Document:

Exhibit 4.1

 

EXECUTION COPY

 

AMENDED
AND RESTATED CREDIT AGREEMENT

dated as of

December 16, 2021

among

PENTAIR plc

as Parent,

 

PENTAIR
FINANCE S.À R.L.

as Company,

 

PENTAIR,
INC.

as an Affiliate Borrower

The Other Affiliate Borrowers From Time to Time Party Hereto,

 

The
Lenders Party Hereto,

JPMORGAN CHASE BANK, N.A.

as Administrative Agent,

 

BANK
OF AMERICA, N.A.

CITIBANK, N.A.

MUFG BANK, LTD. and

U.S. BANK NATIONAL ASSOCIATION

as Syndication Agents,

 

and

 

PNC
BANK, NATIONAL ASSOCIATION

WELLS FARGO BANK, NATIONAL ASSOCIATION

BANK OF MONTREAL, LONDON BRANCH and

BANCO BILBAO VIZCAYA ARGENTARIA, S.A. NEW YORK BRANCH

as Documentation Agents

 

 

 

JPMORGAN
CHASE BANK, N.A.

BofA SECURITIES, INC.

CITIBANK, N.A.

MUFG BANK, LTD. and

U.S. BANK NATIONAL ASSOCIATION

as Joint Bookrunners and Joint Lead Arrangers

 

 

 

    

     

    

 

TABLE OF CONTENTS

 

Page

 

	Article I. Definitions	7
	 	 	 
	Section 1.01	Defined Terms	7
	Section 1.02	Classification of Loans and Borrowings	47
	Section 1.03	Terms Generally	47
	Section 1.04	Accounting Terms; GAAP	48
	Section 1.05	Interest Rates; LIBOR Notification	48
	Section 1.06	Luxembourg Terms	49
	Section 1.07	Certain Calculations	49
	Section 1.08	Divisions	50
	Section 1.09	Leverage Ratios	50
	Section 1.10	Amendment and Restatement of the Existing Credit Agreement	50
	 	 	 
	Article II. The Credits	51
	 	 	 
	Section 2.01	Re-Evidence of Existing Term Loans; Revolving Commitments	51
	Section 2.02	Loans and Borrowings	51
	Section 2.03	Requests for Borrowings	52
	Section 2.04	Determination of Dollar Amounts	52
	Section 2.05	Swingline Loans	53
	Section 2.06	Letters of Credit	55
	Section 2.07	Funding of Borrowings	60
	Section 2.08	Interest Elections	61
	Section 2.09	Termination and Reduction of Commitments	62
	Section 2.10	Repayment of Loans; Evidence of Indebtedness	63
	Section 2.11	Prepayment of Loans	64
	Section 2.12	Fees	65
	Section 2.13	Interest	66
	Section 2.14	Alternate Rate of Interest	68
	Section 2.15	Increased Costs	71
	Section 2.16	Break Funding Payments	72
	Section 2.17	Taxes	73
	Section 2.18	Payments Generally; Pro Rata Treatment; Sharing of Set-offs	80
	Section 2.19	Mitigation Obligations; Replacement of Lenders	82
	Section 2.20	Expansion Option	83
	Section 2.21	Market Disruption	84
	Section 2.22	Judgment Currency	84
	Section 2.23	Designation of Affiliate Borrowers	85
	Section 2.24	Defaulting Lenders	85
	Section 2.25	Extension of Maturity Date	87

 

    

     

    

 

	Article III. REPRESENTATIONS AND WARRANTIES	89
	 	 	 
	Section 3.01	Corporate Existence and Power	89
	Section 3.02	Corporate and Governmental Authorization; Contravention	89
	Section 3.03	Binding Effect	89
	Section 3.04	Financial Information	90
	Section 3.05	Litigation, etc.	90
	Section 3.06	ERISA Compliance	90
	Section 3.07	Taxes	90
	Section 3.08	Not an Investment Company	91
	Section 3.09	Environmental Matters	91
	Section 3.10	Use of Proceeds	91
	Section 3.11	Disclosure	91
	Section 3.12	Anti-Corruption Laws and Sanctions	91
	Section 3.13	Domiciliation; Centre of Main Interests	92
	Section 3.14	Swiss Non-Bank Rules	92
	Section 3.15	Affected Financial Institutions	92
	Section 3.16	Irish Loan Party	92
	Section 3.17	Tax Residence	92
	 	 	 
	Article IV. Conditions	93
	 	 	 
	Section 4.01	Effective Date	93
	Section 4.02	Each Credit Event	94
	Section 4.03	Designation of an Affiliate Borrower	94
	 	 	 
	Article V. AFFIRMATIVE COVENANTS	96
	 	 	 
	Section 5.01	Information	96
	Section 5.02	Use of Proceeds	98
	Section 5.03	Compliance with Contractual Obligations and Laws	98
	Section 5.04	Insurance	98
	Section 5.05	Ownership of Borrowers	98
	Section 5.06	Payment of Taxes	98
	Section 5.07	Swiss Non-Bank Rule	98
	Section 5.08	Loan Party Location	99
	Section 5.09	Tax Residence	99
	Section 5.10	Service of Process Agent	99

 

    

     

    

 

	Article VI. NEGATIVE COVENANTS	99
	 	 	 
	Section 6.01	Maximum Net Leverage Ratio	99
	Section 6.02	Minimum Interest Coverage Ratio	99
	Section 6.03	Negative Pledge	100
	Section 6.04	Consolidations, Mergers and Sales of Assets; Acquisitions	102
	Section 6.05	Subsidiary Debt	103
	Section 6.06	OFAC and Anti-Corruption Laws	104
	 	 	 
	Article VII. EVENTS OF DEFAULT	105
	 	 	 
	Article VIII. The Administrative Agent	108
	 	 	 
	Section 8.01	Authorization and Action	108
	Section 8.02	Administrative Agent’s Reliance, Indemnification, Etc	110
	Section 8.03	Posting of Communications	111
	Section 8.04	The Administrative Agent Individually	113
	Section 8.05	Successor Administrative Agent	113
	Section 8.06	Acknowledgement of Lenders and Issuing Banks	114
	Section 8.07	Certain ERISA Matters	115
	 	 	 
	
    Article
IX. Miscellaneous 
	116
	 	 	 
	Section 9.01	Notices	116
	Section 9.02	Waivers; Amendments	118
	Section 9.03	Expenses; Indemnity; Damage Waiver	120
	Section 9.04	Successors and Assigns	121
	Section 9.05	Survival	126
	Section 9.06	Counterparts; Integration; Effectiveness; Electronic Execution	126
	Section 9.07	Severability	127
	Section 9.08	Right of Setoff	127
	Section 9.09	Governing Law; Jurisdiction; Consent to Service of Process	127
	Section 9.10	WAIVER OF JURY TRIAL	128
	Section 9.11	Headings	128
	Section 9.12	Confidentiality	129
	Section 9.13	USA PATRIOT Act; Beneficial Ownership Regulation	130
	Section 9.14	Interest Rate Limitation	130
	Section 9.15	No Fiduciary Duty, etc	130
	Section 9.16	Acknowledgement and Consent to Bail-In of Affected Financial Institutions	131
	Section 9.17	Confirmation of Lender’s Status as Swiss Qualifying Lender	131
	Section 9.18	Acknowledgement Regarding Any Supported QFCs	131
	 	 	 
	Article X. Guarantee	132
	 	 	 
	Section 10.01	Guaranty	132
	Section 10.02	Swiss Limitation Language for Swiss Loan Parties	134

 

    

     

    

 

	SCHEDULES:
	 
	Schedule 2.01	--	Commitments
	Schedule 2.05	--	Swingline Sublimits
	Schedule 6.03	--	List of Existing Liens
	Schedule 6.05	--	Existing Debt

 

	 
	EXHIBITS:
	 
	Exhibit A	--	Form of Assignment and Assumption
	Exhibit B-1	--	Form of Opinion of Foley & Lardner LLP
	Exhibit B-2	--	Form of Opinion of Arthur Cox
	Exhibit B-3  	--	Form of Opinion of Allen & Overy
	Exhibit C-1	--	Form of Increasing Lender Supplement
	Exhibit C-2 	--	Form of Augmenting Lender Supplement
	Exhibit D-1  	--	Form of Revolving Credit Note
	Exhibit D-2  	--	Form of Term Loan Note
	Exhibit E	--	List of Closing Documents
	Exhibit F-1	--	Form of Affiliate Borrowing Agreement
	Exhibit F-2	--	Form of Affiliate Borrowing Termination
	Exhibit G-1	--	Form of Borrowing Request
	Exhibit G-2	--	Form of Interest Election Request
	Exhibits H-1-4	--	Form of U.S. Tax Compliance Certificates
	Exhibit I	--	Form of Irish Qualifying Lender Confirmation

 

    

     

    

 

  

AMENDED AND RESTATED CREDIT
AGREEMENT (this “Agreement”) dated as of December 16, 2021 among PENTAIR plc,
an Irish public limited company, PENTAIR FINANCE S.à r.l., a Luxembourg private
limited liability company (Société à responsabilité limitée) having its registered office at
26, Boulevard Royal, L-2449 Luxembourg, Grand Duchy of Luxembourg and registered with the Luxembourg Trade and Companies Register (Registre
de commerce et des sociétés, Luxembourg) under number B 166305, PENTAIR, INC., a Minnesota corporation, the other AFFILIATE
BORROWERS from time to time party hereto, the LENDERS from time to time party hereto, JPMORGAN CHASE BANK, N.A., as Administrative Agent,
BANK OF AMERICA, N.A., CITIBANK, N.A., MUFG BANK, LTD. and U.S. BANK NATIONAL ASSOCIATION, as Syndication Agents and PNC BANK, NATIONAL
ASSOCIATION, WELLS FARGO BANK, NATIONAL ASSOCIATION, BANK OF MONTREAL, LONDON BRANCH and BANCO BILBAO VIZCAYA ARGENTARIA, S.A. NEW YORK
BRANCH, as Documentation Agents.

 

WHEREAS, the Parent, the Existing
Swiss Guarantor, the Company, the Initial Affiliate Borrower, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative
agent thereunder, are currently party to the Credit Agreement, dated as of April 25, 2018 (as amended, supplemented or otherwise modified
prior to the date hereof, the “Existing Credit Agreement”).

 

WHEREAS, the Parent, the Company,
the Initial Affiliate Borrower, the Lenders, the Departing Lenders (as hereafter defined) and the Administrative Agent have agreed (a) to
enter into this Agreement in order to (i) amend and restate the Existing Credit Agreement in its entirety; (ii) re-evidence
the “Obligations” under, and as defined in, the Existing Credit Agreement, which shall be repayable in accordance with the
terms of this Agreement; (iii) set forth the terms and conditions under which the Lenders will, from time to time, make loans and
extend other financial accommodations to or for the benefit of the Borrowers; and (iv) release the Existing Swiss Guarantor from
all of its “Obligations” as defined in the Existing Credit Agreement, (b) that each Departing Lender shall cease to be
a party to the Existing Credit Agreement as evidenced by its execution and delivery of its Departing Lender Signature Page and (c) that
the Existing Swiss Guarantor shall cease to be a party to the Existing Credit Agreement upon the effectiveness of this Agreement and shall
not be a Guarantor or a party to this Agreement.

 

WHEREAS, it is the intent
of the parties hereto that this Agreement not constitute a novation of the obligations and liabilities of the parties under the Existing
Credit Agreement or be deemed to evidence or constitute full repayment of such obligations and liabilities, but that this Agreement amend
and restate in its entirety the Existing Credit Agreement and re-evidence the obligations and liabilities of the Parent, the Company and
the Initial Affiliate Borrower outstanding thereunder, which shall be payable in accordance with the terms hereof.

 

WHEREAS, it is also the intent
of the Parent, the Company and the Initial Affiliate Borrower to confirm that all obligations under the applicable “Loan Documents”
(as referred to and defined in the Existing Credit Agreement) shall continue in full force and effect as modified or restated by the Loan
Documents (as referred to and defined herein) and that, from and after the Effective Date, all references to the “Credit Agreement”
contained in any such existing “Loan Documents” shall be deemed to refer to this Agreement.

 

NOW, THEREFORE, in consideration
of the premises and the mutual covenants contained herein, the parties hereto agree that the Existing Credit Agreement is hereby amended
and restated as follows:

 

    6

     

    

 

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 such Loan, or the Loans comprising such Borrowing, bearing interest at a rate
determined by reference to the Alternate Base Rate.

 

“Acquisition”
means any transaction or series of related transactions (excluding any transaction solely among the Parent and/or one or more persons
that are already Subsidiaries) that result, directly or indirectly, in (a) the acquisition by the Parent or any Subsidiary of all or substantially
all of the assets of a Person, or of all or substantially all of any business or division of a Person, (b) the acquisition of in excess
of 50% of the capital stock, partnership interests, membership interests or equity of any Person, or otherwise causing any Person to become
a Subsidiary, or (c) a merger or consolidation or any other combination with another Person; provided that the Parent or a Subsidiary
is the ultimate surviving entity.

 

“Acquisition Debt”
means any Debt of the Parent or any of its Subsidiaries that has been issued for the purpose of financing, in whole or in part, a Material
Acquisition and any related transactions or series of related transactions (including for the purpose of refinancing or replacing all
or a portion of any pre-existing Debt of the Parent, any of its Subsidiaries or the person(s) or assets to be acquired); provided that
(a) the release of the proceeds thereof to the Parent and its Subsidiaries is contingent upon the consummation of such Material Acquisition
and, pending such release, such proceeds are held in escrow (and, if the definitive agreement (or, in the case of a tender offer or similar
transaction, the definitive offer document) for such acquisition is terminated prior to the consummation of such Material Acquisition
or if such Material Acquisition is otherwise not consummated by the date specified in the definitive documentation relating to such Debt,
such proceeds shall be promptly applied to satisfy and discharge all obligations of the Parent and its Subsidiaries in respect of such
Debt) or (b) such Debt contains a “special mandatory redemption” provision (or other similar provision) or otherwise permits
or requires such Debt to be redeemed or prepaid if such Material Acquisition is not consummated by the date specified in the definitive
documentation relating to such Debt (and if the definitive agreement (or, in the case of a tender offer or similar transaction, the definitive
offer document) for such Material Acquisition is terminated in accordance with its terms prior to the consummation of such Material Acquisition
or such Material Acquisition is otherwise not consummated by the date specified in the definitive documentation relating to such Debt,
such Debt is so redeemed or prepaid within 90 days of such termination or such specified date, as the case may be).

 

“Acquisition-Related
Incremental Term Loans” has the meaning assigned to such term in Section 2.20.

 

“Additional Commitment
Lender” has the meaning assigned to such term in Section 2.25(d).

 

“Adjusted EURIBO
Rate” means, with respect to any Eurocurrency Borrowing denominated in euro for any Interest Period, an interest rate per annum
equal to (a) the EURIBO Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate.

 

“Adjusted LIBO Rate”
means, with respect to any Eurocurrency Borrowing denominated in Dollars for any Interest Period, an interest rate per annum equal to
(a) the LIBO Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate.

 

“Administrative Agent”
means JPMCB (including its branches and affiliates) in its capacity as administrative agent for the Lenders hereunder, and any successor
administrative agent arising under Section 9.04.

 

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

 

“Affected Financial
Institution” means (a) any EEA Financial Institution or (b) any UK Financial Institution.

 

    7

     

    

 

“Affiliate”
means, as to any Person, any other Person directly or indirectly controlling, controlled by, or under direct or indirect common control
with, such Person. A Person shall be deemed to be “controlled by” any other Person if such other Person possesses, directly
or indirectly, power to direct or cause the direction of the management and policies of such Person whether by contract or otherwise (but,
for the avoidance of doubt, no individual shall be deemed to be an Affiliate of a Person solely because such individual is a director
(or the equivalent thereof) or senior officer of such Person).

 

“Affiliate Borrower
Sublimit” means $300,000,000.

 

“Affiliate Borrowers”
means, collectively, the Initial Affiliate Borrower and any Eligible Subsidiary that becomes an Affiliate Borrower pursuant to Section
2.23 and, in each case, that has not ceased to be an Affiliate Borrower; and “Affiliate Borrower” means any of
the Affiliate Borrowers.

 

“Affiliate Borrowing
Agreement” means an Affiliate Borrowing Agreement substantially in the form of Exhibit F-1.

 

“Affiliate Borrowing
Termination” means an Affiliate Borrowing Termination substantially in the form of Exhibit F-2.

 

“Agreed Currencies”
means with respect to (a) Revolving Loans, Agreed Loan Currencies and (b) Letters of Credit, Agreed LC Currencies.

 

“Agreed LC Currencies”
means (a) the Agreed Loan Currencies and (b) any other currency that is (i) readily available and freely transferable and convertible
into Dollars and (ii) agreed to by the Company, the Administrative Agent and the relevant Issuing Bank.

 

“Agreed Loan Currencies”
means (i) Dollars, (ii) euro and (iii) any other currency that is (A) a lawful currency (other than Dollars) that is readily available
and freely transferable and convertible into Dollars and (B) agreed to by the Administrative Agent and each of the Revolving Lenders.

 

“Agreement”
has the meaning specified in the introductory paragraph.

 

“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 in Dollars 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 LIBO 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 (for the avoidance of doubt, only until the Benchmark Replacement
has been determined pursuant to Section 2.14(b)), then the Alternate Base Rate shall be the greater of clauses (a) and (b) above and shall
be determined without reference to clause (c) above. For the avoidance of doubt, if the Alternate Base Rate as so determined would be
less than 1.00%, such rate shall be deemed to be 1.00% for purposes of this Agreement.

 

“Ancillary Document”
has the meaning assigned to such term in Section 9.06.

 

“Anti-Corruption
Laws” means all laws, rules, and regulations of any jurisdiction applicable to the Parent and its affiliated companies concerning
or relating to bribery, corruption or money laundering.

 

    8

     

    

 

“Applicable LC Sublimit”
means (i) with respect to JPMCB in its capacity as an Issuing Bank under this Agreement, $40,000,000, (ii) with respect to Bank of America,
N.A. in its capacity as an Issuing Bank under this Agreement, $40,000,000, (iii) with respect to MUFG Bank, Ltd.in its capacity as an
Issuing Bank under this Agreement, $40,000,000, (iv) with respect to Citibank, N.A. in its capacity as an Issuing Bank under this Agreement,
$40,000,000, (v) with respect to U.S. Bank National Association in its capacity as an Issuing Bank under this Agreement, $40,000,000 and
(vi) with respect to any other Person that becomes an Issuing Bank pursuant to the terms of this Agreement, such amount as agreed to in
writing by the Company, the Administrative Agent and such Person at the time such Person becomes an Issuing Bank pursuant to the terms
of the Agreement, as each of the foregoing amounts may be decreased or increased from time to time with the written consent of the Company,
the Administrative Agent and the Issuing Banks (provided that any increase in the Applicable LC Sublimit with respect to any Issuing Bank
shall only require the consent of the Company and such Issuing Bank).

 

“Applicable Maturity
Date” has the meaning assigned to such term in Section 2.25(a).

 

“Applicable Parties”
has the meaning assigned to such term in Section 8.03(c).

 

“Applicable Percentage”
means, with respect to any Lender, (a) with respect to Revolving Loans, Revolving Credit Exposure, LC Exposure or Swingline Loans,
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 Commitments of all Revolving Lenders (if the Revolving Commitments have terminated or expired, the Applicable
Percentages shall be determined based upon the Revolving Commitments most recently in effect, giving effect to any assignments); provided
that in the case of Section 2.24 when a Defaulting Lender shall exist, any such Defaulting Lender’s Revolving Commitment shall
be disregarded in the calculation and (b) with respect to the Term Loans, a percentage equal to a fraction the numerator of which
is such Lender’s outstanding principal amount of the Term Loans and the denominator of which is the aggregate outstanding principal
amount of the Term Loans of all Term Lenders.

 

“Applicable Rate”
means, for any day, with respect to any Eurocurrency Revolving Loan, any Eurocurrency Term Loan, any ABR Revolving Loan, any ABR Term
Loan, any CBR Loan, or with respect to the facility fees payable hereunder, as the case may be, the applicable rate per annum set forth
below under the caption “Eurocurrency Spread for Revolving Loans”, “Eurocurrency Spread for Term Loans”, “ABR
Spread for Revolving Loans”, “ABR Spread for Term Loans”, “CBR Spread for Revolving Loans” or “Facility
Fee”, as the case may be, based upon the Pricing Level applicable on such date.

 

	Pricing 

Level	 	Facility

 Fee	 	 	Eurocurrency

Spread for

Revolving

Loans	 	 	ABR Spread

for Revolving

Loans	 	 	CBR Spread

for Revolving

Loans	 	 	Eurocurrency

Spread for

Term Loans	 	 	ABR

 Spread 

for

 Term 

Loans	 
	Level I	 	 	0.10	%	 	 	0.90	%	 	 	0	%	 	 	0.90	%	 	 	0.75	%	 	 	0	%
	Level II	 	 	0.125	%	 	 	1.00	%	 	 	0	%	 	 	1.00	%	 	 	0.875	%	 	 	0	%
	Level III	 	 	0.15	%	 	 	1.10	%	 	 	0.10	%	 	 	1.10	%	 	 	1.00	%	 	 	0	%
	Level IV	 	 	0.175	%	 	 	1.20	%	 	 	0.20	%	 	 	1.20	%	 	 	1.125	%	 	 	0.125	%
	Level V	 	 	0.225	%	 	 	1.40	%	 	 	0.40	%	 	 	1.40	%	 	 	1.50	%	 	 	0.50	%

 

For purposes hereof: (i) Pricing Level I,
Leverage Level 1 and Ratings Level A are equivalent and correspond to each other, (ii) Pricing Level II, Leverage Level 2 and
Ratings Level B are equivalent and correspond to each other, (iii) Pricing Level III, Leverage Level 3 and Ratings Level C are
equivalent and correspond to each other, (iv) Pricing Level IV, Leverage Level 4 and Ratings Level D are equivalent and correspond
to each other and (v) Pricing Level V, Leverage Level 5 and Ratings Level E are equivalent and correspond to each other.

 

    9

     

    

 

At any time of determination, the Pricing Level
shall be determined by reference to the Leverage Level or the Ratings Level, as the Company shall from time to time elect by written notice
to the Administrative Agent, and any change in Pricing Level resulting from such election by the Company shall be effected as promptly
as practicable by the Administrative Agent after receiving such written election from the Company. Notwithstanding anything to the contrary
set forth in this definition, it is understood and agreed that Pricing Level II shall be deemed to be applicable from the Effective Date
until the Administrative Agent’s receipt of the financial statements and related compliance certificate for the Parent’s first
fiscal quarter ending after the Effective Date (it being understood and agreed that the Company shall not be permitted to elect pricing
by reference to the Ratings Level until such receipt by the Administrative Agent of such financial statements and compliance certificate),
and adjustments to the Pricing Level then in effect shall thereafter be effected in accordance with the terms of this definition.

 

Leverage Level Determination

 

	Leverage Level	Net Leverage Ratio
	
    Level 1 
	≤ 0.50 to 1.00
	Level 2	
    > 0.50 to 1.00 but

    ≤ 1.00 to 1.00

	Level 3	> 1.00 to 1.00 but 

 ≤ 1.75 to 1.00
	Level 4	>1.75 to 1.00 but 

 ≤ 2.50 to 1.00
	
    Level 5 
	> 2.50 to 1.00

 

If at any time the Parent fails to deliver the
quarterly or annual financial statements or related compliance certificates required under Section 5.01 on or before the date such
statements or certificates are due, Leverage Level 5 shall be deemed applicable for the period commencing three (3) Business Days after
such required date of delivery and ending on the date which is three (3) Business Days after such statements or certificates are actually
delivered, after which the Leverage Level shall be determined in accordance with this definition.

 

Except as otherwise provided in the paragraph
below or in the immediately preceding paragraph, adjustments, if any, to the Leverage Level then in effect shall be effective three (3)
Business Days after the Administrative Agent has received the applicable financial statements and certificates (it being understood and
agreed that each change in Leverage Level shall apply during the period commencing on the effective date of such change and ending on
the date immediately preceding the effective date of the next such change).

 

Ratings Level Determination

 

	Ratings Level	
    Public Debt Ratings

    (S&P / Moody’s / Fitch)

	
    Level A

     
	A- / A3 / A- or higher
	Level B	
    BBB+ / Baa1 / BBB+

     

	Level C	
    BBB / Baa2 / BBB

     

	Level D	
    BBB- / Baa3 / BBB-

     

	
    Level E

     
	BB+ / Ba1 / BB+ or lower

 

    10

     

    

 

For purposes of the foregoing, (a) if only one
of S&P, Moody’s or Fitch shall have in effect a Public Debt Rating, the Ratings Level shall be determined by reference to the
available rating; (b) if none of S&P, Moody’s or Fitch shall have in effect a Public Debt Rating, the Ratings Level will
be set in accordance with Level E; (c) if all three of the rating agencies shall have a Public Debt Rating in effect and the
ratings established by each of S&P, Moody’s and Fitch shall fall within three different Levels in the immediately foregoing
table (such Level A, Level B, Level C, Level D and Level E, collectively, the “Levels” and
each a “Level”), the Ratings Level shall be based upon the intermediate Level; (d) if all three of the rating
agencies shall have a Public Debt Rating in effect and two out of the three ratings of S&P, Moody’s and Fitch are at the same
Level, then the Ratings Level shall be based on such Level, (e) if only two Public Debt Ratings from S&P, Moody’s and Fitch
are available and such ratings fall within different Levels, then the Ratings Level shall be based on the higher rating unless such ratings
differ by two or more Levels, in which case the applicable Ratings Level will be deemed to be one Level above the lower of such Levels,
(f) if any rating established by S&P, Moody’s or Fitch shall be changed, such change shall be effective as of the date
on which such change is first announced publicly by the rating agency making such change; (g) if S&P, Moody’s or Fitch
shall change the basis on which ratings are established, each reference to the Public Debt Rating announced by S&P, Moody’s
or Fitch, as the case may be, shall refer to the then equivalent rating by S&P, Moody’s or Fitch, as the case may be (and if
there is no such equivalent rating, to the rating most recently in effect prior to such change); and (h) if any such rating agency
shall cease to be in the business of rating corporate debt obligations, the Company and the Lenders shall negotiate in good faith to amend
this definition to reflect the unavailability of ratings from such rating agency and, pending the effectiveness of such amendment, the
Ratings Level shall be determined by reference to the rating (and the Level applicable thereto) most recently in effect prior to such
cessation.

 

“Approved Electronic
Platform” has the meaning assigned to it in Section 8.03(a).

 

“Approved Fund”
has the meaning assigned to such term in Section 9.04.

 

“Approved Jurisdictions”
means Ireland, Switzerland, Luxembourg, the United States and England and Wales.

 

“Arrangers”
means each of JPMCB, BofA Securities, Inc., Citibank, N.A., MUFG Bank, Ltd. and U.S. Bank National Association in its capacity as a joint
bookrunner and joint 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.

 

“Augmenting Lender”
is defined in Section 2.20.

 

“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 Revolving Commitments.

 

    11

     

    

 

“Available Tenor”
means, as of any date of determination and with respect to the then-current Benchmark for any Agreed Currency, as applicable, any tenor
for such Benchmark (or component thereof) or payment period for interest calculated with reference to such Benchmark (or component thereof),
as applicable, that is or may be used for determining the length of an Interest Period for any term rate or otherwise, for determining
any frequency of making payments of interest calculated pursuant to this Agreement as of such date and not including, for the avoidance
of doubt, any tenor for such Benchmark that is then-removed from the definition of “Interest Period” pursuant to clause (f)
of Section 2.14.

 

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

 

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

 

“Bail-In Lender”
is defined in Section 2.19(b).

 

“Banking Services”
means each and any of the following bank services provided to the Parent 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 services,
automated clearinghouse transactions, return items services, any direct debit scheme or arrangement, overdraft services and interstate
depository network services).

 

“Banking Services
Agreement” means any agreement entered into by the Parent or any Subsidiary in connection with Banking Services.

 

“Bankruptcy Code”
means the Federal Bankruptcy Reform Act of 1978 (11 U.S.C. §101, et seq.).

 

“Bankruptcy Event”
means, with respect to any Person, such Person becomes the subject of a voluntary or involuntary 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 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 the United States 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.

 

“Benchmark”
means, initially, with respect to any Eurocurrency Loan, the Relevant Rate for such Agreed Currency; provided that if a
Benchmark Transition Event, a Term SOFR Transition Event, an Early Opt-in Election or an Other Benchmark Rate Election, as
applicable, and its related Benchmark Replacement Date have occurred with respect to the applicable Relevant Rate or the
then-current Benchmark for such Agreed Currency, then “Benchmark” means the applicable Benchmark Replacement to the
extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to clause (b) or clause (c) of Section
2.14.

 

    12

     

    

 

“Benchmark Replacement”
means, for any Available Tenor, the first alternative set forth in the order below that can be determined by the Administrative Agent
for the applicable Benchmark Replacement Date; provided that, (i) in the case of any Loan denominated in a Foreign Currency or
(ii) in the case of an Other Benchmark Rate Election, “Benchmark Replacement” shall mean the alternative set forth in (3)
below:

 

(1)       in
the case of any Loan denominated in Dollars, the sum of: (a) Term SOFR and (b) the related Benchmark Replacement Adjustment;

 

(2)       in
the case of any Loan denominated in Dollars, the sum of: (a) Daily Simple SOFR and (b) the related Benchmark Replacement Adjustment;

 

(3)       the
sum of: (a) the alternate benchmark rate that has been selected by the Administrative Agent and the Company as the replacement for the
then-current Benchmark for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a replacement
benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing
market convention for determining a benchmark rate as a replacement for the then-current Benchmark for syndicated credit facilities denominated
in the applicable Agreed Currency at such time in the United States and (b) the related Benchmark Replacement Adjustment;

 

provided that, in the
case of clause (1), such Unadjusted Benchmark Replacement is displayed on a screen or other information service commonly used in the banking
industry for such purpose that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion
and consistent with such selection generally under other substantially similar syndicated credit facilities for which it acts as the administrative
agent; provided further that, that, in the case of clause (3), when such clause is used to determine the Benchmark Replacement in connection
with the occurrence of an Other Benchmark Rate Election, the alternate benchmark rate selected by the Administrative Agent and the Company
shall be the term benchmark rate that is used in lieu of a LIBOR-based rate in the relevant other Dollar-denominated syndicated credit
facilities; provided further that, notwithstanding anything to the contrary in this Agreement or in any other Loan Document, upon the
occurrence of a Term SOFR Transition Event, and the delivery of a Term SOFR Notice, on the applicable Benchmark Replacement Date the “Benchmark
Replacement” shall revert to and shall be deemed to be the sum of (a) Term SOFR and (b) the related Benchmark Replacement Adjustment,
as set forth in clause (1) of this definition (subject to the first proviso above).

 

If the Benchmark Replacement
as determined pursuant to clause (1), (2) or (3) above would be less than the Floor, the Benchmark Replacement will be deemed to be the
Floor for the purposes of this Agreement and the other Loan Documents.

 

“Benchmark Replacement
Adjustment” means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement for
any applicable Interest Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement:

 

(1)       for
purposes of clauses (1) and (2) of the definition of “Benchmark Replacement,” the first alternative set forth in the order
below that can be determined by the Administrative Agent reasonably and in good faith:

 

(a)       the
spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or
zero) as of the Reference Time such Benchmark Replacement is first set for such Interest Period that has been selected or
recommended by the Relevant Governmental Body for the replacement of such Benchmark with the applicable Unadjusted Benchmark
Replacement for the applicable Corresponding Tenor;

 

    13

     

    

 

(b)       the
spread adjustment (which may be a positive or negative value or zero) as of the Reference Time such Benchmark Replacement is first set
for such Interest Period that would apply to the fallback rate for a derivative transaction referencing the ISDA Definitions to be effective
upon an index cessation event with respect to such Benchmark for the applicable Corresponding Tenor; and

 

(2)       for
purposes of clause (3) of the definition of “Benchmark Replacement,” the spread adjustment, or method for calculating or determining
such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the
Company for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a spread adjustment,
or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted
Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date and/or (ii) any evolving or then-prevailing
market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement
of such Benchmark with the applicable Unadjusted Benchmark Replacement for syndicated credit facilities denominated in the applicable
Agreed Currency at such time in the United States;

 

provided that, in the
case of clause (1) above, such adjustment is displayed on a screen or other information service commonly used in the banking industry
for such purpose that publishes such Benchmark Replacement Adjustment from time to time as selected by the Administrative Agent in its
reasonable discretion and consistent with such selection generally under other substantially similar syndicated credit facilities for
which it acts as the administrative agent.

 

“Benchmark Replacement
Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including
changes to the definition of “Alternate Base Rate,” the definition of “Business Day,” the definition of “Interest
Period,” timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment,
conversion or continuation notices, length of lookback periods, the applicability of breakage provisions, and other technical, administrative
or operational matters) that the Administrative Agent reasonably and in good faith decides may be appropriate to reflect the adoption
and implementation of such Benchmark Replacement and to permit the administration thereof by the Administrative Agent in a manner substantially
consistent with market practice (or, if the Administrative Agent in good faith decides that adoption of any portion of such market practice
is not administratively feasible or if the Administrative Agent determines in good faith that no market practice for the administration
of such Benchmark Replacement exists, in such other manner of administration as the Administrative Agent decides is reasonably necessary
in connection with the administration of this Agreement and the other Loan Documents).

 

“Benchmark Replacement
Date” means, with respect to any Benchmark, the earliest to occur of the following events with respect to such then-current
Benchmark:

 

(1)       in
the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the date of the public statement
or publication of information referenced therein and (b) the date on which the administrator of such Benchmark (or the published component
used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such component
thereof);

 

(2)       in
the case of clause (3) of the definition of “Benchmark Transition Event,” the first date on which such Benchmark (or the
published component used in the calculation thereof) has been determined and announced by the regulatory supervisor for the
administrator of such Benchmark (or such component thereof) to be no longer representative; provided, that such
non-representativeness will be determined by reference to the most recent statement or publication referenced in such clause (3) and
even if any Available Tenor of such Benchmark (or such component thereof) continues to be provided on such date;

 

    14

     

    

 

(3)       in
the case of a Term SOFR Transition Event, the date that is thirty (30) days after the date a Term SOFR Notice is provided to the Lenders
and the Company pursuant to Section 2.14(c) so long as the Administrative Agent has not received by such time, written notice of
objection to such Term SOFR Notice from the Company; or

 

(4)       in
the case of an Early Opt-in Election or an Other Benchmark Rate Election, the sixth (6th) Business Day after the date notice
of such Early Opt-in Election or Other Benchmark Rate Election, as applicable, is provided to the Lenders (and the Company), so long as
the Administrative Agent has not received, by 5:00 p.m., New York City time, on the fifth (5th) Business Day after the date
notice of such Early Opt-in Election or Other Benchmark Rate Election, as applicable, is provided to the Lenders, written notice of objection
to such Early Opt-in Election or Other Benchmark Rate Election, as applicable, from Lenders comprising the Required Lenders.

 

For the avoidance
of doubt, (i) if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time
in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination
and (ii) the “Benchmark Replacement Date” will be deemed to have occurred in the case of clause (1) or (2) with respect to
any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors
of such Benchmark (or the published component used in the calculation thereof).

 

“Benchmark Transition
Event” means, with respect to any Benchmark, the occurrence of one or more of the following events with respect to such then-current
Benchmark:

 

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

 

(2)       a
public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published
component used in the calculation thereof), the Board, the NYFRB, the central bank for the Agreed Currency applicable to such Benchmark,
an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction
over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority
over the administrator for such Benchmark (or such component), in each case which states that the administrator of such Benchmark (or
such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or
indefinitely as of a specific date; provided that, at the time of such statement or publication, there is no successor administrator
that will continue to provide any Available Tenor of such Benchmark (or such component thereof); or

 

(3)       a
public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the
published component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component
thereof) are no longer, or as of a specified future date will no longer be, representative.

 

    15

     

    

 

 

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

 

“Benchmark Unavailability
Period” means, with respect to any Benchmark, the period (if any) (x) beginning at the time that a Benchmark Replacement Date
pursuant to clauses (1) or (2) of that definition has occurred if, at such time, no Benchmark Replacement has replaced such then-current
Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 2.14 and (y) ending at the time that
a Benchmark Replacement has replaced such then-current Benchmark for all purposes hereunder and under any Loan Document in accordance
with Section 2.14.

 

“Beneficial Ownership
Certification” means a certification regarding beneficial ownership 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.

 

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

 

“Borrower”
means the Company or any Affiliate Borrower.

 

“Borrowing”
means (a) Revolving Loans of the same Type, made, converted or continued on the same date and, in the case of Eurocurrency Loans, as to
which a single Interest Period is in effect, (b) a Term Loan of the same Type and Class, made, converted or continued on the same date
and, in the case of Eurocurrency Loans, as to which a single Interest Period is in effect or (c) a Swingline Loan.

 

“Borrowing Request”
means a request by any Borrower for a Borrowing in accordance with Section 2.03 in substantially the form attached hereto as Exhibit
G-1 or such other form as the Administrative Agent may approve from time to time.

 

“Business Day”
means any day (other than a Saturday or a Sunday) on which banks are open for business in New York City; provided that, (i) in
relation to the calculation or computation of LIBOR, any day (other than a Saturday or a Sunday) on which banks are open for business
in London and (ii) in relation to Loans denominated in euro and in relation to the calculation or computation of EURIBOR, any day which
is a TARGET Day.

 

“Cash
Collateralize” means to pledge and deposit with or deliver to the Administrative Agent, for the benefit of the
Administrative Agent, the applicable Issuing Bank and the Revolving Lenders, as collateral or support for the LC Exposure, cash or
deposit account balances, or a standby letter of credit from a financial institution satisfactory to the Administrative Agent, in
each case pursuant to documentation in form and substance reasonably satisfactory to the Administrative Agent and the applicable
Issuing Bank (which documents are hereby consented to by the Lenders). Derivatives of such term shall have corresponding
meanings.

 

“CBR Loan”
means a Loan that bears interest at a rate determined by reference to the Central Bank Rate.

 

    16

     

    

 

“Central Bank Rate”
means, (A) the greater of (i) for any Loan denominated in (a) euro, one of the following three rates as may be selected by the Administrative
Agent reasonably and in good faith: (1) the fixed rate for the main refinancing operations of the European Central Bank (or any successor
thereto), or, if that rate is not published, the minimum bid rate for the main refinancing operations of the European Central Bank (or
any successor thereto), each as published by the European Central Bank (or any successor thereto) from time to time, (2) the rate for
the marginal lending facility of the European Central Bank (or any successor thereto), as published by the European Central Bank (or any
successor thereto) from time to time or (3) the rate for the deposit facility of the central banking system of the Participating Member
States, as published by the European Central Bank (or any successor thereto) from time to time and (b) any other Foreign Currency determined
after the Effective Date, a central bank rate as determined by the Administrative Agent in its reasonable good faith discretion and (ii)
0%; plus (B) the applicable Central Bank Rate Adjustment.

 

“Central Bank Rate
Adjustment” means for any Loan denominated in (a) euro, a rate equal to the difference (which may be a positive or negative
value or zero) of (i) the average of the EURIBO Rate for the last five (5) Business Days for which the EURIBO Rate was available (excluding,
from such averaging, the highest and the lowest EURIBO Rate applicable during such period of five Business Days) minus (ii) the Central
Bank Rate in respect of euro on the last Business Day in such period and (b) any other Foreign Currency determined after the Effective
Date, an adjustment as determined by the Administrative Agent in its reasonable good faith discretion designed to represent the reserve
ratio or analogous requirement of any central banking or financial regulatory authority imposed in respect of the maintenance of the Commitments
or the funding of the Loans. For purposes of this definition, (x) the term Central Bank Rate shall be determined disregarding clause (B)
of the definition of such term and (y) the EURIBO Rate on any day shall be based on the EURIBO Screen Rate on such day at approximately
the time referred to in the definition of such term for deposits in the applicable Agreed Currency for a maturity of one month (or, in
the event the EURIBO Screen Rate for deposits in the applicable Agreed Currency is not available for such maturity of one month, shall
be based on the EURIBO Interpolated Rate as of such time); provided that if such rate shall be less than zero, such rate shall
be deemed to be zero.

 

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

 

“Charges”
has the meaning assigned to such term in Section 9.14.

 

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

 

“Code”
means the Internal Revenue Code of 1986, as amended from time to time

 

“Combination”
has the meaning assigned to such term in Section 2.09(c).

 

“Combined Lender”
has the meaning assigned to such term in Section 2.09(c).

 

    17

     

    

 

“Commitment”
means, (a) the Revolving Commitments and the Term Loan Commitments and (b) 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 2.01,
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) or other documentation contemplated hereby pursuant to which such Lender
shall have assumed its Revolving Commitment pursuant to the terms hereof, 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”
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 Section 8.03(c), including through an Approved Electronic Platform.

 

“Company”
means Pentair Finance S.à r.l., a Luxembourg private limited liability company (société à responsabilité
limitée), having its registered office at 26, Boulevard Royal, L-2449 Luxembourg and registered with the Luxembourg Trade and
Companies Register (Registre de commerce et des sociétés, Luxembourg) under number B.166305.

 

“Computation Date”
has the meaning assigned to such term in Section 2.04.

 

“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 Subsidiary”
means, as of any date, any Subsidiary or other entity the accounts of which would be consolidated with those of the Parent in its consolidated
financial statements as of such date prepared in accordance with GAAP.

 

“Consolidated Total
Assets” means the total consolidated assets of the Parent and its Subsidiaries, in each case determined in accordance with GAAP.

 

“Corresponding Tenor”
with respect to any Available Tenor means, as applicable, either a tenor (including overnight) or an interest payment period having approximately
the same length (disregarding business day adjustment) as such Available Tenor.

 

    18

     

    

 

“Country Risk Event”
means:

 

(a)               
any law, action or failure to act by any Governmental Authority in any Borrower’s or Letter of Credit beneficiary’s
country which has the effect of:

 

(i)             
changing the obligations of any Issuing Bank or the Lenders under the relevant Letter of Credit, the Agreement or any of the other
Loan Documents as originally agreed or otherwise creating any additional liability, cost or expense to any Issuing Bank, the Lenders or
the Administrative Agent from that which exists on the Effective Date,

 

(ii)              
 changing the ownership or control by such Borrower or Letter of Credit beneficiary of its business, or

 

(iii)            
preventing or restricting the conversion into or transfer of the applicable Agreed Currency;

 

(b)               
force majeure; or

 

(c)               
any similar event,

 

which, in relation to (a), (b) and (c), directly
or indirectly, prevents or restricts the payment or transfer of any amounts owing under the relevant Letter of Credit in the applicable
Agreed Currency into an account designated by the Administrative Agent or such Issuing Bank and freely available to the Administrative
Agent or such Issuing Bank.

 

“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 9.18.

 

“Credit Event”
means a Borrowing, the issuance or extension of a Letter of Credit, the amendment of a Letter of Credit that increases the face amount
thereof, an LC Disbursement or any of the foregoing.

 

“Credit Exposure”
means, as 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 its Term Loans outstanding at such time.

 

“Credit Party”
means the Administrative Agent, the Issuing Banks, the Swingline Lenders or any other Lender.

 

“Daily Simple SOFR”
means, for any day, SOFR, with the conventions for this rate (which may include a lookback) being established by the Administrative Agent
in accordance with the conventions for this rate selected or recommended by the Relevant Governmental Body for determining “Daily
Simple SOFR” for business loans; provided that, if the Administrative Agent reasonably and in good faith decides that any
such convention is not administratively feasible for the Administrative Agent, then the Administrative Agent may establish another convention
in its reasonable good faith discretion.

 

    19

     

    

 

“Debt”
means, with respect to any Person at any date, without duplication, (i) all obligations of such Person for borrowed money, (ii) all
obligations of such Person evidenced by bonds, debentures, notes or other similar instruments, (iii) all obligations of such Person
to pay the deferred purchase price of property or services, except trade accounts payable and accrued liabilities (including
employee compensation and benefit obligations) arising in the ordinary course of business, (iv) the outstanding principal
obligations of such Person as lessee under capital leases, (v) all Debt of others secured by a Lien on any asset of such Person,
whether or not such Debt is assumed by such Person (it being understood that if such Debt has not been assumed by such Person, the
amount of such Debt shall be deemed to be the lesser of the fair market value at such date of such asset and the amount of such
Debt), (vi) the aggregate outstanding investment or claim held by purchasers, assignees or transferees of (or of interests in)
receivables of such Person in connection with any Securitization Transaction, (vii) all non-contingent reimbursement obligations of
such Person under letters of credit and bank guarantees, and (viii) all Debt (as defined above) of others Guaranteed by such Person.
Notwithstanding the foregoing, Debt shall exclude (a) any customary purchase price adjustments, earnouts, holdbacks and
deferred payments of a similar nature in connection with a Permitted Acquisition (including deferred compensation representing
consideration or other contingent obligations incurred in connection with a Permitted Acquisition), (b) any obligations in
respect of customer advances in the ordinary course of business consistent with past practices, (c) defeased, discharged and/or
redeemed indebtedness so long as (1) neither the Parent nor any Subsidiary has any liability (contingent or otherwise) with respect
to such indebtedness and (2) the cash, securities and/or other assets used to defease, discharge and/or redeem such indebtedness are
not, directly or indirectly, an asset of the Parent or any Subsidiary and (d) interest, fees, make-whole amounts, premiums, charges
or expenses, if any, relating to the principal amount of Debt. In the event any of the foregoing Debt is limited to recourse against
a particular asset or assets of such Person, the amount of the corresponding Debt shall be equal to the lesser of the amount of such
Debt and the fair market value of such asset or assets, as determined by the Company in good faith, at the date for determination of
the amount of such Debt. For the avoidance of doubt, the amount of Debt of any Person at any date will be calculated without
duplication of any Guarantee in respect thereof.

 

“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.

 

“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 three (3) 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 the Company or any Credit
Party in writing, or has made a public statement to the effect, that it does not intend or expect to comply with any of its funding obligations
under this Agreement (unless such writing or public statement indicates that such position is based on such Lender’s good faith
determination that a condition precedent (specifically identified and including the particular default, if any) to funding a loan under
this Agreement cannot be satisfied) or generally under other agreements in which it commits to extend credit, (c) has failed, within three
(3) Business Days after request by the Company or the Administrative Agent, 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 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 and/or
(ii) a Bail-In Action.

 

“Departing Lender”
means each lender under the Existing Credit Agreement that executes and delivers to the Administrative Agent a Departing Lender Signature
Page.

 

“Departing Lender
Signature Page” means the signature page to this Agreement on which it is indicated that the Departing Lender executing the
same shall cease to be a party to the Existing Credit Agreement on the Effective Date.

 

    20

     

    

 

“Designated Borrower”
means, unless otherwise specified by the Administrative Agent to the Company and the Lenders, any Affiliate Borrower that is organized
under the laws of Luxembourg or any other jurisdiction designated from time to time by the Administrative Agent due to operational limitations
relating to the ability to fund ABR Loans to such Affiliate Borrower.

 

“Designated Loan”
means a Designated Revolving Loan, a Designated Swingline Loan or a Designated Term Loan, as applicable.

 

“Designated Revolving
Loan” means a Revolving Loan denominated in Dollars to a Designated Borrower.

 

“Designated Swingline
Loan” means a Swingline Loan denominated in Dollars to a Designated Borrower.

 

“Designated Term
Loan” means a Term Loan denominated in Dollars to a Designated Borrower.

 

“Designated Persons”
means any Person listed on a Sanctions List.

 

“Disqualified Institutions”
means (i) those Persons identified by the Company to the Administrative Agent and the Lenders in writing prior to the Effective Date,
(ii) those Persons that are reasonably determined by the Company to be competitors of the Company or any of its Subsidiaries and which
have been specifically identified by the Company to the Administrative Agent and the Lenders in writing prior to the Effective Date and
(iii) in the case of each of clauses (i) and (ii) (and any supplements thereto as contemplated below), any of their respective Affiliates,
to the extent any such Affiliate (x) is clearly identifiable as an Affiliate of the applicable Person solely by similarity of such Affiliate’s
name and (y) is not a bona fide debt investment fund that is an Affiliate of such Person; provided that, the Company, by notice
to the Administrative Agent and the Lenders after the Effective Date, shall be permitted to supplement from time to time in writing by
name the list of Persons that are Disqualified Institutions to the extent that the Persons added by such supplements are determined by
the Company to be competitors of the Company or any of its Subsidiaries (or Affiliates of such competitors that are not bona fide debt
investment funds). Each such supplement shall become effective three (3) Business Days after delivery thereof to the Administrative Agent
and the Lenders (including through an Approved Electronic Platform) in accordance with Section 9.01, but which shall not apply
retroactively to disqualify any Persons that have previously acquired an assignment or participation interest in the Loans (but solely
with respect to such Loans). It is understood and agreed that (i) the Administrative Agent shall have no responsibility or liability to
determine or monitor whether any Lender or potential Lender is a Disqualified Institution, (ii) the Company’s failure to deliver
such list (or supplement thereto) in accordance with Section 9.01 shall render such list (or supplement) not received and not effective
and (iii) “Disqualified Institution” shall exclude any Person that the Company has designated as no longer being a “Disqualified
Institution” by written notice delivered to the Administrative Agent (which notice may be distributed to the Lenders) from time
to time in accordance with Section 9.01.

 

“Disregarded Entity”
means an entity that, pursuant to Treas. Reg. § 301.7701-2(c)(2), is disregarded for U.S. federal income Tax purposes as an
entity separate from its owner.

 

“Documentation Agent”
means each of PNC Bank, National Association, Wells Fargo Bank, National Association, Bank of Montreal, London Branch and Banco Bilbao
Vizcaya Argentaria, S.A. New York Branch in its capacity as documentation agent for the credit facilities evidenced by this Agreement.

 

“Dollar
Amount” of any amount of any currency means, at the time of determination thereof, (a) if such amount is expressed in
Dollars, such amount, (b) if such amount is expressed in a Foreign Currency, the equivalent of such amount in Dollars determined by
using the rate of exchange for the purchase of Dollars with such Foreign Currency last provided (either by publication or otherwise
provided to the Administrative Agent) by the applicable 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 such Foreign 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 reasonable 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 reasonably
determined by the Administrative Agent, in consultation with the Company, using any reasonable method of determination it deems
reasonably appropriate) and (c) if such amount is denominated in any other currency, the equivalent of such amount in Dollars as
reasonably determined by the Administrative Agent, in consultation with the Company, using any reasonable method of determination it
deems reasonably appropriate.

 

    21

     

    

 

“Dollars”
or “$” refers to lawful money of the United States of America.

 

“Domestic Subsidiary”
means each Subsidiary of the Parent other than a Foreign Subsidiary.

 

“DQ List”
has the meaning specified in Section 9.04(e)(iv) hereof.

 

“Early Opt-in Election”
means, if the then current Benchmark with respect to Dollars is the LIBO Rate, the occurrence of:

 

(1)       a
notification by the Administrative Agent to (or the request by the Company to the Administrative Agent to notify) each of the other parties
hereto that at least five currently outstanding Dollar-denominated syndicated credit facilities in the United States at such time contain
(as a result of amendment or as originally executed) a SOFR-based rate (including SOFR, a term SOFR or any other rate based upon SOFR)
as a benchmark rate, and

 

(2)       the
joint election by the Administrative Agent and the Company to trigger a fallback from the LIBO Rate and the provision, as applicable,
by the Administrative Agent of written notice of such election to the Company and the Lenders.

 

“EBITDA”
means, for any period, the sum of the consolidated net income of the Parent for such period excluding the effect of (a) any
non-cash gains (including any non-cash gains arising from the adoption of mark-to-market accounting with respect to pension or other
retirement benefit plans); (b) any non-cash losses, charges and expenses (including any non-cash loss, charge or expense
arising from the adoption of mark-to-market accounting with respect to pension or other retirement benefit plans); (c) any
earnings from discontinued operations (but if such operations are classified as discontinued due to the fact that they are subject
to an agreement to dispose of such operations, such earnings shall be excluded in the calculation of EBITDA (i) only when and
to the extent such operations are actually disposed of and (ii) if the sales revenue generated by the applicable entity or
business unit in the twelve (12) months prior to such disposition was $25,000,000 or more); (d) fees, costs, expenses,
premiums, make-whole or penalty payments, other similar items and, in the case of clause (v) below, awards, settlement
payments and similar amounts, in each case, incurred after the Effective Date arising out of (i) Permitted Acquisitions,
(ii) investments and dispositions not prohibited by this Agreement, (iii) any incurrence, issuance, repayment or
refinancing of Debt permitted by this Agreement, (iv) any issuance or redemption of Equity Interests and (v) litigation,
arbitration and/or other resolutions of legal disputes (provided that the aggregate amount permitted to be added back pursuant to
this clause (d)(v) shall not exceed $25,000,000 during such period); (e) any losses, charges, costs and expenses from
discontinued operations plus, to the extent deducted in determining such consolidated net income, but without duplication, Interest
Expense, taxes on or measured by income, depreciation, amortization, non-cash stock-based compensation expenses; (f) any losses,
charges, costs and expenses from restructurings, casualty and condemnation events, takings under power of eminent domain and similar
events (not to exceed 10% of EBITDA for such period); (g) any unusual or non-recurring losses, charges, costs and expenses to the
extent deducted in the calculation of consolidated net income (together with the amount added back pursuant to clause (h)
below, not to exceed 10% of EBITDA); and (h) any cost-savings and cost synergies resulting from a Permitted Acquisition projected in
good faith by the Parent to be realized within 18 months of such acquisition (together with the amounts in clause (g) above,
not to exceed 10% of EBITDA).

 

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

 

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

 

    22

     

    

 

“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.

 

“Eligible Subsidiary”
means any (i) Subsidiary incorporated or organized under the laws of an Approved Jurisdiction and (ii) Subsidiary that is approved from
time to time by the Administrative Agent and each of the Revolving Lenders.

 

“Environmental Claims”
means all claims, however asserted, by any Governmental Authority or other Person alleging potential liability or responsibility for violation
of any Environmental Law, or for release or injury to the environment.

 

“Environmental Laws”
means all federal, state and local laws, statutes, common law duties, rules, regulations, ordinances and codes, together with all administrative
orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any judicial, regulating or other governmental
authority, in each case relating to environmental and land use matters or health or safety matters affecting the environment or land use.

 

“Environmental Liability”
means any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties
or indemnities), of the Parent 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.

 

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

 

“EU” means
the European Union.

 

“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.

 

“EURIBO Interpolated
Rate” means, at any time, with respect to any Eurocurrency Borrowing denominated in euro and for any Interest Period, the rate
per annum determined reasonably and in good faith by the Administrative Agent (which determination shall be conclusive and binding absent
demonstrable error) to be equal to the rate that results from interpolating on a linear basis between: (a) the EURIBO Screen Rate for
the longest period (for which the EURIBO Screen Rate is available for euro) that is shorter than the Impacted EURIBO Rate Interest Period;
and (b) the EURIBO Screen Rate for the shortest period (for which the EURIBO Screen Rate is available for euro) that exceeds the Impacted
EURIBO Rate Interest Period, in each case, at such time; provided that, if any EURIBO Interpolated Rate as so determined would
be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement.

 

    23

     

    

 

“EURIBO Rate”
means, with respect to any Eurocurrency Borrowing denominated in euro and for any Interest Period, the EURIBO Screen Rate at approximately
11:00 a.m., Brussels time, two (2) TARGET Days prior to the commencement of such Interest Period; provided that, if the EURIBO
Screen Rate shall not be available at such time for such Interest Period (an “Impacted EURIBO Rate Interest Period”)
with respect to euro then the EURIBO Rate shall be the EURIBO Interpolated Rate.

 

“EURIBO Screen Rate”
means, for any day and time, with respect to any Eurocurrency Borrowing denominated in euro and for any Interest Period, the euro interbank
offered rate administered by the European Money Markets Institute (or any other person which takes over the administration of such rate)
for euro for the relevant period displayed on page EURIBOR01 of the Reuters screen (or any replacement Reuters page which displays that
rate) or on the appropriate page of such other information service which publishes that rate from time to time in place of Reuters. If
such page or service ceases to be available, the Administrative Agent may specify another page or service displaying the relevant rate
after consultation with the Company. If the EURIBO Screen Rate as so determined would be less than zero, such rate shall be deemed to
be zero for the purposes of this Agreement.

 

“EURIBOR”
has the meaning assigned to such term in Section 1.05.

 

“euro”
and/or “EUR” means the single currency of the Participating Member States.

 

“Eurocurrency”,
when used in reference to a currency means an Agreed Currency and when used in reference to any Loan or Borrowing, means that such Loan,
or the Loans comprising such Borrowing, bears interest at a rate determined by reference to the Adjusted LIBO Rate or the Adjusted EURIBO
Rate (other than when used with reference to any Eurocurrency Swingline Loan, in which case “Eurocurrency” means that such
Loan bears interest at a rate determined by reference to the Eurocurrency Swingline Rate) except pursuant to clause (c) of the definition
of “Alternate Base Rate”.

 

“Eurocurrency
Payment Office” of the Administrative Agent shall mean, for each of the Agreed Currencies which is a Foreign Currency and
each Designated Loan, the office, branch, affiliate or correspondent bank of the Administrative Agent for such currency or
Designated Loan, as applicable, as specified from time to time by the Administrative Agent to the Company and each Lender.

 

“Eurocurrency Swingline
Loan” means a Swingline Loan bearing interest at the Eurocurrency Swingline Rate (including, for the avoidance of doubt, a Designated
Swingline Loan).

 

“Eurocurrency Swingline
Rate” means the sum of (i) the percentage rate per annum which is equal to the rate (rounded upwards to six decimal places)
at which overnight deposits in the relevant currency in an amount approximately equal to the amount with respect to which such rate is
being determined would be offered by the Swingline Lender as of 11:00 a.m. Local Time on the day of the proposed Eurocurrency Swingline
Loan in the London interbank market for such currency to major banks in such market (provided that, if such rate shall be less than zero,
such rate shall be deemed to be zero for the purposes of this Agreement) plus (ii) the Applicable Rate for Eurocurrency Borrowings.

 

“Event of Default”
has the meaning assigned to such term in Article VII; provided that any requirement for the giving of notice, the lapse
of time, or both, or any other condition has been satisfied.

 

    24

     

    

 

“Excluded Swap Obligation”
means, with respect to any Loan Party, any Specified Swap Obligation if, and to the extent that, all or a portion of the Guarantee of
such Loan Party of, or the grant by such Loan Party of a security interest to secure, such Specified 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 Party’s failure for any reason to constitute
an ECP at the time the Guarantee of such Loan Party or the grant of such security interest becomes or would become effective with respect
to such Specified Swap Obligation or (b) in the case of a Specified 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 Party is a “financial entity,”
as defined in Section 2(h)(7)(C)(i) of the Commodity Exchange Act (or any successor provision thereto), at the time the Guarantee of such
Loan Party or the grant of such security interest becomes or would become effective with respect to such related Specified Swap Obligation.
If a Specified Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion
of such Specified Swap Obligation that is attributable to swaps for which such Guarantee or security interest is or becomes illegal.

 

“Excluded Taxes”
means, with respect to the Administrative Agent, any Lender, any Issuing Bank or any other recipient of any payment to be made by or on
account of any obligation of any Borrower or any guarantor under any Loan Document, (a) Taxes imposed on or measured by net income (however
denominated), franchise Taxes and branch profits Taxes, in each case, (i) imposed by the jurisdiction under the laws of which such recipient
is organized or in which it has a principal office or, in the case of any Lender, in which its applicable lending office is located or
(ii) that are Other Connection Taxes, (b) in the case of a Lender, any U.S. federal withholding Tax that is 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 becomes a party to this Agreement (other than pursuant to an assignment request by the
Company or any other Borrower under Section 2.19(b)) or (ii) such Lender designates a new lending office, except in each case to
the extent that such Lender (or its assignor, if any) was entitled, immediately before the designation of a new lending office (or an
assignment), to receive additional amounts pursuant to Section 2.17(a), (c) Taxes attributable to such recipient’s failure
to comply with Section 2.17(e), (d) any withholding Tax that is imposed under FATCA and (e) any Luxembourg registration duties
(droits d'enregistrement) payable in the case of a voluntary registration of any Loan Documents by the Lenders with the Administration
de l'Enregistrement et des Domaines in Luxembourg, when such registration is not required to enforce their rights under the Loan Documents.

 

“Existing Credit
Agreement” is defined in the recitals hereof.

 

“Existing Loans”
has the meaning assigned to such term in Section 1.10.

 

“Existing Swiss Guarantor”
means Pentair Investments Switzerland GmbH, a Swiss limited liability company (Gesellschaft mit beschränkter Haftung), with company
number CHE-188.406.956 and its registered address at Freier Platz 10, 8200 Schaffhausen, Switzerland.

 

“Existing Term Loans”
has the meaning assigned to such term in Section 2.01.

 

“Extended Maturity
Date” has the meaning assigned to such term in Section 2.25(a).

 

“Extending Lender”
has the meaning assigned to such term in Section 2.25(b).

 

“Extension Availability
Period” means the period beginning on the Effective Date and ending on the five year anniversary thereof.

 

“Extension Date”
has the meaning assigned to such term in Section 2.25(a).

 

“Facility Office”
means the office or offices through which a Lender will perform its obligations under this Agreement.

 

    25

     

    

 

“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.

 

“FATCA Deduction”
means a deduction or withholding from a payment under a Loan Document required by FATCA.

 

“FCA” has
the meaning assigned to such term in Section 1.05.

 

“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 shall be set forth on the NYFRB’s 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.

 

“Financial Officer”
means (i) with respect to the Company, a Manager of the Company; and (ii) with respect to the Parent, the Chief Financial Officer, the
Chief Accounting Officer or the Treasurer of the Parent.

 

“Fitch”
means Fitch Ratings, Inc.

 

“Floor”
means the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification,
amendment or renewal of this Agreement or otherwise) with respect to the LIBO Rate or the EURIBO Rate, as applicable. As of the Effective
Date, the Floor is 0%.

 

“Foreign Currencies”
means each Agreed Currency other than Dollars.

 

“Foreign
Currency LC Exposure” means, at any time, the sum of (a) the Dollar Amount of the aggregate undrawn, available and
unexpired amount of all outstanding Foreign Currency Letters of Credit at such time plus (b) the aggregate principal Dollar Amount
of all LC Disbursements in respect of Foreign Currency Letters of Credit that have not yet been reimbursed at such time.

 

“Foreign Currency
Letter of Credit” means a Letter of Credit denominated in a Foreign Currency.

 

“Foreign Currency
Sublimit” means $300,000,000.

 

“Foreign Lender”
means a Lender that is neither a U.S. Person nor a Disregarded Entity that is treated for U.S. federal income Tax purposes as having as
its sole owner a Person that is a U.S. Person.

 

“Foreign Subsidiary”
means, with respect to any Person, each Subsidiary of such Person that is incorporated or organized under the laws of a jurisdiction located
outside of the United States or any state thereof.

 

“GAAP”
means generally accepted accounting principles as from time to time in effect in the United States of America.

 

    26

     

    

 

“Governmental Authority”
means any federal, state, municipal, national or other governmental department, commission, board, bureau, court, agency, ministry or
instrumentality or political subdivision thereof or any entity, officer, minister or other Person exercising executive, legislative, judicial,
regulatory or administrative functions of or pertaining to any government or any court (including any supra-national bodies such as the
European Union or the European Central Bank) and any group or body charged with setting financial accounting or regulatory capital rules
or standards (including the Financial Accounting Standards Board, the Bank for International Settlements or the Basel Committee on Banking
Supervision or any successor or similar authority to any of the foregoing).

 

“Guarantee”
means, with respect to any Person, any obligation of such Person, contingent or otherwise, directly or indirectly guaranteeing any Debt
of any other Person or in any manner providing for the payment of any Debt of any other Person or otherwise protecting the holder of such
Debt against loss (whether by agreement to keep-well, to purchase assets, goods, securities or services, to take-or-pay or otherwise);
provided that the term “Guarantee” shall not include endorsements for collection or deposit in the ordinary course
of business. The term “Guarantee” used as a verb has a correlative meaning. It is understood that the amount of any
Guarantee of or by any Person shall be deemed to be the lower of (a) the amount of Debt in respect of which such Guarantee exists and
(b) the maximum amount for which such Person may be liable pursuant to the instrument embodying such Guarantee. For the avoidance of doubt,
in the event any Guarantee is limited to recourse against a particular asset or assets of such Person, the amount of such Guarantee shall
be equal to the lesser of the amount of such Guarantee and the fair market value of such asset or assets, as determined by such Person
in good faith, at the date for determination of the amount of such Guarantee.

 

“Guarantor”
means the Parent.

 

“Hazardous Materials”
means (a) petroleum and petroleum products, byproducts or breakdown products, radioactive materials, asbestos-containing materials, polychlorinated
biphenyls and radon gas and (b) any other chemicals, materials or substances designated, classified or regulated as hazardous or toxic
or as a pollutant or contaminant under any Environmental Law.

 

“Hedging Agreement”
means any agreement with respect to any swap, forward, future or derivative transaction 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 Parent or the Subsidiaries shall be a Hedging Agreement.

 

“Impacted EURIBO
Rate Interest Period” has the meaning assigned to such term in the definition of “EURIBO Rate”.

 

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

 

“Increasing Lender”
has the meaning assigned to such term in Section 2.20.

 

“Incremental Term
Loan” has the meaning assigned to such term in Section 2.20.

 

“Incremental Term
Loan Amendment” has the meaning assigned to such term in Section 2.20.

 

    27

     

    

 

“Indemnified Taxes”
means (a) Taxes other than Excluded Taxes imposed on or with respect to any payment made by any Loan Party under any Loan Document and
(b) 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.

 

“Initial Affiliate
Borrower” means Pentair, Inc., a Minnesota corporation.

 

“Insolvency Regulation”
shall mean the Regulation (EU) 2015/848 of the European Parliament and of the Council of 20 May 2015 on insolvency proceedings (recast).

 

“Interest Coverage
Ratio” means, for any period, the ratio of (i) EBITDA for such period to (ii) Interest Expense (excluding any Interest Expense
in respect of intercompany Debt), to the extent paid in cash, for such period.

 

“Interest Expense”
means, for any period, the sum, without duplication, of consolidated interest expense of the Parent and its Subsidiaries for such period
(including, in each case to the extent included in interest expense on the Parent’s consolidated income statement, the interest
component of capital leases, the interest component of Synthetic Lease Obligations, facility, commitment and usage fees, and fees for
standby letters of credit), plus consolidated yield or discount accrued, during such period on the aggregate outstanding investment
or claim held by purchasers, assignees or other transferees of (or of interests in) receivables of the Parent and its Subsidiaries in
connection with any Securitization Transaction (regardless of the accounting treatment of such Securitization Transaction), plus net payments
(if any) pursuant to Hedging Agreements, minus the sum (without duplication) of (a) annual administrative agent fees, (b) costs
associated with obtaining swap agreements and any interest expense attributable to the movement of the mark-to-market valuation of obligations
under swap agreements or other derivative instruments and any one-time costs associated with breakage in respect of swap agreements for
interest rates, (c) costs associated with the issuance or incurrence of debt, including amortization and write-off of deferred and other
financing fees, debt issuance costs, commissions, fees and expenses and original issue discount, (d) PIK interest, (e) any non-cash expense
in respect of any interest component relating to accretion or accrual of discounted liabilities and (f) net receipts (if any) pursuant
to Hedging Agreements.

 

“Interest Election
Request” means a request by the applicable Borrower to convert or continue a Borrowing in accordance with Section 2.08
in substantially the form attached hereto as Exhibit G-2 or such other form as the Administrative Agent may approve from time to
time.

 

“Interest
Payment Date” means (a) with respect to any ABR Loan (other than a Swingline Loan), the last day of each March, June,
September and December and the applicable Maturity Date, (b) with respect to any Eurocurrency Loan (including a Eurocurrency
Swingline Loan), the last day of the Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a
Eurocurrency Borrowing with an Interest Period of more than three months’ duration, each day prior to the last day of such
Interest Period that occurs at intervals of three months’ duration after the first day of such Interest Period and the
applicable Maturity Date, and (c) with respect to any Swingline Loan (other than a Eurocurrency Swingline Loan), the day that such
Loan is required to be repaid and the applicable Maturity Date.

 

    28

     

    

 

“Interest Period”
means (a) with respect to any Eurocurrency Borrowing (other than a Eurocurrency Swingline Loan), the period commencing on the date of
such Borrowing and ending on the numerically corresponding day in the calendar month that is one, three or six months thereafter (or such
other period of time as is acceptable to each of the Lenders) (in each case, subject to the availability for the Benchmark applicable
to the relevant Loan or Commitment for any Agreed Currency), as the applicable Borrower (or the Company on behalf of the applicable Borrower)
may elect and (b) with respect to any Eurocurrency Swingline Loan, the period commencing on the date of such Loan and ending on the date
one week thereafter; 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 Eurocurrency Borrowing (other than a Eurocurrency Swingline
Loan) 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, (ii) any Interest Period pertaining to a Eurocurrency Borrowing (other than a Eurocurrency Swingline Loan)
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 and (iii)
no tenor that has been removed from this definition pursuant to Section 2.14(f) shall be available for specification in such Borrowing
Request or Interest Election Request. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing
is made and thereafter, other than for purposes of Section 4.02, shall be the effective date of the most recent conversion or continuation
of such Borrowing.

 

“Ireland”
means Ireland, exclusive of Northern Ireland.

 

“Irish Borrower”
means any Affiliate Borrower resident for tax purposes in Ireland.

 

“Irish Companies
Act” means the Companies Act 2014 of Ireland.

 

“Irish Guarantor”
means the Parent.

 

“Irish Loan Party”
means any Irish Borrower or any Irish Guarantor or any Affiliate Borrower incorporated in Ireland.

 

“Irish Qualifying
Lender” means a Lender which is beneficially entitled to interest payable to it in respect of an advance under this Agreement,
and is:

 

(a)               
a bank within the meaning of Section 246 of the Irish TCA which is carrying on a bona fide banking business in Ireland for the
purposes of Section 246(3)(a) of the Irish TCA and whose Facility Office is located in Ireland; or

 

		(b)	

 

(i)          
a company (within the meaning of Section 246 of the Irish TCA) which by virtue of the laws of a Relevant Territory is resident
in that Relevant Territory for the purposes of tax and that Relevant Territory imposes a tax that generally applies to interest receivable
in that Relevant Territory by companies from sources outside that Relevant Territory; or

 

(ii)          
 a company (within the meaning of Section 246 of the Irish TCA) in receipt of interest under this Agreement which:

 

		(A)	is exempted from the charge to Irish income tax under an Irish Treaty between Ireland and the country
in which the Lender is resident for tax purposes having the force of law under the procedures set out in section 826(1) of the Irish TCA;
or

 

		(B)	would be exempted from the charge to Irish income tax under an Irish Treaty between Ireland and the country
in which the Lender is resident for tax purposes entered into on or before the payment date of that interest if that Irish Treaty had
the force of law under the procedures set out in section 826(1) of the Irish TCA at that date; or

 

(iii)         
a U.S. company that is incorporated in the U.S. and taxed in the U.S. on its worldwide income; or

 

    29

     

    

 

(iv)        
a U.S. limited liability company (“LLC”), provided the ultimate recipients of the interest would be Irish Qualifying
Lenders within paragraph (i), (ii) or (iii) of this definition and the business conducted through the LLC is so structured for market
reasons and not for tax avoidance purposes;

 

provided that, in
the case of (i), (ii), (iii), and (iv), the company does not provide its commitment in connection with a trade or business which is carried
on in Ireland through a branch or agency; or

 

(c)               
a body corporate which:

 

(i)                
advances money in the ordinary course of a trade which includes the lending of money and whose Facility Office is located in Ireland;
and

 

(ii)              
in whose hands any interest payable in respect of money so advanced is taken into account in computing the trading income of that
company; and

 

(iii)            
which has complied with the notification requirements set out in Section 246(5)(a) of the Irish TCA.

 

(d)               
a qualifying company within the meaning of Section 110 of the Irish TCA; or

 

(e)               
an investment undertaking within the meaning of Section 739B of the Irish TCA; or

 

(f)                
an Irish Treaty Lender; or

 

(g)               
an exempted approved scheme within the meaning of Section 774 of the Irish TCA.

