3.13	Solvency	85
	SECTION 3.14	Insurance	85
	SECTION 3.15	Capitalization and Subsidiaries	85
	SECTION 3.16	Security Interest in Collateral	85
	SECTION 3.17	Employment Matters	86
	SECTION 3.18	Anti-Corruption and Anti-Terrorism Laws and Sanctions	86
	SECTION 3.19	Use of Proceeds	86
	SECTION 3.20	Federal Reserve Regulations	87
	SECTION 3.21	EEA Financial Institution	87
	ARTICLE IV Conditions	87
	SECTION 4.01	Effective Date	87
	SECTION 4.02	Each Credit Event	90
	ARTICLE V Affirmative Covenants	92
	SECTION 5.01	Financial Statements; and Other Information	92
	SECTION 5.02	Notices of Material Events	94
	SECTION 5.03	Existence; Conduct of Business	94
	SECTION 5.04	Payment of Obligations	95
	SECTION 5.05	Maintenance of Properties	95
	SECTION 5.06	Books and Records; Inspection Rights	95
	SECTION 5.07	Compliance with Laws	95
	SECTION 5.08	Use of Proceeds and Letters of Credit	96
	SECTION 5.09	Insurance	96
	SECTION 5.10	Additional Subsidiaries	97
	SECTION 5.11	Additional Collateral; Further Assurances	97
	SECTION 5.12	Accuracy of Information	98
	SECTION 5.13	Consummation of Polaris Tender Offer	98
	SECTION 5.14	Post-Closing Covenant	99
	ARTICLE VI Negative Covenants	99
	SECTION 6.01	Indebtedness	99
	SECTION 6.02	Liens	102
	SECTION 6.03	Fundamental Changes	104
	SECTION 6.04	Investments, Loans, Advances, Guarantees and Acquisitions	104
	SECTION 6.05	Swap Agreements	107
	SECTION 6.06	Restricted Payments	107
	SECTION 6.07	Transactions with Affiliates	110
	SECTION 6.08	Restrictive Agreements	111
	SECTION 6.09	Amendment to Material Documents; Fiscal Year	111
	SECTION 6.10	Financial Covenants	111
	SECTION 6.11	Sale and Leaseback Transaction	112
	SECTION 6.12	Asset Sales	112
	SECTION 6.13	Immaterial Subsidiaries	114

 

    ii

     

     

	ARTICLE VII Events of Default	114
	ARTICLE VIII The Administrative Agent	118
	ARTICLE IX Miscellaneous	123
	SECTION 9.01	Notices	123
	SECTION 9.02	Waivers; Amendments	125
	SECTION 9.03	Expenses; Indemnity; Damage Waiver	128
	SECTION 9.04	Successors and Assigns	130
	SECTION 9.05	Survival	134
	SECTION 9.06	Counterparts; Integration; Effectiveness; Electronic Execution	135
	SECTION 9.07	Severability	135
	SECTION 9.08	Right of Setoff	135
	SECTION 9.09	Governing Law; Jurisdiction; Consent to Service of Process	136
	SECTION 9.10	WAIVER OF JURY TRIAL	137
	SECTION 9.11	Headings	137
	SECTION 9.12	Confidentiality	137
	SECTION 9.13	Material Non-Public Information	138
	SECTION 9.14	Several Obligations; Nonreliance; Violation of Law	138
	SECTION 9.15	USA PATRIOT Act	139
	SECTION 9.16	Appointment for Perfection	139
	SECTION 9.17	Interest Rate Limitation	139
	SECTION 9.18	No Advisory or Fiduciary Responsibility	139
	SECTION 9.19	No Fiduciary Duty, etc	140
	SECTION 9.20	Amendment and Restatement of Existing Credit Agreement	141
	SECTION 9.21	Acknowledgement and Consent to Bail-In of EEA Financial Institutions	141
	SECTION 9.22	Certain ERISA Matters	142
	SECTION 9.23	Acknowledgement Regarding Any Supported QFCs	143
	SECTION 9.24	Judgment Currency	144
	ARTICLE X LOAN GUARANTY	144
	SECTION 10.01	Guaranty	144
	SECTION 10.02	Guaranty of Payment	145
	SECTION 10.03	No Discharge or Diminishment of Loan Guaranty	145
	SECTION 10.04	Defenses Waived	146
	SECTION 10.05	Rights of Subrogation	146
	SECTION 10.06	Reinstatement; Stay of Acceleration	146
	SECTION 10.07	Information	146
	SECTION 10.08	Termination	147
	SECTION 10.09	Taxes	147
	SECTION 10.10	Maximum Liability	147
	SECTION 10.11	Contribution	148
	SECTION 10.12	Liability Cumulative	149
	SECTION 10.13	Keepwell	149

 

    iii

     

     

	SCHEDULES:	 
	Schedule 1.01A–	Existing Letters of Credit
	Schedule 1.01B –	Immaterial Subsidiaries
	Schedule 2.01A –	Commitments
	Schedule 2.01B –	Letters of Credit Commitments
	Schedule 3.06 --	Disclosed Matters
	Schedule 3.14 –	Insurance
	Schedule 3.15 –	Subsidiaries
	Schedule 5.14 –	Post-Closing Covenant
	Schedule 6.01 --	Existing Indebtedness
	Schedule 6.02 --	Existing Liens
	Schedule 6.04 --	Existing Investments
	Schedule 6.08 --	Existing Restrictions

 

	EXHIBITS:	 
	Exhibit A –	Form of Assignment and Assumption
	Exhibit B –	Compliance Certificate
	Exhibit C-1 –	U.S. Tax Certificate (For Non-U.S. Lenders that are not Partnerships for U.S. Federal Income Tax Purposes)
	Exhibit C-2 –	U.S. Tax Certificate (For Non-U.S. Lenders that are Partnerships for U.S. Federal Income Tax Purposes)
	Exhibit C-3 –	U.S. Tax Certificate (For Non-U.S. Participants that are not Partnerships for U.S. Federal Income Tax Purposes)
	Exhibit C-4 –	U.S. Tax Certificate (For Non-U.S. Participants that are Partnerships for U.S. Federal Income Tax Purposes)
	Exhibit D –	Joinder Agreement
	Exhibit E –	Form of Increasing Lender Supplement – Existing Lender
	Exhibit F –	Form of Augmenting Lender Supplement – New Lender
	Exhibit G –	Form of Borrowing Request
	Exhibit H –	Form of Solvency Certificate
	Exhibit I –	Form of Revolving Note
	Exhibit J –	Form of Term Note
	Exhibit K –	Form of Interest Election Request

 

    iv

     

    

 

AMENDED AND RESTATED CREDIT AGREEMENT dated
as of February 6, 2018 (the “Effective Date”) (as it may be amended, modified, restated, or otherwise
supplemented from time to time, this “Agreement”), among VIRTUSA CORPORATION, a Delaware corporation
having its chief executive office at 132 Turnpike Road, Suite 300, Southborough,, Massachusetts 01772, as the Borrower, the other
Loan Parties party hereto, the Lenders party hereto, and JPMORGAN CHASE BANK, N.A., as the Administrative Agent.

 

WHEREAS, the Borrower, the Administrative
Agent and the Lenders as of the date hereof are each party to that certain Credit Agreement dated as of February 25, 2016, which
was amended by that certain Amendment No. 1 to Credit Agreement dated as of May 3, 2017 and Amendment No. 2 to Credit Agreement
dated as of January 11, 2018 (as amended, modified, restated or otherwise supplemented, the “Existing Credit Agreement”);
and

 

WHEREAS, the Borrower has requested that
the Lenders and the Administrative Agent agree to amend and restate the Existing Credit Agreement, and the Lenders and Administrative
Agent are willing to so amend and restate the Existing Credit Agreement, on the terms and conditions herein set forth;

 

NOW, THEREFORE, the parties hereto agree
as follows:

 

ARTICLE I

Definitions

 

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

 

“2016 Polaris Investments”
has the meaning assigned to it in Section 6.01(n).

 

“2018 Polaris Investments”
means, collectively, (a) (i) Investments by the Borrower in Virtusa C.V., (ii) Investments by Virtusa C.V. in Virtusa Financing
C.V., (iii) Investments by Virtusa Financing C.V. in Virtusa Netherlands Coöperatief U.A. and (iv) Investments by Virtusa
Netherlands Coöperatief U.A. in VCSPL, in the case of each of clauses (a)(i) through (a)(iv), in an aggregate amount of $100,000,000,
(b) (i) Investments by the Borrower in Virtusa International, B.V. and (ii) Investments by Virtusa International, B.V. in VCSPL,
in the case of each of clauses (b)(i) and (b)(ii), in an aggregate amount of $60,000,000, and (c) (i) Investments by the Borrower
in Virtusa International, B.V. and (ii) Investments by Virtusa International, B.V. in VCSPL, in the case of each of clauses (c)(i)
and (c)(ii), in an aggregate amount of $40,000,000.

 

“ABR”, when used
in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, bear interest at a
rate determined by reference to the Alternate Base Rate.

 

“Acquisition”
means any transaction or series of related transactions resulting, directly or indirectly, in (a) the acquisition of all or substantially
all of the assets of any Person (other than an existing Subsidiary), or any business or division of any Person (other than an
existing Subsidiary), (b) the acquisition of in excess of fifty percent (50%) of the stock (or other Equity Interest) with ordinary
voting power of any Person (other than an existing Subsidiary), or (c) the acquisition of another Person (other than an existing
Subsidiary) by a merger, amalgamation or consolidation or any other combination with such Person.

 

    	 	5	 

     

    

 

“Additional Lender”
has the meaning assigned to such term in Section 2.21.

 

“Adjusted LIBO Rate”
means, with respect to any Eurodollar Borrowing for any Interest Period, an interest rate per annum (rounded upwards,
if necessary, to the next 1/100 of 1%) equal to (a) the LIBO Rate for such Interest Period multiplied by (b) the Statutory Reserve
Rate.

 

“Administrative Agent”
means JPMorgan Chase Bank, N.A. in its capacity as administrative agent for the Lenders hereunder, and any successor administrative
agent hereunder.

 

“Administrative Questionnaire”
means an Administrative Questionnaire in a form supplied by the Administrative Agent.

 

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

 

“Agent Party”
has the meaning assigned to it in Section 9.01(d).

 

“Aggregate Revolving Commitment”
means the aggregate amount of the Revolving Commitments of all of the Lenders, as reduced or increased from time to time pursuant
to the terms and conditions hereof. As of the Second Amendment Effective Date, the Aggregate Revolving Commitment is $275,000,000.

 

“Agreement” has
the meaning assigned to such term in the preamble.

 

“Alternate Base Rate”
means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the
NYFRB Rate in effect on such day plus 1⁄2 of 1% and (c) the Adjusted LIBO Rate for a one month Interest Period on such
day (or if such day is not a Business Day, the immediately preceding Business Day) plus 1%, provided that for the purpose
of this definition, the Adjusted LIBO Rate for any day shall be based on the LIBO Screen Rate (or if the LIBO Screen Rate is not
available for such one month Interest Period, the Interpolated Rate) at approximately 11:00 a.m. London time on such day. Any
change in the Alternate Base Rate due to a change in the Prime Rate, the NYFRB Rate or the Adjusted LIBO Rate shall be effective
from and including the effective date of such change in the Prime Rate, the NYFRB Rate or the Adjusted LIBO Rate, respectively.
If the Alternate Base Rate is being used as an alternate rate of interest pursuant to Section 2.14 hereof, then the Alternate
Base Rate shall be the greater of clause (a) and (b) above and shall be determined without reference to clause (c) above. For
the avoidance of doubt, if the Alternate Base Rate shall be less than zero, such rate shall be deemed to be zero for purposes
of this Agreement.

 

“Alternative Currency”
means Singapore Dollars and any additional currencies determined after the Second Amendment Effective Date by mutual agreement
of the Borrower, each Lender, Issuing Bank and Administrative Agent; provided that each such currency is a lawful currency
that is readily available, freely transferable and not restricted, able to be converted into U.S. Dollars and available in the
London interbank deposit market.

 

    	 	6	 

     

    

 

“Anti-Corruption Laws”
means all laws, rules, and regulations of any jurisdiction applicable to the Borrower or any of its Subsidiaries from
time to time concerning or relating to bribery or corruption.

 

“Anti-Terrorism Laws”
means all laws, rules, and regulations relating to terrorism or money laundering, including Executive Order No. 13224, the USA
Patriot Act, all laws, rules, and regulations comprising or implementing the Bank Secrecy Act, any Sanctions laws and the laws,
rules, and regulations administered by OFAC.

 

“Applicable Percentage”
means, at any time with respect to any Lender, (a) with respect to Revolving Loans or LC Exposure, the percentage equal to a fraction,
the numerator of which is such Lender’s Revolving Commitment and the denominator of which is the Aggregate Revolving Commitment;
provided, that if the Revolving Commitments have terminated or expired, the Applicable Percentages shall be determined based upon
the Revolving Commitments most recently in effect, after giving effect to any assignments; provided further, that in the case
of Section 2.20 when a Defaulting Lender shall exist, any such Defaulting Lender’s Revolving Commitment shall be disregarded
in the foregoing calculation; and (b) with respect to Term Loans, a percentage equal to a fraction, the numerator of which is
the aggregate outstanding principal amount of such Lender’s Term Loans and the denominator of which is the sum of the aggregate
outstanding principal amount of all Term Loans and unfunded Term Loan Commitments; provided, that in the case of Section 2.20
when a Defaulting Lender shall exist, any such Defaulting Lender’s Credit Exposure and unused Commitments shall be disregarded
in the foregoing calculation.

 

“Applicable Rate”
means, for any day, with respect to any Eurodollar Loan or ABR Loan or with respect to the commitment fees payable hereunder,
as the case may be, the applicable rate per annum set forth below under the caption “Applicable Rate for Eurodollar Loans”,
 “Applicable Rate for ABR Loans” or “Applicable Rate for Commitment Fee”, as the case may be, based on
the Consolidated Total Net Leverage Ratio applicable on such date:

 

	Pricing

 Level	Consolidated
Total 

Net Leverage Ratio	Applicable
Rate 
 for Eurodollar 
 Loans	Applicable
Rate 
 for ABR Loans	Applicable Rate for 
 Commitment Fee
	I	<
2.00:1.00	2.00%	1.00%	0.30%
	II	≥
2.00:1.00 

and 

 < 2.50:1.00	2.25%	1.25%	0.35%
	III	≥
2.50:1.00 

and 

 < 3.00:1.00	2.50%	1.50%	0.375%
	IV	≥ 3.00:1.00	2.75%	1.75%	0.40%

 

    	 	7	 

     

    

 

For purposes of the foregoing, (a) the
Consolidated Total Net Leverage Ratio shall be determined as of the end of each fiscal quarter of the Borrower and its Subsidiaries
based on the Financial Statements delivered pursuant to Section 5.01(a) or (b) and the corresponding certificate delivered pursuant
to Section 5.01(d); and (b) each change in the Applicable Rate resulting from a change in the Consolidated Total Net Leverage
Ratio shall be effective during the period commencing on and including the date of delivery to the Administrative Agent of such
Financial Statements and certificate indicating such change and ending on the date immediately preceding the effective date of
the next change in the Applicable Rate; provided, unless waived with the written consistent of the Required Lenders, Pricing Level
IV set forth above shall apply if the Borrower fails to deliver the consolidated Financial Statements required to be delivered
by it pursuant to Section 5.01(a) or (b) or the corresponding certificate required to be delivered by it pursuant to Section 5.01(d),
during the period from the expiration of the time for delivery thereof until such Financial Statements and certificate are delivered.
Pricing Level II set forth above shall apply during the period commencing on and including the Second Amendment Effective Date
and ending on the date immediately preceding the delivery of Financial Statements covering the fiscal quarter of the Borrower
and its Subsidiaries ending September 30, 2019, pursuant to Section 5.01(b) and the corresponding certificate pursuant to Section
5.01(d).

 

If at any time the Administrative Agent reasonably and in good
faith determines that the Financial Statements or compliance certificate upon which the Applicable Rate was determined were incorrect
(whether based on a restatement, fraud or otherwise), the Administrative Agent shall notify the Borrower in writing and, subject
to confirmation by the Borrower of such error (which confirmation shall not be unreasonably withheld or delayed), the Borrower
shall be required to retroactively pay any additional amount that the Borrower would have been required to pay if such Financial
Statements and compliance certificate had been accurate at the time they were delivered.

 

“Approved Fund”
has the meaning assigned to it in Section 9.04(b).

 

“Assignment and Assumption”
means an assignment and assumption entered into by a Lender and an assignee (with the consent of any party whose consent
is required by Section 9.04), and accepted by the Administrative Agent, in the form of Exhibit A or any other form approved by
the Administrative Agent.

 

“Augmenting Lender”
has the meaning assigned to such term in Section 2.21(a).

 

“Availability Period”
means the period from and including the Effective Date to but excluding the earlier of the Maturity Date and the date
of termination of the Commitments.

 

    	 	8	 

     

    

 

“Available Amount”
means, as of any date of determination, an amount, determined on a cumulative basis, equal to $55,000,000, plus, without
duplication:

 

(a)       the
cumulative amount of all cash contributions to the common capital of the Borrower or the amount of Net Proceeds actually received
by the Borrower from the issuance of any Equity Interests (other than Disqualified Equity Interests) on or after the Effective
Date, plus

 

(b)       an
amount equal to any returns of original principal or capital accounts actually received by the Borrower or any of the Subsidiaries
in cash in respect of any Investments made after the Effective Date pursuant to Section 6.04(y), minus

 

(c)       the
sum of (i) the aggregate amount of Investments made after the Effective Date pursuant to Section 6.04(y), (ii) the aggregate
amount of Restricted Payments made after the Effective Date pursuant to clause (x) of Section 6.06(a) and the aggregate
amount of Restricted Payments made after the Effective Date pursuant to clause (xiii) of Section 6.06(a), and (iii) the aggregate
amount of prepayments of Subordinated Indebtedness made after the Effective Date.

 

“Banking Services”
means any of the following bank services provided to the Borrower or any Subsidiary by any Banking Services Provider: (a) credit
cards for commercial customers (including “commercial credit cards” and purchasing cards), (b) stored value cards
and (c) treasury management services (including controlled disbursement, automated clearinghouse transactions, return items, overdrafts
and interstate depository network services).

 

“Banking Services Agreement”
means any agreement entered into in connection with Banking Services.

 

“Banking Services Provider”
means any Person that (i) is a Lender or an Affiliate of a Lender at the time it enters into the applicable Banking Services Agreement,
in its capacity as a party thereto, or (ii) with respect to any Banking Services Agreement existing as of the Effective Date,
is a Lender or an Affiliate of a Lender as of the Effective Date, in its capacity as a party thereto, in each case together with
such Person’s successors and permitted assigns.

 

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

 

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

 

“Bankruptcy Code”
means the United States Bankruptcy Code, 11 U.S.C. §§101 et seq.

 

“Bankruptcy Event”
means, with respect to any Person, such Person becomes the subject of a bankruptcy or insolvency proceeding, or has had a receiver,
conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with the reorganization
or liquidation of its business appointed for it, or, in the good faith determination of the Administrative Agent, has taken any
action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such proceeding or appointment; provided
that a Bankruptcy Event shall not result solely by virtue of any ownership interest, or the acquisition of any ownership interest,
in such Person by a Governmental Authority or instrumentality thereof, unless such ownership interest results in or provides such
Person with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of
attachment on its assets or permit such Person (or such Governmental Authority or instrumentality) to reject, repudiate, disavow
or disaffirm any contracts or agreements made by such Person.

 

    	 	9	 

     

    

 

“Beneficial Ownership Certification”
means a certification regarding beneficial ownership or control as required by the Beneficial Ownership Regulation.

 

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

 

“Benefit Plan”
means any of (a) an “employee benefit plan” (as defined in Section 3(3) of ERISA) that is subject to Title I of ERISA,
(b) a “plan” as defined in Section 4975 of the Code to which Section 4975 of the Code applies, and (c) any Person
whose assets include (for purposes of the Plan Asset Regulations or otherwise for purposes of Title I of ERISA or Section 4975
of the Code) the assets of any such “employee benefit plan” or “plan”.

 

“BHC Act Affiliate”
of a party means an “affiliate’ (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k))
of such party.

 

“Blocked Person”
means any Person: (a) listed in the annex to, or is otherwise subject to the provisions of, Executive Order No. 13224; (b) a Person
owned or controlled by, or acting for or on behalf of, any Person that is listed in the annex to, or is otherwise subject to the
provisions of, Executive Order No. 13224; (c) a Person with which any Lender is prohibited from dealing or otherwise engaging
in any transaction by any Anti-Terrorism Laws; (d) a Person that commits, threatens or conspires to commit or supports “terrorism”
as defined in Executive Order No. 13224; or (e) a Person that is named on the most current OFAC lists or a Person owned or controlled
by a Person or Persons on the current OFAC lists of designated persons under Anti-Terrorism Laws and Sanctions laws.

 

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

 

“Borrower” means
Virtusa Corporation, a Delaware corporation.

 

“Borrowing” means
(a) Revolving Loans of the same Type and currency, made, converted or continued on the same date and, in the case of Eurodollar
Loans, as to which a single Interest Period is in effect, or (b) Term Loans of the same Type and currency (if applicable), made,
converted or continued on the same date and, in the case of Eurodollar Loans, as to which a single Interest Period is in effect.

 

    	 	10	 

     

    

 

“Borrowing Request”
means a request by the Borrower for a Borrowing in accordance with Section 2.03, which shall be substantially in the form of Exhibit
G or any other form approved by the Administrative Agent.

 

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

 

“Capital Expenditures”
means, without duplication, for any period, with respect to any Person,
the aggregate of all expenditures (whether paid in cash or accrued as liabilities) during such period by such Person for the acquisition
or leasing (pursuant to a capital lease) of fixed or capital assets or additions to equipment (including replacements, capitalized
repairs and improvements during such period) that should be capitalized under GAAP on a consolidated balance sheet of such Person,
but excluding (i) the purchase price of equipment that is purchased contemporaneously with the trade-in of existing equipment
to the extent that the gross amount of such purchase price is reduced by the credit granted by the seller of such equipment for
the equipment being traded in at such time, (ii) Permitted Acquisitions and other Investments permitted pursuant to Section 6.04,
and (iii) any expenditures which are contractually required to be, and are, reimbursed to the Loan Parties in cash by a third
party (including landlords) during such period of calculation.

 

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

 

“Cash Equivalents”
means:

 

(a)           U.S. Dollars, Euro, British Pounds or any national currency of any member state of the European Union;

 

(b)           direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the United
States of America, Canada, a member state of the European Union or, in each case, any agency or instrumentality thereof (provided
that the full faith and credit of such country or such member state is pledged in support thereof), in each case maturing within
one year from the date of acquisition thereof;

 

(c)           investments in commercial paper maturing within one year from the date of acquisition thereof and having, at such date
of acquisition, a rating of at least P-2 (or the equivalent thereof) by Moody’s or at least A-2 (or the equivalent thereof)
by S&P, or if at the time neither is issuing comparable ratings then a comparable rating of another Nationally Recognized
Statistical Rating Organization;

 

    	 	11	 

     

    

 

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

 

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

 

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

 

(g)           Indebtedness issued by Persons with a rating of “A” or higher from S&P or “A-2” or higher from
Moody’s (or, if at the time, neither is issuing comparable ratings, then a comparable rating of another Nationally Recognized
Statistical Rating Organization) maturing with one year from the date of acquisition thereof;

 

(h)           bills of exchange issued in the United States, Canada or a member state of the European Union eligible for rediscount at
the relevant central bank and accepted by a bank (or any dematerialized equivalent);

 

(i)            interests in any investment company, money market or enhanced high yield fund which invests at least 95% of its assets
in instruments of the type specified in clauses (a) through (h) above;

 

(j)            instruments and investments of the type and maturity described in clause (a) through (i) denominated in any foreign currency
or of foreign obligors, which investments or obligors are, in the reasonable judgment of the Borrower, comparable in investment
quality to those referred to above;

 

(k)           the marketable securities portfolio owned by the Borrower or its direct or indirect Subsidiaries on the Effective Date;
and

 

(l)            solely with respect to any Subsidiary that is a Foreign Subsidiary, investments of comparable tenor and credit quality
to those described in the foregoing clauses (b) through (k) customarily utilized in countries in which such Foreign Subsidiary
operates for short term cash management purposes.

 

“Certificate of Designations”
means (i) with respect to the Series A Preferred Stock, the Series A Certificate of Designations, and (ii) with respect to the
Series A-1 Preferred Stock, the Series A-1 Certificate of Designations.

 

“CFC” means a
Person that is a controlled foreign corporation under Section 957 of the Code.

 

    	 	12	 

     

    

 

“Change in Control”
means (a) the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person or group (within the
meaning of the Securities Exchange Act of 1934 and the rules of the SEC thereunder as in effect on the date hereof), of Equity
Interests representing more than thirty-five percent (35%) of the aggregate ordinary voting power represented by the issued and
outstanding Equity Interests of the Borrower; (b) occupation at any time of a majority of the seats (other than vacant seats)
on the board of directors of the Borrower by Persons who were not (i) directors of the Borrower on the date of this Agreement
or (ii) nominated, approved or appointed by the board of directors of the Borrower; (c) the Borrower shall cease to own, directly
or indirectly, free and clear of all Liens or other encumbrances (other than Permitted Encumbrances), all of the outstanding Equity
Interests of Virtusa Securities Corporation and InSource, LLC (other than pursuant to transactions permitted under Sections 6.03
and 6.12); or (d) the Borrower or its direct or indirect Subsidiaries shall cease to own and hold, free and clear of all Liens
and other encumbrances (other than Permitted Encumbrances), at least 50.1% of the aggregate
outstanding shares or other Equity Interests of Polaris (other than pursuant to transactions permitted under Section 6.03
and 6.12); or (e) after the consummation of the eTouch Acquisition, the Borrower or its direct or indirect Subsidiaries shall
cease to own and hold, free and clear of all Liens or other encumbrances (other than Permitted Encumbrances), at least 50.1% of
the outstanding Equity Interests of eTouch and eTouch India (other than pursuant to transactions permitted under Sections 6.03
and 6.12).

 

“Change in Law”
means the occurrence after the date of this Agreement or, with respect to any Lender, such later date on which such Lender becomes
a party to this Agreement) of (a) the adoption of or taking effect of any law, rule, regulation or treaty, (b) any change in any
law, rule, regulation or treaty or in the interpretation or application thereof by any Governmental Authority or (c) compliance
by any Lender or the Issuing Bank (or, for purposes of Section 2.15(b), by any lending office of such Lender or by such Lender’s
or the Issuing Bank’s holding company, if any) with any request, guideline or directive (whether or not having the force
of law) of any Governmental Authority made or issued after the date of this Agreement; provided that, notwithstanding anything
herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, 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 Basel III, shall be deemed to be a “Change
in Law,” regardless of the date enacted, adopted or issued.

 

“Charges” has
the meaning assigned to such term in Section 9.17.

 

“Class” when
used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are Revolving
Loans or Term Loans.

 

“Closing Date Term Loans”
has the meaning set forth in Section 2.01(b).

 

“Closing Date Term Loan Commitment”
means, with respect to each Lender, the commitment of such Lender to make Closing
Date Term Loans hereunder. The initial aggregate amount of all Lender’s Closing Date Term Loan Commitments is $180,000,000
and, as of the Second Amendment Effective Date, all Closing Date Term Loan Commitments are $0. 

 

    	 	13	 

     

    

 

“Code” means
the Internal Revenue Code of 1986, as amended.

 

“Collateral”
means all of the “Collateral” referred to in the Collateral Documents and any and all other property of any Loan
Party, now existing or hereafter acquired, that may at any time be or become subject to a Lien in favor of the Administrative
Agent, on behalf of the Secured Parties, to secure the Secured Obligations. For greater certainty, the term “Collateral”
excludes all “Excluded Property” as defined in Collateral Documents.

 

“Collateral
Documents” means, collectively, the Security Agreement, Trademark Security Agreement, and Patent Security Agreement,
the Reaffirmation Agreement, and all other agreements, instruments and documents executed in connection with this Agreement that
are intended to create or perfect Liens to secure the Secured Obligations, including all other security agreements, pledge agreements,
mortgages, deeds of trust, pledges, powers of attorney relating to any of the foregoing, and collateral assignments or similar
collateral documents, whether heretofore, now or hereafter executed by the Borrower or any of its Subsidiaries and delivered to
the Administrative Agent.

 

“Commitment”
means, with respect to each Lender, the sum of such Lender’s Revolving Commitment and Term Loan Commitment. The initial
amount of each Lender’s Commitment is set forth on Schedule 2.01A, or in the Assignment and Assumption or other documentation
contemplated hereby pursuant to which such Lender shall have assumed its Commitment, as applicable.

 

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

 

“Communications”
has the meaning assigned to it in Section 9.01(d).

 

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

 

“Consolidated”
or “consolidated” means, with reference to any term defined herein, that term as applied to the accounts
of the Borrower and its Subsidiaries, consolidated in accordance with GAAP.

 

“Consolidated
EBITDA” means, with reference to any period, Consolidated Net Income for such period plus

 

(a)          without
duplication and, except with respect to amounts added back pursuant to clauses (xii) (solely in the case of amounts constituting
the proceeds of business interruption insurance ) or (xiv), to the extent deducted (and not added back) in determining such Consolidated
Net Income for such period, 

 

		(i)	Consolidated Interest
                                         Expense (including net losses (or gains) on Swap Obligations or other derivative
                                         instruments entered into for the purpose of hedging interest rate risk, unused line fees,
                                         letter of credit fees, facing fees and bank guaranty fees), net of interest income;

 

    	 	14	 

     

    

 

		(ii)	the
                                         provision for taxes based on income, profits or capital, including federal, foreign,
                                         state, local, franchise, excise, value added and similar taxes paid or accrued during
                                         such period (including in respect of repatriated funds and any future taxes or other
                                         levies which replace or are intended to be in lieu of such taxes and any penalties and
                                         interest related to such taxes or arising from tax examinations) net of any tax credits;

 

		(iii)	depreciation
                                         expense;

 

		(iv)	amortization
                                         expense;

 

		(v)	fees
                                         and expenses incurred during such period in connection with any Permitted Acquisitions,
                                         sale of assets outside the ordinary course of business, and Investments permitted under
                                         Section 6.04 (a) consummated during such period and (b) to the extent not consummated,
                                         in an aggregate amount for all such transactions in this clause (v)(b), together with
                                         those set forth in clause (vi), not to exceed $5,000,000 during any twelve (12)
                                         month period;

 

		(vi)	any non-cash loss from any sale
                                         of assets outside the ordinary course of business; provided that aggregate amount
                                         of all add-backs in this clause (vi), together with those set forth in clause (v)(b),
                                         shall not exceed $5,000,000 during any twelve (12) month period;

 

		(vii)	non-cash equity-based compensation expenses for such period;

 

		(viii)	fees
                                         and expenses incurred during such period in connection with the Loan Documents, the Transactions
                                         and the Orogen Transactions;

 

		(ix)	extraordinary
                                         and non-recurring losses or expenses;

 

		(x)	the amount of any non-controlling or minority interest expense
                                         consisting of Subsidiary income attributable to minority Equity Interests of third parties
                                         in any non-wholly owned Subsidiary;

 

		(xi)	the amount of unamortized fees, costs, prepayment premiums and
                                         expenses previously paid in cash and capitalized and subsequently expensed in connection
                                         with the repayment of Indebtedness and any required prepayment premiums in connection
                                         therewith during such period;

 

		(xii)	proceeds of business interruption insurance and any expenses
                                         and payments covered by third party indemnification, insurance, reimbursement, guaranty,
                                         purchase price adjustment or similar arrangement, or otherwise reimbursed or reimbursable
                                         by a third party, to the extent that such expenses and payments have been paid or reimbursed
                                         in cash during such period;

 

    	 	15	 

     

    

 

		(xiii)	the amount of any cash restructuring and similar charges,
                                         severance costs, lease termination costs, retention, recruiting and relocation costs,
                                         integration and other business optimization expenses, signing costs, retention or completion
                                         bonuses, stock-option or equity-based compensation expenses, transition costs, costs
                                         related to the closure or consolidation of facilities and curtailments or modifications
                                         to pension and post-retirement employee benefit plans (including any settlement of pension
                                         liabilities), including, without limitation, any one-time expense relating to enhanced
                                         accounting function or other transaction costs, and other one-time expenses not otherwise
                                         added back to Consolidated EBITDA;
                                         provided that aggregate amount of all add-backs in this clause (xiii) shall not exceed
                                         $7,500,000 during any twelve (12) month period;

 

		(xiv)	the amount of “run-rate” cost savings, synergies
                                         and operating expense reductions (the “Cost Savings”) realized
                                         or projected by the Borrower in good faith and certified by an officer of the Borrower
                                         in writing to result from actions taken or with respect to which substantial steps have
                                         been taken prior to the last day of such measurement period (or reasonably anticipated
                                         to be taken or initiated within eighteen (18) months after the date of the relevant event
                                         or transaction) with respect to integrating, consolidating or discontinuing operations,
                                         headcount reductions or closure of facilities, or otherwise, in each case resulting from
                                         the Transactions, other acquisitions (whether before or after the Effective Date), dispositions
                                         outside the ordinary course of business permitted hereunder, restructurings or cost savings
                                         initiatives, which cost savings, synergies and operating expense reductions shall be
                                         calculated on a Pro Forma Basis as though they had been realized on the first day of
                                         such period, net of the amount of actual benefits realized during such period from such
                                         actions that are otherwise included in the calculation of Consolidated EBITDA; provided
                                         that (i) an officer of the Borrower shall have provided a reasonably detailed statement
                                         or schedule of such Cost Savings and shall have certified to Administrative Agent that
                                         such cost savings, synergies, operating improvements and operating expense reductions,
                                         as the case may be, are directly attributable to the applicable transaction or initiative,
                                         reasonably identifiable, factually supportable and projected by the Borrower in good
                                         faith to result from actions that have been taken or are expected to be taken (in the
                                         good faith determination of the Borrower), within eighteen (18) months after the relevant
                                         transaction or initiative, and (ii) the aggregate amount of all add-backs pursuant to
                                         this clause (xiv) shall not exceed 15% of Consolidated EBITDA (calculated without giving
                                         effect to this clause (xiv)) for such twelve
                                         (12) month period;

 

		(xv)	to
                                         the extent not already covered in clauses (a)(i) through (a)(xiv) above, all other non-cash
                                         charges, expenses and losses for such period; 

 

    	 	16	 

     

    

 

		(xvi)	fees,
                                         costs, expenses, charges and payments paid or incurred in such period in connection with
                                         litigation matters disclosed prior to the Effective Date to the Administrative Agent,
                                         in an aggregate amount not to exceed $2,500,000 during any twelve (12) month period;
                                         and 

 

		(xvii)	eTouch Retention
                                         Payments paid during such period; 

 

minus (b)
without duplication and to the extent included in such Consolidated Net Income for such period, (i) any cash payments made during
such period in respect of items described in clauses (a)(vi), (a)(vii), (a)(ix) or (a)(xv) above subsequent to the fiscal quarter
in which the relevant non-cash expenses or losses were taken or incurred, and (ii) extraordinary or non-recurring income or gains,
all calculated for the Borrower and its Subsidiaries on a consolidated basis. 

 

For
the purposes of calculating Consolidated EBITDA for any Reference Period, (x) if at any time during such Reference Period the
Borrower or any Subsidiary shall have made any sale or disposition of assets or series of related sales or dispositions of assets
(other than to any Loan Party), the Consolidated EBITDA for such Reference Period shall be reduced by an amount equal to the Consolidated
EBITDA (if positive) attributable to the assets that are the subject of such sale or disposition for such Reference Period or
increased by an amount equal to the Consolidated EBITDA (if negative) attributable thereto for such Reference Period, and (y)
if during such Reference Period the Borrower or any Subsidiary shall have made any Permitted Acquisition or other Investments
permitted hereunder, Consolidated EBITDA for such Reference Period shall be calculated after giving effect thereto on a pro
forma basis as if such Permitted Acquisition or other Investment (including
the incurrence or assumption of any Indebtedness in connection therewith) had occurred on the first day of such Reference Period,
without duplicating any other add-back to Consolidated EBITDA.

 

“Consolidated Funded Debt”
means all Indebtedness of the types described in clauses (a) (solely with respect to obligations for borrowed money), (b), (e),
(h), (k) and (o), and, to the extent related to Indebtedness of such types, clauses (f) and (g) of the definition of “Indebtedness,”
and all Guarantees in respect of any of the foregoing; provided that, with respect to such clauses (e) and (k), all obligations
in respect of the deferred purchase price of property or services and obligations under any earn-out shall, in each case, be included
only if and to the extent such obligations remain unpaid following the due date thereof; and provided further, that with
respect to clause (o), obligations with respect to eTouch Retention Payments shall
be included only when such payments become due and payable.

 

“Consolidated Interest Expense”
means, for any period, for the Borrower and its Subsidiaries calculated in accordance with GAAP on a consolidated basis (without
duplication) for such period, all interest expense (including interest expense under Capital Lease Obligations that is treated
as interest in accordance with GAAP) with respect to all outstanding Indebtedness of the Borrower and the Subsidiaries allocable
to such period in accordance with GAAP (including all commissions, discounts and other fees and charges owed with respect to letters
of credit) less interest income.

 

    	 	17	 

     

    

 

“Consolidated Net Income”
means, with reference to any period, the net income (or loss) of the Borrower and its Subsidiaries calculated in accordance with
GAAP on a consolidated basis (without duplication) for such period.

 

“Consolidated Total Assets”
shall mean, as of any date of determination, the total amount of all assets of the Borrower and the Subsidiaries, determined on
a consolidated basis in accordance with GAAP as of such date.

 

“Consolidated Total Net Leverage
Ratio” means, as of the last day of any fiscal quarter, the ratio of (a) Consolidated Funded Debt as of such date,
net of unrestricted cash and Cash Equivalents of the Borrower and the Guarantors as of such date in an aggregate amount not to
exceed $50,000,000, to (b) Consolidated EBITDA for the Reference Period ended on such date.

 

“Control” means
the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person,
whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled”
have meanings correlative thereto.

 

“Cost Savings”
has the meaning assigned to it in the definition of “Consolidated EBITDA”.

 

“Credit
Exposure” means, with respect to any Lender at any time, the sum of (a) such Lender’s Revolving Credit Exposure
at such time, plus (b) an amount equal to the aggregate principal amount of such Lender’s (i) Term Loans outstanding at
such time and (ii) the Delayed Draw Term Loan Commitment at such time.

 

“Covered Entity”
means any of the following:

 

		(i)	a “covered entity” as that term is defined in,
                                         and interpreted in accordance with, 12 C.F.R. § 252.82(b);

 

		(ii)	a “covered bank” as that term is defined in, and
                                         interpreted in accordance with, 12 C.F.R. § 47.3(b); or

 

		(iii)	a “covered FSI” as that term is defined in, and
                                         interpreted in accordance with, 12 C.F.R. § 382.2(b).

 

“Covered Party”
has the meaning assigned to it in Section 9.23.

 

“Credit Party”
means the Administrative Agent, each Issuing Bank or any other Lender.

 

“Default” means
any event or condition which constitutes an Event of Default or which upon notice, lapse of time or both would, unless cured or
waived, become an Event of Default.

 

    	 	18	 

     

    

 

“Default Right”
has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or
382.1, as applicable.

 

“Defaulting Lender”
means any Lender that (a) has failed, within two Business Days of the date required to be funded or paid, to (i) fund any portion
of its Loans, (ii) fund any portion of its participations in Letters of Credit, (iii) pay over to any Credit Party any other amount
required to be paid by it hereunder, or (iv) comply with its obligations under this Agreement, 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 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 and participations in then outstanding
Letters of Credit under this Agreement; provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause
(c) upon such Credit Party’s (x) receipt of such certification in form and substance satisfactory to it and the Administrative
Agent, and (y) becoming compliant with its obligations under this Agreement, or (d) has become the subject of (A) a Bankruptcy
Event or (B) a Bail-In Action.

 

“Deferred Acquisition Obligations”
has the meaning set forth in Section 6.01(i).

 

“Delayed Draw Term Loans”
has the meaning set forth in Section 2.01(c).

 

“Delayed Draw Term Loan Commitment”
means, with respect to each Lender, the commitment of such Lender to make Delayed Draw
Term Loans hereunder. The initial amount of each Lender’s Delayed Draw Term Loan Commitment is set forth on Schedule 2.01A,
or in the Assignment and Assumption or other documentation contemplated hereby pursuant to which such Lender shall have assumed
its Delayed Draw Term Loan Commitment. The initial aggregate amount of all Delayed Draw Term Loan Commitments was $70,000,000
and, as of the Second Amendment Effective Date, all Delayed Draw Term Loan Commitments are $0.

 

“Delayed Draw Term Loan Commitment
Termination Date” means June 6, 2018.

 

“Disclosed Matters”
means the actions, suits and proceedings and the environmental matters disclosed in Schedule 3.06.

 

“Disqualified Equity Interests”
means Equity Interests that by their terms (or by the terms of any security into which they are convertible or for which
they are exchangeable), or upon the happening of any event, (a) require the payment of any dividends (other than dividends payable
solely in shares of Qualified Equity Interests), (b) mature or are mandatorily redeemable or subject to mandatory repurchase or
redemption or repurchase at the option of the holders thereof, in whole or in part and whether upon the occurrence of any event,
pursuant to a sinking fund obligation, on a fixed date or otherwise, prior to the date that is 91 days following the then Latest
Maturity Date at such time, or (c) are convertible or exchangeable, automatically or at the option of any holder thereof, into
any debt securities or any Equity Interest referred to in clause (a) or (b) above, prior to the date that is 91 days following
the then Latest Maturity Date at such time; provided that if such Equity Interests are issued pursuant to a plan for the
benefit of employees of the Borrower or any Subsidiary, such Equity Interests shall not constitute Disqualified Equity Interests
solely because they may be required to be repurchased by the Borrower or its Subsidiaries in order to satisfy applicable statutory
or regulatory obligations or as a result of such employee’s termination, death or disability.

 

    	 	19	 

     

    

 

“Dollar Amount”
of any currency at any date means (a) if such currency is U.S. Dollars, the amount of such currency, or (b) if such currency is
a Foreign Currency or Alternative Currency at any date means the equivalent in such currency of U.S. Dollars, calculated on the
basis of the Exchange Rate for such currency as in effect on the last day of the Reference Period then most recently ended.

 

“Domestic
Subsidiary” means any Subsidiary that is a corporation, limited liability
company, partnership or similar business entity incorporated, formed or organized
under the laws of the United States, any State of the United States or the District
of Columbia. 

 

“EDGAR System”
means the Electronic Data Gathering Analysis and Retrieval System owned and operated by the SEC or any replacement system.

 

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

 

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

 

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

 

“Effective Date”
has the meaning assigned to it in the introductory paragraph of this Agreement.

 

“Electronic Signature”
means an electronic sound, symbol, or process attached to, or associated with, a contract or other record and adopted
by a person with the intent to sign, authenticate or accept such contract or record.

 

“Electronic System”
means any electronic system, including e-mail, e-fax, Intralinks®, ClearPar®, Debt Domain, Syndtrak and any other Internet
or extranet-based site, whether such electronic system is owned, operated or hosted by the Administrative Agent or any Issuing
Bank and any of its respective Related Parties or any other Person, providing for access to data protected by passcodes or other
security system.

 

    	 	20	 

     

    

 

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

 

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

 

“Equity Interests” 
means shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial interests
in a trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling the holder thereof
to purchase or acquire any such equity interest.

 

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

 

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

 

“ERISA Event”
means (a) any “reportable event”, as defined in Section 4043 of ERISA or the regulations issued thereunder with respect
to a Plan (other than an event for which the 30 day notice period is waived); (b) the existence with respect to any Plan of an
 “accumulated funding deficiency” (as defined in Section 412 of the Code or Section 302 of ERISA), whether or not waived;
(c) the filing pursuant to Section 412(d) of the Code or Section 303(d) of ERISA of an application for a waiver of the minimum
funding standard with respect to any Plan; (d) the incurrence by the Borrower or any of its ERISA Affiliates of any liability
under Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by the Borrower or any ERISA Affiliate from
the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee
to administer any Plan; (f) the incurrence by the Borrower or any of its ERISA Affiliates of any liability with respect to the
withdrawal or partial withdrawal from any Plan or Multiemployer Plan; or (g) the receipt by the Borrower or any ERISA Affiliate
of any notice, or the receipt by any Multiemployer Plan from the Borrower or any ERISA Affiliate of any notice, concerning the
imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization,
within the meaning of Title IV of ERISA.

 

“eTouch” means
eTouch Systems Corp., a Delaware corporation.

 

    	 	21	 

     

    

 

“eTouch Acquisition”
means the acquisition by the Borrower, through its direct or indirect wholly-owned Subsidiary, of (a) 100% of the issued and
outstanding shares or other Equity Interests of eTouch, pursuant to the eTouch US Acquisition Agreement, and (b) 100% of the issued
and outstanding shares or other Equity Interests of eTouch India, pursuant to the eTouch India Acquisition Agreement.

 

“eTouch Acquisition Agreement”
means, collectively and individually, (i) a purchase agreement among the Borrower, the eTouch, eTouch India, each of the equityholders
of eTouch, each of the equityholders of eTouch India and Aniruddha Gadre, in his capacity as the representative of the equityholders
of eTouch and the equityholders of eTouch India (together with all exhibits, schedules and disclosure letters thereto, and as the
same may be amended, restated or otherwise modified from time to time in accordance with the terms of this Agreement, the “eTouch
US Acquisition Agreement”); and (ii) a purchase agreement among the Borrower and/or one of its direct or indirect
subsidiaries and each of the equityholders of eTouch India (together with all exhibits, schedules and disclosure letters thereto,
and as the same may be amended, restated or otherwise modified from time to time in accordance with the terms of this Agreement,
the “eTouch India Acquisition Agreement”.

 

“eTouch India” means
eTouch Systems (India) Pvt. Ltd., a company existing under the laws of India.

 

“eTouch India Acquisition Agreement”
has the meaning assigned to it in the definition of “eTouch Acquisition Agreement.”

 

“eTouch Investments”
means, collectively, (a) Investments by the Borrower in Virtusa International, B.V. and (b) Investments by Virtusa International,
B.V. in VCSPL, in the case of each of clauses (a) and (b), in an aggregate amount of $20,000,000.

 

“eTouch Retention Payments”
means cash retention payments made to continuing employees of eTouch pursuant to the eTouch Acquisition Agreement in an amount
not to exceed $7,500,000 in each of the first two years following the date on which the eTouch Acquisition is consummated.

 

“eTouch US Acquisition Agreement”
has the meaning assigned to it in the definition of “eTouch Acquisition Agreement.”

 

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

 

“Eurodollar” when
used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing interest
at a rate determined by reference to the Adjusted LIBO Rate.

 

“Event of Default”
has the meaning assigned to such term in Article VII.

 

“Exchange Rate”
means, on any day, with respect to any Foreign Currency or Alternative Currency, the rate at which such Foreign Currency or Alternative
Currency may be exchanged into U.S. Dollars, as set forth at approximately 11:00 a.m., Local Time, on such date on the Reuters
World Currency Page for such Foreign Currency or Alternative Currency. In the event that such rate does not appear on any Reuters
World Currency Page, the Exchange Rate with respect to such Foreign Currency or Alternative Currency shall be determined by reference
to such other publicly available service for displaying exchange rates as may be reasonably selected by the Administrative Agent
in consultation with the Borrower or, in the event no such service is selected, such Exchange Rate shall instead be calculated
on the basis of the arithmetical average of the spot rates of exchange of the Administrative Agent for such Foreign Currency or
Alternative Currency on the London market at 11:00 a.m., Local Time, on such date for the purchase of U.S. Dollars with such Foreign
Currency or Alternative 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 in consultation with the Borrower may use any reasonable
method it deems appropriate to determine such rate, and such determination shall be conclusive absent manifest error.”

 

    	 	22	 

     

     

“Excluded Person”
means any competitor of Borrower or its Subsidiaries identified by Borrower in writing to Lenders from time to time; provided,
however, that no state or federally-chartered bank, savings and loan or other regulated financial institution (including financial
institutions regulated by a Governmental Authority of any nation or any political subdivision thereof or any central bank or supranational
entity, such as the European Union) shall be an Excluded Person.

 

“Excluded Subsidiary”
means (a) any Subsidiary that is by applicable law or regulation or contractual obligations existing on the date of this Agreement
(or, in the case of any newly acquired or organized Subsidiary, in existence at the time of acquisition or organization but not
entered into in contemplation thereof) from guaranteeing the Obligations, (b) any Subsidiary with respect to which the Administrative
Agent and the Borrower agree that the burden or cost or other consequences (including any material adverse tax consequences) of
providing a guarantee of the Obligations would be excessive in view of the practical benefits to be obtained by the Lenders therefrom,
(c) any Foreign Subsidiary of the Borrower or of any other direct or indirect Domestic Subsidiary, or any Domestic Subsidiary of
a Foreign Subsidiary that is a CFC, (d) any direct or indirect Domestic Subsidiary if it has no material assets other than Equity
Interests or indebtedness of one or more Foreign Subsidiaries that are CFCs, (e) any Subsidiary that is a captive insurance company,
(f) any Subsidiary that is a Massachusetts Securities Corporation, (g) any Subsidiary that is a special purpose entity reasonably
satisfactory to the Administrative Agent, (h) any Immaterial Subsidiary, and (i) any joint venture.

 

“Excluded Swap Obligations”
means, with respect to any Loan Guarantor, any Swap Obligation if, and to the extent that, all or a portion of the Guarantee of
such Loan Guarantor of, or the grant by such Loan Guarantor of a security interest to secure, such Swap Obligation (or any Guarantee
thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading
Commission (or the application or official interpretation of any thereof) (a) by virtue of such Loan Guarantor’s failure
for any reason to constitute an “eligible contract participant” (determined after giving effect to any “keepwell,
support or other agreement” for the benefit of such Loan Guarantor) as defined in the Commodity Exchange Act and the regulations
thereunder at the time the Guarantee of such Loan Guarantor, or the grant of such security interest, becomes effective with respect
to such Swap Obligation or (b) in the case of a Swap Obligation subject to a clearing requirement pursuant to Section 2(h) of the
Commodity Exchange Act (or any successor provision thereto), because such Loan Guarantor is a “financial entity,” as
defined in Section 2(h)(7)(C)(i) the Commodity Exchange Act (or any successor provision thereto), at the time the Guarantee of
such Loan Guarantor, or the grant of such security interest, becomes or would become effective with respect to such related Swap
Obligation. If a Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only
to the portion of such Swap Obligation that is attributable to swaps for which such Guarantee or security interest is or becomes
illegal.

 

    	 	23	 

     

     

“Excluded Taxes”
means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment
to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes,
in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in
the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision
thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, 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, Letter of Credit or Commitment pursuant
to a law in effect on the date on which (i) such Lender acquires such interest in the Loan, Letter of Credit or Commitment (other
than pursuant to an assignment request by the Borrower under Section 2.19(b)) or (ii) such Lender changes its lending office, except
in each case to the extent that, pursuant to Section 2.17, amounts with respect to such Taxes were payable either to such Lender’s
assignor immediately before such Lender acquired the applicable interest in a Loan, Letter of Credit or Commitment or to such Lender
immediately before it changed its lending office, (c) Taxes attributable to such Recipient’s failure to comply with Section
2.17(f) and (d) any U.S. Federal withholding Taxes imposed under FATCA.