 

“Irish TCA”
means the Taxes Consolidation Act, 1997 of Ireland.

 

“Irish Treaty Lender”
means a Lender (other than a Lender falling within clause (b) of the definition of Irish Qualifying Lender) which is on the date the relevant
payment is made entitled under a double taxation agreement (an “Irish Treaty”) in force on that date between Ireland
and another jurisdiction to that payment without any withholding for or on account of Irish Tax (subject to the completion of any procedural
formalities) and which does not carry on a business in Ireland through a permanent establishment with which that Lender’s participation
in the Loan is effectively connected.

 

    30

     

    

 

 

“ISDA Definitions”
means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any successor thereto, as amended
or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time by
the International Swaps and Derivatives Association, Inc. or such successor thereto.

 

“Issuing Bank”
means each of JPMCB, Bank of America, N.A., MUFG Bank, Ltd., Citibank, N.A., U.S. Bank National Association and each other Lender designated
by the Company as an “Issuing Bank” hereunder that has agreed to such designation (and is reasonably acceptable to the Administrative
Agent), 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). Each Issuing Bank may, in its discretion, arrange for one or more Letters of Credit to be issued by Affiliates or branches
of such Issuing Bank, in which case the term “Issuing Bank” shall include any such Affiliate or branch, as applicable, with
respect to Letters of Credit issued by such Affiliate or branch, as applicable (excluding Sections 2.06(i) and 9.04(b)(i)(C)). Each
reference herein to the “Issuing Bank” in connection with a Letter of Credit or other matter shall be deemed to be a reference
to the relevant Issuing Bank with respect thereto, and, further, references herein to “the Issuing Bank” shall be deemed to
refer to each of the Issuing Banks or the relevant Issuing Bank, as the context requires.

 

“JPMCB”
means JPMorgan Chase Bank, N.A.

 

“Knowledge”
means the actual knowledge of a Responsible Officer, without giving effect to imputed or constructive knowledge or giving rise to any
duty to investigate.

 

“LC Disbursement”
means a 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 Amount of all outstanding Letters of Credit at such time which are then
available plus (b) the aggregate Dollar Amount of all LC Disbursements that have not yet been reimbursed by or on behalf of the Company
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 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 Article 29(a) of the Uniform Customs and Practice for Documentary Credits, International
Chamber of Commerce Publication No. 600 (or such later version thereof as may be in effect at the applicable time) or Rule 3.13 or Rule
3.14 of the International Standby Practices, International Chamber of Commerce Publication No. 590 (or such later version thereof as may
be in effect at the applicable time) or similar terms of the Letter of Credit itself, or if compliant documents have been presented but
not yet honored, such Letter of Credit shall be deemed to be “outstanding” and “undrawn” in the amount so remaining
available to be paid, and the obligations of the Company and each Lender shall remain in full force and effect until the relevant Issuing
Bank and the Lenders shall have no further obligations to make any payments or disbursements under any circumstances with respect to any
Letter of Credit.

 

“Lender Notice Date”
has the meaning assigned to such term in Section 2.25(b).

 

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

 

“Lender-Related Person”
has the meaning assigned to such term in Section 9.03(d).

 

“Lenders”
means the Persons listed on Schedule 2.01 and any other Person that shall have become a Lender hereunder pursuant to Section
2.20 or pursuant to an Assignment and Assumption or other documentation contemplated hereby, other than any such Person that ceases
to be a party hereto pursuant to an Assignment and Assumption or other documentation contemplated hereby. Unless the context otherwise
requires, the term “Lenders” includes the Swingline Lenders and the Issuing Banks. For the avoidance of doubt, the term “Lenders”
excludes the Departing Lender.

 

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“Letter of Credit”
means any standby or commercial letter of credit issued pursuant to this Agreement.

 

“Letter of Credit
Agreement” has the meaning assigned to such term in Section 2.06(b).

 

“Liabilities”
means any losses, claims, damages or liabilities.

 

“LIBO Interpolated
Rate” means, at any time, with respect to any Eurocurrency Borrowing denominated in Dollars and for any Interest Period, the
rate per annum determined by the Administrative Agent (which determination shall be conclusive and binding absent demonstrable 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 Dollars) that is shorter than the Impacted LIBO Rate Interest Period; and (b) the LIBO Screen
Rate for the shortest period (for which the LIBO Screen Rate is available for Dollars) that exceeds the Impacted LIBO Rate Interest Period,
in each case, at such time; provided that if any LIBO Interpolated Rate as so determined would be less than zero, such rate shall
be deemed to be zero for the purposes of this Agreement.

 

“LIBO Rate”
means, with respect to any Eurocurrency Borrowing denominated in Dollars and for any Interest Period, the LIBO Screen Rate at approximately
11:00 a.m., London time, two (2) Business Days prior to the commencement of such Interest Period (or, in the case of a Swingline Borrowing,
on the date of 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”) with respect to Dollars then the LIBO Rate shall
be the LIBO Interpolated Rate.

 

“LIBO Screen Rate”
means, for any day and time, with respect to any Eurocurrency Borrowing denominated in Dollars and 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 Dollars for a period equal in length to such Interest Period as displayed on such day and time on pages LIBOR01 or LIBOR02 of
the Reuters screen that displays such rate (or, in the event such rate does not appear on a Reuters page or screen, on any successor or
substitute page on such screen that displays such rate, or on the appropriate page of such other information service that publishes such
rate from time to time as selected by the Administrative Agent in its reasonable discretion); provided that if the LIBO Screen
Rate as so determined would be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement.

 

“LIBOR”
has the meaning assigned to such term in Section 1.05.

 

“Lien”
means any interest in property securing any obligation owed to, or a claim by, a Person other than the owner of the property, whether
such interest is based on the common law, statute, regulation, decree or contract, including (a) any lien or security interest arising
from any mortgage, encumbrance, pledge, security agreement, conditional sale or trust receipt or consignment or bailment for security
purposes and (b) the interest of a person under a capital lease (but excluding the interest of a lessor under an operating lease).

 

“Liquidity”
means, at any time, the amount of unrestricted an unencumbered cash and cash equivalent investments of the Parent and its Subsidiaries
at such time that is not subject to any Lien other than Liens permitted under Section 6.03 that is in excess of $5,000,000 but
in no event to exceed $250,000,000.

 

“Limited Conditionality
Acquisition” has the meaning assigned to such term in Section 2.20.

 

“Limited Conditionality
Acquisition Agreement” has the meaning assigned to such term in Section 2.20.

 

    32

     

    

 

“Loan Documents”
means this Agreement, each Affiliate Borrowing Agreement, each Affiliate Borrowing Termination, each Letter of Credit Agreement, any promissory
notes executed and delivered pursuant to Section 2.10(d), each Borrowing Request and any and all other instruments and documents
executed and delivered in connection with any of the foregoing.

 

“Loan Party”
means the Parent, the Company and each Affiliate Borrower.

 

“Loans”
means the loans made by the Lenders to the Borrowers pursuant to this Agreement, it being understood that conversions and continuations
of Loans are not Loans hereunder.

 

“Local Time”
means (i) Chicago time in the case of a Loan, Borrowing or LC Disbursement denominated in Dollars (other than Designated Loans) and
(ii) local time in the case of a Loan, Borrowing or LC Disbursement denominated in a Foreign Currency and Designated Loans (it being understood
that such local time shall mean (a) London, England time with respect to any Foreign Currency (other than euro) and Designated Loans and
(b) Brussels, Belgium time with respect to euro, in each case of the foregoing clauses (a) and (b) unless otherwise notified by the Administrative
Agent).

 

“Luxembourg”
means the Grand Duchy of Luxembourg.

 

“Luxembourg Debtor
Relief Laws” means (i) bankruptcy (faillite) within the meaning of Articles 437 et seq. of the Luxembourg Commercial
Code, (ii) controlled management (gestion contrôlée) within the meaning of the Luxembourg grand-ducal regulation of
May 24, 1935 on controlled management, (iii) voluntary arrangement with creditors (concordat préventif de la faillite) within
the meaning of the Luxembourg law of April 14, 1886 on arrangements to prevent insolvency, as amended, (iv) suspension of payments (sursis
de paiement) within the meaning of Articles 593 et seq. of the Luxembourg Commercial Code, and (v) voluntary or compulsory
liquidation pursuant to the Luxembourg law of August 10, 1915 on commercial companies.

 

“Luxembourg Person”
means an entity that (i) is organized under the laws of the Grand-Duchy of Luxembourg, (ii) has its center of main interests, within the
meaning of the Insolvency Regulation, in Luxembourg or (iii) has an establishment, within the meaning of the Insolvency Regulation, in
Luxembourg.

 

“Luxembourg Relief”
means bankruptcy (faillite), controlled management (gestion contrôlée), voluntary arrangement with creditors
(concordat préventif de la faillite), suspension of payments (sursis de paiement) and voluntary or compulsory liquidation,
as such terms are understood within the Luxembourg Debtor Relief Laws, and also means any other proceedings affecting the rights of creditors
generally or the appointment of an interim administrator (administrateur provisoire).

 

“Material Acquisition”
means any acquisition if the aggregate consideration paid or to be paid (including liabilities to be assumed as part of the purchase consideration)
by the Parent or a Subsidiary in respect of such acquisition is equal to or greater than $250,000,000.

 

“Material Adverse
Effect” means a material adverse effect on (i) the business, assets, operations or financial condition of the Parent and its
Subsidiaries taken as a whole or (ii) the ability of any Loan Party to perform its obligations hereunder; provided, however,
that specific events, circumstances, changes, effects or conditions (and not general economic or industry conditions) specifically applicable
to the Parent and its Subsidiaries disclosed in the Public Filings shall not constitute a “Material Adverse Effect” to the
extent so disclosed.

 

“Material Financial
Obligations” means Debt or Synthetic Lease Obligations of the Parent or any Subsidiary (excluding amounts owed to the Parent
or any Subsidiary that is wholly-owned (except for directors’ qualifying shares)) in an aggregate amount (for all applicable Debt
and Synthetic Lease Obligations, but without duplication) equal to or greater than a Dollar Amount of $75,000,000.

 

    33

     

    

 

“Material Subsidiary”
means (a) each Borrower and (b) each other Subsidiary of the Parent that at the time of determination constitutes a “significant
subsidiary” (as such term is defined in Regulation S-X of the SEC as in effect on the date of this Agreement).

 

“Maturity Date”
means the Revolving Credit Maturity Date or the Term Loan Maturity Date, as the case may be.

 

“Maximum Rate”
has the meaning assigned to such term in Section 9.14.

 

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

 

“Net Leverage Ratio”
means, as of the last day of any period of four consecutive fiscal quarters, the ratio of (a) (i) the sum (without duplication) of the
outstanding principal amount of all Debt (excluding, without duplication, Synthetic Lease Obligations) of the Parent and its Consolidated
Subsidiaries determined on a consolidated basis as of such date, minus (ii) Liquidity as of such date, to (b) EBITDA for the period
of four consecutive fiscal quarters then ended; provided that for purposes of calculating EBITDA pursuant to this clause (b),
the consolidated net income of any Person or business unit acquired (or divested or liquidated, if the sales revenue generated by such
Person or business unit in the 12 months prior to such divestiture or liquidation was $25,000,000 or more) by the Parent or any Subsidiary
during such period (plus, to the extent deducted in determining such consolidated net income, Interest Expense, income tax expense,
depreciation and amortization and non-cash compensation expenses of such Person or business unit) shall be included (or, in the case of
a divestiture or liquidation, excluded) on a pro forma basis for such period (assuming the consummation of each such acquisition
and the incurrence or assumption of any Debt in connection therewith (or the consummation of such divestiture or liquidation) occurred
on the first day of such period) in accordance with Article 11 of Regulation S-X of the SEC; provided, further, that, at
any time after the definitive agreement for any Material Acquisition shall have been executed (or, in the case of a Material Acquisition
in the form of a tender offer or similar transaction, after the offer shall have been launched) and prior to the consummation of such
Material Acquisition (or termination of the definitive documentation in respect thereof (or such later date as such indebtedness ceases
to constitute Acquisition Debt as set forth in the definition of “Acquisition Debt”)), any Acquisition Debt (and the proceeds
of such Debt) shall be excluded from the determination of the Net Leverage Ratio.

 

“New Money Credit
Event” means with respect to any Issuing Bank, any increase (directly or indirectly) in such Issuing Bank’s exposure (whether
by way of additional credit or banking facilities or otherwise, including as part of a restructuring) to any Borrower occurring by reason
of (i) any law, action or requirement of any Governmental Authority in such Borrower’s or such Letter of Credit beneficiary’s
country, or (ii) any agreement in relation to clause (i), in each case to the extent calculated by reference to the aggregate Revolving
Credit Exposures outstanding prior to such increase.

 

“Non-Consenting Lender”
has the meaning assigned to such term in Section 9.02(c).

 

“Non-Extending Lender”
has the meaning assigned to such term in Section 2.25(b).

 

“Note”
means a note substantially in the form of Exhibit D-1 or D-2 hereto, as applicable, evidencing the Loans of the applicable
Class made by any applicable Lender to each applicable Borrower.

 

“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 both such rates are not so published for any day that is a Business Day, the term “NYFRB Rate” means the rate
quoted for such day for a federal funds transaction at 11:00 a.m., New York City time, 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.

 

    34

     

    

 

“NYFRB’s Website”
means the website of the NYFRB at http://www.newyorkfed.org, or any successor source.

 

“Obligations”
means all indebtedness (including interest and fees accruing during the pendency of any bankruptcy, insolvency, examinership, receivership
or other similar proceeding, regardless of whether allowed or allowable in such proceeding), obligations and liabilities of any of the
Parent and its Subsidiaries to any of the Lenders, any of the Issuing Banks, any indemnified party and the Administrative Agent, individually
or collectively, under this Agreement or any of the other Loan Documents or in respect of any of the Loans made or reimbursement obligations
incurred or any of the Letters of Credit or other instruments at any time evidencing any thereof.

 

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

 

“Organizational Documents”
means, (a) with respect to any corporation or unlimited liability company, the certificate or articles of incorporation and the bylaws
(or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability
company, the certificate or articles of formation or organization and operating agreement; and (c) with respect to any partnership, joint
venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of formation or organization
and any agreement, instrument, filing or notice with respect thereto filed in connection with its formation or organization with the applicable
Governmental Authority in the jurisdiction of its formation or organization and, if applicable, any certificate or articles of formation
or organization of such entity.

 

“Other Benchmark
Rate Election” means, if the then-current Benchmark is the LIBO Rate, the occurrence of:

 

(1)       a
request by the Company to the Administrative Agent to notify each of the other parties hereto that, at the determination of the Company,
Dollar-denominated syndicated credit facilities at such time contain (as a result of amendment or as originally executed), in lieu of
a LIBOR-based rate, a term benchmark rate as a benchmark rate, and

 

(2)       the
joint election by the Administrative Agent and the Company to trigger a fallback from the LIBO Rate and the provision, as applicable,
by the Administrative Agent of written notice of such election to the Company and the Lenders.

 

“Other Connection
Taxes” means, with respect to the Administrative Agent, any Lender or any Issuing Bank, 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 any and all present or future stamp, registration or documentary Taxes or any other excise or property Taxes, charges or similar
Taxes or levies arising from any payment made hereunder or from the execution, delivery or enforcement of, or otherwise with respect to,
any Loan Document, but excluding Excluded Taxes.

 

“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
the NYFRB’s Website from time to time) and published on the next succeeding Business Day by the NYFRB as an overnight bank
funding rate.

 

    35

     

    

 

“Overnight Rate”
means, for any day, (a) with respect to any amount denominated in Dollars, the NYFRB Rate and (b) with respect to any amount denominated
in a Foreign Currency, an overnight rate reasonably determined by the Administrative Agent or the relevant Issuing Bank, as the case may
be, in accordance with banking industry rules on interbank compensation.

 

“Parent”
means Pentair plc, an Irish public limited company.

 

“Participant”
has the meaning set forth in Section 9.04(c).

 

“Participant Register”
has the meaning set forth in Section 9.04(c).

 

“Participating Member
State” means any member state of the European Union that adopts or has adopted the euro as its lawful currency in accordance
with legislation of the European Union relating to economic and monetary union.

 

“Patriot Act”
has the meaning assigned to it in Section 9.13.

 

“Payment”
has the meaning assigned to it in Section 8.06(c).

 

“Payment Notice”
has the meaning assigned to it in Section 8.06(c).

 

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

 

“Permitted Acquisition”
means any Acquisition by the Parent or a Subsidiary which satisfies each of the following requirements: (i) no Event of Default or Default
has occurred and is continuing at the time of, or will result upon giving effect to, such Acquisition; and (ii) in the case of the Acquisition
of any Person, the board of directors (or equivalent governing body) of the Person being acquired (or all of the equity holders thereof)
shall have approved such Acquisition.

 

“Person”
means an individual, partnership, corporation, limited liability company, business trust, joint stock company, trust, unincorporated association,
joint venture or Governmental Authority.

 

“Plan”
means at any time an employee pension benefit plan which is covered by Title IV of ERISA or subject to the minimum funding standards under
Section 412 of the Code and is either (i) maintained by the Parent or any ERISA Affiliate for employees of the Parent or such ERISA Affiliate
or (ii) maintained pursuant to a collective bargaining agreement or any other arrangement under which more than one employer makes contributions
and to which the Parent or any ERISA Affiliate is then making or accruing an obligation to make contributions or has within the preceding
five plan years made contributions.

 

“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 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 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 reasonably and in good faith by the Administrative Agent) or any similar release by the Board (as determined reasonably
and in good faith 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.

 

    36

     

    

 

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

 

“Public Debt Rating”
means the rating that has been most recently announced by S&P, Moody’s or Fitch, as the case may be, for any class of non-credit
enhanced long-term senior unsecured debt issued by the Company (or if no such rating is then in effect with respect to such debt, then
the corporate, issuer or similar rating with respect to the Parent, that has been most recently announced by S&P, Moody’s or
Fitch, as the case may be), or, if any such rating agency shall have issued more than one such rating, the lowest such rating issued by
such rating agency.

 

“Public Filings”
means any 10-K, 10-Q or 8-K, S-1 or S-4 filed by the Parent, in each case with the SEC after December 31, 2017 and on or before the Effective
Date.

 

“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 9.18.

 

“Reference Time”
with respect to any setting of the then-current Benchmark means (i) if such Benchmark is the LIBO Rate, 11:00 a.m., London time, on the
day that is two (2) London banking days preceding the date of such setting, (ii) if such Benchmark is the EURIBO Rate, 11:00 a.m., Brussels
time two (2) TARGET Days preceding the date of such setting or (iii) if such Benchmark is neither the LIBO Rate nor the EURIBO Rate, the
time determined by the Administrative Agent in its reasonable good faith discretion.

 

“Register”
has the meaning set forth in Section 9.04(b).

 

“Related Indemnified
Person” has the meaning assigned to it in Section 9.03(b).

 

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

 

“Relevant Governmental
Body” means (i) with respect to a Benchmark Replacement in respect of Loans denominated in Dollars, the Board and/or the NYFRB,
or a committee officially endorsed or convened by the Board and/or the NYFRB or, in each case, any successor thereto, (ii) with respect
to a Benchmark Replacement in respect of Loans denominated in Euro, the European Central Bank, or a committee officially endorsed or convened
by the European Central Bank or, in each case, any successor thereto or (iii) with respect to a Benchmark Replacement in respect of Loans
denominated in any other currency, (a) the central bank for the currency in which such Benchmark Replacement is denominated or any central
bank or other supervisor which is responsible for supervising either (1) such Benchmark Replacement or (2) the administrator of such Benchmark
Replacement or (b) any working group or committee officially endorsed or convened by (1) the central bank for the currency in which such
Benchmark Replacement is denominated, (2) any central bank or other supervisor that is responsible for supervising either (A) such Benchmark
Replacement or (B) the administrator of such Benchmark Replacement, (3) a group of those central banks or other supervisors or (4) the
Financial Stability Board or any part thereof.

 

“Relevant Rate”
means (i) with respect to any Eurocurrency Borrowing denominated in Dollars, the LIBO Rate or (ii) with respect to any Eurocurrency Borrowing
denominated in Euro, the EURIBO Rate, as applicable.

 

“Relevant Screen
Rate” means (i) with respect to any Eurocurrency Borrowing denominated in Dollars, the LIBO Screen Rate or (ii) with respect
to any Eurocurrency Borrowing denominated in Euro, the EURIBO Screen Rate, as applicable.

 

    37

     

    

 

“Relevant Territory”
means:

 

(a)               a member state of the European Communities (other than Ireland); or

 

(b)             to the extent not a member state of the European Communities, a jurisdiction with which Ireland has entered into a double taxation
treaty that either has the force of law by virtue of Section 826(1) of the Irish TCA or which will have the force of law on completion
of the procedures set out in Section 826(1) of the Irish TCA.

 

“Replacement Lender”
has the meaning assigned to such term in Section 2.09(c).

 

“Required Lenders”
means, subject to Section 2.24, (a) at any time prior to the earlier of the Loans becoming due and payable pursuant to Article
VII or the Revolving Commitments terminating or expiring, Lenders having Credit Exposures and Unfunded Commitments representing more
than 50% of the sum of the total Credit Exposures and Unfunded Commitments at such time; provided that, solely for purposes of
declaring the Loans to be due and payable pursuant to Article VII, the Unfunded Revolving Commitment of each Revolving Lender shall
be deemed to be zero; and (b) for all purposes after the Loans become due and payable pursuant to Article VII or the Revolving
Commitments expire or terminate, Lenders having Credit Exposures representing more than 50% of the sum of the total Credit Exposures;
provided that, in the case of clauses (a) and (b) above, (x) the Revolving Credit Exposure of any Revolving Lender that is a 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 2.24 of the Swingline Exposures of Defaulting Lenders in effect at such
time, and the Unused Revolving Commitment of such Lender shall be determined on the basis of its Revolving Credit Exposure excluding such
excess amount and (y) for the purpose of determining the Required Lenders needed for any waiver, amendment, modification or consent of
or under this Agreement or any other Loan Document, any Lender that is the Parent or an Affiliate of the Parent shall be disregarded.

 

“Required Revolving
Lenders” means, subject to Section 2.24, at any time, Revolving Lenders having Revolving Credit Exposures and unused
Revolving Commitments representing more than 50% of the sum of the total Revolving Credit Exposures and unused Revolving Commitments at
such time; provided that for all purposes after the Loans become due and payable pursuant to Article VII or the Revolving
Commitments expire or terminate, then, as to each Revolving Lender, clause (a) of the definition of Swingline Exposure shall only be applicable
for purposes of determining its Revolving Credit Exposure to the extent such Lender shall have funded its participation in the outstanding
Swingline Loans.

 

“Required Term Lenders”
means, subject to Section 2.24, at any time, Term Lenders having Term Loans and unused Term Loan Commitments representing
more than 50% of the sum of the total outstanding principal amount of Term Loans and unused Term Loan Commitments at such time.

 

“Resolution Authority”
means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

 

“Responsible Officer”
means (i) with respect to the Company, a Manager of the Company; (ii) with respect to the Parent, the Chief Executive Officer, the Chief
Financial Officer, the Chief Accounting Officer or the Treasurer of the Parent; and (iii) with respect to any other Loan Party, a manager,
a director, the chief executive officer, the chief operating officer, the president, any vice president (if appointed by the board of
directors or similar governing body of such Loan Party), the chief financial officer, the treasurer or any assistant treasurer of such
Loan Party, or any other officer having substantially the same authority and responsibility.

 

“Retired Commitments”
has the meaning assigned to such term in Section 2.09(c).

 

    38

     

    

 

“Reuters”
means Thomson Reuters Corp., Refinitiv or any successor thereto.

 

“Revolving Commitment”
means, with respect to each Lender, the commitment of such Lender, if any, to make Revolving Loans and to acquire participations in Letters
of Credit and Swingline Loans 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)
increased from time to time pursuant to Section 2.20 and (c) reduced or increased from time to time pursuant to assignments by
or to such Lender pursuant to Section 9.04. The initial amount of each Lender’s Revolving Commitment is set forth on Schedule
2.01, 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) or other documentation contemplated hereby pursuant to which such
Lender shall have assumed its Revolving Commitment pursuant to the terms hereof, as applicable. The initial aggregate amount of the Revolving
Lenders’ Revolving Commitments is $900,000,000.

 

“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 and Swingline Exposure at such time.

 

“Revolving Credit
Facility” means the revolving credit facility under this Agreement.

 

“Revolving Credit
Maturity Date” means the five year anniversary of the Effective Date, as extended (in the case of each Revolving Lender consenting
thereto) pursuant to Section 2.25; provided, however, in each case, if such date is not a Business Day, the Revolving
Credit Maturity Date shall be the next preceding Business Day.

 

“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 Loan made by a Revolving Lender pursuant to Section 2.01(a).

 

“S&P”
means Standard & Poor’s Financial Services LLC, a subsidiary of S&P Global Inc.

 

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

 

“Sanctions”
means:

 

(a)               economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by the US government and
administered by OFAC; and

 

(b)               economic or financial sanctions imposed, administered or enforced from time to time by the US State Department, the US Department
of Commerce, the US Department of the Treasury or other relevant sanctions authority.

 

“Sanctions List”
means any of the lists of specifically designated nationals or designated persons or entities (or equivalent) held by the US government
and administered by OFAC, the US State Department, the US Department of Commerce or the US Department of the Treasury or the United Nations
Security Council or any similar list maintained by any other U.S. government entity or other relevant sanctions authority, in each case
as the same may be amended, supplemented or substituted from time to time.

 

“SEC” means
the Securities and Exchange Commission of the United States, or any Governmental Authority succeeding to any of its principal functions.

 

    39

     

    

 

“Securitization Transaction”
means any sale, assignment or other transfer by the Parent or any Subsidiary of accounts receivable, lease receivables, financial assets
or other payment obligations owing to the Parent or such Subsidiary or any interest in any of the foregoing (other than sales of defaulted
receivables, foreign receivables or similar items in the ordinary course of business), together in each case with any collections and
other proceeds thereof, any collection or deposit accounts related thereto, and any collateral, guaranties or other property or claims
in favor of the Parent or such Subsidiary supporting or securing payment by the obligor thereon of, or otherwise related to, any such
receivables, financial assets or other payment obligations.

 

“Senior Financial
Officer” means the Chief Financial Officer, the Chief Accounting Officer or the Treasurer of the Parent.

 

“Service of Process
Agent” means (i) so long as the Initial Affiliate Borrower is a Borrower hereunder, the Initial Affiliate Borrower and (ii)
to the extent the Initial Affiliate Borrower ceases to be a Borrower hereunder in accordance with the terms of Section 2.23, CT
Corporation Systems, with an office on the date hereof at 111 Eighth Avenue, New York, New York 10011.

 

“SOFR”
means, with respect to any Business Day, a rate per annum equal to the secured overnight financing rate for such Business Day published
by the SOFR Administrator on the SOFR Administrator’s Website on the immediately succeeding Business Day.

 

“SOFR Administrator”
means the NYFRB (or a successor administrator of the secured overnight financing rate).

 

“SOFR Administrator’s
Website” means the NYFRB’s website, currently at http://www.newyorkfed.org, or any successor source for the secured overnight
financing rate identified as such by the SOFR Administrator from time to time.

 

“Specified Ancillary
Obligations” means all obligations and liabilities (including interest and fees accruing during the pendency of any bankruptcy,
insolvency, examinership, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding) of
any of the Subsidiaries, 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, to the Lenders
or any of their Affiliates under any Hedging Agreement or any Banking Services Agreement; provided that the definition of “Specified
Ancillary Obligations” shall not create or include any guarantee by any Loan Party of (or grant of security interest by any Loan
Party to support, as applicable) any Excluded Swap Obligations of such Loan Party for purposes of determining any obligations of any Loan
Party.

 

“Specified Swap Obligation”
means, with respect to any Loan Party, 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.

 

“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 or Adjusted EURIBO Rate, as applicable, for eurocurrency funding (currently referred to as
 “Eurocurrency liabilities” in Regulation D) or any other reserve ratio or analogous requirement of any central banking
or financial regulatory authority imposed in respect of the maintenance of the Commitments or the funding of the Loans. Such reserve
percentage shall include those imposed pursuant to Regulation D. Eurocurrency 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 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, and the Administrative Agent shall
notify the Company promptly of any such adjustment.

 

    40

     

    

 

“Subsidiary”
of a Person means a company, corporation, partnership, joint venture, limited liability company or other business entity of which a majority
of the shares of securities or other interests having ordinary voting power for the election of directors or other governing body (other
than securities or interests having such power only by reason of the happening of a contingency) are at the time beneficially owned, or
the management of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both, by such Person.
Unless otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary
or Subsidiaries of the Parent.

 

“Supported QFC”
has the meaning assigned to such term in Section 9.18.

 

“Surviving Commitment”
has the meaning assigned to such term in Section 2.09(c).

 

“Surviving Lender”
has the meaning assigned to such term in Section 2.09(c).

 

“Swingline Exposure”
means, at any time, the aggregate principal Dollar Amount of all Swingline Loans outstanding at such time. The Swingline Exposure of any
Lender at any time shall be the sum, without duplication, of (a) its Applicable Percentage of the aggregate principal Dollar Amount of
all Swingline Loans outstanding at such time (excluding, in the case of any Lender that is a 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 2.24 of the Swingline Exposure of Defaulting Lenders in
effect at such time, and (b) in the case of any Lender that is a Swingline Lender, the aggregate principal Dollar Amount of all Swingline
Loans made by such Lender outstanding at such time, less the Dollar Amount of participations funded by the other Revolving Lenders in
such Swingline Loans.

 

“Swingline Foreign
Currency Sublimit” means $45,000,000.

 

“Swingline Lenders”
means each of JPMCB, Bank of America, N.A., MUFG Bank, Ltd., Citibank, N.A., U.S. Bank National Association and each other Revolving Lender
designated by the Company as a “Swingline Lender” hereunder that has agreed to such designation (and is reasonably acceptable
to the Administrative Agent), each in its capacity as a lender of Swingline Loans hereunder.

 

“Swingline Loan”
means a Loan made pursuant to Section 2.05.

 

“Swingline Sublimit”
means as to any Lender (i) the amount set forth opposite such Lender’s name on Schedule 2.05 hereof or (ii) if
such Lender has entered into an Assignment and Assumption, the amount set forth for such Lender as its Swingline Sublimit in the Register
maintained by the Administrative Agent pursuant to Section 9.04(b)(iv) (provided that, in the case of each of the foregoing clauses (i)
and (ii), any increase in the Swingline Sublimit with respect to any Lender shall only require the consent of the Company and such Lender).

 

“Swiss Borrower”
means any Affiliate Borrower organized under the laws of Switzerland or, if different, is deemed resident in Switzerland for Swiss Withholding
Tax purposes pursuant to Article 9 of the Swiss Withholding Tax Act.

 

“Swiss Guidelines”
means, together,

 

(a)       guideline
S-02.123 in relation to interbank loans of 22 September 1986 (Merkblatt Verrechnungssteuer auf Zinsen von Bankguthaben, deren Gläubiger
Banken sind (Interbankguthaben) vom 22 September 1986);

 

    41

     

    

 

(b)       guideline
S-02.130.1 in relation to money market instruments and book claims of April 1999 (Merkblatt vom April 1999 betreffend Geldmarktpapiere
und Buchforderungen inländischer Schuldner);

 

(c)       circular
letter no. 34 of 26 July 2011 (1.034-V-2011) in relation to deposits (Kreisschreiben Nr. 34 betreffend Kundenguthaben vom 26. Juli
2011);

 

(d)       circular
letter no. 15 of 3 October 2017 (1-015-DVS-2017) in relation to bonds and derivative financial instruments as subject matter of taxation
of Swiss federal income tax, Swiss withholding tax and Swiss stamp taxes (Kreisschreiben Nr. 15 “Obligationen und derivative
Finanzinstrumente als Gegenstand der direkten Bundessteuer, der Verrechnungssteuer und der Stempelabgaben” vom 3. Oktober 2017);

 

(e)       circular
letter No. 46 of 24 July 2019 (1-046-VS-2019) in relation to syndicated credit facilities (Kreisschreiben Nr. 46 betreffend steuerliche
Behandlung von Konsortialdarlehen, Schuldscheindarlehen, Wechseln und Unterbeteiligungen vom 24. Juli 2019);

 

(f)       circular
letter No. 47 of 25 July 2019 (1-047-V-2019) in relation to bonds (Kreisschreiben Nr. 47 betreffend Obligationen vom 25. Juli 2019);
and

 

(g)       notice
010-DVS-2019-d in relation to withholding tax treatment of credit balances within the group of 5 February 2019;

 

each as issued, amended or
substituted from time to time by the Swiss Federal Tax Administration or as substituted or superseded or overruled by any law, statute,
ordinance, court decision, regulation or the like as in force from time to time.

 

“Swiss Loan Party”
means (a) any Loan Party that is organized under the laws of Switzerland, (b) any Loan Party that is treated as resident in Switzerland
for Swiss Withholding Tax purposes and/or (c) any other Loan Party if, as a result of such Loan Party’s obtaining or maintaining
Credit Events hereunder, there is a bona fide risk that any payment hereunder would become subject to taxation for Swiss Withholding Tax
purposes.

 

“Swiss Qualifying
Lender” means (i) any bank as defined in the Swiss Federal Code for Banks and Savings Banks dated 8 November 1934 (Bundesgesetz
 über die Banken und Sparkassen) as amended from time to time or (ii) a person or entity which effectively conducts banking activities
with its own infrastructure and staff as its principal business purpose and which has a banking license in full force and effect issued
in accordance with the banking laws in force in its jurisdiction of incorporation, or if acting through a branch, issued in accordance
with the banking laws in the jurisdiction of such branch, all and in each case in accordance with the Swiss Guidelines.

 

“Swiss Non-Bank Rules”
means together the Swiss Twenty Non-Bank Rule and the Swiss Ten-Non-Bank Rule.

 

“Swiss Non-Qualifying
Lender” means any person which does not qualify as a Swiss Qualifying Lender.

 

“Swiss Ten Non-Bank
Rule” means the rule that the aggregate number of Lenders (other than Swiss Qualifying Lenders) of any Swiss Loan Party under
this Agreement must not at any time exceed ten (10); in each case in accordance with the meaning of the Swiss Guidelines or the applicable
legislation or explanatory notes addressing the same issues that are in force at such time.

 

    42

     

    

 

“Swiss Twenty
Non-Bank Rule” means the rule that (without duplication) the aggregate number of creditors (including the Lenders), other
than Swiss Qualifying Lenders, of the Swiss Borrower under all outstanding debts relevant for classification as debenture
(Kassenobligation) (including debt arising under this Agreement and intra-group loans (if and to the extent intra-group loans
are not exempt in accordance with the ordinance of the Swiss Federal Council of 18 June 2010 amending the Swiss Federal Ordinance on
withholding tax and the Swiss Federal Ordinance on stamp duties with effect as of 1 August 2010)), loans, facilities and/or private
placements (including under this Agreement) must not, at any time, exceed twenty (20); in each case in accordance with the meaning
of the Swiss Guidelines.

 

“Swiss Withholding
Tax” means any Taxes levied pursuant to the Swiss Withholding Tax Act.

 

“Swiss Withholding
Tax Act” means the Swiss Federal Act on the Withholding Tax of 13 October 1965 (Bundesgesetz über die Verrechnungssteuer
vom 13. Oktober 1965, SR 642.21), together with the related ordinances, regulations and guidelines, all as amended and applicable
from time to time.

 

“Switzerland”
means the Swiss Confederation.

 

“Syndication Agent”
means (i) each of Bank of America, N.A., Citibank, N.A., MUFG Bank, Ltd. and U.S. Bank National Association in its capacity as syndication
agent for the Revolving Credit Facility and (ii) U.S. Bank National Association in its capacity as syndication agent for the Term Loan
Facility.

 

“Synthetic Lease
Obligations” means obligations under operating leases (as determined pursuant to Statement of Financial Accounting Standards
No. 13) of properties which are reported for United States income tax purposes as owned by the Parent or a Consolidated Subsidiary. The
amount of Synthetic Lease Obligations under any such lease shall be determined in accordance with GAAP as if such operating lease were
a capital lease.

 

“TARGET2”
means the Trans-European Automated Real-time Gross Settlement Express Transfer payment system which utilizes a single shared platform
and which was launched on November 19, 2007.

 

“TARGET Day”
means any day on which TARGET2 (or, if such payment system ceases to be operative, such other payment system, if any, reasonably determined
by the Administrative Agent to be a suitable replacement) is open for the settlement of payments in euro.

 

“Taxes”
means any and all present or future taxes, levies, imposts, duties, deductions, fees, value added taxes, or any other goods and services,
use or sales taxes, assessments, charges or withholdings 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 that holds Term Loans.

 

“Term Loan Commitment”
means, as to any Term Lender, such Term Lender’s Applicable Percentage of the Term Loans.

 

“Term Loan Facility”
means the term loan facility under this Agreement.

 

“Term Loan Maturity
Date” means the three year anniversary of the Effective Date, as extended (in the case of each Term Lender consenting thereto)
pursuant to Section 2.25; provided, however, in each case, if such date is not a Business Day, the Term Loan Maturity
Date shall be the next preceding Business Day.

 

“Term
Loans” means the term loans made by the Term Lenders to the Company on December 2, 2019 pursuant to the Existing Credit
Agreement. The aggregate outstanding principal amount of the Term Loans as of the Effective Date is $200,000,000 and each Term
Lender’s respective portion of the Term Loans on the Effective Date is set forth on Schedule 2.01.

 

    43

     

    

 

“Term SOFR”
means, for the applicable Corresponding Tenor as of the applicable Reference Time, the forward-looking term rate based on SOFR that has
been selected or recommended by the Relevant Governmental Body.

 

“Term SOFR Notice”
means a notification by the Administrative Agent to the Lenders and the Borrower of the occurrence of a Term SOFR Transition Event.

 

“Term SOFR Transition
Event” means the determination by the Administrative Agent in its reasonable, good faith discretion that (a) Term SOFR has been
recommended for use by the Relevant Governmental Body, (b) the administration of Term SOFR is administratively feasible for the Administrative
Agent and (c) a Benchmark Transition Event or an Early Opt-in Election, as applicable (and, for the avoidance of doubt, not in the case
of an Other Benchmark Rate Election), has previously occurred resulting in a Benchmark Replacement in accordance with Section 2.14
that is not Term SOFR.

 

“Total Revolving
Credit 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.

 

“Trade Date”
has the meaning specified in Section 9.04(e)(i) hereof.

 

“Transactions”
means the execution, delivery and performance by the Loan Parties of this Agreement and the other Loan Documents, the borrowing of Loans,
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 Adjusted EURIBO Rate or the Alternate Base Rate.

 

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

 

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

 

“Unadjusted Benchmark
Replacement” means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

 

“Unfunded Commitment”
means, with respect to each Revolving Lender, the Revolving Commitment of such Lender less its Revolving Credit Exposure.

 

“Unfunded Vested
Liabilities” means, with respect to any Plan at any time, the amount (if any) by which (i) the current liability as defined
in Section 412(l)(7) of the Code under such Plan exceeds (ii) the fair market value of all Plan assets allocable to such benefits, all
as determined as of the then most recent valuation date for such Plan, but only to the extent that such excess represents a potential
liability of the Parent or any ERISA Affiliate to the PBGC or such Plan under Title IV of ERISA.

 

“United States”
and “U.S.” each mean the United States of America.

 

    44

     

    

 

 

“U.S. Lender”
means a Lender that is not a Foreign Lender.

 

“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 such term in Section 9.18.

 

“UK Bankruptcy Event”
means:

 

(a)       
a UK Relevant Entity is unable or admits inability to pay its debts (as defined in section 123(1)(a) of the Insolvency Act 1986)
as they fall due or is deemed to or declared to be unable to pay its debts under applicable law, or suspends or threatens to suspend making
payments on any of its debts or, by reason of actual or anticipated financial difficulties; or

 

(b)      
any corporate action, legal proceedings or other formal procedure or formal step for (i) the suspension of payments, a moratorium
of any indebtedness, winding-up, dissolution, administration or reorganization (by way of voluntary arrangement, scheme of arrangement
or otherwise) of any UK Relevant Entity; (ii) a composition, compromise, assignment or arrangement with any creditor of any UK Relevant
Entity; or (iii) the appointment of a liquidator, receiver, administrative receiver, administrator, compulsory manager or other similar
officer in respect of any UK Relevant Entity, or any of the assets of any UK Relevant Entity; save that this paragraph (b) shall not apply
to any action, proceeding, procedure or formal step which is frivolous or vexatious and is discharged, stayed or dismissed within 14 days
of commencement.

 

“UK Borrower”
means any Affiliate Borrower resident for tax purposes in England and Wales.

 

“UK Borrower DTTP
Filing” means an HM Revenue & Customs’ Form DTTP2, duly completed and filed by the relevant UK Borrower, which:

 

(a)       
where it relates to a UK Treaty Lender that is a Lender on the day this Agreement is entered into (or any amendment hereto), contains
the scheme reference number and jurisdiction of tax residence stated on its signature page to this Agreement (or any amendment hereto)
or as otherwise notified to the Company by that UK Treaty Lender in writing, and:

 

(i)       
where the UK Borrower is an Affiliate Borrower on the day this Agreement (or any amendment hereto) is entered into, is filed with
HM Revenue & Customs within 30 days of the date of this Agreement (or any amendment hereto); or

 

(ii)      
where the UK Borrower is not an Affiliate Borrower on the day this Agreement is entered into, is filed with HM Revenue & Customs
within 30 days of the date on which that UK Borrower becomes an Affiliate Borrower; or

 

(b)       
where it relates to a UK Treaty Lender that is not a party to this Agreement on the date on which this Agreement (or any amendment
hereto) is entered into, contains the scheme reference number and jurisdiction of tax residence stated in respect of that Lender in the
relevant Assignment and Assumption, Increasing Lender Supplement or Augmenting Lender Supplement, as the case may be, or as otherwise
notified to the Company in writing, and:

 

(i)       
where the UK Borrower is an Affiliate Borrower as at the relevant assignment date or the date on which the increase to the Commitments
and/or the Incremental Term Loans described in the relevant Increasing Lender Supplement or Augmenting Lender Supplement take effect (as
applicable) is filed with HM Revenue & Customs within 30 days of that date; or

 

    45

     

    

 

(ii)      
 where the UK Borrower is not an Affiliate Borrower as at the relevant assignment date or the date on which the increase to the
Commitments and/or the Incremental Term Loans described in the relevant Increasing Lender Supplement or Augmenting Lender Supplement take
effect (as applicable) is filed with HM Revenue & Customs within 30 days of the date on which that UK Borrower becomes a Borrower.

 

“UK Companies Act”
means the Companies Act 2006 of the United Kingdom.

 

“UK CTA 2009”
means the United Kingdom Corporation Tax Act 2009.

 

“UK ITA 2007”
means the United Kingdom Income Tax Act 2007.

 

“UK Loan Party”
means any UK Borrower.

 

“UK Qualifying Lender”
means (a) a Lender which is beneficially entitled to interest payable to that Lender in respect of an advance under a Loan Document and
is (i) a Lender (A) which is a bank (as defined for the purpose of section 879 of the UK ITA 2007) making an advance under a Loan Document
and is within the charge to United Kingdom corporation tax as respects any payments of interest made in respect of that advance or would
be within such charge as respects such payments apart from section 18A of the UK CTA 2009; or (B) in respect of an advance made under
a Loan Document by a person that was a bank (as defined for the purpose of section 879 of the UK ITA 2007) at the time that that advance
was made and within the charge to United Kingdom corporation tax as respects any payments of interest made in respect of that advance;
or (ii) a Lender which is: (A) a company resident in the United Kingdom for United Kingdom tax purposes or (B) a partnership each member
of which is (x) a company so resident in the United Kingdom or (y) a company not so resident in the United Kingdom which carries on a
trade in the United Kingdom through a permanent establishment and which brings into account in computing its chargeable profits (within
the meaning of section 19 of the UK CTA 2009) the whole of any share of interest payable in respect of that advance that falls to it by
reason of Part 17 of the UK CTA 2009 or (C) a company not so resident in the United Kingdom which carries on a trade in the United Kingdom
through a permanent establishment and which brings into account interest payable in respect of that advance in computing the chargeable
profits (within the meaning of section 19 of the UK CTA 2009) of that company; or (iii) a UK Treaty Lender, or (b) a Lender which is a
building society (as defined for the purposes of section 880 of the UK ITA 2007) making an advance under a Loan Document.

 

“UK Relevant Entity”
means any Borrower or Material Subsidiary that is incorporated in England and Wales, or any other Borrower or Material Subsidiary capable
of becoming subject of an order for winding-up or administration under the Insolvency Act 1986.

 

“UK Tax Confirmation”
means a confirmation by a Lender that the person beneficially entitled to interest payable to that Lender in respect of an advance under
a Loan Document is either (a) a company resident in the United Kingdom for United Kingdom tax purposes or (b) a partnership each member
of which is (i) a company so resident in the United Kingdom or (ii) a company not so resident in the United Kingdom which carries on a
trade in the United Kingdom through a permanent establishment and which brings into account in computing its chargeable profits (within
the meaning of section 19 of the UK CTA 2009) the whole of any share of interest payable in respect of that advance that falls to it by
reason of Part 17 of the UK CTA 2009 or (c) a company not so resident in the United Kingdom which carries on a trade in the United Kingdom
through a permanent establishment and which brings into account interest payable in respect of that advance in computing the chargeable
profits (within the meaning of section 19 of the UK CTA 2009) of that company.

 

“UK Tax Deduction”
means a deduction or withholding for, or on account of, Tax imposed by the United Kingdom from a payment under a Loan Document, other
than a FATCA Deduction.

 

“UK Treaty”
has the meaning assigned to such term in the definition of “UK Treaty State”.

 

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“UK Treaty Lender”
means a Lender which is (i) treated as a resident of a UK Treaty State for the purposes of the relevant UK Treaty, (ii) does not carry
on a business in the United Kingdom through a permanent establishment with which that Lender’s participation in the Loan is effectively
connected, and (iii) subject to the completion of procedural formalities, fulfills any other conditions which must be fulfilled under
the relevant UK Treaty to obtain exemption from Tax imposed by the United Kingdom on payments of interest.

 

“UK Treaty State”
means a jurisdiction having a double taxation agreement with the United Kingdom (a “UK Treaty”) which makes provision
for full exemption from Tax imposed by the United Kingdom on interest.

 

“VAT” means
(a) any tax imposed in compliance with the Council Directive of 28 November 2006 on the common system of value added tax (EC Directive
2006/112); (b) any value added tax imposed by the Value Added Tax Act 1994 and (c) any other tax of a similar nature, whether imposed
in a member state of the European Union in substitution for, or levied in addition to, such tax referred to in clause (a) or (b) above,
or imposed elsewhere.

 

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

 

Section
1.02   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 “Eurocurrency Loan”) or by Class and Type (e.g., a “Eurocurrency Revolving Loan”).
Borrowings also may be classified and referred to by Class (e.g., a “Revolving Borrowing”) or by Type (e.g.,
a “Eurocurrency Borrowing”) or by Class and Type (e.g., a “Eurocurrency 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”. The word
 “law” shall be construed as referring to all statutes, rules, regulations, codes and other laws (including official
rulings and interpretations thereunder having the force of law or with which affected Persons customarily comply), and all
judgments, orders and decrees, of all Governmental Authorities. Unless the context requires otherwise (a) any definition of or
reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or
other document as from time to time amended, restated, supplemented or otherwise modified (subject to any restrictions on such
amendments, restatements, supplements or modifications set forth herein), (b) any definition of or reference to any statute, rule or
regulation shall be construed as referring thereto as from time to time amended, supplemented or otherwise modified (including by
succession of comparable successor laws), (c) any reference herein to any Person shall be construed to include such Person’s
successors and assigns (subject to any restrictions on assignment set forth herein) and, in the case of any Governmental Authority,
any other Governmental Authority that shall have succeeded to any or all functions thereof, (d) the words “herein”,
 “hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its
entirety and not to any particular provision hereof, (e) 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 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.

 

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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 the Company notifies the Administrative Agent that the Company requests an amendment
to any provision hereof to eliminate the effect of any change occurring after the date hereof in GAAP or in the application thereof on
the operation of such provision (or if the Administrative Agent notifies the Company 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 without giving effect to such change until
such notice shall have been withdrawn or such provision amended in accordance herewith. Notwithstanding any other provision contained
herein, (i) all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios
referred to herein (including computations in respect of compliance with Sections 6.01 and 6.02) shall be made (a) without
giving effect to any election under Financial Accounting Standards Board Accounting Standards Codification 825 (or any other Accounting
Standards Codification or Financial Accounting Standard having a similar result or effect) to value any Debt or other liabilities of the
Parent, the Company or any Subsidiary at “fair value”, as defined therein and (b) without giving effect to any treatment of
Debt under Accounting Standards Codification 470-20 or 2015-03 (or any other Accounting Standards Codification or Financial Accounting
Standard having a similar result or effect) to value any such Debt in a reduced or bifurcated manner as described therein, and such Debt
shall at all times be valued at the full stated principal amount thereof and (ii) except to the extent contemplated by clause (b) of the
second sentence of the definition of “Synthetic Lease Obligations”, without giving effect to any change to, or modification
of, GAAP (including any future phase-in of changes to GAAP that have been approved as of December 1, 2018) which would require the capitalization
of leases characterized as “operating leases” as of December 1, 2018 (it being understood and agreed, for the avoidance of
doubt, financial statements delivered pursuant to Section 5.01(a) and 5.01(b) shall be prepared without giving effect to
this sentence).

 

Section
1.05   Interest Rates; LIBOR
Notification. The interest rate on a Loan denominated in an Agreed Currency may be derived from an interest rate benchmark that
is, or may in the future become, the subject of regulatory reform. Regulators have signaled the need to use alternative benchmark
reference rates for some of these interest rate benchmarks and, as a result, such interest rate benchmarks may cease to comply with
applicable laws and regulations, may be permanently discontinued, and/or the basis on which they are calculated may change. The
London interbank offered rate (“LIBOR”) is intended to represent the rate at which contributing banks may obtain
short-term borrowings from each other in the London interbank market. On March 5, 2021, the U.K. Financial Conduct Authority
(“FCA”) publicly announced that: (a) immediately after December 31, 2021, publication of all seven euro LIBOR
settings, all seven Swiss Franc LIBOR settings, the spot next, 1-week, 2-month and 12-month Japanese Yen LIBOR settings, the
overnight, 1-week, 2-month and 12-month Pounds Sterling LIBOR settings, and the 1-week and 2-month U.S. Dollar LIBOR settings will
permanently cease; immediately after June 30, 2023, publication of the overnight and 12-month U.S. Dollar LIBOR settings will
permanently cease; immediately after December 31, 2021, the 1-month, 3-month and 6-month Japanese Yen LIBOR settings and the
1-month, 3-month and 6-month Pounds Sterling LIBOR settings will cease to be provided or, subject to consultation by the FCA, be
provided on a changed methodology (or “synthetic”) basis and no longer be representative of the underlying market and
economic reality they are intended to measure and that representativeness will not be restored; and immediately after June 30, 2023,
the 1-month, 3-month and 6-month U.S. Dollar LIBOR settings will cease to be provided or, subject to the FCA’s consideration
of the case, be provided on a synthetic basis and no longer be representative of the underlying market and economic reality they are
intended to measure and that representativeness will not be restored. There is no assurance that dates
announced by the FCA will not change or that the administrator of LIBOR and/or regulators will not take further action that could
impact the availability, composition, or characteristics of LIBOR or the currencies and/or tenors for which LIBOR is published. Each
party to this agreement should consult its own advisors to stay informed of any such developments. Public and private sector
industry initiatives are currently underway to identify new or alternative reference rates to be used in place of LIBOR. Upon the
occurrence of a Benchmark Transition Event, a Term SOFR Transition Event, an Early Opt-in Election or an Other Benchmark Rate
Election, Section 2.14(b) and Section 2.14(c) provide a mechanism for determining an alternative rate of interest. The
Administrative Agent will promptly notify the Company, pursuant to Section 2.14(e), of any change to the reference rate upon
which the interest rate on Eurocurrency Loans is based. However, the Administrative Agent does not warrant or accept any
responsibility for, and shall not have any liability with respect to, the administration, submission, performance or any other
matter related to LIBOR, EURIBOR or other rates in the definition of “LIBO Rate” (or “EURIBO Rate”, as
applicable) or with respect to any alternative or successor rate thereto, or replacement rate thereof (including, without
limitation, (i) any such alternative, successor or replacement rate implemented pursuant to Section 2.14(b) or Section
2.14(c), whether upon the occurrence of a Benchmark Transition Event, a Term SOFR Transition Event, an Early Opt-in Election or
an Other Benchmark Rate Election, and (ii) the implementation of any Benchmark Replacement Conforming Changes pursuant to Section
2.14(d)), including without limitation, whether the composition or characteristics of any such alternative, successor or
replacement reference rate will be similar to, or produce the same value or economic equivalence of, the LIBO Rate (or the EURIBO
Rate, as applicable) or have the same volume or liquidity as did LIBOR (or the euro interbank offered rate
(“EURIBOR”), as applicable) prior to its discontinuance or unavailability (other than, for the avoidance of
doubt, with respect to its obligation to apply the definition of such rate in accordance with its terms and comply with its
obligations in Article II (including Section 2.14) of this Agreement). The Administrative Agent may select information
sources or services in its reasonable good faith discretion to ascertain any rate with respect to any Eurocurrency Loan, any
component thereof, or rates referenced in the definition thereof, in each case pursuant to the terms of this Agreement, and shall
have no liability to the Borrowers, any Lender or any other person or entity for damages of any kind, including direct or indirect,
special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and
whether at law or in equity), for any error or calculation of any such rate (or component thereof) by any such information source or
service.

 

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Section
1.06   Luxembourg Terms. Notwithstanding
any other provision of this Agreement to the contrary, in this Agreement where it relates to any Affiliate Borrower which is organized
under the laws of Luxembourg, a reference to: (a) a receiver, conservator, trustee, administrator, custodian,
assignee for the benefit of creditors, compulsory manager or other similar officer includes a juge délégué,
commissaire, juge-commissaire, mandataire ad hoc, administrateur provisoire, liquidateur or curateur; (b) liquidation, bankruptcy,
insolvency, reorganization, moratorium or any similar proceeding shall include (i) insolvency/bankruptcy (faillite) within the
meaning of Articles 437 ff. of the Luxembourg Commercial Code, (ii) controlled management (gestion contrôlée) within
the meaning of the grand ducal regulation of 24 May 1935 on controlled management, (iii) voluntary arrangement with creditors (concordat
préventif de la faillite) within the meaning of the law of 14 April 1886 on arrangements to prevent insolvency, as amended,
(iv) suspension of payments (sursis de paiement) within the meaning of Articles 593 ff. of the Luxembourg Commercial Code or
(v) voluntary or compulsory winding-up pursuant to the law of 10 August 1915 on commercial companies, as amended, (c) a lien or security
interest includes any hypothèque, nantissement, gage, privilège, sûreté réelle, droit de rétention,
and any type of security in rem (sûreté réelle) or agreement or arrangement having a similar effect and any
transfer of title by way of security; (d) a person being unable to pay its debts includes that person being in a state of cessation of
payments (cessation de paiements) or having lost or meeting the criteria to lose its commercial creditworthiness (ébranlement
de crédit); (e) attachments or similar creditors process means an executory attachment (saisie exécutoire)
or conservatory attachment (saisie arrêt); and (f) a “set-off” includes, for purposes of Luxembourg law, legal
set-off.

 

Section
1.07   Certain
Calculations. No Default or Event of Default shall arise as a result of any limitation or threshold set forth in Dollars in
 ‎Articles VI and VII under this Agreement being exceeded solely as a result of changes in currency exchange
rates from those rates applicable on the last day of the fiscal quarter of the Parent immediately preceding the fiscal quarter of
the Parent in which the applicable transaction or occurrence requiring a determination occurs.

 

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Section
1.08   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.

 

Section
1.09   Leverage Ratios. Notwithstanding
anything to the contrary contained herein, for purposes of calculating any pro forma leverage ratio herein in connection with the incurrence
of any Debt, (a) there shall be no netting of the cash proceeds of such Debt proposed to be received in respect of the incurrence
thereof and (b) to the extent the Debt to be incurred is revolving Debt, such incurred revolving Debt (or if applicable, the portion
(and only such portion) of the increased commitments thereunder) shall be treated as fully drawn.

 

Section
1.10   Amendment and Restatement
of the Existing Credit Agreement. The parties to this Agreement agree that, upon (i) the execution and delivery by each of the parties
hereto of this Agreement and (ii) satisfaction of the conditions set forth in Section 4.01, the terms and provisions of the Existing
Credit Agreement shall be and hereby are amended, superseded and restated in their entirety by the terms and provisions of this Agreement.
This Agreement is not intended to and shall not constitute a novation. All “Loans” (the “Existing Loans”)
made and “Obligations” incurred under the Existing Credit Agreement which are outstanding on the Effective Date shall (other
than any “Term Loans” under (and as defined in) the Existing Credit Agreement to the extent repaid on the Effective Date)
continue as Loans and Obligations under (and shall be governed by the terms of) this Agreement and the other Loan Documents. Without limiting
the foregoing, upon the effectiveness hereof: (a) all references in the “Loan Documents” (as defined in the Existing Credit
Agreement) to the “Administrative Agent”, the “Credit Agreement” and the “Loan Documents” shall be
deemed to refer to the Administrative Agent, this Agreement and the Loan Documents, (b) the Administrative Agent shall make such reallocations,
sales, assignments or other relevant actions in respect of each Lender’s credit exposure under the Existing Credit Agreement as
are necessary in order that each such Lender’s Revolving Credit Exposure and outstanding Term Loans hereunder reflects such Lender’s
Applicable Percentage of the outstanding aggregate Revolving Credit Exposures and Term Loans on the Effective Date (without the necessity
of executing and delivering any Assignment and Assumption or the payment of any processing or recordation fee), (c) the Existing Loans
of each Departing Lender shall be repaid in full (accompanied by any accrued and unpaid interest and fees thereon), each Departing Lender’s
 “Commitment” under the Existing Credit Agreement shall be terminated and the Departing Lenders shall not be a Lender hereunder
(provided, however, that the Departing Lenders shall continue to be entitled to the benefits of Sections 2.15, 2.16, 2.17
and 9.03) and (d) the Company hereby agrees to compensate each Lender (and the Departing Lenders) for any and all losses, costs
and expenses incurred by such Lender in connection with the sale and assignment of any Eurocurrency Loans (including the “Eurocurrency
Loans” under the Existing Credit Agreement) and such reallocation (and any repayment or prepayment of each Departing Lender’s
Loan) described above, in each case on the terms and in the manner set forth in Section 2.16 hereof.

 

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Article
II.

 

The Credits 

 

Section
2.01   Re-Evidence of Existing
Term Loans; Revolving Commitments. Prior to the Effective Date, certain term loans were previously made to the Company under the
Existing Credit Agreement which remain outstanding as of the Effective Date (such outstanding loans being hereinafter referred to as
the “Existing Term Loans”). Subject to the terms and conditions set forth in this Agreement, the parties hereto
agree that on the Effective Date, but subject to the reallocation and other transactions described in Section 1.10, the
Existing Term Loans shall be re-evidenced as Term Loans under this Agreement and the terms of the Existing Loans shall be restated
in their entirety and shall be evidenced by this Agreement. Furthermore, subject to the terms and conditions set forth herein, each
Revolving Lender (severally and not jointly) agrees to make Revolving Loans to the Borrowers in Agreed Loan Currencies from time to
time during the Availability Period in an aggregate principal amount that will not, subject to fluctuations in currency exchange
rates and Section 2.11.2 and subject to any application of proceeds of such Borrowing to any Swingline Loans outstanding
pursuant to Section 2.10(a)(i), result in (i) subject to Section 2.04, the Dollar Amount of such Lender’s
Revolving Credit Exposure exceeding such Lender’s Revolving Commitment, (ii) subject to Section 2.04, the Dollar Amount
of the Total Revolving Credit Exposure exceeding the aggregate Revolving Commitments, (iii) subject to Section 2.04, the sum
of the aggregate principal Dollar Amount of all Loans outstanding to Affiliate Borrowers exceeding the Affiliate Borrower Sublimit
or (iv) subject to Section 2.04, the Dollar Amount of the total outstanding Revolving Loans and LC Exposure, in each
case denominated in Foreign Currencies, exceeding the Foreign Currency Sublimit. Within the foregoing limits and subject to the
terms and conditions set forth herein, the Borrowers may borrow, prepay and reborrow Revolving Loans. The Term Loans have been
funded and may not be reborrowed. Amounts repaid or prepaid in respect of Term Loans may not be reborrowed.

 

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 Class and Type made by
the applicable Lenders ratably in accordance with their respective Commitments of the applicable Class. 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, (i) each Revolving Borrowing and Term Loan Borrowing shall be comprised entirely of ABR
Loans or Eurocurrency Loans of the same Agreed Currency as the relevant Borrower may request in accordance herewith; provided that
each ABR Loan shall only be made in Dollars and no ABR Loan shall be made to a Designated Borrower and (ii) each Swingline Loan shall
be (x) an ABR Loan in the case of a Swingline Loan denominated in Dollars (other than a Designated Swingline Loan), (y) a Eurocurrency
Swingline Loan in the case of a Swingline Loan denominated in any Foreign Currency or (z) a Eurocurrency Swingline Loan in the case of
a Designated Swingline Loan. Each Lender at its option may make any 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 Lender); provided that any exercise of such option shall not affect
the obligation of any Borrower to repay such Loan in accordance with the terms of this Agreement.

 

(c)       
At the commencement of each Interest Period for any Eurocurrency Borrowing, such Borrowing shall be in an aggregate amount
that is an integral multiple of $1,000,000 (or, if such Borrowing is denominated in a Foreign Currency, 1,000,000 units of such currency)
and not less than $5,000,000 (or, if such Borrowing is denominated in a Foreign Currency, 5,000,000 units of such currency). At the time
that each ABR Borrowing is made, such Borrowing shall be in an aggregate amount that is an integral multiple of $100,000 and not less
than $1,000,000; provided that an ABR Revolving Borrowing may be in an aggregate amount that is equal to the entire unused balance
of the aggregate Revolving 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 $25,000 (or, if such Swingline Loan is denominated
in a Foreign Currency, 25,000 units of such currency) and not less than $100,000 (or, if such Swingline Loan is denominated in a Foreign
Currency, 100,000 units of such currency). 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 fifteen (15) Eurocurrency Borrowings outstanding.

 

(d)               
 Notwithstanding any other provision of this Agreement, no Borrower shall 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 applicable Maturity Date.

 

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Section
2.03   Requests for Borrowings.
To request a Borrowing, the applicable Borrower, or the Company on behalf of the applicable Borrower, shall notify the Administrative
Agent of such request (a) by irrevocable written notice (via a written Borrowing Request signed by the applicable Borrower, or the Company
on behalf of the applicable Borrower) (i) in the case of a Eurocurrency Borrowing denominated in Dollars, not later than 3:00 p.m., Chicago
time, three (3) Business Days before the date of the proposed Borrowing or (ii) in the case of a Eurocurrency Borrowing denominated in
euro, not later than 1:00 p.m., Chicago time, four (4) Business Days before the date of the proposed Borrowing or (b) by irrevocable written
notice (via a written Borrowing Request signed by the applicable Borrower, or the Company on behalf of the applicable Borrower) in the
case of an ABR Borrowing, not later than 12:00 noon, Chicago time, on the Business Day of the proposed Borrowing. Each such Borrowing
Request shall specify the following information in compliance with Section 2.02:

 

(i)       
the name of the applicable Borrower;

 

(ii)      
the Agreed Currency and aggregate principal amount of the requested Borrowing;

 

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

 

(iv)    
whether such Borrowing is to be an ABR Borrowing or a Eurocurrency Borrowing and whether such Borrowing is a Revolving Borrowing
or a Term Loan Borrowing;

 

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

 

(vi)    
the location and number of the applicable 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 currency of a Borrowing
is specified, then the requested Borrowing shall be made in Dollars. If no election as to the Type of Borrowing is specified, then, in
the case of a Borrowing denominated in Dollars (other than a Designated Loan), the requested Borrowing shall be a Eurocurrency Borrowing
with an Interest Period of one month’s duration. If no Interest Period is specified with respect to any requested Eurocurrency Borrowing,
then the relevant 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 applicable Class 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)      
any Loan denominated in a Foreign Currency, on each of the following: (i) the date of the Borrowing of such Loan and (ii)
each date of a conversion or continuation of such Loan pursuant to the terms of this Agreement,

 

(b)      
any Letter of Credit denominated in a Foreign Currency, on 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

 

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(c)      
 any Credit Event, on any additional date as the Administrative Agent may determine at any time when an Event of Default
exists.

 

Each day upon or as of which the Administrative
Agent determines Dollar Amounts as described in the preceding clauses (a), (b) and (c) is herein described as a “Computation Date”
with respect to each Credit Event for which a Dollar Amount is determined on or as of such day, and the Administrative Agent shall notify
the Company of all such determinations and related computations on such Computation Date.

 

Section
2.05   Swingline Loans. (a) Subject
to the terms and conditions set forth herein, each Swingline Lender may in its sole discretion make Swingline Loans in Agreed Loan Currencies
to any Borrower from time to time during the Availability Period, in an aggregate principal Dollar Amount at any time outstanding that
will not, subject to fluctuations in currency exchange rates and Section 2.11.2, result in (i) subject to Section 2.04,
the Dollar Amount of the aggregate principal amount of outstanding Swingline Loans made by such Swingline Lender exceeding such Swingline
Lender’s Swingline Sublimit, except to the extent otherwise agreed by such Swingline Lender and the Company with notice to be concurrently
given to the Administrative Agent, (ii) subject to Section 2.04, any Swingline Lender’s Revolving Credit Exposure exceeding
its Revolving Commitment, (iii) subject to Section 2.04, the aggregate principal Dollar Amount of outstanding Swingline Loans exceeding
$75,000,000, (iv) subject to Section 2.04, the Dollar Amount of the Total Revolving Credit Exposure exceeding the aggregate Revolving
Commitments or (v) subject to Section 2.04, the Dollar Amount of the aggregate principal amount of outstanding Swingline Loans
denominated in a Foreign Currency exceeding the Swingline Foreign Currency Sublimit; provided that a 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, any Borrower may borrow, prepay and reborrow Swingline Loans.

 

(b)      
To request a Swingline Loan, the applicable Borrower, or the Company on behalf of the applicable Borrower, shall notify
the Administrative Agent of such request by (i) irrevocable written notice (via a written Borrowing Request signed by the applicable Borrower,
or the Company on behalf of the applicable Borrower), not later than 1:00 p.m., Chicago time, on the day of a proposed Swingline Loan
in Dollars (other than a Designated Swingline Loan) and (ii) irrevocable written notice (via a written Borrowing Request signed by the
applicable Borrower, or the Company on behalf of the applicable Borrower), not later than 9:00 a.m., Local Time, on the day of a proposed
Eurocurrency Swingline Loan in a Foreign Currency or a Designated Swingline Loan. Each such notice shall be irrevocable and shall specify
the requested date (which shall be a Business Day), applicable Borrower requesting such Swingline Loan, applicable currency, Interest
Period (in the case of a Eurocurrency Swingline Loan), Type and amount of the requested Swingline Loan and the Swingline Lender to make
such Swingline Loan. The Administrative Agent will promptly advise such Swingline Lender of any such notice received from the Company
or any other applicable Borrower. Unless otherwise directed by the Company or the applicable Borrower, each Swingline Lender shall (subject
to such Swingline Lender’s discretion to make Swingline Loans as set forth in Section 2.05(a)) make each Swingline Loan to
be made by it available to the applicable Borrower by means of a credit to an account of the Company or such other applicable Borrower
with the Administrative Agent designated for such purpose (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 relevant Issuing Bank) by 3:00 p.m., Local Time, on the requested
date of such Swingline Loan.

 

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(c)        Any
Swingline Lender may by written notice given to the Administrative Agent require the Revolving Lenders to acquire participations in
all or a portion of its Swingline Loans outstanding in the applicable Agreed Currency of such Swingline Loan or Loans. Such notice
shall specify the aggregate amount and Agreed Currency of Swingline Loans in which 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
Revolving Lender’s Applicable Percentage of such Swingline Loan or Loans and the applicable Agreed Currency 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 12:00 noon, Local Time, on a Business Day, no later than 5:00
p.m., Local Time, on such Business Day and if received after 12:00 noon, Local Time, on a Business Day, no later than 10:00 a.m.,
Local Time, on the immediately succeeding Business Day), to pay in the applicable Agreed Currency to the Administrative Agent, for
the account of such Swingline Lender, such Revolving 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 Revolving 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 such Swingline Lender the amounts so received by it from the Revolving Lenders. The Administrative Agent
shall notify the Company promptly 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 such Swingline Lender. Any amounts
received by a Swingline Lender from the applicable Borrower (or other party on behalf of such Borrower) in respect of a Swingline
Loan after receipt by such 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 such Swingline Lender, as their
interests may appear; provided that any such payment so remitted shall be repaid to such Swingline Lender or to the Administrative
Agent, as applicable, if and to the extent such payment is required to be refunded to the applicable Borrower for any reason. The
purchase of participations in a Swingline Loan pursuant to this paragraph shall not relieve any Borrower of any default in the
payment of any Swingline Loan made to such Borrower.

 

(d)      
Any Swingline Lender may be replaced at any time by written agreement among the Company, the Administrative Agent, the replaced
Swingline Lender and the successor Swingline Lender. The Administrative Agent shall notify the Revolving Lenders of any such replacement
of the relevant Swingline Lender. At the time any such replacement shall become effective, the Company shall pay all unpaid interest accrued
for the account of the replaced Swingline Lender pursuant to Section 2.13(a). From and after the effective date of any such
replacement, (i) the successor Swingline Lender shall have all the rights and obligations of the replaced Swingline Lender under
this Agreement with respect to Swingline Loans made thereafter and (ii) references herein to the term “Swingline Lender”
shall be deemed to refer to such successor or to any previous Swingline Lender, or to such successor and all previous Swingline Lenders,
as the context shall require. After the replacement of a Swingline Lender hereunder, the replaced Swingline Lender shall remain a party
hereto and shall continue to have all the rights and obligations of a Swingline Lender under this Agreement with respect to Swingline
Loans made by it prior to its replacement, but shall not be required to make additional Swingline Loans.

 

(e)       
Subject to the appointment and acceptance of a successor Swingline Lender, any Swingline Lender may resign as a Swingline
Lender at any time upon thirty (30) days’ prior written notice to the Administrative Agent, the Company and the Revolving Lenders,
in which case, such Swingline Lender shall be replaced in accordance with Section 2.05(d) above.

 

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Section
2.06   Letters of Credit.
(a) General. Subject to the terms and conditions set forth herein, the Company may request the issuance of Letters of Credit
(or the amendment or extension of any outstanding Letter of Credit) denominated in Agreed LC Currencies for its own account, as the
applicant thereof for the support of its or its Subsidiaries’ obligations, in a form reasonably acceptable to the
Administrative Agent, the Company and the Issuing Bank issuing such Letter of Credit, 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; provided, however, if any
Issuing Bank is requested to issue Letters of Credit with respect to a jurisdiction such Issuing Bank deems, in its reasonable
judgment applied generally to substantially similar credit facilities for which it acts as an issuing bank, may at any time subject
it to a New Money Credit Event or a Country Risk Event, the Issuing Bank shall promptly notify the Company of such determination
prior to the issuance of any Letter of Credit, and the Company shall either withdraw its request to issue such Letter of Credit or,
at the request of such Issuing Bank, guaranty and indemnify such Issuing Bank against any and all costs, liabilities and losses
resulting from such New Money Credit Event or Country Risk Event, in each case in a form and substance reasonably satisfactory to
such Issuing Bank. Notwithstanding anything herein to the contrary, no Issuing Bank shall have any obligation hereunder to issue,
and shall not issue, any Letter of Credit the proceeds of which would be made available to any Person (i) to fund any activity or
business of or with any Designated Person, or in any country or territory that, at the time of such funding, is the subject of any
Sanctions, (ii) in any manner that would result in a violation of any Sanctions by any party to this Agreement or (iii) in any
manner that would result in a violation of one or more policies of such Issuing Bank applicable to letters of credit generally. The
Parent 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 Parent 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(b) to the same extent as if it were the sole account party in respect of such Letter of Credit (the Parent
hereby irrevocably waiving any defenses that might otherwise be available to it as a guarantor or surety of the obligations of such
a Subsidiary that is an account party in respect of any such Letter of Credit).