 

“Existing Credit Agreement”
has the meaning assigned to it in the introductory paragraph of this Agreement.

 

“Existing Letters of Credit”
means, collectively, the letters of credit set forth on Schedule 1.01A.

 

“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 fiscal or regulatory legislation, rules or practices
adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities and implementing such
Sections of the Code.

 

“Federal Funds Effective Rate”
means, for any day, the rate calculated by the NYFRB based on such day’s federal funds transactions by depositary institutions
(as determined in such manner as the NYFRB shall set forth on its public website from time to time) and published on the next succeeding
Business Day by the NYFRB as the federal funds effective rate, provided that if the Federal Funds Effective Rate shall be
less than zero, such rate shall be deemed to zero for the purposes of this Agreement.

 

    	 	24	 

     

     

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

 

“Financial Statements”
means the financial statements to be furnished pursuant to Sections 5.01(a) and (b).

 

“Fixed Charge Coverage Ratio”
means, for any period, the ratio of (a) Consolidated EBITDA for such period minus the aggregate amount of Capital Expenditures
made during such period (to the extent not financed with Indebtedness (other than Revolving Loans), an issuance of Equity Interests
or capital contributions, or proceeds of asset sales, the proceeds of casualty insurance used to replace or restore assets), to
(b) Fixed Charges for such period, all calculated for the Borrower and its Subsidiaries on a consolidated basis in accordance with
GAAP.

 

“Fixed Charges”
means, for any period, without duplication, regularly scheduled Consolidated Interest Expense paid in cash for such period, plus
regularly scheduled dividends paid in cash for such period on or with respect to any Disqualified Equity Interests (including the
Orogen Series A Preferred Stock), plus regularly scheduled amortization payments on Indebtedness in cash during such period
(regularly scheduled amortization payments shall be determined without giving effect to any reduction of such scheduled payments
resulting from the application of any voluntary or mandatory prepayments made during the applicable period), plus expense
for income taxes paid in cash for such period, plus the interest component of Capital Lease Obligation payments for such
period paid in cash, all calculated for the Borrower and its Subsidiaries on a consolidated basis in accordance with GAAP except
as otherwise stated above.

 

“Flood Laws” means,
collectively, the National Flood Insurance Act of 1968, the Flood Disaster Protection Act of 1973, the National Flood Insurance
Reform Act of 1994 (amending 42 USC 4001, et seq.), and the Flood Insurance Reform Act of 2004, as such statutes may be amended
or re-codified from time to time, any substitution therefor, and any regulations promulgated thereunder, and all other applicable
laws relating to flood insurance.

 

“Foreign Currency”
means Rupees (INR).

 

“Foreign Lender” means
(a) if the Borrower is a U.S. Person, a Lender that is not a U.S. Person, and (b) if the Borrower is not a U.S. Person, a Lender
that is resident or organized under the laws of a jurisdiction other than that in which the Borrower is resident for tax purposes.

 

“Foreign Subsidiary”
means any Subsidiary that is not incorporated under the laws of the United States or its territories or possessions.

 

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

 

“Governmental Authority”
means the government of the United States of America, any other nation or any political subdivision thereof, whether state or local,
and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative,
judicial, taxing, regulatory or administrative powers or functions of or pertaining to government.

 

    	 	25	 

     

     

“Guarantee” of
or by any Person (the “guarantor”) means any obligation, contingent or otherwise, of the guarantor guaranteeing
or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary
obligor”) in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or
indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation
or to purchase (or to advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease
property, securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment
thereof, (c) to maintain working capital, equity capital or any other financial statement condition or liquidity of the primary
obligor so as to enable the primary obligor to pay such Indebtedness or other obligation or (d) as an account party in respect
of any letter of credit or letter of guaranty issued to support such Indebtedness or obligation; provided, that the term Guarantee
shall not include endorsements for collection or deposit in the ordinary course of business.

 

“Guaranteed Obligations”
has the meaning assigned to such term in Section 10.01.

 

“Guarantor Payment”
has the meaning assigned to such term in Section 10.11.

 

“Guarantors” means
each Subsidiary of the Borrower, any other guarantors of the Guaranteed Obligations, and any other Person who becomes a party to
this Agreement pursuant to Section 5.11 or a Joinder Agreement and their successors and assigns; provided, however, that
in no case shall an Excluded Subsidiary be a Guarantor.

 

“Hazardous Materials”
means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes or other pollutants, including
petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas, infectious
or medical wastes and all other substances or wastes of any nature regulated pursuant to any Environmental Law.

 

“Historical Financial Statements”
means (a) the audited consolidated balance sheets of the Borrower and its Subsidiaries as of March 31, 2016 and March 31, 2017
and the related audited consolidated statements of income, shareholders’ equity and cash flows of the Borrower and its Subsidiaries
for such fiscal years, in each case, prepared in accordance with GAAP, and (b) unaudited consolidated balance sheets of the Borrower
and its Subsidiaries as of June 30, 2017 and September 30, 2017 and the related unaudited consolidated statements of income, shareholders’
equity and cash flows of the Borrower and its Subsidiaries for such fiscal quarters.

 

“Home Page” means
the Borrower’s corporate home page on the World Wide Web accessible through the Internet via the universal resource locator
(URL) identified as http://www.virtusa.com or such other universal resource locator that it shall designate in writing to
the Agent as its corporate home page on the World Wide Web.

 

“IBA” has the
meaning assigned to such term in Section 1.06.

 

    	 	26	 

     

     

“Immaterial Subsidiary”
means each of the Subsidiaries listed on Schedule 1.01B and each other Subsidiary (other than a Guarantor) designated as an “Immaterial
Subsidiary” from time to time by the Borrower in a written notice to the Administrative Agent; provided that (i) no Immaterial
Subsidiary shall, individually, comprise more than two and a half percent (2.5%) of the Borrower’s Consolidated Total Assets
or Consolidated EBITDA as of the end of or for the most recently ended Reference Period (it being understood and agreed that if,
at any time, any designated Immaterial Subsidiary exceeds such threshold, it shall automatically cease to be an Immaterial Subsidiary
until such time, if any, as the Borrower may re-designate it as an “Immaterial Subsidiary” in accordance herewith),
and (ii) all Immaterial Subsidiaries shall not, collectively, comprise more than five percent (5%) of the Borrower’s Consolidated
Total Assets or Consolidated EBITDA as of the end of or for the most recently ended Reference Period.

 

“Impacted Interest Period”
has the meaning assigned to it in the definition of “LIBO Rate.”

 

“Increasing Lender”
has the meaning assigned to such term in Section 2.21(a).

 

“Incremental Term Loan”
has the meaning assigned to such term in Section 2.21(a).

 

“Incremental Term Loan Amendment”
has the meaning assigned to such term in Section 2.21(e).

 

“Indebtedness”
of any Person means, without duplication, (a) all obligations of such Person for borrowed money or with respect to deposits or
advances of any kind, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all
obligations of such Person upon which interest charges are customarily paid, (d) all obligations of such Person under conditional
sale or other title retention agreements relating to property acquired by such Person, (e) all obligations of such Person in respect
of the deferred purchase price of property or services (excluding accounts payable incurred in the ordinary course of business
and not more than 90 days overdue), (f) all Indebtedness of others secured by (or for which the holder of such Indebtedness has
an existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether or
not the Indebtedness secured thereby has been assumed, (g) all Guarantees by such Person of Indebtedness of others, (h) all Capital
Lease Obligations of such Person, (i) all obligations, contingent or otherwise, of such Person as an account party in respect of
letters of credit and letters of guaranty, in each case, to the extent not cash collateralized, (j) all obligations, contingent
or otherwise, of such Person in respect of bankers’ acceptances, (k) obligations under any earn-out to the extent recognized
under GAAP, (l) all obligations of such Person to purchase, redeem, retire or otherwise acquire for value any Disqualified Equity
Interests (including the Orogen Series A Preferred Stock) to the extent such purchase, redemption, retirement or other acquisition
is required to occur on or prior to the Latest Maturity Date in effect at the time of issuance of such Equity Interests (other
than any such obligation that is contingent upon the prior payment in full of the Obligations (excluding (1) any unasserted contingent
Obligations and (2) LC Exposure to the extent the Borrower has deposited into an LC Collateral Account (in a manner consistent
with the provisions of Section 2.06(j)) an amount in cash equal to 102% of the LC Exposure as of such date) and the termination
of the Commitments of all Lenders hereunder), (m) any Off-Balance Sheet Liability, (n) net obligations payable at the termination
of any and all Swap Agreements, determined by reference to the Swap Termination Value thereof to the extent not cash collateralized,
and (o) obligations in respect of any eTouch Retention Payments. The Indebtedness of any Person shall include the Indebtedness
of any other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor
as a result of such Person’s ownership interest in or other relationship with such entity, except to the extent the terms
of such Indebtedness provide that such Person is not liable therefor.

 

    	 	27	 

     

     

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

 

“Indemnitee” has
the meaning assigned to such term in Section 9.03(b).

 

“Ineligible Institution”
has the meaning assigned to it in Section 9.04(b).

 

“Interest Election Request”
means a request by the Borrower to convert or continue a Revolving Borrowing in accordance with Section 2.08, in the form of Exhibit
K or any other form reasonably approved by the Administrative Agent.

 

“Interest Payment Date”
means (a) with respect to any ABR Loan, the first Business Day of each fiscal quarter and the Maturity Date, and (b) with respect
to any Eurodollar Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is a part and, in the
case of a Eurodollar Borrowing with an Interest Period of more than one month’s duration, each day prior to the last day
of such Interest Period that occurs at intervals of one month’s duration after the first day of such Interest Period.

 

“Interest Period”
means with respect to any Eurodollar Borrowing, the period commencing on the date of such Borrowing and ending on the numerically
corresponding day in the calendar month that is one, two or three or six months thereafter, as the Borrower may elect; provided,
that (i) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next
succeeding Business Day unless, in the case of a Eurodollar Borrowing only, such next succeeding Business Day would fall in the
next calendar month, in which case such Interest Period shall end on the next preceding Business Day and (ii) any Interest Period
pertaining to a Eurodollar Borrowing that commences on the last Business Day of a calendar month (or on a day for which there is
no numerically corresponding day in the last calendar month of such Interest Period) shall end on the last Business Day of the
last calendar month of such Interest Period. For purposes hereof, the date of a Borrowing initially shall be the date on which
such Borrowing is made and, in the case of a Revolving Borrowing, thereafter shall be the effective date of the most recent conversion
or continuation of such Borrowing.

 

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

 

    	 	28	 

     

     

“Investment” means,
as applied to the Borrower and its Subsidiaries, (a) the purchase or acquisition of any Equity Interest, evidence of indebtedness
or other securities (including any option, warrant or other right to acquire any of the foregoing) of any other Person (including
any Subsidiary), (b) any loan, advance or extension of credit (excluding accounts receivable arising in the ordinary course of
business and not more than 90 days overdue) to, or contribution to the capital of, or Guarantee of any obligations of, any other
Person (including any Subsidiary), (c) any other investment or interest in any other Person (including any Subsidiary), and (d)
any Acquisition. The amount of any Investment shall be the original principal or capital amount thereof less all returns of principal
or equity thereon (without adjustment by reason of the financial condition of such other Person) and shall, if made by the transfer
or exchange of property other than cash, be deemed to have been made in an original principal or capital amount equal to the fair
market value of such property exchanged.

 

“Investment Agreement”
means that certain Investment Agreement dated on or about May 3, 2017, by and among the Borrower and Orogen, as the same may be
amended, supplemented or otherwise modified from time to time in a manner not materially adverse to the Lenders.

 

“Investment Policy”
means the Tenth Amended and Restated Virtusa Corporation Investment Policy and Procedures approved on September 17, 2019 by the
Audit Committee of the board of directors of the Borrower as amended from time to time with the consent of the Administrative Agent
in its discretion (such consent not to be unreasonably withheld, conditioned or delayed).

 

“IRS” means the
United States Internal Revenue Service.

 

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

 

“Issuing Bank”
means JPMorgan Chase Bank, N.A., Bank of America, N.A., and any other Lender that agrees to act as an Issuing Bank, each in its
capacity as the issuer of Letters of Credit hereunder, and its successors in such capacity as provided in Section 2.06(i).
Any Issuing Bank may, in its discretion, arrange for one or more Letters of Credit to be issued by Affiliates of such Issuing Bank,
in which case the term “Issuing Bank” shall include any such Affiliate with respect to Letters of Credit issued by
such Affiliate. Each reference herein to the “Issuing Bank” shall be deemed to be a reference to the relevant Issuing
Bank.

 

“Joinder Agreement”
means a Joinder Agreement in substantially the form of Exhibit D.

 

“Latest Maturity Date”
means, at any date of determination, the latest maturity date applicable to any Loan or Commitment hereunder at such time (and
excluding any earlier acceleration of the Loans or termination of the Commitments), in each case as extended in accordance with
this Agreement from time to time.

 

    	 	29	 

     

     

“LC Collateral Account”
has the meaning assigned to such term in Section 2.06(j).

 

“LC Disbursement”
means a payment made by the Issuing Bank pursuant to a Letter of Credit.

 

“LC Exposure”
means, at any time, the sum of (a) the aggregate undrawn amount of all outstanding Letters of Credit at such time plus (b) the
aggregate amount of all LC Disbursements that have not yet been reimbursed by or on behalf of the Borrower at such time. 
The LC Exposure of any Revolving Lender at any time shall be its Applicable Percentage of the total LC Exposure at such time. 
For purposes of computing the amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall
be determined in accordance with Section 2.06(k).  For all purposes of this Agreement, if on any date of determination
a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of Rule 3.14
of the ISP, such Letter of Credit shall be deemed to be “outstanding” in the amount so remaining available to be drawn.

 

“Lead Arrangers”
means JPMorgan Chase Bank, N.A. and Merrill Lynch, Pierce, Fenner & Smith Incorporated in their capacity as the Lead Arrangers
and Joint Bookrunners.

 

“Lender Parent”
means, with respect to any Lender, any Person as to which such Lender is, directly or indirectly, a subsidiary.

 

“Lenders” means
the Persons listed on Schedule 2.01A and any other Person that shall have become a party hereto pursuant to an Assignment and Assumption,
other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption.

 

“Letter of Credit”
means any letter of credit issued or deemed to be issued pursuant to this Agreement and shall include the Existing Letters of Credit
issued by the Lenders.

 

“Letter of Credit Commitment”
means, with respect to each Issuing Bank, the commitment of such Issuing Bank to issue Letters of Credit hereunder. The initial
amount of each Issuing Bank’s Letter of Credit Commitment is set forth on Schedule 2.01B, or if an Issuing Bank has entered
into an Assignment and Assumption, the amount set forth for such Issuing Bank as its Letter of Credit Commitment in the Register
maintained by the Administrative Agent.

 

“LIBO Rate” means,
with respect to any Eurodollar Borrowing for any Interest Period, the LIBO Screen Rate at approximately 11:00 a.m., London time,
two Business Days prior to the commencement of such Interest Period; provided that if the LIBO Screen Rate shall not be
available at such time for such Interest Period (an “Impacted Interest Period”) then the LIBO Rate shall
be the Interpolated Rate.

 

“LIBO Screen Rate”
means, for any day and time, with respect to any Eurodollar Borrowing for any Interest Period, the London interbank offered rate
as administered by ICE Benchmark Administration (or any other Person that takes over the administration of such rate) for U.S.
Dollars for a period equal in length to such Interest Period as displayed on such day and time on pages LIBOR01 or LIBOR02 of the
Reuters screen that displays such rate (or, in the event such rate does not appear on a Reuters page or screen, on any successor
or substitute page on such screen that displays such rate, or on the appropriate page of such other information service that publishes
such rate from time to time as selected by the Administrative Agent in its reasonable discretion, provided that if the LIBO
Screen Rate shall be less than zero, such rate shall be deemed to zero for the purposes of this Agreement.

 

    	 	30	 

     

     

“Lien” means,
with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security interest
in, on or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title
retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to
such asset and (c) in the case of securities, any purchase option, call or similar right of a third party with respect to such
securities. In no event shall an operating lease be deemed to be a Lien.

 

“Loan Documents”
means, collectively, this Agreement, each note delivered pursuant to this Agreement, each Letter of Credit application, the Collateral
Documents and any other agreements, instruments, documents and certificates executed by or on behalf of any Loan Party and delivered
to or in favor of the Credit Parties concurrently herewith or hereafter in connection with the Transactions hereunder. Any reference
in this Agreement or any other Loan Document to a Loan Document shall include all appendices, exhibits or schedules thereto, and
all amendments, restatements, supplements or other modifications thereto, and shall refer to such Loan Document as the same may
be in effect at any and all times such reference becomes operative.

 

“Loan Guarantor”
means each Loan Party (other than the Borrower).

 

“Loan Guaranty”
means Article X of this Agreement.

 

“Loan Parties”
means the Borrower and each Guarantor.

 

“Loans” means
the loans and advances made by the Lenders to the Borrower pursuant to this Agreement.

 

“Local Time” means
with respect to any amount denominated in a Foreign Currency or Alternative Currency, local time for such Foreign Currency or Alternative
Currency (it being understood that such local time shall mean London, England time unless otherwise notified by the Administrative
Agent).

 

“Margin Stock”
has the meaning assigned thereto in Regulation U of the Board.

 

“Massachusetts Securities Corporation”
means any Domestic Subsidiary that is classified as a “security corporation” by the Massachusetts Department of Revenue
pursuant to Massachusetts General Law c. 63, § 38B, or any successor statute.

 

“Material Adverse Effect”
means a material adverse effect on (a) the business, assets, operations or financial condition, of the Borrower and its Subsidiaries
(including (i) after giving effect to the eTouch Acquisition, the Target) taken as a whole, (b) the ability of the Borrower, or
of the Guarantors taken as a whole, to perform any of their material obligations under this Agreement and the other Loan Documents,
(c) the Collateral (taken as a whole), or the Administrative Agent’s liens (on behalf of itself and the other Secured Parties)
on a material portion of the Collateral or the priority of such liens or (d) the material rights of or remedies available to the
Administrative Agent or the Lenders under this Agreement or any other Loan Document taken as a whole.

 

    	 	31	 

     

     

“Material Indebtedness”
means any Indebtedness (other than the Loans and Letters of Credit), or obligations in respect of one or more Swap Agreements,
of any one or more of the Borrower and its Subsidiaries in an aggregate principal amount exceeding $20,000,000. For purposes of
determining Material Indebtedness, the “principal amount” of the obligations of the Borrower or any Subsidiary in respect
of any Swap Agreement at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that the Borrower
or such Subsidiary would be required to pay if such Swap Agreement were terminated at such time.

 

“Maturity Date”
means February 6, 2023.

 

“Maximum Liability”
has the meaning assigned to such term in Section 10.10.

 

“Maximum Rate”
has the meaning assigned to such term in Section 9.17.

 

“Moody’s”
means Moody’s Investors Service, Inc.

 

“Mortgage” means
any mortgage, deed of trust, deed to secure debt or similar instrument, in form and substance reasonably satisfactory to the Administrative
Agent and executed by any Loan Party in favor of (or for the benefit of) the Administrative Agent and the Secured Parties, granting
to the Administrative Agent, for the benefit of itself and the Secured Parties, a perfected first priority Lien in and upon the
real property and improvements covered thereby, as the same may be amended, modified, restated or otherwise supplemented time to
time. In the sole discretion of Administrative Agent, any “Mortgage” or “Mortgages” may take the form of
assignments of, and amendments and restatements of, existing mortgages or deeds of trust encumbering any applicable Mortgaged Property.

 

“Mortgaged Property”
means any real property (together with all improvements located thereon) that is subject to a Mortgage.

 

“Multiemployer Plan”
means a multiemployer plan as defined in Section 4001(a)(3) of ERISA.

 

“Net Proceeds”
means, with respect to any event, (a) the cash proceeds received in respect of such event including (i) any cash received in respect
of any non-cash proceeds (including any cash payments received by way of deferred payment of principal pursuant to a note or installment
receivable or purchase price adjustment receivable or otherwise, but excluding any interest payments), but only as and when received
in cash, (ii) in the case of a casualty, casualty insurance proceeds and (iii) in the case of a condemnation or similar event,
condemnation awards and similar payments, net of (b) the sum of (i) all reasonable fees and out-of-pocket expenses paid to third
parties (other than Affiliates) in connection with such event (including legal and accounting fees), (ii) in the case of a sale,
transfer or other disposition of an asset (including pursuant to a sale and leaseback transaction or a casualty or a condemnation
or similar proceeding), the amount of all payments required to be made as a result of such event to repay Indebtedness (other than
the Loans) secured by such asset or otherwise subject to mandatory prepayment as a result of such event and (iii) the amount of
all taxes paid (or reasonably estimated to be payable) and the amount of any reserves established to fund contingent liabilities
reasonably estimated to be payable, in each case during the year that such event occurred or the next succeeding year and that
are directly attributable to such event (as determined reasonably and in good faith by a Financial Officer).

 

    	 	32	 

     

     

“Non-Consenting Lender”
means any Lender that does not approve any consent, waiver or amendment that (a) requires the approval of all Lenders, all Lenders
of a particular Class or Type of Loan, or all affected Lenders in accordance with the terms of Section 9.02 and (b) has been approved
by the Required Lenders, the Required Term Lenders, or the Required Revolving Lenders, as applicable.

 

“Note” means a
promissory note of the Borrower payable to any Lender or its registered assigns, substantially in the form of Exhibit I and Exhibit
J hereto, evidencing the aggregate Indebtedness of the Borrower to such Lender resulting from the Loans made by such Lender.

 

“NYFRB” means
the Federal Reserve Bank of New York.

 

“NYFRB Rate” means,
for any day, the greater of (a) the Federal Funds Effective Rate in effect on such day and (b) the Overnight Bank Funding Rate
in effect on such day (or for any day that is not a Business Day, for the immediately preceding Business Day); provided that if
none of such rates are published for any day that is a Business Day, the term “NYFRB Rate” means the rate for a federal
funds transaction quoted at 11:00 a.m. on such day received to the Administrative Agent from a Federal funds broker of recognized
standing selected by it; provided, further, that if any of the aforesaid rates shall be less than zero, such rate shall be deemed
to be zero for purposes of this Agreement.

 

“Obligated Party”
has the meaning assigned to such term in Section 10.02.

 

“Obligations”
means all advances to, and debts, liabilities, obligations, covenants and duties of, the Borrower arising under any Loan Document
or otherwise with respect to any Loan or Letter of Credit, whether direct or indirect, absolute or contingent, due or to become
due, now existing or hereafter arising and including interest and fees that accrue after the commencement by or against the Borrower
of any proceeding under any debtor relief laws naming the Borrower as the debtor in such proceeding, regardless of whether such
interest and fees are allowed claims in such proceeding. Without limiting the foregoing, the Obligations include (a) the obligation
to pay principal, interest, Letter of Credit commissions, charges, expenses, fees, indemnities and other amounts payable by the
Borrower under any Loan Document and (b) the obligation of the Borrower to reimburse any amount in respect of any of the foregoing
that the Administrative Agent or any Lender, in each case in its sole discretion, may elect to pay or advance on behalf of the
Borrower.

 

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

 

“Off-Balance Sheet Liability”
of a Person means (a) any repurchase obligation or liability of such Person with respect to accounts or notes receivable sold by
such Person, (b) any indebtedness, liability or obligation under any so-called “synthetic lease” transaction entered
into by such Person, or (c) any indebtedness, liability or obligation arising with respect to any other transaction which is the
functional equivalent of borrowing but which does not constitute a liability on the balance sheet of such Person (other than operating
leases).

 

    	 	33	 

     

     

“Orogen” means
Orogen Viper LLC, a Delaware limited liability company.

 

“Orogen Series A Preferred Stock”
means, collectively, the Series A Preferred Stock and the Series A-1 Preferred Stock (including, for the avoidance of doubt, any
Series A Preferred Stock issued upon conversion of any Series A-1 Preferred Stock pursuant to the applicable Certificate of Designations
or the Investment Agreement).

 

“Orogen Transactions”
means the transactions contemplated by the Series A Certificate of Designations, the Series A-1 Certificate of Designations and
the Investment Agreement (including, without limitation, the issuance and sale of the Orogen Series A Preferred Stock).

 

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

 

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

 

“Overnight Bank Funding Rate”
means, for any day, the rate comprised of both overnight federal funds and overnight Eurodollar borrowings by U.S.-managed banking
offices of depository institutions, as such composite rate shall be determined by the NYFRB as set forth on its public website
from time to time, and published on the next succeeding Business Day by the NYFRB as an overnight bank funding rate (from and after
such date as the NYFRB shall commence to publish such composite rate).

 

“Overnight Foreign Currency
Rate” means, for any amount payable in an Alternative Currency, the rate of interest per annum as determined by the
Administrative Agent at which overnight or weekend deposits in such Alternative Currency (or if such amount due remains unpaid
for more than three (3) Business Days, then for such other period of time as the Administrative Agent may elect) for delivery in
immediately available and freely transferable funds would be offered by the Administrative Agent to major banks in the interbank
market upon request of such major banks for such Alternative Currency as determined above and in an amount comparable to the unpaid
principal amount of the related LC Disbursement, plus any taxes, levies, imposts, duties, deductions, charges or withholdings imposed
upon, or charged to, the Administrative Agent by any relevant correspondent bank in respect of such amount in such Alternative
Currency.

 

    	 	34	 

     

     

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

 

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

 

“Patent Security Agreement”
means that certain Patent Security Agreement, dated as of the date hereof, between the Borrower and the Administrative Agent, for
the benefit of the Administrative Agent and the other Secured Parties, as the same may be amended, restated or otherwise modified
from time to time.

 

“PBGC” means the
Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions.

 

“Permitted Acquisition”
means any Acquisition by the Borrower or any Subsidiary that satisfies all of the following conditions:

 

(a)  
 (i) immediately prior to signing of the applicable purchase or acquisition agreement, and immediately after giving effect
to such signing, no Default or Event of Default shall have occurred, exist and be continuing and (ii) immediately before the consummation
thereof and giving effect to such Acquisition and the incurrence or assumption of any Indebtedness in connection therewith, no
Event of Default shall have occurred, exist and be continuing under Sections 7.01(a), (b), (h), (i) or (j);

 

(b)  
 immediately after giving effect to such Acquisition the Borrower shall be in compliance with Section 6.03(b);

 

(c)  
 such Acquisition is not hostile (i.e. the board of directors or other governing body of the acquired business has consented
to such Acquisition) or has been approved by a court in a bankruptcy or an insolvency proceeding;

 

(d)  
 immediately after giving effect to such Acquisition and the incurrence or assumption of any Indebtedness in connection
therewith, the Borrower shall be in compliance on a Pro Forma Basis with the Consolidated Total Net Leverage Ratio financial covenant
set forth in Section 6.10(a) (but reduced by 0.25 to 1.00) as of the most recent fiscal quarter end for which Financial Statements
are available, and the Borrower shall have delivered to the Administrative Agent a certificate demonstrating such compliance on
a Pro Forma Basis as required pursuant to this clause (d), including its calculations of pro forma Consolidated Funded Debt and
pro forma Consolidated EBITDA, in each case in form and substance satisfactory to the Administrative Agent; provided,
however, that in the case of an Acquisition the terms of which do not condition the Borrower’s or such Subsidiary’s,
as applicable, obligation to consummate such Acquisition on the availability of third-party financing, such condition shall be
deemed satisfied so long as immediately after giving effect to the Acquisition and the incurrence or assumption of any Indebtedness
in connection therewith (as if such Acquisition and incurrence or assumption of Indebtedness had occurred on the date the definitive
agreement in respect of such Acquisition was executed), the Borrower would be in compliance on a Pro Forma Basis with the Consolidated
Total Net Leverage Ratio financial covenant set forth in Section 6.10(a) (but reduced by 0.25 to 1.00) as of the most recent fiscal
quarter end for which Financial Statements are available (and the Borrower shall have delivered to the Administrative Agent a certificate
demonstrating such compliance on a Pro Forma Basis as required pursuant to this proviso);

 

    	 	35	 

     

     

(e)  
 to the extent required in accordance with Sections 5.10 and 5.11, (i) the property, assets and businesses acquired in such
Acquisition shall become Collateral, (ii) any such newly created or acquired Subsidiary that is required to become a Guarantor
shall become a Guarantor and (iii) in the case of an Acquisition involving the merger, amalgamation or consolidation of any Loan
Party, the surviving entity shall be or shall become concurrently with such Acquisition a Loan Party; provided, that if any security
interest in any Collateral (including the creation or perfection of any security interest) is not or cannot reasonably be created
and/or perfected on the closing date of such Permitted Acquisition after Borrower’s use of commercially reasonable efforts
to do so, or without undue burden or expense, then the creation and/or perfection of any such Collateral shall not constitute a
requirement to consummate such Permitted Acquisition, but instead shall be created and/or perfected within 90 days after the closing
date of such Permitted Acquisition or such later date as the Administrative Agent may reasonably agree; and

 

(f)   
 the Borrower has given the Administrative Agent at least 5 Business Days’ (or such shorter period to which the Administrative
Agent may agree in its sole discretion) prior written notice of such Acquisition, and the Borrower has provided the Administrative
Agent with such information and data relating to such Acquisition as may be reasonably requested by any Credit Party through the
Administrative Agent; provided that such information or data shall be required only to the extent it is reasonably available without
undue burden to the Borrower.

 

“Permitted Encumbrances”
means:

 

(a)    Liens for Taxes to
the extent that payment of the same may be postponed or is not required in accordance with the provisions of Section 5.04;

 

(b)    real property lessors’,
carriers’, laborers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s and other like
Liens imposed by law, arising in the ordinary course of business and securing obligations that are not overdue by more than 30
days or are being contested in compliance with Section 5.04;

 

(c)    pledges and deposits
made in the ordinary course of business in compliance with workers’ compensation, unemployment insurance and other social
security laws or regulations or other similar legislation, or in connection with appeal and similar bonds incidental to litigation;

 

(d)    (i) pledges and deposits
to secure the performance of bids, trade contracts, leases, statutory obligations, surety and appeal bonds, performance bonds and
other obligations of a like nature, in each case in the ordinary course of business (including such deposits to secure letters
of credit issued for such purpose) and (ii) pledges and deposits in the ordinary course of business securing liability for reimbursement
or indemnification obligations of (including obligations in respect of letters of credit or bank guarantees for the benefit of)
insurance carriers providing property, casualty or liability insurance to the Borrower or any Subsidiary;

 

(e)   judgment liens in
respect of judgments that do not constitute an Event of Default under clause (k) of Article VII; and

 

    	 	36	 

     

     

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

 

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

 

“Permitted Investments”
means:

 

(a)   Investments made in
accordance with the Investment Policy;

 

(b)    Cash Equivalents;
and

 

(c)    in the case of any
Foreign Subsidiary, other short-term investments that are analogous to the foregoing, and are of comparable credit quality.

 

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

 

“Plan” means any
employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of
the Code or Section 302 of ERISA, and in respect of which the Borrower or any ERISA Affiliate is (or, if such plan were terminated,
would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA.

 

“Platform” means
Debt Domain, Intralinks, Syndtrak or a substantially similar electronic transmission system.

 

“Polaris” means
Polaris Consulting & Services Limited, a company existing under the laws of and listed in India and which is a Subsidiary directly
or indirectly majority-owned by the Borrower.

 

“Polaris Investments”
means, collectively, the 2016 Polaris Investments and the 2018 Polaris Investments.

 

“Polaris Tender Offer”
means that certain public tender offer launched by the Borrower, indirectly through VCSPL, a company existing under the laws of
India and an indirect wholly-owned subsidiary of the Borrower, to acquire up to 26% of the outstanding shares or other Equity Interests
of Polaris.

 

“Plan Asset Regulations”
means 29 CFR § 2510.3-101 et seq., as modified by Section 3(42) of ERISA, as amended from time to time.

 

“Prime Rate” means
the rate of interest per annum publicly announced from time to time by JPMorgan Chase Bank, N.A. as its prime rate in effect at
its office located at 270 Park Avenue, New York, New York; each change in the Prime Rate shall be effective from and including
the date such change is publicly announced as being effective.

 

    	 	37	 

     

     

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

 

“QFC” has the
meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C.
5390(c)(8)(D).

 

“QFC Credit Support”
has the meaning assigned to it in Section 9.23.

 

“Pro Forma Basis”
means, with respect to compliance with any test or covenant, that Consolidated EBITDA shall be calculated giving effect to (a)
additional add backs (subject to the cap or limitation on the amount of each add back or type of add back set forth in the definition
of Consolidated EBITDA) which are (i) determined by Borrower on a basis consistent with Article 11 of Regulation S-X promulgated
under the Exchange Act and as interpreted by the staff of the Securities and Exchange Commission (or any successor agency); (ii)
recommended by any due diligence quality of earnings report conducted by (y) a firm of independent public accountants of recognized
national standing or (z) any other accounting firm reasonably satisfactory to the Administrative Agent, selected by the Borrower
and retained by the Borrower; or (iii) otherwise determined in such other manner reasonably acceptable to the Administrative Agent,
and (b) pro forma adjustments, without duplication for any add backs otherwise added back in Consolidated EBITDA, in each case
as if such Acquisition, Permitted Acquisitions, related Indebtedness, or permitted asset sales, synergies, cost savings, fees,
costs or expenses had occurred at the beginning of the applicable period; provided further, for the avoidance
of doubt, that notwithstanding the foregoing, the caps or limitations on the amounts of respective add backs set forth in the definition
of Consolidated EBITDA will not be exceeded.

 

“Projections”
has the meaning assigned to such term in Section 5.01(f).

 

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

 

“Qualified Equity Interests”
means any Equity Interests other than Disqualified Equity Interests.

 

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

 

“Reaffirmation Agreement”
means that certain Reaffirmation and Ratification of Collateral Documents dated as of the date hereof, by the Borrower, other Loan
Parties, and the Administrative Agent, for the benefit of the Administrative Agent and the other Secured Parties, as the same may
be amended, modified, restated or otherwise supplemented from time to time.

 

“Reference Period”
means, as of the last day of any fiscal quarter, the period of four (4) consecutive fiscal quarters of the Borrower and its Subsidiaries
ending on such date.

 

    	 	38	 

     

     

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

 

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

 

“Report” means
reports prepared by the Administrative Agent or another Person showing the results of appraisals, field examinations or audits
pertaining to the Borrower’s assets from information furnished by or on behalf of the Borrower, after the Administrative
Agent has exercised its rights of inspection pursuant to this Agreement, which Reports may be distributed to the Lenders by the
Administrative Agent.

 

“Required Lenders”
means, at any time, subject to Section 2.20(c), Lenders having Credit Exposures and unused Commitments representing more than fifty
percent (50%) of the sum of the total Credit Exposures and unused Commitments at such time; provided that, for the purpose of determining
the Required Lenders needed for any waiver, amendment, modification or consent, any Lender that is the Borrower, or any Affiliate
of the Borrower, shall be deemed to have voted on a pro rata basis based on the aggregate votes of the other Lenders.

 

“Required Revolving Lenders”
means, at any time, subject to Section 2.20(c), Revolving Lenders having Revolving Credit Exposures and unused Revolving Commitments
representing more than fifty percent (50%) of the sum of the total Revolving Credit Exposures and unused Revolving Commitments
at such time.

 

“Required Term Lenders”
means, at any time, subject to Section 2.20(c), Term Lenders having Term Loans and unused Term Loan Commitments representing more
than fifty percent (50%) of the sum of the aggregate principal amount of all Term Loans and the total unused Term Loan Commitments
at such time.

 

“Requirement of Law”
means, as to any Person, the certificate or articles of incorporation or organization and bylaws or other organizational or governing
documents of such Person, and any law, treaty, rule or regulation or determination of an arbitrator or a court or other Governmental
Authority, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its
property is subject.

 

“Responsible Officer”
of any Person means the chief executive officer, president or any Financial Officer of such Person, and any other officer (or,
in the case of any such Person that is a Foreign Subsidiary, director or managing partner or similar official) of such Person with
responsibility for the administration of the obligations of such Person under this Agreement.

 

“Restricted Payment”
means any dividend or other distribution (whether in cash, securities or other property) with respect to any Equity Interests in
the Borrower or any Subsidiary, or any payment (whether in cash, securities or other property), including any sinking fund or similar
deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any such Equity Interests
in the Borrower or any Subsidiary or any option, warrant or other right to acquire any such Equity Interests in the Borrower, excluding
any tax payments made by Borrower pursuant to the vesting, exercise or other taxable event with respect to such awards of Equity
Interests of employees or directors of Borrower and its Subsidiaries, on behalf of such employees or directors, pursuant to or
under the terms and conditions of the Borrower’s 2007 Stock Option and Incentive Plan or the 2015 Stock Option and Incentive
Plan, as amended and related agreements thereto.

 

    	 	39	 

     

     

“Revolving Commitment”
means, with respect to each Lender, the commitment of such Lender to make Revolving Loans and to acquire participations in Letters
of Credit hereunder, expressed as an amount representing the maximum aggregate amount of such Lender’s Revolving Credit Exposure
hereunder, as such commitment may be (a) reduced or terminated from time to time pursuant to Section 2.09, (b) reduced or increased
from time to time pursuant to assignments by or to such Lender pursuant to Section 9.04 and (c) increased from time to time pursuant
to Section 2.21. The initial amount of each Lender’s Revolving Commitment is set forth on Schedule 2.01A, or in the Assignment
and Assumption or other documentation contemplated hereby pursuant to which such Lender shall have assumed its Revolving Commitment,
as applicable.

 

“Revolving Credit Exposure”
means, with respect to any Lender at any time, the sum of the outstanding principal amount of such Lender’s Revolving Loans
and its LC Exposure at such time.

 

“Revolving Lender”
means, as of any date of determination, each Lender that has a Revolving Commitment or, if the Revolving Commitments have terminated
or expired, a Lender with Revolving Credit Exposure.

 

“Revolving Loan”
means a revolving loan made by a Revolving Lender pursuant to Section 2.03.

 

“S&P” means
Standard & Poor’s.

 

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

 

“Sanctioned Person”
means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by the Office of Foreign
Assets Control of the U.S. Department of the Treasury, the U.S. Department of State, or by the United Nations Security Council,
the European Union, any European Union member state, Her Majesty’s Treasury of the United Kingdom, or other relevant sanctions
authority, (b) any Person operating, organized or resident in a Sanctioned Country or (c) any Person owned or controlled by any
such Person or Persons described in the foregoing clauses (a) or (b).

 

“Sanctions” means
all economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the U.S. government,
including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department
of State, or (b) the United Nations Security Council, the European Union, any European Union member state, Her Majesty’s
Treasury of the United Kingdom, or other relevant sanctions authority.

 

    	 	40	 

     

    

 

“SEC” means the
Securities and Exchange Commission of the United State of America.

 

“Second Amendment”
means that certain Amendment No. 2 to Amended and Restated Credit Agreement, dated as of Second Amendment Effective Date, by and
among Borrower, the other Loan Parties party thereto, Administrative Agent and the Lenders party thereto.

 

“Second Amendment Effective
Date” has the meaning ascribed to it in the Second Amendment, which date is October 15, 2019.

 

“Secured Banking Services Obligations”
means any and all obligations of the Borrower or any Subsidiary, whether absolute or contingent and howsoever and whensoever created,
arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor) under
any and all Banking Services Agreements with a Banking Services Provider.

 

“Secured Obligations”
means, collectively, all Obligations, Secured Swap Obligations and Secured Banking Services Obligations.

 

“Secured
Parties” means, collectively, the holders of the Secured Obligations
from time to time and shall include (a) each Lender and the Issuing Bank in respect of their Loans and LC Exposure, (b) the Administrative
Agent, the Issuing Bank and the Lenders in respect of all other present and future obligations and liabilities of the Loan Parties
of every type and description arising under or in connection with this Agreement or any other Loan Document, (c) each Swap Provider
and Banking Services Provider in respect of Secured Swap Obligations and Secured Banking Services Obligations, (d) each indemnified
party under Section 9.03 in respect of the obligations and liabilities of the Loan Parties to such Person hereunder and under
the other Loan Documents, and (e) the respective successors and (in the case of a Lender, permitted) transferees and assigns of
the foregoing Persons. 

 

“Secured
Swap Obligations” means any and all obligations of the Borrower or any
Subsidiary, whether absolute or contingent and howsoever and whensoever created, arising, evidenced or acquired (including all
renewals, extensions and modifications thereof and substitutions therefor), under (a) any and all Swap Agreements permitted hereunder
with a Swap Provider, and (b) any and all cancellations, buy backs, reversals, terminations or assignments of any such Swap Agreement
transaction; provided, however, that for any applicable Guarantor, the Secured Swap Obligations shall not include Swap
Obligations that constitute Excluded Swap Obligations with respect to such Guarantor.

 

“Security Agreement”
means that certain Pledge and Security Agreement, dated as of February 25, 2016, between the Loan Parties and the Administrative
Agent, for the benefit of the Administrative Agent and the other Secured Parties, and any other pledge or security agreement securing
the Secured Obligations entered into after the date of this Agreement by any other Loan Party (as required by this Agreement or
any other Loan Document) or any other Person, as the same may be amended, modified, restated or otherwise supplemented from time
to time.

 

“Series A Certificate of Designations”
means that certain Certificate of the Powers, Designations, Preferences and Rights of the 3.875% Series A Convertible Preferred
Stock ($0.01 Par Value) ($1,000 Liquidation Preference Per Share) of the Borrower filed with the Office of the Secretary of State
of the State of Delaware on or about May 3, 2017, as the same may be amended, supplemented or otherwise modified from time to time
in a manner not materially adverse to the Lenders.

 

    	 	41	 

     

    

 

“Series A-1 Certificate of Designations”
means that certain Certificate of the Powers, Designations, Preferences and Rights of the 3.875% Series A-1 Convertible Preferred
Stock ($0.01 Par Value) ($1,000 Liquidation Preference Per Share) of the Borrower filed with the Office of the Secretary of State
of the State of Delaware on or about May 3, 2017, as the same may be amended, supplemented or otherwise modified from time to time
in a manner not materially adverse to the Lenders.

 

“Series A Preferred Stock”
has the meaning assigned to it in the Series A Certificate of Designations.

 

“Series A-1 Preferred Stock”
has the meaning assigned to it in the Series A-1 Certificate of Designations.

 

“Singapore Dollars”
means the lawful currency of Singapore.

 

“Solvency Certificate”
means the solvency certificate executed and delivered by a Financial Officer of the Borrower, substantially in the form of Exhibit H.

 

“Solvent”
means, with respect to the Borrower and its Subsidiaries, on a consolidated basis, that as of the date of determination (a) the
fair value of the assets of the Borrower and its Subsidiaries, on a consolidated basis, exceeds, on a consolidated basis, their
debts and liabilities, subordinated, contingent or otherwise; (b) the present fair saleable value of the property of the Borrower
and its Subsidiaries, on a consolidated basis, will be or is greater than the amount that will be required to pay the probable
liability, on a consolidated basis, of their debts and other liabilities, subordinated, contingent or otherwise, as such debts
and other liabilities become absolute and matured; (c) the Borrower and its Subsidiaries, on a consolidated basis, are able to
pay their debts and liabilities, subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured;
and (d) the Borrower and its Subsidiaries, on a consolidated basis, are not engaged in, and are not about to engage in, business
for which they have unreasonably small capital. For purposes of this definition, the amount
of any contingent liability at any time shall be computed as the amount that would reasonably be expected to become an actual
and matured liability.

 

“Specified Representations”
means the representations and warranties made by the Borrower and the Guarantors set forth in Section 3.01 (solely with respect
to the Borrower and the Guarantors), Section 3.02 (solely with respect to the execution, delivery and performance of the Loan Documents),
Section 3.03 (solely with respect to the execution, delivery and performance and enforceability of the Loan Documents, the incurrence
of Indebtedness thereunder and the granting of the Guarantees and security interests in respect thereof), Section 3.08, Section
3.13, Section 3.16 (subject to the penultimate paragraph of Section 4.01), Section 3.18 (solely with respect to the Borrower and
the Guarantors), Section 3.19 and Section 3.20.

 

“Statutory Reserve Rate”
means a fraction (expressed as a decimal), the numerator of which is the number one and the denominator of which is the number
one minus the aggregate of the maximum reserve percentage (including any marginal, special, emergency or supplemental reserves)
expressed as a decimal established by the Board to which the Administrative Agent is subject with respect to the Adjusted LIBO
Rate, for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board).
Such reserve percentage shall include those imposed pursuant to such Regulation D. Eurodollar Loans shall be deemed to constitute
eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets
that may be available from time to time to any Lender under such Regulation D or any comparable regulation. The Statutory Reserve
Rate shall be adjusted automatically on and as of the effective date of any change in any reserve percentage.

 

    	 	42	 

     

    

 

“Subordinated Indebtedness”
means any Indebtedness of the Borrower or any Subsidiary that is expressly subordinated in right of payment and performance to
the Obligations to the written satisfaction of the Administrative Agent.

 

“subsidiary” means,
with respect to any Person (the “parent”) at any date, any corporation, limited liability company, partnership,
association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated
financial statements if such financial statements were prepared in accordance with GAAP as of such date, as well as any other corporation,
limited liability company, partnership, association or other entity (a) of which securities or other ownership interests representing
more than 50% of the equity or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the
general partnership interests are, as of such date, owned, controlled or held, or (b) that is, as of such date, otherwise Controlled,
by the parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent.

 

“Subsidiary” means
any direct or indirect subsidiary of the Borrower.

 

“Supported QFC”
has the meaning assigned to it in Section 9.23.

 

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

 

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

 

“Swap
Provider” means any Person that (i) is a Lender or an Affiliate of a Lender at the time it enters into the applicable
Swap Agreement with the Borrower or a Guarantor, in its capacity as a party thereto, or (ii) with respect to any Swap Agreement
existing as of the Effective Date, is a Lender or an Affiliate of a Lender as of the Effective Date, in its capacity as a party
thereto, in each case together with such Person’s successors and permitted assigns. 

 

    	 	43	 

     

    

 

“Swap
Termination Value” means, in respect of any one or more Swap Agreements, after taking into account the effect of
any legally enforceable netting agreement relating to such Swap Agreements, (a) for any date on or after the date such Swap Agreements
have been closed out and termination value(s) determined in accordance therewith, such termination value(s), and (b) for any date
prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market value(s) for such Swap Agreements,
as determined based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such
Swap Agreements (which may include a Lender or any Affiliate of a Lender).

 

“Target”
means, collectively and individually, eTouch and eTouch India.

 

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

 

“Term
Lender” means, as of any date of determination, each Lender having a Term Loan Commitment or holding Term Loans.

 

“Term
Loan Commitment” means, with respect to each Lender, the commitment of such Lender to make Term Loans hereunder
(and consisting of such Lender’s Closing Date Term Loan Commitment and such Lender’s Delayed Draw Term Loan Commitment).
The initial amount of each Lender’s Term Loan Commitment (consisting of such Lender’s Closing Date Term Loan Commitment
and such Lender’s Delayed Draw Term Loan Commitment) is set forth on Schedule 2.01A, or in the Assignment and Assumption
or other documentation contemplated hereby pursuant to which such Lender shall have assumed its Term Loan Commitment, as applicable.

 

“Term
Loans” means the term loans made by the Term Lenders to the Borrowers pursuant to Section 2.01, including the Closing
Date Term Loans, any Delayed Draw Term Loans and any Incremental Term Loans, if applicable. As of the Second Amendment Effective
Date, the aggregate outstanding amount of Term Loans are equal to $231,250,000.00.

 

“Trademark Security Agreement”
means that certain Trademark Security Agreement, dated as of the date hereof, between the Borrower and the Administrative Agent,
for the benefit of the Administrative Agent and the other Secured Parties, as the same may be amended, modified, restated or otherwise
supplemented from time to time.

 

“Transactions”
means the execution, delivery and performance by each Loan Party of each Loan Document to which it is a party, the borrowing of
Loans, the consummation of the eTouch Acquisition and the Polaris Tender Offer, and the use of the proceeds of the Loans hereunder
(including to consummate the eTouch Acquisition and the Polaris Tender Offer), and the issuance of Letters of Credit hereunder.

 

    	 	44	 

     

    

 

“Transfer Pricing Obligations”
means any obligation, liability, any payable or payments owed and/or made by Borrower (or any Subsidiary) to or for a Subsidiary
pursuant to transfer pricing agreements with such Subsidiary.

 

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

 

“UCC”
means the Uniform Commercial Code as in effect in the State of New York; provided, that if perfection or the effect of perfection
or non-perfection or the priority of any security interest in any Collateral is governed by the Uniform Commercial Code as in
effect in a jurisdiction other than the State of New York, “UCC” means the Uniform Commercial Code as in effect from
time to time in such other jurisdiction for purposes of the provisions hereof relating to such perfection, effect of perfection
or non-perfection or priority. 

 

“Unliquidated Obligations”
means, at any time, any Secured Obligations (or portion thereof) that are contingent in nature or unliquidated at such time, including
any Secured Obligation that is: (i) an obligation to reimburse a bank for drawings not yet made under a letter of credit issued
by it; (ii) any other obligation (including any guarantee) that is contingent in nature at such time; or (iii) an obligation to
provide collateral to secure any of the foregoing types of obligations.

 

“U.S.” means the
United States of America.

 

“U.S. Dollars”, “dollars”
or “$” refers to lawful money of the U.S.

 

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

 

“U.S. Special Resolution
Regime” has the meaning assigned to it in Section 9.23.

 

“U.S. Tax Compliance Certificate”
has the meaning assigned to such term in Section 2.17(f)(ii)(B)(3).

 

“USA Patriot Act”
has the meaning assigned to such term in Section 9.15.

 

“VCSPL” means
Virtusa Consulting Services Private Limited, a company existing under the laws of India and an indirect wholly-owned subsidiary
of the Borrower.

 

“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.

 

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

 

    	 	45	 

     

    

 

SECTION 1.02           
Classification of Loans and Borrowings. For purposes of this Agreement, Loans may be classified and referred to by
Class (e.g., a “Revolving Loan”) or by Type (e.g., a “Eurodollar Loan”) or
by Class and Type (e.g., a “Eurodollar Revolving Loan”). Borrowings also may be classified and referred
to by Class (e.g., a “Revolving Borrowing”) or by Type (e.g., a “Eurodollar Borrowing”)
or by Class and Type (e.g., a “Eurodollar Revolving Borrowing”).

 

SECTION 1.03           
Terms Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms
defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The
words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without
limitation”. The word “will” shall be construed to have the same meaning and effect as the word “shall”.
Unless the context requires otherwise, (a) any definition of or reference to any agreement, instrument or other document herein
shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise
modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (b) any reference herein
to any Person shall be construed to include such Person’s successors and assigns, (c) the words “herein”, “hereof”
and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not
to any particular provision hereof, (d) all references herein to Articles, Sections, Exhibits and Schedules shall be construed
to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement, (e) any reference in any definition to the
phrase “at any time” or “for any period” shall refer to the same time or period for all calculations or
determinations within such definition, and (f) the words “asset” and “property” shall be construed to have
the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities,
accounts and contract rights.

 

SECTION 1.04           
Accounting Terms; GAAP. Except as otherwise expressly provided herein, all terms of an accounting or financial nature
shall be construed in accordance with GAAP, as in effect from time to time; provided that, if after the date hereof there
occurs any change in GAAP or in the application thereof on the operation of any provision hereof and the Borrower notifies the
Administrative Agent that the Borrower requests an amendment to any provision hereof to eliminate the effect of such change in
GAAP or in the application thereof (or if the Administrative Agent notifies the Borrower that the Required Lenders request an amendment
to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or
in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately
before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance
herewith. Notwithstanding the foregoing and for the avoidance of doubt, notwithstanding any change in GAAP after the date hereof
that would require lease obligations that would be treated as operating leases as of the date hereof to be classified and accounted
for as capital leases or otherwise reflected on the Borrowers’ consolidated balance sheet, for the purposes of determining
compliance with any covenant contained herein, such obligations (whether entered into as of the date hereof or thereafter) shall
be treated in the same manner as operating leases are treated on the date hereof. Notwithstanding any other provision contained
herein, all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios
referred to herein shall be made, without giving effect to any election under Financial Accounting Standards Board Accounting Standards
Codification 825 (or any other Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other
liabilities of the Borrower or any Subsidiary at “fair value”, as defined therein.

 

    	 	46	 

     

    

 

SECTION 1.05           
Status of Obligations. In the event that any Loan Party shall at any time issue or have outstanding any Subordinated
Indebtedness, the Borrowers shall take or cause such other Loan Party to take all such actions as shall be necessary to cause the
Secured Obligations to constitute senior indebtedness (however denominated) in respect of such Subordinated Indebtedness. Without
limiting the foregoing, the Secured Obligations are hereby designated as “senior indebtedness” and as “designated
senior indebtedness” and words of similar import under and in respect of any indenture or other agreement or instrument under
which such Subordinated Indebtedness is outstanding.

 

SECTION 1.06           
Interest Rates; LIBOR Notification. The interest rate on Eurodollar Loans is determined by reference to the LIBO
Rate, which is derived from the London interbank offered rate. The London interbank offered rate is intended to represent the rate
at which contributing banks may obtain short-term borrowings from each other in the London interbank market. In July 2017, the
U.K. Financial Conduct Authority announced that, after the end of 2021, it would no longer persuade or compel contributing banks
to make rate submissions to the ICE Benchmark Administration (together with any successor to the ICE Benchmark Administrator, the
 “IBA”) for purposes of the IBA setting the London interbank offered rate. As a result, it is possible
that commencing in 2022, the London interbank offered rate may no longer be available or may no longer be deemed an appropriate
reference rate upon which to determine the interest rate on Eurodollar Loans. In light of this eventuality, public and private
sector industry initiatives are currently underway to identify new or alternative reference rates to be used in place of the London
interbank offered rate. In the event that the London interbank offered rate is no longer available or in certain other circumstances
as set forth in Section 2.14(b) of this Agreement, such Section 2.14(b) provides a mechanism for determining an alternative rate
of interest. The Administrative Agent will notify the Borrower, pursuant to Section 2.14, in advance of any change to the reference
rate upon which the interest rate on Eurodollar Loans is based. However, the Administrative Agent does not warrant or accept any
responsibility for, and shall not have any liability with respect to, the administration, submission or any other matter related
to the London interbank offered rate or other rates in the definition of “LIBO Rate” or with respect to any alternative
or successor rate thereto, or replacement rate thereof, including without limitation, whether the composition or characteristics
of any such alternative, successor or replacement reference rate, as it may or may not be adjusted pursuant to Section 2.14(b),
will be similar to, or produce the same value or economic equivalence of, the LIBO Rate or have the same volume or liquidity as
did the London interbank offered rate prior to its discontinuance or unavailability.

 

SECTION 1.07           
Divisions. For all purposes under the Loan Documents, in connection with any division or plan of division under Delaware
law (or any comparable event under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of
any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred
from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed
to have been organized and acquired on the first date of its existence by the holders of its Equity Interests at such time.

 

    	 	47	 

     

    

 

ARTICLE II

The Credits

 

SECTION 2.01           
Commitments. Subject to the terms and conditions set forth herein:

 

(a)           
Each Revolving Lender agrees to make Revolving Loans in U.S. Dollars to the Borrower from time to time during the Availability
Period in an aggregate principal amount that will not result (after giving effect to any application of proceeds of such Borrowing
pursuant to Section 2.10) in (a) the Dollar Amount of such Lender’s Revolving Credit Exposure exceeding such Lender’s
Commitment or (b) the Dollar Amount of the total Revolving Credit Exposures exceeding the Aggregate Revolving Commitments. Within
the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Revolving
Loans; and

 

(b)          
Each Term Lender agreed to make a Closing Date Term Loan in U.S. Dollars to the Borrower
on the Effective Date in an amount not to exceed such Lender’s Closing Date Term Loan Commitment. Amounts
repaid or prepaid in respect of Closing Date Term Loans may not be reborrowed. Each Closing Date Term Loan made to the
Borrower on the Effective Date shall result in an immediate and permanent reduction in the Closing Date Term Loan Commitment in
the principal amount of such Term Loan so made, to be shared by the Term Lenders in accordance with Term Lender’s Applicable
Percentage then in effect. Notwithstanding the foregoing, the definition of “Term Loans” shall mean and include references
to both Closing Date Term Loans and Delayed Draw Term Loans once the Delayed Draw Term Loans are funded; and

 

(c)           
Each Term Lender made certain term loans in U.S. Dollars to the Borrower (“Delayed
Draw Term Loans”) funded at one time and in one borrowing on or after the Effective
Date and on or prior to the Delayed Draw Term Loan Commitment Termination Date, in such Term Lender’s Applicable
Percentage of such aggregate amounts as Borrower may request for such Delayed Draw Term Loans; provided, that after giving
effect to such Delayed Draw Term Loans, for each Lender, such Term Lender’s Applicable Percentage of the Delayed Draw Term
Loans will not at any time exceed its Delayed Draw Term Loan Commitment. Delayed Draw Term Loans that are repaid or prepaid by
Borrower, in whole or in part, may not be reborrowed. The amount of the Delayed Draw Term Loans must be a minimum of at least
$500,000 or such lesser amount that is the remaining undrawn Delayed Draw Term Loan Commitment. The Delayed Draw Term Loan Commitment
shall automatically reduce to $0, and the commitments of Lenders to make Delayed Draw Term Loans shall automatically terminate,
on the Delayed Draw Term Loan Commitment Termination Date. All other terms and provisions of the Delayed Draw Term Loans (if any)
shall be identical to the Term Loans. Unless otherwise specifically provided herein, all references in the Loan Documents to Term
Loans shall be deemed, unless the context otherwise requires, to include references to Delayed Draw Term Loans, once funded. The
failure of any Lender to make any Delayed Draw Term Loan required to be made by it shall not relieve any other Lender of its obligations
hereunder; provided that the Commitments of the Lenders are several and no Lender shall be responsible for any other Lender’s
failure to make Delayed Draw Term Loans as required. The Delayed Draw Term Loans shall amortize as set forth in Section 2.10.
Notwithstanding the foregoing, as of the Second Amendment Effective Date, the Delayed Draw Term Loan Commitment Termination Date
has occurred and the Delayed Draw Term Loan Commitment have reduced to $0.

 

    	 	48	 

     

    

 

SECTION 2.02           
Loans and Borrowings. (a) Each Revolving Loan shall be made as part of a Borrowing consisting of Revolving Loans made by
the Revolving Lenders ratably in accordance with their respective Revolving Commitments. Each
Closing Date Term Loan shall be made as part of a Borrowing on the Effective Date consisting of Closing Date Term Loans made by
the Term Lenders ratably in accordance with their respective Closing Date Term Loan Commitments. The failure of any Lender
to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; provided that the
Commitments of the Lenders are several and no Lender shall be responsible for any other Lender’s failure to make Loans as
required. The Term Loans shall amortize as set forth in Section 2.10.

 

(b)          
Subject to Section 2.14, each Borrowing shall be comprised entirely of ABR Loans or Eurodollar Loans as the Borrower may
request in accordance herewith. Each Lender at its option may make any Eurodollar Loan by causing any domestic or foreign branch
or Affiliate of such Lender to make such Loan; provided that any exercise of such option shall not affect the obligation of the
Borrower to repay such Loan in accordance with the terms of this Agreement.

 

(c)           
At the commencement of each Interest Period for any Eurodollar Revolving Borrowing, such Borrowing shall be in an aggregate
amount that is (x) an integral multiple of $100,000 and not less than $500,000 or (y) such lesser amount constituting the remaining
undrawn Revolving Commitments. At the time that each ABR Revolving Borrowing is made, such Borrowing shall be in an aggregate amount
that is (x) an integral multiple of $100,000 and not less than $500,000 or (y) such lesser amount constituting the remaining undrawn
Revolving Commitments; provided that an ABR Revolving Borrowing may be in an aggregate amount that is equal to the entire unused
balance of the total Revolving Commitments or that is required to finance the reimbursement of an LC Disbursement as contemplated
by Section 2.06(e). Borrowings of more than one Type and Class may be outstanding at the same time; provided that there shall not
at any time be more than a total of 8 Eurodollar Revolving Borrowings outstanding.

 

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

 

SECTION 2.03           
Requests for Borrowings. To request a Term Loan Borrowing or a Revolving Borrowing, the Borrower shall notify the
Administrative Agent of such request by telephone (a) in the case of a Eurodollar Borrowing, not later than 11:00 a.m., New York
City time, three Business Days before the date of the proposed Borrowing or (b) in the case of an ABR Borrowing, not later than
11:00 a.m., New York City time, one Business Day before the date of the proposed Borrowing; provided that any such notice of an
ABR Revolving Borrowing to finance the reimbursement of an LC Disbursement as contemplated by Section 2.06(e) may be given not
later than 10:00 a.m., New York City time, on the date of the proposed Borrowing. Each such telephonic Borrowing Request shall
be irrevocable and shall be confirmed promptly by hand delivery, electronic transmission or telecopy to the Administrative Agent
of a written Borrowing Request in a form approved by the Administrative Agent and signed by the Borrower. Each such telephonic
and written Borrowing Request shall specify the following information in compliance with Section 2.02:

 

    	 	49	 

     

    

 

		(i)	the aggregate amount of the requested Borrowing;

 

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

 

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

 

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

 

		(v)	the location and number of the Borrower’s account to which funds are to be disbursed, which shall comply with the requirements
of Section 2.07.

 

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

 

SECTION 2.04           
Determination of Dollar Amounts. The Administrative Agent will determine the Dollar Amount of:

 

(a)           
the LC Exposure as of the date of each request for the issuance, amendment, renewal or extension of any Letter of Credit;
and

 

(b)          
all outstanding LC Exposure on and as of the last Business Day of each calendar quarter and, during the continuation of
an Event of Default, on any other Business Day elected by the Administrative Agent in its discretion or upon instruction by the
Required Lenders.

 

Each day upon or as of which the Administrative
Agent determines Dollar Amounts as described in the preceding clauses (a) and (b) is herein described as a “Computation
Date” with respect to each Letter of Credit or LC Exposure for which a Dollar Amount is determined on or as of such
day.

 

SECTION 2.05          
  [Reserved.]

 

    	 	50	 

     

    

 

SECTION 2.06           
Letters of Credit. (a) General. Subject to the terms and conditions set forth herein, the Borrower may request
the issuance of Letters of Credit denominated in U.S. Dollars or any Alternative Currency for its own account or for the account
of one or more of its Subsidiaries, in a form reasonably acceptable to the Administrative Agent and the Issuing Bank, at any time
and from time to time during the Availability Period. In the event of any inconsistency between the terms and conditions of this
Agreement and the terms and conditions of any form of letter of credit application or other agreement submitted by the Borrower
to, or entered into by the Borrower with, the Issuing Bank relating to any Letter of Credit, the terms and conditions of this
Agreement shall control. Notwithstanding anything herein to the contrary, the Issuing Bank shall have no obligation hereunder
to issue, and shall not issue, any Letter of Credit (i) the proceeds of which would be made available to any Person (A) to fund
any activity or business of or with any Sanctioned Person, or in any country or territory that, at the time of such funding, is
the subject of any Sanctions or (B) in any manner that would result in a violation of any Sanctions by any party to this Agreement,
(ii) if any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain
the Issuing Bank from issuing such Letter of Credit, or any Requirement of Law relating to the Issuing Bank or any request or
directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over the Issuing Bank shall
prohibit, or request that the Issuing Bank refrain from, the issuance of letters of credit generally or such Letter of Credit
in particular or shall impose upon the Issuing Bank with respect to such Letter of Credit any restriction, reserve or capital
requirement (for which the Issuing Bank is not otherwise compensated hereunder) not in effect on the Effective Date, or shall
impose upon the Issuing Bank any unreimbursed loss, cost or expense which was not applicable on the Effective Date and which the
Issuing Bank in good faith deems material to it, or (iii) if the issuance of such Letter of Credit would violate one or more policies
of the Issuing Bank applicable to letters of credit generally; provided that, notwithstanding anything herein to the contrary,
(x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines, requirements or directives
thereunder or issued in connection therewith or in the implementation thereof, and (y) all requests, rules, guidelines, requirements
or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor
or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each
case be deemed not to be in effect on the Effective Date for purposes of clause (ii) above, regardless of the date enacted, adopted,
issued or implemented. The Borrower unconditionally and irrevocably agrees that, in
connection with any Letter of Credit issued for the support of any Subsidiary’s obligations as provided in the first sentence
of this paragraph, the Borrower will be fully responsible for the reimbursement of LC Disbursements in accordance with the terms
hereof, the payment of interest thereon and the payment of fees due under Section 2.12 to the same extent as if it were the sole
account party in respect of such Letter of Credit (the Borrower hereby irrevocably waiving any defenses that might otherwise be
available to it as a guarantor or surety of the obligations of such Subsidiary that is an account party in respect of any such
Letter of Credit).

 

(b)          
Notice of Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit
(or the amendment, renewal or extension of an outstanding Letter of Credit), the Borrower shall hand deliver or telecopy (or transmit
by electronic communication, if arrangements for doing so have been approved by the Issuing Bank) to the Issuing Bank and the
Administrative Agent (reasonably in advance of the requested date of issuance, amendment, renewal or extension, but in any event
no less than three Business Days) a notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit
to be amended, renewed or extended, and specifying the date of issuance, amendment, renewal or extension (which shall be a Business
Day), the date on which such Letter of Credit is to expire (which shall comply with paragraph (c) of this Section), the amount
of such Letter of Credit, the currency applicable thereto, the name and address of the beneficiary thereof and such other information
as shall be necessary to prepare, amend, renew or extend such Letter of Credit. If requested by the Issuing Bank, the Borrower
also shall submit a letter of credit application on the Issuing Bank’s standard form in connection with any request for
a Letter of Credit. A Letter of Credit shall be issued, amended, renewed or extended only if (and upon issuance, amendment, renewal
or extension of each Letter of Credit the Borrower shall be deemed to represent and warrant that), after giving effect to such
issuance, amendment, renewal or extension (i) (x) the aggregate undrawn amount of all outstanding Letters of Credit issued by
the Issuing Bank at such time plus (y) the aggregate amount of all LC Disbursements made the Issuing Bank that have not yet been
reimbursed by or on behalf of the Borrower at such time shall not exceed its Letter of Credit Commitment, (ii) the Dollar Amount
of the LC Exposure shall not exceed the total Letter of Credit Commitments, (iii) no Lender’s Dollar Amount of Revolving
Credit Exposure shall exceed its Revolving Commitment and (iv) the sum of the Dollar Amount of the total Revolving Credit Exposure
shall not exceed the Aggregate Revolving Commitments. The Borrower may, at any time and from time to time, reduce the Letter of
Credit Commitment of any Issuing Bank with the consent of such Issuing Bank; provided that the Borrower shall not reduce the Letter
of Credit Commitment of any Issuing Bank if, after giving effect of such reduction, the conditions set forth in clauses (i) through
(iii) above shall not be satisfied.

 

    	 	51	 

     

    

 

(c)           
Expiration Date. Each Letter of Credit shall expire (or be subject to termination by notice from the Issuing Bank
to the beneficiary thereof) at or prior to the close of business on the earlier of (i) the date one year after the date of the
issuance of such Letter of Credit (or, in the case of any renewal or extension thereof, one year after such renewal or extension)
and (ii) the date that is five Business Days prior to the Maturity Date; provided that any Letter of Credit with a one year tenor
may contain customary automatic renewal provisions acceptable to the Issuing Bank pursuant to which the expiration date of such
Letter of Credit shall be automatically extended for a period of up to twelve (12) months (but not to a date later than the date
set forth in clause (ii) above, except to the extent otherwise cash collateralized pursuant to arrangements reasonably acceptable
to the Issuing Bank and the Administrative Agent).

 

(d)          
Participations. By the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the amount
thereof) and without any further action on the part of the Issuing Bank or the Revolving Lenders, the Issuing Bank hereby grants
to each Revolving Lender, and each Revolving Lender hereby acquires from the Issuing Bank, a participation in such Letter of Credit
equal to such Revolving Lender’s Applicable Percentage of the aggregate amount available to be drawn under such Letter of
Credit. In consideration and in furtherance of the foregoing, each Revolving Lender hereby absolutely and unconditionally agrees
to pay to the Administrative Agent, for the account of the Issuing Bank, such Revolving Lender’s Applicable Percentage of
each LC Disbursement made by the Issuing Bank and not reimbursed by the Borrower on the date due as provided in paragraph (e) of
this Section, or of any reimbursement payment required to be refunded to the Borrower for any reason; provided that, if
the applicable LC Disbursement or other reimbursement payment is denominated in any Alternative Currency, such payment shall be
made in U.S. Dollars in the Revolving Lender’s Applicable Percentage of the Dollar Amount of such LC Disbursement or other
reimbursement payment with the cost of the currency conversion being added to the amount of such LC Disbursement. Each Revolving
Lender acknowledges and agrees that its obligation to acquire participations pursuant to this paragraph in respect of Letters of
Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including any amendment, renewal
or extension of any Letter of Credit or the occurrence and continuance of a Default or reduction or termination of the Revolving
Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever.

 

    	 	52	 

     

    

 

(e)           
Reimbursement. If the Issuing Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower
shall reimburse such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than
12:00 noon, New York City time, on the date that such LC Disbursement is made, if the Borrower shall have received notice of such
LC Disbursement prior to 10:00 a.m., New York City time, on such date, or, if such notice has not been received by the Borrower
prior to such time on such date, then not later than 12:00 noon, New York City time, on the Business Day immediately following
the day that the Borrower receives such notice, if such notice is not received prior to such time on the day of receipt; provided
that the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 that such
payment be financed with an ABR Revolving Borrowing in the Dollar Amount of such LC Disbursement and, to the extent so financed,
the Borrower’s obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Borrowing.
If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Lender of the applicable LC Disbursement,
the payment then due from the Borrower in respect thereof and such Revolving Lender’s Applicable Percentage thereof. Promptly
following receipt of such notice, each Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then
due from the Borrower, in the same manner as provided in Section 2.07 with respect to Loans made by such Revolving Lender (and
Section 2.07 shall apply, mutatis mutandis, to the payment obligations of the Lenders; provided that with respect
to any such payment in respect of a Letter of Credit denominated in any Alternative Currency, any Lender may make such payment
in U.S. Dollars in the Dollar Amount of such LC Disbursement with the cost of the currency conversion being added to the amount
of such LC Disbursement), and the Administrative Agent shall promptly pay to the Issuing Bank the amounts so received by it from
the Revolving Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this
paragraph, the Administrative Agent shall distribute such payment to the Issuing Bank or, to the extent that Lenders have made
payments pursuant to this paragraph to reimburse the Issuing Bank, then to such Lenders and the Issuing Bank as their interests
may appear. Any payment made by a Lender pursuant to this paragraph to reimburse the Issuing Bank for any LC Disbursement (other
than the funding of ABR Revolving Loans or as contemplated above) shall not constitute a Loan and shall not relieve the Borrower
of its obligation to reimburse such LC Disbursement. If the Borrower’s reimbursement of, or obligation to reimburse, any
amounts in any Alternative Currency would subject the Administrative Agent, the Issuing Bank or any Lender to any stamp duty, ad
valorem charge or similar tax that would not be payable if such reimbursement were made or required to be made in U.S. Dollars,
the Borrower shall, at its option, either (x) pay the amount of any such tax requested by the Administrative Agent, such Issuing
Bank or the relevant Lender or (y) reimburse each LC Disbursement made in such Alternative Currency in U.S. Dollars, in an amount
equal to the Dollar Amount, calculated using the applicable exchange rates, on the date such LC Disbursement is made, of such LC
Disbursement.

 

    	 	53	 

     

    

 

(f)            
Obligations Absolute. The Borrower’s obligation to reimburse LC Disbursements as provided in paragraph (e)
of this Section shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms
of this Agreement under any and all circumstances whatsoever and irrespective of (i) any lack of validity or enforceability of
any Letter of Credit or this Agreement, or any term or provision therein or herein, (ii) any draft or other document presented
under a Letter of Credit proving to be forged, fraudulent or invalid in any respect or any statement therein being untrue or inaccurate
in any respect, (iii) payment by the Issuing Bank under a Letter of Credit against presentation of a draft or other document that
does not comply with the terms of such Letter of Credit, or (iv) any other event or circumstance whatsoever, whether or not similar
to any of the foregoing, that might, but for the provisions of this Section, constitute a legal or equitable discharge of, or provide
a right of setoff against, the Borrower’s obligations hereunder. Neither the Administrative Agent, the Lenders nor the Issuing
Bank, nor any of their Related Parties, shall have any liability or responsibility by reason of or in connection with the issuance
or transfer of any Letter of Credit or any payment or failure to make any payment thereunder (irrespective of any of the circumstances
referred to in the preceding sentence), or any error, omission, interruption, loss or delay in transmission or delivery of any
draft, notice or other communication under or relating to any Letter of Credit (including any document required to make a drawing
thereunder), any error in interpretation of technical terms or any consequence arising from causes beyond the control of the Issuing
Bank; provided that the foregoing shall not be construed to excuse the Issuing Bank from liability to the Borrower to the extent
of any direct damages (as opposed to special, indirect, consequential or punitive damages, claims in respect of which are hereby
waived by the Borrower to the extent permitted by applicable law) suffered by the Borrower that are caused by the Issuing Bank’s
failure to exercise care when determining whether drafts and other documents presented under a Letter of Credit comply with the
terms thereof. The parties hereto expressly agree that, in the absence of gross negligence or wilful misconduct on the part of
the Issuing Bank (as finally determined by a court of competent jurisdiction), the Issuing Bank shall be deemed to have exercised
care in each such determination. In furtherance of the foregoing and without limiting the generality thereof, the parties agree
that, with respect to documents presented which appear on their face to be in substantial compliance with the terms of a Letter
of Credit, the Issuing Bank may, in its sole discretion, either accept and make payment upon such documents without responsibility
for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such
documents if such documents are not in strict compliance with the terms of such Letter of Credit.

 

(g)          
Disbursement Procedures. The Issuing Bank shall, promptly following its receipt thereof, examine all documents purporting
to represent a demand for payment under a Letter of Credit. The Issuing Bank shall promptly notify the Administrative Agent and
the Borrower by telephone (confirmed by telecopy) of such demand for payment and whether the Issuing Bank has made or will make
an LC Disbursement thereunder; provided that any failure to give or delay in giving such notice shall not relieve the Borrower
of its obligation to reimburse the Issuing Bank and the Lenders with respect to any such LC Disbursement.

 

(h)          
Interim Interest. If the Issuing Bank shall make any LC Disbursement, then, unless the Borrower shall reimburse such
LC Disbursement in full on the date such LC Disbursement is made or notice of such LC Disbursement is received pursuant to Section
2.06(e), the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made or
notice of such LC Disbursement is received pursuant to Section 2.06(e) to but excluding the date that the reimbursement is due
and payable at the rate per annum then applicable to ABR Revolving Loans and such interest shall be due and payable on the
date when such reimbursement is payable (or, if such LC Disbursement is denominated in an Alternative Currency, at the Overnight
Foreign Currency Rate for such Alternative Currency plus the then effective Applicable Rate with respect to Eurocurrency Revolving
Loans); provided that, if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this
Section, then Section 2.13(c) shall apply. Interest accrued pursuant to this paragraph shall be for the account of the Issuing
Bank, except that interest accrued on and after the date of payment by any Lender pursuant to paragraph (e) of this Section to
reimburse the Issuing Bank shall be for the account of such Lender to the extent of such payment.

 

    	 	54	 

     

    

 

(i)            
Replacement of the Issuing Bank.

 

		(i)	The Issuing Bank may be replaced at any time by written agreement among the Borrower, the Administrative Agent, the replaced
Issuing Bank and the successor Issuing Bank. The Administrative Agent shall notify the Revolving Lenders of any such replacement
of the Issuing Bank. At the time any such replacement shall become effective, the Borrower shall pay all unpaid fees accrued for
the account of the replaced Issuing Bank pursuant to Section 2.12(b). From and after the effective date of any such replacement,
(x) the successor Issuing Bank shall have all the rights and obligations of the Issuing Bank under this Agreement with respect
to Letters of Credit to be issued thereafter and (y) references herein to the term “Issuing Bank” shall be deemed to
refer to such successor or to any previous Issuing Bank, or to such successor and all previous Issuing Banks, as the context shall
require. After the replacement of an Issuing Bank hereunder, the replaced Issuing Bank shall remain a party hereto and shall continue
to have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit issued by it prior
to such replacement, but shall not be required to issue additional Letters of Credit.

 

		(ii)	Subject to the appointment and acceptance by the Borrower and the Administrative Agent of a successor Issuing Bank, any Issuing
Bank may resign as an Issuing Bank at any time upon thirty days’ prior written notice to the Administrative Agent, the Borrower
and the Lenders, in which case, such Issuing Bank shall be replaced in accordance with Section 2.06(i) above.

 

(j)            
Cash Collateralization. If any Event of Default shall occur and be continuing, on the Business Day that the Borrower
receives written notice from the Administrative Agent or the Required Lenders (or, if the maturity of the Loans has been accelerated,
the Required Revolving Lenders) demanding the deposit of cash collateral pursuant to this paragraph, the Borrower shall deposit
in an account with the Administrative Agent, in the name of the Administrative Agent and for the benefit of the Secured Parties
(the “LC Collateral Account”), an amount in cash equal to 102% of the LC Exposure as of such date plus accrued
and unpaid interest thereon; provided that the obligation to deposit such cash collateral shall become effective immediately,
and such deposit shall become immediately due and payable, without demand or other notice of any kind, upon the occurrence of any
Event of Default with respect to the Borrower described in clause (h) or (i) of Article VII. The Borrower
also shall deposit cash collateral in accordance with this paragraph as and to the extent required by Section 2.11(b) or
2.20. Each such deposit shall be held by the Administrative Agent as collateral for the payment and performance of the Secured
Obligations. The Administrative Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over
the LC Collateral Account and the Borrower hereby grants the Administrative Agent a security interest in the LC Collateral Account
and all moneys or other assets on deposit therein or credited thereto. Other than any interest earned on the investment of such
deposits, which investments shall be made at the option and sole discretion of the Administrative Agent and at the Borrower’s
risk and expense, such deposits shall not bear interest. Interest or profits, if any, on such investments shall accumulate in such
account. Moneys in such account shall be applied by the Administrative Agent to reimburse the Issuing Bank for LC Disbursements
for which it has not been reimbursed and, to the extent not so applied, shall be held for the satisfaction of the reimbursement
obligations of the Borrower for the LC Exposure at such time or, if the maturity of the Loans has been accelerated (but subject
to the consent of the Required Revolving Lenders), be applied to satisfy other Secured Obligations. If the Borrower is required
to provide an amount of cash collateral hereunder as a result of the occurrence of an Event of Default, such amount (to the extent
not applied as aforesaid) shall be returned to the Borrower within three Business Days after all Events of Default have been cured
or waived.

 

    	 	55	 

     

    

 

(k)           
LC Exposure Determination. For all purposes of this Agreement, the amount of a Letter of Credit that, by its terms
or the terms of any document related thereto, provides for one or more automatic increases in the stated amount thereof shall be
deemed to be the maximum stated amount of such Letter of Credit after giving effect to all such increases, whether or not such
maximum stated amount is in effect at the time of determination.

 

(l)            
Existing Letters of Credit. On the Effective Date, the Existing Letters of Credit issued by the Lenders or their
Affiliates shall automatically, and without any action on the part of any Person, be deemed to be Letters of Credit issued hereunder,
and from and after the Effective Date shall be subject to and governed by the terms and conditions hereof. In connection therewith,
each Revolving Lender shall automatically, and without any action on the part of any Person, be deemed to have acquired from the
Issuing Bank a participation in each such Existing Letter of Credit in accordance with Section 2.06(d).

 

(m)          
Letters of Credit Issued for Account of Subsidiaries.  Notwithstanding that a Letter of Credit issued or outstanding
hereunder supports any obligations of, or is for the account of, a Subsidiary, or states that a Subsidiary is the “account
party,” “applicant,” “customer,” “instructing party,” or the like of or for such Letter
of Credit, and without derogating from any rights of the applicable Issuing Bank (whether arising by contract, at law, in equity
or otherwise) against such Subsidiary in respect of such Letter of Credit, the Borrower (i) shall reimburse, indemnify and compensate
the applicable Issuing Bank hereunder for such Letter of Credit (including to reimburse any and all drawings thereunder) as if
such Letter of Credit had been issued solely for the account of the Borrower and (ii) irrevocably waives any and all defenses that
might otherwise be available to it as a guarantor or surety of any or all of the obligations of such Subsidiary in respect of such
Letter of Credit.  The Borrower hereby acknowledges that the issuance of such Letters of Credit for its Subsidiaries inures
to the benefit of the Borrower, and that the Borrower’s business derives substantial benefits from the businesses of such
Subsidiaries.

 

    	 	56	 

     

    

 

SECTION 2.07           
Funding of Borrowings. (a) Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof
solely by wire transfer of immediately available funds by 12:00 noon, New York City time, to the account of the Administrative
Agent most recently designated by it for such purpose by notice to the Lenders. Except in respect of the provisions of this Agreement
covering the reimbursement of Letters of Credit, the Administrative Agent will make such Loans available to the Borrower by promptly
crediting the amounts so received, in like funds, to an account of the Borrower designated by the Borrower in the applicable Borrowing
Request or, absent such designation, at an account of the Borrower maintained with the Administrative Agent in New York City; provided
that ABR Revolving Loans made to finance the reimbursement of an LC Disbursement as provided in Section 2.06(e) shall be remitted
by the Administrative Agent to the Issuing Bank.

 

(b)           
Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing that
such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative
Agent may assume that such Lender has made such share available on such date in accordance with paragraph (a) of this Section and
may, in reliance upon such assumption, make available to the Borrower a corresponding amount. In such event, if a Lender has not
in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the Borrower
severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each
day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative
Agent, at (i) in the case of such Lender, the greater of the Federal Funds Effective Rate and a rate determined by the Administrative
Agent in accordance with banking industry rules on interbank compensation or (ii) in the case of the Borrower, the interest rate
applicable to ABR Loans. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender’s
Loan included in such Borrowing.

 

SECTION 2.08           
Interest Elections. (a) Each Revolving Borrowing initially shall be of the Type specified in the applicable Borrowing Request
and, in the case of a Eurodollar Revolving Borrowing, shall have an initial Interest Period as specified in such Borrowing Request.
Each Term Loan Borrowing initially shall be comprised of ABR Loans or Eurodollar
Loans. Thereafter, the Borrower may elect to convert such Borrowing to a different
Type or to continue such Borrowing and, in the case of a Eurodollar Revolving Borrowing, may elect Interest Periods therefor,
all as provided in this Section. The Borrower may elect different options with respect to different portions of the affected Borrowing,
in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowing, and
the Loans comprising each such portion shall be considered a separate Borrowing.

 

(b)           
To make an election pursuant to this Section, the Borrower shall notify the Administrative Agent of such election by telephone
by the time that a Borrowing Request would be required under Section 2.03 if the Borrower were requesting a Revolving Borrowing
of the Type resulting from such election to be made on the effective date of such election. Each such telephonic Interest Election
Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy or electronic transmission to the Administrative
Agent of a written Interest Election Request signed by the Borrower.

 

    	 	57	 

     

    

 

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

 

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

 

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

 

		(iii)	whether the resulting Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing; and

 

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

 

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

 

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

 

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

 

SECTION 2.09           
Termination and Reduction of Commitments. (a) Unless previously terminated, (i)
the Closing Date Term Loan Commitment shall terminate on the Effective Date immediately after the funding of the Closing Date
Term Loans on the Effective Date, (ii) the Delayed Draw Term Loan Commitment shall terminate on the Delayed Draw Term Loan Commitment
Termination Date and (iii) all other Commitments shall terminate on the Maturity Date.

 

    	 	58	 

     

    

 

(b)           
The Borrower may at any time terminate, or from time to time reduce, the Delayed Draw Term Loan Commitments; provided that (i)
each reduction of the Delayed Draw Term Loan Commitments shall be in an amount that is an integral multiple of $250,000 and not
less than $500,000 and (ii) the Borrower shall not terminate or reduce the Delayed Draw Term Loan Commitments if, after giving
effect to any concurrent prepayment of the Loans in accordance with Section 2.11, the sum of the total Delayed Draw Term Loans
of all Delayed Draw Term Loan Lenders would exceed the total Delayed Draw Term Loan Commitments.

 

(c)           
The Borrower may at any time terminate, or from time to time reduce, the Revolving
Commitments; provided that (i) each reduction of the Revolving Commitments
shall be in an amount that is (x) an integral multiple of $250,000 and not less than $500,000 or (y) such lesser amount constituting
the remaining undrawn Revolving Commitments and (ii) the Borrower shall not terminate or reduce the Revolving Commitments if,
after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.11, the sum of the Dollar Amount of
the total Revolving Credit Exposures of all Revolving Lenders would exceed the total Revolving Commitments.

 

(d)           
The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraphs
(b) or (c) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying
such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the
Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided
that a notice of termination of the Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness
of other credit facilities or transactions, in which case such notice may be revoked or extended by the Borrower (by notice to
the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction
of the Commitments shall be permanent. Each reduction of the Commitments shall be made ratably among the Lenders in accordance
with their respective Commitments.

 

SECTION 2.10           
Repayment of Loans; Evidence of Debt. (a) The Borrower hereby unconditionally promises to pay to the Administrative
Agent for the account of each Revolving Lender the then unpaid principal amount of each Revolving Loan on the Maturity Date. The
Term Loans shall be paid, for the account of each Term Loan Lender, in the installments and on the dates set forth below, it being
acknowledged that each installment shall be in the applicable percentage set forth below, which shall be (i) the applicable percentage
of the original principal amount of the Closing Date Term Loans funded on the Effective Date, plus (ii) if any Delayed Draw Term
Loans are funded, upon the end of the first full fiscal quarter after each such Delayed Draw Term Loans were funded, the applicable
percentage of such Delayed Draw Term Loans funded on such date:

 

    	 	59	 

     

    

 

	Date	Amount
	June
    30, 2018	1.25%
	September
    30, 2018	1.25%
	December
    31, 2018	1.25%
	March
    31, 2019	1.25%
	June
    30, 2019	1.25%
	September
    30, 2019	1.25%
	December
    31, 2019	1.25%
	March
    31, 2020	1.25%
	June
    30, 2020	1.875%
	September
    30, 2020	1.875%
	December
    31, 2020	1.875%
	March
    31, 2021	1.875%
	June
    30, 2021	2.5%
	September
    30, 2021	2.5%
	December
    31, 2021	2.5%
	March
    31, 2022	2.5%
	June
    30, 2022	3.75%
	September
    30, 2022	3.75%
	December
    31, 2022	3.75%
	Maturity
    Date	The
    remaining unpaid principal balance of the Term Loans

 

To
the extent not previously repaid, all unpaid Term Loans (including, for avoidance of doubt, all Delayed Draw Term Loans) shall
be paid in full by the Borrower on the Maturity Date.

 

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

 

    	 	60	 

     

    

 

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

 

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

 

(e)           
Any Lender may request that Loans made by it be evidenced by a promissory note. In such event, the Borrower shall prepare, execute
and deliver to such Lender a promissory note payable to such Lender (or, if requested by such Lender, to such Lender and its registered
assigns) and in a form approved by the Administrative Agent. Thereafter, the Loans evidenced by such promissory note and interest
thereon shall at all times (including after assignment pursuant to Section 9.04) be represented by one or more promissory notes
in such form payable to the payee named therein (or, if such promissory note is a registered note, to such payee and its registered
assigns).

 

SECTION 2.11           
Prepayment of Loans. (a) The Borrower shall have the right at any time and from time to time to prepay any Borrowing in
whole or in part, subject to prior notice in accordance with paragraph (e) of this Section; provided that each
prepayment shall be in an aggregate amount that is (x) an integral multiple of $250,000 and not less than $500,000 or (y)
such lesser amount constituting the entire outstanding amount of such Borrowing. All
voluntary prepayments shall be applied to the remaining amortization payments as directed by the Borrower and, absent such direction,
in direct order of maturity of the principal balance. In the absence of such direction by the Borrower, voluntary prepayments
shall be applied first, to any outstanding ABR Loans until such ABR Loans are repaid in full, and then, to any outstanding LIBOR
Loans (in each case, in direct order of maturity).

 

(b)           
In the event and on each occasion that any Net Proceeds are received by or on behalf of any Loan Party in respect of the incurrence
by any Loan Party of any Indebtedness, other than Indebtedness permitted under Section 6.01, the Borrower shall, within five (5)
Business Days after such Net Proceeds are received by such Loan Party, prepay the Obligations as set forth in Section 2.11(d)
below in an aggregate amount equal to 100% of such Net Proceeds.

 

(c)           
In the event and on each occasion that any Net Proceeds are received by or on behalf of any Loan Party in respect of any sale,
transfer or other disposition (including pursuant to a sale and leaseback transaction) in excess of $2,500,000 of any property
or asset of any Loan Party (other than (A) sales of assets expressly permitted by Sections 6.12(a), 6.12(b), 6.12(c), 6.12(d),
6.12(g), 6.12(i), 6.12(l), 6.12(m), 6.12(n) and 6.12(o) and (B) sales of assets not in excess of $500,000 for each fiscal year,
in the aggregate), the Borrower shall, within five (5) Business Days after such Net Proceeds are received by such Loan Party,
prepay the Term Loans as set forth in Section 2.11(d) below in an aggregate amount equal to 100% of such Net Proceeds; provided,
however, that, if the Borrower shall within such 5 Business Days deliver
to the Administrative Agent a certificate of a Financial Officer to the effect that the Loan Parties intend to apply the Net Proceeds
from such event (or a portion thereof specified in such certificate), within twelve (12) months after receipt of such Net Proceeds,
to acquire (or replace or rebuild) real property, equipment or other tangible assets (excluding inventory) to be used in the business
of the Loan Parties, and certifying that no Default has occurred and is continuing, then no prepayment shall be required pursuant
to this paragraph in respect of the Net Proceeds specified in such certificate to the extent that the Net Proceeds specified in
such certificate are reinvested, or if within such twelve (12) month period the Net Proceeds are committed to reinvestment, then
reinvested within such 180 days after the end of such twelve (12) month period.

 

    	 	61	 

     

    

 

(d)           
All such amounts pursuant to Sections 2.11(b) and (c) shall be applied first to the next eight (8) amortization installments
of the Term Loans in direct order of maturity and, thereafter, pro rata to the remaining scheduled amortization installments (excluding
the final payment on the Maturity Date) of the Term Loans.

 

(e)           
The Borrower shall notify the Administrative Agent by telephone (confirmed by telecopy) of any prepayment hereunder (i)
in the case of prepayment of a Eurodollar Borrowing, not later than 11:00 a.m., New York City time, three Business Days before
the date of prepayment, or (ii) in the case of prepayment of an ABR Borrowing, not later than 11:00 a.m., New York City time, one
Business Day before the date of prepayment. Each such telephonic and written notice shall be irrevocable and shall specify the
prepayment date and the principal amount of each Borrowing or portion thereof to be prepaid; provided that, if a notice of prepayment
is given in connection with a conditional notice of termination of the Revolving Commitments as contemplated by Section 2.09 or
is otherwise conditioned upon the consummation of a transaction, then such notice of prepayment may be revoked (or extended) if
such notice of termination is revoked or extended in accordance with Section 2.09 or such transaction does not occur. Promptly
following receipt of any such notice relating to a Borrowing, the Administrative Agent shall advise the Lenders of the contents
thereof. Each prepayment of a Revolving Borrowing shall be applied ratably to the Revolving Loans included in the prepaid Revolving
Borrowing. Each voluntary prepayment of a Term Loan Borrowing shall be applied against the remaining amortization installments
of the Term Loans in such order as the Borrower shall direct. Absent the Borrower’s direction, each prepayment shall be applied,
in direct order of maturity, first, to any outstanding ABR Loans until such ABR Loans are repaid in full, and then, to any outstanding
LIBOR Loans. Prepayments shall be accompanied by accrued interest to the extent required by Section 2.13 and break funding payments
to the extent required by Section 2.16.

 

(f)            
If at any time, (i) other than as a result of fluctuations in currency exchange rates, the sum of the aggregate principal
Dollar Amount of the total Revolving Credit Exposure of all Lenders (calculated, with respect to LC Exposure denominated in Alternative
Currencies, as of the most recent Computation Date with respect to each such Lender’s LC Exposure) exceeds the Aggregate
Revolving Commitment or (ii) solely as a result of fluctuations in currency exchange rates, the aggregate principal Dollar Amount
of the total Revolving Credit Exposure (so calculated), as of the most recent Computation Date, exceeds one hundred five percent
(105%) of the Aggregate Revolving Commitment, then the Borrower shall, in each case, immediately (or, in the case of an overdraw
resulting solely from fluctuations in currency exchange rates as described in the foregoing clause (ii), within three (3) Business
Days after receiving notice thereof from the Administrative Agent) repay Revolving Borrowings or cash collateralize LC Exposure
in accordance with the procedures set forth in Section 2.06(j), as applicable, in an aggregate principal amount sufficient
to cause the Dollar Amount of the total Revolving Credit Exposure (so calculated) to be less than or equal to the Aggregate Revolving
Commitment.

 

    	 	62	 

     

    

 

SECTION 2.12           
Fees. (a) The Borrower agrees to pay to the Administrative Agent for the account of each Lender a commitment fee, which
shall accrue at the Applicable Rate on the average daily unused amount of the Revolving Commitment and the undrawn portion of
the Delayed Draw Term Loan Commitment of such applicable Lender during the period
from and including the Effective Date to but excluding the date on which such applicable Commitment terminates; provided that,
if such Lender continues to have any Revolving Credit Exposure after its Revolving Commitment terminates, then such commitment
fee shall continue to accrue on the daily amount of such Lender’s Revolving Credit Exposure from and including the date
on which its Revolving Commitment terminates to but excluding the date on which such Lender ceases to have any Revolving Credit
Exposure. Accrued commitment fees shall be payable in arrears on the first Business Day of each fiscal quarter of each year and
on the date on which the Revolving Commitments terminate, commencing the first such date to occur after the date hereof; provided
that any commitment fees accruing after the date on which the Revolving Commitments terminate shall be payable on demand. All
commitment fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed
(including the first day but excluding the last day).

 

(b)          
The Borrower agrees to pay (i) to the Administrative Agent for the account of each Revolving Lender a participation fee
with respect to its participations in Letters of Credit, which shall accrue at the same Applicable Rate used to determine the interest
rate applicable to Eurodollar Revolving Loans on the average daily Dollar Amount of such Revolving Lender’s LC Exposure (excluding
any portion thereof attributable to unreimbursed LC Disbursements) during the period from and including the Effective Date to but
excluding the later of the date on which such Revolving Lender’s Revolving Commitment terminates and the date on which such
Revolving Lender ceases to have any LC Exposure, and (ii) to the Issuing Bank a fronting fee, which shall accrue at the rate or
rates per annum separately agreed upon between the Borrower and the Issuing Bank on the average daily Dollar Amount of the LC Exposure
(excluding any portion thereof attributable to unreimbursed LC Disbursements) during the period from and including the Effective
Date to but excluding the later of the date of termination of the Revolving Commitments and the date on which there ceases to be
any LC Exposure, as well as the Issuing Bank’s standard fees with respect to the issuance, amendment, renewal or extension
of any Letter of Credit or processing of drawings thereunder pursuant to written documentation separately agreed to by the Borrower.
Participation fees and fronting fees accrued through and including the last day of March, June, September and December of each
year shall be payable on the third Business Day following such last day, commencing on the first such date to occur after the Effective
Date; provided that all such fees shall be payable on the date on which the Revolving Commitments terminate and any such fees accruing
after the date on which the Revolving Commitments terminate shall be payable on demand. Any other fees payable to the Issuing Bank
pursuant to this paragraph shall be payable within 10 days after demand. All participation fees and fronting fees shall be computed
on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding
the last day).

 

    	 	63	 

     

    

 

(c)           
The Borrower agrees to pay to the Administrative Agent and the Lead Arranger, for their own respective accounts, fees payable
in the amounts and at the times separately agreed upon in writing between the Borrower, on the one hand, and the Administrative
Agent and the Lead Arranger, on the other.

 

(d)           
All fees payable hereunder shall be paid on the dates due, in U.S. Dollars and immediately available funds, to the Administrative
Agent (or to the Issuing Bank, in the case of fees payable to it) for distribution, in the case of commitment fees and participation
fees, to the Lenders. Fees paid shall not be refundable under any circumstances.

 

SECTION 2.13           
Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable
Rate.

 

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

 

(c)           
Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower
hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest,
after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2% plus
the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other
amount, 2% plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section.

 

(d)          
Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and, in the case of
Revolving Loans, upon termination of the Revolving Commitments; provided that (i) interest accrued pursuant to paragraph (d) of
this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment
of an ABR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid
shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving
Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective
date of such conversion.

 

(e)          
All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference
to the Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a
year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including
the first day but excluding the last day). The applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO Rate shall be determined
by the Administrative Agent, and such determination shall be conclusive absent manifest error.

 

    	 	64	 

     

    

 

SECTION 2.14           
Alternate Rate of Interest. (a) If prior to the commencement of any Interest Period for a Eurodollar Borrowing:

 

		(i)	the Administrative Agent determines (which determination shall be conclusive absent manifest error) that adequate and reasonable
means do not exist for ascertaining the Adjusted LIBO Rate or the LIBO Rate, as applicable (including, without limitation, because
the LIBO Screen Rate is not available or published on a current basis), for the applicable currency and such Interest Period; or

 

		(ii)	the Administrative Agent is advised by the Required Lenders that the Adjusted LIBO Rate or the LIBO Rate, as applicable, for
such Interest Period will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their
Loans (or its Loan) included in such Borrowing for such Interest Period;

 

then the Administrative Agent shall give notice thereof
to the Borrower and the Lenders by telephone or telecopy as promptly as practicable thereafter and, until the Administrative Agent
notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, (A) any Interest
Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Eurodollar Borrowing
shall be ineffective, and (B) if any Borrowing Request requests a Eurodollar Borrowing, such Borrowing shall be made as an
ABR Borrowing; provided that if the circumstances giving rise to such notice affect only one Type of Borrowings, then
the other Type of Borrowings shall be permitted.

 

(b)           
If at any time the Administrative Agent determines (which determination shall be conclusive absent manifest error) that
(i) the circumstances set forth in clause (a)(i) have arisen and such circumstances are unlikely to be temporary or (ii)
the circumstances set forth in clause (a)(i) have not arisen but either (w) the supervisor for the administrator of the LIBO
Screen Rate has made a public statement that the administrator of the LIBO Screen Rate is insolvent (and there is no successor
administrator that will continue publication of the LIBO Screen Rate), (x) the administrator of the LIBO Screen Rate has made a
public statement identifying a specific date after which the LIBO Screen Rate will permanently or indefinitely cease to be published
by it (and there is no successor administrator that will continue publication of the LIBO Screen Rate), (y) the supervisor for
the administrator of the LIBO Screen Rate has made a public statement identifying a specific date after which the LIBO Screen Rate
will permanently or indefinitely cease to be published or (z) the supervisor for the administrator of the LIBO Screen Rate or a
Governmental Authority having jurisdiction over the Administrative Agent has made a public statement identifying a specific date
after which the LIBO Screen Rate may no longer be used for determining interest rates for loans, then the Administrative Agent
and the Borrower shall endeavor to establish an alternate rate of interest to the LIBO Rate that gives due consideration to the
then prevailing market convention for determining a rate of interest for syndicated loans in the United States at such time, and
shall enter into an amendment to this Agreement to reflect such alternate rate of interest and such other related changes to this
Agreement as may be applicable; provided that, if such alternate rate of interest as so determined would be less than zero,
such rate shall be deemed to be zero for the purposes of this Agreement. Notwithstanding anything to the contrary in Section 9.02,
such amendment shall become effective without any further action or consent of any other party to this Agreement so long as the
Administrative Agent shall not have received, within five Business Days of the date notice of such alternate rate of interest is
provided to the Lenders, a written notice from the Required Lenders of each Class stating that such Required Lenders object to
such amendment. Until an alternate rate of interest shall be determined in accordance with this clause (b) (but, in the case of
the circumstances described in clause (ii)(w), clause (ii)(x) or clause (ii)(y) of the first sentence of this Section 2.14(b),
only to the extent the LIBO Screen Rate for the applicable currency and such Interest Period is not available or published at such
time on a current basis), (x) any Interest Election Request that requests the conversion of any Borrowing to, or continuation
of any Borrowing as, a Eurodollar Borrowing shall be ineffective, and (y) if any Borrowing Request requests a Eurodollar Borrowing,
such Borrowing shall be made as an ABR Borrowing.

 

    	 	65	 

     

    

 

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

 

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

 

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

 

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

 

and the result of any of the
foregoing shall be to increase the cost to such Lender or such other Recipient of making, continuing, converting or maintaining
any Loan (or of maintaining its obligation to make any such Loan) or to increase the cost to such Lender, the Issuing Bank or such
other Recipient of participating in, issuing or maintaining any Letter of Credit or to reduce the amount of any sum received or
receivable by such Lender, the Issuing Bank or such other Recipient hereunder (whether of principal, interest or otherwise), then
the Borrower will, following receipt of a certificate from such Lender or Issuing Bank in accordance with clause (c) of this Section,
pay to such Lender, Issuing Bank or such other Recipient, as the case may be, such additional amount or amounts as will compensate
such Lender, Issuing Bank or such other Recipient, as the case may be, for such additional costs incurred or reduction suffered.

 

    	 	66	 

     

    

 

(b)           If
any Lender or the Issuing Bank determines that any Change in Law regarding capital or liquidity requirements has or would have
the effect of reducing the rate of return on such Lender’s or the Issuing Bank’s capital or on the capital of such
Lender’s or the Issuing Bank’s holding company, if any, as a consequence of any Loan Document or the Loans made by,
or participations in Letters of Credit held by, such Lender, or the Letters of Credit issued by the Issuing Bank, to a level below
that which such Lender or the Issuing Bank or such Lender’s or the Issuing Bank’s holding company could have achieved
but for such Change in Law (taking into consideration such Lender’s or the Issuing Bank’s policies and the policies
of such Lender’s or the Issuing Bank’s holding company with respect to capital adequacy and liquidity), then from time
to time the Borrower will, following receipt of a certificate from such Lender or Issuing Bank in accordance with clause (c) of
this Section, pay to such Lender or Issuing Bank, as the case may be, such additional amount or amounts as will compensate such
Lender or Issuing Bank or such Lender’s or Issuing Bank’s holding company for any such reduction suffered.