 

(b)      
Notice of Issuance, Amendment, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the
amendment or extension of an outstanding Letter of Credit), the Company shall hand deliver, email or telecopy (or transmit by electronic
communication, if arrangements for doing so have been approved by such Issuing Bank) to the applicable Issuing Bank (selected by the Company
in its sole discretion) and the Administrative Agent (reasonably in advance of the requested date of issuance, amendment or extension,
but in any event no less than three (3) Business Days in advance thereof unless a shorter period is acceptable to the applicable Issuing
Bank in its sole discretion) a notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended
or extended, and specifying the date of issuance, amendment 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 Agreed LC Currency
applicable thereto, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend
or extend such Letter of Credit. In addition, if required by such Issuing Bank, as a condition to any such Letter of Credit issuance,
the Company 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 a form agreed to by the Company and the applicable Issuing Bank in connection with
any request for a Letter of Credit (each, a “Letter of Credit Agreement”). A Letter of Credit shall be issued, amended
to increase the amount or extended only if (and upon issuance, amendment to increase the amount or extension of each Letter of Credit
the Company shall be deemed to represent and warrant that), after giving effect to such issuance, amendment or extension, but allowing
for fluctuations in currency exchange rates and subject to Section 2.11.2, (i) subject to Section 2.04, the Dollar Amount
of the LC Exposure shall not exceed $200,000,000, (ii) subject to Section 2.04, the Dollar Amount of the aggregate face amount
of all Letters of Credit issued and then outstanding by any Issuing Bank shall not exceed such Issuing Bank’s Applicable LC Sublimit,
(iii) subject to Section 2.04, the sum of the Dollar Amount of the Total Revolving Credit Exposure shall not exceed the aggregate
Revolving Commitments, (iv) subject to Section 2.04, the Dollar Amount of each Lender’s Revolving Credit Exposure shall not
exceed such Lender’s Revolving Commitment and (v) subject to Section 2.04, the Dollar Amount of the total outstanding Revolving
Loans and LC Exposure, in each case denominated in Foreign Currencies, shall not exceed the Foreign Currency Sublimit.

 

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(c)        Expiration
Date. Each Letter of Credit shall expire (or, if set forth in such Letter of Credit, 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 two years after the date
of the issuance of such Letter of Credit (or, in the case of any extension thereof, two years after such extension), unless the Required
Revolving Lenders and the applicable Issuing Bank, in their discretion, have approved a later expiry date in writing and (ii) the date
that is five (5) Business Days prior to the Revolving Credit Maturity Date; provided that, notwithstanding clauses (i) and (ii)
above, upon the Company’s request and subject to the approval, in its discretion, by the Administrative Agent and the applicable
Issuing Bank that has issued such Letter of Credit, any such Letter of Credit may have a later expiry date (but in any event not later
than one (1) year after the Revolving Credit Maturity Date) if Cash Collateralized in compliance with Section 2.06(j) below.

 

(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 any Issuing Bank or the Revolving Lenders, each Issuing Bank hereby grants to each
Revolving Lender, and each Revolving Lender hereby acquires from such 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 relevant Issuing Bank, such Revolving Lender’s Applicable Percentage of each LC Disbursement made by such
Issuing Bank and not reimbursed by the Company on the date due as provided in paragraph (e) of this Section, or of any reimbursement payment
required to be refunded to the Company for any reason, including after the Revolving Credit Maturity Date. 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 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.

 

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(e)       Reimbursement.
If any Issuing Bank shall make any LC Disbursement in respect of a Letter of Credit, the Company shall reimburse such LC
Disbursement by paying to the Administrative Agent in Dollars the Dollar Amount equal to such LC Disbursement, calculated as of the
date such Issuing Bank made such LC Disbursement (or if such Issuing Bank shall so elect in its sole discretion by notice to the
Company, in such other Agreed LC Currency which was paid by such Issuing Bank pursuant to such LC Disbursement in an amount equal to
such LC Disbursement) not later than 12:00 noon, Local Time, on the date that such LC Disbursement is made, if the Company shall
have received notice of such LC Disbursement prior to 10:00 a.m., Local Time, on such date, or, if such notice has not been received
by the Company prior to such time on such date, then not later than 12:00 noon, Local Time, on (i) the Business Day that the Company
receives such notice, if such notice is received prior to 10:00 a.m., Local Time, on the day of receipt, or (ii) the Business Day
immediately following the day that the Company receives such notice, if such notice is not received prior to such time on the day of
receipt; provided that, subject to the conditions to borrowing set forth herein, (i) to the extent such LC Disbursement was
made in Dollars, such payment shall, automatically and without notice, be financed with (x) if the LC Disbursement is equal to or
greater than $1,000,000, an ABR Revolving Borrowing in Dollars or, at the Company’s election, a Swingline Loan, or (y) if the
LC Disbursement is equal to or greater than $100,000 but less than $1,000,000, a Swingline Loan, in each case in an amount equal to
such LC Disbursement or (ii) to the extent such LC Disbursement was made in a Foreign Currency, the Company may request in
accordance with Section 2.03 that such payment be financed with (i) an ABR Revolving Borrowing or Eurocurrency Revolving Borrowing
in Dollars in the Dollar Amount of such LC Disbursement or (ii) to the extent that such LC Disbursement was made in a Foreign
Currency, a Eurocurrency Revolving Borrowing in such Foreign Currency (in the event such Foreign Currency is an Agreed Loan
Currency) in an amount equal to such LC Disbursement, and, in each case, to the extent so financed, the Company’s obligation
to make such payment shall be discharged and replaced by the resulting ABR Revolving Borrowing, Swingline Loan or Eurocurrency
Revolving Borrowing, as applicable. If the Company fails 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 Company in respect thereof and such Revolving
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 Company, 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 Revolving Lenders, provided that, with respect to any such payment in respect of a Letter of Credit
denominated in an Agreed LC Currency that is not an Agreed Loan Currency, any Revolving Lender may make such payment in Dollars in
the Dollar Amount of such LC Disbursement), and the Administrative Agent shall promptly pay to such Issuing Bank the amounts so
received by it from the Revolving Lenders. Promptly following receipt by the Administrative Agent of any payment from the Company
pursuant to this paragraph, the Administrative Agent shall distribute such payment to such Issuing Bank or, to the extent that
Revolving Lenders have made payments pursuant to this paragraph to reimburse such Issuing Bank, then to such Revolving Lenders and
such Issuing Bank as their interests may appear. Any payment made by a Revolving Lender pursuant to this paragraph to reimburse any
Issuing Bank for any LC Disbursement (other than the funding of ABR Revolving Loans, Eurocurrency Revolving Loans or a Swingline
Loan as contemplated above) shall not constitute a Loan and shall not relieve the Company of its obligation to reimburse such LC
Disbursement. If the Company’s reimbursement of, or obligation to reimburse, any amounts in any Foreign Currency would subject
the Administrative Agent, any Issuing Bank or any Revolving Lender to any stamp duty, ad valorem charge or similar tax that would
not be payable if such reimbursement were made or required to be made in Dollars, the Administrative Agent shall promptly notify the
Company prior to payment by the Company, and the Company shall, at its option, either (x) pay the amount of any such tax
requested by the Administrative Agent, the relevant Issuing Bank or the relevant Revolving Lender or (y) reimburse each LC
Disbursement made in such Foreign Currency in Dollars, in an amount equal to the Dollar Amount thereof calculated on the date such
LC Disbursement is made.

 

(f)         Obligations
Absolute. The Company’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, any Letter
of Credit Agreement or this Agreement, or any term or provision therein, (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 any 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, (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 Company’s obligations hereunder, or (v) any adverse change in the relevant exchange rates or in
the availability of the relevant Foreign Currency to the Company or any Subsidiary or in the relevant currency markets generally.
Neither the Administrative Agent, the Revolving Lenders nor the Issuing Banks, nor 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 an Issuing Bank; provided that the foregoing
shall not be construed to excuse any Issuing Bank from liability to the Company 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 Company to the extent
permitted by applicable law) suffered by the Company that are caused by such 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 an Issuing Bank (as finally determined
by a court of competent jurisdiction), such 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 relevant 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.

 

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(g)      
Disbursement Procedures. Each Issuing Bank shall, within the time period stipulated by the terms and conditions of
the applicable Letter of Credit following its receipt thereof (and, if no time period is so stipulated, promptly), examine all documents
purporting to represent a demand for payment under a Letter of Credit. After such examination, such Issuing Bank shall promptly notify
the Administrative Agent and the Company by telephone (confirmed by telecopy or email in accordance with Section 9.01) of such
demand for payment and whether such 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 Company of its obligation to reimburse such Issuing Bank and the Revolving
Lenders with respect to any such LC Disbursement in accordance with Section 2.06(e).

 

(h)      
Interim Interest. If any Issuing Bank shall make any LC Disbursement, then, unless the Company shall reimburse such
LC Disbursement in full 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 Company reimburses such LC Disbursement, at the rate
per annum then applicable to ABR Revolving Loans (or in the case such LC Disbursement is denominated in a Foreign Currency, at the Overnight
Rate for such Agreed LC Currency plus the then effective Applicable Rate with respect to Eurocurrency Revolving Loans); provided
that, if the Company fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section, then Section 2.13(b)
shall apply. Interest accrued pursuant to this paragraph shall be for the account of the relevant 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 any Issuing Bank shall
be for the account of such Revolving Lender to the extent of such payment.

 

(i)        
Replacement and Resignation of Issuing Bank. (A) Each Issuing Bank may be replaced at any time by written agreement
among the Company, 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 an Issuing Bank. At the time any such replacement shall become effective, the
Company 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 an 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.

 

(B)       Subject
to the appointment and acceptance 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 Company and the Revolving Lenders, in which case, such resigning Issuing
Bank shall be replaced in accordance with Section 2.06(i)(A) above.

 

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(j)         Cover.
If (x) any Event of Default shall occur and be continuing, on the Business Day that the Company receives notice from the
Administrative Agent or the Required Revolving Lenders (or, if the maturity of the Loans has been accelerated, Revolving Lenders
with LC Exposure representing greater than 50% of the total LC Exposure) demanding the deposit of cash collateral pursuant to this
paragraph or (y) the Company requests the issuance of a Letter of Credit with an expiry date that is later than the expiry date
prescribed in clause (c) of this Section 2.06 (an “Extended Letter of Credit”), the Company shall either (A)
cover by arranging for the issuance of one or more standby letters of credit issued by an issuer, and otherwise on terms and
conditions, satisfactory to the Administrative Agent and the relevant Issuing Bank or (B) deposit cash in an account with the
Administrative Agent, in each case in the name of the Administrative Agent and for the benefit of the Administrative Agent, the
Issuing Banks and the Revolving Lenders, and in an amount equal to (1) with respect to a Letter of Credit denominated in Dollars,
100% and (2) with respect to a Foreign Currency Letter of Credit, 105%, in each case of the Dollar Amount of the LC Exposure in
respect of such Extended Letter of Credit (in the case of the foregoing clause (y)) or in the aggregate (in the case of the
foregoing clause (x)) as of such date plus any accrued and unpaid interest thereon; provided that (i) the portions of such
amount attributable to undrawn Foreign Currency Letters of Credit or LC Disbursements in a Foreign Currency that the Company is not
late in reimbursing shall be covered or deposited in the applicable Foreign Currencies in an amount equal to 105% of the actual
amounts of such undrawn Letters of Credit and LC Disbursements and (ii) the obligation to provide such letter(s) of credit cover or
deposit such cash collateral shall become effective immediately, and such cover or 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 Company described in
clause (f), (g) or (h) of Article VII. For the purposes of this paragraph, the Foreign Currency LC Exposure shall be
calculated using the Dollar Amount thereof on the date notice demanding letter of credit cover or cash collateralization is
delivered to the Company. The Company also shall deposit cash collateral pursuant to this paragraph as and to the extent required by Section
2.11.2. Any such deposits shall be held by the Administrative Agent as collateral for the payment and performance of the
Obligations. The Administrative Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over
such account. Such deposits shall bear interest, and such deposits shall be invested by the Administrative Agent in direct short
term obligations of, or in other short term obligations which are unconditionally guaranteed with respect to all principal thereof
and interest thereon by, the United States of America, in each case maturing no later than the expiry date of the Letter of Credit
giving rise to LC Exposure. 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 each 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 Company 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 50% of the total LC Exposure), be applied to satisfy other Obligations; provided
that at any time that the money remaining in such account exceeds the LC Exposure by $100,000 or more, the Administrative Agent
will, promptly after request therefor by the Company at any time that no Default shall exist, deliver such excess to the Company. If
the Company is required to provide an amount of cash collateral or letter of credit cover hereunder as a result of the occurrence of
an Event of Default, such amount or letter of credit (to the extent not applied as aforesaid) shall be returned to the Company or
the issuer of such letter of credit (as applicable) within three (3) Business Days after all Events of Default have been cured or
waived.

 

(k)        Conversion.
In the event that the Loans become immediately due and payable on any date pursuant to Article VII, all amounts (i) that the Company
is at the time or thereafter becomes required to reimburse or otherwise pay to the Administrative Agent in respect of LC
Disbursements made under any Foreign Currency Letter of Credit (other than amounts in respect of which the Company has provided
letter of credit cover, or deposited cash collateral, pursuant to paragraph (j) above, if such letter of credit was issued, or cash
collateral was deposited, in the applicable Foreign Currency to the extent so deposited or applied), (ii) that the Revolving Lenders
are at the time or thereafter become required to pay to the Administrative Agent and the Administrative Agent is at the time or
thereafter becomes required to distribute to any Issuing Bank pursuant to paragraph (e) of this Section in respect of unreimbursed
LC Disbursements made under any Foreign Currency Letter of Credit and (iii) of each Revolving Lender’s participation in any
Foreign Currency Letter of Credit under which an LC Disbursement has been made shall, automatically and with no further action
required, be converted into the Dollar Amount thereof, calculated on such date (or in the case of any LC Disbursement made after
such date, on the date such LC Disbursement is made), of such amounts. On and after such conversion, all amounts accruing and owed
to the Administrative Agent, any Issuing Bank or any Revolving Lender in respect of the obligations described in this paragraph
shall accrue and be payable in Dollars at the rates otherwise applicable hereunder.

 

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(l)        
Issuing Bank Agreements. Each Issuing Bank agrees that, unless otherwise requested by the Administrative Agent, such
Issuing Bank shall report in writing to the Administrative Agent (i) on the first Business Day of each week, the daily activity (set forth
by day) in respect of Letters of Credit during the immediately preceding week, including all issuances, extensions and amendments, all
expirations and cancellations and all disbursements and reimbursements, (ii) on or prior to each Business Day on which such Issuing Bank
expects to issue, amend or extend any Letter of Credit, the date of such issuance, amendment or extension, and the aggregate face amount
of the Letters of Credit to be issued, amended or extended by it and outstanding after giving effect to such issuance, amendment or extension
occurred (and whether the amount thereof changed), (iii) on each Business Day on which such Issuing Bank makes any LC Disbursement, the
date of such LC Disbursement and the amount of such LC Disbursement, (iv) on any Business Day on which any 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 and currency of
such LC Disbursement and (v) on any other Business Day, such other information as the Administrative Agent shall reasonably request.

 

(m)      
LC Exposure Determination. Unless otherwise specified
herein, the amount of a Letter of Credit at any time shall be deemed to be the amount of such Letter of Credit available to be drawn at
such time; provided that with respect to any Letter of Credit that, by its terms or the terms of any Letter of Credit Agreement
related thereto, provides for one or more automatic increases in the available amount thereof, the amount of such Letter of Credit shall
be deemed to be the maximum amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum amount
is available to be drawn at such time.

 

Section
2.07   Funding of Borrowings.
(a) Each Lender shall make each Loan to be made by it hereunder on the proposed date specified in accordance with the terms hereof in
the Borrowing Request solely by wire transfer of immediately available funds (i) in the case of Loans denominated in Dollars (other than
a Designated Loan), by 1:00 p.m., Chicago time, to the account of the Administrative Agent most recently designated by it for such purpose
by notice to the Lenders and (ii) in the case of each Loan denominated in a Foreign Currency and Designated Loans, by 1:00 p.m., Local
Time, in the city of the Administrative Agent’s Eurocurrency Payment Office for such currency and at such Eurocurrency Payment Office
for such currency; provided that Swingline Loans shall be made as provided in Section 2.05. 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 relevant
Borrower by promptly crediting funds so received in the aforesaid account of the Administrative Agent to (x) an account of the Company
maintained with the Administrative Agent in New York City or Chicago and designated by the relevant Borrower in the applicable Borrowing
Request, in the case of Loans denominated in Dollars and (y) an account of such Borrower maintained in the relevant jurisdiction and designated
by such Borrower in the applicable Borrowing Request, in the case of Loans denominated in a Foreign Currency; provided that 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 relevant Issuing Bank.

 

(b)        Unless
the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing (or in the case of an
ABR Borrowing, prior to 1:00 p.m., Chicago time, on the date of such Borrowing) that such Lender will not make available to the
Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such
share available on such date in accordance with paragraph (a) of this Section and may, in reliance upon such assumption, make
available to the relevant 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 such 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 such Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the
case of such Lender, the greater of the applicable Overnight Rate and a rate determined by the Administrative Agent in accordance
with banking industry rules on interbank compensation or (ii) in the case of such Borrower, the interest rate applicable under this
Agreement to such Loans, or in the case of Foreign Currencies, in accordance with such market practice, in each case, as applicable.
If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender’s Loan included in
such Borrowing.

 

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Section
2.08   Interest Elections. (a)
Each Borrowing initially shall be of the Type and Agreed Currency specified in the applicable Borrowing Request (or, if not so specified,
as provided in Section 2.03) and, in the case of a Eurocurrency Borrowing, shall have an initial Interest Period as specified in such
Borrowing Request (or, if not so specified, as provided in Section 2.03). Thereafter, the relevant Borrower may elect to convert such
Borrowing to a different Type or to continue such Borrowing and, in the case of a Eurocurrency Borrowing, may elect Interest Periods therefor,
all as provided in this Section. A 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. This Section shall not apply to Swingline Borrowings, which may
not be converted or continued.

 

(b)           To make an election pursuant to this Section, a Borrower, or the Company on its behalf, shall notify the Administrative
Agent of such election (by irrevocable written notice (via an Interest Election Request signed by such Borrower, or the Company on its
behalf) by the time that a Borrowing Request would be required under Section 2.03 if such Borrower were requesting a Borrowing of the
Type resulting from such election to be made on the effective date of such election. Notwithstanding any contrary provision herein, this
Section shall not be construed to permit any Borrower to (i) change the currency of any Borrowing, (ii) elect an Interest Period
for Eurocurrency Loans that does not comply with Section 2.02(d) or (iii) convert any Borrowing to a Borrowing of a Type not
available under the Class of Commitments pursuant to which such Borrowing was made.

 

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

 

(i)                
the name of the applicable Borrower and the Agreed Currency and principal amount of 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 Eurocurrency Borrowing; and

 

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

 

If any such Interest Election Request requests
a Eurocurrency Borrowing but does not specify an Interest Period, then the applicable 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 applicable
Class of the details thereof and of such Lender’s portion of each resulting Borrowing.

 

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(e)           If
the relevant Borrower fails to deliver a timely Interest Election Request with respect to a Eurocurrency Borrowing prior to the end of
the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period
(i) in the case of a Borrowing denominated in Dollars (other than Designated Loans), such Borrowing shall be converted to an ABR Borrowing;
provided that if the Company shall have delivered to the Administrative Agent its customary standard documentation pre-authorizing
automatic continuations, such Borrowing shall automatically continue as a Eurocurrency Borrowing in Dollars with an Interest Period of
one month unless such Eurocurrency Borrowing is or was repaid in accordance with Section 2.11 and (ii) in the case of a Borrowing
denominated in a Foreign Currency or a Designated Loan in respect of which the applicable Borrower shall have failed to deliver an Interest
Election Request prior to the third (3rd) Business Day preceding the end of such Interest Period, such Borrowing shall automatically
continue as a Eurocurrency Borrowing in the same Agreed Currency with an Interest Period of one month unless such Eurocurrency Borrowing
is or was repaid in accordance with Section 2.11. 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 Company, then, so long as an
Event of Default is continuing (i) no outstanding Borrowing may be converted to or continued as a Eurocurrency Borrowing and (ii) unless
repaid, (x) each Eurocurrency Borrowing denominated in Dollars (other than Designated Loans) shall be converted to an ABR Borrowing at
the end of the Interest Period applicable thereto and (y) each Eurocurrency Borrowing denominated in a Foreign Currency shall bear interest
at the Central Bank Rate for the applicable Agreed Currency plus the Applicable Rate; provided that, if the Administrative Agent
determines (which determination shall be conclusive and binding absent demonstrable error) that the Central Bank Rate for the applicable
Agreed Currency cannot be determined, any outstanding affected Eurocurrency Loan denominated in any Foreign Currency shall either be
(A) converted to an ABR Borrowing denominated in Dollars (in an amount equal to the Dollar Amount of such Foreign Currency) at the end
of the Interest Period therefor or (B) prepaid at the end of the applicable Interest Period in full; provided that if no election
is made by the relevant Borrower by the earlier of (x) the date that is three (3) Business Days after receipt by the Company of such
notice and (y) the last day of the current Interest Period for the applicable Eurocurrency Loan, such Borrower shall be deemed to have
elected clause (A) above.

 

Section
2.09   Termination and Reduction
of Commitments.

 

(a)           Unless
previously terminated, the Revolving Commitments shall terminate on the Revolving Credit Maturity Date (subject to Section 2.25).

 

(b)           The
Company 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 an integral multiple of $1,000,000 and not less than $5,000,000 and (ii) the
Company shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving
Loans in accordance with Section 2.11, (A) the Dollar Amount of any Revolving Lender’s Revolving Credit Exposure would exceed
its Revolving Commitment or (B) the Dollar Amount of the Total Revolving Credit Exposure would exceed the aggregate Revolving Commitments.

 

(c)           Notwithstanding
the foregoing, upon the acquisition of one Lender by another Lender, or the merger, consolidation or other combination of any two or
more Lenders (any such acquisition, merger, consolidation or other combination being referred to hereinafter as a
 “Combination” and each Lender which is a party to such Combination being hereinafter referred to as a
 “Combined Lender”), the Company may notify the Administrative Agent that it desires to reduce the Revolving
Commitment of the Lender surviving such Combination (the “Surviving Lender”) to an amount equal to the Revolving
Commitment of that Combined Lender which had the largest Revolving Commitment of each of the Combined Lenders party to such
Combination (such largest Revolving Commitment being the “Surviving Commitment” and the Revolving Commitments of
the other Combined Lenders being hereinafter referred to, collectively, as the “Retired Commitments”). If the
Required Revolving Lenders (determined as set forth below) and the Administrative Agent agree to such reduction in the Surviving
Lender’s Revolving Commitment, then (i) the aggregate amount of the Revolving Commitments shall be reduced by the Retired
Commitments effective upon the effective date of the Combination (or such later date as the Company may specify in its request),
provided, that, on or before such date the Borrowers have paid in full the outstanding principal amount of the Loans of each of the
Combined Lenders other than the Combined Lender whose Revolving Commitment is the Surviving Commitment, (ii) from and after the
effective date of such reduction, the Surviving Lender shall have no obligation with respect to the Retired Commitments, and (iii)
the Company shall notify the Administrative Agent whether it wants such reduction to be a permanent reduction or a temporary
reduction. If such reduction is to be a temporary reduction, then the Company shall be responsible for finding one or more financial
institutions (which for the avoidance of doubt may be an existing Lender) (each, a “Replacement Lender”),
acceptable to the Administrative Agent (such acceptance not to be unreasonably withheld, conditioned or delayed), willing to assume
the obligations of a Lender hereunder with aggregate Revolving Commitments up to the amount of the Retired Commitments. The
Administrative Agent may require the Replacement Lenders to execute such documents, instruments or agreements as the Administrative
Agent reasonably deems necessary or desirable to evidence such Replacement Lenders’ agreement to become parties hereunder. For
purposes of this Section 2.09(c), Required Revolving Lenders shall be determined as if the reduction in the aggregate amount
of the Revolving Commitments requested by the Company had occurred (i.e., the Combined Lenders shall be deemed to have a single
Revolving Commitment equal to the Surviving Commitment and the aggregate amount of the Revolving Commitments shall be deemed to have
been reduced by the Retired Commitments).

 

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(d)           The
Company shall notify the Administrative Agent of any election to terminate or reduce the Revolving Commitments under paragraph (b) 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 Revolving Lenders
of the contents thereof. Each notice delivered by the Company pursuant to this Section shall be irrevocable; provided that a notice
of termination or reduction of the Revolving Commitments delivered by the Company may state that such notice is conditioned upon the
effectiveness of other credit facilities or other matters specified therein, in which case such notice may be revoked by the Company
(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 Revolving Commitments shall be permanent. Each reduction of the Revolving Commitments shall be made ratably among
the Revolving Lenders in accordance with their respective Revolving Commitments.

 

Section
2.10   Repayment of Loans; Evidence
of Indebtedness.

 

(a)           (i)
Each Borrower hereby unconditionally promises to pay (A) to the Administrative Agent for the account of each Revolving Lender the then
unpaid principal amount of each Revolving Loan made to such Borrower on the Revolving Credit Maturity Date in the currency of such Loan
and (B) to the relevant Swingline Lender the then unpaid principal amount of each Swingline Loan made to such Borrower by such Swingline
Lender on the earlier of the Revolving Credit Maturity Date and the 14th Business Day after the date such Swingline Loan is
made; provided that on each date that a Revolving Borrowing is made, the Company shall repay all Swingline Loans then outstanding
and the proceeds of any such Borrowing shall be applied by the Administrative Agent to repay any Swingline Loans outstanding.

 

(ii) The Company hereby unconditionally
promises to pay to the Administrative Agent for the account of the Term Lenders the then unpaid principal amount of all Term Loans on
the Term Loan Maturity Date in Dollars.

 

(b)           Each
Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of each 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.

 

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(c)            The
Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Loan made hereunder, the Class, Agreed Currency
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 each 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 any Borrower to repay the Loans in accordance
with the terms of this Agreement.

 

(e)            Any
Lender may request that Loans made by it to any Borrower be evidenced by a promissory note. In such event, the relevant 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 attached hereto as Exhibit D-1 or D-2, as applicable. 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.

 

SECTION 2.11.1.
Voluntary Prepayments.

 

(a)           Any
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 (b) of this Section; provided that (i) each prepayment of a Eurocurrency Borrowing (other than in
connection with a prepayment of all outstanding Eurocurrency Borrowings and/or a prepayment of a Eurocurrency Borrowing made to refinance
the reimbursement of an LC Disbursement as contemplated by Section 2.06(e)) shall be in an amount that is an integral multiple
of $1,000,000 (or, if such Borrowing is denominated in a Foreign Currency, 1,000,000 units of such currency) and not less than $5,000,000
(or, if such Borrowing is denominated in a Foreign Currency, 5,000,000 units of such currency) and (ii) each prepayment of an ABR Borrowing
(other than in connection with a prepayment of all outstanding ABR Borrowings and/or a prepayment of an ABR Borrowing made to refinance
the reimbursement of an LC Disbursement as contemplated by Section 2.06(e)) shall be in an amount that is an integral multiple
of $100,000 and not less than $1,000,000.

 

(b)           The
applicable Borrower, or the Company on behalf of the applicable Borrower, shall notify the Administrative Agent by written notice of
any prepayment hereunder (other than a prepayment of a Swingline Loan) (i) in the case of prepayment of a Eurocurrency Borrowing
denominated in Dollars and any Designated Loan, not later than 3:00 p.m., Chicago time, three (3) Business Days before the date of
prepayment, (ii) in the case of prepayment of a Eurocurrency Borrowing denominated euro, not later than 1:00 p.m., Chicago time,
four (4) Business Days before the date of prepayment, (iii) in the case of prepayment of an ABR Borrowing, not later than 1:00 p.m.,
Chicago time, on the date of prepayment or (iv) in the case of prepayment of a Swingline Loan, not later than 1:00 p.m., Local 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 or reduction of the Commitments as contemplated by Section 2.09, then such notice of
prepayment may be revoked if such notice of termination or reduction is revoked in accordance with Section 2.09 and (B) a
notice of prepayment by any Borrower, or the Company on behalf of any Borrower, may state that such notice is conditioned upon the
effectiveness of other credit facilities or other matters specified therein, in which case such notice may be revoked by the
applicable Borrower, or the Company on behalf of the applicable Borrower (by notice to the Administrative Agent on or prior to the
specified effective date) if such condition is not satisfied. Promptly following receipt of any such notice relating to a Borrowing,
the Administrative Agent shall advise the Lenders of the applicable Class of the contents thereof. Each partial prepayment of any
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. Each prepayment of a Revolving Borrowing shall be applied ratably to the Revolving Loans included in the prepaid Revolving
Borrowing, and each voluntary prepayment of a Term Loan Borrowing shall be applied ratably to the Term Loans included in the prepaid
Term Loan Borrowing. Prepayments shall be accompanied by (i) accrued interest to the extent required by Section 2.13 and (ii)
break funding payments required by Section 2.16.

 

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SECTION 2.11.2.
Mandatory Prepayments. If at any time, (i) other than as a result of fluctuations in currency exchange rates, (w) the aggregate
principal Dollar Amount of the Total Revolving Credit Exposure (calculated, with respect to those Credit Events denominated in Foreign
Currencies, as of the most recent Computation Date with respect to each such Credit Event) exceeds the aggregate Revolving Commitments,
(x) the aggregate principal Dollar Amount of all Loans (calculated, with respect to those Credit Events denominated in Foreign Currencies,
as of the most recent Computation Date with respect to each such Credit Event) outstanding denominated in Foreign Currencies exceeds the
Foreign Currency Sublimit, (y) the aggregate principal Dollar Amount of all Loans (calculated, with respect to those Credit Events denominated
in Foreign Currencies, as of the most recent Computation Date with respect to each such Credit Event) outstanding to the Affiliate Borrowers
exceeds the Affiliate Borrower Sublimit or (z) the aggregate principal Dollar Amount of all Swingline Loans (calculated, with respect
to those Swingline Loans denominated in Foreign Currencies, as of the most recent Computation Date with respect to each such Swingline
Loan) outstanding denominated in Foreign Currencies exceeds the Swingline Foreign Currency Sublimit or (ii) solely as a result of fluctuations
in currency exchange rates, (w) the aggregate principal Dollar Amount of the Total Revolving Credit Exposure (as so calculated) exceeds
105% of the aggregate Revolving Commitments, (x) the aggregate principal Dollar Amount of all of the Revolving Credit Exposures (as so
calculated) denominated in Foreign Currencies exceeds 105% of the Foreign Currency Sublimit, (y) the aggregate principal Dollar Amount
of all of the Revolving Credit Exposures (as so calculated) to the Affiliate Borrowers exceeds 105% of the Affiliate Borrower Sublimit
or (z) the aggregate principal Dollar Amount of all Swingline Loans (as so calculated) denominated in Foreign Currencies exceeds 105%
of the Swingline Foreign Currency Sublimit, the Borrowers shall, promptly after receipt of written notice from the Administrative Agent,
repay Borrowings and, if no Borrowings are then outstanding, Cash Collateralize LC Exposure in an account with the Administrative Agent
pursuant to Section 2.06(j), in an aggregate principal amount sufficient to eliminate any such excess.

 

Section
2.12   Fees. (a) The Company
agrees to pay to the Administrative Agent for the account of each Revolving Lender a facility fee, which shall accrue at the Applicable
Rate on the average daily amount of the Revolving Commitment of such Revolving Lender (whether used or unused) during the period from
and including the Effective Date to but excluding the date on which such Revolving Commitment terminates; provided that, if such Revolving
Lender continues to have any Revolving Credit Exposure after its Revolving Commitment terminates, then such facility fee shall continue
to accrue on the daily amount of such Revolving Lender’s Revolving Credit Exposure from and including the date on which its Revolving
Commitment terminates to but excluding the date on which such Revolving Lender ceases to have any Revolving Credit Exposure. Accrued facility
fees shall be payable in arrears on the fifteenth (15th) Business Day following the last day of March, June, September and
December of each year and on the date on which the Revolving Commitments terminate, commencing on the first such date to occur after the
date hereof; provided that any facility fees accruing after the date on which the Revolving Commitments terminate shall be payable on
demand accompanied by an invoice in reasonable detail. All facility 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).

 

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(b)           The
Company 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 Applicable LC Fee Rate (as defined below) 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 each Issuing Bank for its own account a fronting fee, which shall accrue at a rate per annum separately agreed upon
between the Company and such Issuing Bank on the average daily Dollar Amount of the LC Exposure (excluding any portion thereof
attributable to unreimbursed LC Disbursements) attributable to Letters of Credit issued by the relevant Issuing Bank during the
period from and including the Effective Date to but excluding the date on which there ceases to be any LC Exposure, as well as such
Issuing Bank’s standard fees and commissions with respect to the issuance, amendment, cancellation, negotiation, transfer,
presentment 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 fifteenth
(15th) 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 promptly after demand. Any other fees payable to any Issuing Bank
pursuant to this paragraph shall be payable within thirty (30) days after demand accompanied by an invoice in reasonable detail. 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). Participation fees and fronting fees in respect of Letters of
Credit denominated in Dollars shall be paid in Dollars, and participation fees and fronting fees in respect of Letters of Credit
denominated in a Foreign Currency shall be paid in Dollars in the Dollar Amount thereof. As used above, “Applicable LC Fee
Rate” means at any time (x) in the case of standby Letters of Credit (other than those described in the following clause
(y)), the same Applicable Rate used to determine the interest rate applicable to Eurocurrency Revolving Loans at such time and (y)
in the case of commercial Letters of Credit and standby Letters of Credit issued to ensure the performance of services and/or
delivery of goods, in each case at a per annum rate equal to 50% of the Applicable Rate used to determine the interest rate
applicable to Eurocurrency Revolving Loans at such time.

 

(c)           The
Company agrees to pay to the Administrative Agent, for its own account, fees payable in the amounts and at the times separately agreed
upon between the Company and the Administrative Agent.

 

(d)           All
fees payable hereunder shall be paid on the dates due, in immediately available funds in Dollars (except as expressly provided in this
Section), to the Administrative Agent (or to the relevant Issuing Bank, in the case of fees payable to it) for distribution, in the case
of facility fees and participation fees, to the applicable Lenders. Fees paid shall not be refundable under any circumstances.

 

Section
2.13   Interest.

 

(a)           The Loans comprising each ABR Borrowing (other than any Swingline Loan) shall bear interest at the Alternate Base Rate plus
the Applicable Rate. Each Swingline Loan shall bear interest at a rate per annum agreed upon between the Company and the relevant Swingline
Lender (or, if such a rate per annum is not agreed upon between the Company and the relevant Swingline Lender in respect of a Swingline
Loan, such Swingline Loan shall bear interest at (i) in the case of a Swingline Loan denominated in Dollars other than a Designated Swingline
Loan, the Alternate Base Rate plus the Applicable Rate for ABR Revolving Borrowings or (ii) in the case of a Swingline Loan denominated
in a Foreign Currency or a Designated Swingline Loan, the Eurocurrency Swingline Rate plus the Applicable Rate). The Loans comprising
each Eurocurrency Borrowing (other than any Eurocurrency Swingline Borrowing) shall bear interest at (i) in the case of a Eurocurrency
Borrowing denominated in Dollars, the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate
and (ii) in the case of a Eurocurrency Borrowing denominated in euro, the Adjusted EURIBO Rate for the Interest Period in effect for such
Borrowing plus the Applicable Rate.

 

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(b)            Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee payable by any 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 interest or fee, 2% plus the rate applicable
to ABR Loans as provided in paragraph (a) of this Section.

 

(c)            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 (b) 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 Eurocurrency Loan prior to the end of the current Interest Period
therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.

 

(d)            Interest
computed by reference to the LIBO Rate or the EURIBO Rate hereunder shall be computed on the basis of a year of 360 days. 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). In each case interest shall be payable for the actual number of days elapsed (including
the first day but excluding the last day). All interest hereunder on any Loan shall be computed on a daily basis based upon the outstanding
principal amount of such Loan as of the applicable date of determination. The applicable Alternate Base Rate, Adjusted LIBO Rate, LIBO
Rate, Adjusted EURIBO Rate or EURIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive
absent demonstrable error.

 

(e)            By
entering into this Agreement, the parties have assumed in bona fide that the interest payable hereunder is not and will not become subject
to any deduction or withholding of Taxes for Swiss Withholding Tax. Nevertheless, if a deduction or withholding of Taxes for Swiss Withholding
Tax is required by Swiss law to be made by the Swiss Borrower in respect of any interest payable by it under a Loan Document then:

 

(i)                
the applicable interest rate in relation to that interest payment shall be

 

(A)             
the interest rate which would have applied to that interest payment (as provided for in this Section 2.13) in the absence
of this paragraph (e), divided by

 

(B)             
one (1) minus the rate at which the relevant deduction or withholding of Taxes for Swiss Withholding Tax is required to be made
(where the rate at which the relevant deduction or withholding of Taxes for Swiss Withholding Tax is required to be made is for this purpose
expressed as a fraction of (1) rather than as percentage);

 

(ii)              
the Swiss Borrower shall: (i) pay the relevant interest at the adjusted rate in accordance with paragraph (a)
above and (ii) make the deduction or withholding of Taxes for Swiss Withholding Tax on the interest so recalculated; and

 

(iii)            
all references to a rate of interest with respect to any Loan shall be construed accordingly.

 

To the extent that interest
payable by a Swiss Borrower under this Agreement becomes subject to Swiss Withholding Tax, each relevant Lender and each Swiss Borrower
shall promptly cooperate by completing any procedural formalities (including submitting forms and documents required by the appropriate
Tax authority) to the extent possible and necessary for that Swiss Borrower to obtain authorization to make interest payments without
them being subject to Swiss Withholding Tax or to being subject to Swiss Withholding Tax at a rate reduced under applicable double taxation
treaties.

 

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In the event Swiss Withholding
Tax is refunded to a Lender by the Swiss Federal Tax Administration, the relevant Lender shall forward, after deduction of any due payment
to be made at the time of such refund by the relevant Swiss Borrower under this Agreement and costs, such amount to the relevant Swiss
Borrower.

 

(f)            The Swiss Borrower is not required to make an increased payment to a Lender under paragraph (e) above by reason
of a deduction or withholding of Taxes for Swiss Withholding Tax due to a breach of the Swiss Non-Bank Rules (i) if such lender has
made an incorrect declaration of its status as to whether or not it is a Swiss Qualifying Lender, (ii) has breached the assignment,
transfer or exposure transfer restrictions pursuant to Section 9.04(b)(ii)(G) (Successors and Assigns), or (iii) has
ceased to be a Swiss Qualifying Lender other than as a result of any change after the date it became a Lender under this agreement in
(or in the interpretation, administration or application of) any law or double taxation treaty, or any published practice or published
concession of any relevant taxing authority.

 

(g)           Interest in respect of Loans denominated in Dollars shall be paid in Dollars, and interest in respect of Loans denominated
in a Foreign Currency shall be paid in such Foreign Currency.

 

Section
2.14   Alternate Rate of Interest.

 

(a)            Subject
to clauses (b), (c), (d), (e), (f) and (g) of this Section 2.14:

 

(i)                
if the Administrative Agent determines (which determination shall be conclusive and binding absent demonstrable error) prior to
the commencement of any Interest Period for a Eurocurrency Borrowing, that adequate and reasonable means do not exist for ascertaining
the Adjusted LIBO Rate, the LIBO Rate, the Adjusted EURIBO Rate, the EURIBO Rate as applicable (including, without limitation, because
the Relevant Screen Rate is not available or published on a current basis), for the applicable Agreed Currency and such Interest Period;
or

 

(ii)              
if the Administrative Agent is advised by the Required Lenders that prior to the commencement of any Interest Period for a Eurocurrency
Borrowing, the Adjusted LIBO Rate, the LIBO Rate, the Adjusted EURIBO Rate or the EURIBO Rate for the applicable Agreed Currency and such
Interest Period will not adequately and fairly reflect the cost to such Lenders of making or maintaining their Loans included in such
Borrowing for the applicable Agreed Currency and such Interest Period;

 

then the Administrative
Agent shall give notice (in reasonable detail) thereof to the applicable Borrower and the Lenders of the applicable Class prior to
the commencement of such Interest Period by telephone, facsimile or email in accordance with Section 9.01 as promptly as
practicable thereafter and, until the Administrative Agent notifies the applicable Borrower and the Lenders of the applicable Class
that the circumstances giving rise to such notice no longer exist (which notice the Administrative Agent hereby agrees to provide
promptly after its determination of such circumstances ceasing to exist), (i) any Interest Election Request that requests the
conversion of any Borrowing to, or continuation of any Borrowing as, a Eurocurrency Borrowing shall be ineffective, (ii) if any
Borrowing Request requests a Eurocurrency Borrowing in Dollars, such Borrowing shall be made as an ABR Borrowing and (iii) if any
Borrowing Request requests a Eurocurrency Borrowing for the relevant rate above in a Foreign Currency, then such request shall be
ineffective; provided that if the circumstances giving rise to such notice affect only one Type of Borrowings, then all other Types
of Borrowings shall be permitted. Furthermore, if any Eurocurrency Loan in any Agreed Currency is outstanding on the date of the
applicable Borrower’s receipt of the notice from the Administrative Agent referred to in this Section 2.14(a) with
respect to a Relevant Rate applicable to such Eurocurrency Loan, then until the Administrative Agent notifies the Company and the
Lenders that the circumstances giving rise to such notice no longer exist, (1) if such Eurocurrency Loan is denominated in Dollars,
then on the last day of the Interest Period applicable to such Eurocurrency Loan (or the next succeeding Business Day if such day is
not a Business Day), such Eurocurrency Loan shall be converted by the Administrative Agent to, and shall constitute, an ABR Loan
denominated in Dollars on such day or (2) if such Eurocurrency Loan is denominated in any Agreed Currency other than Dollars, then
such Eurocurrency Loan shall, on the last day of the Interest Period applicable to such Eurocurrency Loan (or the next succeeding
Business Day if such day is not a Business Day) bear interest at the Central Bank Rate for the applicable Agreed Currency plus the
Applicable Rate; provided that, if the Administrative Agent determines reasonably and in good faith (which determination shall be
conclusive and binding absent demonstrable error) that the Central Bank Rate for the applicable Agreed Currency cannot be
determined, any outstanding affected Eurocurrency Loans denominated in any Agreed Currency other than Dollars shall, at the
applicable Borrower’s election prior to such day: (A) be prepaid by such Borrower on such day or (B) solely for the purpose of
calculating the interest rate applicable to such Eurocurrency Loan, such Eurocurrency Loan denominated in any Agreed Currency other
than Dollars shall be deemed to be a Eurocurrency Loan denominated in Dollars and shall accrue interest at the same interest rate
applicable to Eurocurrency Loans denominated in Dollars at such time.

 

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(b)           Notwithstanding
anything to the contrary herein or in any other Loan Document, if a Benchmark Transition Event, an Early Opt-in Election or an Other
Benchmark Rate Election, as applicable, and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect
of any setting of the then-current Benchmark, then (x) if a Benchmark Replacement is determined in accordance with clause (1) or (2)
of the definition of “Benchmark Replacement” with respect to Dollars for such Benchmark Replacement Date, such Benchmark
Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of such Benchmark setting and
subsequent Benchmark settings without any amendment to, or further action or consent of any other party to, this Agreement or any other
Loan Document and (y) if a Benchmark Replacement is determined in accordance with clause (3) of the definition of “Benchmark Replacement”
with respect to any Agreed Currency for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all
purposes hereunder and under any Loan Document in respect of any Benchmark setting at or after 5:00 p.m., New York City time, on the
fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Lenders and the Company without
any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document so long as the Administrative
Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Required
Lenders.

 

(c)            Notwithstanding
anything to the contrary herein or in any other Loan Document and subject to the proviso below in this paragraph, with respect to a Loan
denominated in Dollars, if a Term SOFR Transition Event and its related Benchmark Replacement Date have occurred prior to the Reference
Time in respect of any setting of the then-current Benchmark, then the applicable Benchmark Replacement will replace the then-current
Benchmark for all purposes hereunder or under any Loan Document in respect of such Benchmark setting and subsequent Benchmark settings,
without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document; provided that,
this clause (c) shall not be effective unless the Administrative Agent has delivered to the Lenders and the Company a Term SOFR Notice.
For the avoidance of doubt, the Administrative Agent shall not be required to deliver a Term SOFR Notice after the occurrence of a Term
SOFR Transition Event and may do so in its sole discretion; provided, however, the Benchmark Replacement Date cannot occur unless such
Term SOFR Notice has been provided and the other applicable requirements in the definition of “Benchmark Replacement Date”
have been satisfied.

 

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

 

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(e)            The Administrative Agent will promptly notify the Company and the Lenders of (i) any occurrence of a Benchmark Transition
Event, an Early Opt-in Election or an Other Benchmark Rate Election, as applicable, and its related Benchmark Replacement Date, (ii)
the implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes, (iv) the removal
or reinstatement of any tenor of a Benchmark pursuant to clause (f) below and (v) the commencement or conclusion of any Benchmark Unavailability
Period. Except as expressly provided in this Agreement, any determination, decision or election that may be made by the Administrative
Agent or, if applicable, any Lender (or group of Lenders) pursuant to this Section 2.14, including any determination with respect
to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain
from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole good
faith discretion and without consent from any other party to this Agreement or any other Loan Document, except, in each case, as expressly
required pursuant to this Section 2.14.

 

(f)             Notwithstanding
anything to the contrary herein or in any other Loan Document, at any time (including in connection with the implementation of a Benchmark
Replacement), (i) if the then-current Benchmark is a term rate (including Term SOFR, the LIBO Rate or the EURIBO Rate) and either (A)
any tenor for such Benchmark is not displayed on a screen or other information service commonly used in the banking industry for such
purpose that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion and consistent
with such selection generally under other substantially similar syndicated credit facilities for which it acts as the administrative
agent or (B) the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information
announcing that any tenor for such Benchmark is or will be no longer representative, then the Administrative Agent may modify the definition
of “Interest Period” for any Benchmark settings at or after such time to remove such unavailable or non-representative tenor
and (ii) if a tenor that was removed pursuant to clause (i) above either (A) is subsequently displayed on a screen or information service
for a Benchmark (including a Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement that it is or will no
longer be representative for a Benchmark (including a Benchmark Replacement), then the Administrative Agent may modify the definition
of “Interest Period” for all Benchmark settings at or after such time to reinstate such previously removed tenor.

 

(g)           Upon
the Company’s receipt of notice of the commencement of a Benchmark Unavailability Period, and until a Benchmark Replacement is
determined in accordance with this Section 2.14, the applicable Borrower may revoke any request for a Eurocurrency Borrowing
of, conversion to or continuation of Eurocurrency Loans to be made, converted or continued during any Benchmark Unavailability
Period and, failing that, either (x) such Borrower will be deemed to have converted any request for a Eurocurrency Borrowing
denominated in Dollars into a request for a Borrowing of or conversion to ABR Loans or (y) any request for a Eurocurrency Borrowing
denominated in a Foreign Currency shall be ineffective. During any Benchmark Unavailability Period or at any time that a tenor for
the then-current Benchmark is not an Available Tenor, the component of ABR based upon the then-current Benchmark or such tenor for
such Benchmark, as applicable, will not be used in any determination of ABR. Furthermore, if any Eurocurrency Loan in any Agreed
Currency is outstanding on the date of the Company’s receipt of notice of the commencement of a Benchmark Unavailability
Period with respect to a Relevant Rate applicable to such Eurocurrency Loan, then until such time as a Benchmark Replacement for
such Agreed Currency is implemented pursuant to this Section 2.14, (i) if such Eurocurrency Loan is denominated in Dollars,
then on the last day of the Interest Period applicable to such Eurocurrency Loan (or the next succeeding Business Day if such day is
not a Business Day), such Eurocurrency Loan shall be converted by the Administrative Agent to, and shall constitute, an ABR Loan
denominated in Dollars on such day or (ii) if such Eurocurrency Loan is denominated in any Agreed Currency other than Dollars, then
such Eurocurrency Loan shall, on the last day of the Interest Period applicable to such Eurocurrency Loan (or the next succeeding
Business Day if such day is not a Business Day) bear interest at the Central Bank Rate for the applicable Agreed Currency plus the
Applicable Rate; provided that, if the Administrative Agent determines reasonably and in good faith (which determination shall be
conclusive and binding absent demonstrable error) that the Central Bank Rate for the applicable Agreed Currency cannot be
determined, any outstanding affected Eurocurrency Loans denominated in any Agreed Currency other than Dollars shall, at the
applicable Borrower’s election prior to such day: (A) be prepaid by such Borrower on such day or (B) solely for the purpose of
calculating the interest rate applicable to such Eurocurrency Loan, such Eurocurrency Loan denominated in any Agreed Currency other
than Dollars shall be deemed to be a Eurocurrency Loan denominated in Dollars and shall accrue interest at the same interest rate
applicable to Eurocurrency Loans denominated in Dollars at such time.

 

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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 Adjusted EURIBO Rate, as applicable) or any Issuing Bank;

 

(ii)         impose on any Lender or any Issuing Bank or the London or other applicable offshore interbank market for the applicable Agreed
Currency any other condition affecting this Agreement or Loans made by such Lender or any Letter of Credit or participation therein; or

 

(iii)        subject
the Administrative Agent, any Lender or any Issuing Bank 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 of the type that such Lender has hereunder, 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 the Administrative Agent or such Lender of making, continuing, converting or maintaining any Loan or of maintaining its
obligation to make any such Loan or to increase the cost to the Administrative Agent, such Lender or Issuing Bank of participating
in, issuing or maintaining any Letter of Credit or to reduce the amount of any sum received or receivable by the Administrative
Agent, such Lender or Issuing Bank hereunder, whether of principal, interest or otherwise, then the applicable Borrower will pay to
the Administrative Agent, such Lender or Issuing Bank, as the case may be, such additional amount or amounts as will compensate the
Administrative Agent, such Lender or Issuing Bank, as the case may be, for such additional costs incurred or reduction suffered as
reasonably determined by such Lender or such Issuing Bank (which determination shall be made in good faith (and not on an arbitrary
or capricious basis) and consistent with similarly situated customers of the applicable Lender or the applicable Issuing Bank under
agreements having provisions similar to this Section 2.15 after consideration of such factors as such Lender or such Issuing Bank
then reasonably determines to be relevant).

 

(b)            If
any Lender or Issuing Bank reasonably 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 Issuing Bank’s capital or on the capital of such
Lender’s or Issuing Bank’s holding company, if any, as a consequence of this Agreement or the Loans made by, or
participations in Letters of Credit held by, such Lender, or the Letters of Credit issued by such Issuing Bank, to a level below
that which such Lender or Issuing Bank or such Lender’s or Issuing Bank’s holding company could have achieved but for
such Change in Law (taking into consideration such Lender’s or Issuing Bank’s policies and the policies of such
Lender’s or Issuing Bank’s holding company with respect to capital adequacy and liquidity), then from time to time the
applicable Borrower will pay to such Lender or Issuing Bank, as the case may be, such additional amount or amounts as will
compensate such Lender or Issuing Bank or such Lender’s or Issuing Bank’s holding company for any such reduction
suffered as reasonably determined by such Lender or such Issuing Bank (which determination shall be made in good faith (and not on
an arbitrary or capricious basis) and consistent with similarly situated customers of the applicable Lender or the applicable
Issuing Bank under agreements having provisions similar to this Section 2.15 after consideration of such factors as such Lender or
such Issuing Bank then reasonably determines to be relevant).

 

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(c)           A
certificate of a Lender or an Issuing Bank setting forth in reasonable detail the computation of the amount or amounts necessary to compensate
such Lender or 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 Company contemporaneously with any demand for payment hereunder and shall be conclusive absent clearly demonstrable
error. The Company shall pay, or cause the other Borrowers to pay, such Lender or Issuing Bank, as the case may be, the amount shown
as due on any such certificate within 30 days after receipt thereof.

 

(d)            Failure or delay on the part of any Lender or Issuing Bank to demand compensation pursuant to this Section shall not constitute
a waiver of such Lender’s or Issuing Bank’s right to demand such compensation; provided that the Company shall not
be required to compensate a Lender or an Issuing Bank pursuant to this Section for any increased costs or reductions if such Lender or
such Issuing Bank fails to notify the Company within 90 days after it obtains actual knowledge (or, in the exercise of ordinary due diligence,
should have obtained actual knowledge) and such Lender and such Issuing Bank shall only be entitled to receive such compensation for any
losses incurred by it or amounts to which it would otherwise be entitled from and after the date 90 days prior to the date such Lender
or such Issuing Bank provided notice thereof to the Company of the Change in Law giving rise to such increased costs or reductions and
of such Lender’s or Issuing Bank’s claim for compensation therefor; provided further that, if the Change in Law giving
rise to such increased costs or reductions is retroactive, then the 90-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 Eurocurrency 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 Eurocurrency Loan other than on the last day of the Interest Period applicable thereto, (c) the failure to borrow, convert, continue
or prepay any Eurocurrency Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice may be
revoked under Section 2.11(b) and is revoked in accordance therewith), (d) the assignment of any Eurocurrency Loan other than on
the last day of the Interest Period applicable thereto as a result of a request by the Company pursuant to Section 2.19 or 9.02(e)
or (e) the failure by any Borrower to make any payment of any Loan (or interest due thereof) denominated in a Foreign Currency on its
scheduled due date or any payment thereof in a different currency, then, in any such event, the relevant Borrower shall compensate each
Lender for the loss (excluding loss of margin), cost and expense attributable to such event. In the case of a Eurocurrency Loan, such
loss, cost or expense to any Lender shall be deemed to 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
or the Adjusted EURIBO Rate, as applicable, 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 deposits in the
relevant Agreed Currency of a comparable amount and period from other banks in the applicable offshore market for such Agreed Currency,
whether or not such Eurocurrency Loan was in fact so funded; provided, however, that such Borrower shall not be required to compensate
any Lender for any costs of terminating or liquidating any hedge or trading position (including any rate swap, basis swap, forward rate
transaction, interest rate option, cap, collar or floor transaction, or any similar transaction). A certificate of any Lender setting
forth the computation in reasonable detail of any amount or amounts that such Lender is entitled to receive pursuant to this Section shall
be delivered to the applicable Borrower contemporaneously with the demand for payment and shall be conclusive absent clearly demonstrable
error. The applicable Borrower shall pay such Lender the amount shown as due on any such certificate free of clearly demonstrable error
within 30 days after receipt thereof.

 

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Section
2.17   Taxes.

 

(a)           Any
and all payments by or on account of any obligation of any Loan Party under any Loan Document shall be made free and clear of and without
deduction for any Taxes, except as required by applicable law. If any applicable law (as determined in the reasonable 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,
subject to Section 2.17(m) and without duplication, (i) the sum payable by the relevant Loan Party shall be increased as necessary
so that after making all required deductions or withholdings (including deductions or withholdings applicable to additional sums payable
under this Section) the Administrative Agent, Lender, or any other recipient of such payments (as the case may be) receives an amount
equal to the sum it would have received had no such deductions or withholdings been made, (ii) such Loan Party shall make such deductions
or withholdings and (iii) such Loan Party shall pay the full amount deducted or withheld to the relevant Governmental Authority in accordance
with applicable law; provided, however, in no event will a payment be increased under this paragraph (a) by reason of a
deduction on account of Taxes imposed by Luxembourg, if on the date on which the payment falls due a deduction is required in respect
of the Luxembourg law of 23 December 2005, as amended, introducing in Luxembourg a 20% withholding tax as regards Luxembourg resident
individuals.

 

(b)           In
addition, each Borrower shall pay to the relevant Governmental Authority in accordance with applicable law, or at the option of the Administrative
Agent timely reimburse it for the payment of, any Other Taxes related to such Borrower.

 

(c)           The
Loan Parties shall indemnify the Administrative Agent and each Lender, within 30 days after written demand therefor, for the full amount
of any Indemnified Taxes or Other Taxes paid by the Administrative Agent or such Lender, as the case may be, on or with respect to any
payment by or on account of any obligation of such Borrower under any Loan Document (including Indemnified Taxes or Other Taxes imposed
or asserted on or attributable to amounts payable under this Section) and any interest and reasonable expenses arising therefrom or with
respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental
Authority. A certificate as to the amount of such payment or liability together with a supporting document shall be delivered to the
Company by a Lender or by the Administrative Agent on its own behalf or on behalf of a Lender contemporaneously with any demand for payment,
and shall be conclusive absent clearly demonstrable error. This paragraph (c) shall not apply to the extent such Taxes would have been
compensated for by an increased payment under Section 2.17(m)(i) but were not so compensated solely because one of the exclusions
set forth in Section 2.17(m)(iii) applied.

 

(d)           As
soon as practicable after any payment of Taxes by any Loan Party to a Governmental Authority, such Loan Party shall deliver to the Administrative
Agent the original or a copy of a receipt issued, if available, 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.

 

(e)           (i)
Any Foreign Lender that is entitled to an exemption from or reduction of withholding tax under the law of the jurisdiction in which
a Borrower is located, or any treaty to which such jurisdiction is a party, with respect to payments under this Agreement shall
deliver to such Borrower (with a copy to the Administrative Agent), at the time or times prescribed by applicable law, such properly
completed and executed documentation reasonably requested by such Borrower as will permit such payments to be made without
withholding or at a reduced rate. In addition, any Lender, if reasonably requested by any Borrower or the Administrative Agent,
shall deliver such other documentation prescribed by applicable law or reasonably requested by such Borrower or the Administrative
Agent as will enable such 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(e)(ii)(A) and
(ii)(B) 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. For the avoidance of doubt, this Section 2.17(e)(i) shall not apply to UK Treaty Lenders (to which the provisions of
Section 2.17(m)(vi) shall apply).

 

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

 

(A)             
any U.S. Lender shall deliver to such 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 such Borrower or the Administrative Agent),
executed copies of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax;

 

(B)             
any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to such 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 such Borrower or the Administrative Agent), whichever
of the following is applicable:

 

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

 

(2)               
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;

 

(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 H-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 such Borrower within the meaning of Section
881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S.
Tax Compliance Certificate”) and (y) executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E; or

 

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

 

(5)               
 for purposes of furnishing the U.S. Tax Compliance Certificate as described in the foregoing clauses (3) and (4), if a Foreign
Lender (or a foreign Participant) is a Disregarded Entity, the Foreign Lender will submit such certificate based on the status of the
Person that is treated for U.S. federal income tax purposes as being the sole owner of such Lender or Participant; and

 

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(C)             
any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to such 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 such Borrower or the Administrative Agent), executed
copies of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding
Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit such Borrower or
the Administrative Agent to determine the withholding or deduction required to be made.

 

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

 

(g)           Each
Lender shall severally indemnify (i) the Administrative Agent, within 30 days after demand therefor, for (A) any Indemnified Taxes
or Other 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 or Other Taxes and without limiting the obligation of the Loan Parties to do so) and (B) 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 (ii) the Administrative Agent, within 30 days after demand therefor, for any Excluded Taxes attributable to such Lender, in
each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising
therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental
Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive
absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing
to such Lender under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source against any
amount due to the Administrative Agent under this Section 2.17(g).

 

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(h)           If a payment made to a Lender under any Loan Document would be subject to 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 Company and the Administrative Agent at the time or times prescribed by law
and at such time or times reasonably requested by the Company 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 Company
or the Administrative Agent as may be necessary for the Company 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 Section 2.17(h), “FATCA” shall include any amendments made to
FATCA after the date of this Agreement.

 

(i)             For purposes of determining withholding Taxes imposed under FATCA, from and after the Effective Date, the Loan Parties and
the Administrative Agent shall treat (and the Lenders hereby authorize the Administrative Agent to treat) this Agreement and the Loans
as not qualifying as “grandfathered obligations” within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i) or 1.1471-2T(b)(2)(i).

 

(j)            Each
Lender, on or prior to the date it becomes a party hereto, shall inform the Parent whether it is an Irish Qualifying Lender by completing
and providing to the Parent a certificate substantially in the form of Exhibit I hereto (such certificate, an “Irish
Qualifying Lender Confirmation”). Each Lender shall, upon reasonable written request from the Company or the Administrative
Agent provide an updated Irish Qualifying Lender Confirmation. No Irish Borrower is required to make an increased payment in respect
of any withholding tax for or on account of Irish Taxes pursuant to Section 2.17(a), if on the date on which the payment falls
due: (i) the payment could have been made to the relevant Lender without a deduction for Irish Taxes if that Lender was an Irish Qualifying
Lender, but on that date the Lender is not or has ceased to be an Irish Qualifying Lender other than as a result of any Change in Law
after the date it became a Lender under this Agreement; or (ii) the relevant Lender is an Irish Treaty Lender and the Irish Borrower
is able to demonstrate that the payment could have been made to the Lender without withholding had that Lender co-operated in completing
any procedural formalities necessary for the Irish Borrower to obtain authorisation to make the payment without withholding.

 

(k)            The indemnity contained in Section 2.17(c) shall not apply to any loss, liability or cost in respect of Irish Taxes
to the extent that it:

 

(i)                
is compensated for by an increased payment under Section 2.17(a); or

 

(ii)              
would have been compensated for by an increased payment under Section 2.17(a) but was not so compensated solely because the exclusion
in Section 2.17(j) applied.

 

(l)            Any Lender to which interest may be paid by the Irish Borrower free of withholding tax because such Lender falls within
section 246(3)(h) of the Irish TCA shall, following a reasonable request in writing from the Irish Borrower (a) confirm its name, address
and country of tax residence to the Irish Borrower for the purposes of complying with a reporting obligation under section 891A of the
Irish TCA, and (b) provide the Irish Borrower with any information that is required for the Irish Borrower to comply with its obligations
under Section 891E, 891F and 891G of the Irish TCA and any regulations made pursuant to those sections. Nothing in this Section 2.17(l)
shall oblige a Lender to disclose any confidential information or computations in respect of Taxes or do anything, which would or might
in its reasonable opinion constitute a breach of any law or regulation, any fiduciary duty or any duty of confidentiality.

 

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(m)          United
Kingdom Withholding Matters.

 

(i)                
 If a UK Tax Deduction is required by law to be made by any Loan Party, the amount of the payment due from that Loan Party shall
be increased to an amount which (after making any UK Tax Deduction) leaves an amount equal to the payment which would have been due if
no UK Tax Deduction had been required.

 

(ii)              
The Company shall promptly upon becoming aware that a Loan Party must make a UK Tax Deduction (or that there is any change in the
rate or the basis of a UK Tax Deduction) notify the Administrative Agent accordingly. Similarly, a Lender or Issuing Bank shall promptly
notify the Administrative Agent on becoming so aware in respect of a payment payable to that Lender or Issuing Bank. If the Administrative
Agent receives such notification from a Lender or Issuing Bank it shall promptly notify the Company. For the avoidance of doubt, any failure
by a Lender or Issuing Bank to comply with this Section 2.17(m)(ii) shall not limit or otherwise affect any of such Lender’s
or Issuing Bank’s rights under any Loan Document or any obligation of a Loan Party under any Loan Document.

 

(iii)            
In the case of a Lender advancing a Loan to a UK Borrower, a payment by a UK Borrower shall not be increased pursuant to Section
2.17(a) or Section 2.17(m)(i) by reason of a UK Tax Deduction on interest if on the date on which the payment falls due (A) the
payment could have been made to the relevant Lender without a UK Tax Deduction if the Lender had been a UK Qualifying Lender, but on that
date that Lender is not or has ceased to be a UK Qualifying Lender other than as a result of any change after the date it became a Lender
under this Agreement in (or in the interpretation, administration, or application of) any law or UK Treaty, or any published practice
or published concession of any relevant taxing authority or (B) the relevant Lender is a UK Treaty Lender and the UK Borrower making
the payment is able to demonstrate that the payment could have been made to the Lender without the UK Tax Deduction had that Lender complied
with its obligations under Section 2.17(m)(vi) or Section 2.17(m)(vii), as applicable, or (C) the relevant Lender is
a UK Qualifying Lender solely by virtue of clause (a)(ii) of the definition of “UK Qualifying Lender” and (x) an officer
of H.M. Revenue & Customs has given (and not revoked) a direction (a “Direction”) under section 931 of the UK ITA
2007 which relates to the payment and that Lender has received from the Borrower making the payment a certified copy of that Direction
and (y) the payment could have been made to the Lender without any UK Tax Deduction if that Direction had not been made, or (D) the
relevant Lender is a UK Qualifying Lender solely by virtue of clause (a)(ii) of the definition of “UK Qualifying Lender” and
(x) the relevant Lender has not given a UK Tax Confirmation to the relevant UK Borrower or the Company and (y) the payment could
have been made to the relevant Lender without any UK Tax Deduction if the Lender had given a UK Tax Confirmation to the relevant UK Borrower
or the Company, on the basis that the UK Tax Confirmation would have enabled the UK Borrower to have formed a reasonable belief that the
payment was an “excepted payment” for the purpose of section 930 of the UK ITA 2007.

 

(iv)             
Within thirty days of making either a UK Tax Deduction or any payment required in connection with that UK Tax Deduction the Loan
Party making that UK Tax Deduction shall deliver to the Administrative Agent for the Recipient entitled to the payment a statement under
section 975 of the UK ITA 2007 or other evidence reasonably satisfactory to such Recipient that the UK Tax Deduction has been made or
(as applicable) any appropriate payment paid to HM Revenue & Customs.

 

(v)               
If a Loan Party is required to make a UK Tax Deduction, that Loan Party shall make that UK Tax Deduction and any payment required
in connection with that UK Tax Deduction within the time allowed and the minimum amount required by law.

 

(vi)             
In the case of a Lender advancing a Loan to a UK Borrower:

 

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(A)              Subject
to (B) below, each UK Treaty Lender and each Loan Party which makes a payment to which that UK Treaty Lender is entitled shall
cooperate in completing any procedural formalities necessary for such Loan Party to obtain authorization to make such payment
without a UK Tax Deduction.

 

(B)             
(1) A UK Treaty Lender which becomes a party to this Agreement (a “Party”) on the day on which this Agreement
(or any amendment hereto) is entered into that (x) holds a passport under the HM Revenue & Customs DT Treaty Passport scheme and (y)
wishes such scheme to apply to this Agreement, shall confirm its scheme reference number and its jurisdiction of tax residence on its
signature page to this Agreement (or any amendment hereto) or otherwise in writing to the Company; and

 

(2)               
a Lender which becomes a Lender hereunder after the day on which this Agreement (or any amendment hereto) is entered into that
(x) holds a passport under the HM Revenue & Customs DT Treaty Passport scheme and (y) wishes such scheme to apply to this Agreement,
shall provide its scheme reference number and its jurisdiction of tax residence in the Assignment and Assumption, Increasing Lender Supplement
or Augmenting Lender Supplement, as the case may be, or otherwise in writing to the Company;

 

and having done so,
that Lender shall not be under any obligation pursuant to paragraph (A) above.

 

(C)             
Upon satisfying either paragraph (A), (B)(1) or (B)(2) above, such Lender shall have satisfied its obligations under Section
2.17(e)(i) (in respect of a UK Tax Deduction).

 

(vii)         If a UK Treaty Lender has confirmed its scheme reference number and its jurisdiction of tax residence in accordance with Section
2.17(m)(vi)(B) above, the UK Borrower(s) making payments to that UK Treaty Lender shall make a UK Borrower DTTP filing with respect
to such Lender, and shall promptly provide such Lender with a copy of such filing; provided that, if a UK Borrower making a payment
to that UK Treaty Lender has made a UK Borrower DTTP Filing in respect of that UK Treaty Lender but:

 

(A)             such UK Borrower DTTP Filing has been rejected by HM Revenue & Customs; or

 

(B)             
HM Revenue & Customs has not given such UK Borrower authority to make payments to such Lender without a UK Tax Deduction within
60 days of the date of such UK Borrower DTTP Filing;

 

and in each case, such
UK Borrower has notified that UK Treaty Lender in writing of either (A) or (B) above, then such UK Treaty Lender and such UK Borrower
shall co-operate in completing any additional procedural formalities necessary for such UK Borrower to obtain authorization to make that
payment without a UK Tax Deduction.

 

(viii)      If
a Lender has not confirmed its scheme reference number and jurisdiction of tax residence in accordance with Section 2.17(m)(vi)(B)
above, no Loan Party shall make a UK Borrower DTTP Filing or file any other form relating to the HM Revenue & Customs DT Treaty
Passport scheme in respect of that Lender’s Commitment(s) or its participation in any Loan unless the Lender otherwise agrees.

 

(ix)        Each
Lender which becomes a Party after the date of this Agreement (a “New Lender”) shall indicate in the relevant
Assignment and Assumption, Increasing Lender Supplement or Augmenting Lender Supplement (as applicable) which it executes on
becoming a Party, and for the benefit of the Administrative Agent and without liability to any Loan Party, which of the following
categories it falls in: (i) not a UK Qualifying Lender; (ii) a UK Qualifying Lender (other than a UK Treaty Lender); or (iii) a UK
Treaty Lender, and if the New Lender fails to indicate its status in accordance with this Section 2.17(m)(ix) then such New
Lender shall be treated for the purposes of this Agreement (including by each Loan Party) as if it is not a UK Qualifying Lender
until such time as it notifies the Administrative Agent which category applies (and the Administrative Agent, upon receipt of such
notification, shall inform the relevant UK Borrower). For the avoidance of doubt, an Assignment and Assumption, Increasing Lender
Supplement or Augmenting Lender Supplement shall not be invalidated by any failure of a Lender to comply with this Section
2.17(m)(ix).

 

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(x)         Each
UK Borrower shall pay and, within three (3) Business Days of demand, indemnify each Recipient against any cost, loss or liability that
Recipient incurs in relation to all United Kingdom stamp duty, registration and other similar Taxes payable in respect of any Loan Document.

 

(n)               
VAT.

 

(i)          All
amounts set out or expressed in a Loan Document to be payable by any Party to any Recipient which (in whole or in part) constitute the
consideration for any supply or supplies for VAT purposes shall be deemed to be exclusive of any VAT which is chargeable on such supply
or supplies, and accordingly, subject to Section 2.17(n)(ii) below, if VAT is or becomes chargeable on any supply made by any
Recipient to any Party under a Loan Document and such Recipient is required to account to the relevant tax authority for the VAT, that
Party shall pay to such Recipient, as applicable, (in addition to and at the same time as paying any other consideration for such supply)
an amount equal to the amount of such VAT (and such Recipient, as applicable, shall promptly provide an appropriate VAT invoice to such
Party).

 

(ii)          If
VAT is or becomes chargeable on any supply made by any Recipient (the “Supplier”) to any other Recipient (the “VAT
Recipient”) under a Loan Document, and any Party other than the VAT Recipient (the “Subject Party”) is required
by the terms of any Loan Document to pay an amount equal to the consideration for such supply to the Supplier (rather than being required
to reimburse the VAT Recipient in respect of that consideration):

 

(A)             
where the Supplier is the person required to account to the relevant tax authority for the VAT, the Subject Party shall also pay
to the Supplier (in addition to and at the same time as paying such amount) an amount equal to the amount of such VAT. The VAT Recipient
will, where this Section 2.17(n)(ii)(A) applies, promptly pay to the Subject Party an amount equal to any credit or repayment obtained
by the VAT Recipient from the relevant tax authority which the VAT Recipient reasonably determines relates to the VAT chargeable on that
supply; and

 

(B)             
where the VAT Recipient is the person required to account to the relevant tax authority for the VAT, the Subject Party shall promptly,
following demand from the VAT Recipient, pay to the VAT Recipient an amount equal to the VAT chargeable on that supply but only to the
extent that the VAT Recipient reasonably determines that it is not entitled to credit or repayment from the relevant tax authority in
respect of that VAT.

 

(iii)         Where
a Loan Document requires any Party to reimburse or indemnify a Recipient for any cost or expense, that Party shall reimburse or indemnify
(as the case may be) such Recipient for the full amount of such cost or expense, including such part thereof as represents VAT, save
to the extent that the Recipient reasonably determines that it is entitled to credit or repayment in respect of such VAT from the relevant
tax authority.