 

(c)           A
certificate of a Lender or the Issuing Bank setting forth the amount or amounts necessary to compensate such Lender or the Issuing
Bank or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section shall be delivered to the
Borrower and shall be conclusive absent manifest error; provided, that in each case such Lender or Issuing Bank shall determine
such amount or amounts in good faith and in a manner generally consistent with such Lender’s or Issuing Bank’s treatment
of similarly situated borrowers of such Lender or Issuing Bank (with respect to similarly affected commitments, loans or participations
under agreements having provisions similar to this Section 2.15) after consideration of such factors as such Lender or Issuing
Bank then reasonably determines to be relevant. The Borrower shall pay such Lender or Issuing Bank, as the case may be, the amount
shown as due on any such certificate within 10 days after receipt thereof.

 

(d)           Failure
or delay on the part of any Lender or the Issuing Bank to demand compensation pursuant to this Section shall not constitute a waiver
of such Lender’s or the Issuing Bank’s right to demand such compensation; provided that the Borrower shall not be required
to compensate a Lender or the Issuing Bank pursuant to this Section for any increased costs or reductions incurred more than 270
days prior to the date that such Lender or the Issuing Bank, as the case may be, notifies the Borrower of the Change in Law giving
rise to such increased costs or reductions and of such Lender’s or the Issuing Bank’s intention to claim compensation
therefor by delivery of a certificate in accordance with clause (c) of this Section 2.15; provided further that, if the Change
in Law giving rise to such increased costs or reductions is retroactive, then the 270-day period referred to above shall be extended
to include the period of retroactive effect thereof.

 

SECTION 2.16     Break
Funding Payments. In the event of (a) the payment of any principal of any Eurodollar Loan other than on the last day of an
Interest Period applicable thereto (including as a result of an Event of Default or as a result of any prepayment pursuant to Section
2.11), (b) the conversion of any Eurodollar Loan other than on the last day of the Interest Period applicable thereto, (c) the
failure to borrow, convert, continue or prepay any Eurodollar Loan on the date specified in any notice delivered pursuant hereto
(regardless of whether such notice may be revoked under Section 2.11(b) and is revoked in accordance therewith), or (d) the assignment
of any Eurodollar Loan other than on the last day of the Interest Period applicable thereto as a result of a request by the Borrower
pursuant to Section 2.19, then, in any such event, after receipt of a written request by such Lender (which request shall set forth
the basis for requesting such amount and, absent manifest error, the amount requested shall be conclusive), the Borrower shall
compensate such Lender for the loss, cost and expense attributable to such event, but excluding any losses of anticipated profits.
In the case of a Eurodollar Loan, such loss, cost or expense to any Lender shall be deemed to include an amount determined by such
Lender to be the excess, if any, of (i) the amount of interest which would have accrued on the principal amount of such Loan had
such event not occurred, at the Adjusted LIBO Rate that would have been applicable to such Loan, for the period from the date of
such event to the last day of the then current Interest Period therefor (or, in the case of a failure to borrow, convert or continue,
for the period that would have been the Interest Period for such Loan), over (ii) the amount of interest which would accrue on
such principal amount for such period at the interest rate which such Lender would bid were it to bid, at the commencement of such
period, for dollar deposits of a comparable amount and period from other banks in the eurodollar market, but excluding any losses
of anticipated profits. A certificate of any Lender setting forth the amount or amounts that such Lender is entitled to receive
pursuant to this Section shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay
such Lender the amount shown as due on any such certificate within 10 days after receipt thereof.

 

    	 	67	 

     

     

SECTION 2.17     Payments
Free of Taxes. (a) Any and all payments by or on account of any obligation of any Loan Party under any Loan Document shall
be made without deduction or withholding for any Taxes, except as required by applicable law. If any applicable law (as determined
in the good faith discretion of an applicable withholding agent) requires the deduction or withholding of any Tax from any such
payment by a withholding agent, then the applicable withholding agent shall be entitled to make such deduction or withholding and
shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law
and, if such Tax is an Indemnified Tax, then the sum payable by the applicable Loan Party shall be increased as necessary so that
after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable
under this Section 2.17) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction
or withholding been made.

 

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

 

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

 

(d)           Indemnification
by the Loan Parties. The Loan Parties shall jointly and severally indemnify each Recipient, within 10 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 Recipient or required to be withheld or deducted from a payment to such Recipient and
any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally
imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered
to the Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf
of a Lender, shall be conclusive absent manifest error.

 

    	 	68	 

     

     

(e)            Indemnification
by the Lenders. Each Lender shall severally indemnify the Administrative Agent, within 10 days after demand therefor, for (i)
any Indemnified Taxes attributable to such Lender (but only to the extent that any Loan Party has not already indemnified the Administrative
Agent for such Indemnified Taxes and without limiting the obligation of the Loan Parties to do so), (ii) any Taxes attributable
to such Lender’s failure to comply with the provisions of Section 9.04(c) relating to the maintenance of a Participant Register
and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in
connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes
were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment
or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby
authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document
or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative
Agent under this paragraph (e).

 

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

 

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

 

(A)          any
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 Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative
Agent), an executed IRS Form W-9 certifying that such Lender is exempt from U.S. Federal backup withholding tax;

 

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

 

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

 

	 	(3)	in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate substantially in the form of Exhibit C-1 to the effect that such Foreign Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of the Borrower within the meaning of Section 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) an executed IRS Form W-8BEN-E or IRS Form W-8BEN; or

 

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

 

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

 

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

 

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

 

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

 

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

 

(i)            Defined
Terms. For purposes of this Section 2.17, the term “Lender” includes any Issuing Bank and the term
“applicable law” includes FATCA.

 

SECTION 2.18     Payments
Generally; Allocation of Proceeds; Pro Rata Treatment; Sharing of Set-offs. (a) The Borrower shall make each payment required
to be made by it hereunder (whether of principal, interest, fees or reimbursement of LC Disbursements, or of amounts payable under
Section 2.15, 2.16 or 2.17, or otherwise) prior to 12:00 noon, New York City time, on the date when due, in immediately available
funds, without set off or counterclaim. Any amounts received after such time on any date may, in the discretion of the Administrative
Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such
payments shall be made to the Administrative Agent at its offices at 270 Park Avenue, New York, New York, except payments to be
made directly to the Issuing Bank as expressly provided herein and except that payments pursuant to Sections 2.15, 2.16, 2.17 and
9.03 shall be made directly to the Persons entitled thereto. The Administrative Agent shall distribute any such payments received
by it for the account of any other Person to the appropriate recipient promptly following receipt thereof. If any payment hereunder
shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day, and,
in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension. All payments
hereunder of principal or interest or Letter of Credit participation fees or fronting fees in respect of any Loan or LC Disbursement
or the LC Exposure shall, except as otherwise expressly provided herein, be made in the currency of such Loan or LC Disbursement
or the LC Exposure, as applicable, and all other payments hereunder and under each other Loan Document shall be made in U.S. Dollars.
Notwithstanding the foregoing provisions of this Section, if, after the making of any LC Disbursement in any Alternative Currency,
currency control or exchange regulations are imposed in the country which issues such Alternative Currency with the result that
such Alternative Currency no longer exists or the Borrower is not able to make payment to the Administrative Agent for the account
of the Lenders in such Alternative Currency, then all payments to be made by the Borrower hereunder in such Alternative Currency
shall instead be made when due in U.S. Dollars in an amount equal to the Dollar Amount (as of the date of repayment) of such payment
due, it being the intention of the parties hereto that the Borrower takes all risks of the imposition of any such currency control
or exchange regulations.

 

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(b)           Any
proceeds of Collateral received by the Administrative Agent (i) not constituting a specific payment of principal, interest, fees
or other sum payable under the Loan Documents shall be applied as specified by the Borrower or (ii) after an Event of Default has
occurred and is continuing and the Administrative Agent so elects or the Required Lenders so direct, shall be applied ratably first,
to pay that portion of the Obligations constituting fees, indemnities, expense reimbursements and other amounts payable to the
Administrative Agent; second, to pay that portion of the Obligations constituting fees, indemnities, expense reimbursements and
other amounts (other than principal, interest, commitment fees, Letter of Credit participation fees and Letter of Credit fronting
fees) payable to the Lenders and the Issuing Bank; third, to pay that portion of the Obligations constituting accrued and unpaid
commitment fees, Letter of Credit participation fees and Letter of Credit fronting fees and interest then due and payable on the
Loans and other Obligations other than those in clause fourth, ratably among the Lenders and the Issuing Bank in proportion to
the respective amounts described in this clause third payable to them; fourth, to pay that portion of the Secured Obligations constituting
unpaid principal on the Loans and unreimbursed LC Disbursements and any Secured Banking Services Obligations and Secured Swap Obligations
then owing, ratably among the Lenders, the Issuing Bank, the Swap Providers and the Banking Services Providers in proportion to
the respective amounts described in this clause fourth held by them; fifth, to the Administrative Agent for the benefit of the
Issuing Bank and the Revolving Lenders, to cash collateralize that portion of the LC Exposure comprised of the aggregate undrawn
amount of Letters of Credit in accordance with Section 2.06(j); and sixth, to pay any other Secured Obligation then owing, ratably
among the Secured Parties in proportion to the respective amounts described in this clause sixth payable to them. Notwithstanding
the foregoing, Secured Banking Services Obligations and Secured Swap Obligations shall be excluded from the application described
above if the Administrative Agent has not received written notice thereof, together with such supporting documentation as the Administrative
Agent may request, from the applicable Banking Services Provider or Swap Provider. Each Banking Services Provider or Swap Provider
not a party to this Agreement that has given the notice contemplated by the preceding sentence shall, by such notice, be deemed
to have acknowledged and accepted the appointment of the Administrative Agent pursuant to the terms of Article VIII hereof for
itself and its Affiliates as if a “Lender” party hereto. No Banking Services Provider or Swap Provider that obtains
the benefits of this Section 2.18(b), any Collateral by virtue of the provisions hereof or any Collateral Document shall have any
right to notice of any action or to vote on or consent to, direct or object to any action hereunder or under any other Loan Document
or otherwise in respect of the Collateral (including the release or impairment of any Collateral) other than in its capacity as
a Lender and, in such case, only to the extent expressly provided in the Loan Documents. Notwithstanding any other provision of
this Agreement to the contrary, the Administrative Agent shall not be required to verify the payment of, or that other satisfactory
arrangements have been made with respect to, Secured Banking Services Obligations or Secured Swap Obligations unless the Administrative
Agent has received written notice of such Secured Obligations, together with such supporting documentation as the Administrative
Agent may request, from the applicable Banking Services Provider or Swap Provider. Secured Swap Obligations that constitute Excluded
Swap Obligations with respect to any Guarantor shall not be paid with amounts received from such Guarantor or its assets, but appropriate
adjustments shall be made with respect to amounts received from other Loan Parties or their assets to preserve the allocation to
Secured Swap Obligations otherwise set forth in this Section 2.18(b).

 

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

 

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

 

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(e)           Unless
the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Administrative
Agent for the account of the Lenders or the Issuing Bank hereunder that the Borrower will not make such payment, the Administrative
Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption,
distribute to the Lenders or the Issuing Bank, as the case may be, the amount due. In such event, if the Borrower has not in fact
made such payment, then each of the Lenders or the Issuing Bank, as the case may be, severally agrees to repay to the Administrative
Agent forthwith on demand the amount so distributed to such Lender or Issuing Bank with interest thereon, for each day from and
including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater
of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules
on interbank compensation.

 

(f)            If
any Lender shall fail to make any payment required to be made by it pursuant to Sections 2.06(d) or (e), 2.07(b), 2.18(e), or 9.03(c),
then the Administrative Agent may, in its discretion and notwithstanding any contrary provision hereof, apply any amounts thereafter
received by the Administrative Agent for the account of such Lender to satisfy such Lender’s obligations under such Sections
until all such unsatisfied obligations are fully paid, and/or (ii) hold such amounts in a segregated account over which the Administrative
Agent shall have exclusive control as cash collateral for, and application to, any future funding obligations of such Lender under
any such Section, in the case of each of clause (i) and (ii) above, in any order as determined by the Administrative Agent in its
discretion.

 

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

 

(b)         If
(i) any Lender requests compensation under Section 2.15, (ii) the Borrower is required to pay any Indemnified Taxes or additional
amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17, or (iii) any Lender
becomes a Defaulting Lender or a Non-Consenting Lender, then, in each case, the Borrower may, at its sole expense and effort, upon
notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse, all its interests,
rights (other than its existing rights to payments pursuant to Sections 2.15 or 2.17) and obligations under the Loan Documents
to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment);
provided that (i) to the extent required under Section 9.04, the Borrower shall have received the prior written consent of the
Administrative Agent (and if a Revolving Commitment is being assigned, the Issuing Bank), which consent shall not unreasonably
be withheld or delayed, (ii) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans
and funded participations in LC Disbursements, accrued interest thereon, accrued fees and all other amounts payable to it hereunder,
from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all
other amounts), (iii) in the case of any such assignment resulting from a claim for compensation under Section 2.15 or payments
required to be made pursuant to Section 2.17, such assignment will result in a reduction in such compensation or payments, and
(iv) in the case of any assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall have
consented to the applicable amendment, waiver or consent. A Lender shall not be required to make any such assignment and delegation
if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such
assignment and delegation permanently cease to apply. Each party hereto agrees that an assignment and delegation required pursuant
to this paragraph may be effected pursuant to an Assignment and Assumption executed by the Borrower, the Administrative Agent and
the assignee and that the Lender required to make such assignment and delegation need not be a party thereto.

 

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SECTION 2.20     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)           fees
shall cease to accrue on the unfunded portion of the Revolving Commitment and Delayed Draw Term Loan Commitment of such Defaulting
Lender pursuant to Section 2.12(a);

 

(b)           any
payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of such Defaulting Lender
(whether voluntary or mandatory, at maturity, pursuant to Section 2.18(b) or otherwise) or received by the Administrative Agent
from a Defaulting Lender pursuant to Section 9.08 shall be applied at such time or times as may be determined by the Administrative
Agent in consultation with the Borrower as follows: first, to the payment of any amounts owing by such Defaulting Lender
to the Administrative Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by such Defaulting
Lender to any Issuing Bank hereunder; third, to cash collateralize LC Exposure with respect to such Defaulting Lender in
accordance with this Section; fourth, as the Borrower may request (so long as no Default or Event of Default exists), to
the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement,
as determined by the Administrative Agent; fifth, if so determined by the Administrative Agent and the Borrower, to be held
in a deposit account and released pro rata in order to (x) satisfy such Defaulting Lender’s potential future funding
obligations with respect to Loans under this Agreement and (y) cash collateralize future LC Exposure with respect to such
Defaulting Lender with respect to future Letters of Credit issued under this Agreement, in accordance with this Section; sixth,
to the payment of any amounts owing to the Lenders or the Issuing Banks as a result of any judgment of a court of competent jurisdiction
obtained by any Lender or the Issuing Banks against such Defaulting Lender as a result of such Defaulting Lender’s breach
of its obligations under this Agreement or under any other Loan Document; seventh, so long as no Default or Event of Default
exists, to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained
by the Borrower against such Defaulting Lender as a result of such Defaulting Lender's breach of its obligations under this Agreement
or under any other Loan Document; and eighth, to such Defaulting Lender or as otherwise directed by a court of competent
jurisdiction; provided that if (x) such payment is a payment of the principal amount of any Loans or LC Disbursements
in respect of which such Defaulting Lender has not fully funded its appropriate share, and (y) such Loans were made or the
related Letters of Credit were issued at a time when the conditions set forth in Section 4.02 were satisfied or waived, such
payment shall be applied solely to pay the Loans of, and LC Disbursements owed to, all non-Defaulting Lenders on a pro rata basis
prior to being applied to the payment of any Loans of, or LC Disbursements owed to, such Defaulting Lender until such time as all
Loans and funded and unfunded participations in the Borrower’s obligations corresponding to such Defaulting Lender’s
LC Exposure are held by the Lenders pro rata in accordance with the Commitments without giving effect to clause (d) below.
Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed
by a Defaulting Lender or to post cash collateral pursuant to this Section shall be deemed paid to and redirected by such Defaulting
Lender, and each Lender irrevocably consents hereto.

 

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(c)           the
Commitment and Credit Exposure of such Defaulting Lender shall not be included in determining whether all Lenders, the Required
Lenders, the Required Revolving Lenders or the Required Term Lenders, as applicable, have taken or may take any action hereunder
(including any consent to any amendment, waiver or other modification pursuant to Section 9.02) and such Defaulting Lender shall
not be entitled to vote thereon; provided that any amendment, waiver or other modification requiring the consent of all Lenders
or each affected Lender affected which affects such Defaulting Lender disproportionately when compared to the other affected Lenders,
or increases or extends the Commitment of such Defaulting Lender, shall require the consent of such Defaulting Lender;

 

(d)           if
any LC Exposure exists at the time such Lender becomes a Defaulting Lender and such Lender is a Revolving Lender then:

 

	 	(i)	all or any part of the LC Exposure of such Defaulting Lender shall be reallocated among the non-Defaulting Lenders in accordance with their respective Applicable Percentages but only (x) to the extent that such reallocation does not, as to any non-Defaulting Lender, cause such non-Defaulting Lender’s Revolving Credit Exposure to exceed its Commitment and (y) if the conditions set forth in Section 4.02 are satisfied at such time;

 

	 	(ii)	if the reallocation described in clause (i) above cannot, or can only partially, be effected, the Borrower shall within one Business Day following notice by the Administrative Agent, cash collateralize for the benefit of the Issuing Bank only the Borrower’s obligations corresponding to such Defaulting Lender’s LC Exposure (after giving effect to any partial reallocation pursuant to clause (i) above) in accordance with the procedures set forth in Section 2.06(j) for so long as such LC Exposure is outstanding;

 

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	 	(iii)	if the Borrower cash collateralizes any portion of such Defaulting Lender’s LC Exposure pursuant to clause (ii) above, the Borrower shall not be required to pay any fees to such Defaulting Lender pursuant to Section 2.12(b) with respect to such Defaulting Lender’s LC Exposure during the period such Defaulting Lender’s LC Exposure is cash collateralized;

 

	 	(iv)	if the LC Exposure of the non-Defaulting Lenders is reallocated pursuant to clause (i) above, then the fees payable to the Lenders pursuant to Section 2.12(a) and 2.12(b) shall be adjusted in accordance with such non-Defaulting Lenders’ Applicable Percentages; and

 

	 	(v)	if all or any portion of such Defaulting Lender’s LC Exposure is neither reallocated nor cash collateralized pursuant to clause (i) or (ii) above, then, without prejudice to any rights or remedies of the Issuing Bank or any other Lender hereunder, all letter of credit fees payable under Section 2.12(b) with respect to such Defaulting Lender’s LC Exposure shall be payable to the Issuing Bank until and to the extent that such LC Exposure is reallocated and/or cash collateralized; and

 

(e)           so
long as such Lender is a Defaulting Lender and a Revolving Lender, the Issuing Bank shall not be required to issue, amend or increase
any Letter of Credit, unless it is satisfied that the related exposure and such Defaulting Lender’s then outstanding LC Exposure
will be 100% covered by the Revolving Commitments of the non-Defaulting Lenders and/or cash collateral will be provided by the
Borrower in accordance with Section 2.20(d), and LC Exposure related to any newly issued or increased Letter of Credit shall be
allocated among non-Defaulting Lenders in a manner consistent with Section 2.20(d)(i) (and such Defaulting Lender shall not participate
therein).

 

If (i) a Bankruptcy Event or a Bail-In Action
with respect to a Lender Parent shall occur following the date hereof and for so long as such event shall continue or (ii) any
Issuing Bank has a good faith belief that any Lender has defaulted in fulfilling its obligations under one or more other agreements
in which such Lender commits to extend credit, the Issuing Bank shall not be required to issue, amend or increase any Letter of
Credit, unless the Issuing Bank, as the case may be, shall have entered into arrangements with the Borrower or such Lender, satisfactory
to each Issuing Bank, as the case may be, to defease any risk to it in respect of such Lender hereunder.

 

In the event that the Administrative Agent,
the Borrower, each Issuing Bank each agrees that a Defaulting Lender that is a Revolving Lender has adequately remedied all matters
that caused such Revolving Lender to be a Defaulting Lender, then the LC Exposure of the Revolving Lenders shall be readjusted
to reflect the inclusion of such Revolving Lender’s Revolving Commitment and on such date such Revolving Lender shall purchase
at par such of the Revolving Loans of the other Lenders as the Administrative Agent shall determine may be necessary in order for
such Revolving Lender to hold such Revolving Loans in accordance with its Applicable Percentage.

 

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SECTION 2.21     Expansion
Option; Incremental Facilities.

 

(a)          The
Borrower may from time to time elect to increase the Revolving Commitments, increase any existing Term Loans and/or enter into
one or more additional tranches of term loans (any such increase of any existing Term Loan and any such additional tranches of
term loans, each, an “Incremental Term Loan”), in each case in a minimum amount of $5,000,000 and an
integral multiple of $1,000,000 in excess thereof so long as, after giving effect thereto, the aggregate amount of all such Revolving
Commitment increases and all such Incremental Term Loans, in each case, incurred after the Second Amendment Effective Date does
not exceed the greater of (i) $85,000,000 and (ii) an amount equal to 100% of the Consolidated EBITDA of the Borrower and its Subsidiaries
for the Reference Period then most recently ended for which the Borrower has delivered Financial Statements, calculated on a Pro
Forma Basis after giving effect to the consummation of all related transactions consummated in connection with the applicable Revolving
Commitment increase or Incremental Term Loans pursuant to this Section 2.21. Each request from the Borrower pursuant to this Section
2.21 shall set forth the requested amount and proposed terms of the relevant Revolving Commitment increase or Incremental Term
Loans. The Borrower may arrange for any such Revolving Commitment increase or Incremental Term Loan to be provided by one or more
Lenders (each Lender so agreeing to an increase in its Revolving Commitment, or to participate in such Incremental Term Loans,
an “Increasing Lender”), or by one or more new banks, financial institutions or other entities (each
such new bank, financial institution or other entity, an “Augmenting Lender” and, together with each
Increasing Lender, collectively, the “Additional Lenders”), to increase their existing Revolving Commitments,
or to participate in such Incremental Term Loans, or extend Revolving Commitments, as the case may be; provided, that (i) each
Augmenting Lender (other than any Affiliate of an existing Lender) shall be subject to the approval of the Administrative Agent
and, except in the case of an Incremental Term Loan, the Issuing Bank, which approvals shall not be unreasonably withheld, conditioned
or delayed, and (ii) (A) in the case of an Increasing Lender, the Borrower and such Increasing Lender execute an agreement substantially
in the form of Exhibit E, and (B) in the case of an Augmenting Lender, the Borrower and such Augmenting Lender execute an agreement
substantially in the form of Exhibit F hereto. No existing Lender shall have any obligation or be required to provide any Revolving
Commitment increase or any Incremental Term Loan unless it expressly so agrees. No consent of any Lender (other than the Lenders
participating in such Revolving Commitment increase or Incremental Term Loan) shall be required for any such increase or Incremental
Term Loan pursuant to this Section 2.21.

 

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(b)           Revolving
Commitment increases and Incremental Term Loans created pursuant to this Section 2.21 shall become effective on the date agreed
by the Borrower, the Administrative Agent and the relevant Increasing Lenders or Augmenting Lenders, and the Administrative Agent
shall notify each Lender thereof. Notwithstanding the foregoing, no increase in the Revolving Commitments (or in the Revolving
Commitment of any Lender) or Incremental Term Loan shall become effective under this paragraph unless (i) on the proposed date
of the effectiveness of such Revolving Commitment increase or Incremental Term Loan: (A) (1) the representations and warranties
of the Borrower set forth in this Agreement are true and correct in all material respects (except that such materiality qualifier
shall not be applicable to any representation or warranty to the extent that it is already qualified or modified by materiality
in the text thereof) as of such date, and the Administrative Agent shall
have received a certificate to that effect dated such date and executed by a Financial Officer of the Borrower; provided that
in the event that the Incremental Term Loans are used to finance a Permitted Acquisition which
the Borrower or one or more of its Subsidiaries has contractually committed to consummate, the terms of which do not condition
the Borrower’s or such Subsidiary’s, as applicable, obligation to consummate such Permitted Acquisition on the availability
of third-party financing, the condition regarding the accuracy of representations and warranties set forth herein shall
be limited to the Specified Representations and those representations included in the related acquisition agreement that are material
to the interests of the Lenders and only to the extent that the Borrower or its Subsidiaries has the right to terminate its obligations
under such acquisition agreement as a result of a breach of such representations, all of which representations shall be true and
correct in all material respects as of such date, and (2) no Default exists
on such date; provided that in the event that the Incremental Term Loans are used to finance a Permitted Acquisition which the
Borrower or one or more of its Subsidiaries has contractually committed to consummate, the terms of which do not condition the
Borrower’s or such Subsidiary’s, as applicable, obligation to consummate such Permitted Acquisition on the availability
of third-party financing, then such condition shall be deemed satisfied so long as (1) no Default exists on the date the
definitive agreement in respect of such Acquisition was executed and (2)
no Event of Default shall have occurred and be continuing or shall exist under Sections 7.01(a), (b), (h), (i) or (j) on
the date of the effectiveness of such Revolving Commitment increase or Incremental Term Loan,
and the Administrative Agent shall have received a certificate to that effect dated such date and executed by a Financial Officer
of the Borrower; and (B) the Borrower shall be in compliance on a Pro Forma Basis with the financial covenant set forth
in Section 6.10(a), recomputed (1) as if such Revolving Commitment increase or Incremental Term Loan (and the application of proceeds
thereof to the repayment of any other Indebtedness) had occurred on the first day of the Reference Period then most recently ended
for which the Borrower has delivered Financial Statements, and (2) with Consolidated Funded Debt measured as of the date of and
immediately after giving effect to any funding in connection with such Revolving Commitment increase or Incremental Term Loan (and
the application of proceeds thereof to the repayment of any other Indebtedness) and (3) with Consolidated EBITDA measured for the
Reference Period then most recently ended for which the Borrower has delivered Financial Statements, and the Administrative Agent
shall have received a certificate to that effect dated such date and executed by a Financial Officer of the Borrower; provided
that in the event that the Incremental Term Loans are used to finance a Permitted Acquisition which
the Borrower or one or more of its Subsidiaries has contractually committed to consummate, the terms of which do not condition
the Borrower’s or such Subsidiary’s, as applicable, obligation to consummate
such Permitted Acquisition on the availability of third-party financing, such
condition shall be deemed satisfied so long as immediately prior to and after giving effect to the incurrence of Incremental Term
Loans and the Permitted Acquisition as of the date of the definitive agreement in respect of such Permitted Acquisition was executed
(as if such incurrence of Incremental Term Loans and such Permitted Acquisition had occurred as of the most recent fiscal quarter
end for which Financial Statements are available), the Borrower would be in compliance with the foregoing conditions as of such
date; (ii) the Administrative Agent shall have received documents (including legal opinions), board resolutions and other customary
closing certificates as reasonably required by the Administrative Agent, in each case consistent with those delivered on the Effective
Date under Article 4, together with such additional customary documents and filings (including other Collateral Documents) as the
Administrative Agent may reasonably require solely to assure that the increased commitments and/or Loans created pursuant to Section
2.21 are secured by the Collateral ratably with the existing Loans; and (iii) solely to the extent the Borrower in its sole discretion
has agreed to pay additional fees to the Administrative Agent or the Lenders in connection with such
Revolving Commitment increase or Incremental Term Loan, the Borrower shall have paid to the Administrative Agent and the
Lenders such fees; provided, however, that the conditions set forth in clauses (i) and (ii) shall be subject to Section
5.10.

 

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(c)           On
the effective date of any increase in the Revolving Commitments, (i) each relevant Increasing Lender and Augmenting Lender shall
make available to the Administrative Agent such amounts in immediately available funds as the Administrative Agent shall determine,
for the benefit of the other Lenders, as being required in order to cause, after giving effect to such Revolving Commitment increase
and the use of such amounts to make payments to such other Lenders, each Lender’s portion of the outstanding Revolving Loans
of all the Lenders to equal its Applicable Percentage of such outstanding Revolving Loans, and (ii) the Borrower shall be deemed
to have repaid and reborrowed all outstanding Revolving Loans as of the date of any increase in the Revolving Commitments (with
such reborrowing to consist of the Types of Revolving Loans, with related Interest Periods if applicable, specified in a notice
delivered by the Borrower, in accordance with the requirements of Section 2.03). The deemed payments made pursuant to clause (ii)
of the immediately preceding sentence shall be accompanied by payment of all accrued interest on the amount prepaid and, in respect
of each Eurodollar Loan, shall be subject to indemnification by the Borrowers pursuant to the provisions of Section 2.16 if the
deemed payment occurs other than on the last day of the related Interest Periods.

 

(d)          The
Incremental Term Loans (i) shall rank pari passu in right of payment with the Revolving Loans and the initial Term Loans, (ii)
shall not mature earlier than the Maturity Date (but may have amortization prior to such date), (iii) shall have a weighted average
life to maturity that is no earlier than the weighted average life to maturity of the existing Term Loans, and (iv) shall be treated
substantially the same as (and in any event no more favorably than) the existing Term Loans or Revolving Loans; provided, that
the terms and conditions applicable to any Incremental Term Loan maturing after the Maturity Date may provide for material additional
or different financial covenants or other covenants or prepayment requirements applicable only during periods after the Maturity
Date. The other terms of the Incremental Term Loans (including interest, fees and amortization) shall otherwise be as agreed among
the Borrower, the Administrative Agent and the Additional Lenders.

 

(e)           Incremental
Term Loans may be made hereunder pursuant to an amendment or restatement (an “Incremental Term Loan Amendment”)
of this Agreement and, as appropriate, the other Loan Documents, executed by the Borrower, each Additional Lender participating
in such Incremental Term Loan, as applicable, and the Administrative Agent. The Borrower and the Administrative Agent may, without
the consent of any other Lenders, effect such amendments to this Agreement and the other Loan Documents as may be necessary or
appropriate, in the reasonable opinion of the Administrative Agent, to effect the provisions of this Section 2.21. Nothing contained
in this Section 2.21 shall constitute, or otherwise be deemed to be, a commitment on the part of any Lender to increase its Revolving
Commitment hereunder, or provide Incremental Term Loans, at any time.

 

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ARTICLE III

Representations and Warranties

 

The Borrower and each other Loan Party represents
and warrants to the Lenders that:

 

SECTION 3.01       Organization;
Powers. Each of the Borrower and its Subsidiaries is duly organized, validly existing and in good standing under the laws of
the jurisdiction of its organization, has all requisite power and authority to carry on its business as now conducted and, except
where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse
Effect, is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required.

 

SECTION 3.02       Authorization;
Enforceability. The Transactions are within each Loan Party’s organizational powers and have been duly authorized by
all necessary organizational and, if required, stockholder or other equity holder action. Each Loan Document to which each Loan
Party is a party has been duly executed and delivered by such Loan Party and constitutes a legal, valid and binding obligation
of such Loan Party, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium
or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered
in a proceeding in equity or at law.

 

SECTION 3.03       Governmental
Approvals; No Conflicts. (a) The Transactions (i) do not require any material consent or approval of, registration or filing
with, or any other action by, any Governmental Authority, except such as have been obtained or made and are in full force and effect
and except for filings necessary to perfect Liens created pursuant to the Loan Documents, (ii) will not violate in any material
respect any applicable law or regulation or the charter, by-laws or other organizational documents of the Borrower or any of its
Subsidiaries or any order of any Governmental Authority, (iii) will not violate or result in a default under any material indenture,
agreement or other instrument binding upon the Borrower or any of its Subsidiaries or its material assets, or give rise to a right
thereunder to require any payment to be made by the Borrower or any of its Subsidiaries, and (iv) will not result in the creation
or imposition of any Lien on any asset of the Borrower or any of its Subsidiaries (other than Liens created pursuant to or otherwise
permitted under the Loan Documents).

 

(b)           All
material governmental and regulatory filings, authorizations and approvals that are required for the consummation of the eTouch
Acquisition and the other transactions contemplated by the eTouch Acquisition Agreement have been duly made and obtained and are
in full force and effect (except for such filings with the SEC which are required by the SEC to be made post-closing (such as on
Form 8-K)), and all waiting periods (and any extensions thereof) applicable to such transactions have expired or been terminated.

 

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(c)           Effective
from and after the date on which any Loans are used to finance a portion of purchase price of shares pursuant to the Polaris Tender
Offer, (i) all material governmental approvals necessary in connection with the Polaris Tender Offer have been obtained and are
in full force and effect, and all applicable waiting periods have expired without any litigation or other similar action being
taken or threatened by any governmental authority or other parties that would restrain or otherwise prevent consummation of the
Polaris Tender Offer; (ii) there is no injunction or temporary restraining order which, in the judgment of the Administrative Agent,
would prohibit the consummation of the Polaris Tender Offer or the making of Loans to finance the purchase of shares pursuant to
the Polaris Tender Offer; and (iii) the purchase of tendered shares or equity interests in respect of the Polaris Tender Offer
has been consummated in accordance with all applicable laws and governmental approvals.

 

SECTION 3.04     Financial
Condition; No Material Adverse Change. (a) The Borrower has heretofore furnished to the Lenders its consolidated balance sheet
and statements of income, stockholders equity and cash flows (i) as of and for the fiscal year ended March 31, 2017, reported on
by KPMG LLP, independent public accountants, and (ii) as of and for the fiscal quarter and the portion of the fiscal year ended
September 30, 2017, certified by its chief financial officer. All such financial statements are prepared in accordance with GAAP
(subject to normal year-end audit adjustments and the absence of footnotes in the case of the statements referred to in clause
(ii) above) applied on a consistent basis throughout the periods specified and present fairly the financial position of the Borrower
and its Subsidiaries as of such dates and the results of the operations and cash flows of the Borrower and its Subsidiaries for
such periods, in all material respects.

 

(b)           Since
March 31, 2017, there has been no event, development or circumstance that, individually or in the aggregate, has had or could reasonably
be expected to have a Material Adverse Effect.

 

SECTION 3.05      Properties;
Intellectual Property. (a) Each of the Borrower and its Subsidiaries has good title to, or valid leasehold interests in, all
its real and personal property material to its business, except (x) for defects in title that do not interfere with its ability
to conduct its business as conducted from time to time or to utilize such properties for their intended purposes and (y) to the
extent encumbered by Liens permitted under the Loan Documents.

 

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

 

SECTION 3.06     Litigation
and Environmental Matters. (a) There are no actions, suits, proceedings by or before any arbitrator or Governmental Authority
pending against or, to the knowledge of the Borrower, threatened in writing against or affecting the Borrower or any of its Subsidiaries
(i) as to which there is a reasonable possibility of an adverse determination and that, if adversely determined, could reasonably
be expected, individually or in the aggregate, to result in a Material Adverse Effect (other than the Disclosed Matters) or (ii)
that involve any Loan Document or the Transactions.

 

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(b)           Except
for the Disclosed Matters (i) no Loan Party nor any of its Subsidiaries has received written notice of any claim with respect to
any material Environmental Liability or knows of any basis for any such material Environmental Liability and (ii) except with respect
to any other matters that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect,
no Loan Party nor any of its Subsidiaries (1) has failed to comply with any Environmental Law or to obtain, maintain or comply
with any permit, license or other approval required under any Environmental Law or (2) has become subject to any Environmental
Liability.

 

(c)           Since
the date of this Agreement, there has been no change in the status of the Disclosed Matters that, individually or in the aggregate,
has resulted in, or materially increased the likelihood of, a Material Adverse Effect.

 

SECTION 3.07     Compliance
with Laws and Agreements. Each of the Borrower and its Subsidiaries is in compliance with all laws, regulations and orders
of any Governmental Authority applicable to it or its property and all indentures, agreements and other instruments binding upon
it or its property, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result
in a Material Adverse Effect.

 

SECTION 3.08     Investment
Company Status. Neither the Borrower nor any of its Subsidiaries is an “investment company” as defined in, or subject
to regulation under, the Investment Company Act of 1940.

 

SECTION 3.09     Taxes.
Each Loan Party has timely filed or caused to be filed all federal and all other material state and local Tax returns and reports
required to have been filed and has paid or caused to be paid all material Taxes required to have been paid by it, except Taxes
that are being contested in good faith by appropriate proceedings and for which such Loan Party or such Subsidiary has set aside
on its books adequate reserves. No material tax liens have been filed and no claims are being asserted with respect to any such
Taxes.

 

SECTION 3.10     ERISA.
(a) No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other such ERISA Events for
which liability is reasonably expected to occur, could reasonably be expected to result in a Material Adverse Effect. The present
value of all accumulated benefit obligations under each Plan (based on the assumptions used for purposes of Statement of Financial
Accounting Standards No. 87) did not, as of the date of the most recent financial statements reflecting such amounts, exceed by
more than $2,500,000 the fair market value of the assets of such Plan, and the present value of all accumulated benefit obligations
of all underfunded Plans (based on the assumptions used for purposes of Statement of Financial Accounting Standards No. 87) did
not, as of the date of the most recent financial statements reflecting such amounts, exceed by more than $2,500,000 the fair market
value of the assets of all such underfunded Plans.

 

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(b)           As
of the Effective Date, the Borrower is not and will not be using “plan assets” (within the meaning of 29 CFR §
2510.3-101, as modified by Section 3(42) of ERISA) of one or more Benefit Plans in connection with the Loans, the Letters of Credit
or the Commitments.

 

SECTION 3.11     Disclosure.
No reports, financial statements, certificates or other written information furnished by or on behalf of the Borrower or any of
its Subsidiaries to any Credit Party in connection with the negotiation of this Agreement or any other Loan Document (as modified
or supplemented by other information so furnished) when taken as a whole contains any material misstatement of fact or omits to
state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made,
when taken as a whole, not misleading; provided that, with respect to any projections, the Borrower represents only that
such projections were prepared in good faith based upon assumptions believed by the Borrower to be reasonable at the time delivered
and, if such projections were delivered prior to the Effective Date, as of the Effective Date, it being recognized by Lenders that
such projections as to future events are not to be viewed as facts and that actual results during the period or periods covered
by any such projections may differ materially from the projected results. As of the Second Amendment Effective Date, to the best
knowledge of the Borrower, the information included in the Beneficial Ownership Certification, if any, provided as of the Second
Amendment Effective Date to any Lender in connection with this Agreement is true and correct in all respects.

 

SECTION 3.12     No
Default. No Default or Event of Default exists or would result from the incurrence by the Borrower or any Subsidiary of any
Obligations hereunder or under any other Loan Document.

 

SECTION 3.13     Solvency.
The Borrower and the Subsidiaries (including, to the extent that each is consummated on or before the date on which this representation
is made or deemed to be made, after giving effect to the eTouch Acquisition and Polaris Tender Offer), on a consolidated basis,
are Solvent.

 

SECTION 3.14     Insurance.
Schedule 3.14 sets forth a description of all insurance maintained by or on behalf of the Loan Parties and the U.S. Subsidiaries
as of the Effective Date. As of the Effective Date, all premiums in respect of such insurance have been paid. The Borrower believes
that the insurance maintained by or on behalf of the Borrower and its Subsidiaries is adequate.

 

SECTION 3.15     Capitalization
and Subsidiaries. As of the Effective Date, Schedule 3.15 is a complete list of each of the Borrower’s Subsidiaries and
such Subsidiary’s jurisdiction of incorporation. All of the issued and outstanding Equity Interests owned by any Loan Party
in each of its Subsidiaries have been (to the extent such concepts are relevant with respect to such ownership interests) duly
authorized and issued and are fully paid and non-assessable.

 

SECTION 3.16     Security
Interest in Collateral. The provisions of this Agreement and the other Loan Documents create legal and valid Liens on and security
interests in, all the Collateral purported to be secured by the Collateral Documents in favor of the Administrative Agent, for
the benefit of the Secured Parties, and such Liens constitute perfected and continuing Liens on the Collateral, securing the Secured
Obligations, enforceable against the applicable Loan Party and all third parties, and having priority over all other Liens on the
Collateral except (i) Permitted Encumbrances to the extent any such Permitted Encumbrances would have priority over the Liens in
favor of the Administrative Agent pursuant to any applicable law and (ii) Liens perfected only by possession (including possession
of any certificate of title), but only to the extent the Administrative Agent has not obtained or does not maintain possession
of such Collateral.

 

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SECTION 3.17       Employment
Matters. As of the Effective Date, there are no strikes, lockouts or slowdowns against any Loan Party or any Subsidiary pending
or, to the knowledge of the Loan Parties, threatened in writing. The hours worked by and payments made to employees of the Loan
Parties and the Subsidiaries have not been in violation of the Fair Labor Standards Act or any other material applicable federal,
state, local or foreign law dealing with such matters in a manner resulting in liabilities in excess of $7,500,000. All payments
due from any Loan Party or any Subsidiary, or for which any claim may be made against any Loan Party or any Subsidiary, on account
of wages and employee health and welfare insurance and other benefits, have been paid or accrued as a liability on the books of
the Loan Party or such Subsidiary to the extent required by GAAP.

 

SECTION 3.18       Anti-Corruption
and Anti-Terrorism Laws and Sanctions. The Borrower has implemented and maintains in effect policies and procedures designed
to ensure compliance by the Borrower, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption
Laws and applicable Sanctions, and the Borrower, its Subsidiaries and their respective officers and employees and to the knowledge
of the Borrower its directors and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material
respects. None of (a) the Borrower, any Subsidiary or any of their respective directors, officers or employees, or (b) to the knowledge
of the Borrower, any agent of the Borrower or any Subsidiary that will act in any capacity in connection with or benefit from the
credit facility established hereby, is a Sanctioned Person. No Borrowing or Letter of Credit, use of proceeds, the Transactions
or other transaction contemplated by this Agreement will violate any Anti-Corruption Law or applicable Sanctions Without limiting
the foregoing, no Loan Party nor any of its Controlled entities is (i) in violation of any Anti-Terrorism Laws, (ii) engages in
or conspires to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate,
any of the prohibitions set forth in any Anti-Terrorism Laws, or (iii) is a Blocked Person.  No Loan Party nor any of its
Controlled entities (x) conducts any business or engages in making or receiving any contribution of funds, goods or services to
or for the benefit of any Blocked Person, or (y) deals in, or otherwise engages in any transaction relating to, any property or
interest in property blocked pursuant to Executive Order No. 13224, any similar executive order or other Anti-Terrorism Laws.

 

SECTION 3.19       Use
of Proceeds. (a) The proceeds of the Revolving Loans will be used only (i) to refinance loans and other outstanding obligations
under the Existing Credit Agreement and to pay fees, costs and expenses incurred in connection with such refinancing and the Transactions,
(ii) to finance the eTouch Acquisition and any payments required under the eTouch Acquisition Agreement (including, without limitation,
any deferred payments to the extent permitted under Section 6.06 and thereunder), (iii) to finance the Polaris Tender Offer and
(iv) for working capital and other general corporate purposes of the Borrower and the Subsidiaries (including Permitted Acquisitions,
Permitted Investments and other Investments permitted hereunder, Capital Expenditures and Restricted Payments to the extent permitted
under this Agreement).

 

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(b)          The
proceeds of the Closing Date Term Loans were used only (i) to refinance loans and other outstanding obligations under the Existing
Credit Agreement and to pay fees, costs and expenses incurred in connection with such refinancing and (ii) to finance a portion
of the Polaris Tender Offer (including refinancing of amounts financed prior to the Effective Date under the Existing Credit Agreement
or with balance sheet cash) and to pay fees, costs and expenses incurred in connection with the Polaris Tender Offer.

 

(c)           The
proceeds of the Delayed Draw Term Loans were used only to finance a portion of the eTouch Acquisition and any payments required
under the eTouch Acquisition Agreement (including, without limitation, any deferred payments to the extent permitted under Section
6.06 and thereunder) and to pay fees, costs and expenses incurred in connection with the foregoing.

 

SECTION 3.20       Federal
Reserve Regulations. Neither the Borrower nor any Subsidiary is engaged principally, or as one of its important activities,
in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying margin stock
(as defined in Regulation U of the Board), and no part of the proceeds of any Loan will be used, directly or indirectly, to buy
or carry, or to extend credit to others to buy or carry, any margin stock or for any other purpose that entails a violation of
any Regulations of the Board, including Regulations T, U and X.

 

SECTION 3.21       EEA
Financial Institution. No Loan Party is an EEA Financial Institution.

 

ARTICLE IV

Conditions

 

SECTION 4.01       Effective
Date. Subject to the ultimate paragraph of this Section, the obligations of the Lenders hereunder shall not become effective
until the date on which each of the following conditions is satisfied (or waived in accordance with Section 9.02):

 

(a)           The
Administrative Agent (or its counsel) shall have received from each party hereto either (i) a counterpart of this Agreement signed
on behalf of such party or (ii) written evidence satisfactory to the Administrative Agent (which may include telecopy transmission
of a signed signature page of this Agreement) that such party has signed a counterpart of this Agreement.

 

(b)           The
Administrative Agent (or its counsel) shall have received:

 

	 	(i)	from the Loan Parties executed counterparts of the Reaffirmation Agreement and/or other amendment to the Security Agreement to be entered into on and as of the Effective Date and prior to the funding of the Closing Date Term Loans and any Revolving Loans on the Effective Date;

 

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	 	(ii)	from the Borrower, a Note executed by the Borrower for each Lender requesting a Note at least two (2) Business Days prior to the Effective Date;

 

	 	(iii)	with respect to each Loan Party, UCC-1 financing statements in a form appropriate for filing in the state of organization of such Loan Party;

 

	 	(iv)	executed intellectual property security agreements to be filed with the United States Patent and Trademark Office and the United States Copyright Office, as applicable, as required pursuant to the Security Agreement;

 

	 	(v)	delivery of stock certificates for certificated Equity Interests of the each Subsidiary that constitutes Collateral, together with appropriate instruments of transfer endorsed in blank;

 

	 	(vi)	all promissory notes evidencing the Collateral accompanied by instruments of transfer endorsed in blank;

 

	 	(vii)	an executed Perfection Certificate;

 

	 	(viii)	the results of a search of the UCC filings with respect to each Loan Party; and

 

	 	(ix)	insurance certificates satisfying the requirements of Section 5.05.

 

(c)           The
Administrative Agent shall have received a favorable written opinion (addressed to the Administrative Agent and the Lenders and
dated the Effective Date) of Goodwin Procter LLP, counsel for the Loan Parties, and covering such matters relating to the Borrower,
this Agreement, or other Loan Documents as the Administrative Agent shall reasonably request.

 

(d)           The
Administrative Agent shall have received: (i) a copy of each organizational document of each Loan Party and, to the extent applicable,
certified as of a recent date by the appropriate governmental official or a certificate signed by an officer of such Loan Party
certifying that such organizational document has not been amended, modified or rescinded since they were last furnished on February
25, 2016 in writing to the Administrative Agent, and remain in full force and effect as of the date hereof; (ii) signature and
incumbency certificates of the officers of the Loan Parties executing the Loan Documents to which it is a party as of the Effective
Date and prior to the funding of the Term Loans and Revolving Borrowing as of the Effective Date; (iii) resolutions of the board
of directors or similar governing body of each Loan Party approving and authorizing the execution, delivery and performance of
this Agreement and the other Loan Documents to which such Loan Party is a party as of the Effective Date and prior to the funding
of the Term Loans and Revolving Borrowing, certified as of the Effective Date by such Loan Party as being in full force and effect
without modification or amendment; and (iv) a good standing certificate (to the extent such concept is known in the relevant jurisdiction)
from the applicable Governmental Authority of each Loan Party’s respective jurisdiction of incorporation, organization or
formation dated as of a recent date prior to the Effective Date.

 

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(e)           The
Administrative Agent shall have received all fees due and payable on or prior to the Effective Date, and, to the extent invoiced
at least one day prior to the Effective Date, shall have been reimbursed for all out of pocket expenses (including legal fees and
expenses) required to be reimbursed by the Borrower hereunder.

 

(f)           The
Administrative Agent shall have received a Borrowing Request relating to the Borrowing of the Term Loans and the Revolving Borrowing
on the Effective Date.

 

(g)          The
Administrative Agent shall have received a Solvency Certificate.

 

(h)          The
Administrative Agent shall have received at least three (3) Business Days prior to the Effective Date all documentation and other
information with respect to the Borrower and the Guarantors required under applicable “know your customer” and anti-money
laundering rules and regulations, including the USA Patriot Act, as the Administrative Agent and Lenders shall have reasonably
requested in writing at least ten (10) Business Days prior to the Effective Date.

 

(i)           The
Administrative Agent shall have received copies of the Historical Financial Statements (which the Administrative Agent acknowledges
it has received as of the date hereof).

 

(j)           [Reserved].

 

(k)           The
Administrative Agent (for itself and the Lenders) shall have received a pro forma consolidated balance sheet, income statement
and cash flow statement for the Borrower and its Subsidiaries (the “Pro Forma Opening Statements”) giving
pro forma effect to the Polaris Tender Offer and any other pro forma events reasonably requested by the Administrative Agent, and
the Borrower’s financial model or projections, together with such other information as the Administrative Agent may reasonably
request to confirm the tax, legal and business assumptions made in the Pro Forma Opening Statements and such projections.

 

(l)            If
any Loans funded on the Effective Date are used to finance a portion of the purchase price of shares pursuant to the Polaris Tender
Offer, then (i) all material governmental approvals necessary in connection with the commencement of (and such purchase of shares
pursuant to) the Polaris Tender Offer shall have been obtained and shall be in full force and effect, and all applicable waiting
periods shall have expired without any litigation or other action being taken or threatened by any governmental authority or other
parties that would restrain or otherwise prevent consummation of the Polaris Tender Offer; and (ii) there shall be no injunction
or temporary restraining order which, in the judgment of the Administrative Agent, would prohibit the consummation of the Polaris
Tender Offer or the making of Loans to finance purchase of shares pursuant to the Polaris Tender Offer.

 

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(m)          The
representations and warranties of the Borrower and each Loan Party set forth in this Agreement shall be true and correct in all
material respects (except that such materiality qualifier shall not be applicable to any representation or warranty to the extent
that it is already qualified or modified by materiality in the text thereof).

 

(n)           No
Default or Event of Default hereunder shall have occurred and be continuing.

 

(o)           No
Material Adverse Effect shall have occurred or exist, and there has been no event, development or circumstance that, individually
or in the aggregate, would reasonably be expected to have a Material Adverse Effect.

 

(p)           The
Administrative Agent shall have received a certificate of a Responsible Officer of Borrower certifying that each of the conditions
specified in paragraphs (l), (m), (n) and (o) of this Section 4.01has been satisfied.

 

The Administrative Agent shall notify the
Borrower and the Lenders of the Effective Date, and such notice shall be conclusive and binding. Notwithstanding the foregoing,
the obligations of the Lenders to make Loans and of the Issuing Bank to issue Letters of Credit hereunder shall not become effective
unless each of the foregoing conditions is satisfied (or waived pursuant to Section 9.02) at or prior to 3:00 p.m., New York City
time, on February 28, 2018 (and, in the event such conditions are not so satisfied or waived, the Commitments shall terminate at
such time).