 

(iv)          Any
reference in this Section 2.17(n) to any Party shall, at any time when such Party is treated as a member of a group or unity
(or fiscal unity) for VAT purposes, include (where appropriate and unless the context otherwise requires) a reference to the person
who is treated at that time as making the supply, or (as appropriate) receiving the supply, under the grouping rules (provided for
in Article 11 of Council Directive 2006/112/EC (or as implemented by the relevant member state of the European Union) or any other
similar provision in any jurisdiction which is not a member state of the European Union) so that a reference to a Party shall be
construed as a reference to that Party or the relevant group or unity (or fiscal unity) of which that Party is a member for VAT
purposes at the relevant time or the relevant representative member (or head) of that group or unity (or fiscal unity) at the
relevant time (as the case may be).

 

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(o)           In relation to any supply made by a Recipient to any Party under a Loan Document, if reasonably requested by such Recipient,
that Party must promptly provide details of its VAT registration and such other information as is reasonably requested in connection with
such Recipient’s VAT reporting requirements in relation to such supply.

 

(p)           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.

 

(q)           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; Pro Rata
Treatment; Sharing of Set-offs.

 

(a)           Each
Borrower shall make each payment or prepayment required to be made by it hereunder (whether of principal, interest, fees or reimbursement
of LC Disbursements, or of amounts payable under Section 2.15, 2.16 or 2.17, or otherwise) prior to (i) in the case
of payments denominated in Dollars (other than in respect of Designated Loans), 1:00 p.m., Chicago time and (ii) in the case of payments
denominated in a Foreign Currency or in respect of Designated Loans, 1:00 p.m., Local Time, in the city of the Administrative Agent’s
Eurocurrency Payment Office for such currency or Designated Loan, as applicable, in each case on the date when due or the date fixed
for any prepayment hereunder, in immediately available funds, without set-off, 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 (i) in the same currency in which the applicable Credit
Event was made (or where such currency has been converted to euro, in euro) and (ii) to the Administrative Agent at its offices at 10
South Dearborn Street, Chicago, Illinois 60603 or, in the case of a Credit Event denominated in a Foreign Currency or a Designated Loan,
the Administrative Agent’s Eurocurrency Payment Office for such currency or Designated Loan, as applicable, except payments to
be made directly to an Issuing Bank or a 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 denominated in the same currency 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. Notwithstanding the foregoing provisions of this Section, if, after the making of any Credit Event
in any Foreign Currency, currency control or exchange regulations are imposed in the country which issues such currency with the result
that the type of currency in which the Credit Event was made (the “Original Currency”) no longer exists or any Borrower
is not able to make payment to the Administrative Agent for the account of the Lenders in such Original Currency, then all payments to
be made by such Borrower hereunder in such currency shall instead be made when due in 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 Borrowers take all risks of
the imposition of any such currency control or exchange regulations.

 

(b)            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.

  

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(c)               
If, except as expressly provided herein, 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 or Swingline Loans
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 any
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 and Swingline Loans to any assignee
or participant, other than to the Company 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 set-off 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.

 

(d)               
Unless the Administrative Agent shall have received notice from the relevant Borrower prior to the date on which any payment
or prepayment is due to the Administrative Agent for the account of the Lenders or an Issuing Bank hereunder that such Borrower will not
make such payment, the Administrative Agent may assume that such Borrower has made such payment on such date in accordance herewith and
may, in reliance upon such assumption, distribute to the applicable Lenders or such Issuing Bank, as the case may be, the amount due.
In such event, if such Borrower has not in fact made such payment, then each of the applicable Lenders or such 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 applicable Overnight Rate.

 

(e)               
If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.05(c), 2.06(d) or (e), 2.07(b),
2.18(d) or 9.03(c), then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), (i) apply any
amounts thereafter received by the Administrative Agent for the account of such Lender and for the benefit of the Administrative Agent,
the Swingline Lenders or the Issuing Banks to satisfy such Lender’s obligations under such Sections until all such unsatisfied obligations
are fully paid and/or (ii) hold any 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 clauses (i) and (ii) above, in any order as determined by the Administrative Agent in its discretion; it being understood that the
Administrative Agent shall, to the extent permitted by law, apply any cash collateral to such obligations when due.

 

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Section
2.19   Mitigation Obligations;
Replacement of Lenders. (a) If any Lender requests compensation under Section 2.15, or if any Borrower is required to pay
any Indemnified Taxes or additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section
2.13(e) or Section 2.17 (other than amounts in respect of Other Taxes or VAT), 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 Section 2.13(e), 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 materially
disadvantageous to such Lender. The Company hereby agrees to pay all reasonable costs and expenses incurred by any Lender in
connection with any such designation or assignment.

 

(b)                If
(i) any Lender (or any of its Participants) requests compensation under Section 2.15, (ii) any Borrower is
required to pay any Indemnified Taxes or additional amount to any Lender (or any of its Participants) or any Governmental Authority
for the account of any Lender (or any of its Participants) pursuant to Section 2.13(e) or Section 2.17, (iii) any
Lender (A) or its Lender Parent has become the subject of a Bail-In Action (or any case or other proceeding in which a Bail-In
Action may occur), (B) or its Lender Parent (x) is rated lower than BBB- by S&P (or an applicable Affiliate thereof) and lower
than Baa3 by Moody’s (or an applicable Affiliate thereof) or (y) has no credit (or similar) rating in effect by at least one
such organization, (C) is or becomes a Defaulting Lender, a Disqualified Institution or a Swiss Non-Qualifying Lender (but only if
such cessation will otherwise cause a breach of the Swiss Ten Non-Bank Rule or the Swiss Twenty Non-Bank Rule) or (D) rejects the
designation of an Agreed Currency or of a Foreign Subsidiary as an Eligible Subsidiary if, in each case, such Agreed Currency or
designation of a Foreign Subsidiary as an Eligible Subsidiary has otherwise been approved by the Required Revolving Lenders,
(iv) any Lender shall determine that any law, regulation or treaty or directive, or any change therein or in the interpretation
or application thereof, shall make it unlawful for such Lender to make or maintain any Eurocurrency Loans as contemplated by this
Agreement, (v) any Lender shall enter into, or purport to enter into, any assignment or participation with a Disqualified
Institution in violation of this Agreement or (vi) any Lender that is a Swingline Lender or an Issuing Bank shall (A) resign in
its capacity as such, (B) fail to promptly approve the assignment of a Commitment that the Administrative Agent has approved as
contemplated by clause (i) of the proviso below or (C) fail to promptly approve a New Lender that the Administrative Agent
has approved in the case of an increase in the Commitments as contemplated by Section 2.20, then the Company may, at its sole
expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without
recourse (in accordance with and subject to the restrictions contained in Section 9.04), all its interests, rights (other
than its existing rights to payments pursuant to Section 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) such Lender is reasonably acceptable to the Administrative Agent (and if a Revolving Commitment is being assigned, the
Issuing Banks and the Swingline Lenders) and (ii) such Lender shall have received payment of an amount equal to the outstanding
principal of its Loans and 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 Company (in the case of all other amounts). Each party hereto agrees that (1) an assignment required pursuant to this
paragraph may be effected pursuant to an Assignment and Assumption executed by the Company, 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 (2) 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. Notwithstanding
any other provision of this Agreement to the contrary, if a Lender has become the subject of a Bail-In Action (or any case or other
proceeding in which a Bail-In Action may occur) (each, a “Bail-In Lender”), then the Company may terminate such
Bail-In Lender’s Commitment hereunder, provided that (A) no Default or Event of Default shall have occurred and be
continuing at the time of such Commitment termination, (B) in the case of a Bail-In Lender, the Company shall concurrently terminate
the Commitment of each other Lender that is a Bail-In Lender at such time, (C) the Administrative Agent and the Required Lenders
shall have consented to each such Commitment termination (such consents not to be unreasonably withheld, conditioned or delayed, but
may include consideration of the adequacy of the liquidity of the Company and its Subsidiaries) and (D) such Bail-In Lender shall
have been paid all amounts then due to it under this Agreement and each other Loan Document (which, for the avoidance of doubt, the
respective Borrowers may pay in connection with any such termination without making ratable payments to any other Lender (other than
another Lender that has a Commitment that concurrently is being terminated under this Section 2.19(b))).

 

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Section
2.20   Expansion Option.
The Company may from time to time elect to increase the Revolving Commitments or enter into one or more tranches of term loans (each
an “Incremental Term Loan”), in each case in a minimum amount of $25,000,000 and minimum increments of $1,000,000
in excess thereof, so long as, after giving effect thereto, the aggregate amount of such increases and all such Incremental Term
Loans does not exceed $300,000,000. The Company may arrange for any such increase or tranche 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”; provided that no Ineligible Institution may
be an Augmenting Lender), which agree to increase their existing Revolving Commitments, or to participate in such Incremental Term
Loans, or provide new Revolving Commitments, as the case may be; provided that (i) each Augmenting Lender shall be
subject to the approval of the Company, the Administrative Agent, and in the case of an increase in the Revolving Commitments, each
Issuing Bank and each Swingline Lender (each such consent, not to be unreasonably withheld, conditioned or delayed) and (ii)
(x) in the case of an Increasing Lender, the Company and such Increasing Lender execute an agreement substantially in the form
of Exhibit C-1 hereto, and (y) in the case of an Augmenting Lender, the Company and such Augmenting Lender execute
an agreement substantially in the form of Exhibit C-2 hereto. No consent of any Lender (other than the Lenders
participating in the increase or any Incremental Term Loan) shall be required for any increase in Revolving Commitments or
Incremental Term Loan pursuant to this Section 2.20. Increases and new Revolving Commitments and Incremental Term Loans
created pursuant to this Section 2.20 shall become effective on the date agreed by the Company, 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 tranche of
Incremental Term Loans shall become effective under this paragraph unless, (i) on the proposed date of the effectiveness of
such increase or Incremental Term Loans, (A) the conditions set forth in paragraphs (a) and (b) of Section 4.02
shall be satisfied or waived by the Required Lenders and the Administrative Agent shall have received a certificate to that effect
dated such date and executed by a Financial Officer of the Company and (B) the Company shall be in compliance (on a pro forma
basis) with the covenants contained in Sections 6.01 and 6.02 and (ii) the Administrative Agent shall have
received (x) documents and opinions consistent with those delivered on the Effective Date as to the organizational power and
authority of the Borrowers to borrow hereunder after giving effect to such increase or Incremental Term Loans, as the case may be
and (y) a reaffirmation from the Parent; provided that, with respect to any Incremental Term Loans incurred for the purpose
of financing an acquisition for which the Company has determined, in good faith, that limited conditionality is reasonably necessary
(any such acquisition, a “Limited Conditionality Acquisition” and such Incremental Term Loans,
 “Acquisition-Related Incremental Term Loans”), (x) clause (i)(A) of this sentence shall be deemed to have been
satisfied so long as (1) as of the date of execution of the definitive acquisition documentation in respect of a Limited
Conditionality Acquisition (a “Limited Conditionality Acquisition Agreement”) by the parties thereto, no Default
or Event of Default shall have occurred and be continuing or would result from entry into such documentation, (2) as of the date of
the borrowing of such Acquisition-Related Incremental Term Loans, no Event of Default under clause (a), (f), (g) or (h) of Article
VII is in existence immediately before or immediately after giving effect (including on a pro forma basis) to such borrowing and
to any concurrent transactions and any substantially concurrent use of proceeds thereof, (3) the representations and warranties set
forth in Article III shall be true and correct in all material respects (except that any representation and warranty that is
qualified by materiality or Material Adverse Effect shall be true and correct in all respects) as of the date of execution of the
applicable Limited Conditionality Acquisition Agreement by the parties thereto, except to the extent any such representation and
warranty specifically refers to an earlier date, in which case such representation and warranty shall be true and correct in all
material respects (except that any representation and warranty that is qualified by materiality or Material Adverse Effect shall be
true and correct in all respects) as of such earlier date and (4) as of the date of the borrowing of such Acquisition-Related
Incremental Term Loans, customary “Sungard” representations and warranties (with such representations and warranties to
be reasonably determined by the Lenders providing such Acquisition-Related Incremental Term Loans) shall be true and correct in all
material respects (except that any representation and warranty that is qualified by materiality or Material Adverse Effect shall be
true and correct in all respects) immediately prior to, and immediately after giving effect to, the incurrence of such
Acquisition-Related Incremental Term Loans, except to the extent any such representation and warranty specifically refers to an
earlier date, in which case such representation and warranty shall be true and correct in all material respects (except that any
representation and warranty that is qualified by materiality or Material Adverse Effect shall be true and correct in all respects)
as of such earlier date and (y) clause (i)(B) of this sentence shall be deemed to have been satisfied so long as the Parent shall be
in compliance (on a pro forma basis) with the covenants contained in Sections 6.01 and 6.02 as of the date of
execution of the related Limited Conditionality Acquisition Agreement by the parties thereto. On the effective date of any increase
in the Revolving Commitments or any Incremental Term Loans being made, (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 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 Borrowers 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 applicable Borrower, or the Company on behalf of the applicable 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 Eurocurrency 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. The Incremental Term Loans (a) shall rank pari passu in right of payment with the Revolving
Loans and the initial Term Loans, (b) shall not mature earlier than the latest Maturity Date in effect on the date of
incurrence of such Incremental Term Loans (but may have amortization prior to such date) and (c) shall be treated substantially
the same as (and in any event no more favorably than) the Revolving Loans and the initial Term Loans; provided that
(i) the terms and conditions applicable to any tranche of Incremental Term Loans maturing after the latest Maturity Date in
effect on the date of incurrence of such Incremental Term Loans may provide for material additional or different financial or other
covenants or prepayment requirements applicable only during periods after the latest Maturity Date in effect on the date of
incurrence of such Incremental Term Loans and (ii) the Incremental Term Loans may be priced differently than the Revolving
Loans and the initial Term Loans. 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 Borrowers, each Increasing Lender participating in such tranche, each Augmenting Lender participating in such tranche, if any,
and the Administrative Agent. The Incremental Term Loan Amendment 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 2.20. Nothing contained in this Section 2.20 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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Section
2.21   Market Disruption. Notwithstanding
the satisfaction of all conditions referred to in Article II and Article IV with respect to any Credit Event to be effected
in any Foreign Currency, if (i) there shall occur on or prior to the date of such Credit Event any change in national or international
financial, political or economic conditions or currency exchange rates or exchange controls which would in the reasonable opinion of
the Administrative Agent, the relevant Issuing Bank (if such Credit Event is a Letter of Credit) or the Required Revolving Lenders make
it impracticable for the Eurocurrency Borrowings or Letters of Credit comprising such Credit Event to be denominated in the Agreed Currency
specified by the applicable Borrower or (ii) a Dollar Amount of such currency is not readily calculable, then the Administrative Agent
shall forthwith give notice thereof to such Borrower, the Lenders and, if such Credit Event is a Letter of Credit, the relevant Issuing
Bank, and such Credit Events shall not be denominated in such Agreed Currency but shall, except as otherwise set forth in Section 2.07,
be made on the date of such Credit Event in Dollars, (a) if such Credit Event is a Borrowing, in an aggregate principal amount equal
to the Dollar Amount of the aggregate principal amount specified in the related request for a Credit Event or Interest Election Request,
as the case may be, as ABR Loans, unless such Borrower notifies the Administrative Agent prior to the occurrence of such Credit Event
that (i) it elects not to borrow on such date or (ii) it elects to borrow on such date in a different Agreed Currency, as the case may
be, in which the denomination of such Loans would in the reasonable opinion of the Administrative Agent and the Required Revolving Lenders
be practicable and in an aggregate principal amount equal to the Dollar Amount of the aggregate principal amount specified in the related
request for a Credit Event or Interest Election Request, as the case may be or (b) if such Credit Event is a Letter of Credit, in a face
amount equal to the Dollar Amount of the face amount specified in the related request or application for such Letter of Credit, unless
such Borrower notifies the Administrative Agent prior to the occurrence of such Credit Event that (i) it elects not to request the issuance
of such Letter of Credit on such date or (ii) it elects to have such Letter of Credit issued on such date in a different Agreed Currency,
as the case may be, in which the denomination of such Letter of Credit would in the reasonable opinion of the Issuing Bank which has
issued such Letter of Credit, the Administrative Agent and the Required Revolving Lenders be practicable and in face amount equal to
the Dollar Amount of the face amount specified in the related request or application for such Letter of Credit, as the case may be.

 

Section
2.22   Judgment Currency. If
for the purposes of obtaining judgment in any court it is necessary to convert a sum due from any 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 each 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, each 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 such Borrower.

 

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Section
2.23   Designation of Affiliate
Borrowers. On the Effective Date, and subject to the satisfaction of the applicable conditions in Article IV hereto, the
Initial Affiliate Borrower shall be an Affiliate Borrower hereunder until the Company shall have executed and delivered to the
Administrative Agent an Affiliate Borrowing Termination with respect to the Initial Affiliate Borrower and complied with the terms
and conditions of Section 5.10, whereupon the Initial Affiliate Borrower shall cease to be an Affiliate Borrower hereunder.
After the Effective Date, the Company may at any time and from time to time designate any Eligible Subsidiary as an Affiliate
Borrower by delivery to the Administrative Agent of an Affiliate Borrowing Agreement executed by such Subsidiary and the Company and
the satisfaction of the other conditions precedent set forth in Section 4.03, and upon such delivery and satisfaction such
Subsidiary shall for all purposes of this Agreement be an Affiliate Borrower and a party to this Agreement until the Company shall
have executed and delivered to the Administrative Agent an Affiliate Borrowing Termination with respect to such Subsidiary,
whereupon such Subsidiary shall cease to be an Affiliate Borrower and a party to this Agreement. Notwithstanding the preceding
sentence, no Affiliate Borrowing Termination will become effective as to any Affiliate Borrower at a time when any principal of or
interest on any Loan to such Borrower shall be outstanding hereunder, provided that such Affiliate Borrowing Termination
shall be effective to terminate the right of such Affiliate Borrower to make further Borrowings under this Agreement. As soon as
practicable upon receipt of an Affiliate Borrowing Agreement, the Administrative Agent shall furnish a copy thereof to each
Revolving Lender.

 

Section
2.24   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 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 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 reasonably determined by the Administrative Agent (but
as promptly as commercially practicable) 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 Company 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 reasonably determined by the Administrative Agent; fifth, if so determined by the
Administrative Agent and the Company, 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
Revolving Lenders, the Issuing Banks or Swingline Lenders as a result of any judgment of a court of competent jurisdiction obtained
by any Revolving Lender, the Issuing Banks or Swingline Lenders 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 any Borrower as a result of any judgment of a court of
competent jurisdiction obtained by such 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
Revolving 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 Revolving 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 Revolving Lender
irrevocably consents hereto;

 

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(c)               
the Commitment and Revolving Credit Exposure of such Defaulting Lender shall not be included in determining whether the
Required Lenders, the Required Revolving Lenders or the Required Term Lenders have taken or may take any action hereunder (including any
consent to any amendment, waiver or other modification pursuant to Section 9.02); provided, that, except as otherwise provided
in Section 9.02, this clause (c) 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 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 to the extent the sum of all non-Defaulting Lenders’ Revolving Credit Exposures plus
such Defaulting Lender’s Swingline Exposure and LC Exposure does not exceed the total of all non-Defaulting Lenders’ Revolving
Commitments;

 

(ii)              
if the reallocation described in clause (i) above cannot, or can only partially, be effected, the Company 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 Banks only 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 Company Cash Collateralizes 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;

 

(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(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 any Issuing Bank or any other Lender hereunder, all facility
fees that otherwise would have been payable to such Defaulting Lender (solely with respect to the portion of such Defaulting Lender’s
Commitment that was utilized by such LC Exposure) and 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 Banks 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 Lenders shall not be required to fund any Swingline Loan and the Issuing
Banks shall not be required to issue, amend or increase any Letter of Credit, unless it is satisfied that the related exposure and
the 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 Company in accordance with Section 2.24(d), and participating interests in
any such newly made Swingline Loan or any newly issued or increased Letter of Credit shall be allocated among non-Defaulting Lenders
in a manner consistent with Section 2.24(d)(i) (and such Defaulting Lender shall not participate therein).

 

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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 Swingline Lender or 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, no Swingline Lender shall be required to fund any Swingline
Loan and no Issuing Bank shall be required to issue, amend or increase any Letter of Credit, unless the Swingline Lenders or the Issuing
Banks, as the case may be, shall have entered into arrangements with the Company or such Lender, satisfactory to each Swingline Lender
or the Issuing Banks, 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 Company, each Swingline Lender and each Issuing Bank each 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 such date 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
2.25   Extension of Maturity Date.

 

(a)               
Requests for Extension. The Company may, by notice to the Administrative Agent (who shall promptly notify the applicable
Class of Lenders) during the Extension Availability Period, request that each applicable Lender extend such Lender’s Revolving Credit
Maturity Date or Term Loan Maturity Date, as the case may be (the “Applicable Maturity Date”), to a date (the “Extended
Maturity Date”) that does not cause the tenor of any Lender’s Revolving Commitment or any Lender’s outstanding Term
Loans to exceed five (5) years from the date upon which the conditions precedent to the effectiveness of such extension of the Applicable
Maturity Date set forth in clause (f) below have been satisfied (an “Extension Date”). For the avoidance
of doubt, the Company may request extensions of any Class without requesting an extension of the other Class.

 

(b)               
Lender Elections to Extend. Each Lender of the applicable Class, acting in its sole and individual discretion, shall,
by notice to the Administrative Agent (which shall be irrevocable unless the Company otherwise consents in writing in its sole discretion)
given not later than the date that is 15 days after the date on which the Administrative Agent received the Company’s extension
request (the “Lender Notice Date”), advise the Administrative Agent whether or not such Lender agrees to such extension
(each Lender of the applicable Class that determines to so extend its Applicable Maturity Date, an “Extending Lender”).
Each Lender of the applicable Class that determines not to so extend its Applicable Maturity Date (a “Non-Extending Lender”)
shall notify the Administrative Agent of such fact promptly after such determination (but in any event no later than the Lender Notice
Date), and any Lender of the applicable Class that does not so advise the Administrative Agent on or before the Lender Notice Date shall
be deemed to be a Non-Extending Lender. The election of any Lender to agree to such extension shall not obligate any other Lender to so
agree, and it is understood and agreed that no Lender shall have any obligation whatsoever to agree to any request made by the Company
for extension of the Applicable Maturity Date.

 

(c)                Notification
by Administrative Agent. The Administrative Agent shall notify the Company of each applicable Lender’s determination under
this Section promptly after the Administrative Agent’s receipt thereof and, in any event, no later than the date that is 15
days prior to the applicable Extension Date (or, if such date is not a Business Day, on the next preceding Business Day).

 

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(d)               
Additional Commitment Lenders. The Company shall have the right, but shall not be obligated, on or before the Applicable
Maturity Date for any Non-Extending Lender to replace such Non-Extending Lender with, and add as a “Revolving Lender” (in
the case of any extension of the Revolving Credit Maturity Date) or as a “Term Lender” (in the case of any extension of the
Term Loan Maturity Date) under this Agreement in place thereof, one or more financial institutions that are not Ineligible Institutions
(each, an “Additional Commitment Lender”) approved by the Administrative Agent and, in the case of an Additional Commitment
Lender assuming a new or additional Revolving Commitment, the Issuing Banks, the Swingline Lenders and Administrative Agent (in each case,
such approval not to be unreasonably withheld, conditioned or delayed) in accordance with the procedures provided in Section 2.19(b),
each of which applicable Additional Commitment Lenders shall have entered into an Assignment and Assumption (in accordance with and subject
to the restrictions contained in Section 9.04, with the Company or replacement Lender obligated to pay any applicable processing
or recordation fee) with such Non-Extending Lender, pursuant to which such Additional Commitment Lenders shall, effective on or before
the Applicable Maturity Date for such Non-Extending Lender, assume a Revolving Commitment and/or Term Loans, as the case may be (and,
if any such Additional Commitment Lender is already a Lender of the applicable Class, its Revolving Commitment and/or its outstanding
Term Loans, as applicable, so assumed shall be in addition to such Lender’s Revolving Commitment and/or its outstanding Term Loans,
as applicable, hereunder on such date). Prior to any Non-Extending Lender being replaced by one or more Additional Commitment Lenders
pursuant hereto, such Non-Extending Lender may elect, in its sole discretion, by giving irrevocable notice thereof to the Administrative
Agent and the Company (which notice shall set forth such Lender’s new Applicable Maturity Date), to become an Extending Lender,
provided that the Company consents thereto in writing in its sole discretion. The Administrative Agent may effect such amendments
to this Agreement as are reasonably necessary to provide for any such extensions with the consent of the Company but without the consent
of any other Lenders.

 

(e)               
Minimum Extension Requirement. If (and only if) the total of the applicable Revolving Commitments or the applicable
outstanding Term Loans of the Lenders of the applicable Class that have agreed to extend their Applicable Maturity Date and the new or
increased Revolving Commitments or the applicable newly assumed outstanding Term Loans of any Additional Commitment Lenders is more than
50% of the aggregate amount of the Revolving Commitments or the applicable outstanding Term Loans, as applicable, in effect immediately
prior to the applicable Extension Date, then, effective as of the applicable Extension Date, the Applicable Maturity Date of each Extending
Lender and of each Additional Commitment Lender of the applicable Class shall be extended to the Extended Maturity Date (except that,
if such date is not a Business Day, such Applicable Maturity Date as so extended shall be the next preceding Business Day) and each Additional
Commitment Lender of such Class shall thereupon become a “Revolving Lender”, and/or a “Term Lender”, as the case
may be, for all purposes of this Agreement and shall be bound by the provisions of this Agreement as a Revolving Lender and/or Term Lender,
as the case may be, hereunder and shall have the obligations of a Revolving Lender and/or a Term Lender, as the case may be, hereunder.

 

(f)                
Conditions to Effectiveness of Extension. Notwithstanding the foregoing, (x) no more than two (2) extensions of the
Revolving Credit Maturity Date and no more than two (2) extensions of the Term Loan Maturity Date shall be permitted hereunder and (y)
any extension of any Maturity Date pursuant to this Section 2.25 shall not be effective with respect to any Extending Lender and
each Additional Commitment Lender unless:

 

(i)                
no Default or Event of Default shall have occurred and be continuing on the applicable Extension Date and immediately after giving
effect thereto;

 

(ii)               the
representations and warranties of the Borrowers set forth in this Agreement (other than the representations contained in Sections
3.04(c) and 3.05) shall be true and correct in all material respects (provided that any representation or warranty that
is qualified by materiality or Material Adverse Effect shall be true and correct in all respects) on and as of the applicable
Extension Date (or, if any such representation or warranty is expressly stated to have been made as of a specific date, as of such
specific date); and

 

(iii)            
the Administrative Agent shall have received a certificate from the Company signed by a Financial Officer of the Company (A) certifying
the accuracy of the foregoing clauses (i) and (ii) and (B) certifying and attaching the resolutions adopted by each Borrower approving
or consenting to such extension.

 

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(g)               
Maturity Date for Non-Extending Lenders. On the Applicable Maturity Date of each Non-Extending Lender, (i) to the
extent of the Revolving Commitments and Term Loans of each Non-Extending Lender of the relevant Class not assigned to the Additional Commitment
Lenders of such Class, the Revolving Commitment of each Non-Extending Lender of such Class shall automatically terminate and (ii) the
Company shall repay such Non-Extending Lender of such Class in accordance with Section 2.10 (and shall pay to such Non-Extending
Lender all of the other Obligations due and owing to it under this Agreement) and after giving effect thereto shall prepay any Loans of
the applicable Class outstanding on such date (and pay any additional amounts required pursuant to Section 2.16) to the extent
necessary to keep outstanding Loans of the applicable Class ratable with any revised Applicable Percentages of the respective Lenders
of such Class effective as of such date, and the Administrative Agent shall administer any necessary reallocation of the applicable Credit
Exposures (without regard to any minimum borrowing, pro rata borrowing and/or pro rata payment requirements contained elsewhere in this
Agreement).

 

(h)               
Conflicting Provisions. This Section shall supersede any provisions in Section 2.18 or Section 9.02 to the contrary.

 

Article
III.

REPRESENTATIONS AND WARRANTIES 

 

Each Loan Party, as applicable,
represents and warrants to the Lenders and the Administrative Agent, on the Effective Date and to the extent contemplated by Section
4.02, that:

 

Section
3.01   Corporate Existence and Power.
Subject to transactions permitted under Section 6.04, such Loan Party is validly existing and, to the extent such concept
is relevant in the applicable jurisdiction, in good standing under the laws of its jurisdiction of organization and, except to the extent
that the failure to have the same could not reasonably be expected to have a Material Adverse Effect, such Loan Party has all organizational
powers and all material Governmental Authority licenses, authorizations, consents and approvals required to carry on its business as now
conducted.

 

Section
3.02   Corporate and Governmental
Authorization; Contravention. The execution, delivery and performance by the Loan Parties of this Agreement are within their respective
corporate or other powers, have been duly authorized by all necessary corporate or other organizational action, require no action by or
in respect of, or filing with, any Governmental Authority (other than informational filings with the SEC or any similar Governmental Authority)
and do not contravene, or constitute a default under, any provision of applicable law or regulation or of the Organizational Documents
of any Loan Party or of any material agreement, judgment, injunction, order, decree or other material instrument binding upon any Loan
Party or result in the creation or imposition of any Lien (other than under the Loan Documents) on any asset of the Parent or any of its
Subsidiaries (including any Borrower).

 

Section
3.03   Binding Effect. This
Agreement constitutes a valid and binding agreement of each Loan Party enforceable against the applicable Loan Parties in accordance
with its terms, except to the extent that the enforceability thereof may be limited by the effect of any applicable bankruptcy,
insolvency, reorganization, moratorium or similar laws now or hereafter affecting creditors’ rights generally, any mandatory
applicable provisions of Luxembourg law of general application and general principles of equity.

 

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Section
3.04   Financial Information.

 

(a)               
The audited combined balance sheet of the Parent and its Consolidated Subsidiaries at December 31, 2020 and the related
consolidated statements of income and cash flows for the fiscal year then ended, reported on by Deloitte & Touche LLP fairly present
in all material respects, in conformity with GAAP, the consolidated financial position of the Parent and its Consolidated Subsidiaries
at such date and their consolidated results of operations and cash flows for such fiscal year.

 

(b)               
The unaudited consolidated balance sheets of the Parent and its Consolidated Subsidiaries at March 31, 2021, June 30, 2021
and September 30, 2021 and the related unaudited consolidated statements of income and cash flows for the three months, six months and
nine months, respectively, then ended, copies of which have been made available to each Lender, fairly present in all material respects,
in conformity with GAAP applied on a basis consistent with the financial statements referred to in clause (a) above (except as otherwise
expressly noted therein), the consolidated financial position of the Parent and its Consolidated Subsidiaries at such date and their consolidated
results of operations and cash flows for such period (subject to normal year-end adjustments and the absence of footnotes).

 

(c)               
No change, occurrence or development has occurred since December 31, 2020 in respect of the business, assets, operations
or financial condition of the Parent and its Subsidiaries, taken as a whole, that has had a Material Adverse Effect.

 

Section
3.05   Litigation, etc. There
is no action, suit or proceeding pending or, to the knowledge of any Loan Party, threatened in writing against the Parent or any Subsidiary
before any Governmental Authority or arbitrator (a) in which there is a reasonable possibility of an adverse decision that could reasonably
be expected to materially adversely affect the business, consolidated financial position or consolidated results of operations of the
Parent and its Subsidiaries, taken as a whole, except as disclosed in Public Filings; or (b) that in any manner questions the validity
of this Agreement or the financing contemplated hereby.

 

Section
3.06   ERISA Compliance. Each
of the Parent and each ERISA Affiliate has fulfilled its obligations under the minimum funding standards of ERISA and the Code with respect
to each applicable Plan and is in compliance with the presently applicable provisions of ERISA and the Code, and has not incurred any
liability to the PBGC or a Plan under Title IV of ERISA (other than premiums which have been timely paid or for which an extension of
the time for payment has been granted), other than failures to fund or comply or the incurrence of liabilities to the PBGC or any Plan
that would not, in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

Section
3.07   Taxes.(a) The
Parent and each of its Subsidiaries have filed all United States federal income tax returns, and all other material federal,
foreign, state and local income, excise and other material tax returns, which are required to be filed by them and have paid or made
provision for the payment of all United States federal and material foreign, state and other taxes which have become due pursuant to
such returns or pursuant to any assessment in respect thereof received by the Parent or any of its Subsidiaries, except (a) for the
payment of taxes that are being contested in good faith and for which adequate reserves have been provided or (b) where the failure
to so file or pay could not reasonably be expected to have a Material Adverse Effect. Under the laws of Luxembourg it is not
necessary that the Loan Documents be filed, recorded or enrolled with any court or other authority in any jurisdiction or that any
stamp, registration or similar Taxes be paid on or in relation to the Loan Documents or the transactions contemplated by the Loan
Documents, except (i) where the Loan Documents are physically attached (annexé(s)) to a public deed or to any other
document subject to mandatory registration, in which case either a nominal registration duty or an ad valorem duty (of, for
instance, 0.24 per cent. of the amount of the payment obligation mentioned in the document so registered) will be payable depending
on the nature of the document to be registered, and (ii) in the case of voluntary registration of the Loan Documents.

 

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Section
3.08   Not an Investment Company.
Neither the Parent nor any Subsidiary thereof is an “investment company” within the meaning of the Investment Company Act
of 1940.

 

Section
3.09   Environmental Matters.
The Parent conducts in the ordinary course of business a review of the effect of existing Environmental Laws and existing Environmental
Claims on the business, operations and properties of the Parent and its Subsidiaries, and as a result thereof the Parent has reasonably
concluded that such Environmental Laws and Environmental Claims could not, individually or in the aggregate, reasonably be expected to
have a material adverse effect on the business, consolidated financial position or consolidated results of operations of the Parent and
its Subsidiaries taken as a whole.

 

Section
3.10   Use of Proceeds. The Borrowers
will use the proceeds of the Credit Events solely for the purposes described in Section 5.02.

 

Section
3.11   Disclosure. No written
report, financial statement, certificate or other written information furnished by or on behalf of any Loan Party to the Administrative
Agent or any Lender in connection with the transactions contemplated hereby and the negotiation of this Agreement or delivered hereunder
or under any other Loan Document (in each case, 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 light of the circumstances under which they
were made, not misleading when taken as a whole; provided that, with respect to projected financial information, such Loan Party represents
only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time (it being understood
and agreed that projected financial information is simply an estimate, and there is no guarantee that projected results will in fact be
achieved and it being further understood and agreed that any representation made pursuant to this Section 3.11 in respect of information
provided with respect to any entity or assets acquired or to be acquired by the Parent or any of its Subsidiaries, for all periods prior
to the date of the consummation of such acquisition is being made to the knowledge of the Parent). As of the Effective Date, to the best
knowledge of the Parent, 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 material respects.

 

Section
3.12   Anti-Corruption Laws and Sanctions.

 

(a)               
Each of the Parent and its Subsidiaries and, to its Knowledge, its controlled affiliated companies and their respective
directors, officers, employees, and agents are conducting their business in compliance in all material respects with Anti-Corruption Laws
and have instituted and maintained policies and procedures designed to promote and achieve compliance with such laws in all material respects.

 

(b)               
None of the Parent or its Subsidiaries or, to its Knowledge, their respective directors, officers, employees or agents acting
in any capacity in connection with, or directly benefiting from, the Credit Events:

 

(i)                
is a Designated Person;

 

(ii)              
is a Person that is 50% or greater owned or controlled by a Designated Person or by a Sanctioned Country;

 

(iii)            
 is incorporated, organized or resident in a Sanctioned Country, in violation of Sanctions; or

 

(iv)             
is (or, except as disclosed in writing to the Administrative Agent prior to the Effective Date, has, to the Parent’s Knowledge,
within the year preceding the Effective Date) directly or, to the Parent’s Knowledge, indirectly engaged in, any dealings or transactions,
in each case in violation of any Sanctions, (1) with any Designated Person or (2) in any Sanctioned Country to the extent that after giving
effect to such dealings or transactions the Parent and its Subsidiaries have more than 5% of their consolidated assets in Sanctioned Countries
or derive more than 5% of their consolidated revenues from investments in, or transactions with, Sanctioned Countries.

 

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Section
3.13   Domiciliation; Centre of Main
Interests. In the case of a Loan Party organized under the laws of Luxembourg, the head office (administration centrale) and
the place of effective management (siège de direction effective) are located at the place of its registered office (siège
statutaire) in Luxembourg and, for the purposes of the Insolvency Regulation, the centre of main interests (centre des intérêts
principaux) is located at the place of its registered office (siège statutaire) in Luxembourg. Each UK Loan Party incorporated
or organized in an EU jurisdiction represents and warrants to the Lenders that its centre of main interest (as that term is used in Article
3(1) of the Insolvency Regulation) is in its jurisdiction of incorporation and it has no establishment (as that term is used in Article
2(10) of the Insolvency Regulation) in any other jurisdiction. Each UK Loan Party incorporated in England and Wales represents and warrants
to the Lenders that its centre of main interest (as that term is used in Article 3(1) of the Insolvency Regulation) is in England and
Wales and it has no establishment (as that term is used in Article 2(10) of the Insolvency Regulation) in any other jurisdiction. The
Irish Guarantor represents and warrants to the Lenders that (i) as at the Effective Date its centre of main interest (as that term is
used in Article 3(1) of the Insolvency Regulation) is in England and Wales and it has no establishment (as that term is used in Article
2(10) of the Insolvency Regulation) in any other jurisdiction, and (ii) for the purposes of Section 4.02 its centre of main interest
(as that term is used in Article 3(1) of the Insolvency Regulation) will be in either England and Wales or Ireland and it will have no
establishment (as that term is used in Article 2(10) of the Insolvency Regulation) in any other jurisdiction. Each Irish Borrower represents
and warrants to the Lenders that its centre of main interest (as that term is used in Article 3(1) of the Insolvency Regulation) is in
Ireland and it has no establishment (as that term is used in Article 2(10) of the Insolvency Regulation) in any other jurisdiction.

 

Section
3.14   Swiss Non-Bank Rules.
Each Swiss Loan Party is in compliance with the Swiss Non-Bank Rules. For the purposes of this Section 3.14, (a) each Swiss Loan
Party shall assume that the aggregate number of Lenders under this Agreement which are Swiss Non-Qualifying Lenders is five (5), and (b)
no Default or Event of Default with respect to this Section 3.14 shall be deemed to exist due to any inaccuracy of the representation
and warranty contained herein that arises from (i) an inaccurate representation and warranty by a Lender pursuant to Section 9.17,
(ii) any assignment or participation by a Lender to a Person that is a Swiss Non-Qualifying Lender without the consent of the Company
or (iii) any Lender ceasing to be a Swiss Qualifying Lender so long as commencing promptly after the Company obtains Knowledge of such
event, the Company and each Swiss Loan Party take all reasonable steps to cause each Swiss Loan Party to be in compliance with the Swiss
Non-Bank Rules.

 

Section
3.15   Affected Financial Institutions.
No Loan Party is an Affected Financial Institution.

 

Section
3.16   Irish Loan Party.
The entry into by any Irish Loan Party of this Agreement and the performance by any Irish Loan Party of the transactions
contemplated hereby and the obligations incurred hereunder does not constitute the provision of financial assistance within the
meaning of Section 82 of the Irish Companies Act. The prohibition contained in Section 239 of the Irish Companies Act does not apply
to this Agreement or the transactions contemplated thereby by reason of the fact that each Irish Loan Party and each other company
whose liabilities are hereby guaranteed are members of a group of companies consisting of a holding company and its subsidiaries for
the purposes of Section 243 of the Irish Companies Act.

 

Section
3.17   Tax Residence. Each Loan
Party (other than the Parent) represents that it is resident for Tax purposes only in its jurisdiction of incorporation. The Parent represents
that it is resident for Tax purposes only in Ireland or the United Kingdom.

 

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Article
IV.

Conditions 

 

Section
4.01   Effective Date. The obligations
of the Lenders to make Loans and of the Issuing Banks 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)               
The Administrative Agent (or its counsel) shall have received from each party hereto a counterpart of this Agreement signed
on behalf of such party (which, subject to Section 9.06, may include any Electronic Signatures transmitted by telecopy, emailed
pdf, or any other electronic means that reproduces an image of an actual executed signature page).

 

(b)               
The Administrative Agent shall have received a favorable written opinion (addressed to the Administrative Agent and the
Lenders and dated the Effective Date) of (i) Foley & Lardner LLP, special counsel for the Loan Parties, (ii) Arthur Cox, special Irish
counsel for the Loan Parties and (iii) Allen & Overy, Société en Commandite Simple, inscrite au barreau de Luxembourg,
special Luxembourg counsel for the Loan Parties, substantially in the form of Exhibits B-1, B-2 and B-3, respectively,
and covering such other matters relating to the Parent, the Company, the Initial Affiliate Borrower, this Agreement or the Transactions
as the Administrative Agent shall reasonably request. The Company hereby requests each such counsels to deliver such opinions.

 

(c)               
The Administrative Agent shall have received such documents and certificates as the Administrative Agent or its counsel
may reasonably request relating to the organization, existence and good standing of the Loan Parties (which shall include, in the case
of the Irish Loan Party, evidence that such Loan Party has complied with Section 82 of the Irish Companies Act), the authorization of
the Transactions and any other legal matters relating to the Parent, the Company, the Initial Affiliate Borrower, the Loan Documents or
the Transactions, all in form and substance satisfactory to the Administrative Agent and its counsel and as further described in Exhibit
E.

 

(d)               
The Administrative Agent shall have received a certificate, dated the Effective Date and signed by a Manager of the Company,
certifying (i) compliance with the conditions set forth in paragraphs (a) and (b) of Section 4.02 and (ii) that since December
31, 2020, no change, occurrence or development has occurred in respect of the business, assets, operations or financial condition of the
Parent and its Subsidiaries, taken as a whole, that has had a Material Adverse Effect.

 

(e)                (i)
The Lenders shall have received all documentation and other information reasonably requested by such Lender in writing at least five
(5) days prior to the Effective Date in order to allow it to comply with applicable “know your customer” and anti-money
laundering rules and regulations with respect to each Loan Party and (ii) to the extent a Borrower qualifies as a “legal
entity customer” under the Beneficial Ownership Regulation, at least five (5) days prior to the Effective Date, any Lender
that has reasonably requested a Beneficial Ownership Certification at least ten (10) days prior to the Effective Date in relation to
such 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 conditions set forth in this clause (e) shall be deemed to be
satisfied).

 

(f)                
The Administrative Agent shall have received all fees and other amounts due and payable on or prior to the Effective Date,
including, to the extent invoiced (in reasonable detail) at least one (1) Business Day prior to the Effective Date, reimbursement or payment
of all out-of-pocket expenses required to be reimbursed or paid by the Company hereunder.

 

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The Administrative Agent shall
notify the Company and the Lenders of the Effective Date, and such notice shall be conclusive and binding.

 

Section
4.02   Each Credit Event. The
obligation of each Lender to make a Loan, and of the Issuing Banks to issue, increase or extend any Letter of Credit, is subject to the
satisfaction of the following conditions:

 

(a)               
the representations and warranties of the Borrowers set forth in this Agreement (other than the representations contained
in Sections 3.04(c) and 3.05) shall be true and correct in all material respects (provided that any representation
or warranty that is qualified by materiality or Material Adverse Effect shall be true and correct in all respects) on and as of the date
of such Loan (or, if any such representation or warranty is expressly stated to have been made as of a specific date, as of such specific
date) or the date of issuance, amendment to increase or extension of such Letter of Credit, as applicable.

 

(b)               
At the time of and immediately after giving effect to such Loan or the issuance, amendment to increase or extension of such
Letter of Credit, as applicable, no Default shall have occurred and be continuing.

 

Each Loan and each issuance, amendment to increase
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.

 

Section
4.03   Designation of an Affiliate
Borrower. The designation of an Affiliate Borrower pursuant to Section 2.23 is subject to the conditions precedent that:

 

(a)               
The Company or such proposed Affiliate Borrower shall have furnished or caused to be furnished to the Administrative Agent:

 

(i)                
subject to clauses (d) and (e) below, copies, certified by the Secretary or Assistant Secretary (or other appropriate officer,
manager or director) of such Subsidiary, of its board of directors’ (or other applicable governing body’s) resolutions (and
resolutions of other bodies, if any are deemed necessary by counsel for the Administrative Agent) approving the Affiliate Borrowing Agreement
and any other Loan Documents to which such Subsidiary is becoming a party and such documents and certificates as the Administrative Agent
or its counsel may reasonably request relating to the organization, existence and good standing of such Subsidiary;

 

(ii)              
an incumbency certificate, executed by the Secretary or Assistant Secretary (or other appropriate officer, manager or director)
of such Subsidiary, which shall identify by name and title and bear the signature of the officers or other representatives of such Subsidiary
authorized to request Borrowings hereunder and sign the Affiliate Borrowing Agreement and the other Loan Documents to which such Subsidiary
is becoming a party, upon which certificate the Administrative Agent and the Lenders shall be entitled to rely until informed of any change
in writing by the Company or such Subsidiary;

 

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(iii)            
 opinions of counsel to such Subsidiary (which may include inside counsel to such Subsidiary for certain matters), in form and
substance reasonably satisfactory to the Administrative Agent and its counsel, with respect to the laws of its jurisdiction of organization
and such other matters as are reasonably requested by counsel to the Administrative Agent and addressed to the Administrative Agent and
the Lenders;

 

(iv)             
any promissory notes requested by any Lender, and any other instruments and documents reasonably requested by the Administrative
Agent or any Lender; and

 

(v)               
any documentation and other information related to such Subsidiary reasonably requested by the Administrative Agent or any Lender
under applicable “know your customer” or similar rules and regulations, including the Patriot Act and the Beneficial Ownership
Regulation;

 

(b)               
The Administrative Agent shall have received evidence satisfactory to it that all of such Affiliate Borrower’s then
existing credit facilities shall have been cancelled and terminated and all indebtedness thereunder shall have been fully repaid (except
to the extent being so repaid with the initial Revolving Loans to such Borrower or otherwise permitted to be outstanding pursuant to this
Agreement);

 

(c)               
In the event an Affiliate Borrower is organized under the laws of Luxembourg, (i) an excerpt (extrait) issued by
the Luxembourg Trade and Companies Register dated as of the date of its designation and (ii) a non-registration certificate (certificate
de non-inscription d’une décision judiciaire) issued by the Luxembourg Trade and Companies Register regarding the absence
of judicial proceedings dated as of the date of its designation;

 

(d)               
In the event an Affiliate Borrower is organized under the laws of Switzerland, (i) a copy of the constitutional documents
of such Affiliate Borrower, being a certified excerpt of the competent commercial register, a certified copy of the articles of association
(containing a financial assistance clause allowing for up- and cross-stream security) and (if applicable and relevant), a copy of the
duly signed and approved organizational regulations; (ii) a copy of a resolution of the board of directors of such Affiliate Borrower
authorizing the execution, delivery and performance of each Loan Document to which it is a party; (iii) a copy of a resolution of its
shareholders’ meeting, approving the terms of, and the transactions contemplated by, the Loan Documents to which such Affiliate
Borrower is a party and (iv) a certificate of the board of directors of such Affiliate Borrower certifying (a) that there have been no
changes in the constitutional documents of such Affiliate Borrower as set out in Section 4.03(a)(i) above, as attached thereto
and as certified as of a recent date by the commercial register, if applicable, since the date of the certification thereof by such commercial
register, (b) resolutions of the Board of Directors or other governing body of such Affiliate Borrower authorizing the execution, delivery
and performance of each Loan Document to which it is a party, and (c) the names and true signatures of the authorized signatories of such
Affiliate Borrower authorized to sign the Loan Documents to which it is a party, and authorized to request Borrowings and/or LC Disbursements
under this Agreement; and

 

(e)               
In the event an Affiliate Borrower is incorporated under the laws of Ireland, evidence that entry into and performance of
the Loan Documents by such Affiliate Borrower will not constitute a breach of Section 239 of the Irish Companies Act or a breach of Section
82 of the Irish Companies Act.

 

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Article
V.

 

AFFIRMATIVE COVENANTS 

 

The Loan Parties agree that
so long as any Lender has any Commitment hereunder or any amount payable by any Borrower hereunder remains unpaid (other than contingent
indemnification and similar obligations not yet due and obligations that are Cash Collateralized):

 

Section
5.01   Information. The Parent
will deliver to the Administrative Agent (and, upon receipt, the Administrative Agent will promptly deliver to each of the Lenders):

 

(a)               
Annual Financial Statements.(b) Within five Business Days after the date on
which the Parent files such documents with the SEC, but in no event later than 120 days after the end of each fiscal year, a consolidated
balance sheet of the Parent and its Consolidated Subsidiaries at the end of such fiscal year and the related consolidated statements of
income and cash flows for such fiscal year, setting forth in each case in comparative form the figures for the previous fiscal year, all
reported on in accordance with the rules and regulations of the SEC and audited by Deloitte & Touche LLP or other independent public
accountants of nationally recognized standing.

 

(b)               
Quarterly Financial Statements. Within five Business Days after the date on which the Parent files such documents
with the SEC, but in no event later than 60 days after the end of each of the first three quarters of each fiscal year, a consolidated
balance sheet of the Parent and its Consolidated Subsidiaries at the end of such quarter and the related consolidated statements of income
and cash flows for such quarter and for the portion of the fiscal year ended at the end of such quarter, setting forth in each case in
comparative form the figures for the corresponding quarter and the corresponding portion of the previous fiscal year, all certified by
a Senior Financial Officer as fairly presenting in all material respects in accordance with GAAP (subject to normal year-end adjustments
and the absence of footnotes) the financial position and results of operations of the Parent and the Consolidated Subsidiaries.

 

(c)               
Compliance Certificates. Simultaneously with the delivery of each set of financial statements referred to in clauses
(a) and (b) above, a certificate of a Senior Financial Officer (i) setting forth in reasonable detail the calculations required to establish
whether the Parent was in compliance with the requirements of Sections 6.01 and 6.02 on the date of such financial statements
and (ii) stating whether there exists on the date of such certificate any Event of Default or Default and, if any such event then exists,
setting forth the details thereof and the action which the Parent is taking or proposes to take with respect thereto.

 

(d)               
Notice of Default. Forthwith upon the occurrence of any Responsible Officer obtaining knowledge of any Event of Default
or Default, a certificate of a Senior Financial Officer setting forth the details thereof and the action which the Parent is taking or
proposes to take with respect thereto.

 

(e)               
Shareholder Information. Promptly upon the mailing thereof to the shareholders of the Parent generally, copies of
all financial statements, reports and proxy statements so mailed.

 

(f)                
SEC Filings. Promptly upon the filing thereof, copies of all registration statements (other than the exhibits thereto
and any registration statements on Form S-8 or its equivalent) and reports on Forms 10-K and 10-Q which the Parent shall have filed with
the SEC.

 

(g)                ERISA
Notices. If and when the Parent or ERISA Affiliate or is required to give notice to the PBGC of any “reportable
event” (as defined in Section 4043 of ERISA) with respect to any Plan which could reasonably be expected to constitute grounds
for a distress or PBGC-initiated termination of such Plan under Title IV of ERISA, or knows that the plan administrator of any Plan
has given or is required to give notice of any such reportable event, a copy of the notice of such reportable event given or
required to be given to the PBGC.

 

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(h)               
Notice of Other Material Events. Promptly upon obtaining knowledge thereof, notice of the commencement of any litigation
or Governmental Authority proceeding affecting the Parent or any Subsidiary (including pursuant to any applicable Environmental Law) in
which there is a reasonable possibility of an adverse decision which could reasonably be expected to have a Material Adverse Effect.

 

(i)                
Ratings. Promptly upon the public announcement thereof, notice of any downgrade in any credit rating (including the
Public Debt Rating) with respect to the Company or the Parent by Moody’s, S&P or Fitch.

 

(j)                
Beneficial Ownership Certification Changes. Promptly after the occurrence thereof, notice to the applicable Lender
of 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.

 

(k)               
KYC Information. Promptly following any request therefor, 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 Patriot Act and the Beneficial Ownership Regulation.

 

(l)                
Other Information. Promptly following any request therefor, such additional information regarding the financial position
or business of the Loan Parties as the Administrative Agent, at the request of any Lender, may reasonably request (it being understood
and agreed that no Loan Party nor any of its Subsidiaries shall be required to disclose or discuss, or permit the inspection, examination
or making of extracts of, any records, books, information or account or other matter (i) in respect of which disclosure to the Administrative
Agent, any Lender or their representatives is then prohibited by applicable law or any agreement binding on any Loan Party or any of its
Subsidiaries, (ii) that is protected from disclosure by the attorney-client privilege or the attorney work product privilege or (iii) constitutes
non-financial trade secrets or non-financial proprietary information).

 

Documents required to be delivered
pursuant to Sections 3.04 or 5.01 (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 such documents are posted on the
Parent’s behalf on SyndTrak/IntraLinks/IntraAgency, on EDGAR (the Electronic Data Gathering, Analysis and Retrieval system of the
SEC) or any successor thereto, or another relevant website, if any, to which each Lender and the Administrative Agent have access (whether
a commercial, third-party website or whether sponsored by the Administrative Agent); provided that, except in the case of any filing
on EDGAR or any successor thereto, the Parent shall notify (which may be by facsimile or electronic mail) the Administrative Agent and
each Lender of the posting of any such documents. The Administrative Agent shall have no obligation to request the delivery or to maintain
copies of the documents referred to above, and in any event shall have no responsibility to monitor compliance by the Parent with any
such request for delivery, and each Lender shall be solely responsible for requesting delivery to it or maintaining its copies of such
documents.

 

If any financial materials
and related certificates required to be delivered pursuant to Sections 5.01(a), (b) and/or (c) shall be required
to be delivered pursuant to the terms of such Section(s) on a day that is not a Business Day, the required date for such delivery shall
be extended to the next succeeding Business Day.

 

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Section
5.02   Use of Proceeds. The
Parent shall, and shall cause each Subsidiary to, use the proceeds of the Loans solely for working capital needs and for general
corporate purposes (including Permitted Acquisitions, permitted share repurchases, capital expenditures and repayment of Debt) of
the Parent, each Borrower and the Subsidiaries. Without limiting the foregoing, the Parent shall not, and shall not permit any
Subsidiary to, use the proceeds of any Credit Events, directly or indirectly, for the purpose, whether immediate, incidental or
ultimate, of purchasing or carrying any “margin stock” in violation of Regulation U of the Board. In no event shall the
proceeds of the Loans be utilized for any purpose that would constitute unlawful financial assistance within the meaning of sections
678 or 679 of the UK Companies Act 2006 or section 82 of the Irish Companies Act.

 

Each Loan Party shall (and
the Company shall ensure that each Subsidiary will) ensure that no proceeds of the Loans will be used in a manner which would constitute
a “use of proceeds in Switzerland” as interpreted by Swiss tax authorities for purposes of Swiss Withholding Tax, unless a
written confirmation or countersigned tax ruling application from the Swiss Federal Tax Administration has been obtained (in form and
substance satisfactory to the Administrative Agent) confirming that such use does not result in the Loan qualifying as a Swiss financing
for Swiss Withholding Tax purposes.

 

Section
5.03   Compliance with Contractual
Obligations and Laws. The Parent shall, and shall cause each Subsidiary to, comply with all applicable laws and regulations of any
Governmental Authority having jurisdiction over it or its business the non-compliance with which would reasonably be expected to have
a Material Adverse Effect. Without limiting the foregoing, each Borrower will maintain in effect and enforce policies and procedures designed
to promote and achieve compliance by such Borrower, its Subsidiaries and their respective directors, officers, employees and agents with
applicable Anti-Corruption Laws and applicable Sanctions in all material respects.

 

Section
5.04   Insurance. The Parent
shall, and shall cause each Subsidiary to, maintain, with financially sound and reputable insurers (as determined at the time the relevant
coverage is placed or renewed in the good faith judgment of the Parent or relevant Subsidiary) and/or pursuant to a self-insurance program,
insurance with respect to its properties and business against loss or damage of the kinds customarily insured against by Persons engaged
in the same or similar businesses and covering similar properties in the same or similar localities, of such types, with such deductibles,
covering such risks and in such amounts as are customarily carried under similar circumstances by such other Persons, except where the
failure to do so could not reasonably be expected to have a Material Adverse Effect.

 

Section
5.05   Ownership of Borrowers.
The Parent shall at all times own and control, directly or indirectly, all of the equity interests (other than directors’ qualifying
shares and other than as may be required by law) of each Borrower (unless, in the case of any Borrower other than the Company, such Borrower
and has ceased to be a party hereto pursuant to Section 2.23).

 

Section
5.06   Payment of Taxes. The
Parent shall, and shall cause each Subsidiary to, pay or make provision for the payment of all United States federal and material foreign,
state and other taxes which have become due pursuant to such returns or pursuant to any assessment in respect thereof received by the
Parent or any Subsidiary, except (a) taxes that are being contested in good faith and for which adequate reserves have been provided and/or
(b) where the failure to so pay could not reasonably be expected to have a Material Adverse Effect.

 

Section
5.07   Swiss Non-Bank Rules.
Each Swiss Loan Party shall at all times comply with the Swiss Twenty Non-Bank Rule, to the extent applicable; provided that a
Swiss Loan Party shall not be in breach of this Section 5.07 if non-compliance arises solely as a consequence of (a) an inaccurate
representation and warranty by a Lender pursuant to Section 9.17; (b) any assignment or participation by a Lender to a Person that
is not a Swiss Qualifying Lender without the consent of the Company; or (c) any Lender ceasing to be a Swiss Qualifying Lender so long
as commencing promptly after the Company obtains knowledge of such event, the Company and such Swiss Loan Party take all reasonable steps
to cause the number of creditors of such Swiss Loan Party relevant under the Swiss Twenty Non-Bank Rule to be not more than 20.

 

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Section
5.08   Loan Party Location.
The Parent will cause (i) each Borrower and each Material Subsidiary incorporated or organized in an EU jurisdiction to cause its
centre of main interest (as that term is used in Article 3(1) of the Insolvency Regulation) to be situated solely in its
jurisdiction of incorporation and not to have an establishment (as that term is used in Article 2(10) of the Insolvency Regulation)
situated outside its jurisdiction of incorporation or organization, as applicable and (ii) each Borrower and each Material
Subsidiary incorporated in England and Wales to cause its centre of main interest (as that term is used in Article 3(1) of the
Insolvency Regulation) to be situated solely in England and Wales and not to have an establishment (as that term is used in Article
2(10) of the Insolvency Regulation) situated outside its jurisdiction of incorporation. The Parent will cause its centre of main
interest (as that term is used in Article 3(1) of the Insolvency Regulation) to be situated either in England and Wales or Ireland
and not to have an establishment (as that term is used in Article 2(10) of the Insolvency Regulation) situated in any other
jurisdiction. The Parent shall promptly notify the Administrative Agent by notice in writing upon it becoming aware that its centre
of main interest (as that term is used in Article 3(1) of the Insolvency Regulation) is situated in Ireland or it has an
establishment (as that term is used in Article 2(10) of the Insolvency Regulation) in Ireland.

 

Section
5.09   Tax Residence. No Loan
Party may change its residence for Tax purposes; provided that the Parent may change its residence from time to time for Tax purposes
from the United Kingdom to Ireland or from Ireland to the United Kingdom.

 

Section
5.10   Service of Process Agent.
To the extent that the Company wishes to terminate the Initial Affiliate Borrower as a Borrower hereunder, the Company will provide to
the Administrative Agent prior to, or substantially contemporaneously with, such termination a letter from the Service of Process Agent
described in clause (ii) of the definition of “Service of Process Agent” (or any other Service of Process Agent acceptable
to the Administrative Agent), and such letter will confirm such Service of Process Agent’s consent to its appointment by the Parent,
the Company and each Affiliate Borrower as their agent to receive service of process as specified in this Agreement.

 

Article
VI.

NEGATIVE COVENANTS 

 

The Loan Parties agree that
so long as any Lender has any Commitment hereunder or any amount payable by any Borrower hereunder remains unpaid (other than contingent
indemnification and similar obligations not yet due and obligations that are Cash Collateralized):

 

Section
6.01   Maximum Net Leverage Ratio.
The Parent shall not permit the Net Leverage Ratio on the last day of any period of four consecutive fiscal quarters of the Parent to
exceed 3.75 to 1.00; provided, that (i) the Company may, by written notice to the Administrative Agent for distribution to the
Lenders and not more than two times during any five consecutive year term of this Agreement, elect to increase the maximum Net Leverage
Ratio permitted under this Section 6.01 to 4.25 to 1.00 as of the end of each of the first four (4) periods of four consecutive
fiscal quarters ending on or after the date of a Permitted Acquisition, if the aggregate consideration paid or to be paid in respect of
such Permitted Acquisition is equal to or greater than $250,000,000 (any such four consecutive periods of four consecutive fiscal quarters
following such a Permitted Acquisition, an “Adjusted Covenant Period”) and (ii) in connection with any such election,
the Company shall have delivered to the Administrative Agent, at least five business days prior to consummating such Acquisition, notice
of such Acquisition and pro forma calculations (in form and detail reasonably satisfactory to the Administrative Agent) demonstrating
compliance with the maximum Net Leverage Ratio required by the foregoing clause (i) (it being understood and agreed that (A) the Company
may not elect an Adjusted Covenant Period for at least two (2) fiscal quarters following the end of an Adjusted Covenant Period before
a new Adjusted Covenant Period is available again pursuant to the foregoing clause (i) and (B) at the end of an Adjusted Covenant Period,
the maximum Net Leverage Ratio permitted under this Section 6.01 shall revert to 3.75 to 1.00 as of the end of each subsequent
fiscal quarter unless and until another Adjusted Covenant Period is elected pursuant to the terms and conditions described above).

 

Section
6.02   Minimum Interest Coverage
Ratio. The Parent shall not permit the Interest Coverage Ratio for any period of four consecutive fiscal quarters of the Parent ending
on the last day of a fiscal quarter of the Parent to be less than 3.00 to 1.00.

 

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Section
6.03   Negative Pledge. Neither
the Parent nor any Material Subsidiary will create, assume or suffer to exist any Lien on any asset now owned or hereafter acquired by
any of them, except:

 

(a)               
any Lien existing on the date of this Agreement and set forth in Schedule 6.03;

 

(b)               
Liens imposed by law for taxes, assessments or charges of any Governmental Authority for claims which are not overdue for
a period of more than 60 days, or to the extent that such Lien is being contested in good faith by appropriate actions and adequate reserves
in accordance with GAAP are being maintained therefor, provided that no notice of Lien has been filed or recorded under the Code;

 

(c)               
statutory Liens of landlords and Liens of carriers, warehousemen, mechanics, materialmen and other Liens imposed by law
or created in the ordinary course of business, provided that (i) the obligation secured by the applicable Lien has not been delinquent
for more than 90 days or remains payable without penalty and, in each case, the property subject to such Lien is not subject to forfeiture
as a result of such Lien or (ii) the applicable Lien is being contested in good faith by appropriate actions, which proceedings have the
effect of preventing the forfeiture or sale of the property subject thereto;

 

(d)               
Liens (other than any Lien imposed under ERISA) consisting of pledges or deposits in the ordinary course of business (i)
required in connection with workers’ compensation, unemployment insurance and other social security legislation and (ii) 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 to secure obligations with respect to casualty or liability insurance maintained by the Parent
or any of its Subsidiaries;

 

(e)               
Liens on property of the Parent or any Subsidiary securing (i) the non-delinquent performance of bids, trade contracts (other
than for borrowed money), leases or statutory obligations, (ii) surety bonds (excluding appeal bonds and other bonds posted in connection
with court proceedings or judgments) and (iii) other non-delinquent obligations of a like nature (including those to secure health, safety
and environmental obligations) in each case incurred in the ordinary course of business;

 

(f)                
Liens consisting of judgment or judicial attachment liens and Liens securing contingent obligations on appeal bonds and
other bonds posted in connection with court proceedings or judgments, to the extent that such Liens do not constitute an Event of Default
under clause (j) of Article VII;

 

(g)               
easements, rights-of-way, restrictions, encroachments, protrusions and other similar encumbrances on real property which
in the aggregate do not materially detract from the value of such property or materially interfere with the ordinary conduct of the businesses
of the Parent and its Subsidiaries;

 

(h)               
Liens securing obligations in respect of capital leases on assets subject to such leases, provided that such leases are
otherwise permitted hereunder;

 

(i)                 Liens
arising solely by virtue of any statutory or common law provision relating to bankers’ liens, rights of set-off or similar
rights and remedies (or, with respect to accounts located in Luxembourg, contractual provisions) as to deposit accounts or other
funds maintained with a creditor depository institution and/or Liens arising in the ordinary course of business with respect to
deposit accounts relating to intercompany cash pooling, interest set-off and/or sweeping arrangements; provided that (i) such
deposit account is not a dedicated cash collateral account and is not subject to restrictions against access by the Parent or the
applicable Subsidiary in excess of those set forth by regulations promulgated by the Board and (ii) such deposit account is not
intended by the Parent or any Subsidiary to provide collateral to the depository institution;

 

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(j)                
Liens arising in connection with Securitization Transactions;

 

(k)               
Liens on property of any Foreign Subsidiary securing Debt of such Foreign Subsidiary and/or any other Foreign Subsidiary
that is permitted under Section 6.05;

 

(l)                
any Lien existing on property (and the proceeds thereof) existing at the time of its acquisition (by merger or otherwise)
or existing on the property of any Person at the time such Person becomes a Subsidiary, in each case after the date hereof (other than
any Lien on the equity interests of any Person that becomes a Subsidiary); provided that (i) such Lien was not created in contemplation
of such acquisition or such Person becoming a Subsidiary; and (ii) the Debt or other obligation secured thereby is not prohibited by Section
6.05;

 

(m)             
Liens arising out of the conditional sale, title retention, consignment or similar arrangements for the sale of goods entered
into by the Parent or any of its Subsidiaries in the ordinary course of business;

 

(n)               
Liens solely on cash earnest money deposits made by the Parent or any Subsidiary in connection with any letter of intent
or purchase agreement permitted hereunder;

 

(o)               
Liens securing reimbursement obligations incurred in the ordinary course of business for trade letters of credit or banker’s
acceptances, which Liens encumber only goods, or documents of title covering goods, that are purchased in transactions for which such
letters of credit or banker’s acceptances are issued;

 

(p)               
Liens incurred in the ordinary course of business in favor of customs or revenue authorities arising as a matter of law
to secure payment of customs duties in connection with the importation of goods;

 

(q)               
leases, subleases, licenses or sublicenses (including, in the case of licenses and sublicenses, of intellectual property)
granted to others in the ordinary course of business that do not materially interfere with the ordinary conduct of the business of the
Parent or any Subsidiary and do not secure any Debt;

 

(r)                
Liens of a collecting bank arising under Section 4-210 of the Uniform Commercial Code on items in the ordinary course of
collection;

 

(s)                
options, put and call arrangements, rights of first refusal and similar rights relating to investments in joint ventures,
partnerships and other similar investments not prohibited by this Agreement;

 

(t)                
rights of first refusal, put, call and similar rights arising in connection with repurchase agreements that are not prohibited
by this Agreement;

 

(u)               
any Lien arising under any Loan Document;

 

(v)               
any Lien on an asset arising out of an agreement to dispose of such asset, to the extent such disposition is not prohibited
by this Agreement and such Lien does not secure any other obligation;

 

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(w)              any
extension, renewal or substitution of or for any Lien described in clause (a) or (l) above, in each case (A) to the extent that the
amount of the Debt or other obligation secured by the applicable Lien shall not exceed the amount of the Debt or other obligation
existing immediately prior to such extension, renewal or substitution and (B) so long as the scope of the property subject to such
Lien is not increased;

 

(x)               
Liens relating to purchase orders and other agreements entered into with customers of the Parent or any Subsidiary in the
ordinary course of business;

 

(y)               
receipt of progress payments and advances from customers in the ordinary course of business to the extent the same create
Liens on the related inventory and proceeds thereof;

 

(z)               
Liens on assets pledged in respect of defeased or discharged indebtedness;

 

(aa)             
any Lien on any asset securing Debt incurred or assumed for the purpose of financing an amount not to exceed all or any
part of the cost of acquiring, constructing, repairing, replacing or improving such asset, provided that such Lien attaches to such asset
concurrently with or within 270 days after (A) the acquisition of such asset or (B) the later of (x) the completion
of such construction, repair, replacement or improvement of such asset and (y) the date of commencement of the commercial operation
of the asset constructed, repaired, replaced or improved, as applicable; and

 

(bb)           
in addition to Liens permitted by clauses (a) through (aa) above, any other Lien, to the extent that the outstanding
principal amount of the obligations secured thereby, expressed as a Dollar Amount, at the time of creation thereof, in the aggregate with
the outstanding principal amount of all other Debt and other obligations then secured pursuant to this clause (bb), does not exceed the
greater of (i) $375,000,000 and (ii) 8.5% of the Parent’s Consolidated Total Assets as shown on the then most recent consolidated
financial statements of the Parent delivered to the Administrative Agent pursuant to Section 5.01 (or, prior to such initial delivery
pursuant to Section 5.01, Section 3.04).

 

Any lien permitted above under
this Section 6.03 on any property may extend to identifiable proceeds of such property.

 

Section
6.04   Consolidations, Mergers and
Sales of Assets; Acquisitions.(a) No Loan Party will merge or consolidate with any other non-affiliated
Person or sell, lease, transfer or otherwise dispose (excluding, for the avoidance of doubt, the creation of any Lien permitted under
Section 6.03) of all or substantially all of its assets as an entirety to any other non-affiliated Person unless:

 

(i)                
in the case of a merger or consolidation, the Person surviving such transaction is the applicable Loan Party; and

 

(ii)              
immediately after giving effect to any such action, no Event of Default or Default shall have occurred and be continuing.

 

(b)               
The Parent will not, and will not permit any Subsidiary to, make any Acquisition other than Permitted Acquisitions.

 

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Section
6.05   Subsidiary Debt. The Parent
will not permit any Material Subsidiary (other than the Company) to create, incur, assume or suffer to exist any Debt except:

 

(a)               
Debt arising under Securitization Transactions in an aggregate amount outstanding not exceeding $250,000,000 at any time;

 

(b)               
Debt existing on the Effective Date and identified on Schedule 6.05 and any refinancing, extension or renewal
thereof or of any Debt under this clause (b), in each case, to the extent the principal amount thereof is not increased (including
extensions, renewals or replacements of guarantees in respect of such Debt as so refinanced, extended or renewed);

 

(c)               
 (i) Debt of a Subsidiary owed to the Parent or another Subsidiary; and (ii) Guarantees by a Subsidiary of Debt of the Parent
or another Subsidiary to the extent this Agreement does not prohibit the Parent’s or such other Subsidiary’s incurrence of
such Debt;

 

(d)               
Debt incurred as an account party in respect of any trade letter of credit;

 

(e)               
deferred compensation owed to employees incurred in the ordinary course of business;

 

(f)                
to the extent constituting Debt, obligations with respect to deferred compensation, retiree healthcare medical benefits
or other similar employment arrangements incurred in connection with acquisitions or dispositions permitted under this Agreement;

 

(g)               
to the extent constituting Debt, obligations incurred in respect of cash management services, netting services, overdraft
protection and similar arrangements and hedging transactions with a term not exceeding two years, in each case in the ordinary course
of business;

 

(h)               
Debt constituting reimbursement obligations with respect to letters of credit issued in respect of workers’ compensation
claims, health, disability or other employee benefits or property, casualty or liability insurance or self-insurance or other reimbursement-type
obligations relating to regarding workers’ compensation claims incurred in the ordinary course of business;

 

(i)                
obligations in respect of performance and surety, stay, customs, appeal and performance bonds, performance and completion
guarantees and similar instruments or obligations in respect of letters of credit in respect thereof, in each case in the ordinary course
of business;

 

(j)                
Debt that has maturities and other terms, and is subordinated to the Obligations in a manner, satisfactory to the Required
Lenders;

 

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(k)               
Debt arising under capital leases in an aggregate principal amount not to exceed $50,000,000 outstanding at any time;

 

(l)                
Debt of Affiliate Borrowers arising under the Loan Documents;

 

(m)               Debt of any Subsidiary incurred to finance the acquisition, construction, repair, replacement, lease or improvement of any
fixed or capital assets and any Debt assumed in connection with the acquisition of any such assets or secured by a Lien on any such assets
prior to the acquisition thereof, and amendments, modifications, extensions, refinancings, renewals and replacements of any such Debt;
provided that (i) such Debt is initially incurred prior to or within 270 days after such acquisition or the completion of
such construction, repair, replacement, lease or improvement and (ii) the aggregate outstanding principal amount of Debt permitted by
this clause (m) shall not exceed $50,000,000 at any time outstanding; and

 

(n)               other Debt in an aggregate principal amount not to exceed the greater of (i) $500,000,000 and (ii) 11.5% of the Parent’s
Consolidated Total Assets as shown on the then most recent consolidated financial statements of the Parent delivered to the Administrative
Agent pursuant to Section 5.01 (or, prior to such initial delivery pursuant to Section 5.01, Section 3.04), outstanding
at any time.

 

Section
6.06   OFAC and Anti-Corruption Laws.

 

(a)               
The Parent shall not, and shall ensure that none of the Borrowers or its other controlled affiliated companies will, directly
or, to the Parent’s Knowledge, indirectly use the proceeds of Credit Events hereunder:

 

(i)                
 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;

 

(ii)              
to fund or finance any activities, business or transaction of or with any Designated Person or in any Sanctioned Country, in either
case, to the extent such activities, business or transaction would violate Sanctions (assuming, for purposes of this covenant only, that
each Affiliate Borrower were a Domestic Subsidiary for purposes of determining its compliance with Sanctions); or

 

(iii)            
in any other manner that will result in liability to the Administrative Agent or any Lender under any applicable Sanctions or a
breach by the Administrative Agent or any Lenders of any applicable Sanctions.

 

(b)               
The Parent shall not, and shall ensure that none of the Borrowers or its other controlled affiliated companies will, use
funds or assets obtained directly or, to the Parent’s Knowledge, indirectly from transactions with or from (i) Designated Persons
or (ii) any Sanctioned Country, in either case, in violation of Sanctions (assuming, for purposes of this covenant only, that each Affiliate
Borrower were a Domestic Subsidiary for purposes of determining its compliance with Sanctions), to pay or repay any amount owing to the
Administrative Agent or any Lender under any Loan Document.

 

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(c)               
The Parent shall, and shall ensure that each Borrower and each of its other controlled affiliated companies will:

 

(i)                
conduct its business in compliance with Anti-Corruption Laws in all material respects;

 

(ii)              
maintain policies and procedures designed to promote and achieve compliance in all material respects with Anti-Corruption Laws;
and

 

(iii)            
have reasonable controls and safeguards in place designed to prevent any proceeds of any Credit Event hereunder from being used
contrary to the representations and undertakings set forth herein.

 

Article
VII.

EVENTS OF DEFAULT

 

If one or more of the following
events (each, an “Event of Default”) shall have occurred and be continuing:

 

(a)               
any Borrower shall fail to pay within two (2) Business Days of the date due any principal of any Loan; or any Borrower shall
fail to pay within five days of the date due any interest on any Loan, any fee or any other amount payable hereunder;

 

(b)               
any Loan Party shall fail to observe or perform any applicable covenant contained in Section 5.02, Section 5.05 or
any of Sections 6.01 to 6.06, inclusive;

 

(c)               
any Loan Party shall fail to observe or perform any other covenant or agreement contained in this Agreement for 30 days
after the earlier of (i) the date on which written notice thereof has been given to the Parent by the Administrative Agent at the request
of any Lender or (ii) if the Parent fails to promptly notify the Administrative Agent and the Lenders of such failure as required by Section
5.01(d), the date on which a Senior Financial Officer had actual knowledge of such failure;

 

(d)               
 any representation, warranty, certification or statement made by any of the Loan Parties in this Agreement or in any certificate,
financial statement or other document delivered pursuant to this Agreement shall prove to have been incorrect in any material respect
when made;

 

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(e)               
the Parent or any Subsidiary (i) fails to make any payment of Material Financial Obligations when due (whether by scheduled
maturity, required prepayment, acceleration, demand or otherwise, but after giving effect to any applicable grace or cure period); or
(ii) fails to perform or observe any other condition or covenant, or any other event shall occur or condition exist, under one or more
agreements or instruments relating to Material Financial Obligations, if the effect of such failure, event or condition is to cause (or
require), or to permit the holder or holders of such Material Financial Obligations (or the beneficiary or beneficiaries of such Material
Financial Obligations (or a trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries)) to cause (or require),
such Material Financial Obligations to become due and payable (or to be purchased, repurchased, defeased or Cash Collateralized) prior
to the stated maturity thereof; provided that any such failure relating to a Material Financial Obligation that was the Debt of a Person
acquired by the Parent or any of its Subsidiaries and which was assumed by the Parent or such Subsidiary as part of such acquisition shall
not constitute an Event of Default or Default pursuant to this clause (e) so long as such Material Financial Obligation is repaid in full
or such failure is cured within 30 days of such acquisition. Notwithstanding the foregoing, none of the following events shall constitute
an Event of Default under this clause (e) of Article VII unless such event results in the acceleration of Material Financial
Obligations: (i) any secured Debt becoming due as a result of the voluntary sale or transfer of the property or assets securing such Debt
or a casualty, condemnation or similar event, (ii) any change of control offer made within 60 days after an acquisition with respect to,
and effectuated pursuant to, Debt of an acquired business, (iii) any default under Debt of an acquired business if such default is cured,
or such Debt is repaid, within 60 days after the acquisition of such business so long as no other creditor accelerates or commences any
kind of enforcement action in respect of such Debt, (iv) mandatory prepayment requirements arising from the receipt of net cash proceeds
from debt, dispositions (including casualty losses, governmental takings and other involuntary dispositions), equity issues or excess
cash flow, (v) prepayments required by the terms of Debt as a result of customary provisions in respect of illegality, replacement of
lenders and gross-up provisions for Taxes, increased costs, capital adequacy and other similar customary requirements and (vi) any voluntary
prepayment, redemption or other satisfaction of Debt that becomes mandatory in accordance with the terms of such Debt solely as the result
of the Parent or any Subsidiary delivering a prepayment, redemption or similar notice with respect to such prepayment, redemption or other
satisfaction;

 

(f)                the Parent or any Material Subsidiary shall commence a voluntary case or other proceeding seeking liquidation, examinership,
reorganization or other relief (including, in the case of any Luxembourg Person, any Luxembourg Relief) with respect to itself, its assets
or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee,
receiver, liquidator, administrator, custodian, examiner or other similar official of it or any substantial part of its property or shall
consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other proceeding
commenced against it or shall make a general assignment for the benefit of creditors or shall commence or consent to a proceeding for
approval of a plan of arrangement with respect to its debts or shall fail generally to pay its debts as they become due or shall take
any corporate action to authorize any of the foregoing; or any of the shareholders of a Material Subsidiary shall take any action to initiate
any of the foregoing with respect to such Material Subsidiary;

 

(g)               an
involuntary case or other proceeding shall be commenced against the Parent or any Material Subsidiary seeking liquidation,
examinership, reorganization or other relief (including, in the case of any Luxembourg Person, any Luxembourg Relief) with respect
to it, its assets or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the
appointment of a trustee, receiver, liquidator, administrator, custodian, examiner or other similar official of it or any
substantial part of its property, or any of the Parent’s shareholders shall take any action to initiate a proceeding of the
type described in clause (f) above with respect to the Parent, and such involuntary case or other proceeding shall remain
undismissed and unstayed for a period of 60 days; or an order for relief shall be entered against the Parent or any Material
Subsidiary under the federal bankruptcy laws or similar bankruptcy or insolvency laws of any other applicable jurisdiction as now or
hereafter in effect; or a UK Bankruptcy Event occurs with respect to any UK Relevant Entity;

 

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(h)               
without prejudice to any other provisions of this Article VII, (i) any of the following occurs in respect of a Swiss
Loan Party: the occurrence of any event or procedure in relation to a Swiss Borrower which is analogous to those listed in the clauses
(a), (f) and (g) of this Article VII above including, inter alia, “hälftiger Kapitalverlust”
or “Überschuldung” within the meaning of art. 725 and art. 820 para. 1 of the Swiss Federal Code of Obligations
(CO) (half of the share capital and the legal reserves not covered; over-indebtedness, i.e. liabilities not covered by the assets), duty
of filing of the balance sheet with the judge due to over-indebtedness or insolvency pursuant to art. 725a and art. 820 para. 1 CO, “Konkurseröffnung
und Konkurs” (declaration of bankruptcy and bankruptcy), “Nachlassverfahren” (composition with creditors)
including in particular “Nachlassstundung” (moratorium) and proceedings regarding “Nachlassvertrag”
(composition agreements) and “Notstundung” (emergency moratorium), proceedings regarding “Fälligkeitsaufschub”
(postponement of maturity), “Konkursaufschub / Gesellschaftsrechtliches Moratorium” (postponement of the opening
of bankruptcy; moratorium proceedings) pursuant to art. 725a or art. 820 para. 2 CO, notification of the judge of a capital loss or over-indebtedness
under these provisions and “Auflösung / Liquidation” (dissolution/liquidation);

 

(i)                
the Parent or any ERISA Affiliate shall fail to pay when due an amount which could reasonably be expected to have a Material
Adverse Effect, which it shall have become liable to pay to the PBGC or to a Plan under Title IV of ERISA; or the Parent or an ERISA Affiliate
shall file a distress termination notice with the PBGC and the amount of the Unfunded Vested Liabilities under that filing could reasonably
be expected to have a Material Adverse Effect; or the PBGC shall institute judicial proceedings under Title IV of ERISA to terminate or
to cause a trustee to be appointed to administer any such Plan or Plans which have Unfunded Vested Liabilities which could reasonably
be expected to have a Material Adverse Effect; or a judicial proceeding shall be instituted by a fiduciary of any such Plan or Plans to
enforce Section 515 of ERISA, the aggregate amount of delinquent contributions claimed to be owed pursuant to such Section 515 in such
proceeding which could reasonably be expected to have a Material Adverse Effect, and such proceeding shall not have been dismissed within
30 days;

 

(j)                
a judgment or order for the payment of money in excess of a Dollar Amount of $100,000,000 shall be rendered against any
Borrower or any of its Subsidiaries and such judgment or order is not within 60 days of the entry thereof bonded, discharged or stayed;
provided, that any such judgment shall not be included in the calculation of the aggregate amount of judgments under this clause (j) if
and for so long as (A) the amount of such judgment is covered by a valid and binding policy of insurance between the defendant and the
insurer covering payment thereof and (B) such insurer, which shall be rated at least “A” by A.M. Best Company, has been notified
of, and has not disputed the claim made for payment of, the amount of such judgment;

 

(k)               
any Person or two or more Persons acting in concert shall have acquired beneficial ownership (within the meaning of Rule
13d-3 of the SEC under the Securities Exchange Act of 1934) of 30% or more of the outstanding shares of voting stock of the Parent;

 

(l)                
a majority of the members of the board of directors of the Parent ceases to be individuals who (i) were members of such
board of directors as of the Effective Date or (ii) were nominated or appointed to be members of such board by a majority of the members
of such board who, at the time of such nomination or appointment, were individuals described in the foregoing clause (i) or this clause
(ii). Notwithstanding the foregoing, if a majority of the members of the board of directors of the Parent cease to be individuals described
in clauses (i) and (ii) above, it shall not constitute an Event of Default under this clause (l) of Article VII if a majority
of the Parent’s board of directors (comprised of the individuals described in clauses (i) and (ii)) approves such changes; or

 

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(m)             
 except as otherwise expressly permitted under the Loan Documents (i) this Agreement, the Notes or any other document executed
in connection herewith, at any time after its execution and delivery, ceases to be in full force and effect against any applicable Loan
Party; (ii) any Loan Party or any other Person acting on behalf of any Loan Party contests in any manner the validity or enforceability
of any such document against any applicable Loan Party; or (iii) any Loan Party or any other Person acting on behalf of any Loan Party
denies that it has any or further liability or obligation under any such document, or purports to revoke, terminate or rescind any such
document;

 

then, and in every such event
(other than an event with respect to the Parent or any Borrower described in clause (f), (g) or (h) of this Article
VII), and at any time thereafter during the continuance of such event, the Administrative Agent may with the consent of the Required
Lenders, and shall at the request of the Required Lenders, by notice to the Company, take any or all of the following actions, at the
same or different times: (i) terminate the Commitments, and thereupon the Commitments shall terminate immediately, (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
interest thereon and all fees and other Obligations of the Borrowers accrued hereunder and under the other Loan Documents, shall become
due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Loan
Parties, and (iii) require cash collateral for the LC Exposure in accordance with Section 2.06(j); and in case of any event with
respect to the Parent or any Borrower described in clause (f), (g) or (h) of this Article VII , the Commitments
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 and other Obligations accrued hereunder and under the other Loan Documents, shall automatically become due
and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Loan Parties.

 

Article
VIII.

The Administrative Agent

 

Section
8.01   Authorization and Action.

 

(a)               
Each Lender 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 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. 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 reasonably and 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, examinership 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, examinership 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 the Parent, 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.

 

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(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 or any other holder of Obligations 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 the Administrative Agent in
connection with this Agreement and the transactions contemplated hereby;

 

(ii)              
to the extent that English law is applicable to the duties of the Administrative Agent under any of the Loan Documents, Section
1 of the Trustee Act 2000 of the United Kingdom shall not apply to the duties of the Administrative Agent in relation to the trusts constituted
by that Loan Document; where there are inconsistencies between the Trustee Act 1925 or the Trustee Act 2000 of the United Kingdom and
the provisions of this Agreement or such Loan Document, the provisions of this Agreement shall, to the extent permitted by applicable
law, prevail and, in the case of any inconsistency with the Trustee Act 2000 of the United Kingdom, the provisions of this Agreement shall
constitute a restriction or exclusion for the purposes of that Act; 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 nonappealable judgment that the Administrative Agent acted with gross negligence or willful misconduct in the
selection of such sub-agent.

 

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(e)               
None of any Syndication Agent, any Documentation Agent or any Arranger shall have 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 bankruptcy,
insolvency, examinership, receivership or similar law now or hereafter in effect, the Administrative Agent (irrespective of whether the
principal of any Loan or any Obligation 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 any Loan Party) 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, examiner, sequestrator or other similar official in any such proceeding is hereby authorized by each Lender,
each Issuing Bank and each other holder of Obligations 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 holders of Obligations, to
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 VIII are solely for the benefit of the Administrative Agent, the Lenders and the Issuing
Banks, and, except solely to the extent of the Company’s rights to consent pursuant to and subject to the conditions set forth in
this Article VIII and as otherwise provided in Section 8.01(d), none of the Company or any Subsidiary, or any of their respective
Affiliates, shall have any rights as a third party beneficiary under any such provisions. Each party that is a holder of Obligations,
whether or not a party hereto, will be deemed, by its acceptance of the benefits of the guarantees of the Obligations provided under the
Loan Documents, to have agreed to the provisions of this Article VIII.

 

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 it 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 reasonably 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 nonappealable 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 (including, for the avoidance
of doubt, in connection with the Administrative Agent’s reliance on any Electronic
Signature transmitted by telecopy, emailed pdf, or any other electronic
means that reproduces an image of an actual executed signature page) or for any failure of any Loan Party to perform its
obligations hereunder or thereunder.

 

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(b)               
The Administrative Agent shall be deemed not to have knowledge of any Default or Event of Default unless and until written
notice thereof (stating that it is a “notice of Default” or a “notice of an Event of Default”) is given to the
Administrative Agent by the Company, a Lender or an Issuing Bank. Further, 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 or Event
of Default, (iv) the sufficiency, validity, enforceability, effectiveness or genuineness of any Loan Document or any other agreement,
instrument or document or (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.

 

(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 Company), 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 such Issuing Bank unless the Administrative Agent shall have received
notice to the contrary from such Lender or such 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).

 

Section
8.03   Posting of Communications.

 

(a)                The
Company 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 similar
electronic platform chosen by the Administrative Agent reasonably and in good faith to be its electronic transmission system and
used by it for such purpose with respect to its credit facilities generally (the “Approved Electronic
Platform”).

 

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(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 the Company 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 the Company hereby approves distribution of the Communications through the Approved Electronic Platform and understands and assumes
the risks of such distribution, other than risks arising from the gross negligence, bad faith or willful misconduct of any of the foregoing
parties (as determined by a court of competent jurisdiction by a final and nonappealable judgment).

 

(c)               
THE APPROVED ELECTRONIC PLATFORM AND THE COMMUNICATIONS ARE PROVIDED “AS IS” AND “AS AVAILABLE”.
THE APPLICABLE PARTIES (AS DEFINED 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, ANY DOCUMENTATION AGENT, ANY SYNDICATION
AGENT 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, OTHER THAN DIRECT ACTUAL DAMAGES
ARISING FROM THE gross negligence, bad faith or willful misconduct of any applicable party (as
determined by a court of competent jurisdiction by a final and nonappealable judgment).

 

(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 each 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 such 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 the Company 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.

 

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Section
8.04   The Administrative Agent Individually.
With respect to its Commitment, 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, an 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, the Parent, any Subsidiary or any Affiliate of any of the
foregoing as if 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 Company, whether or not a successor Administrative Agent has been appointed. Upon any such resignation, the Required
Lenders shall have the right, in consultation with (and, so long as no Default shall then exist, the consent of, such consent not to be
unreasonably withheld) the Company, 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 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 New York, New York or an Affiliate of any such bank. In both cases,
such appointment shall be subject to the prior written approval of the Company (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 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 Company,
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 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 VIII 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 the retiring Administrative
Agent was acting as Administrative Agent.

 

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Section
8.06   Acknowledgement of Lenders
and Issuing Banks.

 

(a)               
Each Lender and each Issuing Bank represents and warrants that (i) the Loan Documents set forth the terms of a commercial
lending facility, (ii) it is engaged in making, acquiring or holding commercial loans and in providing other facilities set forth herein
as may be applicable to such Lender or such Issuing Bank, in each case in the ordinary course of business, and not for the purpose of
purchasing, acquiring or holding any other type of financial instrument (and each Lender and each Issuing Bank agrees not to assert a
claim in contravention of the foregoing), (iii) it has, independently and without reliance upon the Administrative Agent, any Arranger,
any Syndication Agent, any Documentation Agent or any other Lender or other Issuing Bank, 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 and (iv) it is sophisticated with respect to decisions to
make, acquire and/or hold commercial loans and to provide other facilities set forth herein, as may be applicable to such Lender or such
Issuing Bank, and either it, or the Person exercising discretion in making its decision to make, acquire and/or hold such commercial loans
or to provide such other facilities, is experienced in making, acquiring or holding such commercial loans or providing such other facilities.
Each Lender and each Issuing Bank also acknowledges that it will, independently and without reliance upon the Administrative Agent, any
Arranger, any Syndication Agent, any Documentation Agent or any other Lender or other Issuing Bank, 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 Company 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.

 

(c)               
 

 

(i)                 Each
Lender hereby agrees that (x) if the Administrative Agent notifies such Lender that the Administrative Agent has
determined in its sole discretion that any funds received by such Lender from the Administrative Agent or any of its Affiliates
(whether as a payment, prepayment or repayment of principal, interest, fees or otherwise; individually and collectively, a
 “Payment”) were erroneously transmitted to such Lender (whether or not known to such Lender), and demands the
return of such Payment (or a portion thereof), such Lender shall promptly, but in no event later than one (1) Business Day
thereafter, return to the Administrative Agent the amount of any such Payment (or portion thereof) as to which such a demand was
made in same day funds, together with interest thereon in respect of each day from and including the date such Payment (or portion
thereof) was received by such Lender to the date such amount is repaid 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 from time to
time in effect, and (y) to the extent permitted by applicable law, such Lender shall not assert, and hereby waives, as to the
Administrative Agent, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or
counterclaim by the Administrative Agent for the return of any Payments received, including without limitation any defense based on
 “discharge for value” or any similar doctrine.  A notice of the Administrative Agent to any Lender under this Section
8.06(c) shall be conclusive, absent manifest error.

 

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(ii)              
Each Lender hereby further agrees that if it receives a Payment from the Administrative Agent or any of its Affiliates (x)
that is in a different amount than, or on a different date from, that specified in a notice of payment sent by the Administrative Agent
(or any of its Affiliates) with respect to such Payment (a “Payment Notice”) or (y) that was not preceded or accompanied
by a Payment Notice, it shall be on notice, in each such case, that an error has been made with respect to such Payment.  Each Lender
agrees that, in each such case, or if it otherwise becomes aware a Payment (or portion thereof) may have been sent in error, such Lender
shall promptly notify the Administrative Agent of such occurrence and, upon demand from the Administrative Agent, it shall promptly, but
in no event later than one (1) Business Day thereafter, return to the Administrative Agent the amount of any such Payment (or portion
thereof) as to which such a demand was made in same day funds, together with interest thereon in respect of each day from and including
the date such Payment (or portion thereof) was received by such Lender to the date such amount is repaid 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 from time to time in effect.

 

(iii)            
The Company and each other Loan Party hereby agrees that (x) in the event an erroneous Payment (or portion thereof) are not recovered
from any Lender that has received such Payment (or portion thereof) for any reason, the Administrative Agent shall be subrogated to all
the rights of such Lender with respect to such amount and (y) an erroneous Payment shall not pay, prepay, repay, discharge or otherwise
satisfy any Obligations owed by the Company or any other Loan Party, except in each case, to the extent such erroneous Payment is, and
solely with respect to the amount of such erroneous Payment that is, comprised of funds received by the Administrative Agent from the
Company or any other Loan Party for the purpose of satisfying an Obligation.

 

(iv)             
Each party’s obligations under this Section 8.06(c) shall survive the resignation or replacement of the Administrative
Agent or any transfer of rights or obligations by, or the replacement of, a Lender, the termination of the Commitments or the repayment,
satisfaction or discharge of all Obligations under any Loan Document.

 

Section
8.07   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 the Company 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;

 

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(iii)            
 (A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part
VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate
in, administer and perform the Loans, the Letters of Credit, the Commitments and this Agreement, (C) the entrance into, participation
in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement satisfies the requirements
of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a)
of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance
of the Loans, the Letters of Credit, the Commitments and this Agreement; or

 

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

 

(b)               
In addition, unless sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or such Lender
has 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, the Arrangers, the Syndication Agents, the Documentation Agents and their respective Affiliates, and not, for the avoidance of
doubt, to or for the benefit of the Company or any other Loan Party, that none of the Administrative Agent, the Arrangers, the Syndication
Agents, the Documentation Agents or any of their respective Affiliates is a fiduciary with respect to the assets of such Lender (including
in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any Loan Document or any
documents related hereto or thereto).

 

(c)               
The Administrative Agent and each Arranger hereby informs the Lenders that each such Person is not undertaking to provide
impartial investment advice, or to give advice in a fiduciary capacity, in connection with the transactions contemplated hereby, and that
such Person has a financial interest in the transactions contemplated hereby in that such Person or an Affiliate thereof (i) may receive
interest or other payments with respect to the Loans, the Letters of Credit, the Commitments, 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 fees 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.

 

Article
IX.

Miscellaneous

 

Section
9.01   Notices.

 

(a)               
Except in the case of notices and other communications expressly permitted to be given by telephone or other means permitted
hereunder (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, as follows:

 

(i)                 if
to any Loan Party, to Pentair Finance S.à r.l. (in care of Pentair, Inc.), 5500 Wayzata Boulevard, Suite 900, Golden Valley,
MN 55416-1261, Attention: Bob Fishman (Email Bob.Fishman@Pentair.com; Telephone No. (763) 656-1845, with a copy to, in the case of
any notice of Default or Event of Default, Pentair Finance S.à r.l. (in care of Pentair, Inc.), 5500 Wayzata Boulevard, Suite
900, Golden Valley, MN 55416-1261, Attention: Karla Robertson (Telecopy No. (763) 656-5403; Email
Karla.Robertson@Pentair.com; Telephone No. (763) 545-1730);

 

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(ii)              
if to the Administrative Agent, (A) in the case of Borrowings denominated in Dollars (other than Designated Loans), to JPMorgan
Chase Bank, N.A., JPMorgan Loan Services, 10 South Dearborn, Floor L2, Chicago, Illinois 60603, Attention: Steven Jakubowski (Telecopy
No. 844-490-5663; Email jpm.agency.cri@jpmorgan.com), (B) in the case of Borrowings denominated in Foreign Currencies and Designated Loans,
to J.P. Morgan AG, 25 Bank Street, Canary Wharf, London E14 5JP, Attention of The Manager, Loan & Agency Services (Telecopy No. 44
207 777 2360; Email emea.london.agency@jpmorgan.com), (C) for all other notices, to JPMorgan Chase Bank, N.A., 8181 Communications Pkwy,
Building B, Floor 6, Plano, Texas 75024, Attention of Peter Predun (Email peter.predun@jpmorgan.com) and (D) in the case of a notification
of the DQ List, to JPMDQ_Contact@jpmorgan.com;

 

(iii)            
if to an Issuing Bank, to it at (a) JPMorgan Chase Bank, N.A., JPMorgan Loan Services, 10 South Dearborn, Floor L2, Chicago, Illinois
60603, Attention: Chicago LC Agency Activity Team (Email Chicago.lc.agency.closing.team@jpmorgan.com; Chicago.lc.agency.activity.team@jpmorgan.com)
or (b) in the case of any other Issuing Bank, to it at the address and telecopy number specified from time to time by such Issuing Bank
to the Company and the Administrative Agent;

 

(iv)             
if to JPMorgan in its capacity as a Swingline Lender, (A) in the case of Swingline Loans denominated in Dollars (other than Designated
Swingline Loans), to it at JPMorgan Chase Bank, N.A., 10 South Dearborn, Floor L2, Chicago, Illinois 60603, Attention: Steven Jakubowski
(Telecopy No. 888-303-9732; Email jpm.agency.cri@jpmorgan.com) and (B) in the case of Swingline Loans denominated in Foreign Currencies
and Designated Swingline Loans, to it at J.P. Morgan AG, 25 Bank Street, Canary Wharf, London E14 5JP, Attention of The Manager, Loan
 & Agency Services (Telecopy No. 44 207 777 2360; Email emea.london.agency@jpmorgan.com) or (b) in the case of any other Swingline
Lender, to it at the address and telecopy number specified from time to time by such Swingline Lender to the Company and the Administrative
Agent; and

 

(v)               
if to any other Lender, to it at its address (or telecopy number) 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 Approved Electronic Platforms, 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 Banks hereunder may be delivered or furnished by using Approved
Electronic Platforms 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 Company 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 email 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 email 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 email
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.

 

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(c)               
Any party hereto may change its address or telecopy number 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, any 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 Banks and the Lenders hereunder
and under the other Loan Documents are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver
of any provision of this Agreement or consent to any departure by any 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 any Issuing Bank
may have had notice or knowledge of such Default at the time.

 

(b)                Except
as provided in Section 2.25 with respect to the extension of the Maturity Date, or as provided in Section 2.20 with
respect to an Incremental Term Loan Amendment or as provided in Section 2.14(b), Section 2.14(c) and Section 2.14(d)
or as provided in Section 9.02(e), neither this Agreement nor any provision hereof may be waived, amended or modified except
pursuant to an agreement or agreements in writing entered into by the Borrowers and the Required Lenders or by the Borrowers and the
Administrative Agent with the consent of the Required Lenders; provided that no such agreement shall (i) increase the
Commitment of any Lender without the written consent of such Lender (provided that an amendment, modification, waiver or consent
with respect to any condition precedent, covenant, mandatory prepayment pursuant to Section 2.11.2, Event of Default or
Default shall not constitute an increase in the Commitment of any Lender), (ii) reduce the principal amount of any Loan or LC
Disbursement or reduce the rate of interest thereon (other than waivers or amendments with respect to the application of a default
rate of interest pursuant to Section 2.13(b)), or reduce any fees payable hereunder, without the written consent of each
Lender directly and adversely affected thereby (except that any amendment or modification of the financial covenants or ratios in
this Agreement (or defined terms used in the financial covenants or ratios in this Agreement) shall not constitute a reduction in
the rate of interest or fees for purposes of this clause (ii)), (iii) postpone the scheduled date of payment of the principal amount
of any Loan or LC Disbursement, or any interest thereon, or any fees 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 directly
and adversely affected thereby (other than any reduction of the amount of, or any extension of the payment date for, the mandatory
prepayments required under Section 2.11.2, in each case which shall only require the approval of the Required Lenders,
and it being further understood that an amendment, modification, waiver or consent with respect to any condition precedent,
covenant, mandatory prepayment pursuant to Section 2.11.2, Event of Default or Default in each case shall not constitute such
a postponement, reduction, waiver or excusal), (iv) change Section 2.09(d) or Section 2.18(b) or (c) in a
manner that would alter the ratable reduction of Commitments or pro rata sharing of payments required thereby, without the written
consent of each Lender directly and adversely affected thereby, (v) change the payment waterfall provisions of Section
2.24(b) without the written consent of each Lender, (vi) (x) waive any condition set forth in Section 4.02 in respect of the
making of a Revolving Loan without the written consent of the Required Revolving Lenders or (y) waive any condition set forth in
Section 4.02 in respect of the making of a Term Loan without the written consent of the Required Term Lenders, (vii) change any of
the provisions of this Section or the definition of “Required Lenders”, “Required Revolving Lenders” or
 “Required Term Lenders” or any other provision hereof specifying the number or percentage of Lenders required to waive,
amend or modify any rights hereunder or make any determination or grant any consent hereunder, without the written consent of each
Lender directly affected thereby (it being understood that, solely with the consent of the parties prescribed by Section 2.20
to be parties to an Incremental Term Loan Amendment, Incremental Term Loans may be included in the determination of Required Lenders
on substantially the same basis as the Commitments and the Revolving Loans are included on the Effective Date) or (viii) release the
Parent from its obligations under Article X (other than with respect to any Borrower ceasing to be a Borrower in accordance
with this Agreement) without the written consent of each Lender; provided further that (1) no such agreement shall amend,
modify or otherwise affect the rights or duties of the Administrative Agent, any Issuing Bank or any Swingline Lender hereunder
without the prior written consent of the Administrative Agent, such Issuing Bank or such Swingline Lender, as the case may be (it
being understood that any change to Section 2.24 shall require the consent of the Administrative Agent, the Issuing Banks and the
Swingline Lenders) and (2) any amendment or waiver that by its terms affects the rights or duties of Lenders holding Loans or
Commitments of a particular Class (but not the Lenders holding Loans or Commitments of any other Class) will require only the
requisite percentage in interest of the affected Class of Lenders that would be required to consent thereto if such Class of Lenders
were the only Class of Lenders. Notwithstanding the foregoing, (A) no consent with respect to any amendment, waiver or other
modification of this Agreement shall be required of any Defaulting Lender, except with respect to any amendment, waiver or other
modification referred to in clause (i), (ii) or (iii) of the first proviso of this paragraph and then only in the event such
Defaulting Lender shall be directly and adversely affected by such amendment, waiver or other modification, and (B) as to any
amendment, amendment and restatement or other modification otherwise approved in accordance with this Section, it shall not be
necessary to obtain the consent or approval of any Lender that, upon giving effect to such amendment, amendment and restatement or
other modification, would have no Commitment or outstanding Loans, so long as such Lender receives payment in full of the principal
of and interest on each Loan made by, and all other amounts owing to, such Lender or accrued for the account of such Lender under
this Agreement and the other Loan Documents at the time such amendment, amendment and restatement or other modification becomes
effective.

 

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(c)                If,
in connection with any proposed amendment, waiver or consent requiring the consent of “each Lender” or “each
Lender directly 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 not obtained being referred to herein as a “Non-Consenting
Lender”), then the Company 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 Company and the
Administrative Agent 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, (ii) each Borrower 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 such Borrower 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 and (iii)
such Non-Consenting Lender shall have received the outstanding principal amount of its Loans and participations in LC Disbursements.
Each party hereto agrees that (1) an assignment required pursuant to this paragraph may be effected pursuant to an Assignment and
Assumption executed by the Company, 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 (2) 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.

 

(d)               
Notwithstanding the foregoing, this Agreement and any other Loan Document may be amended (or amended and restated) with
the written consent of the Required Lenders, the Administrative Agent and the Borrowers (x) to add one or more credit facilities
(in addition to the Incremental Term Loans pursuant to an Incremental Term Loan Amendment) to this Agreement and to permit extensions
of credit from time to time outstanding thereunder and the accrued interest and fees in respect thereof to share ratably in the benefits
of this Agreement and the other Loan Documents with the Revolving Loans, the initial Term Loans, Incremental Term Loans and the accrued
interest and fees in respect thereof and (y) to include appropriately the Lenders holding such credit facilities in any determination
of the Required Lenders, the Required Revolving Lenders, the Required Term Lenders and the Lenders.

 

(e)               
If the Administrative Agent and the Company 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 Company 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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Section
9.03   Expenses; Indemnity; Damage
Waiver. (a) The Company shall pay (i) all reasonable, documented and invoiced out-of-pocket expenses incurred by the Administrative
Agent and JPMCB in its capacity as an Arranger, including the reasonable, documented and invoiced fees, disbursements and other charges
of one primary counsel (and one additional local counsel in each applicable jurisdiction) for the Administrative Agent, in connection
with the syndication and distribution (including, without limitation, via the internet or through a service such as Intralinks) of the
credit facilities provided for herein, 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); provided that, in advance of contacting outside counsel of the Administrative Agent regarding matters
concerning the administration of this Agreement in respect of which the Administrative Agent will expect to be reimbursed by the Company,
the Administrative Agent will notify the Company of its intent to contact such outside counsel, (ii) all reasonable, documented and invoiced
out-of-pocket expenses incurred by any Issuing Bank in connection with the issuance, amendment or extension of any Letter of Credit or
any demand for payment thereunder and (iii) all reasonable, documented and invoiced out-of-pocket expenses incurred by the Administrative
Agent or any Lender, including the reasonable fees, disbursements and other charges of one primary counsel (and one local counsel in each
applicable jurisdiction) for the Administrative Agent, one additional counsel for all the Lenders other than the Administrative Agent
and additional counsel as any Lender reasonably determines are necessary to avoid actual or potential conflicts of interest or the availability
of different claims or defenses, in connection with the enforcement or protection of its rights in connection with this Agreement and
any other Loan Document at any time during a Default, 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
during an Event of Default in respect of such Loans or Letters of Credit.

 

(b)                The
Company 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, liabilities, penalties and related reasonable and documented costs and expenses,
including the reasonable fees, charges and disbursements of one primary counsel (and one local counsel in each applicable
jurisdiction) for the Indemnitees taken as a whole and additional counsel as any Indemnitee or group of Indemnitees reasonably
determines are necessary to avoid actual or potential conflicts of interest or the availability of different claims or defenses
(solely to the extent the Company is informed in writing of such conflict or different claim or defense in advance of hiring
additional counsel), as and when incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result
of (i) the execution or delivery of any Loan Document or any agreement or instrument contemplated thereby, or 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 any 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 the Company or any of its Subsidiaries, or any Environmental Liability related in any way
to the Company or any of its Subsidiaries, 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 the Company or any other Loan Party or its 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, liabilities or
related expenses are determined by a court of competent jurisdiction by final and non-appealable judgment to have resulted from (a)
the gross negligence, bad faith or willful misconduct of such Indemnitee or any of its Related Indemnified Persons, (b) a dispute
among the Indemnitees not arising from an act or omission of the Company or any of its Affiliates (other than a dispute involving a
claim against an Indemnitee for its acts or omissions in its capacity as an arranger, bookrunner, agent or similar role in respect
of the credit facilities evidenced by this Agreement, except, with respect to this clause (b), to the extent such acts or omissions
are determined by a court of competent jurisdiction by final and non-appealable judgment to have constituted the gross negligence,
bad faith or willful misconduct of such Indemnitee in such capacity) or (c) such Indemnitee’s or any of its Related
Indemnified Persons’ material breach of the Loan Documents (as determined pursuant to a claim asserted by the Company, whether
as a claim, counterclaim or otherwise). 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. For purposes of this Section 9.03(b), a
 “Related Indemnified Person” of an Indemnitee means (1) any controlled Affiliate of such Indemnitee, (2) the
respective directors, managers, officers and employees of such Indemnitee and of its controlled Affiliates and (3) the respective
agents of such Indemnitee and its controlled Affiliates, in the case of this clause (3), acting at the express instructions of such
Indemnitee or such controlled Affiliate; provided that each reference to a controlled affiliate, director, manager, officer
or employee in this sentence pertains to a controlled affiliate, director, manager, officer or employee involved in the arrangement,
negotiation or syndication of the credit facilities evidenced by this Agreement and/or the consummation of the transactions
contemplated by the Loan Documents.

 

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(c)               
To the extent that the Company fails to pay any amount required to be paid by it to the Administrative Agent, any Issuing
Bank or any Swingline Lender under paragraph (a) or (b) of this Section, each Lender severally agrees to pay to the Administrative Agent,
such Issuing Bank or such Swingline Lender, 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 (it being understood that the Company’s
failure to pay any such amount shall not relieve the Company of any default in the payment thereof); provided that the unreimbursed
expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the
Administrative Agent, such Issuing Bank or such Swingline Lender, each in their capacity as such.

 

(d)                To
the extent permitted by applicable law, the Company shall not assert, and hereby waives, any claim against any of 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 a “Lender-Related Person”) (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),
other than for direct or actual damages determined by a court of competent jurisdiction by final and nonappealable judgment to have
resulted from the gross negligence, bad faith or willful misconduct of such Lender-Related Person 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, any Letter of Credit or the use of the proceeds thereof.

 

(e)               
All amounts due under this Section shall be payable not later than 30 days after written demand therefor accompanied by
a reasonably detailed calculation of the amount demanded.

 

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 an 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 any 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 an 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 Banks
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
Commitments, 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, conditioned or delayed, it being understood that in the case of any assignment that requires the Company’s
consent, without limiting any other factors that may be reasonable, it shall be reasonable for the Company to consider a proposed assignee’s
right to require reimbursement for increased costs when determining whether to consent to such an assignment) of:

 

(A)             
the Company (provided that the Company shall be deemed to have consented to any such assignment unless it shall object thereto
by written notice to the Administrative Agent within ten (10) Business Days after having received notice thereof), provided that
no consent of the Company shall be required (but notice to the Company, either prior to or promptly after such assignment, shall be required)
for an assignment to (1) a Lender, an Affiliate of a Lender or an Approved Fund (provided further, notwithstanding the preceding clause
(1), the consent of the Company shall be required if, after giving effect to such assignment, the assignee, collectively with its affiliated
Lenders and affiliated Approved Funds, would, as a result of such assignment, hold more than fifteen percent (15%) of the aggregate amounts
of Loans and unused Commitments), or, (2) if an Event of Default under clause (a), (f), (g) or (h) of Article VII has occurred
and is continuing, any assignee; and

 

(B)             
the Administrative Agent;

 

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(C)             
 the Issuing Banks; provided that no consent of the Issuing Banks shall be required for an assignment of all or any portion of
a Term Loan Commitment or a Term Loan; and

 

(D)             
the Swingline Lenders; provided that no consent of the Swingline Lenders shall be required for an assignment of all or any portion
of a Term Loan Commitment or a Term Loan.

 

(ii)              
Assignments shall be subject to the following additional conditions:

 

(A)             
except in the case of an assignment to a Lender or 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 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 (in the case of Revolving Commitments and Revolving Loans) or $500,000
(in the case of Term Loans) unless each of the Company and the Administrative Agent otherwise consent, provided that no such consent
of the Company shall be required if an Event of Default under clause (a), (f), (g) or (h) of Article VII 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 an Approved Electronic 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, such fee to be paid by either the assigning Lender or the assignee Lender or shared between such Lenders;

 

(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 and its Affiliates 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;

 

(E)              
without the prior written consent of the Administrative Agent, no assignment shall be made to a prospective assignee that bears
a relationship to the Company described in Section 108(e)(4) of the Code;

 

(F)              
the assignee shall not be the Company or any Subsidiary or Affiliate of the Company; and

 

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(G)              Notwithstanding
anything to the contrary in this Section 9.04 or elsewhere in this Agreement, the consent of each Swiss Borrower shall, so
long as no Event of Default has occurred and is continuing, be required (such consent not to be unreasonably withheld or delayed)
for an assignment or participation to an assignee or Participant that is a Swiss Non-Qualifying Lender; provided, however,
that such a consent shall not be required by any Swiss Borrower, if, taking into consideration the contemplated assignment or
participation, the number of Lenders or Participants, as applicable, that are Swiss Non-Qualifying Lenders, does not exceed ten
(10).

 

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.

 

“Ineligible Institution”
means (a) a natural person, (b) a Defaulting Lender or its Lender Parent, (c) the Parent, any of its Subsidiaries or any of its Affiliates,
(d) a company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural person or relative(s) thereof
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 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 each 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, and the Borrowers,
the Administrative Agent, the Issuing Banks 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 Company, any 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(c), 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.

 

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(c)               
 (i) Any Lender may, without the consent of, or notice to, the Company, the Administrative Agent, any Issuing Bank or any
Swingline Lender, 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/or obligations under this Agreement (including all or a portion of
its Commitment and/or 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, (C) the Borrowers,
the Administrative Agent, the Issuing Banks and the other Lenders shall continue to deal solely and directly with such Lender in connection
with such Lender’s rights and obligations under this Agreement (D) without the prior written consent of the Administrative Agent,
no participation shall be sold to a prospective participant that bears a relationship to the Company described in Section 108(e)(4) of
the Code and (E) each Participant shall be a Swiss Qualifying Lender or, if not, the prior written consent of each Swiss Borrower has
been obtained (such consent not to be unreasonably withheld or delayed; provided that no Swiss Borrower shall consent to a participation
that would be in violation of the Swiss Non-Bank Rules; provided, further, that no consent of any Swiss Borrower shall be required if
an Event of Default has occurred and is continuing). 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) or
in clause (i) of Section 9.04(a) that affects such Participant. Subject to paragraph (c)(ii) of this Section, each 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 Section 2.17(j)) to the same extent as if it were a Lender and had acquired
its interest by assignment pursuant to paragraph (b) of this Section. To the extent permitted by law, each Participant also shall be entitled
to the benefits of Section 9.08 as though it were a Lender, provided such Participant agrees to be subject to Section 2.18(c)
as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the
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 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 Treasury Regulations Section 5f.103-1(c) and Proposed Treasury
Regulations Section 1.163-5(b) (or any amended or successor version). The entries in the Participant Register shall be conclusive absent
manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation
for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in
its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.

 

(ii)              
A Participant shall not be entitled to receive any greater payment under Section 2.15 or 2.17 than the applicable
Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation
to such Participant is made with the Company’s prior written consent. A Participant that would be a Foreign Lender if it were a
Lender shall not be entitled to the benefits of Section 2.17 unless the Company is notified of the participation sold to such Participant
and such Participant agrees, for the benefit of the Company, to comply with Section 2.17(e) and (h) as though it were a
Lender.

 

(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 or
any central bank having jurisdiction over such Lender, 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.

 

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(e)               
Disqualified Institutions.

 

(i)                
No assignment or participation shall be made to any Person that was a Disqualified Institution as of the date (the “Trade
Date”) on which the assigning Lender entered into a binding agreement to sell and assign or grant a participation in all or
a portion of its rights and obligations under this Agreement to such Person (unless the Company has consented to such assignment or participation
in writing in its sole and absolute discretion, in which case such Person will not be considered a Disqualified Institution for the purpose
of such assignment or participation). For the avoidance of doubt, with respect to any assignee or Participant that becomes a Disqualified
Institution after the applicable Trade Date (including as a result of the delivery of a notice pursuant to, and/or the expiration of the
notice period referred to in, the definition of “Disqualified Institution”), (x) such assignee or Participant shall not retroactively
be disqualified from being a Lender or Participant and (y) the execution by the Company of an Assignment and Assumption with respect to
such assignee will not by itself result in such assignee no longer being considered a Disqualified Institution. Any assignment or participation
in violation of this clause (e)(i) shall not be void, but the other provisions of this clause (e) shall apply.

 

(ii)              
If any assignment or participation is made to any Disqualified Institution without the Company’s prior written consent in
violation of clause (i) above, or if any Person becomes a Disqualified Institution after the applicable Trade Date, the Company
may, at its sole expense and effort, upon notice to the applicable Disqualified Institution and the Administrative Agent, require such
Disqualified Institution 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 to one or more Persons (other than an Ineligible Institution)
at the lesser of (x) the principal amount thereof and (y) the amount that such Disqualified Institution paid to acquire such interests,
rights and obligations in each case plus accrued interest, accrued fees and all other amounts (other than principal amounts) payable to
it hereunder.

 

(iii)            
Notwithstanding anything to the contrary contained in this Agreement, Disqualified Institutions to whom an assignment or participation
is made in violation of clause (i) above (A) will not have the right to (x) receive information, reports or other materials provided to
Lenders by the Company, the Administrative Agent or any other Lender, (y) attend or participate in meetings attended by the Lenders (or
any of them) and the Administrative Agent, or (z) access any electronic site established for the Lenders or confidential communications
from counsel to or financial advisors of the Administrative Agent or the Lenders and (B) (x) for purposes of any consent to any amendment,
waiver or modification of, or any action under, and for the purpose of any direction to the Administrative Agent or any Lender to undertake
any action (or refrain from taking any action) under this Agreement or any other Loan Document, each Disqualified Institution will be
deemed to have consented in the same proportion as the Lenders that are not Disqualified Institutions consented to such matter, and (y)
for purposes of voting on any plan of reorganization, each Disqualified Institution party hereto hereby agrees (1) not to vote on such
plan of reorganization, (2) if such Disqualified Institution does vote on such plan of reorganization notwithstanding the restriction
in the foregoing clause (1), such vote will be deemed not to be in good faith and shall be “designated” pursuant to Section
1126(e) of the Bankruptcy Code (or any similar provision in any other applicable laws), and such vote shall not be counted in determining
whether the applicable class has accepted or rejected such plan of reorganization in accordance with Section 1126(c) of the Bankruptcy
Code (or any similar provision in any other applicable laws) and (3) not to contest any request by any party for a determination by the
Bankruptcy Court (or other applicable court of competent jurisdiction) effectuating the foregoing clause (2).

 

(iv)             
 The Administrative Agent shall have the right, and the Company hereby expressly authorizes the Administrative Agent, to (A) post
the list of Disqualified Institutions provided by the Company and any updates thereto from time to time (collectively, the “DQ
List”) on an Approved Electronic Platform, including that portion of such Approved Electronic Platform that is designated for
 “public side” Lenders and/or (B) provide the DQ List to each Lender or potential Lender requesting the same.

 

(v)               
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, by any other Person to any ‎Disqualified Institution.

 

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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, any 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 in accordance with their terms as long as the principal
of or any accrued interest on any Loan or any fee or any other amount payable under this Agreement or any other Loan Document 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, 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.

 

Section
9.06   Counterparts;
Integration; Effectiveness; Electronic Execution. 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 thereof and
supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof and thereof.
Except as provided in Section 4.01, this Agreement shall become effective when it shall have been executed by the
Administrative Agent and when the Administrative Agent shall have received counterparts hereof which, when taken together, bear the
signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and assigns. Delivery of an executed counterpart of a signature page of (x) this Agreement, (y) any
other Loan Document and/or (z) any document, amendment, approval, consent, information, notice (including, for the avoidance of
doubt, any notice delivered pursuant to Section 9.01), certificate, request, statement, disclosure or authorization related
to this Agreement, any other Loan Document and/or the transactions contemplated hereby and/or thereby (each an “Ancillary
Document”) that is an Electronic Signature transmitted by telecopy, emailed .pdf or any other electronic means that
reproduces an image of an actual executed signature page shall be effective as delivery of a manually executed counterpart of this
Agreement, such other Loan Document or such Ancillary Document, as applicable. The words “execution,”
 “signed,” “signature,” “delivery,” and words of like import in or relating to this Agreement,
any other Loan Document and/or any Ancillary Document shall be deemed to include Electronic Signatures, deliveries or the keeping of
records in any electronic form (including deliveries by telecopy,
emailed pdf, or any other electronic means that reproduces an image of an actual executed signature page), 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 and
pursuant to procedures approved by it (it being understood and agreed that the
Administrative Agent accepts, consents to and approves of transmission through electronic means of any Electronic
Signature that is a reproduction of an image of an actual executed signature page);
provided, further, without limiting the foregoing, (i) (a) to the extent the Administrative Agent has agreed to accept any
Electronic Signature, the Administrative Agent and each of the Lenders shall be entitled to rely on such Electronic Signature
purportedly given by or on behalf of the Company or any other Loan Party without further verification thereof (other than any
Electronic Signature actually known by the Administrative Agent or such Lender, as applicable, to be unauthorized or otherwise
invalid) and without any obligation to review the appearance or form of any such Electronic Signature and (b) each Loan Party shall
be entitled to rely on the Electronic Signatures of the Administrative Agent and each Lender purportedly given by or on behalf of
the Administrative Agent or such Lender, as applicable, without further verification thereof (other than any Electronic Signature
actually known by such Loan Party to be unauthorized or otherwise invalid) and without any obligation to review the appearance or
form of any such Electronic Signatures and (ii) upon the request of the Administrative Agent or any Lender, any Electronic Signature
shall be followed, as soon as reasonably practicable, by a manually executed counterpart. Without
limiting the generality of the foregoing, the Loan Parties hereby (i) agree that, for all purposes, including without limitation, in
connection with any workout, restructuring, enforcement of remedies, bankruptcy proceedings or litigation among the Administrative
Agent, the Lenders and the Loan Parties, Electronic Signatures transmitted by telecopy, emailed
pdf, or any other electronic means that reproduces an image of an actual executed signature page and/or
any electronic images of this Agreement, any other Loan Document and/or any Ancillary Document shall have the same legal effect,
validity and enforceability as any paper original, (ii) agree that the Administrative Agent and each of the Lenders may, at its
option, create one or more copies of this Agreement, any other Loan Document and/or any Ancillary Document in the form of an imaged
electronic record in any format, which shall be deemed created in the ordinary course of such Person’s business, and destroy
the original paper document (and all such electronic records shall be considered an original for all purposes and shall have the
same legal effect, validity and enforceability as a paper record), (iii) waive any argument, defense or right to contest the legal
effect, validity or enforceability of this Agreement, any other Loan Document and/or any Ancillary Document based solely on the lack
of paper original copies of this Agreement, such other Loan Document and/or such Ancillary Document, respectively, including with
respect to any signature pages thereto and (iv) waive any claim against any Indemnitee for
any Liabilities arising solely from the Administrative Agent’s and/or any Lender’s
reliance on or use of Electronic Signatures and/or transmissions by telecopy,
emailed pdf, or any other electronic means that reproduces an image of an actual
executed signature page, including any Liabilities arising as a result of the failure of
the Company and/or any other Loan Party to use any available security measures in connection with the execution, delivery or
transmission of any Electronic Signature, other than any Liabilities (x) determined by a court of competent
jurisdiction by final and nonappealable judgment to have resulted from the bad faith, gross negligence or willful misconduct of
any Lender-Related Person or (y) that result from a claim brought by any Loan Party and/or any Subsidiary thereof against any
Lender-Related Person for material breach in bad faith of this Section 9.06 if such Loan Party or such Subsidiary has
obtained a final and nonappealable judgment by a court of competent jurisdiction in its favor on such claim.

 

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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, but excluding deposits held in a trustee, fiduciary, agency or similar capacity or
otherwise for the benefit of a third party) 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 Borrower against any and all of the Obligations of such 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 such 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 set off
shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions of Section 2.24
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 Company and the Administrative Agent promptly after any such setoff and application; provided
that the failure to give such notice shall not affect the validity of such setoff and application.

 

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 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 Lender relating to
this Agreement, any other Loan Document 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 New York.

 

(c)                Each
Loan Party hereby irrevocably and unconditionally submits, for itself and its property, to only the jurisdiction of (i) the United
States District Court for the Southern District of New York sitting in the Borough of Manhattan (or if such court lacks subject
matter jurisdiction, the Supreme Court of the State of New York sitting in the Borough of Manhattan) and (ii) any U.S. federal
or Illinois state court sitting in Chicago, Illinois, and in each case any appellate court from any thereof, in any action or
proceeding arising out of or relating to this Agreement or any other Loan Document or 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 Federal (to the extent permitted by
law) or New York State 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, any 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 (i) in the courts of any jurisdiction, and (ii) in respect of any Loan Party incorporated in Luxembourg only, any courts
having jurisdiction where the head office, central administration, centre of main interest, place of effective management, domicile
and/or establishment of that Loan Party is situated or where any asset of that Loan Party is situated.

 

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(d)               
Each Borrower 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 (c) 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. The Parent, the Company and each Affiliate Borrower irrevocably designates and appoints the Service of Process Agent, as its
authorized agent, to accept and acknowledge on its behalf, service of any and all process which may be served in any suit, action or proceeding
of the nature referred to in Section 9.09(b) in any federal or New York State court sitting in New York City. The Initial Affiliate
Borrower hereby represents, warrants and confirms that the Initial Affiliate Borrower has agreed to accept such appointment. Subject to
the terms and conditions of Section 5.10, said designation and appointment shall be irrevocable by the Parent, the Company, and
such designation shall also be irrevocable by each such Affiliate Borrower until all Loans, all reimbursement obligations, interest thereon
and all other amounts payable by such Affiliate Borrower hereunder and under the other Loan Documents shall have been paid in full in
accordance with the provisions hereof and thereof and such Affiliate Borrower shall have been terminated as a Borrower hereunder pursuant
to Section 2.23. The Parent, the Company and each Affiliate Borrower hereby consents to process being served in any suit, action
or proceeding of the nature referred to in Section 9.09(b) in any federal or New York State court sitting in New York City by service
of process upon the Service of Process Agent as provided in this Section 9.09(d); provided that, to the extent lawful and
possible, notice of said service upon such agent shall be mailed by registered or certified air mail, postage prepaid, return receipt
requested, to the Service of Process Agent, and to the Parent, the Company and each such Affiliate Borrower at its address set forth in
the Affiliate Borrowing Agreement to which it is a party or to any other address of which the Company or such Affiliate Borrower, as applicable,
shall have given written notice to the Administrative Agent (with a copy thereof to the Service of Process Agent). The Parent, the Company
and each Affiliate Borrower irrevocably waives, to the fullest extent permitted by law, all claim of error by reason of any such service
in such manner and agrees that such service shall be deemed in every respect effective service of process upon the Parent, the Company
or such Affiliate Borrower, as applicable, in any such suit, action or proceeding and shall, to the fullest extent permitted by law, be
taken and held to be valid and personal service upon and personal delivery to the Parent, the Company or such Affiliate Borrower, as applicable.
To the extent the Parent, the Company or any Affiliate Borrower has or hereafter may acquire any immunity from jurisdiction of any court
or from any legal process (whether from service or notice, attachment prior to judgment, attachment in aid of execution of a judgment,
execution or otherwise), the Parent, the Company and each Affiliate Borrower hereby irrevocably waives such immunity in respect of its
obligations under the Loan Documents. 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 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.

 

    128

     

    

 

Section
9.12   Confidentiality. Each
of the Administrative Agent, the Swingline Lenders, the Issuing Banks 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 to the same extent as if
they were parties hereto), (b) to the extent requested by any regulatory authority (including any self-regulatory authority, such as the
National Association of Insurance Commissioners), (c) to the extent required (i) by applicable laws or regulations or (ii) by
any subpoena or similar legal process, (d) to any other party to this Agreement, (e) in connection with the exercise of any remedies under
this Agreement or 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 (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations
under this Agreement (it being understood that the DQ List may be disclosed to any assignee or Participant, or prospective assignee or
Participant, in reliance on and subject to the terms of this clause (f)(i)) or (ii) any actual or prospective counterparty (or its advisors)
to any swap or derivative transaction relating to any Borrower and its obligations, (g) on a confidential basis to (A) any rating agency
in connection with rating the Company or its Subsidiaries or the credit facilities provided for herein or (B) the CUSIP Service Bureau
or any similar agency in connection with the issuance and monitoring of CUSIP numbers with respect to the credit facilities provided for
herein, (h) with the written consent of the Company or (i) to the extent such Information (A) becomes publicly available other than as
a result of a breach of this Section or (B) becomes available to the Administrative Agent, any Issuing Bank or any Lender on a nonconfidential
basis from a source other than the Company or any of its Subsidiaries that the Administrative Agent, such Issuing Bank or such Lender,
as applicable, reasonably believes is not prohibited from disclosing such information to such party in violation of a duty of confidentiality
to the Company or any of its Subsidiaries. In the event of disclosure pursuant to clause (c)(ii) above, the applicable disclosing
Person shall, (x) to the extent not prohibited by applicable law, rule or regulation, as promptly as practicable notify the Company in
writing of such required disclosure, (y) so furnish only that portion of the Information which such disclosing Person reasonably determines
(which may be in reliance on the advice of legal counsel) it is legally required to disclose and (z) use commercially reasonable efforts
to ensure that any such Information so disclosed is accorded confidential treatment. For the purposes of this Section, “Information”
means all information which is received from or on behalf of the Company relating to the Company, its Subsidiaries or Affiliates or their
respective business, other than any such information that is available to the Administrative Agent, any Issuing Bank or any Lender on
a nonconfidential basis prior to disclosure by the Company 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 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 but in no event less than a reasonable degree of care.

 

Notwithstanding the foregoing
or any other provision of this Agreement to the contrary, nothing contained in this Agreement shall be deemed to prohibit the Administrative
Agent, any Swingline Lender, any Issuing Bank or any Lender from disclosing Information in any manner subject to protection under any
foreign, federal, state or local whistleblower law.

 

EACH LENDER ACKNOWLEDGES
THAT INFORMATION AS DEFINED IN THE IMMEDIATELY PRECEDING PARAGRAPH FURNISHED TO IT PURSUANT TO THIS AGREEMENT MAY INCLUDE MATERIAL NON-PUBLIC
INFORMATION CONCERNING THE COMPANY AND ITS 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.

 

ALL INFORMATION, INCLUDING
REQUESTS FOR WAIVERS AND AMENDMENTS, FURNISHED BY OR ON BEHALF OF THE COMPANY 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 COMPANY,
THE OTHER LOAN PARTIES AND THEIR RELATED PARTIES OR THEIR RESPECTIVE SECURITIES. ACCORDINGLY, EACH LENDER REPRESENTS TO THE COMPANY 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 AND AGREES TO UPDATE SUCH
CREDIT CONTACT BY NOTICE TO THE COMPANY AND THE ADMINISTRATIVE AGENT FROM TIME TO TIME AS NECESSARY TO CAUSE THE FOREGOING REPRESENTATION
TO BE TRUE AT ALL TIMES.

 

    129

     

    

 

Section
9.13   USA PATRIOT Act; Beneficial
Ownership Regulation. 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 “Patriot Act”) and the requirements of the Beneficial Ownership Regulation hereby
notifies each Loan Party that pursuant to the requirements of the Patriot Act and the Beneficial Ownership Regulation, it is required
to obtain, verify and record information that identifies such Loan Party, which information includes the name, address and tax identification
number of such Loan Party and other information that will allow such Lender to identify such Loan Party in accordance with the Patriot
Act and the Beneficial Ownership Regulation.

 

Section
9.14   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 applicable Overnight Rate to the date of repayment,
shall have been received by such Lender.

 

Section
9.15   No Fiduciary Duty, etc.

 

(a)                Each Loan
Party 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 such Loan Party 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, such Loan Party or any other person. Each Loan Party 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 Loan Party acknowledges and agrees that no Credit Party is advising such Loan Party as to
any legal, tax, investment, accounting, regulatory or any other matters in any jurisdiction in connection with this Agreement, the
other Loan Documents and the credit facilities evidenced hereby. Each Loan Party 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 herein
or in the other Loan Documents, and the Credit Parties shall have no responsibility or liability to any Loan Party with respect
thereto.

 

(b)               
Each Loan Party 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, such Loan Party, its Subsidiaries and other companies with which such Loan Party or any of its Subsidiaries 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 Loan Party 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 such Loan Party or any of its Subsidiaries
may have conflicting interests regarding the transactions described herein and otherwise. No Credit Party will use Information obtained
from the Loan Party by virtue of the transactions contemplated by the Loan Documents or its other relationships with the Loan Party 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 Loan Party 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 such Loan Party or any of its Subsidiaries, confidential information obtained from
other companies.

 

    130

     

    

 

Section
9.16   Acknowledgement and Consent
to Bail-In of Affected Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any other agreement,
arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected Financial Institution
arising under any Loan Document may be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and agrees
and consents to, and acknowledges and agrees to be bound by:

 

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

 

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

 

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

 

(ii)              
a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution,
its parent 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 the applicable
Resolution Authority.

 

To the extent not prohibited
by applicable law, rule or regulation, each Lender shall notify the Company and the Administrative Agent if it has become the subject
of a Bail-In Action (or any case or other proceeding in which a Bail-In Action may occur).

 

Section
9.17   Confirmation of Lender’s
Status as Swiss Qualifying Lender. Each Lender represents and warrants to the Loan Parties that, on the date of this Agreement (or,
if later, the date such Lender becomes a party hereto), unless notified in writing to the Company and the Administrative Agent prior to
the Effective Date (or such later date), it is a Swiss Qualifying Lender and has not entered into a participation arrangement with respect
to this Agreement with any Person that is a Swiss Non-Qualifying Lender. Any Person that shall become a successor, assign or Participant
with respect to any Lender pursuant to this Agreement shall be deemed to have represented and warranted that it is a Swiss Qualifying
Lender and has not entered into a participation arrangement with respect to this Agreement with any Person that is a Swiss Non-Qualifying
Lender or, if not, such Person accounts as one single creditor for purposes of the Swiss Non-Bank Rules. Each Lender shall promptly notify
the Company and the Administrative Agent if for any reason it ceases to be a Swiss Qualifying Lender and/or it enters into a participation
arrangement with respect to this Agreement with any Person that is a Swiss Non-Qualifying Lender.

 

Section
9.18   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.

 

    131

     

    

 

Article
X.

Guarantee

 

Section
10.01                       Guaranty.

 

In order to induce the Lenders to extend credit to the Borrowers hereunder or to any of the Parent’s Subsidiaries under
Hedging Agreements and Banking Services Agreements, and for other good and valuable consideration (the receipt and sufficiency of
which are hereby acknowledged) each Guarantor hereby irrevocably and unconditionally guarantees, as a primary obligor and not merely
as a surety, the payment when and as due, subject to the notice provisions contained in this Article X, of the Obligations
(other than the Obligations of the Parent) and the Specified Ancillary Obligations (collectively, the “Guaranteed
Obligations”). Each Guarantor further agrees that the due and punctual payment of such Guaranteed Obligations may be
extended or renewed, in whole or in part, without notice to or further assent from it, and that it will remain bound upon its
guarantee hereunder notwithstanding any such extension or renewal of any such Guaranteed Obligation. For the avoidance of doubt and
notwithstanding any provision hereof to the contrary, (i) the Guaranteed Obligations shall in no event be broader than the
performance of the related Obligations or Specified Ancillary Obligations in accordance with their terms and (ii) nothing contained
in this Article X shall affect or otherwise impair any rights (including rights of setoff or counterclaim) that the
applicable Borrower or Subsidiary may have against any holder of Guaranteed Obligation under the applicable Hedging Agreement and/or
Banking Services Agreement, as applicable, by reason of any action or failure to act of such holder thereunder (including, without
limitation, any breach or default of such holder under the related Hedging Agreement or Banking Services Agreement).

 

Each Guarantor waives presentment
to, demand of payment from and protest to any Subsidiary of any of the Guaranteed Obligations, and also waives, other than as set forth
in this Article X, notice of acceptance of its obligations and notice of protest for nonpayment. The obligations of each Guarantor
under this Article X shall not be affected by: (a) the failure of the Administrative Agent, any Issuing Bank or any Lender
(or any of its Affiliates) to assert any claim or demand or to enforce any right or remedy against any Subsidiary under the provisions
of this Agreement, any other Loan Document, any Hedging Agreement, any Banking Services Agreement or otherwise; (b) any extension or renewal
of any of the Guaranteed Obligations; (c) any rescission, waiver, amendment or modification of, or release from, any of the terms or provisions
of this Agreement, any other Loan Document, any Hedging Agreement, any Banking Services Agreement or any other agreement (other than to
the extent provided for in any express, written release, amendment, modification or waiver with respect to any of this Article X
made in accordance with Section 9.02); (d) any default, failure or delay, willful or otherwise, in the performance of any
of the Guaranteed Obligations; (e) the failure of the Administrative Agent (or any applicable Lender (or any of its Affiliates)) to take
any steps to perfect and maintain any security interest in, or to preserve any rights to, any security or collateral for the Guaranteed
Obligations, if any; (f) any change in the corporate, partnership or other existence, structure or ownership of any Subsidiary or any
other guarantor of any of the Guaranteed Obligations; (g) the enforceability or validity of the Guaranteed Obligations or any part thereof
or the genuineness, enforceability or validity of any agreement relating thereto or with respect to any collateral securing the Guaranteed
Obligations or any part thereof, or any other invalidity or unenforceability relating to or against any Subsidiary or any other guarantor
of any of the Guaranteed Obligations, for any reason related to this Agreement, any other Loan Document, any Hedging Agreement, any Banking
Services Agreement or any provision of applicable law, decree, order or regulation of any jurisdiction purporting to prohibit the payment
by such Subsidiary or any other guarantor of the Guaranteed Obligations, of any of the Guaranteed Obligations or otherwise affecting any
term of any of the Guaranteed Obligations; or (h) any other act, omission or delay to do any other act which may or might in any manner
or to any extent vary the risk of such Guarantor or otherwise operate as a discharge of a guarantor as a matter of law or equity or which
would impair or eliminate any right of such Guarantor to subrogation.

 

Each Guarantor further
agrees that its agreement hereunder constitutes a guarantee of payment when due (whether or not any bankruptcy or similar proceeding
shall have stayed the accrual or collection of any of the Guaranteed Obligations or operated as a discharge thereof) and not merely
of collection, and waives any right to require that any resort be had by the Administrative Agent, any Issuing Bank or any Lender
(or any of its Affiliates) to any balance of any deposit account or credit on the books of the Administrative Agent, any Issuing
Bank or any Lender in favor of any Subsidiary or any other Person.

 

    132

     

    

 

The obligations of each Guarantor hereunder shall not be subject
to any reduction, limitation, impairment or termination for any reason, and shall not be subject to any defense or set-off,
counterclaim, recoupment or termination whatsoever, by reason of the invalidity, illegality or unenforceability of any of the
Guaranteed Obligations, any impossibility in the performance of any of the Guaranteed Obligations or otherwise.

 

Each Guarantor further agrees
that its obligations hereunder shall constitute a continuing and irrevocable guarantee of all Guaranteed Obligations now or hereafter
existing and shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of any
Guaranteed Obligation (including a payment effected through exercise of a right of setoff) is rescinded, or is or must otherwise be restored
or returned by the Administrative Agent, the Issuing Bank or any Lender (or any of its Affiliates) upon the insolvency, examinership,
bankruptcy or reorganization of any Subsidiary or otherwise (including pursuant to any settlement entered into by a holder of Guaranteed
Obligations in its discretion).

 

In furtherance of the foregoing
and not in limitation of any other right which the Administrative Agent, any Issuing Bank or any Lender (or any of its Affiliates) may
have at law or in equity against any Guarantor by virtue hereof, upon the failure of any Subsidiary to pay any Guaranteed Obligation when
and as the same shall become due, whether at maturity, by acceleration, after notice of prepayment or otherwise, each Guarantor hereby
promises to and will, promptly but in any event within two (2) Business Days following receipt of written demand by the Administrative
Agent, any Issuing Bank or any Lender (or any of its Affiliates), forthwith pay, or cause to be paid, to the Administrative Agent, any
Issuing Bank or any Lender (or any of its Affiliates) in cash an amount equal to the unpaid principal amount of the Guaranteed Obligations
then due, together with accrued and unpaid interest thereon. Each Guarantor further agrees that if payment in respect of any Guaranteed
Obligation shall be due in a currency other than Dollars and/or at a place of payment other than New York, Chicago or any other Eurocurrency
Payment Office and if, by reason of any Change in Law, disruption of currency or foreign exchange markets, war or civil disturbance or
other similar event, payment of such Guaranteed Obligation in such currency or at such place of payment shall be impossible or, in the
reasonable judgment of the Administrative Agent, any Issuing Bank or any Lender (or any of its Affiliates), disadvantageous to the Administrative
Agent, any Issuing Bank or any Lender (or any of such Lender’s Affiliates) in any material respect, then, at the election of the
Administrative Agent, such Guarantor shall make payment of such Guaranteed Obligation in Dollars (based upon the Dollar Amount of such
Specified Ancillary Obligation on the date of payment) and/or in New York, Chicago or such other Eurocurrency Payment Office as is
designated by the Administrative Agent or such Lender and, as a separate and independent obligation, shall indemnify the Administrative
Agent, any Issuing Bank and any Lender (and such Lender’s Affiliates), as applicable, against any losses or reasonable out-of-pocket
expenses that it shall sustain as a result of such alternative payment.

 

Upon payment by any Guarantor
of any sums as provided above, all rights of such Guarantor against any Subsidiary arising as a result thereof by way of right of subrogation
or otherwise shall in all respects be subordinated and junior in right of payment to the prior indefeasible payment in full in cash of
all the Guaranteed Obligations owed by such Subsidiary.

 

Nothing shall discharge or
satisfy the liability of any Guarantor hereunder except the full performance and payment in cash of the Guaranteed Obligations.

 

Notwithstanding the foregoing
or any other provision of this Agreement to the contrary, the Existing Swiss Guarantor (a) is hereby released from all of its “Obligations”
as defined in the Existing Credit Agreement, (b) shall not have any Obligations in connection with this Agreement or any other Loan
Document and (c) shall not constitute a Guarantor or a party to this Agreement.

 

    133

     

    

 

Section
10.02                       Swiss
Limitation Language for Swiss Loan Parties.

 

If and to the extent that a payment in fulfilling the liabilities under Section
X, under any joint and several liabilities or that the use of the proceeds from the enforcement of a security interest of any Swiss
Loan Party would, at the time payment is due or the security interest is enforced, under Swiss law and practice (inter alia,
prohibiting capital repayments or restricting profit distributions) not be permitted, in particular if and to the extent that such
Swiss Loan Party guarantees obligations other than obligations of one of its direct or indirect subsidiaries (i.e. obligations of
its direct or indirect parent companies (up-stream guarantee) or sister companies (cross-stream guarantee)) (“Restricted
Obligations”), then such obligations, payment amounts and the use of the proceeds from the enforcement of such security
interest shall from time to time be limited to the amount of the freely disposable equity in accordance with Swiss law; provided
that such limited amount shall at no time be less than such Swiss Loan Party’s profits and reserves available for the
distribution as dividends (being the balance sheet profits and any reserves available for this purpose, in each case in accordance
with art. 675(2) and art. 671(1) and (2), no. 3, of the Swiss Federal Code of Obligations) at the time or times payment under or
pursuant to the Loan Documents is requested from such Swiss Loan Party, and further provided that such limitation (as may apply from
time to time or not) shall not (generally or definitively) free such Swiss Loan Party from payment obligations hereunder in excess
thereof, but merely postpone the payment date therefor until such times as payment is again permitted notwithstanding such
limitation. Any and all indemnities and guarantees contained in the Loan Documents shall be construed in a manner consistent with
the provisos herein contained.

 

(a)               
In respect of Restricted Obligations, each Swiss Loan Party shall:

 

(i)                
if and to the extent required by applicable law in force at the relevant time:

 

(A)             
subject to any applicable double taxation treaty, deduct Swiss Withholding Tax at the rate of 35% (or such other rate as in force
from time to time) from any payment made by it in respect of Restricted Obligations;

 

(B)             
pay any such deduction to the Swiss Federal Tax Administration; and

 

(C)             
notify (or ensure that the Company notifies) the Administrative Agent that such a deduction has been made and provide the Administrative
Agent with evidence that such a deduction has been paid to the Swiss Federal Tax Administration, all in accordance with Section 2.13(e)
of this Agreement; and

 

(ii)              
to the extent such a deduction is made, not be obliged to either gross-up or indemnify each recipient in relation to any such payment
made by it in respect of Restricted Obligations unless such gross-up or tax indemnity payment is permitted under the laws of Switzerland
then in force.