 

SECTION 4.02       Each
Credit Event. The obligation of each Lender to make a Loan on the occasion of any Borrowing and of the Issuing Bank to issue,
amend, renew or extend any Letter of Credit, in each case, is subject to the satisfaction of each of the following conditions:

 

(a)           The
representations and warranties of the Borrower and each Loan Party set forth in this Agreement shall be true and correct in all
material respects (except that such materiality qualifier shall not be applicable to any representation or warranty to the extent
that it is already qualified or modified by materiality in the text thereof) on and as of the date of such Borrowing or the date
of issuance, amendment, renewal or extension of such Letter of Credit, as applicable (except to the extent any such representation
or warranty expressly relates to an earlier date, in which case, such representation or warranty shall be true and correct in all
material respects as of such earlier date), and the Administrative Agent
shall have received a certificate to that effect dated such date and executed by a Financial Officer of the Borrower; provided that
with respect to any Delayed Draw Term Loans that are used to finance the eTouch Acquisition, such condition shall be limited to
the Specified Representations and those representations included in the eTouch Acquisition Agreement that are material to the interests
of the Lenders and only to the extent that the Borrower or its applicable Subsidiary has the right to terminate its obligations
under such acquisition agreement as a result of a breach of such representations, all of which representations shall be true and
correct in all material respects as of the date of the applicable Borrowing.

 

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(b)           At
the time of and immediately after giving effect to such Borrowing or the issuance, amendment, renewal or extension of such Letter
of Credit, as applicable, no Default or Event of Default shall have occurred and be continuing; provided
that with respect to any Delayed Draw Term Loans that are used
to finance the eTouch Acquisition, such condition shall be deemed satisfied so long as (i) no Default exists on the date of the
eTouch Acquisition Agreement and (ii) no Event of Default under Sections 7.01(a), (b), (h), (i) or (j) shall have occurred
and be continuing or shall exist on the date of the applicable Borrowing, and
the Administrative Agent shall have received a certificate to that effect dated such date and executed by a Financial Officer of
the Borrower.

 

(c)           Solely
in the case of a borrowing of Delayed Draw Term Loans (and/or any borrowing of Revolving Loans made to finance the eTouch Acquisition):

 

	 	(i)	immediately after giving effect to the funding of Delayed Draw Term Loans and the consummation of all related transactions consummated in connection therewith, the Consolidated Total Net Leverage Ratio of the Borrower (calculated on a Pro Forma Basis as of the most recent fiscal quarter end for which Financial Statements are available) shall not exceed 3.25x;

 

	 	(ii)	substantially concurrently with the funding of such Loans, the eTouch Acquisition shall have been consummated, in accordance in all material respects with all applicable laws and approvals of Governmental Authorities, and on the terms set forth in the eTouch Acquisition Agreement (or other terms reasonably satisfactory to the Administrative Agent). The eTouch Acquisition Agreement and related documentation shall be reasonably satisfactory to the Administrative Agent (including, without limitation, the amount and forms of the consideration to be paid in connection with the eTouch Acquisition, and the capital structure of subsidiaries acquired or to be formed in connection with the eTouch Acquisition), and no material provision of such documentation shall have been waived, amended, supplemented or otherwise modified in any respect adverse to the Administrative Agent or the Lenders without approval of the Administrative Agent; provided, that not less than seven (7) Business Days prior to the proposed date of funding of such Loans (or such shorter period as may be agreed by the Administrative Agent in its discretion), the Borrower agrees to deliver to the Administrative Agent a substantially final version of the eTouch Acquisition Agreement for review by the Administrative Agent and its counsel. The capitalization, structure and equity ownership of each Loan Party as a result of the eTouch Acquisition shall be satisfactory in all respects to the Administrative Agent and the Lenders;

 

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	 	(iii)	there shall be no injunction or temporary restraining order which, in the judgment of the Administrative Agent, would prohibit the consummation of the eTouch Acquisition or the making of such Loans in connection therewith, and no litigation which could reasonably be expected to result in a material adverse effect on the Target or to materially affect the eTouch Acquisition; and

 

	 	(iv)	the Administrative Agent (for itself and the Lenders) shall have received with respect to the fiscal quarters for the Target from January 1, 2017 through September 30, 2017, a satisfactory quality of earnings report prepared by KPMG, LLP (which report may be shared with the Lenders subject to the terms of a customary non-reliance letter), which will include reviews of earnings of the Target.

 

In the case of any borrowing of
Delayed Draw Term Loans or any Revolving Loans which are made to finance the eTouch Acquisition, the Administrative Agent shall
have received a certificate of a Responsible Officer of the Borrower certifying that each of the conditions specified in this Section
4.02(c) has been satisfied.

 

(d)           The
Administrative Agent shall have received a Borrowing Request meeting the requirements of Section 2.03.

 

Each Borrowing (provided that a conversion
or a continuation of a Borrowing shall not constitute a “Borrowing” for purposes of this Section) and each issuance,
amendment, renewal or extension of a Letter of Credit shall be deemed to constitute a representation and warranty by the Borrower
on the date thereof as to the matters specified in paragraphs (a) and (b) of this Section.

 

ARTICLE V

Affirmative Covenants

 

Until the Commitments have expired or been
terminated and the principal of and interest on each Loan and all fees payable hereunder shall have been paid in full and all Letters
of Credit shall have expired or terminated , in each case, without any pending draw, and all LC Disbursements shall have been reimbursed
(or cash collateralized in accordance with the terms herein), the Borrower covenants and agrees with the Lenders that:

 

SECTION 5.01     Financial
Statements; and Other Information. The Borrower will furnish to the Administrative Agent (for distribution to the Lenders):

 

(a)           Via
either the EDGAR System or its Home Page, concurrently with the filing of its annual report on Form 10-K for the fiscal year then
ended with the SEC, but no event later than 120 days after the end of such fiscal year, the financial statements for such fiscal
year as contained in such annual report on Form 10-K and, as soon as it shall become available, via either the EDGAR System or
its Home Page, the annual report to its holders of Equity Interests for the fiscal year then ended;

 

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(b)           Via either the EDGAR System or its Home Page, (i) concurrently with the filing of its Quarterly Report on Form 10-Q for
the fiscal quarter then ended with the SEC, but no event later than 60 days after the end of such fiscal quarter, copies of the
financial statements for such fiscal quarter as contained in its Quarterly Report on Form 10-Q, and, as soon as it shall become
available, via either the EDGAR System or its Home Page, a quarterly report to its shareholders for the fiscal quarter then ended
and (ii) concurrently with the filing thereof with the SEC, copies of any pro forma financial statements filed under Regulation
S-X or other financial statements filed with the SEC related to the Target and/or the eTouch Acquisition;

 

(c)           Via either the EDGAR System or its Home Page, promptly after the same become publicly available, copies of all periodic
and other reports, proxy statements and other materials filed by the Borrower or any Subsidiary with the SEC, or any Governmental
Authority succeeding to any or all of the functions of said Commission, or with any national securities exchange, or distributed
by the Borrower to its shareholders generally, as the case may be;

 

(d)           concurrently with any delivery of financial statements under clause (a) or (b) above (excluding any pro forma financial
statements under clause (b)), a certificate of a Financial Officer of the Borrower in substantially the form of Exhibit B
(i) certifying, in the case of the financial statements delivered under clause (b), that such financial statements present fairly
in all material respects the financial condition and results of operations of the Borrower and its consolidated Subsidiaries on
a consolidated basis as of the date thereof in accordance with GAAP consistently applied, subject to normal year-end audit adjustments
and the absence of footnotes, (ii) certifying as to whether a Default has occurred and, if a Default has occurred, specifying
the details thereof and any action taken or proposed to be taken with respect thereto, and (iii) setting forth reasonably detailed
calculations demonstrating compliance with Section 6.10;

 

(e)           [Reserved];

 

(f)            as soon as available, and in any event no later than 120 days after the end of each fiscal year of the Borrower and its
Subsidiaries, a detailed consolidated budget for the following fiscal year (including a projected consolidated balance sheet of
the Borrower and its Subsidiaries as of the end of the following fiscal year, and the related consolidated statements of projected
cash flow, projected changes in financial position and projected income), (collectively, the “Projections”),
which Projections shall in each case be accompanied by a certificate of a Responsible Officer stating that such Projections are
prepared in good faith based on estimates, information and assumptions believed by the Borrower to be reasonable as of the date
of such certificate; and

 

(g)           promptly
following any request therefor, (x) such other information regarding the operations, business affairs and financial condition
of the Borrower or any Subsidiary, or compliance with the terms any Loan Document, as the Administrative Agent or any Lender may
reasonably request and to the extent reasonably available to the Borrower; provided, none of the Borrower or any Subsidiary
will be required to disclose or deliver information (i) in respect of which disclosure to the Administrative Agent or any Lender
(or their respective representatives or contractors) is prohibited by any law or by any binding agreement or (ii) that is subject
to attorney-client privilege or constitutes attorney work product and (y) information and documentation reasonably requested by
the Administrative Agent or any Lender required to comply with applicable “know your customer” and anti-money laundering
rules and regulations, including the Patriot Act and the Beneficial Ownership Regulation.

 

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SECTION 5.02               Notices
of Material Events. The Borrower will furnish to the Administrative Agent (for distribution to the Lenders) prompt written
notice of the following:

 

(a)           Promptly upon becoming aware of the existence of any condition or event that constitutes a Default, written notice thereof
specifying the nature and duration, thereof and the action being or proposed to be taken with respect thereto;

 

(b)           Promptly upon becoming aware of any litigation or of any investigative proceedings by a Governmental Authority commenced
or threatened in writing against the Borrower or any of its Subsidiaries of which they have notice, the outcome of which could
reasonably be expected to have a Material Adverse Effect on the Borrower and its Subsidiaries on a consolidated basis, written
notice thereof and the action being or proposed to be taken with respect thereto;

 

(c)           The occurrence of any ERISA Event that, alone or together with any other ERISA Events that have occurred, could reasonably
be expected to result in liability of the Borrower and its Subsidiaries in an aggregate amount exceeding $5,000,000; and

 

(d)           Promptly after any occurrence or after becoming aware of any condition affecting the Borrower or any Subsidiary that results
in, or could reasonably be expected to result in, a Material Adverse Effect.

 

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

 

SECTION 5.03               Existence;
Conduct of Business. Each Loan Party will, and will cause each Subsidiary to, (a) do or cause to be done all things reasonably
necessary to preserve, renew and keep in full force and effect its legal existence and the rights, qualifications, licenses, permits,
franchises, governmental authorizations, intellectual property rights, licenses and permits material to the conduct of the Borrower’s
business when taken as a whole, and maintain all requisite authority to conduct its business in each jurisdiction in which its
business is conducted, except, in each case, where failure to maintain such requisite authority or failure to maintain such right,
qualification, license, permit, franchise, governmental authorization, intellectual property right, license or permit would not
reasonably be expected to result in a Material Adverse Effect; provided that the foregoing shall not prohibit any merger, consolidation,
liquidation or dissolution permitted under Section 6.03 and (b) carry on and conduct its business in substantially the same manner
and in substantially the same fields of enterprise as it is presently conducted or as are reasonably related, incidental, ancillary
or complementary to or a natural extension of the same.

 

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SECTION 5.04               Payment
of Obligations. Each Loan Party will, and will cause each Subsidiary to, pay or discharge all federal income and other material
Taxes, before the same shall become delinquent or in default (taking into account applicable grace periods), except where (a)
the validity or amount thereof is being contested in good faith by appropriate proceedings, (b) such Loan Party or such Subsidiary
has set aside on its books adequate reserves with respect thereto in accordance with GAAP and (c) the failure to make payment
pending such contest could not reasonably be expected to result in a Material Adverse Effect; provided, that each Loan
Party will, and will cause each Subsidiary to, remit material withholding taxes and other payroll taxes to appropriate Governmental
Authorities as and when due and payable, notwithstanding the foregoing exceptions.

 

SECTION 5.05               Maintenance
of Properties. Each Loan Party will, and will cause each Subsidiary to, keep and maintain all property material to the conduct
of its business in good working order and condition, ordinary wear and tear and damage by fire or other casualty excepted.

 

SECTION 5.06               Books
and Records; Inspection Rights. Each Loan Party will, and will cause each Subsidiary to, (a) keep proper books of record and
account in which true and complete entries in all material respects in accordance with GAAP will be made reflecting all of its
and its Subsidiaries business and financial transactions, and (b) permit any representatives designated by the Administrative
Agent on behalf of the Lenders (including employees of the Administrative Agent, any Lender or any consultants, accountants, lawyers,
agents and appraisers retained by the Administrative Agent, in each case, who have signed a non-disclosure agreement in form and
substance reasonably satisfactory to the Borrower, and, in all cases, excluding Excluded Persons), upon reasonable prior written
notice, to visit and inspect its properties, to examine and make copies from its books and records, including to discuss its affairs,
finances and condition with its officers, all at such reasonable times during Borrower’s normal business hours and as often
as reasonably requested. The Loan Parties acknowledge that the Administrative Agent, after exercising its rights of inspection,
may prepare and distribute to the Lenders certain Reports pertaining to the Loan Parties’ assets for internal use by the
Administrative Agent and the Lenders. In the absence of a continuing Event of Default only one such examination in any period
of 12 consecutive calendar months shall be conducted (as coordinated by the Administrative Agent) and shall be at the Borrower’s
expense, and during the continuance of an Event of Default all such examinations shall be at the Borrower’s expense (and
may occur with greater frequency); provided, that any and all expenses incurred by a Lender pursuant to this Section shall be
solely at such Lender’s expense and Borrower shall have no obligation to reimburse any such Lender’s expenses. Notwithstanding
anything to the contrary in this Section, none of the Borrower or any Subsidiary will be required to disclose, permit the inspection,
examination or making copies of abstracts of, or discussion of, any document, information or other matter (i) in respect of which
disclosure to the Administrative Agent or any Lender (or their respective representatives or contractors) is prohibited by any
law or by any binding agreement or (ii) that is subject to attorney-client privilege or constitutes attorney work product.

 

SECTION 5.07               Compliance
with Laws. The Borrower will, and will cause each of its Subsidiaries to, comply with all material laws, rules, regulations
and orders of any Governmental Authority applicable to it or its property, except where the failure to do so, individually or
in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. The Borrower will maintain in effect
and enforce policies and procedures designed to ensure compliance in all material respects by the Borrower, its Subsidiaries and
their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions.

 

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SECTION 5.08               Use
of Proceeds and Letters of Credit. The proceeds of the Loans will be used only for purposes
permitted under Section 3.19. No part of the proceeds of any Loan will be used, whether directly or indirectly, to
buy or carry, or to extend credit to others to buy or carry, any Margin Stock or for any other purpose that entails a violation
of any of the Regulations of the Board, including Regulations T, U and X. All Letters of Credit will be issued only to support
general corporate purposes of the Borrower and its Subsidiaries. The Borrower will not request any Borrowing or Letter of Credit,
and the Borrower shall not use, and shall procure that its Subsidiaries and its or their respective directors, officers, employees
and agents shall not use, the proceeds of any Borrowing or Letter of Credit (A) in furtherance of an offer, payment, promise to
pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption
Laws, (B) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned
Person, or in any Sanctioned Country, to the extent such activities, businesses or transaction would be prohibited by Sanctions
if conducted by a corporation incorporated in the United States or in a European Union member state, or (C) in any manner that
would result in the violation of any Sanctions applicable to any party hereto.

 

SECTION 5.09               Insurance.

 

(a)           General.
Each Loan Party will, and will cause each Subsidiary to, maintain with financially sound and reputable carriers (a) insurance
in such amounts (with no greater risk retention) and against such risks (including loss or damage by fire and loss in transit;
theft, burglary, pilferage, larceny, embezzlement, and other criminal activities; business interruption; and general liability)
and such other hazards, as the senior officers of the Borrower in the exercise of their reasonable judgment deem to be adequate,
as are customary in the industry for companies of established reputation engaged in the same or similar business in the same or
similar locations and owning or operating similar properties and as shall be reasonably satisfactory to the Lenders, and (b) all
insurance required pursuant to the Collateral Documents. The Borrower will furnish to the Administrative
Agent, upon reasonable request of the Administrative Agent, information in reasonable detail as to the insurance so maintained.
The Borrower shall deliver, within 90 days after the Effective Date, to the Administrative
Agent endorsements (x) to all property or casualty insurance policies covering Collateral naming the Administrative Agent as lender
loss payee, (y) to all general liability and other liability policies naming the Administrative Agent an additional insured, which
endorsements shall be in effect at all times and (z) providing that 30 days’ advance notice will be given to Administrative
Agent prior to any cancellation or non-renewal of such policy (or 10 days’ advance notice prior to any such cancellation
due to non-payment of premium). In the event the Borrower or any Subsidiary at any
time hereafter shall fail to obtain or maintain any of the policies or insurance required herein or to pay any premium in whole
or in part relating thereto, then the Administrative Agent, without waiving or releasing any obligations or resulting Default
hereunder, may at any time or times thereafter (but shall be under no obligation to do so), in consultation with the Borrower,
obtain and maintain such policies of insurance and pay such premiums and take any other action with respect thereto which the
Administrative Agent deems advisable to ensure compliance under this Section 5.09. All sums so disbursed by the Administrative
Agent shall constitute part of the Obligations, payable as provided in this Agreement. No later than ninety (90) days (as
such period may be extended in the reasonable discretion of the Administrative Agent) after the Effective Date (or the date any
such insurance is obtained, renewed or extended in the case of insurance obtained, renewed or extended after the Effective Date),
the Borrower will cause all property and casualty insurance policies with respect to Collateral to be endorsed or otherwise amended
to include a lender’s loss payable, mortgagee or additional insured, as applicable, endorsement, or otherwise reasonably
satisfactory to the Administrative Agent.

 

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(b)           Flood
Insurance. With respect to each Mortgaged Property (if any) that is located or lies within a “special flood hazard area”
as designated on maps prepared by the Federal Emergency Management Agency (FEMA), the Borrower or other applicable Loan Party
(A) will maintain, with financially sound and reputable insurance companies, a flood insurance policy or policies (whether or
not coverage is available from the National Flood Insurance Program and whether or not required by the Flood Laws), in form and
substance acceptable to the Administrative Agent covering each such Mortgaged Property on terms reasonably acceptable to the Administrative
Agent and otherwise sufficient to comply with all applicable Flood Laws, and (B) promptly upon the reasonable request of the Administrative
Agent, will deliver to the Administrative Agent evidence of such compliance in form and substance reasonably acceptable to the
Administrative Agent, including, without limitation, evidence of annual renewals of such insurance.

 

SECTION 5.10               Additional
Subsidiaries. In the event (i) the Borrower acquires or creates any Subsidiary (other than an Excluded Subsidiary), or (ii)
any Excluded Subsidiary ceases to be an Excluded Subsidiary after the Effective Date, the Borrower shall forthwith promptly (and
in any event within 60 days (or such longer time as the Administrative Agent may agree in its sole discretion) after the acquisition
or creation of such Subsidiary, or change in such Subsidiary’s status as an Excluded Subsidiary) cause such Subsidiary to
become a Guarantor by delivering to the Administrative Agent a Joinder Agreement, duly executed by such Subsidiary, pursuant to
which such Subsidiary agrees to be bound by the terms and provisions of this Agreement, such joinder to be accompanied by appropriate
corporate resolutions, other corporate organizational documentation and customary legal opinions upon the request of the Administrative
Agent in form and substance reasonably satisfactory to the Administrative Agent and its counsel. Notwithstanding the foregoing,
within thirty (30) days following the consummation of the eTouch Acquisition (or such longer time as the Administrative Agent
may agree in its sole discretion), Borrower shall cause each of eTouch and its Subsidiaries (as applicable) to comply with Sections
5.10 and 5.11.

 

SECTION 5.11               Additional
Collateral; Further Assurances.

 

(a)           The
Borrower will, and will cause each Subsidiary (other than an Excluded Subsidiary) to, cause (i) all of its personal property (whether
tangible, intangible or mixed, subject to the exceptions expressly contained in the Security Agreement) and (ii) subject to other
applicable provisions of this Agreement, all of its fee-owned real property, if any, having a fair market value (as reasonably
determined by the Borrower) of $5,000,000 or more, to be subject at all times to first priority, perfected Liens (including a
Mortgage, in the case of such real property) in favor of the Administrative Agent for the benefit of the Secured Parties to secure
the Secured Obligations in accordance with the terms and conditions of the Collateral Documents, subject in any case to Liens
permitted by Section 6.02.

 

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(b)           Without
limiting the foregoing, the Borrower will, and will cause each Subsidiary (other than an Excluded Subsidiary) to, execute and
deliver, or cause to be executed and delivered, to the Administrative Agent such documents, agreements and instruments, and will
take or cause to be taken such further actions (including the filing and recording of financing statements and other documents
and such other actions or deliveries of the type required by Section 4.01, as applicable), which may be required by law
or which the Administrative Agent may, from time to time, reasonably request to carry out the terms and conditions of this Agreement
and the other Loan Documents and to ensure perfection and priority of the Liens created or intended to be created by the Collateral
Documents (and subject to the exceptions set forth therein), all at the expense of the Borrower.

 

(c)           The
Administrative Agent will not enter into any Mortgage in respect of any real property owned or acquired by the Borrower or any
other Loan Party after the Effective Date until (at least) 45 days after the Administrative Agent has delivered to the Lenders
(which may be delivered electronically) the following documents in respect of such real property: (i) a completed flood hazard
determination from a third party vendor; (ii) if such real property is located in a “special flood hazard area,” (A)
a notification to the Borrower or applicable Loan Party of that fact and (if applicable) notification to the Borrower or applicable
Loan Party that flood insurance coverage is not available, and (B) evidence of the receipt by the Borrower or applicable Loan
Party of such notice; and (iii) if such notice is required to be provided to the Borrower or applicable Loan Party and flood insurance
is available in the community in which such real property is located, evidence of required flood insurance, which shall comply
with the requirements of Section 5.09(b).

 

SECTION
5.12               Accuracy
of Information. The Borrower will ensure that any written information, including financial statements or other documents,
furnished to the Credit Parties by or on behalf of the Loan Parties in connection with the Loan Documents or any amendment or
modification thereof or waiver thereunder, taken as a whole, as of the date of delivery, contains no material misstatement of
fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which
they were made, and when taken as a whole with all other written information, not materially misleading; provided, that
with respect to any projections, the Borrower covenants only that it will cause the projections to be prepared in good faith based
upon assumptions believed by the Borrower to be reasonable at the time made, it being recognized by Lenders that such projections
as to future events are not to be viewed as facts and that actual results during the period or periods covered by any such projections
may differ materially from the projected results.

 

SECTION 5.13               Consummation
of Polaris Tender Offer. The Borrower will cause the purchase of tendered shares or equity interests in respect of the Polaris
Tender Offer to be consummated in all material respects in accordance with all applicable laws and material governmental approvals
and, after giving effect thereto, the Borrower indirectly through VCSPL will own at least 90.0% of all outstanding shares of capital
stock of Polaris.

 

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SECTION 5.14               Post-Closing
Covenant. The Borrower agrees to deliver, or cause to be delivered (or to use commercially reasonable efforts to deliver or
cause to be delivered, to the extent applicable and specified on Schedule 5.14), to the Administrative Agent, the items described
on Schedule 5.14 hereof on or before the dates specified with respect to such items, or such later dates as may be agreed
to by the Administrative Agent in its reasonable discretion.

 

ARTICLE VI

Negative Covenants

 

Until the Commitments have expired or terminated
and the principal of and interest on each Loan and all fees payable hereunder have been paid in full and all Letters of Credit
have expired or terminated, in each case, without any pending draw, and all LC Disbursements shall have been reimbursed (or cash
collateralized in accordance with the terms herein), the Borrower covenants and agrees with the Lenders that:

 

SECTION 6.01               Indebtedness. The Borrower will not, and will not permit any Subsidiary to, create, incur, assume or permit to exist
any Indebtedness, except:

 

(a)           Indebtedness created under the Loan Documents;

 

(b)           Indebtedness existing on the date hereof and set forth in Schedule 6.01, and extensions, renewals and replacements of any
such Indebtedness provided that the amount of such Indebtedness is not increased at the time of such refinancing, refunding, renewal
or extension except by an amount equal to a reasonable premium or other reasonable amount paid, and reasonable fees and expenses
reasonably incurred, in connection with such refinancing;

 

(c)           Indebtedness of the Borrower to any Subsidiary and of any Subsidiary to the Borrower or any other Subsidiary; provided
that (A) Indebtedness of any Subsidiary that is not a Loan Party to the Borrower or any other Loan Party shall be subject to Section
6.04(g) and (B) Indebtedness of any Loan Party to any Subsidiary that is not a Loan Party shall be subordinated to the Secured
Obligations on terms reasonably satisfactory to the Administrative Agent;

 

(d)           Guarantees by the Borrower of Indebtedness of any Subsidiary and by any Subsidiary of Indebtedness of the Borrower or any
other Subsidiary; provided that (A) the Indebtedness so Guaranteed is permitted under this Section 6.01, (B) Guarantees by the
Borrower or any Subsidiary that is a Loan Party of Indebtedness of any Subsidiary that is not a Loan Party shall be subject to
Section 6.04(h) and (C) Guarantees permitted under this clause (d) shall be subordinated to the Secured Obligations of the applicable
Subsidiary on the same terms as the Indebtedness so Guaranteed is subordinated to the Secured Obligations;

 

(e)           Indebtedness arising in connection with the Orogen Series A Preferred Stock, to the extent permitted under and in accordance
with clause (xi) of Section 6.06(a);

 

(f)            Indebtedness consisting of guarantees resulting from endorsement of negotiable instruments for collection by Borrower or
any other Loan Party in the ordinary course of business;

 

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(g)           Indebtedness incurred to finance Capital Expenditures, including Capital Lease Obligations, and any Indebtedness incurred
or assumed in connection with the acquisition, construction or improvement of any such assets and secured by a Lien on any such
assets prior to the acquisition thereof, and extensions, renewals and replacements of any such Indebtedness that do not increase
the outstanding principal amount plus other reasonable amounts paid, and reasonable interest, fees and expenses incurred in connection
therewith, result in an earlier maturity date or decreased remaining weighted average life to maturity thereof or change the parties
directly or indirectly responsible for the payment thereof; provided that (i) such Indebtedness is incurred prior to or within
90 days after such acquisition or the completion of such construction or improvement and (ii) the aggregate principal amount of
Indebtedness permitted by this clause (g) shall not exceed, in each case, the cost of such acquisition, construction or improvement
in the ordinary course of business; provided further that (A) if secured, the collateral therefor consists solely of the assets
being financed, the products and proceeds thereof and books and records related thereto, and (B) the aggregate outstanding principal
amount of such Indebtedness does not exceed the greater of (x) $30,000,000 and (y) 3.0% of Consolidated Total Assets as of the
last day of the most recently ended Reference Period for which Financial Statements are available (and determined in each case
without regard to any write-downs or write-offs);

 

(h)           Indebtedness of any Person that becomes a Subsidiary after the date hereof; provided that (i) such Indebtedness exists
at the time such Person becomes a Subsidiary and is not created in contemplation of or in connection with such Person becoming
a Subsidiary and (ii) the aggregate principal amount of Indebtedness permitted by this clause (h) shall not exceed $20,000,000
at any time outstanding;

 

(i)            Indebtedness incurred by Borrower or its Subsidiaries arising (A) from agreements providing for indemnification,
adjustment of purchase price or similar obligations (including customary earn-outs, and any other deferred payments of a similar
nature incurred in connection with any investment by any Subsidiary), in each case, whether or not evidenced by a note, and incurred
or assumed in connection with any Permitted Acquisition or any asset sale permitted under this Agreement or Investment permitted
under this Agreement (any such obligations, “Deferred Acquisition Obligations”), so long as no Default
or Event of Default exists and is continuing at the time of incurrence or assumption of such Indebtedness or would result therefrom,
or (B) from guarantees or letters of credit, surety bonds, performance bonds or other similar obligations securing the performance
of Borrower or any Subsidiary pursuant to such agreements; 

 

(j)            Indebtedness in respect of netting services, automatic clearing house arrangements, overdraft protections and otherwise
in connection with deposit accounts and employees’ credit or purchase cards;

 

(k)           Indebtedness consisting of financing of insurance premiums in the ordinary
course of business; 

 

(l)            Indebtedness under Swap Agreements permitted under Section 6.05;

 

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(m)          any Transfer Pricing Obligations not covered by Section 6.01(c), and facilities to finance real estate acquisitions and
improvements, and renewals and refinancings thereof; provided, that any such Indebtedness (other than Indebtedness related to
or arising from Transfer Pricing Obligations) under this clause (m) shall not exceed $50,000,000 in the aggregate at any time
outstanding;

 

(n)           (A) loans made by (x) Virtusa C.V. to Virtusa Financing C.V. as evidenced by that certain Promissory Note, dated as of
February 25, 2016, in the original principal amount of $180,000,000, (y) Virtusa Financing C.V. to Virtusa Netherlands Coöperatief
U.A. as evidenced by that certain Promissory Note, dated as of February 25, 2016, in the original principal amount of $180,000,000,
and (z) Virtusa Netherlands Coöperatief U.A. to VCSPL in the form of a non-convertible debenture in the original principal
amount of $200,000,000, and in each case, any capitalized interest paid-in-kind or fees thereon (including premiums) (collectively,
the “2016 Polaris Investments”); and (B) the 2018 Polaris Investments;

 

(o)           other Indebtedness in an aggregate principal amount not exceeding $30,000,000 at any time outstanding, provided that not
more than $7,500,000 in aggregate principal amount of the foregoing shall be secured Indebtedness;

 

(p)           Indebtedness of any Subsidiary as an account party in respect of trade letters of credit;

 

(q)           Indebtedness consisting of usual and customary take or pay obligations contained in supply arrangements, incurred in the
ordinary course of business;

 

(r)            Indebtedness representing deferred compensation to employees incurred in the ordinary course of business;

 

(s)            Indebtedness consisting of promissory notes issued to current or former officers, directors and employees of Borrower or
any Subsidiary, their respective estates, spouses or former spouses issued in exchange for the purchase or redemption by Borrower
or such Subsidiary of its Equity Interests to the extent permitted by clause (v) of Section 6.06(a);

 

(t)            Indebtedness of any Foreign Subsidiaries incurred to finance working capital needs or for other general corporate purposes,
not to exceed at any time outstanding $15,000,000;

 

(u)           (A)
Indebtedness incurred by VCSPL with respect to a bank guarantee obtained in connection with the Polaris Tender Offer in an aggregate
amount (calculated on the date of issuance of the bank guarantee and on each date the amount of such bank guarantee is increased
or reduced) not to exceed (x) at any time during the first 45 days after the date of issuance of such bank guarantee, the Dollar
Amount of $47,000,000, and (y) at any time after the 45th day after the date of issuance of such bank guarantee, the
Dollar Amount of $80,000,000; provided, that such bank guarantee shall be terminated and expire automatically no later
than the earlier of (i) the delisting of Polaris and (ii) one year plus 45 days after the date of issuance of such bank guarantee,
and (B) a Guarantee by the Borrower of Indebtedness permitted under clause (A); and

 

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(v)           obligations with respect to eTouch Retention Payments.

 

Notwithstanding the foregoing, no Subsidiary
that is a Massachusetts Securities Corporation shall create, incur, assume or permit to exist any Indebtedness (or any Guarantees
of any Indebtedness) other than of the types described under clauses (f) and (j) of this Section 6.01.

 

SECTION 6.02               Liens.
No Loan Party will, nor will it permit any Subsidiary to, create, incur, assume or permit to exist any Lien on any property or
asset now owned or hereafter acquired by it, except:

 

(a)           Permitted Encumbrances;

 

(b)           Liens created pursuant to any Loan Document;

 

(c)           any Lien on any property or asset of the Borrower or any Subsidiary existing on the date hereof and set forth in Schedule
6.02, including any extensions or amendments thereof; provided that (i) such Lien shall not apply to any other property or asset
of the Borrower or any Subsidiary (other than proceeds) and (ii) such Lien shall secure only those obligations which it secures
on the date hereof and extensions, renewals and replacements thereof permitted under Section 6.01(b);

 

(d)           any Lien existing on any property or asset prior to the acquisition thereof by the Borrower or any Subsidiary or existing
on any property or asset of any Person that becomes a Subsidiary after the date hereof prior to the time such Person becomes a
Subsidiary; provided that (i) such Lien is not created in contemplation of or in connection with such acquisition or such Person
becoming a Subsidiary, as the case may be, (ii) such Lien shall not apply to any other property or assets of the Borrower or any
Subsidiary (other than proceeds) and (iii) such Lien shall secure only those obligations which it secures on the date of such
acquisition or the date such Person becomes a Subsidiary, as the case may be and extensions, renewals and replacements thereof
permitted pursuant to Section 6.01;

 

(e)           Liens on fixed or capital assets acquired, constructed or improved by the Borrower or any Subsidiary; provided that (i)
such security interests secure Indebtedness permitted by clause (g) of Section 6.01, (ii) such security interests and the Indebtedness
secured thereby are incurred prior to or within 90 days after such acquisition or the completion of such construction or improvement,
(iii) the Indebtedness secured thereby does not exceed the cost of acquiring, constructing or improving such fixed or capital
assets and (iv) such security interests shall not apply to any other property or assets of the Borrower or any Subsidiary;

 

(f)            Liens arising out of Sale and Leaseback Transactions permitted by Section 6.11;

 

(g)           bankers liens, rights of set-off and similar Liens incurred on deposits made in the ordinary course of business;

 

(h)           Liens on deposits pursuant to Swap Agreements to secure obligations thereunder to the extent such Swap Agreements are permitted
hereunder;

 

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(i)            leases, subleases, and non-exclusive licenses or sublicenses granted to third parties in the ordinary course of business,
and exclusive licenses granted to third parties provided that the fair market value of all property for which exclusive licenses
are granted shall not exceed $10,000,000 at any time during the term of this Agreement;

 

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

 

(k)           purported Liens evidenced by the filing of precautionary UCC financing statements relating solely to operating leases of
personal property entered into in the ordinary course of business;

 

(l)            Liens arising by operation of law or contract on insurance policies and proceeds thereof to secure premiums payable thereunder;

 

(m)          Liens arising solely on any cash earnest money deposits, escrow arrangements or similar arrangements made by Borrower or
any of its Subsidiaries in connection with any letter of intent or purchase agreement permitted hereunder;

 

(n)           Liens in connection with cash collateral for letters of credit securing real property leases;

 

(o)           Liens on real property securing Indebtedness incurred by Virtusa (Pvt.) Limited and permitted under Section 6.01;

 

(p)           in connection with the sale or transfer of any other assets in a transaction permitted under Section 6.12, customary rights
and restrictions contained in agreements relating to such sale or transfer pending the completion thereof;

 

(q)           Liens arising out of conditional sale, title retention, consignment or similar arrangements for sale of goods by Borrower
or any Subsidiaries in the ordinary course of business;

 

(r)           Liens constituting a renewal, extension or replacement of any Permitted Encumbrance;

 

(s)           Liens securing any Indebtedness financing real estate acquisitions and improvements to the extent permitted under Section
6.01(m); and

 

(t)            other Liens, provided that, as of the Effective Date or immediately after giving pro forma effect to the creation, incurrence
or assumption of any such Lien or of any Indebtedness secured in reliance on this clause (u) and any substantially concurrent
use of proceeds thereof, the aggregate amount of Indebtedness secured by such Lien shall not exceed $7,500,000 and to the extent
such Indebtedness is permitted under Section 6.01(o).

 

Notwithstanding the foregoing, no Subsidiary
that is a Massachusetts Securities Corporation shall (i) create, incur, assume or permit to exist any Lien on any property or
asset now owned or hereafter acquired by it, except for any Liens permitted under clause (a) of the definition of “Permitted
Encumbrances” and Section 6.02(g), or (ii) assign or sell any income or revenues (including accounts receivable) or rights
in respect of any thereof.

 

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SECTION 6.03               Fundamental Changes. (a) No Loan Party will, nor will it permit any Subsidiary to, merge into or consolidate with
any other Person, or permit any other Person to merge into or consolidate with it, or divide, liquidate or dissolve, except that,
if at the time thereof and immediately after giving effect thereto no Event of Default shall have occurred and be continuing,
(i) any Subsidiary may merge into or liquidate or dissolve into, or consolidate with, the Borrower in a transaction in which
the surviving entity is the Borrower, (ii) any Subsidiary (other than a Massachusetts Securities Corporation) may merge into
or liquidate or dissolve into, or consolidate with, any Subsidiary in a transaction in which the surviving entity is a Subsidiary
and, if any party to such merger is a Loan Party, is or becomes a Loan Party within 30 days (or such longer period as the Administrative
Agent may reasonably agree) of such merger, liquidation or consolidation, (iii) any Subsidiary may liquidate or dissolve if the
Borrower determines in good faith that such liquidation or dissolution is in the best interests of the Borrower and is not materially
disadvantageous to the Secured Parties; provided, that any such merger involving a Person that is not a wholly-owned Subsidiary
immediately prior to such merger shall not be permitted unless also permitted under Section 6.04 and (iv) any Subsidiary may merge
into or liquidate or dissolve into, or consolidate with, any other Subsidiary in a transaction in which the surviving entity is
a direct or indirect wholly-owned Subsidiary in connection with consummation of the Polaris Tender Offer or the eTouch Acquisition
and, if any party to such a merger, liquidation or dissolution is a Loan Party, the surviving entity shall be or become a Loan
Party within 30 days (or such longer period as the Administrative Agent may reasonably agree) of such merger, liquidation or dissolution.

 

(b)           The Borrower will not, and will not permit any of its Subsidiaries to, engage to any material extent in any business other
than businesses of the type conducted by the Borrower and its Subsidiaries on the date of execution of this Agreement and businesses
ancillary, incidental, complementary or reasonably related thereto.

 

(c)           Notwithstanding the foregoing, any Subsidiary that is a Massachusetts Securities Corporation may merge into or liquidate
or dissolve into, or consolidate with, only the Borrower, and no other Person or entity. No Subsidiary that is a Massachusetts
Securities Corporation shall engage in any business activity other than buying, selling, dealing in or holding securities on its
own behalf, within the meaning of Massachusetts General Law c. 63, § 38B, and the applicable rules, regulations and directives
of the Massachusetts Department of Revenue.

 

SECTION 6.04               Investments, Loans, Advances, Guarantees and Acquisitions. No Loan Party will, nor will it permit any Subsidiary
to, make or maintain any Investments other than:

 

(a)           Investments existing on the date hereof in or to Subsidiaries and set forth on Schedule 6.04 and any extensions or amendments
thereto not increasing the principal or capital amount thereof;

 

(b)           Permitted Investments;

 

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(c)           Capital Expenditures and capitalized software development expenses;

 

(d)           normal trade credit extended in the ordinary course of business and consistent with prudent business practice;

 

(e)           advances to employees for business related, education or moving expenses to be incurred in the ordinary course of business
in an amount not to exceed $5,000,000 in the aggregate outstanding at any one time,

 

(f)            Investments by the Borrower and the Subsidiaries (other than a Massachusetts Securities Corporation) in Equity Interests
in, or capital or asset contributions to, their respective Subsidiaries; provided, that (i) any such Equity Interests held by
a Loan Party shall be pledged pursuant to the Security Agreement (subject to the limitations and exceptions applicable to voting
stock of a Subsidiary referred to in Section 5.11) and (ii) the aggregate amount of Investments by Loan Parties in Subsidiaries
that are not Loan Parties (together with outstanding intercompany loans to Subsidiaries that are not Loan Parties permitted under
Section 6.04(g) and outstanding Guarantees of Indebtedness of Subsidiaries that are not Loan Parties permitted under Section 6.04(h))
shall not exceed, at any time outstanding, the greater of (x) $50,000,000 and (y) 5.0% of Consolidated Total Assets as of the
last day of the most recently ended Reference Period for which Financial Statements are available (in each case determined without
regard to any write-downs or write-offs);

 

(g)           loans or advances made by the Borrower to any Subsidiary and made by any Subsidiary (other than a Massachusetts Securities
Corporation) to the Borrower or any other Subsidiary; provided, that (i) any such loans and advances made by a Loan Party shall
be evidenced by a promissory note pledged pursuant to the Security Agreement and (ii) the amount of such loans and advances made
by Loan Parties to Subsidiaries that are not Loan Parties (together with outstanding Investments in Subsidiaries that are not
Loan Parties permitted under Section 6.04(f) and outstanding Guarantees of Indebtedness of Subsidiaries that are not Loan Parties
permitted under Section 6.04(h)) shall not exceed, at any time outstanding, the greater of (x) $50,000,000 and (y) 5.0% of Consolidated
Total Assets as of the last day of the most recently ended Reference Period for which Financial Statements are available (in each
case determined without regard to any write-downs or write-offs);

 

(h)           Guarantees (other than by a Massachusetts Securities Corporation) constituting Indebtedness permitted by Section 6.01;
provided, that the aggregate principal amount of Indebtedness of Subsidiaries that are not Loan Parties that is Guaranteed by
any Loan Party shall (together with outstanding Investments in Subsidiary that are not Loan Parties permitted under Section 6.04(f)
and outstanding intercompany loans to Subsidiaries that are not Loan Parties permitted under Section 6.04(g)) shall not exceed,
at any time outstanding, the greater of (x) $50,000,000 and (y) 5.0% of Consolidated Total Assets as of the last day of the most
recently ended Reference Period for which Financial Statements are available (in each case determined without regard to any write-downs
or write-offs);

 

(i)            Loans or advances made by the Borrower or any Subsidiary (other than a Massachusetts Securities Corporation) to any Person
(including employees) not in the ordinary course of business not to exceed $5,000,000 in the aggregate outstanding at any one
time;

 

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(j)            the Polaris Tender Offer and the Polaris Investments;

 

(k)           Permitted Acquisitions;

 

(l)            Investments in cash and obligations under Swap Agreements permitted by Section 6.05;

 

(m)          Investments consisting of security deposits with utilities and other like Persons made in the ordinary course of business;

 

(n)           Investments received in connection with any insolvency proceedings in respect of any customers, suppliers or clients and
in settlement of delinquent obligations of, and other disputes with, customers, suppliers or clients;

 

(o)           (i) the eTouch Investments and (ii) the eTouch Acquisition;

 

(p)           Investments acquired in a Permitted Acquisition to the extent that such investments were not made in contemplation of or
in connection with such Permitted Acquisition and were in existence prior to the date of such Permitted Acquisition;

 

(q)           upon foreclosure (or transfer of title in lieu of foreclosure) with respect to any secured Investment in a Person other
than the Borrower or a Subsidiary and that, in each case, was made without contemplation of such foreclosure (or transfer of title
in lieu of foreclosure);

 

(r)            Investments in the ordinary course of business consisting of Article 3 endorsements for collection or deposit;

 

(s)            the Borrower and its Subsidiaries may acquire and hold receivables and similar items owing to them in the ordinary course
of business and payable or dischargeable in accordance with customary trade terms;

 

(t)            Investments constituting customary deposits made in connection with the purchase of goods or services in the ordinary course
of business;

 

(u)           Investments consisting of promissory notes and other non-cash consideration, in each case received in connection with asset
sales or dispositions permitted by Section 6.12; provided that the applicable Loan Party complies with the requirements of the
Security Agreement with respect to any such promissory notes or other instruments;

 

(v)           advances of payroll payments to employees in the ordinary course of business;

 

(w)          any endorsement of a check or other medium of payment for deposit or collection, or any similar transaction in the normal
course of business;

 

(x)           Investments to the extent that the consideration for such Investments is made solely with the Equity Interests of the Borrower;

 

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(y)          so long as no Default or Event of Default has occurred and is continuing or would result therefrom on a Pro Forma Basis,
Investments by the Borrower or any Subsidiary in an aggregate amount, as valued at fair market value at the time each such Investment
is made and not exceeding the Available Amount immediately prior to the time of the making of any such Investment;

 

(z)           other Investments (as valued at the fair market value (as determined in good faith by the Borrower) of such Investment
at the time each such Investment is made) in an aggregate amount not exceeding, the greater of (x) $30,000,000 and (y) 3.0% of
Consolidated Total Assets as of the last day of the most recently ended Reference Period for which Financial Statements are available
(in each case determined without regard to any write-downs or write-offs); and

 

(aa)         Investments by any Loan Party in any Massachusetts Securities Corporation, if and only if, and provided that, at the time
of and immediately after making any such Investments the Borrower will, on a Pro Forma Basis, not permit the Consolidated Total
Net Leverage Ratio to be greater than 2.25 to 1.00 (with Consolidated Funded Debt measured at each such time and Consolidated
EBITDA measured for the most recently ended Reference Period for which Financial Statements are available).

 

Notwithstanding the foregoing, no Subsidiary
that is a Massachusetts Securities Corporation shall make or maintain any Investments, other than Investments expressly permitted
under Sections 6.04(b), (r) and (w).

 

SECTION 6.05               Swap
Agreements. The Borrower will not, and will not permit any of its Subsidiaries to, enter into any Swap Agreement, except (a)
Swap Agreements entered into to hedge or mitigate risks to which the Borrower or any Subsidiary has actual exposure (other than
those in respect of Equity Interests of the Borrower or any of its Subsidiaries), (b) Swap Agreements entered into in order to
effectively cap, collar or exchange interest rates (from fixed to floating rates, from one floating rate to another floating rate
or otherwise) with respect to any interest-bearing liability or investment of the Borrower or any Subsidiary, or (c) any Swap
Agreement as permitted by the Borrower’s investment policy, as in effect on the Effective Date.

 

SECTION 6.06               Restricted
Payments.

 

(a)           No Loan Party will, nor will it permit any Subsidiary to, declare or make, or agree to pay or make, directly or indirectly,
any Restricted Payment, or incur any obligation (contingent or otherwise) to do so (unless such obligation is contingent upon
the termination of the Commitments and the payment in full of all Loans, interest and fees hereunder), except:

 

		(i)	the Borrower may declare and pay dividends with respect to
                                         its Equity Interests payable solely in additional shares of its Equity Interests;

 

		(ii)	(A) Subsidiaries may declare and pay dividends ratably with
                                         respect to their Equity Interests to the Borrower or any other Person pro rata and (B)
                                         any Subsidiary may declare and pay Restricted Payments to any Loan Party; provided that,
                                         notwithstanding the foregoing, any Massachusetts Securities Corporation may declare and
                                         pay dividends or other Restricted Payments only to the Borrower, and not to any Subsidiary
                                         or any other Person;

 

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		(iii)	the Borrower may redeem shares of its capital stock which
                                         are “restricted securities” (as defined in Rule 144 promulgated under the
                                         Securities Act of 1933) in an amount not to exceed 5.0% of the aggregate total voting
                                         stock of the Borrower issued and outstanding on a fully diluted basis as of the date
                                         hereof;

 

		(iv)	the Borrower may redeem shares of its capital stock to settle
                                         any applicable tax obligations of a grantee of shares of any equity award (including
                                         any shares of restricted stock and any stock appreciation rights) which arise in connection
                                         with the vesting, exercise or other taxable event with respect to such awards;

 

		(v)	the Borrower may repurchase shares of its capital stock pursuant
                                         to and in accordance with any stock repurchase (or similar) program as approved by the
                                         board of directors of the Borrower for repurchase of up to an aggregate of (i) $30,000,000,
                                         plus (ii) an unlimited amount so long as, solely in the case of this clause (v)(ii),
                                         immediately prior to and after giving effect to any such repurchase the Consolidated
                                         Total Net Leverage Ratio is not greater than 2.25 to 1.00 (with Consolidated Funded Debt
                                         measured at each such time and Consolidated EBITDA measured for the most recently ended
                                         Reference Period for which Financial Statements are available);

 

		(vi)	the Transfer Pricing Obligations;

 

		(vii)	the Borrower may repurchase Equity Interests upon the cashless
                                         exercise of stock options or warrants if such Equity Interests represent all or a portion
                                         of the exercise price of such options or warrants;

 

		(viii)	the Borrower may make cash payments in lieu of the issuance
                                         of fractional shares representing insignificant interests in the Borrower in connection
                                         with the exercise of warrants, options or other securities convertible into or exchangeable
                                         for Equity Interests in the Borrower;

 

		(ix)	Deferred Acquisition Obligations;

 

		(x)	the Borrower and its Subsidiaries may make additional Restricted
                                         Payments in an aggregate amount not to exceed the Available Amount immediately prior
                                         to the time of the making of such Restricted Payment, provided, that with respect to
                                         such Restricted Payments made with the Available Amount, (A) no Default or Event of Default
                                         shall exist and be continuing at the time of the making of such Restricted Payment or
                                         would result therefrom, and (B) the Borrower shall be in compliance with a Consolidated
                                         Total Net Leverage Ratio of not more than 1.50 to 1.00 on a Pro Forma Basis immediately
                                         prior to and after the time of the making of such Restricted Payment;

 

		(xi)	the Borrower may issue and sell the Orogen Series A Preferred
                                         Stock pursuant to the Investment Agreement; provided that within three (3) Business
                                         Days following receipt by the Borrower of the Net Proceeds of such issuance and sale,
                                         the Borrower shall prepay the Term Loans at par (to be applied in direct order of maturity
                                         to the remaining principal installments of Term Loans) in an amount equal to seventy-five
                                         percent (75%) of such Net Proceeds;

 

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		(xii)	the Borrower may declare and pay cumulative cash dividends
                                         on the Orogen Series A Preferred Stock when and as required pursuant to the applicable
                                         Certificate of Designations; provided that both immediately before and after paying
                                         any such cash dividend no Event of Default exists;

 

		(xiii)	(A) the Borrower may purchase, redeem, retire or otherwise
                                         acquire for value the Orogen Series A Preferred Stock in an aggregate amount not to exceed
                                         the Available Amount immediately prior to the time of the making of such purchase, redemption,
                                         retirement or other acquisition for value of the Orogen Series A Preferred Stock; and
                                         (B) the Borrower may purchase, redeem, retire or otherwise acquire for value the Orogen
                                         Series A Preferred Stock at any time on or after, but not before, the earlier of (A)
                                         August 24, 2023 and (B) the date on which the Obligations (excluding (1) any unasserted
                                         contingent Obligations and (2) LC Exposure to the extent the Borrower has deposited into
                                         an LC Collateral Account (in a manner consistent with the provisions of Section 2.06(j))
                                         an amount in cash equal to 102% of the LC Exposure as of such date) have been paid in
                                         full and the Commitments of all Lenders hereunder have been terminated;

 

		(xiv)	the Borrower may make Restricted Payments from time to time
                                         in an aggregate amount not to exceed twenty-five percent (25%) of the Net Proceeds received
                                         by the Borrower from the issuance and sale of the Orogen Series A Preferred Stock;

 

		(xv)	the Borrower may issue (A) Series A Preferred Stock upon conversion
                                         of the Series A-1 Preferred Stock pursuant to the applicable Certificate of Designations
                                         or the Investment Agreement and in connection with such conversion and (B) Equity Interests
                                         (other than Disqualified Equity Interests) upon conversion of the Orogen Series A Preferred
                                         Stock (including, without limitation, following the occurrence of a Fundamental Change
                                         (as defined in the applicable Certificate of Designations)) and in connection with such
                                         conversion;

 

		(xvi)	the Borrower, at its option in lieu of paying cash dividends
                                         pursuant to clause (xii) above, may declare and pay such dividends on the Orogen Series
                                         A Preferred Stock in the form of additional Orogen Series A Preferred Stock;

 

		(xvii)	the Borrower or its Subsidiaries may make a Restricted Payment
                                         to the then existing shareholders (other than the Borrower) of Polaris in an aggregate
                                         amount not to exceed $3,000,000 per fiscal year; and

 

		(xviii)	the Borrower and its Subsidiaries may make any deferred
                                         payments payable in respect of the eTouch Acquisition, provided that no Default or Event
                                         of Default shall exist and be continuing at the time of or immediately after the making
                                         of such Restricted Payment.

 

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(b)           No Loan Party will, nor will it permit any Subsidiary to, make or agree to make payment on any Subordinated Indebtedness
prohibited by the provisions of the governing subordination or intercreditor agreement.

 

SECTION 6.07               Transactions
with Affiliates. The Borrower will not, and will not permit any of its Subsidiaries to, sell, lease or otherwise transfer
any property or assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any other
transactions with, any of its Affiliates, except (a) transactions that are at prices and on other terms and conditions, taken
as a whole, not less favorable to such Loan Party or such Subsidiary than could be obtained on an arm’s-length basis from
unrelated third parties; (b) transactions between or among the Borrower and any wholly-owned Subsidiary that is a Loan Party and
transactions solely between or among Subsidiaries that are not Loan Parties, in each case, not involving any other Affiliate;
(c) any Investment permitted by Sections 6.04(f), (g), (h), or (v); (d) any Indebtedness permitted
under clause (c) of Section 6.01; (e) any Restricted Payment permitted by Section 6.06; (f) loans or advances to
employees permitted under Section 6.04(e) or 6.04(i); (g) the payment of reasonable fees and expense reimbursements
to directors of the Borrower or any Subsidiary who are not employees of such Borrower or any Subsidiary, and compensation, bonuses
and severance and employee benefit arrangements paid to, and indemnities provided for the benefit of, directors, officers or employees
of the Borrower or its Subsidiaries in the ordinary course of business; (h) customary employment and consulting agreements entered
into the ordinary course of business; (i) any issuances of securities or other payments, awards or grants in cash, securities
or otherwise pursuant to, or the funding of, employment agreements, stock options and stock ownership plans approved by a Borrower’s
board of directors; (j) intercompany transactions, including the (A) provision of management services and other corporate overhead
services, (B) provision of personnel to other locations within the Borrower’s consolidated group on a temporary basis and
(C) provision, purchase or lease of services, operational support, assets, equipment, data, information and technology, that,
in the case of any such intercompany transaction referred to in this clause (j), are subject to reasonable reimbursement or cost-sharing
arrangements (as determined in good faith by the Borrower), which reimbursement or cost sharing arrangements may be effected through
transfers of cash or other assets or through book-entry credits or debits made on the ledgers of each involved Subsidiary (provided
that any such intercompany transaction is either (1) entered into in the ordinary course of business or (2) otherwise entered
into pursuant to the reasonable requirements of the business of the Borrower and the Subsidiaries); and (k) any transaction involving
consideration or value of less than $1,000,000; provided, however, that this Section shall not limit the operation or effect of,
or any payments under, (i) any license entered into in the ordinary course of business on customary terms between any Subsidiary
and Borrower or any other Subsidiary or (ii) any agreement with respect to any joint venture to which Borrower or any Subsidiary
is a party entered into in connection with, or reasonably related to, its lines of business (provided that such agreement is approved
by Borrower’s board of directors). Notwithstanding the foregoing, no Subsidiary that is a Massachusetts Securities Corporation
may sell, lease or otherwise transfer any property or assets to, or purchase, lease or otherwise acquire any property or assets
from, or otherwise engage in any other transactions with, any Subsidiary that is not a Loan Party.

 

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SECTION 6.08               Restrictive
Agreements. The Borrower will not, and will not permit any of its Subsidiaries to, directly or indirectly, enter into, incur
or permit to exist any agreement or other arrangement that prohibits, restricts or imposes any condition upon (a) the ability
of the Borrower or any Subsidiary to create, incur or permit to exist any Lien upon any of its property or assets, or (b) the
ability of any Subsidiary to pay dividends or other distributions with respect to any shares of its Equity Interests or to make
or repay loans or advances to the Borrower or any other Subsidiary or to Guarantee Indebtedness of the Borrower or any other Subsidiary;
provided that (i) the foregoing shall not apply to restrictions and conditions imposed by law or by this Agreement, (ii) the foregoing
shall not apply to restrictions and conditions existing on the date hereof identified on Schedule 6.08 (but shall apply to any
extension or renewal of, or any amendment or modification expanding the scope of, any such restriction or condition), (iii) the
foregoing shall not apply to customary restrictions and conditions contained in agreements relating to the sale of a Subsidiary
or assets pending such sale; provided that such restrictions and conditions apply only to the Subsidiary or assets that is or
are to be sold and such sale is permitted hereunder, (iv) clause (a) of the foregoing shall not apply to restrictions or conditions
imposed by any agreement relating to secured Indebtedness permitted by this Agreement if such restrictions or conditions apply
only to the property or assets securing such Indebtedness, (v) clause (a) of the foregoing shall not apply to customary provisions
in leases restricting the assignment thereof and (vi) the foregoing shall not apply to any stockholder agreement, charter, by-laws
or other organizational documents of Borrower or any Subsidiary as in effect on the date hereof and as amended to the extent permitted
hereunder, (vii) the foregoing shall not apply to any Permitted Encumbrances, and (viii) clauses (a) and (b) of the foregoing
shall not apply to restrictions on pledging joint venture interests included in customary provisions in joint venture agreements
or arrangements and other agreements and other similar agreements applicable to joint ventures.

 

SECTION 6.09               Amendment
to Material Documents; Fiscal Year. No Loan Party will, nor will it permit any Subsidiary to, amend, modify or waive any of
its rights under any agreement relating to any Subordinated Indebtedness in a manner materially adverse to the Lenders. Borrower
will not, nor will it permit any Subsidiary to, amend or modify its certificate or articles of incorporation or organization and
bylaws or other organizational or governing documents to the extent such amendment or modification could reasonably be expected
to have a Material Adverse Effect. Any Subsidiary that is a Massachusetts Securities Corporation shall not amend or modify its
certificate, articles of incorporation or organization, or bylaws or other organizational or governing documents in any material
respect. The Borrower and its Subsidiaries shall not change their March 31 fiscal year end without the prior written consent of
the Required Lenders.

 

SECTION 6.10               Financial
Covenants.

 

(a)             Consolidated Total Net Leverage Ratio. The Borrower will not permit the Consolidated Total Net Leverage Ratio as
of the last day of any Reference Period, to be greater than:

 

		(i)	3.50 to 1.00, commencing with December 31, 2017 and tested for
                                         all quarters thereafter ending prior to December 31, 2019;

 

		(ii)	3.25 to 1.00, commencing with December 31, 2019 and tested for
                                         all quarters thereafter ending prior to September 30, 2020; and

 

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		(iii)	3.00 to 1.00, commencing with September 30, 2020 and tested
                                         for all quarters thereafter.

 

(b)             Consolidated
Fixed Charge Coverage Ratio. The Borrower will not permit the Consolidated Fixed Charge Coverage Ratio as of the last day
of any Reference Period, commencing with December 31, 2017, to be less than 1.25 to 1.00.

 

SECTION 6.11               Sale
and Leaseback Transaction. No Loan Party will, nor will it permit any Subsidiary to, enter into any arrangement, directly
or indirectly, whereby it shall sell or transfer any property, real or personal, used or useful in its business, whether now owned
or hereafter acquired, and thereafter rent or lease such property or other property that it intends to use for substantially the
same purpose or purposes as the property sold or transferred, except for any such sale of any fixed or capital assets by the Borrower
or any Subsidiary that is made for cash consideration in an amount not less than the fair value of such fixed or capital asset
and is consummated within 90 days after such Borrower or such Subsidiary acquires or completes the construction of such fixed
or capital asset.

 

SECTION 6.12               Asset
Sales. No Loan Party will, nor will it permit any Subsidiary to, sell, transfer, lease or otherwise dispose of any asset (including,
in each case, pursuant to a division, as described in Section 1.07), including any Equity Interest owned by it, nor will
the Borrower permit any Subsidiary to issue any additional Equity Interest in such Subsidiary (other than to the Borrower or another
Subsidiary or otherwise in compliance with Section 6.04), except:

 

(a)           (i) sales, transfers and dispositions of inventory, obsolete or worn-out equipment, and other obsolete, worn-out, used
or surplus assets or other property no longer used or useful in the business, in each case in the ordinary course of business,
(ii) inventory and goods held for sale or other immaterial assets, and (iii) cash and Cash Equivalents;

 

(b)           sales,
transfers and dispositions of assets to the Borrower or any Subsidiary, provided that any such sales, transfers or dispositions
involving a Subsidiary that is not a Loan Party shall be made in compliance with Section 6.07;

 

(c)           sales, transfers and dispositions of accounts receivable made only to the account debtors obligated therefor (excluding
sales or dispositions in a factoring arrangement) in connection with the compromise, settlement or collection thereof;

 

(d)           sales, transfers and dispositions of Permitted Investments in the ordinary course of business;

 

(e)           Sale
and Leaseback Transactions permitted by Section 6.11;

 

(f)            dispositions resulting from any casualty or other insured damage to, or any taking under power of eminent domain or by
condemnation or similar proceeding of, any property or asset of the Borrower or any Subsidiary;

 

(g)           transfers of cash in the ordinary course of business for equivalent value;

 

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(h)           dispositions of non-core assets acquired pursuant to a Permitted Acquisition or other Investment permitted hereunder in
an aggregate amount not to exceed 20% of the total consideration of the total assets acquired in such Permitted Acquisition or
other Investment;

 

(i)            licenses of patents, trademarks and other intellectual property rights granted by Borrower or its Subsidiaries in the ordinary
course of business and not interfering in any respect with the ordinary conduct of the business of Borrower or such Subsidiary
and leases, subleases, licenses or sublicenses of any real or personal property;

 

(j)            sales,
transfers and other dispositions of assets (other than Equity Interests in a Subsidiary unless all Equity Interests in such Subsidiary
are sold, and other than any Massachusetts Securities Corporation) that are not permitted by any other clause of this Section;
provided that the aggregate fair market value of all assets sold, transferred or otherwise disposed of in reliance upon
this clause (j) shall not exceed at the time of such disposition an amount equal to 15% of Consolidated Total Assets as
of the last day of the most recently ended Reference Period for which Financial Statements are available (in each case determined
without regard to any write-downs or write-offs);, during the term of this Agreement;

 

(k)           Dispositions of Investments in joint ventures to the extent required by, or made pursuant to customary buy/sell arrangements
between, the joint venture parties set forth in joint venture arrangements and similar binding arrangements; and

 

(l)            Liens permitted by Section 6.02, Investments permitted by Section 6.04 and Restricted Payments permitted by Section 6.06;

 

(m)          the sale or other transfer by Virtusa UK Ltd, of its trade debts or accounts receivable generated from sales to British
Telecommunications plc, to Lloyds TSB Commercial Finance Limited (“Lloyds”), pursuant to the Supplier Finance Facility
Agreement dated September 23, 2008, between Lloyds and Virtusa UK Ltd, as amended, restated, extended, replaced or otherwise modified
in a manner not adverse to the Lenders in any material respect;

 

(n)           Dispositions of real estate and improvements acquired in connection with the Acquisition of Polaris; and

 

(o)           Dispositions of property to the extent that (i) such property is exchanged for credit against the purchase price of similar
replacement property or (ii) the proceeds of such disposition are promptly applied to the purchase price of such replacement property;

 

provided that all sales, transfers, leases and
other dispositions permitted under this Section 6.12 (other than those permitted by clauses (b), (c), (d), (f),
(l)  and (o) above) shall be made for fair value (as reasonably determined by the Borrower in good faith).

 

Notwithstanding the foregoing, (i) any Subsidiary that is a
Massachusetts Securities Corporation may sell, transfer, lease or otherwise dispose of its assets only to the Borrower or another
Loan Party, and not to any other Person, and (ii) the Borrower and other Loan Parties may transfer the Equity Interests in or
assets of any Massachusetts Securities Corporation only to another Loan Party and not to any Person. For the avoidance of doubt,
issuances and sales by the Borrower of its own Equity Securities are not restricted by this Section 6.12.

 

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SECTION 6.13               Immaterial
Subsidiaries. The Borrower will, from time to time by written notice to the Administrative Agent, un-designate a sufficient
number of Subsidiaries as Immaterial Subsidiaries, if and to the extent necessary, such that at all times all Immaterial Subsidiaries,
collectively, do not comprise more than five percent (5%) of the Borrower’s Consolidated Total Assets or Consolidated
EBITDA as of the end of or for the most recently ended Reference Period for which Financial Statements are available.

 

ARTICLE VII

Events of Default

 

If any of the following events (“Events of Default”)
shall occur:

 

(a)           the Borrower shall fail to pay any principal of any Loan or any reimbursement obligation in respect of any LC Disbursement
when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or
otherwise;

 

(b)           the Borrower or any other Loan Party shall fail to pay any interest on any Loan or any fee or any other amount (other than
an amount referred to in clause (a) of this Article) payable under this Agreement or any other Loan Document, when and as the
same shall become due and payable, and such failure shall continue unremedied for a period of three Business Days;

 

(c)           any representation or warranty made or deemed made by any Loan Party or any Subsidiary in this Agreement, any other Loan
Document or any amendment or modification hereof or thereof or waiver hereunder or thereunder, or in any report, certificate,
financial statement or other document furnished by or on behalf of any Loan Party or any Subsidiary pursuant to or in connection
with this Agreement, any Loan Document, or any amendment or modification hereof or thereof or waiver hereunder or thereunder,
shall prove to have been incorrect in any material respect (or in any respect if such
representation or warranty is already qualified by concepts of materiality) when made or deemed made;

 

(d)           any Loan Party shall fail to observe or perform any covenant, condition or agreement contained in Section 5.01(a) through
(d), 5.02(a), 5.03 (solely with respect to legal existence of the Loan Parties), 5.06 or 5.08 or in Article VI;

 

(e)           any Loan Party shall fail to observe or perform any covenant, condition or agreement contained in this
Agreement or in any other Loan Document (other than those which
constitute a default under another Section of this Article), and such failure shall continue unremedied for a period of
thirty (30) days after the earlier of any Loan Party’s knowledge of such breach
or written notice thereof from the Administrative Agent (which notice will be given at the request of any Lender);

 

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(f)            any Loan Party or any Subsidiary shall fail to make any payment (whether of principal or interest and regardless of amount)
in respect of any Material Indebtedness, when and as the same shall become due and payable after giving effect to any applicable
grace period;

 

(g)           any event or condition occurs that results in any Material Indebtedness becoming due prior to its scheduled maturity or
that enables or permits (with or without the giving of notice, the lapse of time or both) the holder or holders of any Material
Indebtedness or any trustee or agent on its or their behalf to cause any Material Indebtedness to become due, or to require the
prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity; provided that this clause (g) shall
not apply to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing
such Indebtedness and with respect to any Indebtedness which is convertible into Equity Interests and permitted under Section
6.01, the conversion of such Indebtedness into Equity Interests in accordance with the terms thereof shall not constitute, for
purposes of this clause (g), an event or condition which would allow the holder or holders of such Indebtedness to cause such
Indebtedness to become due prior to its stated maturity;

 

(h)           an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization
or other relief in respect of the Borrower or any Subsidiary or its debts, or of a substantial part of its assets, under any Federal,
state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (ii) the appointment of a receiver,
trustee, custodian, sequestrator, conservator or similar official for the Borrower or any Subsidiary or for a substantial part
of its assets, and, in any such case, such proceeding or petition shall continue undismissed for sixty (60) days or an order or
decree approving or ordering any of the foregoing shall be entered;

 

(i)            the Borrower or any Subsidiary shall (i) voluntarily commence any proceeding or file any petition seeking liquidation,
reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or
hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding
or petition described in clause (h) of this Article, (iii) apply for or consent to the appointment of a receiver, trustee, custodian,
sequestrator, conservator or similar official for the Borrower or any Subsidiary or for a substantial part of its assets, (iv)
file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment
for the benefit of creditors or (vi) take any action for the purpose of effecting any of the foregoing;

 

(j)            the Borrower or any Subsidiary shall become unable, admit in writing its inability to, or publicly declare its intention
not to, or fail generally to pay its debts as they become due;

 

(k)           one or more judgments for the payment of money in an aggregate amount in excess of $20,000,000 in value, the payment of
which is not fully covered by insurance in excess of any deductibles not exceeding $1,000,000 in the aggregate or which is not
otherwise covered by an indemnification in favor of the Borrower or its Subsidiaries, as applicable, shall be rendered against
the Borrower, any Subsidiary or any combination thereof and the same shall remain undischarged for a period of 60 consecutive
days during which execution shall not be effectively stayed, or any action shall be legally taken by a judgment creditor to attach
or levy upon any assets of the Borrower or any Subsidiary to enforce any such judgment;

 

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(l)            an ERISA Event shall have occurred that, in the opinion of the Required Lenders, when taken together with all other ERISA
Events that have occurred, could reasonably be expected to result in a Material Adverse Effect;

 

(m)          a Change in Control shall occur;

 

(n)           the Loan Guaranty shall fail to remain in full force or effect or any action shall be taken to discontinue or to assert
the invalidity or unenforceability of the Loan Guaranty, or any Loan Guarantor shall fail to comply with any of the terms or provisions
of the Loan Guaranty to which it is a party, or any Loan Guarantor shall deny that it has any further liability under the Loan
Guaranty to which it is a party, or shall give notice to such effect, including any notice of termination delivered pursuant to
Section 10.08;

 

(o)           except as permitted by the terms of any Collateral Document, (i) any Collateral Document shall for any reason fail to create
a valid security interest in any material portion of the Collateral, taken as a whole, as required by this Agreement or any Collateral
Document, or (ii) any Lien on any material portion of the Collateral, taken as a whole, securing any Secured Obligation shall
cease to be a perfected, first priority Lien; or

 

(p)           any material provision of any Loan Document, at any time after its execution and delivery and for any reason other than
as expressly permitted hereunder or thereunder or as a result of the termination of the Commitments and the payment in full of
principal and interest on each Loan and all fees of the Loan Parties thereunder, shall cease to be in full force and effect; or
any Loan Party or any other Person shall contest in any manner the validity or enforceability of any Loan Document; or any Loan
Party shall deny that it has any or further liability or obligation under any Loan Document, or shall purport to revoke, terminate
or rescind any Loan Document;

 

then, and in every such event (other than
an event with respect to the Borrower described in clause (h) or (i) of this Article), and at any time thereafter during the continuance
of such event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to the Borrower, take
either or both of the following actions, at the same or different times: (i) terminate the Commitments (including the Letter of
Credit Commitments), and thereupon the Commitments shall terminate immediately, and (ii) declare the Loans then outstanding to
be due and payable in whole (or in part, in which case any principal not so declared to be due and payable may thereafter be declared
to be due and payable), and thereupon the principal of the Loans so declared to be due and payable, together with accrued but
unpaid interest thereon and all fees and other obligations of the Borrower accrued hereunder, shall become due and payable immediately,
in each case without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower,
and (iii) require cash collateral for the LC Exposure in accordance with Section 2.06(j) hereof; and in case of any event with
respect to the Borrower described in clause (h) or (i) of this Article, the Commitments shall automatically terminate and the
principal of the Loans then outstanding and cash collateral for the LC Exposure, together with accrued but unpaid interest thereon
and all fees and other obligations of the Borrower accrued hereunder, shall automatically become due and payable, in each case
without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower. Upon
the occurrence and during the continuance of an Event of Default, the Administrative Agent may, and at the request of the Required
Lenders shall, exercise any rights and remedies provided to the Administrative Agent under the Loan Documents or at law or equity,
including all remedies provided under the UCC.

 

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In addition to any other rights and remedies
granted to the Administrative Agent and the Lenders in the Loan Documents, if any Event of Default has occurred and is continuing,
the Administrative Agent on behalf of the Lenders may exercise all rights and remedies of a secured party under the New York Uniform
Commercial Code or any other applicable law. Without limiting the generality of the foregoing, if any Event of Default has occurred
and is continuing, the Administrative Agent, without demand of performance or other demand, presentment, protest, advertisement
or notice of any kind (except for any notice of default to the extent expressly required under the Loan Documents and/or any notice
required by law referred to below) to or upon any Grantor or any other Person (all and each of which demands, defenses, advertisements
and notices are hereby waived), may in such circumstances forthwith collect, receive, appropriate and realize upon the Collateral,
or any part thereof, or consent to the use by the Grantor of any cash collateral arising in respect of the Collateral on such
terms as the Administrative Agent deems reasonable, and/or may forthwith sell, lease, assign give an option or options to purchase
or otherwise dispose of and deliver, or acquire by credit bid on behalf of the Lenders, the Collateral or any part thereof (or
contract to do any of the foregoing), in one or more parcels at public or private sale or sales, at any exchange, broker’s
board or office of the Administrative Agent or any Lender or elsewhere, upon such terms and conditions as it may deem advisable
and at such prices as it may deem best, for cash or on credit or for future delivery, all without assumption of any credit risk.
With respect to any public or private sales referred to in the preceding sentence, the Administrative Agent or any Lender shall
have the right upon any such public sale or sales, and, to the extent permitted by law, upon any such private sale or sales, to
purchase the whole or any part of the Collateral so sold, free of any right or equity of redemption in any Grantor, which right
or equity is hereby waived and released. Each Grantor further agrees, at the Administrative Agent’s request, to assemble
the Collateral and make it available to the Administrative Agent at places which the Administrative Agent shall reasonably select,
whether at such Grantor’s premises or elsewhere. The Administrative Agent shall apply the net proceeds of any action taken
by it pursuant to this Article VII, after deducting all reasonable costs and expenses of every kind incurred in connection therewith
or incidental to the care or safekeeping of any of the Collateral or in any other way relating to the Collateral or the rights
of the Administrative Agent and the Lenders hereunder, including reasonable attorneys’ fees and disbursements to the extent
payable hereunder, to the payment in whole or in part of the obligations of the Loan Parties under the Loan Documents, in such
order as the Administrative Agent may elect, and only after such application and after the payment by the Administrative Agent
of any other amount required by any provision of law, including Section 9-615(a)(3) of the New York UCC, need the Administrative
Agent account for the surplus, if any, to any Grantor. To the extent permitted by applicable law, each Grantor waives all claims,
damages and demands it may acquire against the Administrative Agent or any Lender arising out of the exercise by them of any rights
hereunder. If any notice of a proposed sale or other disposition of Collateral shall be required by law, such notice shall be
deemed reasonable and proper if given at least 10 days before such sale or other disposition.

 

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ARTICLE VIII

The Administrative Agent

 

Each of the Lenders and the Issuing Bank,
each on behalf of itself and any of its Affiliates that is a Secured Party, hereby irrevocably appoints the Administrative Agent
as its agent and authorizes the Administrative Agent to take such actions on its behalf, including execution of the other Loan
Documents, and to exercise such powers as are delegated to the Administrative Agent by the terms hereof, together with such actions
and powers as are reasonably incidental thereto. In addition, to the extent required under the laws of any jurisdiction other
than the U.S., each of the Lenders and the Issuing Bank hereby grants to the Administrative Agent any required powers of attorney
to execute any Collateral Document governed by the laws of such jurisdiction on such Lender’s or Issuing Bank’s behalf.
Except for the final paragraph of this Article VIII, the provisions of this Article are solely for the benefit of the Credit Parties,
and the Loan Parties shall not have rights as a third party beneficiary of any of such provisions. It is understood and agreed
that the use of the term “agent” as used herein or in any other Loan Documents (or any similar term) with reference
to the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising
under agency doctrine of any applicable law. Instead, such term is used as a matter of market custom, and is intended to create
or reflect only an administrative relationship between independent contracting parties.

 

Any
Person serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender
as any other Lender and may exercise the same as though it were not the Administrative Agent, and such Person
and its Affiliates may accept deposits from, lend money to and generally engage in any kind of business with the Borrower
or any Subsidiary or other Affiliate thereof as if it were not the Administrative Agent hereunder.

 

The Administrative Agent shall not have
any duties or obligations except those expressly set forth in the Loan Documents. Without limiting the generality of the foregoing,
(a) the Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has
occurred and is continuing, (b) the Administrative Agent shall not have any duty to take any discretionary action or exercise
any discretionary powers, except discretionary rights and powers expressly contemplated by the Loan Documents that the Administrative
Agent is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders
as shall be necessary under the circumstances as provided in Section 9.02), and (c) except as expressly set forth in the Loan
Documents, the Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose,
any information relating to any Loan Party or any of its Subsidiaries that is communicated to or obtained by the Person
serving as Administrative Agent or any of its Affiliates in any capacity. The Administrative Agent shall not be liable
for any action taken or not taken by it with the consent or at the request of the Required Lenders (or such other number or percentage
of the Lenders as shall be necessary under the circumstances as provided in Section 9.02) or in the absence of its own gross negligence
or willful misconduct as determined by a final nonappealable judgment of a court
of competent jurisdiction. The Administrative Agent shall be deemed not to have knowledge of any Default unless and until written
notice thereof is given to the Administrative Agent by the Borrower or a Lender, and the Administrative Agent shall not be responsible
for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with
this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered under
any Loan Document or in connection therewith, (iii) the performance or
observance of any of the covenants, agreements or other terms or conditions set forth in
any Loan Document, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement or any other Loan
Document or any other agreement, instrument or document, (v) the creation, perfection
or priority of Liens on the Collateral or the existence of the Collateral, or (vi) the satisfaction of any condition set
forth in Article IV or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative
Agent. Notwithstanding anything herein to the contrary, the Administrative Agent shall not be liable, or be responsible for any
loss, cost or expense suffered by the Borrower, any Subsidiary, any Lender or any Issuing Bank as a result of, any determination
of the Revolving Credit Exposure, any of the component amounts thereof or any portion thereof attributable to each Lender or Issuing
Bank, or any Exchange Rate or Dollar Amount.

 

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The Administrative Agent shall be entitled
to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument,
document or other writing believed by it to be genuine and to have been signed or sent by the proper Person. The Administrative
Agent also may rely upon any statement made to it orally or by telephone and believed by it to be made by the proper Person, and
shall not incur any liability for relying thereon. The Administrative Agent may consult with legal counsel (who may be counsel
for the Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not
taken by it in accordance with the advice of any such counsel, accountants or experts.

 

The Administrative Agent may perform any
and all its duties and exercise its rights and powers by or through any one or more sub-agents appointed by the Administrative
Agent. The Administrative Agent and any such sub-agent may perform any and all its duties and exercise its rights and powers through
their respective Related Parties. The exculpatory provisions of the preceding paragraphs shall apply to any such sub-agent and
to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection
with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent.

 

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Subject to the appointment and acceptance
of a successor Administrative Agent as provided in this paragraph, the Administrative Agent may resign at any time by notifying
the Lenders, the Issuing Bank and the Borrower thirty (30) days in advance. Upon any such resignation, the Required Lenders shall
have the right, in consultation with the Borrower, to appoint a successor which shall be a commercial bank with an office in New
York, New York, or an Affiliate of any such commercial bank, which successor, so long as no Event of Default shall have occurred
and be continuing, shall be subject to approval by the Borrower (which approval shall not be unreasonably withheld or delayed).
If no successor shall have been so appointed by the Required Lenders and approved by the Borrower (to the extent required) and
shall have accepted such appointment within thirty (30) days after the retiring Administrative Agent gives notice of its resignation,
then the retiring Administrative Agent may, on behalf of the Lenders and the Issuing Bank, appoint a successor Administrative
Agent which shall be a commercial bank with an office in New York, New York, or an Affiliate of any such commercial bank. Upon
the acceptance of its appointment as Administrative Agent hereunder by a successor, such successor shall succeed to and become
vested with all the rights, powers, privileges and duties of the retiring Administrative Agent, and the retiring Administrative
Agent shall be discharged from its duties and obligations hereunder. The fees payable by the Borrower to a successor Administrative
Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. Notwithstanding
the foregoing, in the event no successor Administrative Agent shall have been so appointed and shall have accepted such appointment
within thirty (30) days after the retiring Administrative Agent gives notice of its intent to resign, the retiring Administrative
Agent may give notice of the effectiveness of its resignation to the Lenders, the Issuing Bank and the Borrower, whereupon, on
the date of effectiveness of such resignation stated in such notice, (a) the retiring Administrative Agent shall be discharged
from its duties and obligations hereunder and under the other Loan Documents, provided that, solely for purposes of maintaining
any security interest granted to the Administrative Agent under any Collateral Document for the benefit of the Secured Parties,
the retiring Administrative Agent shall continue to be vested with such security interest as collateral agent for the benefit
of the Secured Parties and, in the case of any Collateral in the possession of the Administrative Agent, shall continue to hold
such Collateral, in each case until such time as a successor Administrative Agent is appointed and accepts such appointment in
accordance with this paragraph (it being understood and agreed that the retiring Administrative Agent shall have no duty or obligation
to take any further action under any Collateral Document, including any action required to maintain the perfection of any such
security interest), and (b) the Required Lenders shall succeed to and become vested with all the rights, powers, privileges and
duties of the retiring Administrative Agent, provided that (i) all payments required to be made hereunder or under any
other Loan Document to the Administrative Agent for the account of any Person other than the Administrative Agent shall be made
directly to such Person and (ii) all notices and other communications required or contemplated to be given or made to the Administrative
Agent shall also directly be given or made to each Lender and the Issuing Bank. Following the effectiveness of the Administrative
Agent’s resignation from its capacity as such, the provisions of this Article, Section 2.17(d) and Section 9.03,
as well as any exculpatory, reimbursement and indemnification provisions set forth in any other Loan Document, shall continue
in effect for the benefit of such retiring Administrative Agent, its sub-agents and their respective Related Parties in respect
of any actions taken or omitted to be taken by any of them while it was acting as Administrative Agent and in respect of the matters
referred to in the proviso under clause (a) above.

 

Each Lender acknowledges and agrees that
the extensions of credit made hereunder are commercial loans and letters of credit and not investments in a business enterprise
or securities. Each Lender further represents that it is engaged in making, acquiring or holding commercial loans in the ordinary
course of its business and has, independently and without reliance upon the Administrative Agent, any arranger of this credit
facility or any amendment thereto or any other Lender and their respective Related Parties and based on such documents and information
as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement as a Lender, and to make,
acquire or hold Loans hereunder. Each Lender shall, independently and without reliance upon the Administrative Agent, any arranger
of this credit facility or any amendment thereto or any other Lender and their respective Related Parties and based on such documents
and information (which may contain material, non-public information within the meaning of the United States securities laws concerning
the Borrower and its Affiliates) as it shall from time to time deem appropriate, continue to make its own decisions in taking
or not taking action under or based upon this Agreement or any other Loan Documents, any related agreement or any document furnished
hereunder or thereunder and in deciding whether or to the extent to which it will continue as a Lender or assign or otherwise
transfer its rights, interests and obligations hereunder.

 

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Anything
herein to the contrary notwithstanding, no Lead Arranger or Syndication Agent listed on the cover page hereof shall have any powers,
duties or responsibilities under this Credit Agreement or any of the other Loan Documents, except in its capacity, as applicable,
as the Administrative Agent, a Lender or the Issuing Bank hereunder.

 

Compliance with Floods Laws. The
Administrative Agent has adopted internal policies and procedures that address requirements placed on federally regulated lenders
under the Flood Laws and will post on the applicable Platform or otherwise distribute to each Lender documents that it receives
in connection with the Flood Laws (“Flood Documents”); provided, however, that the Administrative Agent
makes no representation or warranty with respect to the adequacy of the Flood Documents or their compliance with the Flood Laws.
Each Lender acknowledges and agrees that it is individually responsible for its own compliance with the Flood Laws and that it
shall, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information
as it shall from time to time deem appropriate, including the Flood Documents posted or distributed by the Administrative Agent,
continue to do its own due diligence to ensure its compliance with the Flood Laws.

 

In its capacity, the Administrative Agent
is a “representative” of the Secured Parties within the meaning of the term “secured party” as defined
in the UCC. Each Lender authorizes the Administrative Agent to enter into each of the Collateral Documents to which it is a party
and to take all action contemplated by such documents. Each Lender agrees that no Secured Party (other than the Administrative
Agent) shall have the right individually to seek to realize upon the security granted by any Collateral Document, it being understood
and agreed that such rights and remedies may be exercised solely by the Administrative Agent for the benefit of the Secured Parties
upon the terms of the Collateral Documents. In the event that any Collateral is hereafter pledged by any Person as collateral
security for the Secured Obligations, the Administrative Agent is hereby authorized by the Secured Parties, and hereby granted
a power of attorney, to execute and deliver on behalf of the Secured Parties any Loan Documents necessary or appropriate to grant
and perfect a Lien on such Collateral in favor of the Administrative Agent on behalf of the Secured Parties. The Lenders hereby
irrevocably authorize the Administrative Agent, at its option and in its sole discretion, to release any Lien granted to or held
by the Administrative Agent upon any Collateral in accordance with Section 9.02(d). Upon any sale or transfer of assets constituting
Collateral or the release of any Subsidiary from its Guarantee that is permitted pursuant to the terms of any Loan Document, or
consented to in writing by the Required Lenders or all of the Lenders, as applicable, and upon at least ten (10) Business Days’
prior written request by the Borrower to the Administrative Agent, the Administrative Agent shall (and is hereby irrevocably authorized
by the Lenders to) execute such documents as may be necessary to evidence the release of the Liens granted to the Administrative
Agent for the benefit of the Secured Parties herein or pursuant hereto upon the Collateral that was sold or transferred or to
evidence the release of such Guarantor; provided, that (a) the Administrative Agent shall not be required to execute any such
document on terms which, in the Administrative Agent’s opinion, would expose the Administrative Agent to liability or create
any obligation or entail any consequence other than the release of such Liens without recourse or warranty or to evidence the
release of such Guarantor, and (b) such release shall not in any manner discharge, affect or impair the Secured Obligations or
any Liens upon (or obligations of the Borrower or any Subsidiary in respect of) all interests retained by the Borrower or any
other Subsidiary, including the proceeds of the sale, all of which shall continue to constitute part of the Collateral.

 

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The Secured Parties hereby irrevocably
authorize the Administrative Agent, at the direction of the Required Lenders, to credit bid all or any portion of the Obligations
(including by accepting some or all of the Collateral in satisfaction of some or all of the Obligations pursuant to a deed in
lieu of foreclosure or otherwise) and in such manner purchase (either directly or through one or more acquisition vehicles) all
or any portion of the Collateral (a) at any sale thereof conducted under the provisions of the Bankruptcy Code, including under
Sections 363, 1123 or 1129 of the Bankruptcy Code, or any similar laws in any other jurisdictions, or (b) at any other sale, foreclosure
or acceptance of collateral in lieu of debt conducted by (or with the consent or at the direction of) the Administrative Agent
(whether by judicial action or otherwise) in accordance with any applicable law. In connection with any such credit bid and purchase,
the Obligations owed to the Secured Parties shall be entitled to be, and shall be, credit bid by the Administrative Agent at the
direction of the Required Lenders on a ratable basis (with Obligations with respect to contingent or unliquidated claims receiving
contingent interests in the acquired assets on a ratable basis that shall vest upon the liquidation of such claims in an amount
proportional to the liquidated portion of the contingent claim amount used in allocating the contingent interests) for the asset
or assets so purchased (or for the equity interests or debt instruments of the acquisition vehicle or vehicles that are issued
in connection with such purchase). In connection with any such bid (i) the Administrative Agent shall be authorized by the Secured
Parties to form one or more acquisition vehicles and to assign any successful credit bid to such acquisition vehicle or vehicles
(ii) each of the Secured Parties’ ratable interests in the Obligations which were credit bid shall be deemed without any
further action under this Agreement to be assigned to such vehicle or vehicles for the purpose of closing such sale, (iii) the
Administrative shall be authorized to adopt documents providing for the governance of the acquisition vehicle or vehicles (provided
that any actions by the Administrative Agent with respect to such acquisition vehicle or vehicles, including any disposition of
the assets or equity interests thereof, shall be governed, directly or indirectly, by, and the governing documents shall provide
for, control by the vote of the Required Lenders or their permitted assignees under the terms of this Agreement or the governing
documents of the applicable acquisition vehicle or vehicles, as the case may be, irrespective of the termination of this Agreement
and without giving effect to the limitations on actions by the Required Lenders contained in Section 9.02 of this Agreement),
(iv) the Administrative Agent on behalf of such acquisition vehicle or vehicles shall be authorized by the Secured Parties to
issue to each of the Secured Parties, ratably on account of the relevant Obligations which were credit bid, interests, whether
as equity, partnership, limited partnership interests or membership interests, in any such acquisition vehicle and/or debt instruments
issued by such acquisition vehicle, all without the need for any Secured Party or acquisition vehicle to take any further action,
and (v) to the extent that Obligations that are assigned to an acquisition vehicle are not used to acquire Collateral for any
reason (as a result of another bid being higher or better, because the amount of Obligations assigned to the acquisition vehicle
exceeds the amount of Obligations credit bid by the acquisition vehicle or otherwise), such Obligations shall automatically be
reassigned to the Secured Parties pro rata and the equity interests and/or debt instruments issued by any acquisition vehicle
on account of such Obligations shall automatically be cancelled, without the need for any Secured Party or any acquisition vehicle
to take any further action. Notwithstanding that the ratable portion of the Obligations of each Secured Party are deemed assigned
to the acquisition vehicle or vehicles as set forth in clause (ii) above, each Secured Party shall execute such documents and
provide such information regarding the Secured Party (and/or any designee of the Secured Party which will receive interests in
or debt instruments issued by such acquisition vehicle) as the Administrative Agent may reasonably request in connection with
the formation of any acquisition vehicle, the formulation or submission of any credit bid or the consummation of the transactions
contemplated by such credit bid.

 

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ARTICLE IX

Miscellaneous

 

SECTION 9.01            Notices.
(a) Except in the case of notices and other communications expressly permitted to be given by telephone (and subject to paragraph
(b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight
courier service, mailed by certified or registered mail or sent by telecopy, fax or other electronic communication, as follows:

 

	 	(i)	if to any Loan Party, to it in care of the Borrower at:

 

	 	Virtusa Corporation
	 	132 Turnpike Road, Suite 300,
	 	Southborough,, Massachusetts 01772
	 	Attention: Chief Financial Officer
	 	Facsimile No: (508) 389-7224

 

	 	(ii)	if to the Administrative Agent at:

 

	 	JPMorgan Chase Bank, N.A.
	 	Loan and Agency Services Group
	 	10 South Dearborn, Floor L2
	 	Chicago, IL 60603-2003
	 	Attention: Cheryl Lyons
	 	Telephone No. (312) 732-2593
	 	Facsimile No: (888)-303-9732
	 	Electronic mail: jpm.agency.servicing.1@jpmorgan.com

 

	 	(iii)	with a copy to:

 

	 	50 Rowes Wharf, 2nd Floor
	 	Boston, MA 02110
	 	Attention: Stacy Benham, Vice President
	 	Telephone No.: (617) 428-2172

 

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	 	(iv)	if to the Issuing Bank, to JPMorgan Chase Bank, N.A. at:

 

	 	10 S. Dearborn, Floor L2
	 	Chicago, Illinois 60603
	 	Attention: PJ Balaji, LC Account Manager
	 	Telephone No.: 855-609-9959
	 	Facsimile No: (888) 303-9732
	 	Electronic mail: chicago.lc.agency.activity.team@jpmorgan.com

 

	 	(v)	if to any other Lender, to it at its address (or telecopy number or e-mail address) set forth in its Administrative Questionnaire.

 

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

 

(b)              Notices
and other communications to the Lenders and the Issuing Bank hereunder may be delivered or furnished by using Electronic Systems
pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to
Article II unless otherwise agreed by the Administrative Agent and the applicable Lender. The Administrative Agent or the Borrower
may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant
to procedures approved by it; provided that approval of such procedures may be limited to particular notices or communications.

 

Unless the Administrative Agent otherwise
prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt
of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available,
return e-mail or other written acknowledgement), and (ii) notices or communications posted to an Internet or intranet website shall
be deemed received upon the deemed receipt by the intended recipient, at its e-mail address as described in the foregoing clause
(i), of notification that such notice or communication is available and identifying the website address therefor; provided that,
for both clauses (i) and (ii) above, if such notice, email or other communication is not sent during the normal business hours
of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next Business
Day for the recipient.

 

(c)              Any
party hereto may change its address or telecopy number or e-mail address for notices and other communications hereunder by notice
to the other parties hereto.

 

(d)              Electronic
Systems.

 

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	 	(i)	Each Loan Party agrees that the Administrative Agent may, but shall not be obligated to, make Communications (as defined below) available to the Issuing Banks and the other Lenders by posting the Communications on Debt Domain, Intralinks, Syndtrak, ClearPar or a substantially similar Electronic System.

 

	 	(ii)	Any Electronic System used by the Administrative Agent is provided “as is” and “as available.” The Agent Parties (as defined below) do not warrant the adequacy of such Electronic Systems and expressly disclaim liability for errors or omissions in the Communications. No warranty of any kind, express, implied or statutory, including any warranty of merchantability, fitness for a particular purpose, non-infringement of third-party rights or freedom from viruses or other code defects, is made by any Agent Party in connection with the Communications or any Electronic System. In no event shall the Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”) have any liability to the Borrower or the other Loan Parties, any Lender, the Issuing Bank or any other Person or entity for damages of any kind, including direct or indirect, special, incidental or consequential damages, losses or expenses (whether in tort, contract or otherwise) arising out of the Borrower’s, any Loan Party’s or the Administrative Agent’s transmission of communications through an Electronic System. “Communications” means, collectively, any notice, demand, communication, information, document or other material provided by or on behalf of any Loan Party pursuant to any Loan Document or the transactions contemplated therein which is distributed by the Administrative Agent, any Lender or any Issuing Bank by means of electronic communications pursuant to this Section, including through an Electronic System.

 

SECTION 9.02               Waivers;
Amendments. (a) No failure or delay by the Administrative Agent, the Issuing Bank or any Lender in exercising any right or
power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any
abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the
exercise of any other right or power. The rights and remedies of the Administrative Agent, the Issuing Bank and the Lenders hereunder
are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this
Agreement or consent to any departure by the Borrower therefrom shall in any event be effective unless the same shall be permitted
by paragraph (b) of this Section, and then such waiver or consent shall be effective only in the specific instance and for the
purpose for which given. Without limiting the generality of the foregoing, the making of a Loan or issuance of a Letter of Credit
shall not be construed as a waiver of any Default, regardless of whether the Administrative Agent, any Lender or the Issuing Bank
may have had notice or knowledge of such Default at the time.

 

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(b)               Subject
to Section 2.14(b) and Section 9.02(c) through 9.02(f) below and except as provided in Section 2.21 with respect to an Incremental
Term Loan Amendment, neither this Agreement nor any other Loan Document nor any provision hereof or thereof may be waived, amended
or modified except pursuant to an agreement or agreements in writing entered into by the Borrower and the Required Lenders or by
the Borrower and the Administrative Agent with the consent of the Required Lenders; provided that no such agreement (including
any Incremental Term Loan Amendment) shall (i) increase the Commitment of any Lender without the written consent of such Lender
(including any such Lender that is a Defaulting Lender) (it being understood that a waiver of any condition precedent or the waiver
of any Default, Event of Default or mandatory prepayment shall not constitute an increase of any Commitment), (ii) reduce or forgive
the principal amount of any Loan or LC Disbursement or reduce the rate of interest thereon, or reduce or forgive any interest or
fees payable hereunder, without the written consent of each Lender directly and adversely affected thereby (including any such
Lender that is a Defaulting Lender), provided, however, that only the consent of the Required Lenders shall be necessary
to amend the provisions with respect to the application or amount of the default rate described in Section 2.13(c) or waive any
obligation of any Borrower to pay interest or fees at such default rate and with respect to amendments to any financial covenant
ratios or related definitions, the impact of which may reduce interest, (iii) postpone the scheduled date of payment or amortization
of the principal amount of any Loan or LC Disbursement, or any date for payment of any interest thereon, or any fees payable hereunder,
or reduce the amount of, waive or excuse any such payment (in each case excluding, for the avoidance of doubt, mandatory prepayments
under Section 2.11), or postpone the scheduled date of expiration of any Commitment, without the written consent of each Lender
directly and adversely affected thereby (including any such Lender that is a Defaulting Lender), (iv) change Section 2.18(b) or
(d) in a manner that would alter the pro rata sharing of payments required thereby, without the written consent of each
Lender, (v) release the Borrower from its Obligations without the written consent of each Lender, (vi) change any of the provisions
of this Section or the definition of “Required Lenders” or, except as provided in the following clause (viii), any
other provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or
make any determination or grant any consent hereunder, without the written consent of each Lender (it being understood that, solely
with the consent of the parties to an Incremental Term Loan Amendment, Incremental Term Loans may be included in the determination
of the Required Lenders, the Required Revolving Lenders and the Required Term Lenders, as applicable, on substantially the same
basis as the Commitments and the Term Loans are included on the Effective Date) (provided that with the consent of the Administrative
Agent, the provisions of this Section and the definition of the term “Required Lenders” may be amended to include references
to any new class of loans created under this Agreement (or to lenders extending such loans) on substantially the same basis as
the corresponding references relating to the existing classes of Loans or Lenders), (vii) change Section 2.20, without the consent
of each Lender (other than any Defaulting Lender), (viii) change the definition of “Required Revolving Lenders” or
 “Required Term Lenders”, without the written consent of each Revolving Lender or each Term Lender, respectively (other
than any Defaulting Lender), (ix) change any provisions of any Loan Document in a manner that by its terms adversely affects the
rights in respect of payments due to Lenders holding Loans of any Class differently than Lenders holding Loans of any other Class,
without the written consent of the Required Revolving Lenders and the Required Term Lenders, as the case may be, of the Class of
Loans adversely affected thereby, (x) release all or substantially all of the Loan Guarantors from their obligations under the
Loan Guaranty, without the written consent of each Lender (other than any Defaulting Lender) (except as otherwise expressly provided
for herein), (xi) except as provided in paragraph (d) of this Section, release all or substantially all of the Collateral (except
as otherwise expressly provided for herein), without the written consent of each Lender (other than any Defaulting Lender), or
(xii) change the definition of “Alternative Currency” without the written consent of each Lender; provided further,
that no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent or the Issuing
Bank hereunder without the prior written consent of the Administrative Agent or the Issuing Bank, as the case may be (it being
understood that any change to Section 2.20 shall require the consent of the Administrative Agent and the Issuing Bank); provided
further, that no such agreement shall amend or modify the provisions of Section 2.06 or any letter of credit application and
any bilateral agreement between the Borrower and the Issuing Bank regarding the Issuing Bank’s Letter of Credit Commitment
or the respective rights and obligations between the Borrower and the Issuing Bank in connection with the issuance of Letters of
Credit without the prior written consent of the Borrower, the Administrative Agent and the Issuing Bank, respectively. The Administrative
Agent may also amend Schedule 2.01A or 2.01B to reflect assignments entered into pursuant to Section 9.04.

 

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(c)               Notwithstanding
any provision herein to the contrary, this Agreement may be amended with the written consent of the Required Lenders, the Administrative
Agent and the Borrower (1) to add one or more additional revolving credit or term loan facilities to this Agreement and to permit
the extensions of credit and all related obligations and liabilities arising in connection therewith from time to time outstanding
to share ratably (or on a basis subordinated to the existing facilities hereunder) in the benefits of this Agreement and the other
Loan Documents with the obligations and liabilities from time to time outstanding in respect of the existing facilities hereunder,
and (ii) in connection with the foregoing, to permit, as deemed appropriate by the Administrative Agent, the Lenders providing
such additional credit facilities to participate in any required vote or action required to be approved by the Required Lenders
or by any other number, percentage or class of Lenders hereunder.

 

(d)               If
any Lender does not consent to a proposed amendment, waiver, consent or release with respect to any Loan Document that requires
the consent of each Lender (or each affected Lender) and that has been approved by the Required Lenders, the Required Term Lenders,
or the Required Revolving Lenders, the Borrower may replace such Non-Consenting Lender in accordance with Section 2.19; provided
that such amendment, waiver, consent or release can be effected as a result of the assignment contemplated by such Section (together
with all other such assignments required by the Borrower to be made pursuant to this paragraph).

 

(e)               If
the Administrative Agent and the Borrower acting together identify any ambiguity, omission, mistake, typographical error or other
defect in any provision of this Agreement or any other Loan Document, then the Administrative Agent and the Borrower shall be permitted
to amend, modify or supplement such provision to cure such ambiguity, omission, mistake, typographical error or other defect, and
such amendment shall become effective without any further action or consent of any other party to this Agreement.

 

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(f)               The
Lenders hereby irrevocably authorize the Administrative Agent, at its option and in its sole discretion, to release any Liens granted
to or held by the Administrative Agent upon any Collateral (i) upon the termination of all the Commitments, payment and satisfaction
in full in cash of all Secured Obligations (other than (A) contingent obligations and (B) Secured Swap Obligations and Secured
Banking Services Obligations as to which arrangements satisfactory to the applicable Swap Provider or Banking Services Provider
have been made), and the expiration or termination of all Letters of Credit (other than Letters of Credit as to which other arrangements
satisfactory to the Administrative Agent and the Issuing Bank have been made), (ii) constituting property being sold or disposed
of if the Borrower certifies to the Administrative Agent that the sale or disposition is made in compliance with the terms of this
Agreement (and the Administrative Agent may rely conclusively on any such certificate, without further inquiry), (iii) constituting
property leased to the Borrower or any Subsidiary under a lease which has expired or been terminated in a transaction permitted
under this Agreement, (iv) as required to effect any sale or other disposition of such Collateral in connection with any exercise
of remedies of the Administrative Agent and the Lenders pursuant to Article VII, (v) as otherwise permitted by, but only in accordance
with, the terms of any Loan Document, or (vi) if approved, authorized or ratified in writing by the Required Lenders, unless such
release is required to be approved by all of the Lenders hereunder. Upon request by the Administrative Agent at any time, the Lenders
will confirm in writing the Administrative Agent’s authority to release particular types or items of Collateral pursuant
hereto. Any such release shall not in any manner discharge, affect, or impair the Secured Obligations or any Liens (other than
those expressly being released) upon (or obligations of the Loan Parties in respect of) all interests retained by the Domestic
Loan Parties, including the proceeds of any sale, all of which shall continue to constitute part of the Collateral.

 

SECTION 9.03               Expenses;
Indemnity; Damage Waiver. (a) The Loan Parties, jointly and severally, shall pay or promptly reimburse (i) all reasonable and
documented out-of-pocket expenses incurred by the Administrative Agent, Lead Arrangers and their respective Affiliates (limited,
in the case of legal costs, to the reasonable and documented fees, charges and disbursements of one primary counsel for the Administrative
Agent and Lead Arrangers collectively (including reasonably necessary local counsel for the Administrative Agent and Lead Arrangers
collectively), in connection with the syndication of the credit facilities provided for herein, (ii) all reasonable and documented
out-of-pocket expenses incurred by the Administrative Agent and its Affiliates (limited in the case of legal costs, to the reasonable
and documented fees, charges and disbursements of one primary counsel for the Administrative Agent and reasonably necessary local
counsel for the Administrative Agent), in connection with the preparation, execution, delivery and administration of this Agreement
and the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the
transactions contemplated hereby or thereby shall be consummated), (iii) all reasonable and documented out-of-pocket expenses incurred
by the Issuing Bank in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for
payment thereunder and (iv) all documented out-of-pocket expenses incurred by the Administrative Agent, the Issuing Bank or any
Lender (limited in the case of legal costs, to the reasonable and documented fees, charges and disbursements of one primary counsel
to all such persons, collectively, one local counsel for each other relevant jurisdiction, to all such persons, collectively, and
additional counsel (to be shared by similarly situated persons) in light of conflicts of interest for the Administrative Agent,
the Issuing Bank or any Lender) during the existence of an Event of Default, in connection with the enforcement, collection or
protection of its rights in connection with this Agreement and the other Loan Documents, including its rights under this Section,
or in connection with the Loans made or Letters of Credit issued hereunder, including all such out-of-pocket expenses incurred
during the existence of an Event of Default and during any workout, restructuring or negotiations in respect of such Loans or Letters
of Credit.