 

(b)               
If and to the extent requested by the Administrative Agent and if and to the extent this is from time to time required under
Swiss law (restricting profit distributions), in order to allow the Administrative Agent to obtain a maximum benefit under the Loan Documents,
each Swiss Loan Party undertakes to promptly implement all such measures and/or to promptly obtain the fulfillment of all prerequisites
allowing it to promptly perform its obligations and make the requested payment(s) thereunder from time to time, including the following:

 

(i)                
preparation of an up-to-date audited balance sheet of such Swiss Loan Party;

 

(ii)              
confirmation of the auditors of such Swiss Loan Party that the relevant amount represents the maximum freely distributable profits;

 

(iii)            
approval by a shareholders’ or a quotaholders’ meeting (as applicable) of such Swiss Loan Party of the resulting profit
distribution; and

 

(iv)             
 all such other measures necessary or useful to allow such Swiss Loan Party to make the payments and perform the obligations agreed
under the Loan Documents with a minimum of limitations.

 

 

 

[Signature Pages Follow]

 

    134

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be duly executed and delivered by their respective authorized representatives as of the day and year
first above written.

 

	 	PENTAIR Finance S.à r.l., as the Company
	 
	 	By	    /s/ James Charles Lucas
	 	 	Name: James Charles Lucas
	 	 	Title: Manager

 

Signature Page to Amended and Restated Credit Agreement

 Pentair Finance S.à r.l.

 

     

     

    

 

	 
	 	PENTAIR plc, as the Parent
	 
	 	By	  /s/ Karla Robertson
	 	 	Name: Karla Robertson
	 	 	Title: Executive Vice President, General Counsel, Secretary, and Chief Social Responsible Officer
	 	 

 

Signature Page to Amended and Restated Credit Agreement

 Pentair Finance S.à r.l.

 

     

     

    

 

 

 

	 	PENTAIR, INC., as the Initial Affiliate Borrower
	 	 
	 	By	 /s/ Robert P. Fishman
	 	 	 Name: Robert P. Fishman
	 	 	 Title: President

 

Signature Page to Amended
and Restated Credit Agreement

Pentair Finance S.à
r.l.

 

    

    

    

 

	 	JPMORGAN CHASE BANK, N.A., individually as a Lender, as a Swingline Lender, as an Issuing Bank and as Administrative Agent
	 	 
	 	By	 /s/ Peter S. Predun
	 	 	 Name: Peter S. Predun
	 	 	 Title: Executive Director

	 	 	 
	 	Jurisdiction of tax residence: United States

	 	Treaty Passport scheme reference
number: 13/M/0268710/DTTP

 

Signature Page to Amended
and Restated Credit Agreement

Pentair Finance S.à
r.l.

 

    

    

    

 

	 	U.S. BANK NATIONAL ASSOCIATION, individually as a Lender, as a Swingline Lender, as an Issuing Bank and as Syndication Agent
	 	 
	 	By	 /s/ Mila Yakovlev
	 	 	 Name: Mila Yakovlev
	 	 	 Title: Senior Vice President
	 	 	 
	 	Jurisdiction of tax residence: USA
	 	Treaty Passport scheme reference
number: 13/U/62184/DTTP

 

Signature Page to Amended
and Restated Credit Agreement 

Pentair Finance S.à r.l.

 

    

    

    

 

	 	CITIBANK, N.A., individually as a Lender, as a Swingline Lender, as an Issuing Bank and as Syndication Agent
	 	 
	 	By	/s/ Susan Olsen
	 	 	 Name: Susan Olsen
	 	 	 Title: Vice President
	 	 
	 	Jurisdiction of tax residence: USA
	 	Treaty Passport scheme reference
number: 13/C/62301/DTTP

 

Signature Page to Amended
and Restated Credit Agreement

Pentair Finance S.à r.l.

 

    

    

    

 

	 	BANK OF AMERICA, N.A., individually as a Lender, as a Swingline Lender, as an Issuing Bank and as Syndication Agent
	 	 
	 	By	/s/ Stephen J. D’Elia
	 	 	 Name: Stephen J. D’Elia
	 	 	 Title: Vice President
	 	 
	 	Jurisdiction of tax residence: United States
	 	Treaty Passport scheme reference
number: 13/B/7418/DTTP

 

Signature Page to Amended
and Restated Credit Agreement 

Pentair Finance S.à r.l.

 

    

    

    

 

	 	MUFG BANK, LTD., individually as a Lender, as a Swingline Lender, as an Issuing Bank and as Syndication Agent
	 	 
	 	By	/s/ Oscar Cortez
	 	 	 Name: Oscar Cortez
	 	 	 Title: Director
	 	 
	 	Jurisdiction of tax residence: Japan
	 	Treaty Passport scheme reference
number: 43/B/322072/DTTP

 

Signature Page to Amended
and Restated Credit Agreement

Pentair Finance S.à
r.l.

 

    

    

    

 

	 	PNC BANK, NATIONAL ASSOCIATION, as a Lender and as Documentation Agent
	 	 
	 	By	/s/ Donna Benson
	 	 	 Name: Donna Benson
	 	 	 Title: Assistant Vice President
	 	 
	 	Jurisdiction of tax residence: United States
	 	Treaty Passport scheme reference
number: 13/P/63904/DTTP

 

Signature Page to Amended
and Restated Credit Agreement

Pentair Finance S.à r.l.

 

    

    

    

 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender and as Documentation Agent
	 	 
	 	By	/s/ Kara Treiber
	 	 	 Name: Kara Treiber
	 	 	 Title: Director
	 	 
	 	Jurisdiction of tax residence: USA
	 	Treaty Passport scheme reference
number: 13/W/61173/DTTP

 

Signature Page to Amended
and Restated Credit Agreement 

Pentair Finance S.à r.l.

 

    

    

    

 

	 	BANK OF MONTREAL, LONDON BRANCH, as a Lender and as Documentation Agent
	 	 
	 	By	/s/ Wes McFarland 
	 	 	 Name: Wes McFarland
	 	 	 Title: Director
	 	 
	 	Jurisdiction of tax residence: Canada
	 	Treaty Passport scheme reference
number: 3/M/270436/DTTP

 

Signature Page to Amended
and Restated Credit Agreement 

Pentair Finance S.à r.l.

 

    

    

    

 

	 	BANCO BILBAO VIZCAYA ARGENTARIA, S.A. NEW YORK BRANCH, as a Lender and as Documentation Agent
	 	 
	 	By	/s/ Cara Younger 
	 	 	 Name: Cara Younger
	 	 	 Title: Executive Director
	 	 
	 	By	/s/ Miriam Trautmann  
	 	 	 Name: Miriam Trautmann
	 	 	 Title: Senior Vice President
	 	 	 
	 	

    Jurisdiction of tax residence: Spain

	 	Treaty Passport scheme reference
number: 9/B/75354/DTTP

 

Signature Page to Amended
and Restated Credit Agreement

Pentair Finance S.à
r.l.

 

    

    

    

 

 

 

	 	BANK OF CHINA, LOS ANGELES BRANCH, as a Lender
	 	 
	 	By  	 /s/ Yong Ou
	 	 	Name: Yong Ou
	 	 	Title: SVP & Branch Manager
	 	 
	 	Jurisdiction of tax residence: China
	 	Treaty Passport scheme reference number: 23/B/368424/DTTP

 

Signature Page to Amended and Restated Credit Agreement

Pentair Finance S.à r.l.

 

     

     

    

 

	 	The undersigned Departing Lender hereby acknowledges and agrees that, from and after the Effective Date, it is no longer a party to the Existing Credit Agreement or any of the “Loan Documents” (as defined therein) and is not a party to this Agreement other than for the sole purpose of provisions of Section 1.10 expressly applicable to it.
	 	 
	 	DEUTSCHE BANK AG NEW YORK BRANCH, as a Departing Lender
	 	 
	 	By  	 /s/ Ming K. Chu
	 	 	Ming K. Chu
	 	 	Director
	 	 
	 	By	 /s/ Douglas Darman
	 	 	Douglas Darman
	 	 	Director

 

Signature Page to Amended and Restated Credit Agreement

Pentair Finance S.à r.l.

 

     

     

    

 

	 	The undersigned Departing Lender hereby acknowledges and agrees that, from and after the Effective Date, it is no longer a party to the Existing Credit Agreement or any of the “Loan Documents” (as defined therein) and is not a party to this Agreement other than for the sole purpose of provisions of Section 1.10 expressly applicable to it.
	 	 
	 	HSBC BANK USA, NATIONAL ASSOCIATION, as a Departing Lender
	 	 
	 	By  	 /s/ Kyle Patterson
	 	 	Name: Kyle Patterson
	 	 	Title: Senior Vice President

 

Signature Page to Amended and Restated Credit Agreement

Pentair Finance S.à r.l.

 

     

     

    

 

	 	The undersigned Departing Lender hereby acknowledges and agrees that, from and after the Effective Date, it is no longer a party to the Existing Credit Agreement or any of the “Loan Documents” (as defined therein) and is not a party to this Agreement other than for the sole purpose of provisions of Section 1.10 expressly applicable to it.
	 	 
	 	ING BANK N.V., DUBLIN BRANCH, as a Departing Lender
	 	 
	 	By	 /s/ Sean Hassett
	 	 	Name: Sean Hassett
	 	 	Title: Director
	 	 
	 	By  	 /s/ Cormac Langford
	 	 	Name: Cormac Langford
	 	 	Title: Director

 

Signature Page to Amended and Restated Credit Agreement

Pentair Finance S.à r.l.

 

     

     

    

 

	 	The undersigned Departing Lender hereby acknowledges and agrees that, from and after the Effective Date, it is no longer a party to the Existing Credit Agreement or any of the “Loan Documents” (as defined therein) and is not a party to this Agreement other than for the sole purpose of provisions of Section 1.10 expressly applicable to it.
	 	 
	 	INTESA SANPAOLO S.P.A., New York Branch, as a Departing Lender
	 	 
	 	By  	/s/ Jordan Schweon
	 	 	Name: Jordan Schweon
	 	 	Title: Managing Director
	 	 
	 	By	/s/ Alessandro Toigo
	 	 	Name: Alessandro Toigo
	 	 	Title: Managing Director

  

Signature Page to Amended and Restated Credit Agreement

Pentair Finance S.à r.l.fzmd-ex101_17.htm

Exhibit 10.1

 

 

 

 

 

 

 

 

 

 

 

 

 

CREDIT AND SECURITY AGREEMENT

 

 

between

 

 

FUSE MEDICAL, INC.,

AND THOSE ENTITIES LISTED ON SCHEDULE 1 HERETO

 

 

each a Borrower and collectively the Borrowers and

CNH FINANCE FUND I, L.P.

 

 

as the Lender

 

 

Dated as of December 14, 2021

 

			
	
 
	
 
	
 

 

Exhibit 10.1

 

 

 

CREDIT AND SECURITY AGREEMENT

 

Table of Contents

Page

 

 

	
 
	
I.
	
DEFINITIONS1

	
 
	
1.1
	
General Terms1

	
 
	
1.2
	
Specific Terms1

	
 
	
1.3
	
Other Definitional and Interpretative Provisions21

	
 
	
1.4
	
Time is of the Essence21

	
 
	
II.
	
ADVANCES, PAYMENT AND INTEREST21

	
 
	
2.1
	
Advances21

	
 
	
2.2
	
Evidence of Obligations; Maturity23

	
 
	
2.3
	
Interest23

	
 
	
2.4
	
Revolving Facility Disbursements; Requirement to Deliver Borrowing Certificate24
	
 

	
 
	
2.5
	
Revolving Facility Collections; Repayment; Borrowing Availability and Controlled Deposit Accounts25
	
 

	
 
	
2.6
	
Promise to Pay; Manner of Payment26

	
 
	
2.7
	
Repayment of Excess Advances27

	
 
	
2.8
	
Payments by Lender27

	
 
	
2.9
	
Grant of Security Interest; Collateral27

	
 
	
2.10
	
Collateral Administration28

	
 
	
2.11
	
Power of Attorney31

	
 
	
2.12
	
Setoff Rights32

	
 
	
III.
	
FEES AND OTHER CHARGES32

	
 
	
3.1
	
Facility Fee32

	
 
	
3.2
	
Unused Line Fee32

	
 
	
3.3
	
Collateral Management Fee32

	
 
	
3.4
	
Early Termination Fees33

	
 
	
3.5
	
Software Interface Fee33

	
 
	
3.6
	
Computation of Fees; Lawful Limits33

	
 
	
3.7
	
Default Rate of Interest34

	
 
	
3.8
	
Acknowledgement of Joint and Several Liability34

	
 
	
IV.
	
CONDITIONS PRECEDENT37

	
 
	
4.1
	
Conditions to Closing and Advances37

	
 
	
4.2
	
Waivers of Conditions to Advances40

	
 
	
4.3
	
Post-Closing Document Delivery Requirements40

	
 
	
V.
	
REPRESENTATIONS AND WARRANTIES40

1
 

Exhibit 10.1

 

 

 

	
 
	
5.1
	
Organization and Authority40

	
 
	
5.2
	
Loan Documents41

	
 
	
5.3
	
Subsidiaries, Capitalization and Ownership Interests41

	
 
	
5.4
	
Properties42

	
 
	
5.5
	
Other Agreements42

	
 
	
5.6
	
Litigation42

	
 
	
5.7
	
Labor Matters43

	
 
	
5.8
	
Tax Returns, Governmental Reports43

	
 
	
5.9
	
Financial Statements and Reports43

	
 
	
5.10
	
Compliance with Law44

	
 
	
5.11
	
Intellectual Property44

	
 
	
5.12
	
Licenses and Permits45

	
 
	
5.13
	
Disclosure45

	
 
	
5.14
	
Existing Indebtedness; Investments, Guarantees and Certain Contracts46

	
 
	
5.15
	
Agreements with Affiliates46

	
 
	
5.16
	
Insurance46

	
 
	
5.17
	
Names, Location of Offices, Records and Collateral46

	
 
	
5.18
	
Accounts47

	
 
	
5.19
	
Healthcare Permits47

	
 
	
5.20
	
Reliance on Representations; Survival47

	
 
	
5.21
	
Compliance with Environmental Requirements; No Hazardous Substances47

	
 
	
5.22
	
Material Contracts48

	
 
	
VI.
	
AFFIRMATIVE COVENANTS49

	
 
	
6.1
	
Financial Statements, Reports and Other Information49

	
 
	
6.2
	
Payment of Obligation52

	
 
	
6.3
	
Conduct of Business and Maintenance of Existence and Assets52

	
 
	
6.4
	
Compliance with Legal, Tax and Other Obligations52

	
 
	
6.5
	
Insurance52

	
 
	
6.6
	
True Books53

	
 
	
6.7
	
Inspection; Period Audits53

	
 
	
6.8
	
Further Assurances; Post Closing54

	
 
	
6.9
	
Payment of Indebtedness54

	
 
	
6.10
	
Lien Terminations55

	
 
	
6.11
	
Use of Proceeds55

	
 
	
6.12
	
Collateral Documents; Security Interest in Collateral55

	
 
	
6.13
	
Taxes and Other Charges56

	
 
	
6.14
	
Payroll Agent56

	
 
	
6.15
	
Hazardous Substances57

	
 
	
6.16
	
Reserved57

	
 
	
6.17
	
Healthcare Permits57

	
 
	
VII.
	
NEGATIVE COVENANTS57

	
 
	
7.1
	
Financial Covenants57

2
 

Exhibit 10.1

 

 

 

	
 
	
7.2
	
No Indebtedness Other Than Permitted Indebtedness; Contingent Obligations . 58

	
 
	
7.3
	
No Liens Other Than Permitted Liens58

	
 
	
7.4
	
Investments, New Facilities or Collateral; Subsidiaries58

	
 
	
7.5
	
Prohibited Payments58

	
 
	
7.6
	
Transactions with Affiliates59

	
 
	
7.7
	
Organizational Documents; Fiscal Year; Dissolution; Use of Proceeds59

	
 
	
7.8
	
Asset Sales60

	
 
	
7.9
	
Management60

	
 
	
7.10
	
Restrictive Agreements60

	
 
	
7.11
	
Modifications of Certain Agreements61

	
 
	
7.12
	
Payments and Modifications of Subordinated Debt61

	
 
	
7.13
	
Deposit Accounts61

	
 
	
7.14
	
Truth of Statements62

	
 
	
7.15
	
IRS Form 882162

	
 
	
7.16
	
Cash Advance Loans62

	
 
	
VIII.
	
EVENTS OF DEFAULT62

	
 
	
8.1
	
Events of Default62

	
 
	
8.2
	
Acceleration and Suspension or Termination of Commitments64

	
 
	
IX.
	
RIGHTS AND REMEDIES AFTER DEFAULT65

	
 
	
9.1
	
Rights and Remedies65

	
 
	
9.2
	
Application of Proceeds66

	
 
	
9.3
	
Rights of Lender to Appoint Receiver66

	
 
	
9.4
	
Application of Payments Following Default67

	
 
	
9.5
	
Power of Attorney Following Default67

	
 
	
9.6
	
Rights and Remedies not Exclusive68

	
 
	
X.
	
WAIVERS AND JUDICIAL PROCEEDINGS68

	
 
	
10.1
	
Waivers68

	
 
	
10.2
	
Delay; No Waiver of Defaults68

	
 
	
10.3
	
Jury Waiver69

	
 
	
10.4
	
Cooperation in Discovery and Litigation69

	
 
	
XI.
	
EFFECTIVE DATE AND TERMINATION69

	
 
	
11.1
	
Effectiveness and Termination69

	
 
	
11.2
	
Survival70

	
 
	
XII.
	
ASSIGNMENTS AND PARTICIPATIONS70

	
 
	
12.1
	
Assignments70

	
 
	
12.2
	
Participations71

	
 
	
12.3
	
Defaulting Participants71

3
 

Exhibit 10.1

 

 

 

	
 
	
12.4
	
Definitions72

	
 
	
XIII.
	
MISCELLANEOUS72

	
 
	
13.1
	
Governing Law; Jurisdiction; Service of Process; Venue72

	
 
	
13.2
	
Binding Effect of Loan Documents73

	
 
	
13.3
	
Revival of Obligations73

	
 
	
13.4
	
Indemnity73

	
 
	
13.5
	
Notice74

	
 
	
13.6
	
Severability; Captions; Counterparts; Facsimile Signatures75

	
 
	
13.7
	
Expenses75

	
 
	
13.8
	
Entire Agreement76

	
 
	
13.9
	
Lender Approvals76

	
 
	
13.10
	
Confidentiality76

	
 
	
13.11
	
USA PATRIOT Act77

	
 
	
13.12
	
Release of Lender77

 

4
 

Exhibit 10.1

 

 

 

ANNEX I

 

Financial and Loan Covenants

 

EXHIBITS

 

Exhibit A-Borrowing Certificate

 

Exhibit B-Compliance Certificate

 

SCHEDULES

 

Schedule 1-List of Borrowers

 

Schedule 2.4-Borrowers’ Account for Funding Wires Schedule 2.5-Borrowers’ Deposit Accounts Schedule 5.3-Organizational Information

Schedule 5.4-Real Property Owned or Leased Schedule 5.6-Litigation

Schedule 5.11-Intellectual Property Schedule 5.16-Insurance

Schedule 5.17A-Corporate Names

 

Schedule 5.17B-Business and Collateral Locations Schedule 5.21-Environmental Exceptions Schedule 5.22-Material Contracts

Schedule 5.23-Third-Party Payor Billing Numbers Schedule 7.2(a)Permitted Indebtedness

Schedule 7.2(b)Permitted Contingent Obligations

 

Schedule 7.3-Liens

 

Schedule 7.6Permitted Affiliates

 

5
 

Exhibit 10.1

 

 

 

6
 

Exhibit 10.1

 

CREDIT AND SECURITY AGREEMENT

 

This CREDIT AND SECURITY AGREEMENT (this “Agreement”) dated as of December 14, 2021, is entered into between FUSE MEDICAL, INC., a Delaware corporation (“Fuse”), those entities listed on Schedule 1 attached hereto and any additional borrower that may hereafter be added to this Agreement (together with Fuse, individually and/or collectively, “Borrower” and/or “Borrowers”), and CNH FINANCE FUND I, L.P., a Delaware limited partnership (the “Lender”).

 

RECITALS

 

WHEREAS, Borrowers have requested that Lender make available to Borrowers the revolving credit facility (the “Revolving Facility”) as described herein; and

 

WHEREAS, Lender is willing to make the Revolving Facility available to Borrowers under the terms and subject to the conditions set forth herein.

 

AGREEMENT

 

In consideration of the foregoing and for other good and valuable consideration, the receipt and adequacy of which hereby are acknowledged, Borrowers and Lender hereby agree as follows:

 

	
 
	
I.
	
DEFINITIONS

 

	
 
	
1.1
	
General Terms

 

For purposes of this Agreement, in addition to the definitions above and elsewhere in this Agreement, the terms listed below shall have the meanings set forth. All capitalized terms used which are not specifically defined shall have meanings provided in Article 9 of the UCC to the extent the same are used or defined therein. Unless otherwise specified herein, any agreement or contract referred to herein shall mean such agreement as modified, amended or supplemented from time to time. Unless otherwise specified, as used in the Loan Documents or in any certificate, report, instrument or other document made or delivered pursuant to any of the Loan Documents, all accounting terms not defined elsewhere in this Agreement shall have the meanings given to such terms in and shall be interpreted in accordance with GAAP applied on a basis consistent with the most recent audited consolidated financial statements of the Borrowers and their consolidated Subsidiaries delivered to Lender on or prior to the Closing Date.

 

	
 
	
1.2
	
Specific Terms

 

“Account Debtor” shall mean “account debtor”, as defined in Article 9 of the UCC, and any other obligor in respect of an Account.

 

“Accounts” shall mean all of Borrowers’ (i) accounts (as that term is defined in the UCC),

(ii)payment intangibles (as that term is defined in the UCC), and (iii) all other rights of payment, collection or reimbursement (whether owed directly to a Borrower or assigned to a Borrower by a patient or other third party), whenever due, that arose out of, or will arise out of, the rendering of

 

 

Exhibit 10.1

 

services, the provision of room, board or other daily living assistance, or the sale, assignment, lease or license of Equipment, prosthetics, pharmaceutical or other Goods, whether before or after the date of this Agreement and including all of Borrowers’ rights of payment, collection or reimbursement with respect to such services from any insurer, federal or state government agency or other third party; whether billed on a fee for service, monthly per patient capitation charge or any other basis, whether or not the accounts, payment intangibles, or rights of payment, collection or reimbursement have been invoiced or billed, written off, partially paid, currently assigned to collection agencies or other third party service vendors. Without limiting the foregoing, Accounts shall also include all monies due or to become due to Borrowers and obligations to Borrowers in any form (whether arising in connection with contracts, contract rights, instruments, or Chattel Paper), in each case whether or not earned by performance, now or hereafter in existence, and all documents of title or other documents representing any of the foregoing, and all collateral security and guaranties of any kind, now or hereafter in existence, given by any Person with respect to any of the foregoing.

 

“Accrediting Organization” shall mean any Person from which any Borrower has received an accreditation as of the Closing Date or thereafter.

 

“ACH” shall mean automated clearing house.

 

“Advance” shall mean a borrowing under the Revolving Facility. Any amounts paid by Lender on behalf of any Borrower or any Guarantor under any Loan Document shall also be an Advance for purposes of this Agreement. Each Advance shall increase the principal amount outstanding hereunder.

 

“Affiliate” shall mean, as to any Person, any other Person (a) that, directly or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, such Person, (b) who is a director or officer (i) of such Person, (ii) of any Subsidiary of such Person, or (iii) of any Person described in clause (a) above with respect to such Person, (c) which, directly or indirectly through one or more intermediaries, is the beneficial or record owner (as defined in Rule 13d-3 of the Securities Exchange Act of 1934, as amended, as the same is in effect on the date hereof) of ten percent (10%) or more of any class of the outstanding Voting Stock of such Person and (d) any spouses, parents, descendants and siblings of any of the Persons described in clauses (a), (b) and (c) above. For purposes of this definition, the term “control” (and the correlative terms, “controlled by” and “under common control with”) shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the administrative management or policies (even without the power to direct or cause the direction of the clinical/medical management or policies), whether through ownership of securities or other interests, by contract or otherwise.

 

“AmBio” means AmBio Staffing, LLC, a Texas limited liability company.

 

“Applicable Margin” shall mean one and three-quarters percent (1.75%).

 

“Applicable Rate” shall mean the interest rate applicable from time to time to Advances under this Agreement.

 

Credit and Security Agreement, Page 2
 

Exhibit 10.1

 

“Availability” shall mean the Revolving Loan Limit less all Revolving Loans outstanding, minus any reserves against Availability imposed by Lender in its Permitted Discretion.

 

“Bankruptcy Code” shall mean Title 11 of the United States Code entitled “Bankruptcy”, as the same may be amended, modified or supplemented from time to time, and any successor statute thereto.

 

“Billing Date” shall mean the date on which Borrower first submits a duly completed and supported claim or bill to an Account Debtor for payment and collection of an Account or sold Inventory.

 

“Books and Records” shall mean Borrowers’ books and records specifically relating to Accounts, including, but not limited to, ledgers, records indicating, summarizing, or evidencing Accounts and all computer programs, disc or tape files, printouts, runs, and other computer prepared information with respect to the foregoing and any software necessary to operate the same.

 

“Borrower” and “Borrowers” shall mean the entity(ies) described as such in the first paragraph of this Agreement and each of their successors and permitted assigns.

 

“Borrowing Base” shall mean, as of any date of determination:

 

(a)the Net Collectible Value of Eligible Receivables, as such Net Collectible Value is determined by Lender with reference to the most recent Borrowing Certificate, other factors reasonably deemed relevant by Lender and otherwise in accordance with this Agreement; provided, however, that if as of such date of determination the most recent Borrowing Certificate is of a date more than four (4) Business Days before such date, the Borrowing Base shall be determined by Lender in its sole discretion; plus

 

	
 
	
(b)
	
the lesser of (i) the Borrowing Base Eligible Inventory Cap, or (ii) eighty percent (80%)

multiplied by the Net Orderly Liquidation Value of the Eligible Inventory; minus

 

(c)the amount of any reserves or adjustments against the Borrowing Base provided for in this Agreement or determined by Lender from time to time, in its Permitted Discretion.

 

“Borrowing Base Eligible Inventory Cap” shall mean the lesser of (i) fifty percent (50%) of the amount calculated in clause (a) of the definition of Borrowing Base, and (ii) $1,500,000.00.

 

“Borrowing Certificate” shall mean a Borrowing Certificate substantially in the form of Exhibit A.

 

“Borrowing Date” shall have the meaning assigned to that term in Section 2.4.

 

“Business Day” shall mean any day other than a Saturday, Sunday, Good Friday or other day on which the Federal Reserve or Lender is closed. Unless specifically referenced in this Agreement as a Business Day, all references to “days” shall be to calendar days.

 

Credit and Security Agreement, Page 3
 

Exhibit 10.1

 

“Capital Lease” shall mean, as to any Person, a lease or any interest in any kind of property or asset by that Person as lessee that is, should be or should have been recorded as a “capital lease” of such Person in accordance with GAAP.

 

“Capitalized Lease Obligations” shall mean all obligations of any Person under Capital Leases, in each case, taken at the amount thereof accounted for as a liability in accordance with GAAP.

 

“Cash Advance Loan” means any loan, debt, advance, merchant cash advance, business cash advance, ACH business loan, or other indebtedness or financing arrangement (whether such financing is on or off balance sheet, secured or unsecured) incurred by Borrowers based on or to be repaid by Account proceeds or Borrowers’ other revenue, or by ACH pull or withholding from any of Borrowers’ Controlled Deposit Accounts, other than the Operating Accounts.

 

“CERCLA” shall mean the Comprehensive Environmental Response, Compensation and Liability Act of 1980, 42 U.S.C.A. § 9601 et seq., as the same may be amended from time to time.

 

“Change of Control” shall mean any of the following: (a) the occurrence of a merger, consolidation, reorganization, recapitalization or share or interest exchange, sale or transfer or any other transaction or series of transactions as a result of which the owners, directly or indirectly, of a majority of any Borrower’s Voting Stock or voting power as of the date hereof cease to be entitled to elect or appoint at least a majority of such Borrower’s Board of Directors (or equivalent governing body), or (b) the resignation, termination, replacement, death, disability or any other event the result of which is the failure of the existing senior management of any Borrower to function in their current capacities, unless, (i) in the case of a replacement, the replacement is reasonably acceptable to Lender, or (ii) in all other cases a replacement reasonably satisfactory to Lender is identified and engaged within 60 days following such event, or (c) the sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of any Borrower’s assets to, or a consolidation or merger with or into, any other Person, other than any such transaction where immediately thereafter the surviving Person is a direct or indirect Subsidiary of a Borrower.

 

“Client Service Agreements” means the collective reference to (a) the Professional Employer Organization Client Service Agreement dated January 1, 2017, between Fusion and AmBio, and (b) the Professional Employer Organization Client Service Agreement dated January 1, 2015, between CPM and AmBio

 

“Closing” shall mean the date of the initial Advance under the Revolving Facility.

 

“Closing Date” shall mean the date the Closing occurs.

 

“Collateral” shall mean, collectively and each individually, all collateral or security identified in Section 2.9, together with any additional collateral or security now or hereafter granted to Lender by any Borrower or Guarantor pursuant to a Loan Document.

 

“Collateral Access Agreement” shall mean a third-party agreement setting forth the rights of the Lender with respect to Collateral located on any premises leased by a Borrower, or Collateral held, handled or processed by a warehouseman, processor, shipper, customs broker or freight

 

Credit and Security Agreement, Page 4
 

Exhibit 10.1

 

forwarder, repairman, mechanic, consignee or bailee, in each case, in form and substance reasonably satisfactory to Lender.

 

“Collateral Management Fee” shall have the meaning assigned to the term in Section

3.3.

 

“Collection Bank” shall mean a depository bank reasonably acceptable to Lender.

 

“Commercial Deposit Account” shall mean a deposit account established and maintained

in a Borrower’s name, which is used solely to collect payments with respect to such Borrower’s Accounts and other Collateral.

“Compliance Certificate” shall have the meaning assigned to the term in Section 6.1(a). “Concentration Account” shall have the meaning assigned to the term in Section 2.5. “Contingent Obligation” shall mean, with respect to any Person, any direct or indirect

liability of such Person: (a) with respect to any Indebtedness of another Person (a “Third Party Obligation”) if the purpose or intent of such Person incurring such liability, or the effect thereof, is to provide assurance to the obligee of such Third Party Obligation that such Third Party Obligation will be paid or discharged, or that any agreement relating thereto will be complied with, or that any holder of such Third Party Obligation will be protected, in whole or in part, against loss with respect thereto; (b) with respect to any undrawn portion of any letter of credit issued for the account of such Person or as to which such Person is otherwise liable for the reimbursement of any drawing; (c) under any swap contract, to the extent not yet due and payable, valued at the termination value thereof pursuant to the related master agreement, (d), to make take-or-pay or similar payments, if required regardless of nonperformance by any other party or parties to an agreement or (e) for any obligations of another Person pursuant to any Guaranty (other than a Guaranty of the Obligations or any part thereof) or pursuant to any agreement to purchase, repurchase or otherwise acquire any obligation or any property constituting security therefor, to provide funds for the payment or discharge of such obligation or to preserve the solvency, financial condition or level of income of another Person. The amount of any Contingent Obligation shall be equal to the amount of the obligation so guaranteed or otherwise supported or, if not a fixed and determinable amount, the maximum amount so guaranteed or otherwise supported.

 

“Controlled Deposit Accounts” shall mean each Commercial Deposit Account, Operating Account, and if applicable, the master collections account established by a Borrower in accordance with Section 2.5(b).

 

“Control Agreements” shall mean each deposit account control agreement, deposit account instructions and service agreement or similar agreements on each Commercial Deposit Account, Operating Account, and if applicable, the master collections account established by a Borrower in accordance with Section 2.5(b).

 

“CPM” means CPM Medical Consultants, LLC, a Texas limited liability company.

 

Credit and Security Agreement, Page 5
 

Exhibit 10.1

 

“CPM Acquisition Agreement” means the United Purchase Agreement dated as of December 15, 2017, between NC 143 Family Holdings LP and Fuse.

 

“Credit Party” shall mean any Guarantor under a Guaranty of the Obligations or any part thereof, any Borrower and any other Person (other than Lender or a participant of a Lender), whether now existing or hereafter acquired or formed, that becomes obligated as a borrower, guarantor, surety, indemnitor, pledgor, assignor or other obligor under any Loan Document, and “Credit Parties” means all such Persons, collectively.

 

“Debtor Relief Law” shall mean, collectively, the United States Bankruptcy Code and all other applicable liquidation, conservatorship, bankruptcy, moratorium, rearrangement, receivership, insolvency, reorganization or similar debtor relief laws from time to time in effect affecting the rights of creditors generally, as amended from time to time.

 

“Default” shall mean (a) any event, fact, circumstance or condition that, with the giving of applicable notice or passage of time or both, would, unless cured or waived, constitute, be, become or result in an Event of Default and (b) any Event of Default.

 

“Default Rate” shall have the meaning assigned to the term in Section 3.7.

 

“Distribution” shall mean (a) any dividend or other distribution (whether in cash, securities or other property) on any Equity Interest in a Borrower (except those payable solely in its Equity Interests of the same class or its common Equity Interests), (b) any payment by a Borrower on account of (i) the purchase, redemption, retirement, defeasance, surrender, cancellation, termination or acquisition of any Equity Interests in such Borrower or any claim respecting the purchase or sale of any Equity Interest in such Borrower, (ii) any option, warrant or other right to acquire any Equity Interests in such Borrower, or (iii) amounts paid by a Borrower to any Affiliate of any Borrower, other than Permitted Affiliates, or (c) any loan or advance to an Affiliate of Borrowers.

 

“Dollars” or “$” shall mean the lawful and freely-transferrable currency of the United States of America.

 

“Earn-Out” has the meaning specified in the CPM Acquisition Agreement.

 

“Eligible Inventory” means Inventory that is owned by the Borrowers’ and arising in the ordinary course of Borrowers’ business, which meets the following criteria:

 

a.it is subject to a first-priority Lien in favor of Lender and no other Lien (other than Permitted Liens) or rights of any other Person, including the rights of a purchaser that has made progress payments and the rights of a surety that has issued a bond to assure Borrower’s performance with respect to such Inventory;

 

b.it is located on a premises in the continental United States to which Lender has received a Collateral Access Agreement; unless such Inventory is in transit, in which event such Inventory is subject to a bill of lading or other document of title;

 

	
 
	
c.
	
it is covered by casualty insurance acceptable to Lender;

 

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Exhibit 10.1

 

d.it meets all standards imposed by applicable Law, including with respect to its production, acquisition, shipping or importation;

 

e.any covenant, representation or warranty contained in the Loan Documents with respect to such Inventory has not been breached in any material respect;

 

f.it is not covered by a negotiable document of title, unless such document has been delivered to Lender with all necessary endorsements;

 

g.it is not excess, obsolete, unsalable, shopworn, seconds, damaged, unfit for sale, unfit for further processing, is of substandard quality, is not of good and merchantable quality, free from any defects, or has been marked with a warehouse code of “quarantine”;

 

	
 
	
h.
	
it is not a work in progress, placed on consignment, or held for rental or lease;

 

i.it is not subject to any licensing, patent, royalty, trademark, trade name or copyright agreement with any third parties, which agreement restricts the ability of Lender to sell or otherwise dispose of such Inventory;

 

j.it does not have an expiration date within the next six (6) months, and does not consist of products for which Borrowers have more than a six-month supply on hand;

 

k.it does not consist of Inventory that can be transported or sold only with licenses that are not readily available or of any substances defined or designated as hazardous or toxic waste, hazardous or toxic material, hazardous or toxic substance, or similar term, by any environmental law or any Governmental Authority applicable to Borrower or its business, operations or assets;

 

l.it does not consist of (i) discontinued items, (ii) slow-moving or excess items held in inventory, (iii) used items held for resale, (iv) marketing materials, (v) display items or packing or shipping materials, (vi) manufacturing supplies, or (vii) instruments used to install implants; and

 

m.it does not fail to meet such other specifications and requirements which may from time to time be established by Lender in its sole discretion. Lender and Borrower agree that Inventory shall be subject to periodic appraisal by Lender and that valuation of Inventory shall be subject to adjustment pursuant to the results of such appraisal. Notwithstanding the foregoing, the valuation of Inventory shall be subject to any legal limitations on sale and transfer of such Inventory.

 

“Eligible Billed Receivables” shall mean each Account arising in the ordinary course of Borrowers’ business, which meets the following criteria:

 

a.it is subject to a valid perfected first priority security interest in favor of Lender, subject to no other Lien (other than Permitted Liens);

 

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Exhibit 10.1

 

b.it is evidenced by an invoice, statement, electronic submission or other documentary evidence satisfactory to Lender which has been submitted to the Account Debtor for payment in accordance with applicable Law;

 

c.it is in substantial compliance and conformance with any requisite procedures, requirements and regulations governing payment by such Account Debtor with respect to such Account, and is properly payable directly to a Borrower;

 

d.it is outstanding for no more than 150 days after the Billing Date with respect to such Account; provided that if more than fifty percent (50%) in Net Collectible Value of the Accounts payable by any one Third-Party Payor are outstanding for more than 150 days after such Accounts’ Billing Date, no Accounts payable by such Third-Party Payor shall be Eligible Billed Receivables;

 

e.it arises out of a completed, bona fide sale, assignment, lease, license and related delivery of Goods by a Borrower in the ordinary course of business, in accordance with applicable Law, and in accordance with the terms and conditions of all purchase orders, contracts, certifications, participations, certificates of need and other agreements and documents relating thereto or forming a part of the contract between a Borrower and the Account Debtor;

 

f.it does not represent the sale of Goods or rendering of services to an Account Debtor with respect to which the obligation of payment by the Account Debtor is or may be conditional for any reason, including accounts arising with respect to Goods that were

(i) not sold on an absolute basis, (ii) sold on a bill-and-hold sale basis, (iii) sold on a consignment sale basis, (iv) sold on a guaranteed sale basis, (v) sold on a sale or return basis, or (vi) sold on the basis of any other similar understanding;

 

g.it is not payable by (i) any Affiliate of Borrower or its Subsidiaries, (ii) an individual, (iii) an Account Debtor that does not maintain its principal place of business in the continental United States, (iv) a Governmental Authority, unless all applicable Laws respecting the assignment of such Account have been complied with, (v) a beneficiary, recipient or subscriber individually and not directly by a third-party obligor, or (vi) an Account Debtor that has suspended business, made a general assignment for the benefit of creditors, is unable to pay its debts generally as they become due, has filed a petition or sought relief under any Debtor Relief Laws, or is subject to a proceeding that could reasonably be expected to impair the validity, enforceability or collectability of such Account, reduce the amount payable of such Account, or delay payment of such Account;

 

h.except to the extent taken into consideration in determining Net Collectible Value, any portion of an Account that is subject to any offset, credit (including any resource or other income credit or offset), lien, deduction, defense, discount, chargeback, freight claim, allowance, adjustment, dispute or counterclaim, is not for a liquidated amount or is contingent in any respect shall not be included as an Eligible Billed Receivable;

 

i.except to the extent taken into consideration in determining Net Collectible Value, there is no agreement with an Account Debtor for any deduction from such Accounts,

 

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Exhibit 10.1

 

except for discounts or allowances made in the ordinary course of business for prompt payment, all of which discounts or allowances are reflected in the calculation of the face value of each invoice related thereto, such that only the discounted amount of such Accounts after giving effect to such discounts and allowances shall be considered an Eligible Billed Receivable;

 

j.except to the extent taken into consideration in determining Net Collectible Value, any portion of the account that includes late charges or finance charges shall not be included as an Eligible Billed Receivable;

 

k.no covenant, agreement, representation or warranty with respect to such Accounts contained in any Loan Document has been breached in any material respect and remains uncured;

 

l.if the total Eligible Billed Receivables payable by an Account Debtor exceeds fifteen percent (15%) of all Eligible Billed Receivables, then any Accounts in excess of such fifteen percent (15%) will be considered ineligible;

 

m.it is not evidenced by Chattel Paper or an Instrument, unless such Chattel Paper or Instrument has been delivered to Lender;

 

	
 
	
n.
	
it does not represent the sale of Goods that have not been shipped;

 

o.it does not arise from or relate to a letter of protection or similar agreement between an attorney, a healthcare provider, and an individual;

 

p.no return, rejection, loss or damage of Goods related to it has occurred, but only to the extent that such Goods have been so returned, rejected, lost or damaged;

 

	
 
	
q.
	
the Account is payable to a Borrower only in Dollars; and

 

r.such Account meets such specifications and requirements other than as set forth above, which may from time to time be established by Lender, in Lender’s sole discretion, by written notice to Borrowers.

 

“Eligible Receivables” shall mean Eligible Billed Receivables, and such additional Accounts as may be permitted under Section 2.1(e).

 

“Environmental Laws” shall mean all federal, state, local, and foreign laws now or hereafter in effect relating to pollution or protection of the environment, including laws relating to emissions, discharges, releases, or threatened releases of pollutants, contaminants, chemicals, or industrial, toxic, or hazardous substances or wastes or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, removal, transport, or handling of pollutants, contaminants, chemicals, or industrial, toxic, or hazardous substances or wastes, and any and all regulations, notices, or demand letters issued, entered, promulgated, or approved thereunder.

 

“Equipment” shall mean “equipment” as defined in Article 9 of the UCC.

 

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Exhibit 10.1

 

“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” shall mean the Employee Retirement Income Security Act of 1974, as the same may be amended, modified or supplemented from time to time, and any successor statute thereto, and any and all rules or regulations promulgated from time to time thereunder.

 

“ERISA Plan” shall mean any “employee benefit plan,” as such term is defined in Section 3(3) of ERISA (other than a Multiemployer Plan), which any Borrower maintains, sponsors or contributes to, or, in the case of an employee benefit plan which is subject to Section 412 of the Code or Title IV of ERISA, to which any Borrower or any member of the Controlled Group may have any liability, including any liability by reason of having been a substantial employer within the meaning of Section 4063 of ERISA at any time during the preceding five (5) years, or by reason of being deemed to be a contributing sponsor under Section 4069 of ERISA. For purposes of this definition, a “Controlled Group” shall mean all members of any group of corporations and all members of a group of trades or businesses (whether or not incorporated) under common control which, together with any Borrower, are treated as a single employer under Section 414(b), (c), (m) or (o) of the Code or Section 4001(b) of ERISA.

“Event of Default” shall mean the occurrence of any event set forth in Article VIII. “Existing Amegy Loan Agreement” means the Amended and Restated Business Loan

Agreement, dated as of December 31, 2017, among ZB, N.A. (d/b/a Amegy Bank) and the Borrowers, as amended.

 

“Existing SBA Loan Agreement” means the U.S. Small Business Administration Loan Authorization and Agreement, dated May 12, 2020, between the U.S. Small Business Association and Fuse, as amended.

 

“Facility Cap” shall mean the maximum principal amount that may be outstanding hereunder which amount shall initially be $5,000,000.00, subject to such increases as may be made pursuant to Section 2.1(c).

 

“Facility Fee” shall have the meaning set forth in Section 3.1.

 

“GAAP” shall mean generally accepted accounting principles in the United States of America in effect from time to time.

 

“General Intangible” shall mean “general intangible” as defined in Article 9 of the UCC.

 

“Governmental Authority” shall mean any federal, state, municipal, national, local or other governmental department, court, commission, board, bureau, agency or instrumentality or political subdivision thereof, or any entity or officer exercising executive, legislative or judicial, regulatory or administrative functions of or pertaining to any government or any court, in each

 

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Exhibit 10.1

 

case, whether of the United States or a state, territory or possession thereof, a foreign sovereign entity or country or jurisdiction or the District of Columbia.

 

“Guarantor” shall mean any guarantor of the Obligations or any part thereof, including any guarantor of the accuracy of any one or more representations or warranties of Borrowers contained in this Agreement. As of the date of this Agreement, there are no Guarantors.

 

“Guaranty” shall mean any obligation, contingent or otherwise, of such Person directly or indirectly guaranteeing any Indebtedness or other obligation of any other Person and, without limiting the generality of the foregoing, any obligation, direct or indirect, contingent or otherwise, of such Person (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation (whether arising by virtue of partnership arrangements, by agreement to keep-well, to purchase assets, Goods, securities or services, to take-or-pay, or to maintain financial statement conditions or otherwise), or (b) entered into for the purpose of assuring in any other manner the obligee of such Indebtedness or other obligation of the payment thereof or to protect such obligee against loss in respect thereof (in whole or in part), provided, however, that the term Guaranty shall not include endorsements for collection or deposit in the ordinary course of business. The term “Guaranty” used as a verb has a corresponding meaning. The term “Guaranties” shall mean the plural of Guaranty.

 

“Hazardous Substances” shall mean petroleum and petroleum products and compounds containing them, including gasoline, diesel fuel and oil; explosives, flammable materials; radioactive materials; polychlorinated biphenyls and compounds containing them; lead and lead- based paint; asbestos or asbestos-containing materials; underground or above-ground storage tanks, whether empty or containing any substance; any substance the presence of which is prohibited by any Environmental Laws; any contaminant, pollutant, waste or substance that is likely to cause immediately or at some future time harm or degradation to the surrounding environment or risk to human health; toxic mold, any substance that requires special handling; and any other material or substance now or in the future defined, classified or listed as a “hazardous substance,” “hazardous material,” “hazardous waste,” “toxic substance,” “toxic pollutant,” “contaminant,” “pollutant”, “radioactive”, “dangerous” or other words of similar import within the meaning of any Environmental Law, including: (a) any “hazardous substance” defined as such in (or for purposes of) CERCLA, or any so-called “superfund” or “superlien” Law, including the judicial interpretation thereof; (b) any “pollutant or contaminant” as defined in 42 U.S.C.A. § 9601(33); (c) any material now defined as “hazardous waste” pursuant to 40 C.F.R. Part 260;

(d)any petroleum or petroleum by-products, including crude oil or any fraction thereof; (e) natural gas, natural gas liquids, liquefied natural gas, or synthetic gas usable for fuel; (f) any “hazardous chemical” as defined pursuant to 29 C.F.R. Part 1910; (g) any toxic or harmful substances, wastes, materials, pollutants or contaminants (including asbestos, polychlorinated biphenyls (“PCB’s”), flammable explosives, radioactive materials, infectious substances, materials containing lead- based paint or raw materials which include hazardous constituents); and (h) any other toxic substance or contaminant that is subject to any Environmental Laws or other past or present requirement of any Governmental Authority. Notwithstanding the foregoing, Hazardous Substances shall not include substances in kinds and amounts commonly used in the operation of businesses of similar kind and nature to the business engaged in by Borrowers in accordance with all applicable Laws (including, but not limited to, Environmental Laws) and prudent business

 

Credit and Security Agreement, Page 11
 

Exhibit 10.1

 

management practices and in a manner that does not result in any contamination of all or any portion of properties utilized by Borrowers.

 

“Hazardous Substances Contamination” shall mean contamination (whether now existing or hereafter occurring) of the improvements, buildings, facilities, personalty, soil, groundwater, air or other elements on or of the relevant property by Hazardous Substances, or any derivatives thereof, or on or of any other property as a result of Hazardous Substances, or any derivatives thereof, generated on, emanating from or disposed of in connection with the relevant property.

 

“Healthcare Laws” shall mean all applicable Laws relating to (i) the production, possession, control, warehousing, marketing, sale and distribution of pharmaceuticals, medical devices, implants, or Equipment, (ii) patient healthcare, (iii) patient healthcare information, (iv) personnel, or (v) operating policies, including (a) all federal and state fraud and abuse laws, including the federal Anti-Kickback Statute (42 U.S.C. §1320a-7b(6)), the Stark Law (42 U.S.C.

§1395nn), the civil False Claims Act (31 U.S.C. §3729 et seq.), (b) TRICARE, (c) HIPAA, (d) Medicare, (e) Medicaid, (f) the Patient Protection and Affordable Care Act (P.L. 111-1468), (g) The Health Care and Education Reconciliation Act of 2010 (P.L. 111-152), (h) quality, safety and accreditation standards and requirements of all applicable state laws or regulatory bodies, (i) all laws, policies, procedures, requirements and regulations pursuant to which Healthcare Permits are issued, and (j) any and all other applicable health care laws, regulations, manual provisions, policies and administrative guidance, each of (a) through (j) as may be amended from time to time.

 

“Healthcare Permit” shall mean a Permit (a) issued or required under Healthcare Laws applicable to the business of any Borrower or any of its Subsidiaries or necessary in the possession, ownership, warehousing, marketing, promoting, sale, labeling, furnishing, distribution or delivery of Goods or services under Healthcare Laws applicable to the business of any Borrower or any of its Subsidiaries, (b) issued by any Person from which any Borrower has, as of the Closing Date, received an accreditation, or (c) issued or required under Healthcare Laws applicable to the ownership or operation of any business location of a Borrower.

 

“HIPAA” shall mean the Health Insurance Portability and Accountability Act of 1996, as the same may be amended, modified or supplemented from time to time, and any successor statute thereto, and any and all rules or regulations promulgated from time to time thereunder.

 

“HIPAA Compliant” shall mean that the applicable Person is in compliance with each of the applicable requirements of the so-called “Administrative Simplification” provisions of HIPAA, and is not and could not reasonably be expected to become the subject of any civil or criminal penalty, process, claim, action or proceeding, or any administrative or other regulatory review, survey, process or proceeding (other than routine surveys or reviews conducted by any government health plan or other accreditation entity) that would reasonably be expected to result in any of the foregoing or that could reasonably be expected to materially and adversely affect such Person’s business, operations, assets, properties or condition (financial or otherwise), in connection with any actual or potential violation by such Person of the provisions of HIPAA.

 

“Indebtedness” of a Person shall mean at any date, without duplication, (a) all obligations of such Person for borrowed money, (b) all obligations of such Person evidenced by bonds,

 

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Exhibit 10.1

 

debentures, notes or other similar instruments, (c) all obligations of such Person to pay the deferred purchase price of property or services, except trade accounts payable arising in the ordinary course of business and, with respect to entities other than CoreLink, LLC, not more than 120 days past due, and with respect to CoreLink, LLC, not more than 90 days past due, or that are subject to a Permitted Contest, (d) all Capital Leases of such Person, (e) all non-Contingent Obligations of such Person to reimburse any bank or other Person in respect of amounts paid under a letter of credit, banker’s acceptance or similar instrument, (f) the liquidation value of all Equity Interests of such Person subject to repurchase or redemption other than at the sole option of such Person,

(g) all obligations secured by a Lien on any asset of such Person, whether or not such obligation is otherwise an obligation of such Person, (h) “earnouts,” purchase price adjustments, profit sharing arrangements, deferred purchase money amounts and similar payment obligations or continuing obligations of any nature of such Person arising out of purchase and sale contracts to the extent, in each case, shown on a balance sheet of such Person in accordance with GAAP, (i) all Indebtedness of others guaranteed by such Person, (j) off-balance sheet liabilities or Pension Plan or Multiemployer Plan liabilities of such Person, and (k) payment obligations arising under non-compete agreements.

 

“Indemnified Persons” shall have the meaning assigned to the term in Section 13.4.

 

“Intellectual Property” shall mean, with respect to any Person, all patents, patent applications and like protections, including improvements divisions, continuation, renewals, reissues, extensions and continuations in part of the same, trademarks, trade names, trade styles, trade dress, service marks, logos and other business identifiers and, to the extent permitted under applicable Law, any applications therefor, whether registered or not, and the goodwill of the business of such Person connected with and symbolized thereby, copyright rights, copyright applications, copyright registrations and like protections in each work of authorship and derivative works, whether published or unpublished, technology, know-how and processes, operating manuals, trade secrets, computer hardware and software, rights to unpatented inventions and all applications and licenses therefor, used in or necessary for the conduct of business by such Person and all claims for damages by way of any past, present or future infringement of any of the foregoing.

 

“Landlord Waiver and Consent” shall mean a waiver/consent in form and substance reasonably satisfactory to Lender from the owner/lessor of 1565 North Central Expressway, Suite 200, Richardson, TX 75080, and any other premises not owned by a Borrower at which billing operations are conducted or Books and Records are maintained or, at the request of Lender, any of the Collateral is now or hereafter located, for the purpose of providing Lender access to such Collateral, in each case as such may be modified, amended or supplemented from time to time and subordinating in favor of Lender any claims that the owner/lessor may have against such Borrower or against any of the Collateral.

 

“Laws” shall mean any and all federal, state, provincial, territorial, municipal, local and foreign statutes, laws, judicial decisions, regulations, ordinances, rules, judgments, orders, decrees, codes, injunctions, permits, and governmental agreements, whether now or hereafter in effect, which are applicable to any Credit Party in any particular circumstance. “Laws” includes Environmental Laws and Healthcare Laws.

 

Credit and Security Agreement, Page 13
 

Exhibit 10.1

 

“Leases” shall have the meaning assigned to the term in Section 6.1(h)(i).

 

“Lien” shall mean any mortgage, pledge, security interest, encumbrance, restriction, lien or charge of any kind (including any agreement to give any of the foregoing, any conditional sale or other title retention agreement or any lease in the nature thereof), or any other arrangement pursuant to which title to the property is retained by or vested in some other Person for security purposes. For the purposes of this Agreement and the other Loan Documents, any Credit Party or any Subsidiary shall be deemed to own subject to a Lien any asset which it has acquired or holds subject to the interest of a vendor or lessor under any conditional sale agreement, Capital Lease or other title retention agreement relating to such asset.

 

“Loan” or “Loans” shall mean, individually and collectively, all Advances under the Revolving Facility.

 

“Loan Documents” shall mean, collectively and each individually, this Agreement, any documents that provide, as security for all or any portion of the Obligations, a Lien on any assets in favor of Lender, the Guaranties and any documents evidencing a security interest in assets as collateral for the Guaranties, the Control Agreements, the Uniform Commercial Code Financing Statements and all other documents or instruments necessary to create or perfect the Liens in the Collateral, the Subordination Agreements, the Landlord Waiver and Consents, the Borrowing Certificates, and all other agreements, documents, instruments and certificates heretofore or hereafter executed or delivered to Lender in connection with any of the foregoing or the Loans, as the same may be amended, restated, modified or supplemented from time to time; all of which shall be in form and substance acceptable to Lender in its sole discretion.

 

“Material Adverse Effect” or “Material Adverse Change” shall mean any event, act, condition or occurrence of whatever nature (including any adverse determination in any litigation, arbitration, or governmental investigation or proceeding), whether singly or in conjunction with any other event or events, act or acts, condition or conditions, occurrence or occurrences, whether or not related, which results, directly or indirectly in (a) a material adverse change in, or a material adverse effect upon, any of (i) the condition (financial or otherwise), operations, business, or properties of the Credit Parties taken as a whole, (ii) the rights and remedies of Lender under any Loan Document, or the ability of any Credit Party to perform any of its obligations under any Loan Document to which it is a party, (iii) the legality, validity or enforceability of any Loan Document,

	
 
	
(iv)
	
the existence, perfection or priority of any security interest granted in any Loan Document,

(v)the value of any material Collateral; or (vi) the use or scope of any Healthcare Permits; (b) an impairment to the likelihood that Eligible Receivables in general will be collected and paid in the ordinary course of business of any Borrower and upon substantially the same schedule and with substantially same frequency as such Borrower’s recent collections history; or (c) the imposition of a fine against or the creation of any liability of any Credit Party to any Governmental Authority in excess of $50,000.

 

“Material Contracts” shall have the meaning set forth in Section 5.22.

 

“Net Collectible Value” shall mean the amount that Lender reasonably expects from time to time to be collected with respect to Eligible Receivables from third-party payors within 150 days of the Billing Date taking into account historical and recent collection rates for each payor

 

Credit and Security Agreement, Page 14
 

Exhibit 10.1

 

class, entitled reimbursement pursuant to any contract or arrangement between a Borrower and the applicable Account Debtor(s), offsets, historical returns, rebates, discounts, credits and allowances, and other factors that affect the collectability of Eligible Receivables.

 

“Net Orderly Liquidation Value” means the net amount (after all costs of sale), expressed in terms of money, which Lender, in its good faith discretion, estimates can be realized from a sale, as of a specific date, given a reasonable period to find a purchaser(s), with the seller being compelled to sell on an as-is/where-is basis.

 

“Obligations” shall mean all present and future obligations, Indebtedness and liabilities of any Credit Party to Lender at any time and from time to time of every kind, nature and description, direct or indirect, secured or unsecured, joint and several, absolute and contingent, due or to become due, matured or unmatured, now existing or hereafter arising, contractual or tortious, liquidated or unliquidated, under any of the Loan Documents or under applicable Law including all applicable fees, charges, expenses and all amounts paid or advanced by Lender on behalf of or for the benefit of any Credit Party for any reason at any time, including in each case obligations of performance as well as obligations of payment and interest that accrue after the commencement of any proceeding under any Debtor Relief Law by or against any such Person.

 

“Operating Account” shall mean a deposit account established and maintained in a Borrower’s name, which (i) is used to receive Advances or for such Borrower’s operating disbursements, and (ii) does not receive Account collections or any other Collateral proceeds.

 

“Organizational Documents” shall mean, with respect to any Person other than a natural person, the documents by which such Person was organized (such as a certificate of incorporation, certificate of limited partnership or articles of organization, and including any certificates of designation for preferred Equity Interests) and which relate to the internal governance of such Person (such as bylaws, a partnership agreement or an operating, limited liability company or members agreement), including any and all shareholder agreements or voting agreements relating to the Equity Interests of such Person.

 

“Permit” shall mean all governmental licenses, authorizations, provider numbers, supplier numbers, registrations, permits, drug or device authorizations and approvals, certificates, franchises, qualifications, accreditations, consents and approvals of a Credit Party required under all applicable Laws and required for such Credit Party in order to carry on its business as now conducted, including Healthcare Permits.

 

“Permitted Affiliates” shall mean the entities set forth on Schedule 7.6.

 

“Permitted Contest” shall mean, with respect to any tax obligation or other obligation allegedly or potentially owing from any Borrower or its Subsidiary to any governmental tax authority or other third party, a contest maintained in good faith by appropriate proceedings promptly instituted and diligently conducted and with respect to which such reserve or other appropriate provision, if any, as shall be required in conformity with GAAP shall have been made on the books and records and financial statements of the applicable Credit Party(ies); provided, however, that (a) compliance with the obligation that is the subject of such contest is effectively stayed during such challenge; (b) Borrowers’ and their Subsidiaries’ title to, and its right to use,

 

Credit and Security Agreement, Page 15
 

Exhibit 10.1

 

the Collateral is not adversely affected thereby and Lender’s Lien and priority on the Collateral are not adversely affected, altered or impaired thereby; (c) Borrowers have given prior written notice to Lender of a Borrower’s or its Subsidiary’s intent to so contest the obligation; (d) the Collateral or any part thereof or any interest therein shall not be in any danger of being sold, forfeited or lost by reason of such contest by Borrowers or its Subsidiaries; (e) Borrowers have given Lender notice of the commencement of such contest and upon request by Lender, from time to time, notice of the status of such contest by Borrowers and confirmation of the continuing satisfaction of this definition; (f) a final determination of such contest could not result in Lender’s Lien and its priority on the Collateral being adversely affected, altered or impaired; and (g) upon a final determination of such contest, Borrowers and its Subsidiaries shall promptly comply with the requirements thereof.

 

“Permitted Contingent Obligations” means (a) Contingent Obligations under or permitted by the Loan Documents; (b) Contingent Obligations resulting from endorsements for collection or deposit in the ordinary course of business; (c) Contingent Obligations incurred in the ordinary course of business with respect to surety and appeal bonds, performance bonds and other similar obligations; (d) Contingent Obligations arising with respect to indemnification obligations in the ordinary course of business, (e) Contingent Obligations existing or arising in connection with any security deposit for the sole purpose of securing a lease of real property; (f) the Earn-Out,

(g) Contingent Obligations listed on Schedule 7.2(b), (h) customary indemnifications agreements in favor of officers and directors, and (i) other Contingent Obligations not permitted by clauses (a) through (h) above, not to exceed $25,000 in the aggregate at any time outstanding.

 

“Permitted Discretion” shall mean a determination made by Lender in good faith and in the exercise of reasonable business judgment.

 

“Permitted Indebtedness” shall mean: (i) Indebtedness under the Loan Documents, (ii) Capitalized Lease Obligations and secured only by the Equipment being leased pursuant to such Capitalized Lease Obligations and accessions and attachments thereto and products and proceeds thereof; (iii) a purchase-money obligations, as defined in Section 9-103(a) of the UCC, provided that the aggregate amount thereof outstanding at any time shall not exceed $10,000, (iv) Indebtedness in connection with advances made by any direct or indirect holder of an Equity Interest in any Borrower in order to cure any Default of the financial and loan covenants set forth on Annex I; provided, however, that such Indebtedness shall be on an unsecured basis, subordinated in right of repayment and remedies to all of the Obligations and to all of Lender’s rights and in form and substance reasonably satisfactory to Lender; (v) accounts payable to trade creditors, other than CoreLink, LLC, not more than 120 days past due or that are subject to a Permitted Contest; (vi) accounts payable to CoreLink, LLC not more than 90 days past due or that are subject to a Permitted Contest, (vii) borrowings incurred in the ordinary course of business and not exceeding $10,000 individually or in the aggregate outstanding at any one time; provided, however, that such Indebtedness shall be on an unsecured basis, subordinated in right of repayment and remedies to all of the Obligations and to all of Lender’s rights and in form and substance satisfactory to Lender; (viii) Indebtedness in the form of insurance premiums financed through the applicable insurance company; (ix) Indebtedness outstanding on the date of this Agreement and set forth on Schedule 7.2(a) (but not including any refinancings, extensions, increases or amendments to such Indebtedness other than extensions to the maturity thereof without any other

 

Credit and Security Agreement, Page 16
 

Exhibit 10.1

 

change in terms); (x) Indebtedness of Borrowers under corporate credit cards through and including December 15, 2021, (xi) Subordinated Debt, and (xii) any other Indebtedness to which Lender may expressly consent in writing prior to its incurrence, which consent shall be in the sole discretion of Lender. Notwithstanding the foregoing, Borrower shall incur no Indebtedness if the incurrence of such Indebtedness will, directly or indirectly, cause a Default or an Event of Default under this Agreement. Borrowers shall not make prepayments on an existing or future Indebtedness to any Person other than to Lender or to the extent specifically permitted by this Agreement or any subsequent agreement between Borrower and Lender.

 

“Permitted Liens” shall mean: (a) deposits or pledges of cash to secure obligations under worker’s compensation, social security or similar laws, or under unemployment insurance (but excluding Liens arising under ERISA, or, with respect to any Pension Plan or Multiemployer Plan, the Code) pertaining to a Borrower’s or its Subsidiary’s employees, if any; (b) deposits or pledges of cash to secure bids, tenders, contracts (other than Indebtedness for borrowed money), leases, statutory obligations, surety and appeal bonds and other obligations of like nature arising in the ordinary course of business; (c) carrier’s, warehousemen’s, mechanic’s, workmen’s, materialmen’s or other like Liens on Collateral, other than any Collateral which is part of the Borrowing Base, arising in the ordinary course of business with respect to obligations which are not overdue by more than 30 days, or which are being contested pursuant to a Permitted Contest;

(d)Liens on Collateral, other than Accounts, for taxes or other governmental charges not at the time delinquent or thereafter payable without penalty or the subject of a Permitted Contest; (e) attachments, appeal bonds, judgments and other similar Liens on Collateral other than Accounts, for sums not exceeding $100,000 (to the extent not paid or covered by insurance as to which the relevant insurance company has not denied coverage) in the aggregate arising in connection with court proceedings; provided, however, that the execution or other enforcement of such Liens is effectively stayed and the claims secured thereby are the subject of a Permitted Contest; (f) Liens and encumbrances in favor of Lender under the Loan Documents; (g) Liens on Collateral, other than Collateral which is part of the Borrowing Base, existing on the date hereof and set forth on Schedule 7.3; (h) Liens on Borrowers’ accounts derived from Inventory consigned or sold by CoreLink, LLC to CPM, (i) any Lien on any Equipment (and accessions and attachments thereto and products and proceeds thereof) securing Indebtedness permitted under subpart (i) or (iii) of the definition of Permitted Indebtedness, provided, however, that such Lien attaches concurrently with or within thirty (30) days after the acquisition thereof, (j) easements, rights of way, restrictions (including zoning restrictions), covenants, encroachments, and other similar real estate charges or encumbrances, minor defects or irregularities in title and other similar real estate Liens, in each case solely affecting real property, none of which, individually or collectively, (a) interfere in any material respect with the ordinary conduct of the business of Borrower or any Subsidiary thereof or (b) materially or adversely affect the value of the real property; (k) leases, subleases, licenses or sublicenses of the assets or properties of Borrower or Subsidiary, in each case entered into in the ordinary course of Borrower or Subsidiary and not interfering in any material respect with the business of Borrower or any Subsidiary thereof; (l) bankers’ Liens, rights of setoff and other similar Liens existing solely with respect to cash and cash equivalents on deposit in one or more accounts maintained by any Borrower or Subsidiary, in each case in the ordinary course of business in favor of any bank or other financial institutions with which such accounts are maintained, securing solely customary amounts owing to such bank or financial institution with respect to cash management and operating account arrangements; (m) Liens consisting of precautionary filings of

 

Credit and Security Agreement, Page 17
 

Exhibit 10.1

 

UCC financing statements filed with respect to operating leases permitted hereunder and any interest of title of a lessor under any operating lease permitted hereunder; and (n) non-exclusive licenses of Intellectual Property granted in the ordinary course of business, (o) any interest or title of a lessor or sublessor under any lease not prohibited by this Agreement, (p) Liens on insurance policies and the proceeds thereof securing insurance premium financings permitted under this Agreement, and (q) any other Liens to which Lender may expressly consent in writing, which consent shall be in the sole discretion of Lender.

 

“Permitted Modifications” shall mean (a) such amendments or other modifications to a Borrower’s or Subsidiary’s Organizational Documents as are required under this Agreement or by applicable Law and fully disclosed to Lender within thirty (30) days after such amendments or modifications have become effective, and (b) such amendments or modifications to a Borrower’s or Subsidiary’s Organizational Documents (other than those involving a change in the name of a Borrower or Subsidiary or involving a reorganization of a Borrower or Subsidiary under the laws of a different jurisdiction) that would not adversely affect the rights and interests of Lender and fully disclosed to Lender within thirty (30) days after such amendments or modifications have become effective.

 

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

 

“Primary Warehouse” means that certain warehouse located at 1565 North Central Expressway, Suite 200, Richardson, TX 75080.

 

“Prime Rate” shall mean a fluctuating interest rate per annum equal at all times to the rate of interest announced, from time to time, within Wells Fargo Bank at its principal office in San Francisco as its “prime rate,” with the understanding that the “prime rate” is one of Wells Fargo Bank’s base rates (not necessarily the lowest of such rates) and serves as the basis upon which effective rates of interest are calculated for those loans making reference thereto and is evidenced by the recording thereof after its announcement in such internal publications as Wells Fargo Bank may designate; provided that Lender may, upon prior written notice to Borrowers, choose a reasonably comparable index or source to use as the basis for the Prime Rate, and further provided, that in no event shall the Prime Rate be lower than such rate as in effect as of the Closing Date, and further provided, that each change in the fluctuating interest rate shall take effect simultaneously with the corresponding change in the Prime Rate.

 

“Related Property” shall mean, with respect to each Account, the following: (i) all records of any nature evidencing or related to the Account, including contracts, invoices, charges slips, credit memoranda, notes and other instruments and other documents, books, records and other information (including computer data) (ii) all security interests or liens and property subject thereto from time to time purporting to secure payment of such Account, whether pursuant to the contract related to such Account or otherwise, including all rights of stoppage in transit, replevin, reclamation, Supporting Obligations and Letter of Credit Rights, and all claims of lien filed or held by Borrowers on personal property; (iii) all rights to any Goods whose sale gave rise to such

 

Credit and Security Agreement, Page 18
 

Exhibit 10.1

 

Account, including returned or repossessed Goods; (iv) all Instruments, Documents, Chattel Paper and General Intangibles arising from, related to or evidencing such Account; (v) all UCC financing statements covering any collateral securing payment of such Account; (vi) all guaranties and other agreements or arrangements of whatever character from time to time supporting or securing payment of such Account whether pursuant to the contract related to such Account or otherwise; and (vii) all proceeds and amounts received or receivable arising from any of the foregoing.

 

“Revolving Facility Termination” shall mean any of the following:

 

	
 
	
a.
	
a termination of the Revolving Facility by any Borrower under Section 11.1;

 

b.any other voluntary or involuntary prepayment in full of the Obligations by any Borrower or any other Person occurs (other than reductions to zero of the outstanding balance of the Revolving Facility resulting from the ordinary course operation of the provisions of Section 2.5), whether by virtue of Lender’s exercising its right of set-off or otherwise;

 

c.Lender demands or Borrowers are otherwise required to make payment in full of the Obligations upon the occurrence of an Event of Default in accordance with this Agreement;

 

d.Lender terminates its obligations to make Advances hereunder upon the occurrence of an Event of Default in accordance with this Agreement; or

 

e.any payment reduction or reduction of the outstanding balance of the Revolving Facility is made during a bankruptcy, reorganization or other proceeding or is made pursuant to any plan of reorganization or liquidation or any Debtor Relief Law.

 

“Revolving Loan” shall mean the aggregate of the loans made pursuant to Section 2.1(a).

 

“Revolving Loan Limit” shall mean, at any time, the lesser of (a) the Facility Cap and (b) eighty-five percent (85%) the Borrowing Base.

 

“Software Interface Fee” shall have the meaning assigned to the term in Section 3.5.

 

“Subordination Agreement” shall mean each agreement between Lender and another creditor of a Borrower, as the same may be amended, supplemented, restated or otherwise modified from time to time in accordance with the terms thereof, pursuant to which Indebtedness or other obligations owing from a Borrower or the Liens securing such Indebtedness granted by a Borrower to such creditor are subordinated in any way to the Obligations and the Liens created under the Loan Documents, the terms and provisions of such Subordination Agreements to have been agreed to by and be acceptable to Lender in the exercise of its sole discretion, which may include requirements that the Subordinated Debt (i) not mature prior to the end of the Term, and (ii) not require any payment other than interest during the Term, and (iii) will receive no payments following an Event of Default.

 

Credit and Security Agreement, Page 19
 

Exhibit 10.1

 

“Subordinated Debt” means the Subordinated Notes, the Earn-Out and any other Indebtedness of Borrowers that is subordinated to the Obligations pursuant to a Subordination Agreement and that otherwise contains terms and conditions satisfactory to Lender.

 

“Subordinated Notes” means the collective reference to (a) the Promissory Note dated May 6, 2020, executed by Fuse and payable to the order of NC 143 Family Holdings, LP in the original principal amount of $180,000, (b) the Promissory Note dated May 6, 2020, executed by Fuse and payable to the order of Reeg Medical Industries, Inc. in the original principal amount of

$20,000, (c) the Promissory Note dated October 19, 2016, executed by Fuse and payable to the order of NC 143 Family Holdings, LP in the original principal amount of $50,000, (d) the Amended and Restated Promissory Note dated October 19, 2016, executed by Fuse and payable to the order of NC 143 Family Holdings, LP in the original principal amount of $50,000, and (e) the Amended and Restated Promissory Note dated October 19, 2016, executed by Fuse and payable to the order of Reeg Medical Industries, Inc. in the original principal amount of $50,000.

 

“Subsidiary” shall mean (i) as to a Borrower, any Person in which more than fifty percent (50%) of all Equity Interests is owned directly or indirectly by such Borrower through one or more of its Subsidiaries, and (ii) as to any other Person, any Person in which more than fifty percent (50%) of all Equity Interests is owned directly or indirectly by such Person through one or more of such Person’s Subsidiaries. Unless the context otherwise requires, each reference to a Subsidiary shall be a reference to a Subsidiary of a Borrower.

 

“Test Period” shall have the meaning assigned to that term in Annex I.

 

“Term” shall mean the period commencing on the date set forth on the first page hereof and ending on January 1, 2025.