 

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(b)               Each
of the Loan Parties, jointly and severally, shall indemnify the Administrative Agent, the Issuing Bank and each Lender, and each
Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against,
and hold each Indemnitee harmless from, any and all losses, claims, damages, penalties, incremental taxes, liabilities and related
reasonable and documented expenses, (limited in the case of legal costs, to the fees, charges and disbursements of one primary
counsel to all such persons, collectively, one local counsel to all such persons, collectively, for each other relevant jurisdiction,
and additional counsel (to be shared by similarly situated persons) in light of conflicts of interest for any Indemnitee), incurred
by or asserted against any Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery of this
Agreement, any other Loan Document, or any agreement or instrument contemplated hereby or thereby, the performance by the parties
hereto of their respective obligations hereunder or thereunder or the consummation of the Transactions or any other transactions
contemplated hereby, (ii) any Loan or Letter of Credit or the use of the proceeds therefrom (including any refusal by the Issuing
Bank to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly
comply with the terms of such Letter of Credit), or (iii) any actual or prospective claim, litigation, investigation or proceeding
relating to any of the foregoing, whether or not such claim, litigation, investigation or proceeding is brought by the Borrower
or any other Loan Party or their respective equity holders, Affiliates, creditors or any other third Person and whether based on
contract, tort or any other theory and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall
not, as to any Indemnitee, be available to the extent (a) that such losses, claims, damages, penalties, liabilities or related
expenses are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross
negligence, or willful misconduct of such Indemnitee or material breach of such Indemnitee’s obligations hereunder or under
any other Loan Document or (b) any dispute solely among the Indemnitee that does not involve an act or omission of the Borrower
or any of its Affiliates (other than any claims against an Indemnitee in its capacity as an administrative agent or arranger or
any similar role under the Loan Documents).This Section 9.03(b) shall not apply with respect to Taxes other than any Taxes that
represent losses, claims or damages arising from any non-Tax claim.

 

(c)               To
the extent that the Borrower fails to pay any amount required to be paid by it to the Administrative Agent or the Issuing Bank
under paragraph (a) or (b) of this Section, each Lender severally agrees to pay to the Administrative Agent or the Issuing Bank,
as the case may be, such Lender’s Applicable Percentage (determined as of the time that the applicable unreimbursed expense
or indemnity payment is sought) of such unpaid amount; provided that the unreimbursed expense or indemnified loss, claim, damage,
penalty, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent or the
Issuing Bank in their capacity as such.

 

(d)               To
the extent permitted by applicable law, no party hereto shall assert, and each such party hereby waives, any claim against any
other party hereto, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct
or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document, or any agreement
or instrument contemplated hereby or thereby, the Transactions, any Loan or Letter of Credit or the use of the proceeds thereof;
provided that, nothing in this clause (d) shall relieve the Borrower of any obligation it may have to indemnify an Indemnitee against
special, indirect, consequential or punitive damages asserted against such Indemnitee by a third party.

 

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(e)               All
amounts due under this Section shall be payable promptly after written demand therefor.

 

SECTION 9.04               Successors
and Assigns. (a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and
their respective successors and assigns permitted hereby (including any Affiliate of the Issuing Bank that issues any Letter of
Credit), except that (i) the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the
prior written consent of each Lender (and any attempted assignment or transfer by the Borrower without such consent shall be null
and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this
Section. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties
hereto, their respective successors and assigns permitted hereby (including any Affiliate of the Issuing Bank that issues any Letter
of Credit), Participants (to the extent provided in paragraph (c) of this Section) and, to the extent expressly contemplated hereby,
the Related Parties of each of the Administrative Agent, the Issuing Bank and the Lenders) any legal or equitable right, remedy
or claim under or by reason of this Agreement.

 

(b)               (i)
Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or more Persons (other than an Ineligible
Institution or Excluded Person) all or a portion of its rights and obligations under the Loan Documents (including all or a portion
of its Commitment, participations in Letters of Credit and the Loans at the time owing to it) with the prior written consent (such
consent not to be unreasonably withheld) of:

 

(A)            
the Borrower, provided that, the Borrower shall be deemed to have consented to an assignment unless it shall have objected
thereto by written notice to the Administrative Agent within ten (10) Business Days after having received notice thereof; provided
that no consent of the Borrower shall be required for an assignment to a Lender, an Affiliate of a Lender, an Approved Fund or,
if an Event of Default has occurred and is continuing, any other assignee;

 

(B)             the
Administrative Agent; provided that no consent of the Administrative Agent shall be required for an assignment of (x) any Revolving
Loan or Revolving Commitment to an assignee that is a Lender immediately prior to giving effect to such assignment, an Affiliate
of such a Lender or an Approved Fund with respect to such a Lender and (y) all or any portion of a Term Loan to a Lender, an Affiliate
of a Lender or an Approved Fund; and

 

(C)             the
Issuing Bank; provided that no consent of the Issuing Bank shall be required for an assignment of all or any portion of a Term
Loan.

 

	 	(ii)	Assignments shall be subject to the following additional conditions:

 

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(A)            
except in the case of an assignment to a Lender or an Affiliate of a Lender or an assignment of the entire remaining amount
of the assigning Lender’s Commitment or Loans of any Class, the amount of the Commitment or Loans of the assigning Lender
subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered
to the Administrative Agent) shall not be less than $5,000,000 or, in the case of a Term Loan, $1,000,000 unless each of the Borrower
and the Administrative Agent otherwise consent; provided that no such consent of the Borrower shall be required if an Event of
Default under Section 7.01(a), (b), (d) (solely as it relates to a breach of Section 5.01 and Section 6.10), (f), (g), (h) or (i)
has occurred and is continuing;

 

(B)            
each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights
and obligations under this Agreement; provided that this clause shall not be construed to prohibit the assignment of a proportionate
part of all the assigning Lender’s rights and obligations in respect of one Class of Commitments or Loans;

 

(C)            
the parties to each assignment shall execute and deliver to the Administrative Agent (x) an Assignment and Assumption or
(y) to the extent applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to a Platform as to
which the Administrative Agent and the parties to the Assignment and Assumption are participants), together with a processing and
recordation fee of $3,500; provided that only one such processing and recordation fee shall be payable in the event of simultaneous
assignments from any Lender or its Approved Funds to one or more other Approved Funds of such Lender; and

 

(D)            
the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire in
which the assignee designates one or more credit contacts to whom all syndicate-level information (which may contain material non-public
information about the Loan Parties and their Related Parties or their respective securities) will be made available and who may
receive such information in accordance with the assignee’s compliance procedures and applicable laws, including Federal and
state securities laws.

 

For the purposes of this Section 9.04(b),
the term “Approved Fund” and “Ineligible Institution” have the following meanings:

 

“Approved Fund” means any Person
(other than a natural person) that is engaged in making, purchasing, holding or investing in bank loans and similar extensions
of credit in the ordinary course of its business and that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender
or (c) an entity or an Affiliate of an entity that administers or manages a Lender.

 

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“Ineligible Institution” means
a (a) natural person, (b) company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural
person or relative(s) thereof; provided that, such company, investment vehicle or trust shall not constitute an Ineligible Institution
if it (i) has not been established for the primary purpose of acquiring any Loans or Commitments, (ii) is managed by a professional
advisor, who is not such natural person or a relative thereof, having significant experience in the business of making or purchasing
commercial loans, and (iii) has assets greater than $25,000,000 and a significant part of its activities consist of making or purchasing
commercial loans and similar extensions of credit in the ordinary course of its business, (c) a Defaulting Lender or its Lender
Parent, or (d) the Borrower or any of its Subsidiaries or other Affiliates.

 

	 	(iii)	Subject to acceptance and recording thereof pursuant to paragraph (b)(iv) of this Section, from and after the effective date specified in each Assignment and Assumption the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.15, 2.16, 2.17 and 9.03). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 9.04 shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph (c) of this Section.

 

	 	(iv)	The Administrative Agent, acting for this purpose as a non-fiduciary agent of the Borrower, shall maintain at one of its offices a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitment of, and principal amount (and stated interest) of the Loans and LC Disbursements owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive absent manifest error, and the Borrower, the Administrative Agent, the Issuing Bank and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrower, the Issuing Bank and any Lender, at any reasonable time and from time to time upon reasonable prior notice.

 

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	 	(v)	Upon its receipt of (x) a duly completed Assignment and Assumption executed by an assigning Lender and an assignee or (y) to the extent applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to a Platform as to which the Administrative Agent and the parties to the Assignment and Assumption are participants), the assignee’s completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of this Section and any written consent to such assignment required by paragraph (b) of this Section, the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register; provided that if either the assigning Lender or the assignee shall have failed to make any payment required to be made by it pursuant to Section 2.06(d) or (e), 2.07(b), 2.18(e) or 9.03(c), the Administrative Agent shall have no obligation to accept such Assignment and Assumption and record the information therein in the Register unless and until such payment shall have been made in full, together with all accrued interest thereon. No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph.

 

(c)              Any
Lender may, without the consent of the Borrower, the Administrative Agent, the Issuing Bank, sell participations to one or more
banks or other entities (a “Participant”), other than an Ineligible Institution or Excluded Person, in
all or a portion of such Lender’s rights and obligations under this Agreement (including all or a portion of its Commitment
and the Loans owing to it); provided that (A) such Lender’s obligations under this Agreement shall remain unchanged; (B)
such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations; and (C) the Borrower,
the Administrative Agent, the Issuing Bank and the other Lenders shall continue to deal solely and directly with such Lender in
connection with such Lender’s rights and obligations under this Agreement. Any agreement or instrument pursuant to which
a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to
approve any amendment, modification or waiver of any provision of this Agreement or any other Loan Document; provided that such
agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment,
modification or waiver described in the first proviso to Section 9.02(b) that directly or adversely affects such Participant. The
Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.15, 2.16 and 2.17 (subject to the requirements
and limitations therein, including the requirements under Sections 2.17(f) and (g) (it being understood that the documentation
required under Section 2.17(f) shall be delivered to the participating Lender and the information and documentation required under
2.17(g) will be delivered to the Borrower and the Administrative Agent)) to the same extent as if it were a Lender and had acquired
its interest by assignment pursuant to paragraph (b) of this Section; provided that such Participant (A) agrees to be subject to
the provisions of Section 2.19 as if it were an assignee under paragraph (b) of this Section; and (B) shall not be entitled to
receive any greater payment under Section 2.15 or 2.17, with respect to any participation, than its participating Lender would
have been entitled to receive.

 

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(d)               Each
Lender that sells a participation agrees to effectuate the provisions of Section 2.19(b) with respect to any Participant. To the
extent permitted by law, each Participant also shall be entitled to the benefits of Section 9.08 as though it were a Lender; provided
that such Participant agrees to be subject to Section 2.18(d) as though it were a Lender. 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 the Loan Documents (the “Participant Register”); provided that no Lender shall have
any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information
relating to a Participant’s interest in any Commitments, Loans, Letters of Credit or its other obligations under any Loan
Document) to any Person except to the extent that such disclosure is necessary to establish that such Commitment, Loan, 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.

 

(e)               Any
Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure
obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank, and this Section
shall not apply to any such pledge or assignment of a security interest; provided that no such pledge or assignment of a security
interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender
as a party hereto.

 

(f)                Any
assignment or participation made to an Excluded Person in violation of this Section 9.04 shall not be void, but the other provisions
of this Section 9.04 shall apply. If any assignment or participation is made to an Ineligible Institution or Excluded Person in
violation of this Section 9.04, the Borrower may, at its sole expense and effort, upon notice to the Ineligible Institution or
Excluded Person, as the case may be, and the Administrative Agent, (A) terminate the Commitment of the applicable Ineligible
Institution or Excluded Person and repay all Obligations (other than Unliquidated Obligations that have not yet arisen) of the
Borrower owing to such Ineligible Institution or Excluded Person, as the case may be, in connection with such Commitment and/or
(B) require such Ineligible Institution or Excluded Person, as the case may be, to assign, without recourse (in accordance
with and subject to the restrictions contained in this Section 9.04), all of its interest, rights and obligations under this Agreement
and any applicable participation agreement to one or more Persons (other than an Ineligible Institution or Excluded Person) at
the lesser of (x) the principal amount thereof and (y) the amount that such Ineligible Institution or Excluded Person,
as the case may be, paid to acquire such interests, rights and obligations.

 

SECTION 9.05               Survival.
All covenants, agreements, representations and warranties made by the Loan Parties in the Loan Documents and in the certificates
or other instruments delivered in connection with or pursuant to this Agreement or any Loan Document shall be considered to have
been relied upon by the other parties hereto and shall survive the execution and delivery of the Loan Documents and the making
of any Loans and issuance of any Letters of Credit, regardless of any investigation made by any such other party or on its behalf
and notwithstanding that the Administrative Agent, the Issuing Bank or any Lender may have had notice or knowledge of any Default
or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect
as long as the principal of or any accrued interest on any Loan or any fee or any other amount payable under this Agreement is
outstanding and unpaid or any Letter of Credit is outstanding and so long as the Commitments have not expired or terminated. The
provisions of Sections 2.15, 2.16, 2.17 and 9.03 and Article VIII shall survive and remain in full force and effect regardless
of the consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the Letters
of Credit and the Commitments or the termination of this Agreement or any provision hereof.

 

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SECTION 9.06               Counterparts;
Integration; Effectiveness; Electronic Execution. (a) This Agreement may be executed in counterparts (and by different parties
hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute
a single contract. This Agreement, the other Loan Documents and any separate letter agreements with respect to fees payable to
the Administrative Agent constitute the entire contract among the parties relating to the subject matter hereof and supersede any
and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in Section
4.01, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative
Agent shall have received counterparts hereof which, when taken together, bear the signatures of each of the other parties hereto,
and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.

 

(b)              Delivery
of an executed counterpart of a signature page of this Agreement by telecopy, emailed pdf. or any other electronic means that reproduces
an image of the actual executed signature page shall be effective as delivery of a manually executed counterpart of this Agreement.
The words “execution,” “signed,” “signature,” “delivery,” and words of like import
in or relating to any document to be signed in connection with this Agreement and the transactions contemplated hereby shall be
deemed to include Electronic Signatures, deliveries or the keeping of records in electronic form, each of which shall be of the
same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based
recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic
Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar
state laws based on the Uniform Electronic Transactions Act; provided that nothing herein shall require the Administrative Agent
to accept electronic signatures in any form or format without its prior written consent.

 

SECTION 9.07               Severability.
Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability
of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate
such provision in any other jurisdiction.

 

SECTION 9.08               Right
of Setoff. If an Event of Default shall have occurred and be continuing, each Lender, each Issuing Bank, and each of their
respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, upon any
amount becoming due and payable by the Borrower hereunder (whether at stated maturity, by acceleration or otherwise) to setoff
and apply any and all deposits (general or special, time or demand, provisional or final) at any time held, and other obligations
at any time owing, by such Lender, such Issuing Bank or any such Affiliate, to or for the credit or the account of the Borrower
against any and all of the obligations of the Borrower now or hereafter existing under this Agreement or any other Loan Document
to such Lender or such Issuing Bank or their respective Affiliates, irrespective of whether or not such Lender, Issuing Bank or
Affiliate shall have made any demand under this Agreement or any other Loan Document and although such obligations of the Borrower
may be contingent or unmatured or are owed to a branch office or Affiliate of such Lender or such Issuing Bank different from the
branch office or Affiliate holding such deposit or obligated on such indebtedness; provided that in the event that any Defaulting
Lender shall exercise any such right of setoff, (x) all amounts so setoff shall be paid over immediately to the Administrative
Agent for further application in accordance with the provisions of Section 2.20 and, pending such payment, shall be segregated
by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent, the Issuing
Banks, and the Lenders, and (y) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing
in reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. The rights
of each Lender, each Issuing Bank and their respective Affiliates under this Section are in addition to other rights and remedies
(including other rights of setoff) that such Lender, such Issuing Bank or their respective Affiliates may have. Each Lender and
Issuing Bank agrees to notify the Borrower and the Administrative Agent immediately after any such setoff and application; provided
that the failure to give such notice shall not affect the validity of such setoff and application.

 

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SECTION 9.09               Governing
Law; Jurisdiction; Consent to Service of Process. (a) This Agreement shall be construed in accordance with and governed by
the law of the State of New York.

 

(b)               Each
of the parties hereto hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction
of the Supreme Court of the State of New York sitting in the Borough of Manhattan, and of the United States District Court for
the Southern District of New York sitting in the Borough of Manhattan, and any appellate court from any thereof, in any action
or proceeding arising out of or relating to this Agreement, or for recognition or enforcement of any judgment, and each of the
parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be
heard and determined in such New York State or, to the extent permitted by law, in such Federal court. Each of the parties hereto
agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by
suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right that the Administrative
Agent, the Issuing Bank or any Lender may otherwise have to bring any action or proceeding relating to this Agreement against the
Borrower or its properties in the courts of any jurisdiction.

 

(c)               Each
of the parties hereto hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so,
any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating
to this Agreement in any court referred to in paragraph (b) of this Section. Each of the parties hereto hereby irrevocably waives,
to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in
any such court.

 

(d)               Each
party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 9.01. Nothing
in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law.

 

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SECTION 9.10               WAIVER
OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO
A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE,
AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF
LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO
ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

SECTION 9.11               Headings.
Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this
Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement.

 

SECTION 9.12               Confidentiality.
Each of the Administrative Agent, the Issuing Bank and the Lenders agrees to maintain the confidentiality of the Information (as
defined below), except that Information may be disclosed (a) to its and its Affiliates’ directors, officers, employees and
agents, including accountants, legal counsel and other advisors (it being understood that the Persons to whom such disclosure is
made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b)
to the extent requested by any Governmental Authority (including any self-regulatory authority, such as the National Association
of Insurance Commissioners) (provided that, unless prohibited by applicable law or court order, the Administrative Agent, applicable
Lender or Issuing Bank, as the case may be, shall notify the Borrower of any request by any Governmental Authority (other than
any such request in connection with an examination of the Administrative Agent, applicable Lender or Issuing Bank) for disclosure
of any such nonpublic Information prior to disclosure of such Information), (c) to the extent required by applicable laws or regulations
or by any subpoena or similar legal process, (d) to any other party to this Agreement, (e) in connection with the exercise of any
remedies hereunder or under any other Loan Document or any suit, action or proceeding relating to this Agreement any other Loan
Document or the enforcement of rights hereunder or thereunder (provided that the Borrower shall be given notice thereof and a reasonable
opportunity to seek a protective court order with respect to such Information prior to such disclosure (it being understood that
the refusal by a court to grant such a protective order shall not prevent the disclosure of such Information thereafter) and any
foreclosure, sale or other disposition of any Collateral in connection with the exercise of remedies under the Collateral Documents,
subject to each potential transferee of such Collateral having entered into customary confidentiality undertakings with respect
to such Collateral prior to the disclosure thereof to such Person (which confidentiality obligations will cease to apply to any
transferee upon the consummation of its acquisition of such Collateral)), (f) subject to an agreement containing provisions substantially
the same as those of this Section, to (1) any assignee of or Participant in, or any prospective assignee of or Participant in,
any of its rights or obligations under this Agreement or (2) any actual or prospective counterparty (or its advisors) to any swap
or derivative transaction relating to the Borrower and its obligations, (g) with the consent of the Borrower, (h) to the extent
such Information (1) becomes publicly available other than as a result of a breach of this Section 9.12 or (2) becomes available
to the Administrative Agent, the Issuing Bank or any Lender on a non-confidential basis from a source other than the Borrower that,
to the knowledge of the Administrative Agent or the applicable Lender, Issuing Bank or Affiliate, is not subject to contractual
or fiduciary confidentiality obligations, or (i) on a confidential basis to (1) any rating agency in connection with rating the
Borrower or its Subsidiaries or the credit facilities hereunder or (2) the CUSIP Service Bureau or any similar agency in connection
with the issuance and monitoring of CUSIP numbers with respect to the credit facilities hereunder. For the purposes of this Section,
 “Information” means all information received from or on behalf of any Loan Party relating to any Loan
Party or its business pursuant to or in connection with the Loan Documents, other than any such information that is available to
the Administrative Agent, the Issuing Bank or any Lender on a non-confidential basis prior to or concurrently with disclosure by
such Person and other than information pertaining to this Agreement routinely provided by arrangers to data service providers,
including league table providers, that serve the lending industry. Any Person required to maintain the confidentiality of Information
as provided in this Section 9.12 shall be considered to have complied with its obligation to do so if such Person has exercised
the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential
information.

 

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SECTION 9.13               Material
Non-Public Information.

 

(a)               EACH
LENDER ACKNOWLEDGES THAT INFORMATION AS DEFINED IN SECTION 9.12 FURNISHED TO IT PURSUANT TO THIS AGREEMENT MAY INCLUDE MATERIAL
NON-PUBLIC INFORMATION CONCERNING THE BORROWER AND ITS AFFILIATES AND THEIR RELATED PARTIES OR THEIR RESPECTIVE SECURITIES, AND
CONFIRMS THAT IT HAS DEVELOPED COMPLIANCE PROCEDURES REGARDING THE USE OF MATERIAL NON-PUBLIC INFORMATION AND THAT IT WILL HANDLE
SUCH MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH THOSE PROCEDURES AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE SECURITIES
LAWS.

 

(b)              ALL
INFORMATION, INCLUDING REQUESTS FOR WAIVERS AND AMENDMENTS, FURNISHED BY THE BORROWER OR THE ADMINISTRATIVE AGENT PURSUANT TO,
OR IN THE COURSE OF ADMINISTERING, THIS AGREEMENT WILL BE SYNDICATE-LEVEL INFORMATION, WHICH MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION
ABOUT THE BORROWER, THE LOAN PARTIES AND THEIR RELATED PARTIES OR THEIR RESPECTIVE SECURITIES. ACCORDINGLY, EACH LENDER REPRESENTS
TO THE BORROWER AND THE ADMINISTRATIVE AGENT THAT IT HAS IDENTIFIED IN ITS ADMINISTRATIVE QUESTIONNAIRE A CREDIT CONTACT WHO MAY
RECEIVE INFORMATION THAT MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH ITS COMPLIANCE PROCEDURES AND APPLICABLE
LAW, INCLUDING FEDERAL AND STATE SECURITIES LAWS.

 

SECTION 9.14               Several
Obligations; Nonreliance; Violation of Law. The respective obligations of the Lenders hereunder are several and not joint and
the failure of any Lender to make any Loan or perform any of its obligations hereunder shall not relieve any other Lender from
any of its obligations hereunder. Each Lender hereby represents that it is not relying on or looking to any margin stock (as defined
in Regulation U of the Board) for the repayment of the Borrowings provided for herein. Anything contained in this Agreement to
the contrary notwithstanding, neither the Issuing Bank nor any Lender shall be obligated to extend credit to the Borrower in violation
of any Requirement of Law.

 

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SECTION 9.15               USA
PATRIOT Act. Each Lender that is subject to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into
law October 26, 2001)) (the “USA Patriot Act”) hereby notifies each Loan Party that pursuant to the requirements
of the Act, it is required to obtain, verify and record information that identifies each Loan Party, which information includes
the name and address of each Loan Party and other information that will allow such Lender to identify each Loan Party in accordance
with the Act.

 

SECTION 9.16               Appointment
for Perfection. Each Lender hereby appoints each other Lender as its agent for the purpose of perfecting Liens, for the benefit
of the Administrative Agent and the Secured Parties, in assets which, in accordance with Article 9 of the UCC or any other applicable
law can be perfected only by possession or control. Should any Lender (other than the Administrative Agent) obtain possession or
control of any such Collateral, such Lender shall notify the Administrative Agent thereof, and, promptly upon the Administrative
Agent’s request therefor shall deliver such Collateral to the Administrative Agent (if applicable) or otherwise deal with
such Collateral in accordance with the Administrative Agent’s instructions.

 

SECTION 9.17               Interest
Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any Loan,
together with all fees, charges and other amounts which are treated as interest on such Loan under applicable law (collectively
the “Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”) which
may be contracted for, charged, taken, received or reserved by the Lender holding such Loan in accordance with applicable law,
the rate of interest payable in respect of such Loan hereunder, together with all Charges payable in respect thereof, shall be
limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such
Loan but were not payable as a result of the operation of this Section shall be cumulated and the interest and Charges payable
to such Lender in respect of other Loans or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated
amount, together with interest thereon at the Federal Funds Effective Rate to the date of repayment, shall have been received by
such Lender.

 

SECTION 9.18               No
Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction contemplated hereby (including in
connection with any amendment, waiver or other modification hereof or of any other Loan Document), the Borrower acknowledges and
agrees that: (i) (A) the arranging and other services regarding this Agreement provided by the Lenders are arm’s-length commercial
transactions between the Borrower and its Affiliates, on the one hand, and the Lenders and their Affiliates, on the other hand,
(B) the Borrower has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate,
and (C) the Borrower is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions
contemplated hereby and by the other Loan Documents; (ii) (A) each of the Lenders and their Affiliates is and has been acting solely
as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting
as an advisor, agent or fiduciary for the Borrower or any of its Affiliates, or any other Person and (B) no Lender or any of its
Affiliates has any obligation to the Borrower or any of its Affiliates with respect to the transactions contemplated hereby except,
in the case of a Lender, those obligations expressly set forth herein and in the other Loan Documents; and (iii) each of the Lenders
and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of
the Borrower and its Affiliates, and no Lender or any of its Affiliates has any obligation to disclose any of such interests to
the Borrower or its Affiliates. To the fullest extent permitted by law, the Borrower hereby waives and releases any claims that
it may have against each of the Lenders and their Affiliates with respect to any breach or alleged breach of agency or fiduciary
duty in connection with any aspect of any transaction contemplated hereby.

 

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SECTION 9.19               No
Fiduciary Duty, etc. The Borrower acknowledges and agrees, and acknowledges its subsidiaries’ understanding, that no
Credit Party will have any obligations except those obligations expressly set forth herein and in the other Loan Documents and
each Credit Party is acting solely in the capacity of an arm’s length contractual counterparty to the Borrower with respect
to the Loan Documents and the transaction contemplated therein and not as a financial advisor or a fiduciary to, or an agent of,
the Borrower or any other person. The Borrower agrees that it will not assert any claim against any Credit Party based on an alleged
breach of fiduciary duty by such Credit Party in connection with this Agreement and the transactions contemplated hereby. Additionally,
the Borrower acknowledges and agrees that no Credit Party is advising the Borrower as to any legal, tax, investment, accounting,
regulatory or any other matters in any jurisdiction. The Borrower shall consult with its own advisors concerning such matters and
shall be responsible for making its own independent investigation and appraisal of the transactions contemplated hereby, and the
Credit Parties shall have no responsibility or liability to the Borrower with respect thereto.

 

The Borrower further acknowledges and agrees,
and acknowledges its subsidiaries’ understanding, that each Credit Party, together with its affiliates, is a full service
securities or banking firm engaged in securities trading and brokerage activities as well as providing investment banking and other
financial services. In the ordinary course of business, any Credit Party may provide investment banking and other financial services
to, and/or acquire, hold or sell, for its own accounts and the accounts of customers, equity, debt and other securities and financial
instruments (including bank loans and other obligations) of, the Borrower and other companies with which the Borrower may have
commercial or other relationships. With respect to any securities and/or financial instruments so held by any Credit Party or any
of its customers, all rights in respect of such securities and financial instruments, including any voting rights, will be exercised
by the holder of the rights, in its sole discretion.

 

In addition, the Borrower acknowledges and
agrees, and acknowledges its subsidiaries’ understanding, that each Credit Party and its affiliates may be providing debt
financing, equity capital or other services (including financial advisory services) to other companies in respect of which the
Borrower may have conflicting interests regarding the transactions described herein and otherwise. No Credit Party will use confidential
information obtained from the Borrower by virtue of the transactions contemplated by the Loan Documents or its other relationships
with the Borrower in connection with the performance by such Credit Party of services for other companies, and no Credit Party
will furnish any such information to other companies. The Borrower also acknowledges that no Credit Party has any obligation to
use in connection with the transactions contemplated by the Loan Documents, or to furnish to the Borrower, confidential information
obtained from other companies.

 

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SECTION 9.20               Amendment
and Restatement of Existing Credit Agreement. On the Effective Date, (a) this Agreement shall amend and restate the Existing
Credit Agreement in its entirety but, for the avoidance of doubt, shall not constitute a novation, discharge, rescission, extinguishment
or substitution of the parties’ rights and obligations thereunder, (b) the respective “Commitments” thereunder
(and as defined therein) shall automatically continue as “Commitments” herein, (c) the rights and obligations of the
parties hereto evidenced by the Existing Credit Agreement shall be evidenced by this Agreement and the other Loan Documents, (d)
the “Revolving Loans” under (and as defined in) the Existing Credit Agreement shall remain outstanding and be continued
as, and converted to, Revolving Loans hereunder and the “Term Loans” under (and as defined in) the Existing Credit
Agreement shall remain outstanding and be continued as, and converted to, Term Loans hereunder (and in the case of Revolving Loans
and/or Term Loans that are Eurodollar Loans, with the same Interest Periods or the remaining portions of such Interest Periods,
as applicable, established therefor under the Existing Credit Agreement), and shall bear interest and be subject to such other
fees as set forth in this Agreement, and (e) the security interests granted under the Collateral Documents shall continue to secure
the Secured Obligations. In connection with the foregoing, (x) all such Loans and all participations in Letters of Credit and LC
Exposure that are continued hereunder shall immediately upon the effectiveness of this Agreement, to the extent necessary to ensure
the Lenders hold such Loans and participations ratably, be reallocated among the Lenders in accordance with their respective Applicable
Percentages, as evidenced on Schedule 2.01A, (y) each applicable Lender to whom Loans are so reallocated shall make full
cash settlement on the Effective Date, through the Administrative Agent, as the Administrative Agent may direct with respect to
such reallocation, in the aggregate amount of the Loans so reallocated to each such Lender, and (z) each applicable Lender hereby
waives any breakage fees in respect of such reallocation of Eurodollar Loans on the Effective Date. All interest and fees and expenses,
if any, owing or accruing under or in respect of the Existing Credit Agreement to the Effective Date shall be calculated as of
the Effective Date (pro-rated in the case of any fractional periods), and shall be paid on the Effective Date.

 

SECTION 9.21               Acknowledgement
and Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any
other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any
EEA Financial Institution arising under any Loan Document may be subject to the Write-Down and Conversion Powers of an EEA Resolution
Authority and agrees and consents to, and acknowledges and agrees to be bound by:

 

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

 

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

 

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

 

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

 

	 	(iii)	the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of any EEA Resolution Authority.

 

SECTION 9.22               Certain
ERISA Matters. (a) Each Lender (x) represents and warrants,
as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party
hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent, and each Lead
Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other
Loan Party, that at least one of the following is and will be true:

 

	 	(i)	such Lender is not using “plan assets” (within the meaning of the Plan Asset Regulations) of one or more Benefit Plans in connection with the Loans, the Letters of Credit or the Commitments,

 

	 	(ii)	the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement,

 

	 	(iii)	(A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans, the Letters of Credit, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, or

 

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

 

(b)               In
addition, unless sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or such Lender has provided
another representation, warranty and covenant as provided in sub-clause (iv) in the immediately preceding clause (a), such Lender
further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date
such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative
Agent, and each Lead Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the
Borrower or any other Loan Party, that none of the Administrative Agent, or any Lead Arranger, any Syndication Agent, any Co-Documentation
Agent or any of their respective Affiliates is a fiduciary with respect to the Collateral or the assets of such Lender (including
in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document
or any documents related to hereto or thereto).

 

SECTION 9.23               Acknowledgement
Regarding Any Supported QFCs. To the extent that the Loan Documents provide support, through a guarantee or otherwise, for
Hedging Agreements or any other agreement or instrument that is a QFC (such support “QFC Credit Support”
and each such QFC a “Supported QFC”), the parties acknowledge and agree as follows with respect to the
resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank
Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S. Special
Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable
notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of
New York and/or of the United States or any other state of the United States):

 

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

 

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SECTION 9.24               Judgment
Currency. If, for the purposes of obtaining judgment in any court, it is necessary to convert a sum due from the Borrower hereunder
in the currency expressed to be payable herein (the “specified currency”) into another currency, the
parties hereto agree, to the fullest extent that they may effectively do so, 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
at the Administrative Agent’s main New York City office on the Business Day preceding that on which final, non-appealable
judgment is given. The obligations of the Borrower in respect of any sum due to any Lender or the Administrative Agent hereunder
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 such Lender or the Administrative Agent (as the case may be) of any sum adjudged to be so due
in such other currency such Lender or the Administrative Agent (as the case may be) may in accordance with normal, reasonable 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 such Lender or the Administrative Agent, as the case may be, in the specified currency, the Borrower
agrees, to the fullest extent that it may effectively do so, as a separate obligation and notwithstanding any such judgment, to
indemnify such Lender or the Administrative Agent, as the case may be, against such loss, and if the amount of the specified currency
so purchased exceeds (a) the sum originally due to any Lender or the Administrative Agent, as the case may be, in the specified
currency and (b) any amounts shared with other Lenders as a result of allocations of such excess as a disproportionate payment
to such Lender under Section 2.18, such Lender or the Administrative Agent, as the case may be, agrees to remit such excess to
the Borrower.

 

ARTICLE X

LOAN GUARANTY

 

SECTION 10.01             Guaranty.
Each Loan Guarantor (other than those that have delivered a separate Guaranty) hereby agrees that it is jointly and severally liable
for, and, as a primary obligor and not merely as surety, absolutely, unconditionally and irrevocably guarantees to the Secured
Parties, the prompt payment when due, whether at stated maturity, upon acceleration or otherwise, and at all times thereafter,
of the Secured Obligations and all costs and expenses including, without limitation, all court costs and reasonable attorneys’
and paralegals’ fees and expenses paid or incurred by the Administrative Agent, the Issuing Bank and the Lenders in endeavoring
to collect all or any part of the Secured Obligations from, or in prosecuting any action against, the Borrower, any Loan Guarantor
or any other guarantor of all or any part of the Secured Obligations (such costs and expenses, together with the Secured Obligations,
collectively the “Guaranteed Obligations”); provided, however, that the definition of “Guaranteed
Obligations” shall not create any guarantee by any Loan Guarantor of (or grant of security interest by any Loan Guarantor
to support, as applicable) any Excluded Swap Obligations of such Loan Guarantor for purposes of determining any obligations of
any Loan Guarantor). Each Loan Guarantor further agrees that the Guaranteed Obligations may be extended or renewed in whole or
in part without notice to or further assent from it, and that it remains bound upon its guarantee notwithstanding any such extension
or renewal. All terms of this Loan Guaranty apply to and may be enforced by or on behalf of any domestic or foreign branch or Affiliate
of any Lender that extended any portion of the Guaranteed Obligations.

 

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SECTION 10.02             Guaranty
of Payment. This Loan Guaranty is a guaranty of payment and not of collection. Each Loan Guarantor waives any right to require
the Administrative Agent, the Issuing Bank or any Lender to sue the Borrower, any Loan Guarantor, any other guarantor, or any other
Person obligated for all or any part of the Guaranteed Obligations (each, an “Obligated Party”), or otherwise
to enforce its payment against any collateral securing all or any part of the Guaranteed Obligations.

 

SECTION 10.03             No
Discharge or Diminishment of Loan Guaranty. (a) Except as otherwise provided for herein, the obligations of each Loan Guarantor
hereunder are unconditional and absolute and not subject to any reduction, limitation, impairment or termination for any reason
(other than the payment in full in cash of the Guaranteed Obligations), including: (i) any claim of waiver, release, extension,
renewal, settlement, surrender, alteration, or compromise of any of the Guaranteed Obligations, by operation of law or otherwise;
(ii) any change in the corporate existence, structure or ownership of the Borrower or any other Obligated Party liable for any
of the Guaranteed Obligations; (iii) any insolvency, bankruptcy, reorganization or other similar proceeding affecting any Obligated
Party, or their assets or any resulting release or discharge of any obligation of any Obligated Party; or (iv) the existence of
any claim, setoff or other rights which any Loan Guarantor may have at any time against any Obligated Party, the Administrative
Agent, the Issuing Bank, any Lender, or any other Person, whether in connection herewith or in any unrelated transactions.

 

(b)              The
obligations of each Loan Guarantor hereunder are not subject to any defense or setoff, counterclaim, recoupment, or termination
whatsoever by reason of the invalidity, illegality, or unenforceability of any of the Guaranteed Obligations or otherwise, or any
provision of applicable law or regulation purporting to prohibit payment by any Obligated Party, of the Guaranteed Obligations
or any part thereof.

 

(c)              Further,
the obligations of any Loan Guarantor hereunder are not discharged or impaired or otherwise affected by: (i) the failure of the
Administrative Agent, the Issuing Bank or any Lender to assert any claim or demand or to enforce any remedy with respect to all
or any part of the Guaranteed Obligations; (ii) any waiver or modification of or supplement to any provision of any agreement relating
to the Guaranteed Obligations; (iii) any release, non-perfection, or invalidity of any indirect or direct security for the obligations
of the Borrower for all or any part of the Guaranteed Obligations or any obligations of any other Obligated Party liable for any
of the Guaranteed Obligations; (iv) any action or failure to act by the Administrative Agent, the Issuing Bank or any Lender with
respect to any collateral securing any part of the Guaranteed Obligations; or (v) any default, failure or delay, willful or otherwise,
in the payment or performance of any of the Guaranteed Obligations, or any other circumstance, act, omission or delay that might
in any manner or to any extent vary the risk of such Loan Guarantor or that would otherwise operate as a discharge of any Loan
Guarantor as a matter of law or equity (other than the payment in full in cash of the Guaranteed Obligations).

 

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SECTION 10.04             Defenses
Waived. To the fullest extent permitted by applicable law, each Loan Guarantor hereby waives any defense based on or arising
out of any defense of the Borrower or any Loan Guarantor or the unenforceability of all or any part of the Guaranteed Obligations
from any cause, or the cessation from any cause of the liability of the Borrower, any Loan Guarantor or any other Obligated Party,
other than the payment in full in cash of the Guaranteed Obligations. Without limiting the generality of the foregoing, each Loan
Guarantor irrevocably waives acceptance hereof, presentment, demand, protest and, to the fullest extent permitted by law, any notice
not provided for herein, as well as any requirement that at any time any action be taken by any Person against any Obligated Party,
or any other Person. Each Loan Guarantor confirms that it is not a surety under any state law and shall not raise any such law
as a defense to its obligations hereunder. The Administrative Agent may, at its election, foreclose on any Collateral held by it
by one or more judicial or nonjudicial sales, accept an assignment of any such Collateral in lieu of foreclosure or otherwise act
or fail to act with respect to any collateral securing all or a part of the Guaranteed Obligations, compromise or adjust any part
of the Guaranteed Obligations, make any other accommodation with any Obligated Party or exercise any other right or remedy available
to it against any Obligated Party, without affecting or impairing in any way the liability of such Loan Guarantor under this Loan
Guaranty, except to the extent the Guaranteed Obligations have been fully paid in cash. To the fullest extent permitted by applicable
law, each Loan Guarantor waives any defense arising out of any such election even though that election may operate, pursuant to
applicable law, to impair or extinguish any right of reimbursement or subrogation or other right or remedy of any Loan Guarantor
against any Obligated Party or any security.

 

SECTION 10.05             Rights
of Subrogation. No Loan Guarantor will assert any right, claim or cause of action, including, without limitation, a claim of
subrogation, contribution or indemnification that it has against any Obligated Party, or any collateral, until the Loan Parties
and the Loan Guarantors have fully performed all their obligations to the Administrative Agent, the Issuing Bank and the Lenders.

 

SECTION 10.06             Reinstatement;
Stay of Acceleration. If at any time any payment of any portion of the Guaranteed Obligations is rescinded or must otherwise
be restored or returned upon the insolvency, bankruptcy, or reorganization of the Borrower or otherwise, each Loan Guarantor’s
obligations under this Loan Guaranty with respect to that payment shall be reinstated at such time as though the payment had not
been made and whether or not the Administrative Agent, the Issuing Bank and the Lenders are in possession of this Loan Guaranty.
If acceleration of the time for payment of any of the Guaranteed Obligations is stayed upon the insolvency, bankruptcy or reorganization
of the Borrower, all such amounts otherwise subject to acceleration under the terms of any agreement relating to the Guaranteed
Obligations shall nonetheless be payable by the Loan Guarantors forthwith on demand by the Administrative Agent.

 

SECTION 10.07             Information.
Each Loan Guarantor assumes all responsibility for being and keeping itself informed of the Borrower’s financial condition
and assets, and of all other circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations and the nature, scope
and extent of the risks that each Loan Guarantor assumes and incurs under this Loan Guaranty, and agrees that neither the Administrative
Agent, the Issuing Bank nor any Lender shall have any duty to advise any Loan Guarantor of information known to it regarding those
circumstances or risks.

 

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SECTION 10.08             Termination.
Each of the Lenders and the Issuing Bank may continue to make loans or extend credit to the Borrower based on this Loan Guaranty
until five days after it receives written notice of termination from any Loan Guarantor. Notwithstanding receipt of any such notice,
each Loan Guarantor will continue to be liable to the Lenders for any Guaranteed Obligations created, assumed or committed to prior
to the fifth day after receipt of the notice, and all subsequent renewals, extensions, modifications and amendments with respect
to, or substitutions for, all or any part of that Guaranteed Obligations. Nothing in this Section 10.08 shall be deemed to constitute
a waiver of, or eliminate, limit, reduce or otherwise impair any rights or remedies the Administrative Agent or any Lender may
have in respect of, any Default or Event of Default that shall exist under clause (o) of Article VII hereof as a result of any
such notice of termination.

 

SECTION 10.09             Taxes.
Each payment of the Guaranteed Obligations will be made by each Loan Guarantor without withholding for any Taxes, unless such withholding
is required by law. If any Loan Guarantor determines, in its sole discretion exercised in good faith, that it is so required to
withhold Taxes, then such Loan Guarantor may so withhold and shall timely pay the full amount of withheld Taxes to the relevant
Governmental Authority in accordance with applicable law. If such Taxes are Indemnified Taxes, then the amount payable by such
Loan Guarantor shall be increased as necessary so that, net of such withholding (including such withholding applicable to additional
amounts payable under this Section), the Administrative Agent, Lender or Issuing Bank (as the case may be) receives the amount
it would have received had no such withholding been made.

 

SECTION 10.10             Maximum
Liability. The provisions of this Loan Guaranty are severable, and in any action or proceeding involving any state corporate
law, or any state, federal or foreign bankruptcy, insolvency, reorganization or other law affecting the rights of creditors generally,
if the obligations of any Loan Guarantor under this Loan Guaranty would otherwise be held or determined to be avoidable, invalid
or unenforceable on account of the amount of such Loan Guarantor’s liability under this Loan Guaranty, then, notwithstanding
any other provision of this Loan Guaranty to the contrary, the amount of such liability shall, without any further action by the
Loan Guarantors or the Administrative Agent, the Issuing Bank or any Lender, be automatically limited and reduced to the highest
amount that is valid and enforceable as determined in such action or proceeding (such highest amount determined hereunder being
the relevant Loan Guarantor’s “Maximum Liability”). This Section with respect to the Maximum Liability
of each Loan Guarantor is intended solely to preserve the rights of the Administrative Agent, the Issuing Bank and the Lenders
to the maximum extent not subject to avoidance under applicable law, and no Loan Guarantor nor any other Person shall have any
right or claim under this Section with respect to such Maximum Liability, except to the extent necessary so that the obligations
of any Loan Guarantor hereunder shall not be rendered voidable under applicable law. Each Loan Guarantor agrees that the Guaranteed
Obligations may at any time and from time to time exceed the Maximum Liability of each Loan Guarantor without impairing this Loan
Guaranty or affecting the rights and remedies of the Administrative Agent, the Issuing Bank or the Lenders hereunder, provided
that nothing in this sentence shall be construed to increase any Loan Guarantor’s obligations hereunder beyond its Maximum
Liability. Notwithstanding any other provision of this Loan Guaranty, the amount guaranteed by each Loan Guarantor hereunder shall
be limited to the extent, if any, required so that its obligations hereunder shall not be subject to avoidance under Section 548
of the Bankruptcy Code or under any applicable state Uniform Fraudulent Transfer Act, Uniform Fraudulent Conveyance Act or similar
statute or common law. In determining the limitations, if any, on the amount of any Loan Guarantor’s obligations hereunder
pursuant to the preceding sentence, it is the intention of the parties hereto that any rights of subrogation, indemnification or
contribution which such Loan Guarantor may have under this Loan Guaranty, any other agreement or applicable law shall be taken
into account.

 

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SECTION 10.11             Contribution.

 

(a)               To
the extent that any Loan Guarantor shall make a payment under this Loan Guaranty (a “Guarantor Payment”)
which, taking into account all other Guarantor Payments then previously or concurrently made by any other Loan Guarantor, exceeds
the amount which otherwise would have been paid by or attributable to such Loan Guarantor if each Loan Guarantor had paid the aggregate
Guaranteed Obligations satisfied by such Guarantor Payment in the same proportion as such Loan Guarantor’s “Allocable
Amount” (as defined below) (as determined immediately prior to such Guarantor Payment) bore to the aggregate Allocable Amounts
of each of the Loan Guarantors as determined immediately prior to the making of such Guarantor Payment, then, following payment
in full in cash of the Guarantor Payment and the Guaranteed Obligations (other than Unliquidated Obligations that have not yet
arisen), and all Commitments and Letters of Credit have terminated or expired or, in the case of all Letters of Credit, are fully
collateralized on terms reasonably acceptable to the Administrative Agent and the Issuing Bank, and this Agreement, the Swap Agreement
Obligations and the Banking Services Obligations have terminated, such Loan Guarantor shall be entitled to receive contribution
and indemnification payments from, and be reimbursed by, each other Loan Guarantor for the amount of such excess, pro rata based
upon their respective Allocable Amounts in effect immediately prior to such Guarantor Payment.

 

(b)              As
of any date of determination, the “Allocable Amount” of any Loan Guarantor shall be equal to the excess of the fair
saleable value of the property of such Loan Guarantor over the total liabilities of such Loan Guarantor (including the maximum
amount reasonably expected to become due in respect of contingent liabilities, calculated, without duplication, assuming each other
Loan Guarantor that is also liable for such contingent liability pays its ratable share thereof), giving effect to all payments
made by other Loan Guarantors as of such date in a manner to maximize the amount of such contributions.

 

(c)               This
Section 10.11 is intended only to define the relative rights of the Loan Guarantors, and nothing set forth in this Section 10.11
is intended to or shall impair the obligations of the Loan Guarantors, jointly and severally, to pay any amounts as and when the
same shall become due and payable in accordance with the terms of this Loan Guaranty.

 

(d)              The
parties hereto acknowledge that the rights of contribution and indemnification hereunder shall constitute assets of the Loan Guarantor
or Loan Guarantors to which such contribution and indemnification is owing.

 

(e)               The
rights of the indemnifying Loan Guarantors against other Loan Guarantors under this Section 10.11 shall be exercisable upon the
full payment of the Guaranteed Obligations in cash (other than Unliquidated Obligations that have not yet arisen) and the termination
or expiry (or, in the case of all Letters of Credit, full cash collateralization), on terms reasonably acceptable to the Administrative
Agent and the Issuing Bank, of the Commitments and all Letters of Credit issued hereunder and the termination of this Agreement,
the Swap Agreement Obligations and the Banking Services Obligations.

 

    	 	148	 

     

     

SECTION 10.12             Liability
Cumulative. The liability of each Loan Party as a Loan Guarantor under this Article X is in addition to and shall be
cumulative with all liabilities of each Loan Party to the Administrative Agent, the Issuing Bank and the Lenders under this Agreement
and the other Loan Documents to which such Loan Party is a party or in respect of any obligations or liabilities of the other Loan
Parties, without any limitation as to amount, unless the instrument or agreement evidencing or creating such other liability specifically
provides to the contrary.

 

SECTION 10.13             Keepwell.
Each Qualified ECP Guarantor hereby jointly and severally absolutely, unconditionally and irrevocably undertakes to provide such
funds or other support as may be needed from time to time by each other Loan Party to honor all of its obligations under this Guarantee
in respect of a Swap Obligation (provided, however, that each Qualified ECP Guarantor shall only be liable under this Section 10.13
for the maximum amount of such liability that can be hereby incurred without rendering its obligations under this Section 10.13
or otherwise under this Loan Guaranty voidable under applicable law relating to fraudulent conveyance or fraudulent transfer, and
not for any greater amount). Except as otherwise provided herein, the obligations of each Qualified ECP Guarantor under this Section
10.13 shall remain in full force and effect until the termination of all Swap Obligations. Each Qualified ECP Guarantor intends
that this Section 10.13 constitute, and this Section 10.13 shall be deemed to constitute, a “keepwell, support, or other
agreement” for the benefit of each other Loan Party for all purposes of Section 1a(18)(A)(v)(II) of the Commodity Exchange
Act.

 

[remainder of page intentionally left
blank; signature pages follow]

 

    	 	149	 

     

    

 

EXHIBIT A

 

ASSIGNMENT AND ASSUMPTION

 

This Assignment and Assumption (the “Assignment
and Assumption”) is dated as of the Effective Date set forth below and is entered into by and between the Assignor identified
in item 1 below and the Assignee identified in item 2 below. Capitalized terms used but not defined herein shall have the meanings
given to them in the Credit Agreement identified in item 5 below, receipt of a copy of which is hereby acknowledged by the Assignee.
The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference
and made a part of this Assignment and Assumption as if set forth herein in full.

 

For an agreed consideration, the Assignor
hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases and assumes from the Assignor,
subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted
by the Administrative Agent as contemplated below (i) all of the Assignor’s rights and obligations in its capacity as a Lender
under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount
and percentage interest identified below of all of such outstanding rights and obligations of the Assignor under the respective
facilities identified below (including any letters of credit and guarantees included in such facilities) and (ii) to the extent
permitted to be assigned under applicable law, all claims, suits, causes of action and other rights of the Assignor (in its capacity
as a Lender) against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other
documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related
to any of the foregoing, including contract claims, tort claims, malpractice claims, statutory claims and all other claims at law
or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold
and assigned pursuant to clauses (i) and (ii) above being referred to herein collectively as the “Assigned Interest”).
Such sale and assignment is without recourse to the Assignor and, except as expressly provided in this Assignment and Assumption,
without representation or warranty by the Assignor.

 

	1.	Assignor:	 	 
	2.	Assignee:	
	 
	 	 	[and is an Affiliate/Approved Fund of [identify Lender]1]
	3.	Borrower:	Virtusa Corporation
	4.	Administrative Agent:	JPMorgan Chase Bank, N.A., as the administrative agent under the Credit Agreement
	5.	Credit Agreement:	The Amended and Restated Credit Agreement dated as of February 6, 2018 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time) among the Borrower, the guarantors from time to time party thereto, the lenders parties thereto, and the Administrative Agent

 

 

1
Select as applicable.

 

    	 	Exhibit A-1	 

     

    

 

	6.	Assigned Interest:	 

 

	Facility Assigned2	Aggregate Amount of

Commitment/Loans 

for all Lenders	Amount of 

Commitment/Loans 

Assigned	Percentage Assigned 

of 

Commitment/Loans3
	 	$	$	%
	 	$	$	%
	 	$	$	%

 

Effective Date: ______________ ___20___ [TO BE INSERTED BY ADMINISTRATIVE
AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.]

 

The Assignee agrees to deliver to the Administrative Agent a
completed Administrative Questionnaire in which the Assignee designates one or more credit contacts to whom all syndicate-level
information (which may contain material non-public information about the Borrower, the other Loan Parties and their Related Parties
or their respective securities) will be made available and who may receive such information in accordance with the Assignee’s
compliance procedures and applicable laws, including Federal and state securities laws.

 

[Signatures to follow]

 

 

2
Fill in the appropriate terminology for the types of facilities under the Credit Agreement that are being assigned under this Assignment
(e.g. “Revolving Commitment,” “Term Loans”)

3 Set forth, to
at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder.

 

    	 	Exhibit A-2	 

     

    

 

The terms set forth in this Assignment and Assumption are hereby
agreed to:

 

	 	ASSIGNOR
	 	 
	 	[NAME OF ASSIGNOR]
	 	 
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	ASSIGNEE
	 	 
	 	[NAME OF ASSIGNEE]
	 	 
	 	 
	 	By:	            
	 	Name:
	 	Title:

 

    	 	Exhibit A-3	 

     

    

 

	[Consented to and]4
    Accepted:	 
	 	 
	JPMORGAN CHASE BANK, N.A., as Administrative Agent	 
	 	 
	 	 
	By:	                  	 
	Name:	 
	Title:	 
	 	 
	[Consented to:]5	 
	 	 
	[NAME OF RELEVANT PARTY]	 
	 	 
	 	 
	By:	 	 
	Name:	 
	Title:	 

 

 

4 To be added only if the consent
of the Administrative Agent is required by the terms of the Credit Agreement.

5
To be added only if the consent of the Borrower and/or other parties (e.g. Issuing Bank) is required by the terms of the
Credit Agreement.

 

    	 	Exhibit A-4	 

     

    

 

ANNEX 1 TO ASSIGNMENT AND ASSUMPTION

 

STANDARD TERMS AND CONDITIONS FOR

ASSIGNMENT AND ASSUMPTION

 

1.            Representations
and Warranties.

 

1.1        Assignor.
The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the Assigned
Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken
all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby;
and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with
the Credit Agreement or any other Loan Document, other than statements made by it herein, (ii) the execution, legality, validity,
enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial condition
of the Borrower, any of its Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document or (iv) the
performance or observance by the Borrower, any of its Subsidiaries or Affiliates or any other Person of any of their respective
obligations under any Loan Document.

 

1.2.       Assignee.
The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute
and deliver this Assignment and Assumption, to consummate the transactions contemplated hereby and to become a Lender under the
Credit Agreement, (ii) it satisfies the requirements, if any, specified in the Credit Agreement that are required to be satisfied
by it in order to acquire the Assigned Interest and become a Lender, (iii) it is not an Ineligible Institution or Excluded Person,
(iv) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and,
to the extent of the Assigned Interest, shall have the obligations of a Lender thereunder, (v) it has received a copy of the Credit
Agreement, together with copies of the most recent financial statements delivered pursuant to Section 5.01 thereof (or, prior to
the first such delivery, the financial statements referred to in Section 3.04 thereof), and such other documents and information
as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase
the Assigned Interest on the basis of which it has made such analysis and decision independently and without reliance on the Administrative
Agent or any other Lender, and (vi) attached to the Assignment and Assumption is any documentation required to be delivered by
it pursuant to the terms of the Credit Agreement, duly completed and executed by the Assignee; and (b) agrees that (i) it will,
independently and without reliance on the Administrative Agent, the Assignor or any other Lender, and based on such documents and
information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action
under the Loan Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of
the Loan Documents are required to be performed by it as a Lender.

 

2.            Payments.
From and after the Effective Date, the Administrative Agent shall make all payments in respect of the Assigned Interest (including
payments of principal, interest, fees and other amounts) to the Assignor for amounts which have accrued to but excluding the Effective
Date and to the Assignee for amounts which have accrued from and after the Effective Date.

 

    	 	Exhibit A-5	 

     

    

 

3.            General
Provisions. This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their
respective successors and assigns. This Assignment and Assumption may be executed in counterparts (and by different parties hereto
on separate counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a
single contract. Delivery of an executed counterpart of a signature page of this Assignment and Assumption by facsimile, emailed
pdf, or any other electronic means that reproduces an image of the actual executed signature page shall be effective as delivery
of a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption shall be governed by, and
construed in accordance with, the law of the State of New York.

 

    	 	Exhibit A-6	 

     

    

 

EXHIBIT B

 

COMPLIANCE CERTIFICATE

 

	To:	The Lenders parties to the

Credit Agreement Described Below

 

This Compliance Certificate is furnished
pursuant to that certain Amended and Restated Credit Agreement dated as of February 6, 2018 (as amended, restated, amended and
restated, supplemented or otherwise modified from time to time, the “Credit Agreement”) among Virtusa Corporation
(the “Borrower”), the guarantors from time to time party thereto, the lenders party thereto, and JPMorgan Chase
Bank, N.A., as Administrative Agent. Unless otherwise defined herein, capitalized terms used in this Compliance Certificate have
the meanings ascribed thereto in the Credit Agreement.

 

THE UNDERSIGNED HEREBY CERTIFIES THAT:

 

	 	1.	 I am the duly elected                                        of the Borrower;

 

2.     I have reviewed
the terms of the Credit Agreement and I have made, or have caused to be made under my supervision, a detailed review of the transactions
and conditions of the Borrower and its Subsidiaries during the accounting period covered by the attached financial statements [for
quarterly financial statements add: “and such financial statements present fairly in all material respects the financial
condition and results of operations of the Borrower and its consolidated Subsidiaries on a consolidated basis as of the date thereof
in accordance with GAAP consistently applied, subject to normal year-end audit adjustments and the absence of footnotes”];

 

3.     The examinations
described in paragraph 2 did not disclose, except as set forth below, and I have no knowledge of (i) the existence of any condition
or event which constitutes a Default during or at the end of the accounting period covered by the attached financial statements
or as of the date of this Certificate or (ii) any change in GAAP or in the application thereof which effects the attached financial
statements or the provisions of the Credit Agreement that has occurred since the date of the audited financial statements referred
to in Section 3.04 of the Credit Agreement or subsequently delivered as required in the Credit Agreement;

 

4.     I hereby
certify that no Loan Party has changed (i) its name as it appears in official filings in the jurisdiction of its incorporation
or other organization, (ii) its chief executive office, principal place of business, mailing address, corporate offices or warehouses
or locations at which Collateral is held or stored, or the location of its records concerning the Collateral, (iii) the type of
entity that it is, (iv) its organization identification number, if any, issued by its jurisdiction of incorporation or other organization,
or (v) its jurisdiction of incorporation or other organization, in each case, without having given the Administrative Agent the
notice required by Section 4.15 of the Security Agreement or as otherwise set forth on Schedule III attached hereto;

 

5.     Schedule
I attached hereto sets forth financial data and computations evidencing the Borrower’s compliance with Section 6.10 of
the Credit Agreement;

 

    Exhibit B-1

     

     

6.     Schedule
II sets forth any Patent, Trademark or Copyright (as such terms are defined in the Security Agreement) registrations of any
Loan Party made within the last quarter with the United States Patent and Trademark Office, the United States Copyright Office
or any similar U.S. office or agency; and

 

7.     Described
below are the exceptions, if any, to paragraph 3 by listing, in detail, the (i) nature of the condition or event, the period during
which it has existed and the action which the Borrower has taken, is taking, or proposes to take with respect to each such condition
or event or (ii) change in GAAP or the application thereof which effects the attached financial statements or the provisions of
the Credit Agreement and the effect of such change on the attached financial statements or provisions of the Credit Agreement:

 
	 
	 
	 

 

The foregoing certifications, together with
the computations set forth in Schedule I attached hereto and the financial statements delivered with this Certificate in support
hereof, and the certifications on Schedule II, are made and delivered this ____ day of _______________, ____.

 

 

	 	VIRTUSA CORPORATION
	 	 
	 	 
	 	By:	                      
	 	Name:	 
	 	Title:	 

 

    Exhibit B-2

     

     

Schedule
I to Compliance Certificate

 

Compliance as of __________, _____ (the
 “Statement Date”)

with Section 6.10 of the Credit Agreement

 

	1.    Section 6.10(a) – Consolidated Total Net Leverage Ratio	 
	A.   Consolidated Funded Debt6	$__________
	B.   Unrestricted cash and Cash Equivalents of the Borrower and Guarantors in the aggregate of amount not to exceed $50,000,000:	$__________
	
        C.   Consolidated EBITDA:

        

        (from Line 2.A.(iv) below)
	$__________
	
        D.   Consolidated Total Net Leverage
        Ratio:

        

        ((Line1.A. - Line 1.B.)
 ÷ Line 1.C.):
	_____ to 1.00
	Maximum Permitted:  [3.50 to 1.00][3.25 to 1.00][3.00 to 1.00]	 
	Compliance:	[YES][NO]
	2.    Section 6.10(b) –Consolidated Fixed Charge Coverage Ratio:	 
	A.   Consolidated EBITDA:	 
	(i)   Consolidated Net Income:	$__________
	(ii)  without duplication and, except with respect to amounts added back pursuant to Line 2.A.(ii)(l) (solely in the case of amounts constituting the proceeds of business interruption insurance) or Line 2.A.(ii)(n), to the extent deducted (and not added back) in determining such Consolidated Net Income:	 
	(a) Consolidated Interest Expense (including net losses (or gains) on Swap Obligations or other derivative instruments entered into for the purpose of hedging interest rate risk, unused line fees, letter of credit fees, facing fees and bank guaranty fees), net of interest income:	$__________
	(b) the provision for taxes based on income, profits or capital, including federal, foreign, state, local, franchise, excise, value added and similar taxes paid or accrued during such period (including in respect of repatriated funds and any future taxes or other levies which replace or are intended to be in lieu of such taxes and any penalties and interest related to such taxes or arising from tax examinations) net of any tax credits:	$__________

 

 

6 All
obligations in respect of the deferred purchase price of property or services and obligations under any earn-out shall, in each
case, be included only if and to the extent such obligations remain unpaid following the due date thereof and obligations with
respect to eTouch Retention Payments shall be included only when such payments become due or payable.

 

    Exhibit B-3

     

     

	(c) depreciation expense:	$__________
	(d)  amortization expense:	$__________
	(e) fees and expenses incurred during such period in connection with any Permitted Acquisitions, sale of assets outside the ordinary course of business, and Investments permitted under Section 6.04 of the Credit Agreement (a) consummated during such period and (b) to the extent not consummated, in an aggregate amount for all such transactions in this clause (b) of Line 2.A.(ii)(e), together with those set forth in Line 2.A.(ii)(f), not to exceed $5,000,000 during any twelve (12) month period:	$__________
	(f) any non-cash loss from any sale of assets outside the ordinary course of business; provided that aggregate amount of all add-backs in this Line 2.A.(ii)(f), together with those set forth in clause (b) of Line 2.A.(ii)(e), shall not exceed $5,000,000 during any twelve (12) month period:	$__________
	(g) non-cash equity-based compensation expenses	$__________
	(h) fees and expenses incurred in connection with the Loan Documents, the Transactions, and the Orogen Transactions	$__________
	(i) extraordinary and non-recurring losses or expenses	$__________
	(j) the amount of, any non-controlling or minority interest expense consisting of Subsidiary income attributable to minority Equity Interests of third parties in any non-wholly owned Subsidiary	$__________
	(k) the amount of unamortized fees, costs, prepayment premiums and expenses previously paid in cash and capitalized and subsequently expensed in connection with the repayment of Indebtedness and any required prepayment premiums in connection therewith	$__________
	(l) proceeds of business interruption insurance and any expenses and payments covered by third party indemnification, insurance, reimbursement, guaranty, purchase price adjustment or similar arrangement, or otherwise reimbursed or reimbursable by a third party, to the extent that such expenses and payments have been paid or reimbursed in cash	$__________

 

    Exhibit B-4

     

     

	(m) the amount of any cash restructuring and similar charges, severance costs, lease termination costs, retention, recruiting and relocation costs, integration and other business optimization expenses, signing costs, retention or completion bonuses, stock-option or equity-based compensation expenses, transition costs, costs related to the closure or consolidation of facilities and curtailments or modifications to pension and post-retirement employee benefit plans (including any settlement of pension liabilities), including, without limitation, any one-time expense relating to enhanced accounting function or other transaction costs, and other one-time expenses not otherwise added back to Consolidated EBITDA; provided that aggregate amount of all add-backs in this Line 2.A.(ii)(m) shall not exceed $7,500,000 during any twelve (12) month period	$__________
	(n) the amount of Cost Savings realized or projected by the Borrower in good faith and certified by an officer of the Borrower in writing to result from actions taken or with respect to which substantial steps have been taken prior to the last day of such measurement period (or reasonably anticipated to be taken or initiated within eighteen (18) months after the date of the relevant event or transaction) with respect to integrating, consolidating or discontinuing operations, headcount reductions or closure of facilities, or otherwise, in each case resulting from the Transactions, other acquisitions (whether before or after the Effective Date), dispositions outside the ordinary course of business permitted hereunder, restructurings or cost savings initiatives, which cost savings, synergies and operating expense reductions shall be calculated on a Pro Forma Basis as though they had been realized on the first day of such period, net of the amount of actual benefits realized during such period from such actions that are otherwise included in the calculation of Consolidated EBITDA7	$__________
	(o) to the extent not already covered in Lines 2.A.(ii)(a) through (n) above, all other non-cash charges, expenses and losses	$__________

 

 

7 (i) An officer of the Borrower
shall have provided a reasonably detailed statement or schedule of such Cost Savings and shall have certified to Administrative
Agent that such cost savings, synergies, operating improvements and operating expense reductions, as the case may be, are directly
attributable to the applicable transaction or initiative, reasonably identifiable, factually supportable and projected by the Borrower
in good faith to result from actions that have been taken or are expected to be taken (in the good faith determination of the Borrower),
within eighteen (18) months after the relevant transaction or initiative, and (ii) the aggregate amount of all add-backs pursuant
to this Line 2.A.(ii)(n) shall not exceed 15% of Consolidated EBITDA (calculated without giving effect to this Line 2.A.(ii)(n))
for such twelve (12) month period

 

    Exhibit B-5

     

     

	(p) fees, costs, expenses, charges and payments paid or incurred in such period in connection with litigation matters disclosed prior to the Effective Date to the Administrative Agent, in an aggregate amount not to exceed $2,500,000 during any twelve (12) month period	$__________
	(q) eTouch Retention Payments	$__________
	(r) Sum of Lines 2.A.(ii)(a) through (q):	$__________
	(iii) without duplication and to the extent included in Consolidated Net Income:	 
	(a) any cash payments made during such Reference Period in respect of non-cash expenses or losses described in Lines 2.A.(ii)(f), (g), (i) and (o) above taken in a prior period:	$__________
	(b) extraordinary or non-recurring income or gains:	$__________
	(c) Sum of Lines 2.A.(iii)(a) and (b):	$__________
	(iv) Consolidated EBITDA:
 (Line 2.A.(i) plus Line 2.A.(ii)(r) minus Line 2.A.(iii)(c)):	$__________
	B.     Unfinanced Capital Expenditures. The aggregate amount of Capital Expenditures made during such Reference Period (to the extent not financed with Indebtedness (other than Revolving Loans), an issuance of Equity Interests or capital contributions, or proceeds of asset sales, or the proceeds of casualty insurance used to replace or restore assets):	$__________
	C.     Fixed Charges:	 
	(i) the sum of the following amounts (without duplication):	 
	(a) regularly scheduled Consolidated Interest Expense paid in cash:	$__________
	(b) regularly scheduled dividends paid in cash for such period on or with respect to any Disqualified Equity Interests (including the Orogen Series A Preferred Stock)	 
	(c) regularly scheduled amortization payments on Indebtedness in cash (regularly scheduled amortization payments shall be determined without giving effect to any reduction of such scheduled payments resulting from the application of any voluntary or mandatory prepayments made during the applicable period):	$__________
	(d) expense for income taxes paid in cash:	$__________
	(e) interest component of Capital Lease Obligation payments paid in cash:	$__________

 

    Exhibit B-6

     

     

	(ii)      Fixed Charges:

(Sum of Lines 2.C.(i)(a) through (e)):	$__________
	
        D. Fixed Charge Coverage Ratio

        ((Line 2.A.(iv) –
Line 2.B) ÷ Line 3.C(ii)):
	_____ to 1.00
	Minimum Required:  1.25 to 1.00	 
	Compliance:	[YES][NO]

 

    Exhibit B-7

     

     

Schedule
II to Compliance Certificate

 

INTELLECTUAL
PROPERTY RIGHTS

 

PATENTS

 

	Grantor	Patent Description	Patent Number	Issue Date
	 	 	 	 
	 	 	 	 

 

PATENT APPLICATIONS

 

	Grantor	Patent Application	Application Filing Date	Application Serial Number
	 	 	 	 
	 	 	 	 

 

TRADEMARKS

 

	Grantor	Trademark	Registration Date	Registration Number
	 	 	 	 
	 	 	 	 

 

TRADEMARK APPLICATIONS

 

	Grantor	Trademark Application	Application Filing Date	Application Serial Number
	 	 	 	 
	 	 	 	 

 

COPYRIGHTS

 

	Grantor	Copyright	Registration Date	Registration Number
	 	 	 	 
	 	 	 	 

 

COPYRIGHT APPLICATIONS

 

	Grantor	Copyright Description	Application Filing Date	Application Serial Number
	 	 	 	 
	 	 	 	 

 

intellectual
property licenses

 

	Name of Agreement	Date of Agreement	Parties to Agreement
	 	 	 

 

    Exhibit B-8

     

    

 

EXHIBIT C-1

 

U.S. TAX CERTIFICATE

 

(For Non-U.S. Lenders That Are Not Partnerships
for U.S. Federal Income Tax Purposes)

 

Reference is made to the Amended and Restated
Credit Agreement, dated as of February 6, 2018 (as amended, restated, amended and restated, supplemented or otherwise modified
from time to time, the “Credit Agreement”), among Virtusa Corporation, a Delaware corporation (the “Borrower”),
the guarantors from time to time party thereto, the lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent
(the “Administrative Agent”).

 

Pursuant to the provisions of Section 2.17
of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the Loan(s) (as
well as any promissory note(s) evidencing such 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 “10 percent shareholder”
(within the meaning of Section 881(c)(3)(B) of the Code) of the Borrower, and (iv) it is not a “controlled foreign corporation”
(as described in Section 881(c)(3)(C) of the Code) related to the Borrower.

 

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, as applicable.
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.

 

Unless otherwise defined herein, terms defined
in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 

	[NAME OF LENDER]
	 
	By:	 	 
	Name:
	Title:
	Date:

 

    Exhibit C-1 - 1

     

    

 

EXHIBIT C-2

 

U.S. TAX CERTIFICATE

 

(For Non-U.S. Lenders That Are Partnerships
for U.S. Federal Income Tax Purposes)

 

Reference is made to the Amended and Restated
Credit Agreement, dated as of February 6, 2018 (as amended, restated, amended and restated, supplemented or otherwise modified
from time to time, the “Credit Agreement”), among Virtusa Corporation, a Delaware corporation (the “Borrower”),
the guarantors from time to time party thereto, the lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent
(the “Administrative Agent”).

 

Pursuant to the provisions of Section 2.17
of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the Loan(s) (as well as any promissory
note(s) evidencing such 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) (as well as any promissory note(s) evidencing such Loan(s)), (iii) with respect
to the extension of credit pursuant to this Credit Agreement or any other Loan 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 “10 percent shareholder” (within the meaning of Section 881(c)(3)(B) of the Code) of the Borrower, and (v) none
of its direct or indirect partners/members is a “controlled foreign corporation” (as described in Section 881(c)(3)(C)
of the Code) related to the Borrower.

 

The undersigned has furnished the Administrative
Agent and the Borrower with IRS Form W-8IMY accompanied by one of (i) an IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, from
each of its partners/members claiming the portfolio interest exemption or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN
or IRS Form W-8BEN-E, as applicable, from each of such partner’s/member’s beneficial owners that is claiming the portfolio
interest exemption. By executing this certificate, the undersigned agrees that (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.

 

Unless otherwise defined herein, terms defined
in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 

	[NAME OF LENDER]
	 
	By:	 	 
	Name:
	Title:
	Date:

 

    Exhibit C-2 - 1

     

    

 

EXHIBIT C-3

 

U.S. TAX CERTIFICATE

 

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

 

Reference is made to the Amended and Restated
Credit Agreement, dated as of February 6, 2018 (as amended, restated, amended and restated, supplemented or otherwise modified
from time to time, the “Credit Agreement”), among Virtusa Corporation, a Delaware corporation (the “Borrower”),
the guarantors from time to time party thereto, the lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent
(the “Administrative Agent”).

 

Pursuant to the provisions of Section 2.17
of the Credit 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 “10 percent shareholder” (within the meaning of Section 881(c)(3)(B) of the Code) of
the Borrower, and (iv) it is not a “controlled foreign corporation” (as described in Section 881(c)(3)(C) of the Code)
related to the Borrower.

 

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, as applicable. 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.

 

Unless otherwise defined herein, terms defined
in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 

	[NAME OF PARTICIPANT]
	 
	By:	                	 
	Name:
	Title:
	Date:

 

    Exhibit C-3 - 1

     

    

 

EXHIBIT C-4

 

U.S. TAX CERTIFICATE

 

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

 

Reference is made to the Amended and Restated
Credit Agreement, dated as of February 6, 2018 (as amended, restated, amended and restated, supplemented or otherwise modified
from time to time, the “Credit Agreement”), among Virtusa Corporation, a Delaware corporation (the “Borrower”),
the guarantors from time to time party thereto, the lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent
(the “Administrative Agent”).

 

Pursuant to the provisions of Section 2.17
of the Credit 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 “10 percent shareholder”
(within the meaning of Section 881(c)(3)(B) of the Code) of the Borrower, and (v) none of its direct or indirect partners/members
is a “controlled foreign corporation” (as described in Section 881(c)(3)(C) of the Code) related to the Borrower.

 

The undersigned has furnished its participating
Lender with IRS Form W-8IMY accompanied by one of (i) an IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, from each of its
partners/members claiming the portfolio interest exemption or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or IRS
Form W-8BEN-E, as applicable, from each of such partner’s/member’s beneficial owners that is claiming the portfolio
interest exemption. By executing this certificate, the undersigned agrees that (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.

 

Unless otherwise defined herein, terms defined
in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 

	[NAME OF PARTICIPANT]
	 
	By:	               	 
	Name:
	Title:
	Date:

 

    Exhibit C-4 - 1

     

    

 

EXHIBIT D

 

JOINDER AGREEMENT

 

THIS JOINDER AGREEMENT (this “Agreement”),
dated as of ____________ 20_, is entered into between ____________________________, a _____________________ (the “New
Subsidiary”) and JPMORGAN CHASE BANK, N.A., in its capacity as administrative agent (the “Administrative Agent”)
under that certain Amended and Restated Credit Agreement, dated as of February 6, 2018 (as amended , restated, amended and restated,
supplemented or otherwise modified from time to time, the “Credit Agreement”), among VIRTUSA CORPORATION, a
Delaware corporation (the “Borrower”), the guarantors from time to time party thereto, the lenders party thereto,
and the Administrative Agent. All capitalized terms used herein and not otherwise defined shall have the meanings set forth in
the Credit Agreement.

 

The New Subsidiary and the Administrative
Agent, for the benefit of the Secured Parties, hereby agree as follows:

 

1.          The
New Subsidiary hereby acknowledges, agrees and confirms that, by its execution of this Agreement, the New Subsidiary will be deemed
to be a Loan Party under the Credit Agreement, a “Guarantor” and a “Loan Guarantor” in each case, for all
purposes of the Credit Agreement and shall have all of the obligations of a Loan Party, a Guarantor and a Loan Guarantor thereunder
as if it had executed the Credit Agreement. The New Subsidiary hereby ratifies, as of the date hereof, and agrees to be bound by,
all of the terms, provisions and conditions contained in the Credit Agreement, including without limitation (a) all of the representations
and warranties of the Loan Parties set forth in Article III of the Credit Agreement, (b) all of the covenants set forth in Articles
V and VI of the Credit Agreement, and (c) all of the guaranty obligations set forth in Article X of the Credit Agreement. Without
limiting the generality of the foregoing terms of this paragraph 1, the New Subsidiary, subject to the limitations set forth in
Section 10.10 of the Credit Agreement, hereby absolutely, unconditionally and irrevocably guarantees, jointly and severally with
the other Loan Guarantors, to the Secured Parties, as provided in Article X of the Credit Agreement, the prompt payment of the
Guaranteed Obligations in full when due (whether at stated maturity, as a mandatory prepayment, by acceleration or otherwise) strictly
in accordance with the terms thereof and agrees that if any of the Guaranteed Obligations are not paid or performed in full when
due (whether at stated maturity, as a mandatory prepayment, by acceleration or otherwise), the New Subsidiary will, jointly and
severally together with the other Loan Guarantors, promptly pay the same, without any demand or notice whatsoever, and that in
the case of any extension of time of payment or renewal of any of the Guaranteed Obligations, the same will be promptly paid in
full when due (whether at extended maturity, as a mandatory prepayment, by acceleration or otherwise) in accordance with the terms
of such extension or renewal.

 

2.          Simultaneously
with the execution of this Agreement, the New Subsidiary is executing and delivering to the Administrative Agent such documents,
agreements and instruments (including, but not limited to, Collateral Documents) as required by and in accordance with Section
5.11 of the Credit Agreement.

 

    	 	D-1	 

     

    

 

3.          The
New Subsidiary hereby waives acceptance by the Administrative Agent and the other Secured Parties of the guaranty by the New Subsidiary
upon the execution of this Agreement by the New Subsidiary.

 

4.          This
Agreement may be executed in counterparts (and by different parties hereto on separate counterparts), each of which shall constitute
an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a
signature page of this Agreement by facsimile, emailed pdf, or any other electronic means that reproduces an image of the actual
executed signature page shall be effective as delivery of a manually executed counterpart of this Agreement.

 

5.          THIS
AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK.

 

IN WITNESS WHEREOF, the New Subsidiary has
caused this Agreement to be duly executed by its authorized officer, and the Administrative Agent, for the benefit of the Secured
Parties, has caused the same to be accepted by its authorized officer, as of the day and year first above written.

 

	 	[NEW SUBSIDIARY]

 

 

	 	By:	 
	 	Name:	 
	 	Title:	 

 

	 	Acknowledged and accepted:

 

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

 

 

	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	 	D-2	 

     

    

 

EXHIBIT E

 

INCREASING LENDER SUPPLEMENT – EXISTING
LENDER

 

INCREASING LENDER SUPPLEMENT, dated __________,
20__ (this “Supplement”), by and among each of the signatories hereto, to the Amended and Restated Credit
Agreement, dated as of February 6, 2018 (as amended, restated, amended and restated, supplemented or otherwise modified from time
to time, the “Credit Agreement”), among VIRTUSA CORPORATION, a Delaware corporation (the “Borrower”),
the guarantors from time to time party thereto, the lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent
(the “Administrative Agent”). Capitalized terms used herein and not defined herein shall have the meanings defined
in the Credit Agreement.

 

W I T N
E S S E T H

 

WHEREAS, pursuant to Section 2.21
of the Credit Agreement, the Borrower has the right, subject to the terms and conditions thereof, to effectuate from time to time
an increase in the Revolving Commitments, increase in any existing Term Loan and/or enter into one or more additional tranches
of Incremental Term Loans under the Credit Agreement by requesting one or more Lenders to increase the amount of its Revolving
Commitment and/or to participate in such a tranche;

 

WHEREAS, the Borrower has given notice to
the Administrative Agent of its intention to [increase the Revolving Commitments] [increase the existing Term Loan] [and] [enter
into a tranche of Incremental Term Loans] pursuant to such Section 2.21; and

 

WHEREAS, pursuant to such Section 2.21,
the undersigned Increasing Lender now desires to [increase the amount of its Revolving Commitment] [increase the amount of its
existing Term Loan] [and] [participate in a tranche of Incremental Term Loans] under the Credit Agreement by executing and delivering
to the Borrower and the Administrative Agent this Supplement;

 

NOW, THEREFORE, each of the parties hereto
hereby agrees as follows:

 

	 	1.	The undersigned Increasing Lender agrees, subject to the terms and conditions of the Credit Agreement, that on the date of this Supplement it shall [have its Revolving Commitment increased by $__________, thereby making the aggregate amount of its Revolving Commitment equal to $__________] [have its Term Loan Commitment increased by $__________, thereby making the aggregate amount of its Term Loan Commitment equal to $__________] [and] [participate in an Incremental Term Loan with a commitment amount equal to $__________ with respect thereto].

 

	 	2.	The Borrower hereby represents and warrants that on the proposed date of the effectiveness of the increase in the Revolving Commitments, increase in the Term Loan and/or tranche of Incremental Term Loans contemplated hereby, (A) the conditions set forth in Sections 2.21 and 4.02 of the Credit Agreement (subject to the exceptions applicable to Incremental Term Loans set forth therein) are satisfied and (B) the Borrower is in compliance on a Pro Forma Basis with the financial covenant set forth in Section 6.10(a), recomputed as set forth in Section 2.21(b) of the Credit Agreement.

 

    	 	E-3	 

     

    

 

	 	3.	This Supplement shall be governed by, and construed in accordance with, the laws of the State of New York.

 

	 	4.	This Supplement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same document.

 

IN WITNESS WHEREOF, each of the undersigned
has caused this Supplement to be executed and delivered by a duly authorized officer on the date first above written.

 

	 	[INSERT NAME OF INCREASING LENDER]

 

 

	 	By:	 
	 	Name:	 
	 	Title:	 

 

Accepted and agreed to as of the date first written above:

 

VIRTUSA CORPORATION

 

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

    	 	E-4	 

     

    

 

EXHIBIT F

 

AUGMENTING LENDER SUPPLEMENT – NEW
LENDER

 

AUGMENTING LENDER SUPPLEMENT, dated __________,
20__ (this “Supplement”), to the Amended and Restated Credit Agreement, dated as of February 6, 2018
(as amended , restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”),
among VIRTUSA CORPORATION, a Delaware corporation (the “Borrower”), the guarantors from time to time party thereto,
the lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent (the “Administrative Agent”).
Capitalized terms used herein and not defined herein shall have the meanings defined in the Credit Agreement.

 

W I T N
E S S E T H

 

WHEREAS, the Credit Agreement provides in
Section 2.21 thereof that any bank, financial institution or other entity may [extend Revolving Commitments] [and]
[participate in tranches of Incremental Term Loans] under the Credit Agreement subject to the approval of the Borrower and the
Administrative Agent [and the Issuing Bank], by executing and delivering to the Borrower and the Administrative Agent a supplement
to the Credit Agreement in substantially the form of this Supplement; and

 

WHEREAS, the undersigned Augmenting Lender
was not an original party to the Credit Agreement but now desires to become a party thereto;

 

NOW,
THEREFORE, each of the parties hereto hereby agrees as follows:

 

		1.	The undersigned Augmenting Lender agrees to be bound by the provisions of the Credit Agreement and agrees that it shall, on
the date of this Supplement, become a Lender for all purposes of the Credit Agreement to the same extent as if originally a party
thereto, with a [Revolving Commitment of $__________] [and] [a commitment with respect to Incremental Term Loans of $__________].

 

		2.	The undersigned Augmenting Lender (a) represents and warrants that it is legally authorized to enter into this Supplement,
(b) confirms that it has received a copy of the Credit Agreement, together with copies of the most recent financial statements
delivered pursuant to Section 5.01(a) and 5.01(b) thereof, as applicable, and has reviewed such other documents and
information as it has deemed appropriate to make its own credit analysis and decision to enter into this Supplement, (c) agrees
that it will, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents
and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action
under the Credit Agreement or any other instrument or document furnished pursuant hereto or thereto, (d) appoints and authorizes
the Administrative Agent to take such action as agent on its behalf and to exercise such powers and discretion under the Credit
Agreement or any other instrument or document furnished pursuant hereto or thereto as are delegated to the Administrative Agent
by the terms thereof, together with such powers as are incidental thereto, and (e) agrees that it will be bound by the provisions
of the Credit Agreement and will perform in accordance with its terms all the obligations which by the terms of the Credit Agreement
are required to be performed by it as a Lender.

 

    Exhibit F-1

     

    

 

		3.	The undersigned’s address for notices for the purposes of the Credit Agreement is as follows:

 

___________.

 

		4.	The Borrower hereby represents and warrants that on the proposed date of the effectiveness of the increase in the Revolving
Commitments and/or tranche of Incremental Term Loans contemplated hereby, (A) the conditions set forth in Sections 2.21 and
4.02 of the Credit Agreement (subject to the exceptions applicable to Incremental Term Loans set forth therein) are satisfied
and (B) the Borrower is in compliance on a Pro Forma Basis with the financial covenant set forth in Section 6.10(a), recomputed
as set forth in Section 2.21(b) of the Credit Agreement.

 

		5.	This Supplement shall be governed by, and construed in accordance with, the laws of the State of New York.

 

		6.	This Supplement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each
of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same document.

 

[remainder of this page
intentionally left blank]

 

    Exhibit F-2

     

    

 

IN WITNESS WHEREOF, each of the undersigned
has caused this Supplement to be executed and delivered by a duly authorized officer on the date first above written.

 

	 	[INSERT NAME OF AUGMENTING LENDER]
	 	 
	 	 
	 	By:	                
	 	Name:
	 	Title:

 

Accepted and agreed to as of the date first written above:

 

	VIRTUSA CORPORATION
	 
	 
	By:	                 	 
	Name:	 
	Title:	 

 

	JPMORGAN CHASE BANK, N.A.,
	as Administrative Agent
	 
	 
	By:	                 	 
	Name:	 
	Title:	 

 

	[JPMORGAN CHASE BANK, N.A.,
	as Issuing Bank
	 
	 
	By:	                  	 
	Name:	 
	Title:	 

 

	BANK OF AMERICA, N.A.,
	as Issuing Bank
	 
	 
	By:	                	 
	Name:	 
	Title:]8	 

 

 

8
Insert additional signature blocks for any other Issuing Banks.

 

    Exhibit F-3

     

    

 

EXHIBIT G

 

BORROWING REQUEST

 

JPMorgan Chase
Bank, N.A.

10 South Dearborn,
Floor L2

Chicago, IL
60603-2003

Attention: Cheryl
Lyons

Telephone: 312-732-2593

Fax: 888-303-9732

Electronic mail: jpm.agency.servicing.l@jpmorgan.com

 

with a copy to:

 

50 Rowes Wharf, 2nd Floor

Boston, MA 02110

Attention: Stacy Benham, Vice President

Telephone: 617-428-2172

 

__________, 20__

 

Ladies and Gentlemen:

 

Reference is made to
the Amended and Restated Credit Agreement, dated as of February 6, 2018 (as amended, restated, amended and restated, supplemented
or otherwise modified from time to time, the “Credit Agreement”), among VIRTUSA CORPORATION, a Delaware corporation
(the “Borrower”), the guarantors from time to time party thereto, the lenders party thereto, and JPMorgan Chase Bank,
N.A., as administrative agent (the “Administrative Agent”). Capitalized terms used herein and not defined herein
shall have the meanings defined in the Credit Agreement.

 

This notice constitutes
a Borrowing Request, and the Borrower hereby gives you notice, pursuant to Section 2.03 of the Credit Agreement, that it
requests a Borrowing under the Credit Agreement, and in connection therewith specifies the following information with respect to
such Borrowing:

 

		(i)	The Loans comprising such Borrowing are [ABR Revolving Loans][Eurodollar Revolving Loans][ABR Term Loans][Eurodollar Term Loans].9

 

		(ii)	The aggregate amount of such Borrowing is __________.10

 

		(iii)	The date of such Borrowing (which is a Business Day) is __________.

 

 

9 If
no Type of Borrowing is specified, then, in the case of a Borrowing denominated in U.S. Dollars, the requested Borrowing
shall be an ABR Borrowing.

10 
For Revolving Borrowings, please refer to required minimum/multiple borrowing amounts set forth in Section 2.02(c) of the
Credit Agreement.

 

    Exhibit G-1

     

    

 

		(iv)	[The initial Interest Period applicable to such Borrowing is __________ months.]11

 

		(v)	The location and number of the Borrower’s account to which funds are to be disbursed:12

 

Bank Name:.

Bank Address:

ABA number:

Account number:

Account Name:

SWIFT CODE: (if needed)

 

[The Borrower hereby
certifies (i) that the conditions specified in Sections 4.02(a), 4.02(b) and 4.02(c)(i-iv) of the Credit Agreement have been satisfied,
(ii) the representations and warranties of the Borrower set forth in the Credit Agreement are true and correct in all material
respects (except that such materiality qualifier shall not be applicable to any representation or warranty to the extent that it
is already qualified or modified by materiality in the text thereof) on and as of the date hereof (except to the extent any such
representation or warranty expressly relates to an earlier date, in which case, such representation or warranty is true and correct
in all material respects as of such earlier date) and (iii) at the time of and immediately after giving effect to the Borrowing
on the date hereof, no Default has occurred and is continuing.]13

 

[The Borrower hereby
certifies that the conditions specified in Sections 4.02(a) and 4.02(b) of the Credit Agreement have been satisfied.]14

 

	 	Very truly yours,
	 	 
	 	VIRTUSA CORPORATION
	 	 
	 	 
	 	By:	                 
	 	Name:
	 	Title:

 

 

11
Applicable to Eurodollar Borrowings only. Subject to the definition of “Interest Period” and can be a period of one,
two, three or six months. If no Interest Period is specified, then the Borrower shall be deemed to have selected an Interest Period
of one month’s duration.

12
Account must comply with requirements of Section 2.07(a) of the Credit Agreement.

13
Include this sentence in the case of a Borrowing of Delayed Draw Term Loans (and/or borrowing of Revolving Loans made to finance
the eTouch Acquisition)

14
Include this sentence in the case of any Borrowing other than a Borrowing of Delayed Draw Term Loans used to finance
the eTouch Acquisition

 

    Exhibit G-2

     

    

 

EXHIBIT H

 

SOLVENCY CERTIFICATE

 

Pursuant to Section 4.01(h) of the Amended
and Restated Credit Agreement dated as of the date hereof (as amended, restated, amended and restated, supplemented or otherwise
modified from time to time, the “Credit Agreement”; capitalized terms used, but not otherwise defined herein
shall have the meanings provided in the Credit Agreement), by and among VIRTUSA CORPORATION, a Delaware corporation (the “Borrower”),
the other guarantors from time to time party thereto, the lenders party thereto (the “Lenders”), and JPMorgan
Chase Bank, N.A., as administrative agent (the “Administrative Agent”) for the Lenders, the undersigned hereby
certifies, solely in such undersigned’s capacity as [chief financial officer] [chief accounting officer] [specify other
officer with equivalent duties] of the Borrower, and not individually, as follows:

 

 

	 	1.	I am generally familiar with the businesses and assets of the Borrower and its Subsidiaries, taken as a whole, and am duly authorized to execute this Solvency Certificate on behalf of the Borrower pursuant to the Credit Agreement.

 

	 	2.	As of the date hereof, after giving effect to the consummation of the Transactions consummated on the date hereof, including the making of the Loans under the Credit Agreement on the date hereof and after giving effect to the application of the proceeds of such indebtedness:

 

	 	a.	The fair value of the assets of the Borrower and its Subsidiaries, on a consolidated basis, exceeds, on a consolidated basis, their debts and liabilities, subordinated, contingent or otherwise;

 

	 	b.	The present fair saleable value of the property of the Borrower and its Subsidiaries, on a consolidated basis, is greater than the amount that will be required to pay the probable liability, on a consolidated basis, of their debts and other liabilities, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and matured;

 

	 	c.	The Borrower and its Subsidiaries, on a consolidated basis, are able to pay their debts and liabilities, subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured; and

 

	 	d.	The Borrower and its Subsidiaries, on a consolidated basis, are not engaged in, and are not about to engage in, business for which they have unreasonably small capital.

 

For purposes of this Certificate, the amount
of any contingent liability at any time shall be computed as the amount that would reasonably be expected to become an actual and
matured liability. Capitalized terms used but not otherwise defined herein shall have the meanings assigned to them in the Credit
Agreement.

 

[Signature Page Follows]

 

    Exhibit H-1

     

     

IN WITNESS WHEREOF, the undersigned has
executed this Certificate in such undersigned’s capacity as [chief financial officer] [chief accounting officer] [specify
other officer with equivalent duties] of the Borrower, on behalf of the Borrower, and not individually, as of the date first
stated above.

 

	 	VIRTUSA CORPORATION

 

	 	By:	 
	 	Name:
	 	Title:

 

    Exhibit H-2

     

     

EXHIBIT I

 

REVOLVING NOTE

 

	$___________________	________, 20__

 

FOR VALUE RECEIVED, VIRTUSA CORPORATION,
a Delaware corporation with a business address of 132 Turnpike Road, Suite 300, Southborough,, Massachusetts 01772 (the “Borrower”)
promises to pay to ___________________ (the “Lender”) on the Maturity Date, as defined in the Credit Agreement
(as hereinafter defined), the principal sum of ____________________ U.S. Dollars ($___________), or the aggregate unpaid principal
amount of all Revolving Loans, as defined in the Credit Agreement, whichever is less, in lawful money of the United States of America.

 

As used herein (this “Note”),
the “Credit Agreement” means the Amended and Restated Credit Agreement dated as of February 6, 2018, among the
Borrower, the guarantors from time to time party thereto, the lenders party thereto (including the Lender), and JPMorgan Chase
Bank, N.A., as administrative agent for such lenders (as amended, restated, amended and restated, supplemented or otherwise modified
from time to time). Each capitalized term used herein that is defined in the Credit Agreement and not otherwise defined herein
shall have the meaning ascribed to it in the Credit Agreement.

 

Borrower also promises to pay interest on
the unpaid principal amount of each Revolving Loan from time to time outstanding, from the date of such Revolving Loan until the
payment in full thereof, at the rates per annum that shall be determined in accordance with the provisions of the Credit Agreement.
Such interest shall be payable on each Interest Payment Date; provided that interest on any principal portion of each Revolving
Loan that is not paid when due shall be payable on demand as set forth in the Credit Agreement.

 

If this Note shall not be paid on or before
the Maturity Date, whether such maturity occurs by reason of lapse of time or by operation of any provision for acceleration of
maturity contained in the Credit Agreement, the principal hereof and the unpaid interest thereon shall bear interest, until paid,
at a rate per annum equal to the default rate set forth in the Credit Agreement. All payments of principal of and interest on this
Note shall be made in immediately available funds as set forth in the Credit Agreement.

 

This Note is one of the promissory notes
issued pursuant to the Credit Agreement. Reference is made to the Credit Agreement for a description of the right of the undersigned
to anticipate payments hereof, the right of the holder hereof to declare this Note due prior to its stated maturity, and other
terms and conditions upon which this Note is issued. This Note is guaranteed as provided in the Credit Agreement and secured as
provided in the Credit Agreement and the Collateral Documents. Reference is made to the Credit Agreement for a description of the
nature and extent of such guaranties, and to the Credit Agreement and the Collateral Documents for a description of the nature
and extent of such security, the terms and conditions upon which such guaranties and security were granted and the rights of the
holder of this Note in respect thereof.

 

    Exhibit I-1

     

     

[THIS NOTE IS GIVEN IN REPLACEMENT OF THE
REVOLVING NOTE, DATED AS OF [], 20[ ], IN THE AMOUNT OF [$____________] ISSUED BY THE COMPANY TO THE LENDER (THE “PRIOR
NOTE”). THIS NOTE IS NOT INTENDED TO BE, AND SHALL NOT BE CONSTRUED TO BE, A NOVATION OF ANY OF THE OBLIGATIONS OWING UNDER
OR IN CONNECTION WITH THE PRIOR NOTE. THIS NOTE IS NOT INTENDED TO RELEASE OR TERMINATE ANY GUARANTY OR LIEN, MORTGAGE, PLEDGE
OR OTHER SECURITY INTEREST IN FAVOR OF THE LENDER. ALL AMOUNTS OUTSTANDING UNDER THE PRIOR NOTE OWED BY THE BORROWER TO THE LENDER
SHALL NOW BE EVIDENCED BY THIS NOTE.]

 

Except as expressly provided in the Credit
Agreement, the Borrower expressly waives presentment, demand, protest and notice of any kind. This Note shall be governed by and
construed in accordance with the laws of the State of New York, but giving effect to federal laws applicable to national banks.

 

[Signature Page Follows]

 

    Exhibit I-2

     

     

IN WITNESS WHEREOF, the Borrower has caused
this Note to be duly executed by its authorized officer as of the day and year first above written.

 

	 	VIRTUSA CORPORATION

 

 

	 	By: 	 
	 	Name: 
	 	Title: 

 

    Exhibit I-3

     

     

EXHIBIT J

 

TERM NOTE

 

	$___________________	________, 20__

 

FOR VALUE RECEIVED, VIRTUSA CORPORATION,
a Delaware corporation with a business address of 132 Turnpike Road, Suite 300, Southborough,, Massachusetts 01772 (the “Borrower”)
promises to pay to ___________________ (the “Lender”) on the Maturity Date, as defined in the Credit Agreement
(as hereinafter defined), the principal sum of ____________________ U.S. Dollars ($___________), or the aggregate unpaid principal
amount of all Term Loans, as defined in the Credit Agreement, whichever is less, in lawful money of the United States of America.

 

As used herein (this “Note”),
the “Credit Agreement” means the Amended and Restated Credit Agreement dated as of February 6, 2018, among the
Borrower, the guarantors from time to time party thereto, the lenders party thereto (including the Lender), and JPMorgan Chase
Bank, N.A., as administrative agent for such lenders (as amended, restated, amended and restated, supplemented or otherwise modified
from time to time). Each capitalized term used herein that is defined in the Credit Agreement and not otherwise defined herein
shall have the meaning ascribed to it in the Credit Agreement.

 

Borrower also promises to pay interest on
the unpaid principal amount of each Term Loan from time to time outstanding, from the date of such Term Loan until the payment
in full thereof, at the rates per annum that shall be determined in accordance with the provisions of the Credit Agreement. Such
interest shall be payable on each Interest Payment Date; provided that interest on any principal portion of each Term Loan that
is not paid when due shall be payable on demand as set forth in the Credit Agreement.

 

If this Note shall not be paid on or before
the Maturity Date, whether such maturity occurs by reason of lapse of time or by operation of any provision for acceleration of
maturity contained in the Credit Agreement, the principal hereof and the unpaid interest thereon shall bear interest, until paid,
at a rate per annum equal to the default rate set forth in the Credit Agreement. All payments of principal of and interest on this
Note shall be made in immediately available funds as set forth in the Credit Agreement.

 

This Note is one of the promissory notes
issued pursuant to the Credit Agreement. Reference is made to the Credit Agreement for a description of the right of the undersigned
to anticipate payments hereof, the right of the holder hereof to declare this Note due prior to its stated maturity, and other
terms and conditions upon which this Note is issued. This Note is guaranteed as provided in the Credit Agreement and secured as
provided in the Credit Agreement and the Collateral Documents. Reference is made to the Credit Agreement for a description of the
nature and extent of such guaranties, and to the Credit Agreement and the Collateral Documents for a description of the nature
and extent of such security, the terms and conditions upon which such guaranties and security were granted and the rights of the
holder of this Note in respect thereof.

 

    Exhibit J-1

     

     

[THIS NOTE IS GIVEN IN REPLACEMENT OF THE
TERM NOTE, DATED AS OF [   ], 20[   ], IN THE AMOUNT OF [$___________] ISSUED BY THE COMPANY TO THE
LENDER (THE “PRIOR NOTE”). THIS NOTE IS NOT INTENDED TO BE, AND SHALL NOT BE CONSTRUED TO BE, A NOVATION OF ANY OF
THE OBLIGATIONS OWING UNDER OR IN CONNECTION WITH THE PRIOR NOTE. THIS NOTE IS NOT INTENDED TO RELEASE OR TERMINATE ANY GUARANTY
OR LIEN, MORTGAGE, PLEDGE OR OTHER SECURITY INTEREST IN FAVOR OF THE LENDER. ALL AMOUNTS OUTSTANDING UNDER THE PRIOR NOTE OWED
BY THE BORROWER TO THE LENDER SHALL NOW BE EVIDENCED BY THIS NOTE.]

 

Except as expressly provided in the Credit
Agreement, the Borrower expressly waives presentment, demand, protest and notice of any kind. This Note shall be governed by and
construed in accordance with the laws of the State of New York, but giving effect to federal laws applicable to national banks.

 

[Signature Page Follows]

 

    Exhibit J-2

     

     

IN WITNESS WHEREOF, the Borrower has caused
this Note to be duly executed by its authorized officer as of the day and year first above written.

 

	 	VIRTUSA CORPORATION

 

	 	By: 	 
	 	Name: 
	 	Title: 

 

    Exhibit J-3

     

     

EXHIBIT
K

 

INTEREST ELECTION REQUEST NOTICE

 

VIRTUSA CORPORATION

 

Date: ______________________
__, 20[ ]

 

JPMorgan Chase
Bank, N.A.

10 South Dearborn,
Floor L2

Chicago, IL
60603-2003

Attention: Cheryl
Lyons

Telephone: 312-732-2593

Fax: 888-303-9732

Electronic mail: jpm.agency.servicing.l@jpmorgan.com

 

Ladies and Gentlemen:

 

This Interest Election Request Notice is
furnished pursuant to Section 2.08(c) of that certain Amended and Restated Credit Agreement dated as of February 6, 2018 (as amended,
restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”)
among VIRTUSA CORPORATION, a Delaware corporation (the “Borrower”), the guarantors from time to time party thereto,
the lenders party thereto, and JPMorgan Chase Bank, N.A., in its capacity as administrative agent (the “Administrative
Agent”). Unless otherwise defined herein, capitalized terms used in this Interest Election Request Notice have the meanings
ascribed thereto in the Credit Agreement.

 

The Borrower is hereby requesting to convert
or continue certain Borrowings of [Revolving Loans][Term Loans] as follows:

 

	 	1.	Date of conversion/continuation (must be a Business Day): __________________, 20____

	 	2.	Amount of Borrowings being converted/continued:$ _______________

	 	3.	Nature of conversion/continuation:

	 	 ̈ 	a. Conversion of ABR Borrowings to Eurodollar Borrowings 
	 	 ̈ 	b. Conversion of Eurodollar Borrowings to ABR Borrowings 
	 	 ̈	c. Continuation of Eurodollar Borrowings as such

 

	 	4.	If Borrowings are being continued as or converted to Eurodollar Borrowings, the duration of the new Interest Period that commences on the conversion/continuation date:

 

	One Month	 	 	 	Two Months	 	 
	Three Months	 	 	 	Six Months	 	 

 

	 	5.	The undersigned officer of Borrower certifies that, both before and after giving effect to the request above, no Event of Default has occurred and is continuing under the Agreement.

 

[Signature Page
Follows]

 

    	 	Exhibit K-1	 

     

    

 

	 	VIRTUSA CORPORATION

 

	 	By:	 
	 	Name:
	 	Title:

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