 

“Termination Date” shall mean the earlier to occur of (a) the end of the Term, (b) any date on which Lender accelerates the maturity of the Loans pursuant to Article VIII, or (c) the termination date stated in any notice of termination of this Agreement provided by Borrowers in accordance with Section 11.1.

 

“Termination Fee” shall mean one percent (1.0%) of the Facility Cap if a Revolving Facility Termination occurs before the end of the Term. The Termination Fee is an “Obligation,” as that term is defined herein.

 

“UCC” and “Uniform Commercial Code” shall mean the Uniform Commercial Code of the State of New York or of any other state the laws of which are required to be applied in connection with the perfection of security interests in any Collateral.

 

“United States” and “U.S.” shall mean the United States of America.

 

“Unused Line Fee” shall have the meaning assigned to the term in Section 3.2.

 

“Voting Stock” means, with respect to any Person, Equity Interests issued by such Person the holders of which are ordinarily, in the absence of contingencies, entitled to vote for the election

 

Credit and Security Agreement, Page 20
 

Exhibit 10.1

 

of directors (or persons performing similar functions) of such Person, even though the right to so vote has been suspended by the happening of such contingency.

 

	
 
	
1.3
	
Other Definitional and Interpretative Provisions

 

References in this Agreement to “Articles”, “Sections”, “Annexes”, “Exhibits”, or “Schedules” shall be to Articles, Sections, Annexes, Exhibits or Schedules of or to this Agreement unless otherwise specifically provided. Any term defined herein may be used in the singular or plural. “Include”, “includes” and “including” shall be deemed to be followed by “without limitation”. Except as otherwise specified or limited herein, references to any Person include the successors and assigns of such Person. References “from” or “through” any date mean, unless otherwise specified, “from and including” or “through and including”, respectively. Unless otherwise specified herein, the settlement of all payments and fundings hereunder between or among the parties hereto shall be made in lawful money of the United States and in immediately available funds. Unless otherwise specified herein, all amounts (including, for the avoidance of doubt, for purposes of calculating the Borrowing Base) shall be calculated in Dollars. References to any statute or act shall include all related current regulations and all amendments and any successor statutes, acts and regulations. All amounts used for purposes of financial calculations required to be made herein shall be without duplication. References to any statute or act, without additional reference, shall be deemed to refer to federal statutes and acts of the United States. References to any agreement, instrument or document shall include all schedules, exhibits, annexes and other attachments thereto. As used in this Agreement, the meaning of the term “material” or the phrase “in all material respects” is intended to refer to an act, omission, violation or condition which reflects or could reasonably be expected to result in a Material Adverse Effect. All references herein to times of day shall be references to daylight or standard time, as applicable, in New York City. Unless the context requires otherwise, 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),

 

	
 
	
1.4
	
Time is of the Essence

 

Time is of the essence in Borrowers’ and each other Credit Party’s performance under this Agreement and all other Loan Documents.

 

	
 
	
II.
	
ADVANCES, PAYMENT AND INTEREST

 

	
 
	
2.1
	
Advances

 

(a)Subject to the provisions of this Agreement, Lender shall make Advances to Borrowers under the Revolving Facility from time to time during the Term, and not more than once per each week unless agreed to by Lender and subject to the processing fees set forth in Section 2.4; provided that, notwithstanding any other provision of this Agreement (but subject to the provisions of this Section 2.1(a)), the principal amount at any one time outstanding under the Revolving Facility shall not exceed the Revolving Loan Limit. The Revolving Facility is a revolving credit facility, which may be drawn, repaid and redrawn, from time to time as permitted under this Agreement. Any determination as to whether there is availability within the Borrowing

 

Credit and Security Agreement, Page 21
 

Exhibit 10.1

 

Base for Advances shall be made by Lender in its Permitted Discretion and is final and binding upon Borrowers. Unless otherwise permitted by Lender, each Advance requested by Borrowers shall be in an amount of at least $25,000. Subject to the provisions of this Agreement, Borrowers may request Advances under the Revolving Facility up to and including the Availability. Lender may, in Lender’s sole discretion, withhold from Advances made to Borrowers such amounts as may be necessary to pay interest on the Revolving Facility and other Obligations hereunder, and Lender shall identify any such withholds on the applicable Borrowing Certificate prior to its execution by Borrowers. In addition, Advances under the Revolving Facility automatically may, in the discretion of Lender, be made for the payment of interest on the Revolving Facility and other Obligations on the date when due to the extent of Availability and as provided for herein. Lender shall identify any such Advances on the monthly interest statements provided to Borrowers under Section 2.2(b).

 

(b)Lender has established the eighty-five percent (85%) advance rate for purposes of determining the Revolving Loan Limit. Lender shall have the right to establish and readjust from time to time, in its Permitted Discretion, reserves (without duplication of other reserves) against the Borrowing Base, which reserves shall have the effect of reducing the amounts otherwise eligible to be disbursed to Borrowers under the Revolving Facility pursuant to this Agreement.

 

(c)The Facility Cap may, at Borrowers’ request and with the consent of Lender, which consent shall be in the Lender’s sole discretion, be increased in increments of

$250,000. In the event that the Facility Cap is increased, Borrowers shall pay to Lender a Facility Fee in an amount equal to one percent (1.0%) of the amount by which the Facility Cap is increased.

 

(d)Lender may in its sole discretion make one or more Advances in excess of Availability. The making of any Advance(s) in excess of Availability shall not be deemed an acknowledgement that any additional such Advance(s) will be made or may be required to be made; nor shall any such Advance(s) be deemed to establish any course of conduct, waiver, or estoppel that would obligate Lender to make any further such Advance or prevent Lender from treating Borrowers’ failure to repay such Advance(s) as a Default or an Event of Default. Each time an Advance causes the principal balance under the Revolving Facility to exceed the Availability (whether because of an intentional Advance in excess of Availability or a reduction in the Borrowing Base or otherwise), Lender may charge an over-advance fee of ten percent (10%) of the amount by which the principal balance exceeds the Availability as a result of such Advance such excess is not paid in accordance with Section 2.7. Such over-advance fee shall be in addition to any other fees, charges or other provisions that may increase the Applicable Rate of interest hereunder and the assessment or collection of such over-advance fee shall not, unless Lender specifically agrees in writing to the contrary, prevent Lender from considering any such over- advance arising from a reduction in the Borrowing Base, or the circumstances giving rise to any over advance, from being a Default or an Event of Default. The over-advance fee shall be paid on the first Business Day of each week if the amount outstanding hereunder is in excess of the Availability at any time during the immediately preceding week.

 

(e)Borrowers may request from time to time certain otherwise non-Eligible Receivables to be included as Eligible Receivables for purposes of calculating Availability. If after underwriting such non-Eligible Receivables, Lender determines in its sole discretion to include

 

Credit and Security Agreement, Page 22
 

Exhibit 10.1

 

them as Eligible Receivables, Borrowers shall pay to Lender an additional underwriting fee in an amount equal to two percent (2%) of the Borrowing Base attributable to such non-Eligible Receivables at such time as such Accounts are included in the Borrowing Base. Payment of such additional underwriting fee shall be made, at the discretion of Lender: (i) by application of available funds in the Concentration Account pursuant to Section 2.5, (ii) by application of Advances under the Revolving Facility pursuant to this Section 2.1, or (iii) upon two Business Days’ notice, directly by Borrowers. In addition, Lender may, in its sole discretion require an amendment to this Agreement including additional representations, warranties or covenants, as a condition for including such non-Eligible Receivables as Eligible Receivables.

 

	
 
	
2.2
	
Evidence of Obligations; Maturity

 

(a)Lender shall maintain, in accordance with its usual practice, electronic or written records evidencing the outstanding Obligations to Lender, including the amounts of principal, interest, fees and other amounts payable and paid to Lender from time to time under this Agreement.

 

(b)The entries made in the electronic or written records maintained pursuant to subsection (a) above shall be prima facie evidence of the existence and amounts of the Obligations therein recorded; provided, however, that the failure of the Lender to maintain such records or any error therein shall not in any manner affect Borrowers’ obligation to repay the Obligations in accordance with their terms. Subject to the foregoing, Advances under the Revolving Facility may also be evidenced by a promissory note, payable to the order of Lender, duly executed and delivered by Borrowers and dated as of the date hereof, evidencing Borrowers’ aggregate indebtedness to Lender resulting from Advances under the Revolving Facility, from time to time. Lender hereby is authorized, but is not obligated, to enter the amount of each Advance under the Revolving Facility and the amount of each payment or prepayment principal or interest thereon in the appropriate spaces on the reverse of or on an attachment to the promissory note. Lender shall account to Borrowers on a monthly basis with a statement of Advances under the Revolving Facility, the amounts outstanding hereunder, and charges and payments made pursuant to this Agreement, and in the absence of manifest and demonstrable error, such accounting rendered by Lender shall be deemed final, binding and conclusive unless Lender is notified by Borrowers in writing to the contrary within thirty (30) days of Borrowers’ receipt of each accounting, which notice shall be deemed an objection only to items specifically objected to therein.

 

(c)All amounts outstanding hereunder and other Obligations shall be due and payable in full, if not earlier in accordance with this Agreement, on the Termination Date.

 

	
 
	
2.3
	
Interest

 

Interest shall accrue daily on the principal amount outstanding from time to time hereunder at a rate per annum equal to the Prime Rate plus the Applicable Margin calculated on the basis of a 360-day year and adjusted for the actual number of days elapsed in each interest calculation period. Interest shall be payable by Borrowers monthly in arrears but in no event later than the first day of each calendar month, commencing January 1, 2022. Interest payments shall, at the discretion of the Lender, be made (i) by application of funds in the Concentration Account as set forth in Section 2.5, (ii) by an Advance on the Revolving Facility, as set forth in Section 2.1,

 

Credit and Security Agreement, Page 23
 

Exhibit 10.1

 

without any further action by Borrowers, or (iii) upon two Business Days’ notice, directly by Borrowers. Interest shall continue to accrue on the principal amount outstanding from time to time until the payment in full in cash of the Obligations and termination of this Agreement. Any accrued but unpaid interest shall be added to the Obligations and increase the principal amount outstanding hereunder on the first Business Day of each month.

 

2.4Revolving Facility Disbursements; Requirement to Deliver Borrowing Certificate

 

So long as no Default or Event of Default shall have occurred and be continuing, Borrowers may give Lender written notice requesting an Advance under the Revolving Facility by delivering to Lender not later than 11:00 a.m. (New York City time) at least two but not more than four Business Days before the proposed borrowing date of such requested Advance (the “Borrowing Date”), a completed Borrowing Certificate and relevant supporting documentation satisfactory to Lender in its Permitted Discretion, which shall (i) specify the proposed Borrowing Date of such Advance which shall be a Business Day, (ii) specify the principal amount of such requested Advance, and (iii) certify the matters specified therein. In the event that Borrowers do not request an Advance during any two consecutive calendar weeks, Borrowers shall, on the last Business Day of the second such week (and more frequently if Lender shall so request) and thereafter every five (5) Business Days until the Obligations are paid in cash in full and this Agreement is terminated, deliver to Lender a completed Borrowing Certificate. On each Borrowing Date, Borrowers authorize Lender to disburse the proceeds of the requested Advance to the account(s) as set forth on Schedule 2.4 (or to such other account as to which Borrowers shall expressly instruct Lender in writing), in all cases for credit by the recipient of such proceeds to the appropriate Borrower, via Federal funds wire transfer no later than 4:00 p.m. (New York City time); provided, however, if any amounts are then due to Lender on account of any interest, fees or expense reimbursements pursuant to the Loan Documents at the time such Advance is requested, Lender is authorized (but not required) to identify such liabilities on the Borrowing Certificate prior to Borrowers’ execution thereof and to reduce the proceeds to Borrowers with respect to such Advance by the amount of such interest, fees or expense reimbursements and to retain such amounts as payment of such interest, fees or expense reimbursements. It is understood and agreed that Lender shall have no responsibility for the application of proceeds disbursed pursuant to Schedule 2.4 and such proceeds so disbursed shall be deemed to have been disbursed to the Borrower entitled thereto. Lender shall charge a processing fee of $150.00 for the first Advance each calendar week and $450.00 for each additional Advance during such calendar week. In the event that the written notice by Borrowers requesting an Advance under the Revolving Facility does not comply with the foregoing requirements within the timing parameters set forth above, Lender is under no obligation to provide the requested Advance. If, however, Lender nonetheless determines to provide the requested Advance, Lender may charge Borrowers an irregular Advance fee of one percent (1%) of the amount of such requested Advance. Such irregular Advance fee shall be paid, at the discretion of Lender: (i) by application of available funds in the Concentration Account pursuant to Section 2.5, (ii) by application of Advances under the Revolving Facility pursuant to Section 2.1, or (iii) upon two Business Days’ notice, directly by Borrowers.

 

Credit and Security Agreement, Page 24
 

Exhibit 10.1

 

2.5Revolving Facility Collections; Repayment; Borrowing Availability and Controlled Deposit Accounts

 

(a)Each Borrower shall establish and maintain at a Collection Bank and at Borrowers’ expense:

 

(i)a Commercial Deposit Account, which shall be subject to a blocked deposit account control agreement between such Borrower, Lender and a Collection Bank; and

 

(ii)an Operating Account, which shall be subject to a springing deposit account control agreement between such Borrower, Lender and a Collection Bank.

 

(b)The Control Agreements on each Commercial Deposit Account shall instruct the Collection Bank to transfer, on each Business Day, all funds on deposit therein to (i) a deposit account established and maintained by Lender or an Affiliate of Lender at such bank as Lender may communicate to the Collection Bank from time to time (the “Concentration Account”), or

(ii)a master collections account established and maintained in the name of a Borrower, which is subject to a blocked deposit account control agreement between such Borrower, Lender and a Collection Bank, which causes all funds on deposit in such master collections account to be transferred to the Concentration Account on each Business Day.

 

(c)Each Borrower hereby agrees to direct and cause each payor of such Borrower’s other Accounts and Collateral to remit all payments with respect thereto to its Commercial Deposit Account. Borrowers further agree not to (A) change such directives to payors without the prior written consent of Lender, (B) terminate any Controlled Deposit Account or Control Agreement, and (C) terminate or modify, or attempt to terminate or modify, the standing transfer order in any Controlled Deposit Agreement.

 

(d)Borrowers hereby acknowledge and agree that any violation of this Section 2.5 would be an Event of Default hereunder, would cause irreparable harm to the Lender for which there would be no adequate remedy at law, and agree and consent to entry of an order by a court of competent jurisdiction granting the Lender specific performance of the terms and provisions of this Agreement as to Borrowers. At the request of Lender, Borrowers shall also enter into a lockbox agreement with the Collection Bank providing for the receipt of deposits at an address specified in such lockbox agreement and the deposit of funds received at such address to the applicable Controlled Deposit Account.

 

(e)To the extent that any Account collections or any other cash payments received by a Borrower or an Affiliate of a Borrower are not sent directly to the appropriate Controlled Deposit Account, such collections and proceeds shall be held in trust for the benefit of the Lender and immediately remitted (and in any event within one (1) Business Day), in the form received (or, with respect to cash, by check or wire transfer), to the appropriate Controlled Deposit Account for immediate transfer to the Concentration Account. Borrowers acknowledge and agree that compliance with the terms of this Section 2.5 is an essential term of this Agreement, and that, in addition to and notwithstanding any other rights Lender may have hereunder under any other Loan Document, under applicable Law or equity, upon each and every failure by any Borrower or any Affiliates of any Borrower to cause collections with respect to Accounts to be deposited into the

 

Credit and Security Agreement, Page 25
 

Exhibit 10.1

 

appropriate Controlled Deposit Account as set forth in this Section 2.5, Lender shall be entitled to assess Borrowers with a non-compliance fee in an amount equal to ten percent (10%) of the amount of such collections; provided that such non-compliance fee shall be in addition to any other fees, charges or other provisions that may increase the Applicable Rate of interest hereunder and the assessment or collection of such non-compliance fee shall not, unless Lender specifically agrees in writing to the contrary, prevent Lender from considering any such non-compliance to be a Default or an Event of Default.

 

(f)For purposes of calculating interest, all funds transferred to the Lender’s Concentration Account shall be subject to a three (3) Business Day clearance period and all interest accruing on such funds during such clearance period shall accrue for the benefit of Lender. All funds transferred to the Concentration Account shall be applied to reduce the Obligations hereunder in the following order of priority: (i) payment of any fees and expense reimbursements due to Lender under the Loan Documents, (ii) any of Borrowers’ Obligations not included in items

(iii)and (iv) below, (iii) to any interest then due and owing hereunder, and (iv) to the principal amount outstanding hereunder. For purposes of determining Availability, all funds transferred to the Concentration Account in accordance with this Section shall be applied in accordance with the foregoing sentence as of the date of the transfer.

 

(g)If there is a positive balance in favor of Borrowers in the Concentration Account, such positive balance shall not accrue interest in favor of Borrowers, but shall be available to Borrowers in accordance with the terms of this Agreement.

 

(h)At all times, Borrowers and their Affiliates shall direct all collections or proceeds it receives on Accounts or from other Collateral to the account(s) and in the manner specified by Lender in its Permitted Discretion so long as any amounts are outstanding under the Revolving Facility.

 

(i)Borrowers shall provide Lender with all information (including user identifications and passwords) necessary for Lender to have online view-only access to all information regarding each Borrower’s deposit accounts.

 

(j)As of the date of this Agreement, Schedule 2.5 identifies each Borrower’s deposit accounts, the depository bank at which such accounts are maintained, the type of Control Agreements on such accounts (if any), and the second lien secured party to such Control Agreements (if any).

 

	
 
	
2.6
	
Promise to Pay; Manner of Payment

 

Borrowers promise to pay principal, interest and all other amounts payable hereunder, or under any other Loan Document, without any right of rescission and without any deduction whatsoever, including any deduction for any setoff, counterclaim or recoupments, and notwithstanding any damage to, defects in or destruction of the Collateral or any other event, including obsolescence of any property or improvements. Unless paid in accordance with Section 2.5, all payments made by Borrowers (other than payments automatically paid through Advances under the Revolving Facility as provided herein), shall be made only by wire transfer on the date when due, without offset or deduction for counterclaim, in Dollars, in immediately available funds

 

Credit and Security Agreement, Page 26
 

Exhibit 10.1

 

to such account as may be indicated in writing by Lender to Borrowers from time to time. Any such payment received after 4:00 p.m. (New York City time) on the date when due shall be deemed received on the following Business Day. Whenever any payment hereunder shall be stated to be due or shall become due and payable on a day other than a Business Day, the due date thereof shall be extended to, and such payment shall be made on, the next succeeding Business Day, and such extension of time in such case shall be included in the computation of payment of any interest (at the interest rate then in effect during such extension) or fees, as the case may be.

 

	
 
	
2.7
	
Repayment of Excess Advances

 

Subject to the following sentence, any balance of Advances under the Revolving Facility outstanding at any time in excess of the Revolving Loan Limit shall be immediately due and payable by Borrowers upon demand (or, if such overadvance was created as a result of Lender’s adjustment of the advance rates for Availability or eligibility criteria, then within five (5) Business Days, unless such adjustment by Lender was the result of any misrepresentation or fraud of a Borrower, in which case there shall be no grace period and any such overadvance shall be immediately due and payable), whether or not a Default or Event of Default has occurred or is continuing and shall be paid in the manner specified in Section 2.6. Notwithstanding the foregoing, if Lender intentionally makes an Advance that is in excess of Availability, such Advance shall be repaid within five (5) Business Days of a demand for repayment or when it is otherwise required to be repaid pursuant to other Sections of this Agreement.

 

	
 
	
2.8
	
Payments by Lender

 

Should any amount, interest or other Obligation required to be paid under any Loan Document remain unpaid after it is due and payable and after the expiration of any cure period, if applicable, such amount may be paid by Lender, which payment shall be deemed a request for an Advance under the Revolving Facility as of the date such payment is due, and Borrowers irrevocably authorize disbursements of any such funds to Lender by way of direct payment of the relevant amount, interest or other Obligations. No payment or prepayment of any amount by Lender or any other Person shall entitle any Person to be subrogated to the rights of Lender under any Loan Document unless and until the Obligations have been fully performed and paid in cash and this Agreement has been terminated. Any sums expended by Lender as a result of any Borrower’s or any Guarantor’s failure to pay, perform or comply with any Loan Document or any of the Obligations may be charged to Borrowers’ account as an Advance under the Revolving Facility and added to the Obligations and thereby increase the principal amount outstanding hereunder. Lender shall provide Borrowers with prompt written notice of any disbursements or expenditures by Lender pursuant to this Section.

 

	
 
	
2.9
	
Grant of Security Interest; Collateral

 

(a)To secure the payment and performance of the Obligations, and without limiting any grant of any Lien and security interest in any other Loan Document, each Borrower hereby grants to Lender a continuing security interest in and Lien upon, and pledges to Lender, all of its right, title and interest in and to the following, whether now owned or hereafter created, acquired or arising and wherever located (collectively and each individually, the “Collateral”):

 

Credit and Security Agreement, Page 27
 

Exhibit 10.1

 

	
 
	
(i)
	
all Accounts and Related Property;

 

	
 
	
(ii)
	
all of Borrower’s deposit accounts;

 

	
 
	
(iii)
	
all Books and Records, whether or not related to any Collateral;

 

(iv)all of Borrower’s other personal property and fixtures, including all Goods, Inventory, Equipment, furniture, General Intangibles (including payment intangibles and software), Chattel Paper (whether tangible or electronic), Supporting Obligations, Investment Property, Financial Assets, Documents, Instruments (including any Promissory Notes), Securities, Securities Accounts, contract rights or rights to payment of money, leases, Permits, license agreements, franchise agreements, Commercial Tort Claims, Equity Interests in direct and indirect subsidiaries, machinery, cash, Letter-of-Credit Rights (whether or not the letter of credit is evidenced by a writing), Intellectual Property, copyrights, trademarks, patents, and tradestyles; and

 

(v)any and all claims, rights and interests in any of the above and all substitutions for, additions, attachments, accessories, accessions and improvements to and replacements, products, Proceeds and insurance proceeds of any or all of the foregoing.

 

(b)Each Borrower authorizes the Lender to file or record financing statements and other filing or recording documents or instruments with respect to the Collateral in such form and in such offices as the Lender determines appropriate to perfect the security interests of the Lender under this Agreement. Each Borrower authorizes the Lender to use collateral descriptions such as “all personal property” or “all assets” in each case “whether now owned or hereafter acquired”, or using words of similar import.

 

(c)Upon the execution and delivery of this Agreement, and upon the proper filing of the necessary financing statements without any further action, Lender will have a good, valid and perfected first priority Lien and security interest in all Collateral which may be perfected by the filing of financing statements, subject to no transfer or other restrictions or Liens of any kind in favor of any other Person except for Permitted Liens. No financing statement relating to any of the Collateral is on file in any public office except those (i) on behalf of Lender, or (ii) in connection with Permitted Liens.

 

	
 
	
2.10
	
Collateral Administration

 

(a)All Collateral (except funds required to be deposited in the Controlled Deposit Accounts) will at all times be kept by Borrowers at the locations set forth on Schedule 5.17B (including warehouses) hereto and shall not, without concurrent written notice to Lender, be moved therefrom and in any case shall not be moved outside the continental United States.

 

(b)Borrowers shall in all material respects keep accurate and complete records of their Accounts and all payments and collections thereon and shall submit such records to Lender on such periodic basis as Lender may request. After the occurrence and during the continuance of an Event of Default, and upon Lender’s request, Borrowers shall execute and deliver to Lender formal written assignments of all of their Accounts weekly or daily as Lender may request, including all

 

Credit and Security Agreement, Page 28
 

Exhibit 10.1

 

Accounts created since the date of the last assignment, together with copies of claims, invoices or other information related thereto. To the extent that collections from such assigned Accounts exceed the amount of the Obligations, such excess amount shall not accrue interest in favor of Borrowers, but shall be available to Borrowers upon Borrowers’ written request.

 

(c)Any of Lender’s officers, employees, representatives or agents shall have the right, at any time during normal business hours upon reasonable prior notice to Borrowers, to verify the validity, amount or any other matter relating to any Accounts. Borrowers shall cooperate fully with Lender in an effort to facilitate and promptly conclude such verification.

 

(d)Lender shall have the right at all times after the occurrence and during the continuance of an Event of Default to notify Account Debtors owing Accounts to Borrowers that their Accounts have been assigned to Lender and to collect such Accounts directly in its own name and to charge collection costs and expenses, including reasonable attorneys’ fees, to Borrowers.

 

(e)As and when determined by Lender in its Permitted Discretion, Lender shall have the right to perform the searches described in clauses (i) and (ii) below against Borrowers and Guarantors (the results of which are to be consistent with Borrowers’ representations and warranties under this Agreement), at Borrowers’ reasonable expense: (i) UCC searches with the Secretary of State or local filing offices of the state where each Borrower is organized; and (ii) bankruptcy, judgment, federal, state and local tax lien and litigation searches, in each jurisdiction in which such actions, or Liens may be recorded.

 

(f)Borrowers (i) shall provide prompt written notice to their current bank to transfer all items, collections and remittances to the Concentration Account, (ii) shall direct each Account Debtor to make payments to the appropriate Controlled Deposit Account as set forth in Section 2.5, and Borrowers hereby authorize Lender, upon any failure to send such notices and directions within ten (10) days after the date of this Agreement (or ten (10) days after the Person becomes an Account Debtor), to send any and all similar notices and directions to such Account Debtors, and

(iii) shall do anything further that may be lawfully required by Lender to secure Lender and effectuate the intentions of the Loan Documents.

 

(g)As of the date of this Agreement, no Borrower has any ownership interest in any Chattel Paper (as defined in Article 9 of the UCC), letter of credit rights, commercial tort claims, Instruments, documents or Investment Property (other than Equity Interests in any Subsidiaries of such Borrower disclosed on Schedule 5.3) and Borrowers shall give notice to Lender promptly (but in any event not later than the delivery by Borrowers of the next Borrowing Certificate required pursuant to Section 2.4 above) upon the acquisition by any Borrower of any such Chattel Paper, letter of credit rights, commercial tort claims, Instruments (other than checks received in the ordinary course of business which shall be deposited in CPM’s Commercial Deposit Account in accordance with Section 2.5), documents, or Investment Property, in each case having a value in excess of $25,000. No Person other than any Lender has “control” (as defined in Article 9 of the UCC) over any deposit account, Investment Property (including Securities Accounts and Commodities Accounts), Letter of Credit Rights or electronic Chattel Paper in which any Borrower has any interest (except for such control arising by operation of law in favor of any bank or securities intermediary or commodities intermediary with whom any deposit account, Securities Account or Commodities Account of Borrowers is maintained).

 

Credit and Security Agreement, Page 29
 

Exhibit 10.1

 

(h)Borrowers will conduct a physical count of the Inventory at least once per year and at such other times as Lender requests, and Borrower shall provide to Lender a written accounting of such physical count in form and substance satisfactory to Lender. Borrowers will use commercially reasonable efforts to at all times keep their Inventory in good and marketable condition. In addition to the foregoing, from time to time, Lender may require Borrowers to obtain and deliver to Lender appraisal reports in form and substance and from appraisers reasonably satisfactory to Lender stating the then current fair market values and the Net Orderly Liquidation Value of all or any portion of Inventory owned by Borrower or any Subsidiaries.

 

(i)Borrowers shall deliver to Lender all tangible Chattel Paper and all Instruments (other than checks received in the ordinary course of business which shall be deposited in CPM’s Commercial Deposit Account in accordance with Section 2.5) and Documents, in each case having a value in excess of $25,000, owned by any Borrower and constituting part of the Collateral duly endorsed and accompanied by duly executed instruments of transfer or assignment, all in form and substance satisfactory to Lender. Borrowers shall provide Lender with “control” (as defined in Article 9 of the UCC) of all electronic Chattel Paper owned by any Borrower and constituting part of the Collateral by having Lender identified as the assignee on the records pertaining to the single authoritative copy thereof and otherwise complying with the applicable elements of control set forth in the UCC. Borrowers also shall deliver to Lender all security agreements securing any such Chattel Paper and securing any such Instruments. Borrowers will mark conspicuously all such Chattel Paper and all such Instruments and Documents with a legend, in form and substance reasonably satisfactory to Lender, indicating that such Chattel Paper and such Instruments and Documents are subject to the security interests and Liens in favor of Lender created pursuant to this Agreement and the Loan Documents.

 

(j)Borrowers shall deliver to Lender all letters of credit on which any Borrower is the beneficiary and which give rise to letter of credit rights owned by such Borrower which constitute part of the Collateral in each case duly endorsed and accompanied by duly executed instruments of transfer or assignment, all in form and substance reasonably satisfactory to Lender. Borrowers shall take any and all actions as may be necessary or desirable, or that Lender may request, from time to time, to cause Lender to obtain exclusive “control” (as defined in Article 9 of the UCC) of any such letter of credit rights in a manner reasonably acceptable to Lender.

 

(k)Borrowers shall promptly advise Lender upon any Borrower becoming aware that it has any interests in any commercial tort claim having a value in excess of $25,000 that constitutes part of the Collateral, which such notice shall include descriptions of the events and circumstances giving rise to such commercial tort claim and the dates such events and circumstances occurred, the potential defendants with respect such commercial tort claim and any court proceedings that have been instituted with respect to such commercial tort claims, and Borrowers shall, with respect to any such commercial tort claim, execute and deliver to Lender such documents as Lender shall request to perfect, preserve or protect the Liens, rights and remedies of Lender with respect to any such commercial tort claim.

 

(l)No Inventory or other material Collateral shall at any time be in the possession or control of any warehouse, consignee (other than hospitals), bailee or any of Borrowers’ agents or processors without prior written notice to Lender and the receipt by Lender of a Collateral Access Agreement, except for Inventory in transit. Borrowers have notified Lender that Inventory is

 

Credit and Security Agreement, Page 30
 

Exhibit 10.1

 

currently located at the locations set forth on Schedule 5.17B. Except with respect to hospitals that are in the possession of consigned Inventory of Borrowers, Borrowers shall, upon the request of Lender, notify any such warehouse, consignee, bailee, agent or processor of the security interests and Liens in favor of Lender created pursuant to this Agreement and the Loan Documents, instruct such Person to hold all such Collateral for Lender’s account subject to Lender’s instructions and shall obtain an acknowledgement from such Person that such Person holds the Collateral for Lender’s benefit.

 

(m)Borrower shall cause all equipment and other tangible Personal Property other than Inventory to be maintained and preserved in the same conditions, repair, and working order as when new, ordinary wear and tear excepted, and shall promptly make or cause to

 

(n)After the occurrence and during the continuance of an Event of Default, (a) Lender may elect to exercise any and all of the rights and remedies of each Borrower under the Permits, without any interference from any Borrower, and Borrowers shall cooperate in causing the Governmental Authorities, contractors, or purchasers and lessees to comply with all the terms and conditions of the Permits, and, (b) if and to the extent permitted by applicable Law and the terms of the Permits, Lender may, at its option, take over and enjoy the benefits of the Permits, exercise Borrowers’ rights under the Permits, and perform all acts in the same manner and to the same extent as Borrowers might do.

 

(o)Upon request of Lender, Borrowers shall promptly deliver to Lender any and all certificates of title, applications for title or similar evidence of ownership of all such tangible personal property (unless such certificate of title, application, similar evince of ownership or tangible personal property is subject to a Permitted Lien) and shall cause Lender to be named as lienholder on any such certificate of title or other evidence of ownership. Borrowers shall not permit any such tangible personal property to become fixtures to real estate unless such real estate is subject to a Lien in favor of Lender.

 

(p)Borrowers shall furnish to Lender from time to time any statements and schedules further identifying or describing the Collateral and any other information, reports or evidence concerning the Collateral as Lender may reasonably request from time to time.

 

	
 
	
2.11
	
Power of Attorney

 

Each Borrower hereby appoints Lender as its attorney-in-fact, with power (a) to perfect Lender’s security interest or lien in any Collateral, including filing financing statements, without Borrower’s signature, covering part or all of the Collateral in such jurisdictions as Lender shall determine to be advisable and (b) sign IRS Forms W-9 on behalf of Borrowers reflecting Borrowers’ address as the address of a Controlled Deposit Account established pursuant to Section

2.5 (or, at Lender’s option, the address set forth on the signature page hereof) and deliver such forms to Third-Party Payors on Accounts. The appointment of Lender as attorney-in-fact for a Borrower is coupled with an interest and is irrevocable prior to full payment in cash of all Obligations.

 

Credit and Security Agreement, Page 31
 

Exhibit 10.1

 

2.12Setoff Rights

 

During the continuance of any Event of Default, Lender is hereby authorized by Borrowers at any time or from time to time, with reasonably prompt subsequent notice to Borrowers (any prior or contemporaneous notice being hereby expressly waived) to set off and to appropriate and to apply any and all (a) balances held by Lender or any of Lender’s Affiliates for the account of Borrowers or any of their Subsidiaries (regardless of whether such balances are then due to Borrowers or their Subsidiaries), and (b) other property at any time held or owing by Lender to or for the credit or for the account of Borrowers or any of their Subsidiaries, against and on account of any of the Obligations.

 

	
 
	
III.
	
FEES AND OTHER CHARGES

 

	
 
	
3.1
	
Facility Fee

 

On or before the Closing Date, Borrowers shall pay to Lender one percent (1.0%) of the Facility Cap as a nonrefundable fee. The fee payable pursuant to this Section 3.1 and the fee payable pursuant to the last sentence of Section 2.1(c) are herein collectively referred to as the “Facility Fee”.

 

	
 
	
3.2
	
Unused Line Fee

 

Borrowers shall pay to Lender monthly an unused line fee (the “Unused Line Fee”) in an amount equal to four and one-fifth basis points (i.e., 0.042%) per month of the difference derived by subtracting (i) the average daily balance under the Revolving Facility outstanding during the preceding month, from (ii) the Facility Cap. The Unused Line Fee shall be payable monthly in arrears but in no event later than the first day of each successive calendar month (starting with January 1, 2022). Payment of the Unused Line Fee shall be made, at the discretion of Lender: (i) by application of available funds in the Concentration Account pursuant to Section 2.5, (ii) by application of Advances under the Revolving Facility pursuant to Section 2.1, or (iii) upon two Business Days’ notice, directly by Borrowers. The final payment shall be prorated to the date of payment in full and shall be paid on that date as part of the Obligations.

 

	
 
	
3.3
	
Collateral Management Fee

 

Borrowers shall pay Lender as additional interest a monthly collateral management fee (the “Collateral Management Fee”) for monitoring and servicing the Revolving Facility, equal to one-fifth of one percent (0.20%) per month calculated on the basis of the average daily balance under the Revolving Facility outstanding during the preceding month. The Collateral Management Fee shall be payable monthly in arrears but in no event later than the first day of each successive calendar month (starting with January 1, 2022). Payment of the Collateral Management Fee shall be made, at the discretion of Lender: (i) by application of available funds in the Concentration Account pursuant to Section 2.5, (ii) by application of Advances under the Revolving Facility pursuant to Section 2.1, or (iii) upon two Business Days’ notice, directly by Borrowers. The final payment shall be prorated to the date of payment in full and shall be paid on that date as part of the Obligations.

 

Credit and Security Agreement, Page 32
 

Exhibit 10.1

 

	
 
	
3.4
	
Early Termination Fees

 

Upon a Revolving Facility Termination, Borrowers shall pay Lender (in addition to the then outstanding principal, accrued interest and other Obligations (other than indemnity reimbursement obligations with respect to which no claim has been made) relating to the Revolving Facility pursuant to the terms of this Agreement and any other Loan Documents), as yield maintenance for the loss of bargain and not as a penalty, an amount equal to the applicable Termination Fee. Notwithstanding any other provision of any Loan Document, no Termination Fee as described above shall be due and payable if (i) Borrowers refinance the Obligations (in whole or in part) with Lender (which, for purposes of this Section 3.4, shall include CNH Finance Fund I, L.P. and any of its parents, subsidiaries or Affiliates), (ii) this Agreement terminates in accordance with its terms at the end of its Term, or (iii) Borrowers terminate this Agreement within 10 days after Borrowers provide written notice to Lender of a default by Lender hereunder, and such default by Lender remains uncured as of the date of such termination.

 

	
 
	
3.5
	
Software Interface Fee

 

Upon the first occurrence of an Event of Default, upon written request by Lender, Borrowers shall pay to Lender a nonrefundable fee of $5,000 for the setup and implementation of the software interface used by Lender to calculate the Borrowing Base. Payment of the setup fee shall be made, at the discretion of Lender: (i) by application of available funds in the Concentration Account pursuant to Section 2.5, (ii) by application of Advances under the Revolving Facility pursuant to Section 2.1, or (iii) upon two Business Days’ notice, directly by Borrowers.

 

Commencing with the first calendar month in which an Event of Default occurs, upon the written request of Lender, Borrowers shall pay Lender a monthly software interface fee (the “Software Interface Fee”) for maintaining and servicing the software interface used by Lender to calculate the Borrowing Base, equal to $1,000 per month. The Software Interface Fee shall be payable monthly in arrears but in no event later than the first day of each successive calendar month. Payment of the Software Interface Fee shall be made, at the discretion of Lender:

(i) by application of available funds in the Concentration Account pursuant to Section 2.5, (ii) by application of Advances under the Revolving Facility pursuant to Section 2.1, or (iii) upon two Business Days’ notice, directly by Borrowers. The final payment shall be prorated to the date of payment in full and shall be paid on that date as part of the Obligations.

 

	
 
	
3.6
	
Computation of Fees; Lawful Limits

 

All fees hereunder shall be computed on the basis of a year of 360 days and for the actual number of days elapsed in each calculation period, as applicable. In no contingency or event whatsoever, whether by reason of acceleration or otherwise, shall the interest and other charges paid or agreed to be paid to Lender for the use, forbearance or detention of money hereunder exceed the maximum rate permissible under applicable Law which a court of competent jurisdiction shall, in a final determination, deem applicable hereto. If, due to any circumstance whatsoever, fulfillment of any provision hereof, at the time performance of such provision shall be due, shall exceed any such limit, then, the obligation to be so fulfilled shall be reduced to such lawful limit, and, if Lender shall have received interest or any other charges of any kind which might be deemed to be interest under applicable Law in excess of the maximum lawful rate, then

 

Credit and Security Agreement, Page 33
 

Exhibit 10.1

 

such excess shall be applied first to any unpaid fees and charges hereunder, then to unpaid principal balance owed by Borrowers hereunder, and if the then remaining excess interest is greater than the previously unpaid principal balance, Lender shall promptly refund such excess amount to Borrowers and the provisions hereof shall be deemed amended to provide for such permissible rate. The terms and provisions of this Section shall control to the extent any other provision of any Loan Document is inconsistent herewith.

 

	
 
	
3.7
	
Default Rate of Interest

 

Upon the occurrence and during the continuation of an Event of Default, upon written notice by Lender to Borrower, the Applicable Rate of interest in effect at such time with respect to the Obligations shall be increased by five percent (5%) per annum (the “Default Rate”). Such increase shall be in addition to any other specific charges provided for herein for noncompliance with specific provisions of this Agreement.

 

	
 
	
3.8
	
Acknowledgement of Joint and Several Liability

 

(a)Each Borrower is accepting joint and several liability hereunder and under the other Loan Documents in consideration of the financial accommodations to be provided by the Lender under this Agreement, for the mutual benefit, directly and indirectly, of Borrowers and in consideration of the undertakings of each other Borrower to accept joint and several liability for the Obligations.

 

(b)Each Borrower, jointly and severally, hereby irrevocably and unconditionally accepts, not merely as surety but also as a co-debtor, joint and several liability with the other Borrowers, with respect to the performance of all of the Obligations (including any Obligations arising under this Section 3.8), it being the intention of the parties hereto that all the Obligations shall be the joint and several obligations of Borrowers without preference or distinction among them and that all of the representations, warranties, covenants, obligations, conditions, agreements and other terms contained in the Loan Documents shall be applicable to and be binding upon each Borrower.

 

(c)If and to the extent that any Borrower shall fail to make any payment with respect to any of the Obligations as and when due or to perform any of the Obligations in accordance with the terms thereof, then in each such event each other Borrower will make such payment with respect to, or perform, such Obligation.

 

(d)The Obligations of Borrowers under the provisions of this Section 3.8 constitute the full recourse Obligations of Borrowers enforceable against each Borrower to the full extent of its properties and assets, irrespective of the validity, regularity or enforceability of this Agreement or the other Loan Documents or any other circumstance whatsoever as to any other Borrower.

 

(e)Except as otherwise expressly provided herein, each Borrower hereby waives promptness, diligence, presentment, demand, protest, notice of acceptance of its joint and several liability, notice of any and all Advances under the Revolving Facility, notice of occurrence of any Default or Event of Default (except to the extent notice is expressly required to be given pursuant to the terms of this Agreement or any of the Loan Documents), or of any demand for any payment

 

Credit and Security Agreement, Page 34
 

Exhibit 10.1

 

under this Agreement, notice of any action at any time taken or omitted by Lender or under or in respect of any of the Obligations hereunder, any requirement of diligence and, generally, all demands, notices and other formalities of every kind in connection with this Agreement and other Loan Documents. Each Borrower hereby waives all defenses which may be available by virtue of any valuation, stay, moratorium law or other similar Law now or hereafter in effect, any right to require the marshaling of Borrowers’ assets and any other entity or Person primarily or secondarily liable with respect to any of the Obligations, and all suretyship defenses generally. Each Borrower hereby assents to, and waives notice of, any extension or postponement of the time for the payment, or place or manner for payment, compromise, refinancing, consolidation or renewals of any of the Obligations hereunder, the acceptance of any partial payment thereon, any waiver, consent or other action or acquiescence by Lender at any time or times in respect of any default by Borrowers in the performance or satisfaction of any term, covenant, condition or provision of this Agreement and the other Loan Documents, any and all other indulgences whatsoever by Lender in respect of any of the Obligations hereunder, and the taking, addition, substitution or release, in whole or in part, of Borrowers or any other entity or Person primarily or secondarily liable for any Obligation. Each Borrower further agrees that its Obligations shall not be released or discharged, in whole or in part, or otherwise affected by the adequacy of any rights which the Lender may have against any collateral security or other means of obtaining repayment of any of the Obligations, the impairment of any collateral security securing the Obligations, including the failure to protect or preserve any rights which Lender may have in such collateral security or the substitution, exchange, surrender, release, loss or destruction of any such collateral security, any other act or omission which might in any manner or to any extent vary the risk of any Borrower, or otherwise operate as a release or discharge of any Borrower, all of which may be done without notice to Borrowers; provided, however, that the foregoing shall in no way be deemed to create commercially unreasonable standards as to Lender’s duties as secured party under the Loan Documents (as such rights and duties are set forth therein). If for any reason a Borrower has no legal existence or is under no legal obligation to discharge any of the Obligations, or if any of the Obligations have become irrecoverable from a Borrower by reason of any insolvency, bankruptcy or reorganization or by other operation of law or for any reason, this Agreement and the other Loan Documents to which it is a party shall nevertheless be binding on each other Borrower to the same extent as if such Borrower at all times had been the sole obligor on such Obligations. Without limiting the generality of the foregoing, each Borrower assents to any other action or delay in acting or failure to act on the part of Lender, including any failure strictly or diligently to assert any right or to pursue any remedy or to comply fully with applicable Laws thereunder which might, but for the provisions of this Section 3.8, afford grounds for terminating, discharging or relieving such Borrower, in whole or in part, from any of its obligations under this Section 3.8, it being the intention of each Borrower that, so long as any of the Obligations hereunder remain unsatisfied, the obligations of each Borrower under this Section 3.8 shall not be discharged except by performance and then only to the extent of such performance. The Obligations of any Borrower under this Section 3.8 shall not be diminished or rendered unenforceable by any winding up, reorganization, amalgamation, arrangement, liquidation, reconstruction or similar proceeding with respect to any other Borrower or the Lender. The joint and several liability of Borrowers hereunder shall continue in full force and effect notwithstanding any absorption, merger, amalgamation or any other change whatsoever in the name, ownership, membership, constitution or place of formation of Borrowers or the Lender. Each Borrower acknowledges and confirms that it has established its own adequate means of obtaining from each other Borrower on a continuing basis

 

Credit and Security Agreement, Page 35
 

Exhibit 10.1

 

all information desired by such Borrower concerning the financial condition of each other Borrower and that each Borrower will look to each other Borrower and not to Lender for each Borrower to keep adequately informed of changes in each of the other Borrowers’ respective financial conditions.

 

(f)Borrowers acknowledge that all or any portion of the Obligations may now or hereafter be secured by a Lien or Liens upon Borrowers’ property. Subject to the terms of this Agreement, Lender may foreclose under all or any portion of one or more said Liens by means of judicial or nonjudicial sale or sales. Borrowers agree that Lender may exercise whatever rights and remedies it may have in respect to said security, all without affecting the liability of any Borrower hereunder, except to the extent Lender realizes payment by such action or proceeding. No election to proceed in one form of action or against any party, or on any obligation shall constitute a waiver of Lender’s right to proceed in any other form of action or against one Borrower or any other Borrower or other person, or diminish the liability of any Borrower, or affect the right of Lender to proceed against any Borrower for any deficiency, except to the extent Lender realizes payment by such action, notwithstanding the effect of such action upon a Borrower’s rights of subrogation, reimbursement or indemnity, if any, against any other Borrower or any other person.

 

(g)The provisions of this Section 3.8 are made for the benefit of the Lender and its permitted successors and assigns, and may be enforced by it from time to time against any or all of the Borrowers as often as occasion may arise without requirement on the part of Lender or such successor or assign first to marshal any of its claims or to exercise any of its rights against any other Borrower or to exhaust any remedies available to it against any other Borrower or to resort to any other source or means of obtaining payment of any of the Obligations hereunder or to elect any other remedy. The provisions of this Section 3.8 shall remain in effect until all of the Obligations shall have been paid in full or otherwise fully satisfied (other than indemnity obligations with respect to which no claim has been made). If at any time, any payment, or any part thereof, made in respect of any of the Obligations, is rescinded or must otherwise be restored or returned by Lender upon the insolvency, bankruptcy or reorganization of any Borrower, or otherwise, the provisions of this Section 3.8 will forthwith be reinstated in effect, as though such payment had not been made.

 

(h)Each Borrower hereby agrees that it will not enforce any of its rights of reimbursement, contribution, subrogation or the like against any other Borrower with respect to any liability incurred by it hereunder or under any of the other Loan Documents, any payments made by it to Lender with respect to any of the Obligations or any collateral security therefor until such time as all of the Obligations have been satisfied (other than indemnity reimbursement obligations with respect to which no claim has been made). Any claim which any Borrower may have against any other Borrower with respect to any payments to Lender hereunder or under other Loan Documents are hereby expressly made subordinate and junior in right of payment, without limitation as to any increases in the Obligations arising hereunder or thereunder, to the prior payment in full of the Obligations and, in the event of any insolvency, bankruptcy, receivership, liquidation, reorganization or other similar proceeding under the laws of any jurisdiction relating to a Borrower, its debts, or its assets, whether voluntary or involuntary, all such Obligations (other than indemnity and reimbursement obligations with respect to which no claim has been made)

 

Credit and Security Agreement, Page 36
 

Exhibit 10.1

 

shall be paid in full before any payment or distribution of any character, whether in cash, securities or other property, shall be made to any other Borrower therefor.

 

(i)Each Borrower hereby agrees that the payment of any amounts due with respect to the indebtedness owing by any Borrower to any other Borrower is hereby subordinated to the prior payment in full in cash of the Obligations (other than indemnity obligations with respect to which no claim has been made). Each Borrower hereby agrees that after the occurrence and during the continuance of any Default or Event of Default, upon the written request of Lender, no Borrower will demand, sue for or otherwise attempt to collect any indebtedness of any other Borrower owing to a Borrower until the Obligations (other than indemnity and reimbursement obligations with respect to which no claim has been made) shall have been paid in full in cash. If, notwithstanding the foregoing sentence, a Borrower shall collect, enforce or receive any amounts in respect of such indebtedness, such amounts shall be collected, enforced and received by such Borrower as trustee for Lender and be paid over to Lender to be applied to repay the Obligations.

 

	
 
	
IV.
	
CONDITIONS PRECEDENT

 

	
 
	
4.1
	
Conditions to Closing and Advances

 

The obligations of Lender to consummate the transactions contemplated herein and to make any Advance under the Revolving Facility are subject to the satisfaction, in the sole judgment of Lender, of the following:

 

	
 
	
(a)
	
Borrowers shall have executed and delivered to Lender this Agreement;

 

(b)Each Borrower shall have executed and delivered to Lender a Closing Certificate certifying to the Organizational Documents of such Borrower, the good standing of such Borrower in its jurisdiction of organization, the adoption of resolutions approving the Revolving Facility and the incumbency of its authorized officers;

 

(c)Each Guarantor shall have duly executed and delivered to Lender a Guaranty Agreement;

 

(d)Legal counsel to Borrowers and each Guarantor shall have delivered to Lender a written legal opinion, in form and substance satisfactory to Lender and its counsel, addressing the following: (i) the organization of each Borrower and any entities that are Guarantors; (ii) the due authorization and execution of the Loan Documents; (iii) the absence of conflicts between the Loan Documents and the Organizational Documents of each Borrower and any entities that are Guarantors; and (iv) the legal, valid and binding effect of the Loan Documents;

 

(e)The applicable Borrower(s) shall have delivered to Lender all applicable Collateral Access Agreements and any Landlord Waivers and Consents;

 

(f)Borrowers shall have established Controlled Deposit Accounts and Lender shall have received fully executed Control Agreements, all in accordance with Section 2.5;

 

(g)Borrowers shall have delivered to Lender a Borrowing Certificate in the form of Exhibit A executed by Borrowers’ authorized signatory;

 

Credit and Security Agreement, Page 37
 

Exhibit 10.1

 

(h)Borrowers shall have executed and delivered to Lender an IRS Form 8821 in form acceptable to Lender naming Tax Guard as appointee;

 

(i)Lender shall have received (i) copies of all insurance policies required by Section 6.5, (ii) a copy of the declarations page for such insurance policies and (iii) certificates of insurance confirming that the Lender has been named as sole beneficiary, loss payable, or additional insured, as appropriate;

 

(j)Borrowers shall have provided Lender with all information (including user identifications and passwords) necessary for Lender to have online access to view all information regarding all of Borrowers’ bank accounts;

 

(k)Borrowers shall have provided Lender with any information necessary, and taken any action necessary, for Lender to setup and implement the software interface used by Lender to calculate the Borrowing Base;

 

(l)Lender shall have received, in form and substance satisfactory to Lender, payoff letters or evidence of the repayment in full of all existing indebtedness secured by the Collateral and termination of any and all Liens, security interests and Uniform Commercial Code financing statements relating thereto that is not subject to an intercreditor agreement or a Subordination Agreement;

 

(m)Lender shall have received each document (including any Uniform Commercial Code financing statement) required by any Loan Documents or under applicable Law or requested by Lender to be filed, registered or recorded to create in favor of Lender, a perfected first priority security interest upon the Collateral (subject only to Permitted Liens);

 

	
 
	
(n)
	
Lender shall have:

 

(i)completed its examinations, the results of which shall be satisfactory in form and substance to Lender, of the Collateral, the financial statements and the books, records, business, obligations, financial condition and operational state of each Borrower and Guarantor, and each such Person shall have demonstrated to Lender’s satisfaction (as evidenced by Lender’s execution of the Loan Documents) that (i) its operations comply, in all material respects, with all applicable Law, except where the failure to comply would not reasonably be expected to have a Material Adverse Effect (ii) its operations are not the subject of any governmental investigation, evaluation or any remedial action which could reasonably be expected to result in any Material Adverse Effect, and (iii) it has no liability (whether contingent or otherwise) that could reasonably be expected to have a Material Adverse Effect;

 

(ii)completed its legal due diligence examinations of Borrowers, the results of which shall be satisfactory in form and substance to Lender, as evidenced by Lender’s execution of the Loan Documents;

 

(iii)completed a background check of Borrowers’ principals and all Guarantors and the results of such background checks are satisfactory to Lender in its sole discretion,

 

Credit and Security Agreement, Page 38
 

Exhibit 10.1

 

as evidenced by Lender’s execution of the Loan Documents;

 

(iv)obtained, at Borrowers’ expense, (a) UCC lien searches as deemed necessary or appropriate by Lender, certified by the Secretary of State of the State in which Borrowers are organized, or issued by a reputable UCC lien search company acceptable to Lender in its sole discretion, which state that there are no liens or encumbrances affecting the Collateral (or, if there are liens or encumbrances affecting the Collateral, Lender shall have approved of the same), and (b) litigation and bankruptcy searches in such jurisdictions as deemed necessary or appropriate by Lender, issued by a reputable litigation search company acceptable to Lender in its sole discretion, which state that the Borrowers are not subject to any material adverse litigation or other legal proceeding; and

 

(v)received all fees, charges and expenses payable to Lender on or prior to the date of the Advance pursuant to the Loan Documents;

 

(o)All corporate and other proceedings, documents, instruments and other legal matters in connection with the transactions contemplated by the Loan Documents shall be satisfactory to Lender;

 

(p)Each of the representations and warranties made by Borrowers in or pursuant to this Agreement shall be accurate in all material respects on and as of the date the Advance is requested as if made on and as of such date, before and after giving effect to such Advance (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 no Default or Event of Default shall have occurred and be continuing or would exist after giving effect to the Advance under the Revolving Facility on such date;

 

(q)(i) No default shall exist pursuant to any of Borrowers’ obligations under any Material Contract and Borrowers shall be in compliance with all applicable Laws in all material respects, in each case except to the extent such default or failure would not reasonably be expected to have a Material Adverse Effect, (ii) Borrowers have no material accounts payable or taxes payable that are more than 120 days past due (other than accounts payable and taxes subject to Permitted Contests), or to the extent that such accounts payable or taxes payable exist, Borrowers shall provide to Lender written evidence (satisfactory to Lender in its sole discretion) from such account creditors, and if applicable, taxing authorities of payment plans with respect thereto, and

(iii) Borrowers have no material accounts payable to CoreLink, LLC that are more than 90 days past due (other than accounts payable subject to Permitted Contests);

 

(r)Immediately after giving effect to the requested Advance, the aggregate outstanding principal amount of Advances under the Revolving Facility shall not exceed the Revolving Loan Limit, less any reserves against the Revolving Loan Limit imposed by Lender in its Permitted Discretion;

 

(s)No event shall have occurred which has had or could reasonably be expected to have a Material Adverse Effect; and

 

Credit and Security Agreement, Page 39
 

Exhibit 10.1

 

(t)Lender shall have received such other documents, certificates, information or legal opinions as Lender may reasonably request, all in form and substance reasonably satisfactory to Lender.

 

	
 
	
4.2
	
Waivers of Conditions to Advances

 

No waiver of any of the foregoing conditions to an Advance, or the making of an Advance by Lender notwithstanding the failure of any of the foregoing conditions to be met as of the date of such Advance, shall be deemed to constitute a waiver by Lender of any such conditions with respect to any future requested Advance.

 

	
 
	
4.3
	
Post-Closing Document Delivery Requirements

 

Borrowers shall take the actions identified below by the dates indicated. In the event any of the below post-closing conditions under this Section 4.3 are not timely performed by Borrowers, Borrowers shall pay Lender a late fee equal to $250 per day until such post-closing conditions have been completed in full. Such late fee shall be in addition to any other fees, charges or other provisions that may increase the Applicable Rate of interest hereunder and the assessment or collection of such late fee shall not, unless Lender specifically agrees in writing to the contrary, prevent Lender from considering any such non-timely completion to be a Default or an Event of Default.

 

(a)No later than one (1) Business Day following Closing (and two (2) Business Days with respect to UCC financing statement filings made with the Texas Secretary of State), Borrowers shall have delivered to Lender evidence that any and all UCC financing statements filed against either Borrower by ZB, NA., Amegy Bank National Association, and ZB, N.A. dba Amegy Bank have been properly terminated.

 

(b)No later than thirty (30) calendar days following Closing, Borrowers shall have delivered to Lender evidence that any and all UCC financing statements filed against either Borrower by the U.S. Small Business Administration have been properly terminated.

 

(c)No later than thirty (30) Business Days following Closing, Borrowers shall have delivered to Lender all applicable insurance endorsements confirming that the Lender has been named as sole beneficiary, loss payable, or additional insured as appropriate.

 

	
 
	
V.
	
REPRESENTATIONS AND WARRANTIES

 

In order to induce Lender to enter into this Agreement and to advance funds to Borrowers, Borrowers, jointly and severally, represent and warrant as of the date hereof, the Closing Date, and each Borrowing Date as follows:

 

	
 
	
5.1
	
Organization and Authority

 

Each Credit Party is an entity of the type specified on Schedule 5.3, is duly organized, validly existing and in good standing under the laws of the jurisdiction specified on Schedule 5.3 and no other jurisdiction. Each Credit Party (i) has all requisite corporate or other organizational power and authority to own its properties and assets and to carry on its business as

 

Credit and Security Agreement, Page 40
 

Exhibit 10.1

 

now being conducted and as contemplated in the Loan Documents, (ii) is duly qualified to do business in every jurisdiction in which failure so to qualify could reasonably be expected to have a Material Adverse Effect, and (iii) has requisite power and authority (A) to execute, deliver and perform the Loan Documents to which it is a party and all amendments thereto, (B) to borrow hereunder, (C) to consummate the transactions contemplated under the Loan Documents, and (D) to grant the Liens with regard to the Collateral pursuant to the Loan Documents to which it is a party. No Credit Party is an “investment company” registered or required to be registered under the Investment Company Act of 1940, as amended, nor is any Credit Party controlled by or a subsidiary of such an “investment company.”

 

	
 
	
5.2
	
Loan Documents

 

The execution, delivery and performance by each Credit Party of the Loan Documents to which it is a party, and the consummation of the transactions contemplated thereby, including the grants of Liens and security interests in the Collateral, (i) have been duly authorized by all requisite action of the appropriate Credit Party and have been duly executed and delivered by or on behalf of such Credit Party; (ii) do not violate any provisions of (A) applicable Law, statute, rule, regulation, ordinance or tariff the effect of which could reasonably be expected to have a Material Adverse Effect, (B) any order of any Governmental Authority binding on any Credit Party or any of the Credit Parties’ respective properties the effect of which could reasonably be expected to have a Material Adverse Effect, or (C) the certificate of incorporation or bylaws (or any other equivalent governing agreement or document) of each Credit Party, or any agreement between any Credit Party and its shareholders, members, partners or equity owners or among any such shareholders, members, partners or equity owners; (iii) are not in conflict with, and do not result in a breach or default of or constitute an Event of Default, or an event, fact, condition, breach, Default or Event of Default under, any indenture, agreement or other instrument to which any Credit Party is a party, or by which the properties or assets of any Credit Party are bound, the effect of which could reasonably be expected to have a Material Adverse Effect; (iv) except as set forth therein, will not result in the creation or imposition of any Lien of any nature upon any of the properties or assets of any Credit Party, and (v) do not require the consent, approval or authorization of, or filing, registration or qualification with, any Governmental Authority or Credit Party unless otherwise obtained, except (A) filings required in order to perfect, record or maintain the security interests granted under the Security Documents and (B) those that, if not obtained or made, could not reasonably be expected to have a Material Adverse Effect. When executed and delivered, each of the Loan Documents to which each Credit Party is a party will constitute the legal, valid and binding obligation of the respective Credit Party, enforceable against such Credit Party in accordance with its terms, except as the same may be limited by insolvency, bankruptcy or other laws of general application affecting the enforcement of creditors’ rights and by general equitable principles.

 

	
 
	
5.3
	
Subsidiaries, Capitalization and Ownership Interests

 

Each Borrower has no Subsidiaries other than those Persons listed as Subsidiaries on Schedule 5.3, each of which is a Borrower. Schedule 5.3 also states the authorized and issued capitalization of each Credit Party and each subsidiary, the number and class of Equity Interests issued and outstanding of each Borrower and the record and beneficial owners owning 10% or more of the Equity Interests of each Borrower (including options, warrants and other rights to

 

Credit and Security Agreement, Page 41
 

Exhibit 10.1

 

acquire any of the foregoing). The Equity Interests of each Credit Party that is a limited partnership or a limited liability company are not certificated, the documents relating to such interests do not expressly state that the interests are governed by Article 8 of the Uniform Commercial Code, and the interests are not held in a Securities Account. The outstanding Equity Interests of each Credit Party have been duly authorized and validly issued and, to the extent such concept is applicable, are fully paid and nonassessable, and each Person listed on Schedule 5.3 owns beneficially and of record all of the Equity Interests it is listed as owning free and clear of any Liens other than Permitted Liens. Except as listed on Schedule 5.3, no Credit Party owns an interest in or participates or engages in any joint venture, partnership or similar arrangements with any Persons.

 

	
 
	
5.4
	
Properties

 

Each Borrower (i) is the sole owner and has good, valid and marketable title to, or a valid leasehold interest in, all of its material properties and assets, including the Collateral, whether personal or real, subject to no transfer restrictions or Liens of any kind except for (a) Permitted Liens, (b) transfer restrictions imposed by applicable Law, and (c) customary restrictions in agreements that restrict the assignment thereof, and (ii) is in compliance in all material respects with each lease to which it is a party or otherwise bound except for such noncompliance as would not reasonably be expected to have a Material Adverse Effect. As of the date of this Agreement, Schedule 5.4 lists all real properties (and their locations) owned or leased by or to Borrowers. Borrowers enjoy peaceful and undisturbed possession under all such leases and such leases are all the leases necessary for the operation of such properties and assets, are valid and subsisting and are in full force and effect.

 

	
 
	
5.5
	
Other Agreements

 

No Credit Party is (i) a party to any judgment, order or decree or any agreement, document or instrument, or subject to any restriction, which would materially adversely affect its ability to execute and deliver, or perform under, any Loan Document or to pay the Obligations, or

(ii) in default in the performance, observance or fulfillment of any obligation, covenant or condition contained in any agreement, document or instrument to which it is a party or to which any of its properties or assets are subject, which default, if not remedied within any applicable grace or cure period could reasonably be expected to have a Material Adverse Effect, nor is there any event, fact, condition or circumstance which, with notice or passage of time or both; would constitute or result in a conflict, breach, default or event of default under, any of the foregoing which, if not remedied within any applicable grace or cure period could reasonably be expected to have a Material Adverse Effect.

 

	
 
	
5.6
	
Litigation

 

Except as disclosed on Schedule 5.6, there is no action, suit, proceeding or investigation pending or, to any Credit Party’s knowledge, threatened against a Credit Party that

(i) could reasonably be expected to affect the validity of any of the Loan Documents or the right of a Borrower to enter into any Loan Document or to consummate the transactions contemplated thereby or (ii) could reasonably be expected to be or have, either individually or in the aggregate, any Material Adverse Change or Material Adverse Effect. No Credit Party is a party or subject to

 

Credit and Security Agreement, Page 42
 

Exhibit 10.1

 

any order, writ, injunction, judgment or decree of any Governmental Authority that could reasonably be expected to have a Material Adverse Effect, except as so identified in Schedule 5.6.

 

	
 
	
5.7
	
Labor Matters

 

There are no strikes, slowdowns, work stoppages, lockouts, grievances, other collective bargaining or labor related disputes pending or, to any Borrower’s knowledge, threatened against any Credit Party. Hours worked and payments made to the employees of the Credit Parties have not been in violation of the Fair Labor Standards Act or any other applicable Law dealing with such matters, except for violations that could not reasonably be expected to have a Material Adverse Effect. No Credit Party is engaged in unfair labor practice, and there is no unfair labor practice, complaint or complaint of employment discrimination pending against any Credit Party or threatened against any Credit Party that could reasonably be expected to have a Material Adverse Effect. All payments due from the Credit Parties, or for which any claim may be made against any of them, on account of wages and employee and retiree health and welfare insurance and other benefits have been paid or accrued as a liability on their books, as the case may be. Except for instances of non-compliance that could not reasonably be expected to have a Material Adverse Effect, each Credit Party has complied and is in compliance with all Laws pertaining to any terms or conditions of employment, including Laws governing or regarding employment standards, labor relations, application and employee background checking, immigration, the payment of wages or other compensation, including overtime compensation, employee leave, employee benefits, the classification of workers as employees and independent contractors, employment discrimination and harassment and retaliation, pay equity, occupational safety and health, workers’ compensation, and any and all other Laws governing or pertaining to the terms and conditions of employment. The provisions of any collective agreement are consistent with applicable industry standards respecting wage rates, benefits and working rules. No Borrower is in breach of any provision of any collective agreement to which it is a party. The consummation of the transactions contemplated by the Loan Documents will not give rise to a right of termination or right of renegotiation on the part of any union under any collective bargaining agreement to which it is a party or by which it is bound.

 

	
 
	
5.8
	
Tax Returns, Governmental Reports

 

Each Credit Party (i) has filed all material federal, state, foreign (if applicable) and local tax returns and other reports which are required by applicable Law to be filed by such Credit Party, and (ii) has paid (or caused to be paid) all taxes, assessments, fees and other governmental charges, including payroll and other employment related taxes, in each case that are due and payable, except for taxes, assessments, fees and other governmental charges that are subject to Permitted Contests.

 

	
 
	
5.9
	
Financial Statements and Reports

 

All financial information and statements relating to any Credit Party that have been or may hereafter be delivered to Lender by any Credit Party are accurate and complete in all material respects and, except as disclosed therein, have been prepared in accordance with GAAP consistently applied with prior periods. No Credit Party has any material obligations or liabilities of any kind not disclosed in such financial information or statements, and since the date of the

 

Credit and Security Agreement, Page 43
 

Exhibit 10.1

 

most recent financial statements submitted to Lender, there has not occurred any Material Adverse Change, Material Adverse Effect, to Borrowers’ knowledge, any other event or condition that could reasonably be expected to have a Material Adverse Effect.

 

	
 
	
5.10
	
Compliance with Law

 

Each Borrower (i) is in substantial compliance with all Laws applicable to Borrowers and Borrowers’ business, assets or operations, including ERISA, and (ii) is not in violation of any order of any Governmental Authority or other board or tribunal, except where noncompliance or violation would not reasonably be expected to have a Material Adverse Effect. There is no event, fact, condition or circumstance which, with notice or passage of time, or both, would constitute or result in any noncompliance with, or any violation of, any of the foregoing, in each case except where noncompliance or violation would not reasonably be expected to have a Material Adverse Effect. No Borrower has received any written notice that a Borrower is not in compliance in any respect with any of the requirements of any of the foregoing. No Credit Party has (a) engaged in any Prohibited Transactions as defined in Section 406 of ERISA and Section 4975 of the Internal Revenue Code of 1986, as amended, and the rules and regulations promulgated thereunder, (b) failed to meet any applicable minimum funding requirements under Section 302 of ERISA in respect of its plans and no such funding requirements have been postponed or delayed, (c) any knowledge of any event or occurrence which would cause the Pension Benefit Guaranty Corporation to institute proceedings under Title IV of ERISA to terminate any of the employee benefit plans, (d) any fiduciary responsibility under ERISA for investments with respect to any plan existing for the benefit of Persons other than its employees or former employees, or (e) withdrawn, completely or partially, from any multi-employer pension plans so as to incur liability under the Multiemployer Pension Plan Amendments of 1980. With respect to each Credit Party, there exists no event described in Section 4043 of ERISA, excluding Subsections 4043(b)(2) and 4043(b)(3) thereof, for which the thirty (30) day notice period contained in 12 C.F.R. § 26153 has not been waived. Each ERISA Plan (and the related trusts and funding agreements) complies in form and in operation with, has been administered in compliance with, and the terms of each ERISA Plan satisfy, the applicable requirements of ERISA and the Code in all material respects. Each ERISA Plan which is intended to be qualified under Section 401(a) of the Code is so qualified, and the United States Internal Revenue Service has issued a favorable determination letter with respect to each such ERISA Plan which may be relied on currently. No Credit Party has incurred liability for any material excise tax under any of Sections 4971 through 5000 of the Code.

 

	
 
	
5.11
	
Intellectual Property

 

Each Credit Party owns, is licensed to use or otherwise has the right to use, all Intellectual Property that is material to the condition (financial or other), business or operations of such Credit Party. All Intellectual Property existing as of the Closing Date which is owned by a Credit Party and issued, registered or pending with any United States or foreign Governmental Authority (including any and all applications for the registration of any Intellectual Property with any such United States or foreign Governmental Authority) and all licenses under which Borrower is the licensee of any such registered Intellectual Property (or any such application for the registration of Intellectual Property) owned by another Person are set forth on Schedule 5.11. Schedule 5.11 indicates in each case whether such registered Intellectual Property (or application

 

Credit and Security Agreement, Page 44
 

Exhibit 10.1

 

therefor) is owned or licensed by such Credit Party, and in the case of any such licensed registered Intellectual Property (or application therefor), lists the name and address of the licensor and the name and date of the agreement pursuant to which such item of Intellectual Property is licensed and whether or not such license is an exclusive license and indicates whether there are any purported restrictions in such license on the ability to such Credit Party to grant a security interest in and/or to transfer any of its rights as a licensee under such license. Except as indicated on Schedule 5.11, the applicable Credit Party is the sole and exclusive owner of the entire and unencumbered right, title and interest in and to each such registered Intellectual Property (or application therefor) purported to be owned by such Credit Party, free and clear of any Liens (except for Permitted Liens) or licenses in favor of third parties or agreements or covenants not to sue such third parties for infringement. All registered Intellectual Property of each Credit Party is duly and properly registered, filed or issued in the appropriate office and jurisdictions for such registrations, filings or issuances, except where the failure to do so would not reasonably be expected to have a Material Adverse Effect. No Credit Party is party to, nor bound by, any material license or other agreement with respect to which any Credit Party is the licensee that prohibits or otherwise restricts such Credit Party from granting a security interest in such Borrower’s interest in such license or agreement or other property. To such Borrower’s knowledge, each Credit Party conducts its business without infringement or claim of infringement of any Intellectual Property rights of others and there is no infringement or claim of infringement by others of any Intellectual Property rights of any Credit Party, which infringement or claim of infringement could reasonably be expected to have a Material Adverse Effect.

 

	
 
	
5.12
	
Licenses and Permits

 

Without limitation of anything contained in Section 5.19: Each Credit Party is in substantial compliance with and has all Permits necessary or required by applicable Law or Governmental Authority for the operation of its businesses except where the failure to be in compliance would not reasonably be expected to have a Material Adverse Effect. All of the foregoing are in full force and effect and not in known conflict with the rights of others except where the failure to be in compliance would not reasonably be expected to have a Material Adverse Effect. No Borrower is (i) in breach of or default under the provisions of any of the foregoing, nor is there any event, fact, condition or circumstance which, with notice or passage of time or both, would constitute or result in a conflict, breach, Default or Event of Default under, any of the foregoing which, if not remedied within any applicable grace or cure period could reasonably be expected to have a Material Adverse Effect, (ii) a party to or subject to any agreement, instrument or restriction that is so unusual or burdensome that it could reasonably be expected to have a Material Adverse Effect.

 

	
 
	
5.13
	
Disclosure

 

No information in any application for the Revolving Facility, Loan Document or any other agreement, document, certificate, or statement furnished to Lender by or on behalf of any Credit Party in connection with the transactions contemplated by the Loan Documents, when taken as a whole contains any untrue statement of material fact or omits to state any fact necessary to make the statements therein not materially misleading in light of current circumstances. There has been no Material Adverse Change in any fact or circumstance that would make any such information incomplete or inaccurate as of the Closing Date. All financial projections delivered to

 

Credit and Security Agreement, Page 45
 

Exhibit 10.1

 

Lender by any Credit Party (or their agents) have been prepared on the basis of the assumptions stated therein. Such projections represent each Credit Party’s best estimate of such Credit Party’s future financial performance and such assumptions are believed by such Credit Party to be fair and reasonable in light of current business conditions; provided, however, that no Credit Party can give any assurance that such projections will be attained.

 

	
 
	
5.14
	
Existing Indebtedness; Investments, Guarantees and Certain Contracts

 

Except as permitted by the Loan Documents, Borrowers (i) have no outstanding Indebtedness other than (a) Permitted Indebtedness, and (b) the Indebtedness under the Existing Amegy Loan Agreement and the Existing SBA Loan Agreement which will be paid in full on or before the Closing Date, (ii) are not subject or party to any mortgage, note, indenture, indemnity or guarantee of, with respect to or evidencing any Indebtedness of any other Person other than in connection with a Permitted Lien, or (iii) except for Permitted Indebtedness and Permitted Investments, do not own or hold any Equity Interests or long-term debt investments in, and do not have any outstanding advances to or any outstanding guarantees for the obligations of, or any outstanding borrowings from, any Person. Borrowers have performed all material obligations required to be performed by Borrowers pursuant to or connection with their outstanding Indebtedness and the items permitted by the Loan Documents and there has occurred no breach, default or event of default under any document evidencing any such items or any fact, circumstance, condition or event which, with the giving of notice or passage of time or both, would constitute or result in a breach, default or event of default thereunder. Borrowers have not agreed to pay any other Indebtedness in priority to the Obligations.

 

	
 
	
5.15
	
Agreements with Affiliates

 

Except for transactions permitted under Section 7.6, there are no existing material agreements, arrangements, understandings or transactions between any Credit Party and any of its officers, members, managers, directors, stockholders, partners, other interest holders, employees or Affiliates or any members of their respective immediate families.

 

	
 
	
5.16
	
Insurance

 

Borrowers have in full force and effect such insurance policies as are customary in its industry and as may be required pursuant to Section 6.5. All such insurance policies as in force on the date of this Agreement are listed and described on Schedule 5.16.

 

	
 
	
5.17
	
Names, Location of Offices, Records and Collateral

 

During the preceding five years, Borrowers have not conducted business under or used any name (whether corporate, partnership or assumed) other than as shown on Schedule 5.17A. Borrowers are the sole owners of all of their names listed on Schedule 5.17A, and any and all business done and invoices issued in such names are Borrowers’ sales, business and invoices. As of the date of this Agreement, Borrowers maintain their places of business and chief executive offices only at the locations set forth on Schedule 5.17B and Schedule 5.17B also identifies all of the addresses (including warehouses) at which any of the Collateral is located or Borrowers’ Books and Records regarding any Collateral are kept and identifying which Collateral

 

Credit and Security Agreement, Page 46
 

Exhibit 10.1

 

and which Books and Records are kept at each location, the nature of such location (e.g., leased business location operated by Borrower(s), third party warehouse, consignment location, processor location, etc.) and the name and address of the third party owning or operating such location. Borrowers may change any of the information set forth in Schedule 5.17B with no less than ten

(10) Business Days’ notice to Lender. No Collateral and no Books and Records in connection therewith or in any way relating thereto or that evidence the Collateral are located at any other location. All of the Collateral is and shall remain located (as that term is used in Section 9-301(2) of the UCC) only in the continental United States.

 

	
 
	
5.18
	
Accounts

 

In determining which Accounts are Eligible Receivables, Lender may rely on all statements and representations made by Borrowers with respect to any Account. Unless otherwise indicated in writing to Lender, (i) each Account of a Borrower that is included on a Borrowing Certificate as an Eligible Receivable (A) is genuine and in all respects what it purports to be and is not evidenced by a judgment, and (B) meets the criteria for an Eligible Receivable as set forth in the definition of that term, and (ii) there are no facts, events or occurrences which in any way impair the validity or enforceability thereof or materially reduce the amount payable thereunder from the face amount of the claim or invoice and statements delivered to Lender with respect thereto, except to the extent the same is reflected in the calculation of Net Collectible Value.

 

	
 
	
5.19
	
Healthcare Permits

 

Borrowers have (i) each Healthcare Permit and other rights from, and have made all declarations and filings with, all applicable Governmental Authorities, all self-regulatory authorities and all courts and other tribunals necessary to engage in the ownership, management and operation of the Borrowers’ business and assets, and (ii) no knowledge that any Governmental Authority is considering limiting, suspending or revoking any such Healthcare Permit. All such Healthcare Permits are valid and in full force and effect and Borrowers are in compliance with the terms and conditions of all such Healthcare Permits.

 

	
 
	
5.20
	
Reliance on Representations; Survival

 

Borrowers make the representations and warranties contained herein with the knowledge and intention that Lender is relying and will rely thereon. All such representations and warranties will survive the execution and delivery of this Agreement and the making of the Advances under the Revolving Facility. No investigation or inquiry made by or on behalf of Lender nor knowledge by Lender which is in any fashion inconsistent with the representations and warranties contained herein, shall in any way (i) affect or lessen the representations and warranties made and entered into by Borrowers hereunder, or (ii) reduce or in any way affect Lender’s rights with respect to a breach of such representations and warranties.

 

	
 
	
5.21
	
Compliance with Environmental Requirements; No Hazardous Substances

 

Except in each case as set forth on Schedule 5.21:

 

Credit and Security Agreement, Page 47
 

Exhibit 10.1

 

(a)No investigation, proceeding, directive, notice, notification, demand, request for information, citation, summons, complaint or order has been issued, no complaint has been filed, no penalty has been assessed and no investigation or review is pending, or to any Borrower’s knowledge, threatened by any Governmental Authority or other Person with respect to any

(i) alleged violation by any Credit Party of any Environmental Law, (ii) alleged failure by any Credit Party to have any Permits required in connection with the conduct of its business or to comply with the terms and conditions thereof, (iii) any generation, treatment, storage, recycling, transportation or disposal of any Hazardous Substances, or (iv) release of Hazardous Substances;

 

(b)No property now owned or leased by any Credit Party and, to the knowledge of each Borrower, no such property previously owned or leased by any Credit Party, to which any Credit Party has, directly or indirectly, transported or arranged for the transportation of any Hazardous Substances, is listed or, to such Borrower’s knowledge, proposed for listing, on the National Priorities List promulgated pursuant to CERCLA, or CERCLIS (as defined in CERCLA) or any similar state list or is the subject of federal, state or local enforcement actions or, to the knowledge of such Borrower, other investigations which may lead to claims against any Credit Party for clean-up costs, remedial work, damage to natural resources or personal injury claims, including claims under CERCLA;

 

(c)Each Credit Party and its business, operations, assets, Equipment, property, leaseholds and other facilities is in compliance in all material respects with all Environmental Laws, specifically including all Environmental Laws concerning the storage and handling of Hazardous Substances; and

 

(d)There has been no material emission, spill, release, or discharge into or upon (i) the air; (ii) soils, or any improvements located thereon; (iii) surface water or groundwater; or (iv) the sewer, septic system or waste treatment, storage or disposal system servicing the premises, of any Hazardous Substances at or from any of the real property listed on Schedule 5.4.

 

For purposes of this Section 5.21, each Credit Party shall be deemed to include any business or business entity (including a corporation) that is, in whole or in part, a predecessor of such Credit Party.

 

	
 
	
5.22
	
Material Contracts

 

Except for the Organizational Documents and the other agreements set forth on Schedule 5.22 (collectively with the Organizational Documents, the “Material Contracts”), there are no (a) employment agreements covering the management of any Credit Party, (b) collective bargaining agreements or other similar labor agreements covering any employees of any Credit Party, (c) agreements for managerial, consulting or similar services to which any Credit Party is a party or by which it is bound, (d) agreements regarding any Credit Party, its assets or operations or any investment therein to which any of its equity holders is a party or by which it is bound,

(e)real estate leases, Intellectual Property licenses or other lease or license agreements to which any Credit Party is a party, either as lessor or lessee, or as licensor or licensee (other than licenses arising from the purchase of “off the shelf” products), (f) customer, distribution, marketing or supply agreements to which any Credit Party is a party, in each case with respect to the preceding clauses (a) through (f) requiring payment of more than $200,000 in any year, (g) partnership

 

Credit and Security Agreement, Page 48
 

Exhibit 10.1

 

agreements to which any Credit Party is a general partner or joint venture agreements to which any Credit Party is a party, or (h) any other agreements or instruments to which any Credit Party is a party, and the breach, nonperformance or cancellation of which, or the failure of which to renew, could reasonably be expected to have a Material Adverse Effect. Schedule 5.22 sets forth, with respect to each real estate lease agreement to which any Borrower is a party (as a lessee), the address of the subject property and the annual rental (or, where applicable, a general description of the method of computing the annual rental). The consummation of the transactions contemplated by the Loan Documents will not give rise to a right of termination in favor of any party to any Material Contract (other than any Credit Party), except for such Material Contracts the noncompliance with which would not reasonably be expected to have a Material Adverse Effect.

 

	
 
	
VI.
	
AFFIRMATIVE COVENANTS

 

Borrowers covenant and agree that, until full performance and satisfaction, and payment in full in cash, of all the Obligations (other than indemnity and reimbursement obligations with respect to which no claim has been made) and termination of this Agreement:

 

	
 
	
6.1
	
Financial Statements, Reports and Other Information

 

(a)Financial Reports. Borrowers shall furnish to Lender (i) as soon as available and in any event within one hundred twenty (120) days after the end of each of Borrowers’ fiscal year of Borrowers, Borrowers’ annual consolidated financial statements, including the notes and any management letters related thereto, consisting of a consolidated balance sheet at the end of such completed fiscal year and the related consolidated statements of operations, cash flows and stockholders’ equity for such completed fiscal year, audited by Armanino LLP or another accounting firm reasonably acceptable to Lender, and (ii) within thirty (30) days after the end of each calendar month, Borrowers’ unaudited consolidated financial statements consisting of a balance sheet and statements of operations, cash flows and stockholders’ equity as of the end of such calendar month. All such financial statements shall be prepared in accordance with GAAP consistently applied with prior periods subject to, in the case of monthly financial statements, normal year-end audit adjustments and the absence of footnotes. With each such financial statement, Borrowers shall also deliver a compliance certificate of their chief executive officer or chief financial officer in the form set forth in Exhibit B (a “Compliance Certificate”) showing compliance with all financial and loan covenants set forth in Annex I. In addition to the above financial reports, Borrowers shall furnish to Lender as soon as available and in any event within ten (10) days after the end of each calendar month, statements from Borrowers’ bank showing all account activity for the preceding calendar month.

 

(b)Accounts Receivable Aging Schedules. Borrowers shall furnish to Lender as soon as available, and in any event within ten (10) days after the end of each calendar month, detailed accounts receivable and accounts payable aging schedules as of the end of such month, in a form satisfactory to Lender.

 

	
 
	
(c)
	
[Reserved]

 

Credit and Security Agreement, Page 49
 

Exhibit 10.1

 

(d)Other Materials. Borrowers shall furnish to Lender as soon as available, and in any event within fifteen (15) days after the preparation or issuance thereof or at such other time as set forth below:

 

(i)Communications with Equity Owners. Any reports, returns, information, notices and other materials that Borrowers shall send or be required to send to all their stockholders, members, partners or other equity owners at any time;

 

(ii)Monthly Reports. Within ten (10) days after the end of each calendar month for such month, a sales and collection report (including credits issued) in a form satisfactory to Lender, all such reports showing a reconciliation to the amounts reported in the monthly financial statements;

 

(iii)Insurance Renewals. Prior to the expiration date of each of the insurance policies required to be maintained pursuant to Section 6.5, proof of the renewal of each such insurance policy together with copies of the declarations page for each such renewed policy;

 

(iv)Accountants Communications. Promptly upon receipt thereof, copies of any material reports submitted to Borrowers by their independent accountants in connection with any interim audit of the books of any Borrower and copies of each management control letter provided by such independent accountants; and

 

(v)Documents Requested by Lender. Such additional information, documents, statements, reports and other materials as Lender may reasonably request from a credit or security perspective or otherwise from time to time, including, but not limited to, periodic receivable and payable aging reports, payroll tax information, dilution analyses, origination reports and default/charge off reports (but excluding documents and information that may not be disclosed under applicable Law, including HIPAA).

 

(e)Notices. Borrowers shall promptly, and in any event within five (5) Business Days after any Borrower or any officer of any Borrower obtains knowledge thereof, notify Lender in writing of (i) any pending litigation, suit, investigation, arbitration, formal dispute resolution proceeding or administrative proceeding brought against or initiated by any Borrower or otherwise affecting or involving or relating to any Borrower or any of its property or assets to the extent (A) the amount in controversy exceeds $100,000, or (B) to the extent any of the foregoing seeks injunctive relief, (ii) any Default or Event of Default, which notice shall specify the nature and status thereof, the period of existence thereof and what action is proposed to be taken with respect thereto, (iii) any other development, event, fact, circumstance or condition that could reasonably be expected to have a Material Adverse Effect, in each case describing the nature and status thereof and the action proposed to be taken with respect thereto, (iv) any notice received by a Borrower from any payor of an Account to the effect that such payor has one or more claims against a Borrower involving aggregate amounts in excess of $100,000, (v) any matter(s) affecting the value, enforceability or collectability of any of the Collateral, including claims or disputes in the amount of $100,000 or more, singly or in the aggregate, in existence at any one time, (vi) any material notice given by a Borrower to any other lender of a Borrower and shall furnish to Lender a copy of such notice, (vii) receipt of any written notice or request from any Governmental

 

Credit and Security Agreement, Page 50
 

Exhibit 10.1

 

Authority or governmental payor regarding any liability or claim of liability outside the ordinary course of business, (viii) termination of any executive manager of any facility owned, operated or leased by any Borrower, or (ix) if any Account becomes evidenced or secured by an Instrument or Chattel Paper.

 

(f)Consents. Borrowers shall obtain and deliver from time to time all required consents, approvals and agreements from such third parties as Lender shall determine are necessary or desirable in its Permitted Discretion (as communicated to Borrowers by written notice) for the protection of its Collateral and that are reasonably satisfactory to Lender with respect to the Loan Documents and the transactions contemplated thereby or any of the Collateral, including the Collateral Access Agreements with respect to the Primary Warehouse, and any Landlord Waivers and Consents with respect to leases entered into after the Closing Date.

 

(g)Operating Budget. If requested by Lender, Borrowers shall furnish to Lender on or prior to the Closing Date and for each fiscal year of Borrowers (or such other twelve-month period as Lender may specify) thereafter not less than fifteen (15) days preceding the commencement of such fiscal year or other period, consolidated month by month projected operating budgets, annual projections, balance sheets and cash flow reports of and for Borrowers for such upcoming fiscal year or other period (including an income statement for each month), in each case prepared in accordance with GAAP consistently applied with prior periods.

 

	
 
	
(h)
	
Reserved.

 

(i)Notices with Respect to Lease. In connection with leases described on Schedule 5.4 (the “Leases”), Borrowers shall:

 

(i)notify Lender within one (1) Business Day of any default, event of default, or alleged default or event of default in connection with any Lease;

 

	
 
	
(ii)
	
notify Lender within one (1) Business Day of any termination of any Lease; and

 

(iii)at Lender’s request, provide Lender with evidence satisfactory to Lender of Borrowers’ payment of all rent due under each Lease on a monthly basis within one (1) Business Day of such payment.

 

(j)Late Fee. Notwithstanding any other provision of this Agreement, in the event any of the financial statements or other reports or documents due by Borrowers under this Section 6.1 are not timely delivered to Lender, Borrowers shall pay Lender a late fee equal to $250 per day until such statements or reports are delivered to Lender. Such late fee shall be in addition to any other fees, charges or other provisions that may increase the Applicable Rate of interest hereunder and the assessment or collection of such late fee shall not, unless Lender specifically agrees in writing to the contrary, prevent Lender from considering any such non-timely delivery to be a Default or an Event of Default.

 

Credit and Security Agreement, Page 51
 

Exhibit 10.1

 

	
 
	
6.2
	
Payment of Obligation

 

Borrowers shall make full and timely payment in cash of the principal of and interest on the Loans, Advances and all other Obligations when due and payable. Borrowers will maintain, and cause each Subsidiary to maintain, in accordance with GAAP, appropriate reserves for the accrual of all of their respective obligations and liabilities.

 

	
 
	
6.3
	
Conduct of Business and Maintenance of Existence and Assets

 

Borrowers shall (i) engage principally in the same or similar lines of business substantially as heretofore conducted, (ii) collect their Accounts in the ordinary course of business,

(iii) maintain all of their material properties, assets and Equipment used or useful in their business in good repair, working order and condition (normal wear and tear excepted and except as may be disposed of in the ordinary course of business and in accordance with the terms of the Loan Documents and otherwise as determined by Borrowers using commercially reasonable business judgment), and shall promptly make or cause to be made all repairs, replacements and other improvements in connection therewith that are necessary or desirable to such end, (iv) from time to time make all necessary or desirable repairs, renewals and replacements thereof, as determined by Borrowers using commercially reasonable business judgment, (v) maintain and keep in full force and effect their existence, (vi) maintain and keep in full force and effect, in good standing, and free from restrictions, probations, conditions or known conflicts which would materially impair Borrowers’ business, all qualifications to do business in each jurisdiction in which the ownership or lease of property or the nature of their business makes such qualification necessary.

 

	
 
	
6.4
	
Compliance with Legal, Tax and Other Obligations

 

Borrowers shall (i) substantially comply with all Laws applicable to it or its business, assets or operations, (ii) file their tax returns (including any informational returns) and pay (or cause to be paid) all taxes, assessments, fees, governmental charges, claims for labor, supplies, rent and all other obligations or liabilities of any kind, as and when due and payable, except liabilities being contested in a Permitted Contest; and (iii) perform in accordance with its terms each contract, agreement or other arrangement to which it is a party or by which it or any of the Collateral is bound, in each case, except where the failure to comply with any of the foregoing provisions of this Section 6.4 could reasonably be expected not to have a Material Adverse Effect.

 

	
 
	
6.5
	
Insurance

 

(a)Borrowers shall (i) keep all of its insurable properties and assets adequately insured in all material respects against losses, damages and hazards as are customarily insured against by businesses engaging in similar activities or owning similar assets or properties and at least the minimum amount required by applicable Law, including product liability insurance; (ii) maintain business interruption insurance, (iii) maintain general public liability insurance at all times against liability on account of damage to persons and property having such limits, deductibles, exclusions and co-insurance and other provisions as are customary for a business engaged in activities similar to those of Borrowers; and (iv) maintain insurance under all applicable workers’ compensation Laws. All of the insurance policies referenced above shall be (x) satisfactory in form and substance to Lender in its Permitted Discretion and (y) placed with insurers having an A.M. Best policyholder

 

Credit and Security Agreement, Page 52
 

Exhibit 10.1

 

rating acceptable to Lender in its Permitted Discretion. Borrowers agree that they shall not alter, amend, modify or cancel their insurance policies without thirty (30) Business Days prior written notice to Lender unless such alteration, amendment, modification or cancellation, shall be in compliance with the requirements set forth above. The insurance policies referenced in clauses (i) and (ii) shall name Lender as a loss payable thereunder. The insurance policies referenced in clause

(iii) shall name Lender as an additional insured thereunder.

 

(b)Warning. In the event any Borrower fails to provide Lender with evidence of the insurance coverage required by this Agreement, Lender may purchase insurance at Borrowers’ expense to protect Lender’s interests in the Collateral. This insurance may, but need not, protect such Borrower’s interests. The coverage purchased by Lender may not pay any claim made by such Borrower or any claim that is made against such Borrower in connection with the Collateral. Such Borrower may later cancel any insurance purchased by Lender, but only after providing Lender with evidence that such Borrower has obtained insurance as required by this Agreement. If Lender purchases insurance for the Collateral, Borrowers will be responsible for the costs of that insurance to the fullest extent provided by applicable Law, including interest and other charges imposed by Lender in connection with the placement of the insurance, until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may be added to the Obligations. The costs of the insurance may be more than the cost of insurance such Borrower is able to obtain on its own.

 

	
 
	
6.6
	
True Books

 

Borrowers shall (i) keep true, complete and accurate books of record and accounts in accordance with commercially reasonable business practices in which true and correct entries are made of all of their dealings and transactions in all material respects; (ii) set up and maintain on their books such reserves as may be required by GAAP with respect to doubtful accounts and all taxes, assessments, charges, levies and claims and with respect to their business, and include such reserves in their quarterly as well as year-end financial statements; and (iii) maintain their Books and Records separate from the books and records of their members, managers, shareholders, Affiliates and any other Person.

 

	
 
	
6.7
	
Inspection; Period Audits

 

Borrowers shall permit the representatives of Lender, from time to time during normal business hours, upon reasonable notice but not more than two times in any twelve-month period, to (i) visit and inspect any of their offices or properties or any other place where Collateral is located to inspect the Collateral or to examine or audit all of Borrowers’ books of account, records, reports and other papers (excluding documents that may not be disclosed under applicable Law, including HIPAA), (ii) make copies and extracts therefrom, and (iii) discuss Borrowers’ business, operations, prospects, properties, assets, liabilities, condition or Accounts with Borrowers’ officers, managers, and independent public accountants (the performance of the foregoing activities is referred to herein as a “site audit”), representatives of Borrowers may be present and participate in any such discussion with such accountants. In addition, Lender may conduct “desk audits” of Borrowers at Lender’s offices no more frequently than monthly by (i) reviewing and inspecting such Borrowers’ books and records as Lender may require Borrowers to transmit to Lender, and (ii) discussing Borrowers’ business, operations, prospects, properties,

 

Credit and Security Agreement, Page 53
 

Exhibit 10.1

 

assets, liabilities, condition or Accounts with Borrowers’ officers, managers and independent public accountants. Each of Borrowers’ officers, managers and accountants are authorized to discuss any matter relating to the foregoing with Lender at any time. At the completion of each site audit, Borrowers shall pay Lender an audit fee of $1,200.00 per auditor per day (provided, however, Lender shall utilize the services of only one auditor per day for its site audits) and Borrowers shall reimburse Lender for all site audit-related out-of-pocket expenses. At the completion of each desk audit, Borrowers shall pay Lender an audit fee of $1,240.00 and Borrowers   shall    reimburse    Lender    for    all    desk    audit-related    out-of-pocket expenses. Notwithstanding the foregoing, upon the occurrence and during the continuance of an Event of Default, there shall be no restrictions on the number of auditors that Lender may use or number of times that Lender may perform the activities described in this Section 6.7 nor shall Lender be required to give prior notice to Borrowers of any visit to inspect Borrowers’ books and records or to discuss any matter with Borrowers’ officers, managers or independent public accountants.

 

	
 
	
6.8
	
Further Assurances; Post Closing

 

At Borrowers’ cost and expense, Borrowers shall (i) within five (5) Business Days after Lender’s reasonable request, take such further actions, and duly execute and deliver such further agreements, assignments, instructions or documents and do such further acts and things as may be necessary or proper in the reasonable opinion of Lender to carry out more effectively the provisions and purposes of this Agreement and the Loan Documents, and (ii) upon the exercise by Lender or any of its Affiliates of any power, right, privilege or remedy pursuant to any Loan Documents or under applicable Law or at equity which requires any consent, approval, registration, qualification or authorization of any Person, including a Governmental Authority, execute and deliver, or cause the execution and delivery of, all applications, certificates, instruments and other documents that Lender or its Affiliate may be required to obtain for such consent, approval, registration, qualification or authorization. Without limiting the generality of the foregoing, (x) Borrowers shall, at the time of the delivery of any Compliance Certificate disclosing the acquisition by an Credit Party of any registered Intellectual Property or application for the registration of Intellectual Property, deliver to Lender a duly completed and executed supplement to the applicable Credit Party’s patent security agreement or trademark security agreement in the form of the respective Exhibit thereto, and (y) at the request of Lender, following the disclosure by Borrowers on any Compliance Certificate of the acquisition by any Credit Party of any rights under a license as a licensee with respect to any registered Intellectual Property or application for the registration of any Intellectual Property owned by another Person, Borrowers shall execute any documents requested by Lender to establish, create, preserve, protect and perfect a first priority lien in favor of Lender, to the extent legally possible, in such Borrower’s rights under such license and shall use their commercially reasonable best efforts to obtain the written consent of the licensor which such license to the granting in favor of Lender of a Lien on such Borrower’s rights as licensee under such license.

 

	
 
	
6.9
	
Payment of Indebtedness

 

Except as otherwise prescribed in the Loan Documents, Borrowers shall pay, discharge or otherwise satisfy at or before maturity (subject to applicable grace periods and, in the

 

Credit and Security Agreement, Page 54
 

Exhibit 10.1

 

case of trade payables, to ordinary course payment practices) all of their material Indebtedness, except when the amount or validity thereof is being contested in a Permitted Contest.

 

	
 
	
6.10
	
Lien Terminations

 

If Liens other than Permitted Liens exist, Borrowers immediately shall take, execute and deliver all actions, documents and instruments necessary to release and terminate such Liens.

 

	
 
	
6.11
	
Use of Proceeds

 

Borrowers shall use the proceeds of Loans solely for (a) payment in full of Indebtedness under the Existing Amegy Loan Agreement and the Existing SBA Loan Agreement,

	
 
	
(b)
	
for payment of fees, costs and expenses incurred in connection with the Loan Documents, and

(c)for Borrowers’ and their Subsidiaries’ working capital needs. No portion of the proceeds of the Loans will be used for family, personal, agricultural or household use.

 

	
 
	
6.12
	
Collateral Documents; Security Interest in Collateral

 

Borrowers hereby acknowledge that Lender is authorized to file UCC-1 Financing Statements with respect to the Collateral, and any amendments or continuations relating thereto, without the signature of any Borrower in such jurisdictions as Lender, from time to time determines appropriate. Borrowers hereby ratify, confirm and consent to any such filings made by Lender prior to the date hereof. Borrowers hereby agree to execute any additional documents or financing statements which Lender deems necessary in its reasonable discretion in order to evidence Lender’s security interest in the Collateral. Borrowers shall not allow any financing statement (other than that filed by or on behalf of Lender and other than with respect to Permitted Liens) to be on file in any public office covering any Collateral or the proceeds thereof. Pursuant to Section 2.11, Lender has full power of attorney to execute, deliver, file, register and record in the name of any or all Borrowers any financing statements, schedules, assignments, instruments, and documents necessary to perfect Lender’s security interest in or lien on any Collateral. If necessary or advisable beyond that power of attorney, and at the reasonable request of Lender upon reasonable notice, Borrowers shall (i) execute, obtain, deliver, file, register and record any and all financing statements, continuation statements, stock powers, instruments and other documents, or cause the execution, filing, registration, recording or delivery of any and all of the foregoing, that are necessary or required under applicable Law or otherwise or reasonably requested by Lender to be executed, filed, registered, obtained, delivered or recorded to create, maintain, perfect, preserve, validate or otherwise protect the pledge of the Collateral to Lender and Lender’s perfected first priority Lien (except for Permitted Liens) on the Collateral (and Borrowers irrevocably grant Lender the right, at Lender’s option, to file any or all of the foregoing) and (ii) defend the Collateral and Lender’s perfected first priority Lien thereon against all claims and demands of all Persons (other than holders of Permitted Liens) at any time claiming the same or any interest therein adverse to Lender, and pay all reasonable costs and expenses (including reasonable in-house documentation and diligence fees and reasonable legal expenses and reasonable attorneys’ fees and expenses) in connection with such defense, which may at Lender’s discretion be added to the Obligations and increase the principal amount outstanding hereunder.

 

Credit and Security Agreement, Page 55
 

Exhibit 10.1

 

	
 
	
6.13
	
Taxes and Other Charges

 

All payments and reimbursements to Lender made under any Loan Document shall be free and clear of and without deduction for all taxes, levies, imposts, deductions, assessments, charges or withholdings, and all liabilities with respect thereto of any nature whatsoever, excluding taxes to the extent imposed on Lender’s net income and franchise taxes (imposed in lieu of net income taxes). If any Borrower shall be required by applicable Law to deduct any such amounts from or in respect of any sum payable under any Loan Document to Lender, then the sum payable to Lender shall be increased as may be necessary so that, after making all required deductions, Lender receives an amount equal to the sum it would have received had no such deductions been made. Notwithstanding any other provision of any Loan Document, if at any time after the Closing

	
 
	
(i)
	
any change in any existing Law or in the interpretation or application thereof, (ii) any new Law

(A)subjects Lender to any tax, levy, impost, deduction, assessment, charge or withholding of any kind whatsoever with respect to any Loan Document, or changes the basis of taxation of payments to Lender of any amount payable thereunder (except for net income taxes, or franchise taxes imposed in lieu of net income taxes, imposed generally by federal, state or local taxing authorities with respect to interest or facility fees or other fees payable hereunder or changes in the rate of tax on the overall net income of Lender), or (B) imposes on Lender any other condition or increased cost in connection with the transactions contemplated thereby or participations therein; and the result of any of the foregoing is to increase the cost to Lender of making or continuing any Loan hereunder or to reduce any amount receivable hereunder, then, in any such case, Borrowers shall promptly pay to Lender any additional amounts necessary to compensate Lender, on an after-tax basis, for such additional cost or reduced amount as determined by Lender. If Lender becomes entitled to claim any additional amounts pursuant to this Section 6.13 it shall promptly notify Borrowers of the event by reason of which Lender has become so entitled, and each such notice of additional amounts payable pursuant to this Section 6.13 submitted by Lender to Borrowers shall demonstrate in reasonable detail the amounts owing and shall, absent manifest error, be final, conclusive and binding for all purposes. For purposes of this Section, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (ii) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “change in any law”, regardless of the date enacted, adopted or issued.

 

	
 
	
6.14
	
Payroll Agent

 

In the event any payroll taxes owed by Borrowers are not paid on a timely basis by AmBio pursuant to the Client Service Agreements, Borrowers shall either (a) be enrolled in the Electronic Federal Payment Tax Service on line at www.eftps.com and provide such information and authorizations to Lender as may be required for Lender to monitor payment of periodic payroll taxes or (b) utilize a professional employer service organization to lease employees, provided that such organization provides to Borrowers adequate insurance against the failure of such organization to make required tax payments with respect to the leased employees. If Borrowers use a payroll agent, the payroll agent shall be AmBio pursuant to the Client Service Agreements or another payroll agent reasonably acceptable to Lender. Borrowers shall instruct the payroll

 

Credit and Security Agreement, Page 56
 

Exhibit 10.1

 

agent to provide such reports directly to Lender as Lender may request from time to time reflecting payment of applicable payroll taxes and, in any event, such payroll agent shall deliver to Lender within ten (10) days after the end of each calendar month a report of Borrowers’ payroll taxes for the immediately preceding calendar month and evidence of payment thereof.

 

	
 
	
6.15
	
Hazardous Substances

 

(a)If any release or disposal of Hazardous Substances shall occur or shall have occurred on any real property or any other assets of any Borrower or any other Credit Party, such Borrower will cause, or direct the applicable Credit Party to cause, the prompt containment and removal of such Hazardous Substances and the remediation of such real property or other assets as is necessary to comply with all Environmental Laws and to preserve the value of such real property or other assets. Without limiting the generality of the foregoing, each Borrower shall, and shall cause each other Credit Party to, comply with each Environmental Law requiring the performance at any real property by any Borrower or any other Credit Party of activities in response to the release or threatened release of a Hazardous Substances.

 

(b)Borrowers will provide Lender within thirty (30) days after written demand therefor with a bond, letter of credit or similar financial assurance evidencing to the reasonable satisfaction of Lender that sufficient funds are available to pay the cost of removing, treating and disposing of any Hazardous Substances or Hazardous Substances Contamination and discharging any assessment which may be established on any property as a result thereof, such demand to be made, if at all, upon Lender’s reasonable business determination that the failure to remove, treat or dispose of any Hazardous Substances or Hazardous Substances Contamination, or the failure to discharge any such assessment could reasonably be expected to have a Material Adverse Effect.

 

	
 
	
6.16
	
Reserved

 

	
 
	
6.17
	
Healthcare Permits

 

Borrowers will maintain all Healthcare Permits necessary to carry on Borrowers’ business as it is conducted on the Closing Date. Any such Healthcare Permits will be kept free from restrictions, probations, conditions or known conflicts which would materially impair the operation of Borrowers’ business.

 

	
 
	
VII.
	
NEGATIVE COVENANTS

 

Borrowers, jointly and severally, covenant and agree that, until full performance and satisfaction, and payment in full in cash, of all the Obligations (other than indemnity and reimbursement obligations with respect to which no claim has been made) and termination of this Agreement:

 

	
 
	
7.1
	
Financial Covenants

 

Borrowers shall not violate the financial and loan covenants set forth on Annex I to this Agreement, which is incorporated herein and made a part hereof.

 

Credit and Security Agreement, Page 57
 

Exhibit 10.1

 

7.2No Indebtedness Other Than Permitted Indebtedness; Contingent Obligations

 

(a)No Borrower will, or will permit any Subsidiary to, directly or indirectly, create, incur, assume, guarantee or otherwise become or remain directly or indirectly liable with respect to, any Indebtedness, except for Permitted Indebtedness.

 

(b)No Borrower will, or will permit any Subsidiary to, directly or indirectly, create, assume, incur or suffer to exist any Contingent Obligations, except for Permitted Contingent Obligations.

 

	
 
	
7.3
	
No Liens Other Than Permitted Liens

 

No Borrower shall create, incur, assume or suffer to exist any Lien upon, in or against, or pledge of, any of the Collateral or any of its properties or assets or any of its Equity Interests, whether now owned or hereafter acquired, except Permitted Liens.

 

	
 
	
7.4
	
Investments, New Facilities or Collateral; Subsidiaries

 

No Borrower, directly or indirectly, shall (i) purchase, own, hold, invest in or otherwise acquire obligations or any Equity Interests in, or all or substantially all of the assets of, any Person or any joint venture whether by merger, consolidation, outright purchase or otherwise,

(ii)make or permit to exist any loans, advances or guarantees to or for the benefit of any Person or assume, guarantee, endorse, contingently agree to purchase or otherwise become liable for or upon or incur any obligation of any Person (other than those created by the Loan Documents, Permitted Indebtedness and Permitted Contingent Obligations and other than (A) trade credit extended in the ordinary course of business, (B) advances for business travel and similar temporary advances made in the ordinary course of business to officers, directors and employees, (C) deposits to landlords, (D) the endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of business, and (E) Fuse’s ownership of all of the issued and outstanding Equity Interests of CPM (collectively, “Permitted Investments”)), or (iii) purchase, own, operate, hold, invest in or otherwise acquire any facility, property or assets or any Collateral that is not located at the locations set forth on Schedule 5.17B unless Borrowers shall provide to Lender at least thirty (30) Business Days prior written notice. Borrowers shall have no Subsidiaries other than such Subsidiaries existing at Closing.

 

	
 
	
7.5
	
Prohibited Payments

 

(a)So long as Borrowers are in Default or an Event of Default exists under this Agreement, Borrowers shall not make any (i) Distribution or (ii) payment of management fees or Subordinated Debt in violation of the applicable Subordination Agreement.

 

(b)Borrowers shall not pay any Distribution, management fees or Subordinated Debt payments described in subsection (a) above, if such payment would cause an Event of Default. For purposes of this Section, a Distribution, payment of a management fee or payment of Subordinated Debt described in subsection (a) above will be deemed to cause an Event of Default only if such payment, if included in the most recently completed calculation of (A) the Fixed Charge Coverage

 

Credit and Security Agreement, Page 58
 

Exhibit 10.1

 

Ratio (as defined in Annex I), would have caused such Fixed Charge Coverage Ratio to be less than 1.0 to 1.0, or (B) the Current Ratio (as defined in Annex I), would have caused such Current Ratio to be less than 1.0 to 1.0.

 

	
 
	
7.6
	
Transactions with Affiliates

 

No Borrower shall enter into or consummate any transactions of any kind with any of its Affiliates other than: (i) salary, bonus, incentive plan, employee stock option and other compensation to and employment arrangements with directors, officers or employees in the ordinary course of business, provided, that no payment of any bonus shall be permitted if an Event of Default has occurred and is continuing or would be caused by or result from such payment, (ii) payments permitted pursuant to Section 7.5, (iii) transactions that Lender or its Affiliates are a party to, (iv) payments (other than those referenced in cause (i) above) permitted under and pursuant to written agreements entered into by and between a Borrower and one or more of its Affiliates that (A) both reflect and constitute transactions on overall terms at least as favorable to a Borrower as would be the case in an arm’s-length transaction with a Person is not an Affiliate,

(B)do not grant a security interest in the Collateral to any Affiliate of a Borrower, , and (C) do not involve a loan to any Affiliate of any Borrower, (v) loans by Borrower to any Affiliate of any Borrower, which do not exceed $50,000 in the aggregate, and (v) loans or instruments payable by any Borrower to any Affiliate that are not Permitted Indebtedness, provided, that notwithstanding the foregoing no Borrower shall enter into, consummate, or perform with respect to any transactions or agreement pursuant to which it becomes a party to any mortgage, note, indenture or guarantee evidencing any Indebtedness of any of its Affiliates or otherwise to become responsible or liable, as a guarantor, surety or otherwise, pursuant to an agreement for any Indebtedness of any such Affiliate other than Permitted Indebtedness and Permitted Contingent Obligations. Notwithstanding the foregoing, the prohibitions set forth above shall not apply to transaction with Permitted Affiliates.. No Borrower shall comingle its funds or other assets with any funds or assets of any of its Affiliates, or any other Person, in such a manner that it will be costly or difficult to segregate, ascertain or identify such Borrower’s individual assets from those of any of its members, shareholders, or partners (as applicable), its Affiliates, the Affiliates of any of its members, shareholders, or partners (as applicable), or any other Person.

 

	
 
	
7.7
	
Organizational Documents; Fiscal Year; Dissolution; Use of Proceeds

 

No Borrower shall (i) change its name, state of formation, or amend, modify, restate or change any of its Organizational Documents in a manner that would be materially adverse to Lender and, in any event, without five (5) days prior written notice to Lender, (ii) change its fiscal year, unless Borrowers demonstrate to Lender’s satisfaction compliance with the covenants contained herein for both the fiscal year in effect prior to any change and the new fiscal year period by delivery to Lender of appropriate interim and annual pro forma, historical and current compliance certificates for such periods and such other information as Lender may reasonably request, (iii) amend, alter or suspend or terminate or make provisional in any material way, any Permit without the prior written consent of Lender, which consent shall not be unreasonably withheld, (iv) wind up, liquidate or dissolve (voluntarily or involuntarily) or commence or suffer any proceedings seeking to wind up, liquidate or dissolve or that would result in any of the foregoing, (v) use any proceeds of any Advance for “purchasing” or “carrying” “margin stock” as defined in Regulations U, T or X of the Board of Governors of the Federal Reserve System, or (vi)

 

Credit and Security Agreement, Page 59
 

Exhibit 10.1

 

fail either to hold itself out to the public as a legal entity separate and distinct from any other Person or to conduct its business in its own name or its registered trade name, in order not (a) to mislead others as to the identity with which such other party is transacting business, or (b) suggest that it is responsible for the debts of any third party (including any of its members, managers, partners and shareholders or Affiliates, or any general partner, principal or Affiliate thereof).

 

	
 
	
7.8
	
Asset Sales

 

No Borrower shall, without the prior written approval of Lender, directly or indirectly sell, convey, transfer, assign, license, lease (that has the effect of a disposition) or otherwise dispose of (including any merger or consolidation or upon any condemnation, eminent domain or similar proceedings) to any Person, in one transaction or a series of related transactions, any assets of a Borrower which constitute all or substantially all of an operating unit of a Borrower or any other assets of a Borrower outside of the ordinary course of business other than (i) the grant of licenses and sublicenses (including licenses and sublicenses of intellectual property), leases and subleases in the ordinary course of business, (ii) the abandonment of intellectual property rights or allowing of intellectual property rights to lapse, in each case, in the ordinary course of business and which are not collectively material to the conduct of the business of such Borrower, (iii) the disposition or transfer of obsolete, worn-out or surplus inventory or equipment that is not material in the conduct of such Borrower’s business in the ordinary course of business, (iv) the disposition or transfer of cash or cash equivalent investments in the ordinary course of business, and (v) the disposition or transfer of any leasehold interest at the natural expiration of such or upon the earlier termination of the lease as provided therein.

 

	
 
	
7.9
	
Management

 

No Borrower shall pay any compensation or other amounts to senior management of any Borrower in excess of such amounts as are usual and customary for companies in similar businesses and of a similar size.

 

	
 
	
7.10
	
Restrictive Agreements

 

No Borrower will, or will permit any Subsidiary to, directly or indirectly (a) enter into or assume any agreement (other than the Loan Documents and any agreements for Capitalized Lease Obligations or purchase money debt permitted under clauses (ii) and (iii) of the definition of Permitted Indebtedness) prohibiting the creation or assumption of any Lien upon its properties or assets, whether now owned or hereafter acquired (other than a Permitted Lien), or (b) create or otherwise cause or suffer to exist or become effective any consensual encumbrance or restriction of any kind (except as provided by the Loan Documents) on the ability of any Subsidiary to: (i) pay or make Distributions to any Borrower or any Subsidiary; (ii) pay any Indebtedness owed to any Borrower or any Subsidiary; (iii) make loans or advances to any Borrower or any Subsidiary; or

(iv) transfer any of its property or assets to any Borrower or any Subsidiary; provided, that, any agreements for purchase money debt shall not prohibit (x) the creation or assumption of any Lien upon any assets or properties to secure the Obligations or (y) the repayment of the Obligations.

 

Credit and Security Agreement, Page 60
 

Exhibit 10.1

 

	
 
	
7.11
	
Modifications of Certain Agreements

 

Other than with respect to Permitted Modifications, no Borrower will, or will permit any Subsidiary to, directly or indirectly, amend, terminate or otherwise modify any Material Contract or any the Lease, without Lender’s prior written consent (which Lender may give or withhold in Lender’s sole discretion), which amendment, termination or modification in any case:

(a) is contrary to the terms of this Agreement or any other Loan Document; (b) could reasonably be expected to be adverse in any material respect to the rights, interests or privileges of the Lender or its ability to enforce the same; (c) results in the imposition or expansion in any material respect of any obligation of or restriction or burden on any Borrower or any Subsidiary; or (d) reduces in any material respect any rights or benefits of any Borrower or any Subsidiaries (it being understood and agreed that any such determination shall be in the discretion of the Lender). Each Borrower shall, prior to entering into any amendment, termination or other modification of any of the foregoing documents, deliver to Lender reasonably in advance of the execution thereof, any final or execution copy of amendments, terminations or other modifications to such documents, and such Borrower agrees not to take, nor permit any of its Subsidiaries to take, any such action with respect to any such documents without obtaining such approval from Lender.

 

	
 
	
7.12
	
Payments and Modifications of Subordinated Debt

 

No Borrower will, or will permit any Subsidiary to, directly or indirectly

(a) declare, pay, make or set aside any amount for payment in respect of Subordinated Debt, except for payments made in full compliance with and expressly permitted under the Subordination Agreement, (b) amend or otherwise modify the terms of any Subordinated Debt, except for amendments or modifications made in full compliance with the Subordination Agreement,

(c) declare, pay, make or set aside any amount for payment in respect of any Indebtedness hereinafter incurred that, by its terms, or by separate agreement, is subordinated to the Obligations, except for payments made in full compliance with and expressly permitted under the subordination provisions applicable thereto, or (d) amend or otherwise modify the terms of any such Indebtedness if the effect of such amendment or modification is to (i) increase the interest rate or fees on, or change the manner or timing of payment of, such Indebtedness, (ii) accelerate or shorten the dates upon which payments of principal or interest are due on, or the principal amount of, such Indebtedness, (iii) change in a manner adverse to any Credit Party or Lender any event of default or add or make more restrictive any covenant with respect to such Indebtedness, (iv) change the prepayment provisions of such Indebtedness or any of the defined terms related thereto, (v) change the subordination provisions thereof (or the subordination terms of any guaranty thereof), or

(vi) change or amend any other term if such change or amendment would materially increase the obligations of the obligor or confer additional material rights on the holder of such Indebtedness in a manner adverse to Borrowers, any Subsidiaries, or Lender. Borrowers shall, prior to entering into any such amendment or modification, deliver to Lender  reasonably in advance of the execution thereof, any final or execution form copy thereof.

 

	
 
	
7.13
	
Deposit Accounts

 

Borrowers shall not make any changes to their deposit accounts, including the Controlled Deposit Accounts, or establish new deposit accounts or change the passwords or user identification information with respect thereto in such a fashion as would result in Lender not

 

Credit and Security Agreement, Page 61
 

Exhibit 10.1

 

having (i) online view-only access to each Borrower’s Controlled Deposit Accounts and any other deposit account established by or in the name of a Borrower, or (ii) control of each Borrower’s Commercial Deposit Account and Operating Account.

 

	
 
	
7.14
	
Truth of Statements

 

Borrowers shall not furnish to Lender any certificate or other document that contains any untrue statement of a material fact or that omits to state a material fact necessary to make it not misleading in light of the circumstances under which it was furnished.

 

	
 
	
7.15
	
IRS Form 8821

 

Borrowers shall not materially alter, amend, restate, or otherwise modify, or withdraw, terminate or re-file any IRS Form 8821 that has named Tax Guard as an appointee.

 

	
 
	
7.16
	
Cash Advance Loans

 

Borrowers shall not, directly or indirectly, create, assume or permit, or suffer to exist or to be created, any Cash Advance Loan.

 

	
 
	
VIII.
	
EVENTS OF DEFAULT

 

	
 
	
8.1
	
Events of Default

 

The occurrence of any one or more of the following shall constitute an “Event of

Default:”

 

(a)Borrowers shall fail to pay any amount on the Obligations or provided for in any Loan Document when due (whether on any payment date, at maturity, by reason or acceleration, by notice of intention to prepay, by required prepayment or otherwise);

 

(b)Any representation, statement or warranty made or deemed made by any Credit Party in any Loan Document or in any other certificate, document, report or opinion delivered in conjunction with any Loan Document to which it is a party, (i) shall not be true and correct in all material respects, or (ii) shall have been false or misleading in any material respect on the date when made or deemed to have been made (except to the extent already qualified by materiality, in which case it shall be true and correct in all respects and shall not be false or misleading in any respect);

 

(c)Any Borrower or any Guarantor or other party thereto other than Lender shall be in violation, breach or default of, or shall fail to perform, observe or comply with any covenant, obligation or agreement set forth in any Loan Document and such violation, breach, default or failure shall not be cured within the applicable period set forth in the applicable Loan Documents; provided that, with respect to the affirmative covenants set forth in Article VI (other than Sections 6.2, 6.3 (i) and (ii), 6.9, and 6.11 for which there shall be no cure period), there shall be a fifteen (15) calendar day cure period commencing from the earlier of (i) receipt by such Person of written notice of such breach, default, violation or failure, and (ii) the time at which such Person

 

Credit and Security Agreement, Page 62
 

Exhibit 10.1

 

or any officer thereof knew or became aware, or should have known or been aware, of such failure, violation, breach or default;

 

(d)Except as a result of any action or failure to act on the party of Lender (i) any of the Loan Documents ceases to be in full force and effect (other than as expressly permitted hereunder or thereunder), or (ii) any Lien created thereunder ceases to constitute a valid perfected first priority Lien on the Collateral (except for Permitted Liens) in accordance with the terms thereof, or Lender ceases to have a valid perfected first priority security interest in any material portion of the Collateral;

 

(e)One or more judgments or decrees (not paid or fully covered by insurance as to which the relevant insurance company has not denied coverage in writing) is rendered against any Borrower or Guarantor in an amount in excess of $75,000 individually or $150,000 in the aggregate at one time outstanding, which is/are not satisfied, stayed, bonded, vacated or discharged of record within thirty (30) days of being rendered;

 

(f)(i) Any default occurs, which is not cured within any applicable grace period or cure period or waived, (x) in the payment of any amount with respect to any Indebtedness (other than the Obligations) of any Borrower or Guarantor in excess of $75,000, (y) in the performance, observance or fulfillment of any provision contained in any agreement, contract, document or instrument to which any Credit Party is a party or to which any of their properties or assets are subject or bound under or pursuant to which any such Indebtedness was issued, created, assumed, guaranteed or secured and such Default continues for more than any applicable grace period or permits the holder of any Indebtedness to accelerate the maturity thereof, or (z) in the performance, observance or fulfillment of any provision contained in any agreement, contract, document or instrument between any Credit Party and Lender or Affiliate of Lender (other than the Loan Documents), or (ii) any Indebtedness of any Credit Party having an outstanding principal balance in excess of $75,000 is declared to be due and payable or is required to be prepaid (other than by a regularly scheduled payment) prior to the stated maturity thereof, or any obligation of such Person for the payment of Indebtedness (other than the Obligations) is not paid when due or within any applicable grace period, or any such obligation becomes or is declared to be due and payable before the expressed maturity thereof, or there occurs an event which, with the giving of notice or lapse of time, or both, would cause any such obligation to become, or allow any such obligation to be declared to be, due and payable;

 

	
 
	
(g)
	
Any Credit Party shall (i) be unable to pay its debts generally as they become due,

(ii) file a petition under any insolvency statute, (iii) make a general assignment for the benefits of its creditors, (iv) commence a proceeding for the appointment of a receiver, trustee, liquidator or conservator of itself or of the whole or any substantial part of its property, or (v) file a petition seeking reorganization or liquidation or similar relief under any Debtor Relief Law or any other applicable Law or statute;

 

(h)A court of competent jurisdiction (i) shall enter an order, judgment or decree appointing a custodian, receiver, trustee, liquidator or conservator of any Credit Party or the whole or any substantial part of any such Person’s properties and, if such order, judgment or decree is issued without notice to the Credit Party and a hearing, such order, judgment or decree remains unstayed and in effect for a period of sixty (60) calendar days, or (ii) shall approve a petition filed

 

Credit and Security Agreement, Page 63
 

Exhibit 10.1

 

against any Credit Party seeking reorganization, liquidation or similar relief under any Debtor Relief Law;

 

(i)A court of competent jurisdiction shall approve a petition filed against any Credit Party seeking reorganization, liquidation or similar relief under any Debtor Relief Law or any other applicable Law or statute, which (x) has the effect of Lender not receiving collections with respect to Accounts as and when contemplated by Section 2.5, (y) has the effect of delaying the billing or collection of Accounts beyond Borrowers’ normal or historical billing and collection periods, or

	
 
	
(z)
	
is not dismissed within sixty (60) days;

 

(j)A court of competent jurisdiction shall assume custody or control of any Credit Party or of the whole or any substantial part of any such Person’s properties, which (x) has the effect of Lender not receiving collections with respect to Accounts as and when contemplated by Section 2.5, (y) has the effect of delaying the billing or collection of Accounts beyond Borrowers’ normal or historical billing and collection periods, or (z) is not irrevocably relinquished within sixty (60) days;

 

(k)There is commenced against any Credit Party any proceeding or petition seeking reorganization, liquidation or similar relief under any Debtor Relief Law or any other applicable Law or statute, (A) which (x) has the effect of Lender not receiving collections with respect to Accounts as and when contemplated by Section 2.5, (y) has the effect of delaying the billing or collection of Accounts beyond Borrowers’ normal or historical billing and collection periods, or

(z)is not unconditionally dismissed within sixty (60) days after the date of commencement, or (B) with respect to which such Credit Party takes any action to indicate its approval or consent;

 

(l)(i) Any Change of Control occurs or any agreement or commitment to cause or that may result in any such Change of Control is entered into, (ii) any Material Adverse Effect or Material Adverse Change occurs, or (iii) any Credit Party ceases any material portion of its business operations as currently conducted;

 

(m)Lender receives any indication or evidence that any Credit Party may have directly or indirectly been engaged in any type of activity which, in Lender’s judgment, might result in forfeiture of any property to a Governmental Authority which shall have continued unremedied for a period of ten (10) days after written notice from Lender;

 

(n)Any Credit Party or any of their respective directors or senior officers is criminally indicted or convicted under any Law that could lead to a forfeiture of any material portion of their respective assets; or

 

(o)The issuance of any process for levy, attachment or garnishment or execution upon or prior to any judgment for in any one instance or in the aggregate an amount of $25,000 or more against any Credit Party or any of their respective property or assets.

 

	
 
	
8.2
	
Acceleration and Suspension or Termination of Commitments

 

Upon the occurrence and during the continuance of an Event of Default, notwithstanding any other provision of any Loan Documents, Lender may by notice to Borrowers

 

Credit and Security Agreement, Page 64
 

Exhibit 10.1

 

(i) terminate the obligations of the Lender to make Advances under this Agreement or (ii) by notice to Borrowers declare all or any portion of the Obligations to be due and payable immediately (except in the case of an Event of Default under Section 8.1(g) or (h), in which event all of the foregoing shall automatically and without further act by Lender be due and payable).

 

	
 
	
IX.
	
RIGHTS AND REMEDIES AFTER DEFAULT

 

	
 
	
9.1
	
Rights and Remedies

 

(a)In addition to the acceleration provisions set forth in Article VIII above, upon the occurrence and continuation of an Event of Default, Lender shall have the right to exercise any and all rights, options and remedies provided for in any Loan Document, under the UCC or at law or in equity, including the right to (i) apply any property of any Borrower received or held by Lender to reduce the Obligations in such manner as Lender may deem advisable, (ii) foreclose the Liens created under the Loan Documents, (iii) realize upon, take possession of or sell any Collateral or securities pledged with or without judicial process, (iv) exercise all rights and powers with respect to the Collateral as any Borrower might exercise, (v) collect and send notices regarding the Collateral with or without judicial process, (vi) at Borrowers’ expense, require that all or any part of the Collateral be assembled and made available to Lender at any reasonable place designated by Lender, (vii) reduce or otherwise change the Facility Cap, (viii) engage, on behalf of any or all Borrowers, a third party to service and collect Borrowers’ receivables, or (ix) relinquish or abandon any Collateral or securities pledged or any Lien thereon. Notwithstanding any provision of any Loan Document, Lender, in its Permitted Discretion, shall have the right, at any time that Borrowers fail to do so, and from time to time, without prior notice, to: (i) obtain insurance covering any of the Collateral to the extent required hereunder; (ii) pay for the performance of any Obligations; (iii) discharge taxes or liens on any of the Collateral that are in violation of any Loan Document unless Borrowers are in good faith with due diligence by appropriate proceedings contesting those items; and (iv) pay for the maintenance and preservation of the Collateral. Such expenses and advances shall be added to the Obligations and increase the principal amount outstanding hereunder, until reimbursed to Lender and shall be secured by the Collateral, and such payments by Lender shall not be construed as a waiver by Lender of any Event of Default or any other rights or remedies of Lender.

 

(b)Borrowers agree that notice received by them at least ten (10) days before the time of any intended public sale, or the time after which any private sale or other disposition of Collateral is to be made, shall be deemed to be reasonable notice of such sale or other disposition. If permitted by applicable Law, any perishable Collateral which threatens to speedily decline in value or which is sold on a recognized market may be sold immediately by Lender without prior notice to Borrowers. At any sale or disposition of Collateral or securities pledged, Lender may (to the extent permitted by applicable Law) purchase all or any part thereof free from any right of redemption by any Borrower which right is hereby waived and released. Borrowers covenant and agree not to, and not to permit or cause any of their respective Subsidiaries to, interfere with or impose any obstacle to Lender’s exercise of its rights and remedies with respect to the Collateral. Lender, in dealing with or disposing of the Collateral or any part thereof, shall not be required to give priority or preference to any item of Collateral or otherwise to marshal assets or to take possession or sell any Collateral with judicial process.

 

Credit and Security Agreement, Page 65
 

Exhibit 10.1

 

	
 
	
9.2
	
Application of Proceeds

 

In addition to any other rights, options and remedies Lender has under the Loan Documents, the UCC, at law or in equity, all dividends, interest, rents, issues, profits, fees, revenues, income and other proceeds collected or received from collecting, holding, managing, renting, selling, or otherwise disposing of all or any part of the Collateral or any proceeds thereof upon exercise of its remedies hereunder shall be applied in the following order of priority: (i) first, to the payment of all reasonable and documented out-of-pocket costs and expenses of such collection, storage, lease, holding, operation, management, sale, disposition or delivery and of conducting Borrowers’ business and of maintenance, repairs, replacements, alterations, additions and improvements of or to the Collateral, and to the payment of all sums which Lender may be required or may elect to pay, if any, for taxes, assessments, insurance and other charges upon the Collateral or part thereof, and all other payments that Lender may be required or authorized to make under any provision of this Agreement (including in each such case, in-house documentation and diligence fees and legal expenses, search, audit, recording, professional and filing fees and expenses and reasonable attorneys’ fees and all expenses, expert witness fees, liabilities and advances made or incurred in connection therewith, whether litigation is commenced or not); (ii) second, to the payment of all Obligations as provided herein, (iii) third, to the satisfaction of Indebtedness secured by any subordinate security interest of record in the Collateral if written notification of demand therefor is received before distribution of the proceeds is completed, provided, that, if requested by Lender, the holder of a subordinate security interest shall furnish reasonable proof of its interest, and unless it does so, Lender need not address its claims; and (iv) fourth, to the payment of any surplus then remaining to Borrowers, unless otherwise provided by applicable Law or directed by a court of competent jurisdiction, provided that Borrowers shall be liable for any deficiency if such proceeds are insufficient to satisfy the Obligations or any of the other items referred to in this Section.

 

	
 
	
9.3
	
Rights of Lender to Appoint Receiver

 

Without limiting and in addition to any other rights, options and remedies Lender has under the Loan Documents, the UCC, at law or in equity, upon the occurrence and continuation of an Event of Default, Lender shall have the right to apply for and have a receiver appointed by a court of competent jurisdiction in any action taken by Lender to enforce its rights and remedies in order to manage, protect and preserve the Collateral and continue the operation of Borrowers’ business to the extent necessary to collect all revenues and profits thereof and apply the same to the payment of all expenses and other charges of such receivership including the compensation of the receiver and to the payments as aforesaid until a sale or other disposition of such Collateral shall be finally made and consummated. Borrowers hereby consent to the appointment of a receiver selected by Lender upon the occurrence and during the continuance of an Event of Default and agree not to oppose the appointment of such receiver or the rights and powers granted, or proposed by Lender to be granted, to such receiver so long as such rights and powers are consistent with applicable Law. Borrowers waive any right to require a bond to be posted by or on behalf of any such receiver.

 

Credit and Security Agreement, Page 66
 

Exhibit 10.1

 

	
 
	
9.4
	
Application of Payments Following Default

 

Following the occurrence and continuance of an Event of Default, Lender may, notwithstanding Section 9.2, apply any and all payments received by Lender in respect of the Obligations, and any and all proceeds of Collateral received by Lender, in such order as Lender may from time to time elect.

 

	
 
	
9.5
	
Power of Attorney Following Default

 

Until full payment in cash of all Obligations, each Borrower hereby irrevocably designates, makes, constitutes, and appoints Lender (and all Persons designated by Lender from time to time) as such Borrower’s true and lawful attorney and agent in fact to act in the name of such Borrower to effectuate any term in this Agreement after the occurrence and during the continuation of any Event of Default. Without limiting the generality of the foregoing, each Borrower’s power of attorney to Lender provided above authorizes Lender to:

 

(a)demand payment of the Accounts, enforce payment thereof by legal proceedings or otherwise, settle, adjust, compromise, extend, or renew any or all of the Accounts or any legal proceedings brought to collect the Accounts, discharge and release the Accounts or any of them, and exercise all of such Borrower’s rights and remedies with respect to the collection of Accounts;

 

(b)prepare, file, and sign the name of such Borrower on any proof of claim in bankruptcy or any similar document against any Account Debtor or any notice of Lien, assignment, or satisfaction of Lien or similar document in connection with any of the Collateral;

 

(c)use the stationery of such Borrower, open such Borrower’s mail, notify the post office authorities to change the address for delivery of such Borrower’s mail to an address designated by Lender, and sign the name of such Borrower to verifications of the Accounts and on any notice to the Account Debtors; and

 

(d)use the information recorded on or contained in any data processing equipment and computer hardware and software relating to the Accounts, inventory, or other Collateral.

 

In addition to the foregoing, if any Borrower breaches its obligation hereunder to direct payments of Accounts or the proceeds of any other Collateral to the appropriate Controlled Deposit Account, Lender, as the irrevocably made, constituted and appointed true and lawful attorney for such Borrower pursuant to this Section, may by the signature or other act of any of Lender’s officers or authorized signatories (without requiring any of them to do so), direct any federal, state or private payor or fiscal intermediary to pay proceeds of Accounts or any other Collateral to the appropriate Controlled Deposit Account.

 

The appointment of Lender as attorney-in-fact for each Borrower is coupled with an interest and is irrevocable until full payment in cash of all Obligations.

 

Credit and Security Agreement, Page 67
 

Exhibit 10.1

 

	
 
	
9.6
	
Rights and Remedies not Exclusive

 

Lender shall have the right in accordance with the terms hereof, in its Permitted Discretion to determine which rights, Liens or remedies Lender may at any time pursue, relinquish, subordinate or modify, and such determination will not in any way modify or affect any of Lender’s rights, Liens or remedies under any Loan Document, applicable Law or equity. The enumeration of any rights and remedies in any Loan Document is not intended to be exhaustive, and all rights and remedies of Lender described in any Loan Document are cumulative and are not alternative to or exclusive of any other rights or remedies which Lender otherwise may have. The partial or complete exercise of any right or remedy shall not preclude any other further exercise of such or any other right or remedy.

 

	
 
	
X.
	
WAIVERS AND JUDICIAL PROCEEDINGS

 

	
 
	
10.1
	
Waivers

 

Except as expressly provided for herein, Borrowers hereby waive setoff, counterclaim, demand, presentment, protest, all defenses with respect to any and all instruments and all notices and demands of any description, and the pleading of any statute of limitations as a defense to any demand under any Loan Document. Borrowers hereby waive any and all defenses and counterclaims they may have or could interpose in any action or procedure brought by Lender to obtain an order of court recognizing the assignment of, or Lien of Lender in and to, any Collateral. With respect to any action hereunder, Lender conclusively may rely upon, and shall incur no liability to Borrowers in acting upon, any request or other communication that Lender reasonably believes to have been given or made by a person authorized on Borrowers’ behalf, whether or not such person is listed on the incumbency certificate delivered pursuant to Section 4.1. In each such case, Borrowers hereby waive the right to dispute Lender’s action based upon such request or other communication, absent manifest error.

 

	
 
	
10.2
	
Delay; No Waiver of Defaults

 

No course of action or dealing, renewal, release or extension of any provisions of any Loan Document, or single or partial exercise of any such provision, or delay, failure or omission on Lender’s part in enforcing any such provision shall affect the liability of any Borrower or Guarantor or operate as a waiver of such provision or affect the liability of any Borrower or Guarantor or preclude any other or further exercise of such provision. No waiver by any party to any Loan Document of any one or more defaults by any other party in the performance of any of the provisions of any Loan Document shall operate or be construed as a waiver of any future default, whether of a like or different nature, and each such waiver shall be limited solely to the express terms and provisions of such waiver. Notwithstanding any other provision of any Loan Document, by completing the Closing under this Agreement or by making Advances, Lender does not waive any breach of any representation or warranty of under any Loan Document, and all of Lender’s claims and rights resulting from any such breach or misrepresentation are specifically reserved.

 

Credit and Security Agreement, Page 68
 

Exhibit 10.1

 

	
 
	
10.3
	
Jury Waiver

 

EACH PARTY TO THIS AGREEMENT HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION ARISING UNDER THE LOAN DOCUMENTS OR IN ANY WAY CONNECTED WITH OR INCIDENTAL TO THE DEALINGS OF THE PARTIES WITH RESPECT TO THE LOAN DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED THEREBY, WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE. EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENTS OF THE PARTIES TO THE WAIVER OF THEIR RESPECTIVE RIGHTS TO TRIAL BY JURY.

 

	
 
	
10.4
	
Cooperation in Discovery and Litigation

 

In any litigation, arbitration or other dispute resolution proceeding relating to any Loan Document, Borrowers waive any and all defenses, objections and counterclaims they may have or could interpose with respect to (i) any of their directors, officers, employees or agents being deemed to be employees or managing agents of any Borrower for purposes of all applicable Law or court rules regarding the production of witnesses by notice for testimony (whether in a deposition, at trial or otherwise), (ii) Lender’s counsel examining any such individuals as if under cross-examination and using any discovery deposition of any of them as if it were an evidence deposition, and (iii) using all commercially reasonable efforts to produce in any such dispute resolution proceeding, at the time and in the manner requested by Lender, all Persons, documents (whether in tangible, electronic or other form) or other things under their control and relating to the dispute.

 

	
 
	
XI.
	
EFFECTIVE DATE AND TERMINATION

 

	
 
	
11.1
	
Effectiveness and Termination

 

(a)Termination by Lender. Subject to Lender’s right to terminate and cease making Advances upon the occurrence and during the continuance of an Event of Default, this Agreement shall continue in full force and effect until the full performance and payment in cash of all Obligations (other than indemnity reimbursement obligations with respect to which no claim has been made), unless terminated sooner as provided in this Section 11.1.

 

(b)Termination by Borrowers. Borrowers may terminate this Agreement at any time upon not less than ten (10) days’ prior written notice to Lender and upon full performance and payment in full in cash of all Obligations (other than indemnity and reimbursement obligations with respect to which no claim has been made) on or prior to the 10th calendar day after receipt by Lender of such written notice. Borrowers may elect to terminate this Agreement in its entirety only. No section of this Agreement or type of Loan available hereunder may be terminated singly.

 

Credit and Security Agreement, Page 69
 

Exhibit 10.1

 

(c)Effectiveness of Termination. All of the Obligations (other than indemnity and reimbursement obligations with respect to which no claim has been made) shall be immediately due and payable upon the Termination Date. All undertakings, agreements, covenants, warranties and representations of Borrowers contained in the Loan Documents shall survive any such termination and Lender shall retain its Liens in the Collateral and Lender shall retain all of its rights and remedies under the Loan Documents notwithstanding such termination until all Obligations have been discharged or paid, in full, in immediately available funds, including all Obligations under Section 3.4 and the terms of any fee letter resulting from such termination. Notwithstanding the foregoing or the payment in full of the Obligations, Lender shall not be required to terminate its Liens in the Collateral unless, with respect to any loss or damage Lender may incur as a result of dishonored checks or other items of payment received by Lender from any Borrower or any Account Debtor and applied to the Obligations, Lender shall, at its option, (i) have received a written agreement satisfactory to Lender, executed by Borrowers and, if Borrowers’ financial condition at that time is weaker than it is as of the date hereof, by any Person whose loans or other advances to Borrowers are used in whole or in part to satisfy the Obligations, indemnifying Lender from any such loss or damage or (ii) have retained cash Collateral or other Collateral for such period of time as Lender, in its discretion, may deem necessary to protect Lender from any such loss or damage.

 

	
 
	
11.2
	
Survival

 

All obligations, covenants, agreements, representations, warranties, waivers and indemnities made by Borrowers in any Loan Document shall survive the execution and delivery of the Loan Documents, the Closing, the making of the Advances and any termination of this Agreement until all Obligations (other than indemnity obligations with respect to which no claim has been made) are fully performed and paid in full in cash. Notwithstanding the foregoing sentence of this Section 11.2, the obligations and provisions of Sections 10.1, 10.4, 13.1, 13.3, 13.4, 13.7 and 13.12 shall survive termination of the Loan Documents and any payment, in full or in part, of the then-outstanding Obligations.

 

	
 
	
XII.
	
ASSIGNMENTS AND PARTICIPATIONS

 

	
 
	
12.1
	
Assignments

 

Lender may at any time assign the Lender’s rights and obligations hereunder and under all other Loan Documents to one or more Eligible Assignees. Upon receipt of notice of such assignment, Borrowers shall treat the assignee as the Lender for all purposes hereunder and under the other Loan Documents. Each Eligible Assignee shall have all of the rights and benefits with respect to the Obligations, Collateral and Loan Documents held by it as fully as if the original holder thereof; provided that, Borrowers shall not be obligated to pay under this Agreement to any Eligible Assignee any sum in excess of the sum which Borrowers would have been obligated to pay to Lender had such assignment not been effected. Notwithstanding any other provision of a Loan Document, Lender may disclose to any Eligible Assignee on a confidential basis all information, reports, financial statements, certificates and documents obtained under any provision of any Loan Document. Borrowers may not offset any amounts owing to any Borrower by an Eligible Assignee from any amounts owed by Borrowers to such Eligible Assignee pursuant to this Agreement.

 

Credit and Security Agreement, Page 70
 

Exhibit 10.1

 

	
 
	
12.2
	
Participations

 

Lender may at any time, without the consent of, or notice to, Borrowers, sell to one or more Persons participating interests in its Loan, commitments or other interests hereunder (any such Person, a “Participant”). Notwithstanding any other provision of a Loan Document, Lender may disclose to any Participant on a confidential basis all information, reports, financial statements, certificates and documents obtained under any provision of any Loan Document. Subject to Section 12.3, in the event of a sale by Lender of a participating interest to a Participant,

(i) Borrowers shall continue to deal solely and directly with Lender in connection with Lender’s rights and obligations hereunder, and (ii) all amounts payable by Borrowers shall be determined as if Lender had not sold such participation and shall be paid directly to Lender. Borrowers agree that if amounts outstanding under this Agreement are due and payable (as a result of acceleration or otherwise), each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Agreement. Lender shall, acting solely for this purpose as a non-fiduciary agent of 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 the Loan Documents (the “Participant Register”); provided that Lender shall not 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, or its other obligations under any Loan Document ) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and 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.

 

	
 
	
12.3
	
Defaulting Participants

 

Lender may from time to time notify Borrowers of the participations sold by Lender hereunder and the share of each Participant’s interest in the Loan (such notification, as it may be amended from time to time, is referred to herein as a “Participation Notice”). Following receipt by Borrowers of a Participation Notice, (i) it shall be the responsibility of the Participant identified in the Participation Notice to fund each Advance in an amount equal to such Participant’s share of each Advance as set forth in the Participation Notice, (ii) Borrowers will look solely to Participant identified in the Participation Notice for the funding of such portion of each Advance as is equal to the Participant’s share of such Advance as set forth in the Participation Notice, and (iii) notwithstanding any other provision of this Agreement or any other Loan Document, Lender shall not be obligated to fund any portion of an Advance which is the responsibility of a Participant as set forth in a Participation Notice. Following receipt by Borrowers of a Participation Notice, any Participant which shall fail to make any Advance or other credit accommodation, disbursement, settlement or reimbursement required pursuant to the terms of any Loan Document, for so long as such failure shall remain in existence and uncured, shall be deemed to be a “Defaulting Participant.” After a Participant becomes a Defaulting Participant, and the circumstances causing such status shall not have been cured or waived, each of Borrowers and Lender may, at their

 

Credit and Security Agreement, Page 71
 

Exhibit 10.1

 

respective option, notify such Defaulting Participant of such Person’s intention to obtain a replacement Participant (“Replacement Participant”) for the Defaulting Participant, which Replacement Participant shall be an Eligible Assignee. In the event Borrowers or Lender, as applicable, obtains a Replacement Participant, Borrowers shall look to the Replacement Participant rather than the Defaulting Participant for the funding of future Advances in an amount equal to the Defaulting Participant’s share of each Advance set forth in the Participation Notice and such Replacement Participant, by purchasing its Participation, shall be deemed to have agreed directly with Borrowers to fund such Advances in accordance with (and otherwise comply with) this Agreement. Any Replacement Participant shall not be responsible for, and such Replacement Participant’s interest in the Loan shall not be subject to, any liabilities of the Defaulting Participant to Borrowers accruing prior to the date of the transfer of the participation interest. Borrowers may not offset any amounts owing to any Borrower by the Defaulting Participant from any amounts owed by Borrowers to Lender pursuant to this Agreement.

 

	
 
	
12.4
	
Definitions

 

For purposes of this Article XII, the following terms shall have the following

meanings:

 

“Approved Fund” means any (a) investment company, finance company, fund,

trust, securitization vehicle or conduit that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of business or (b) any Person (other than a natural person) which temporarily warehouses loans for Lender or any entity described in the preceding clause (a) and that, with respect to each of the preceding clauses (a) and (b), is administered or managed by (i) Lender, (ii) an Affiliate of Lender, or (iii) a Person (other than a natural person) or an Affiliate of a Person (other than a natural person) that administers or manages Lender.

 

“Eligible Assignee” shall mean (a) a Lender, (b) an Affiliate of a Lender, (c) an Approved Fund, and (d) any other Person (other than a natural person or a holding company for a natural person) approved by Lender; provided, however, that notwithstanding the foregoing, “Eligible Assignee” shall not include any direct competitor of any Borrower.

 

	
 
	
XIII.
	
MISCELLANEOUS

 

	
 
	
13.1
	
Governing Law; Jurisdiction; Service of Process; Venue

 

The Loan Documents shall be governed by and construed in accordance with the internal substantive laws of the State of New York without giving effect to its choice of law provisions; provided, however, if any provision(s) of any Loan Document would violate or have the effect of violating the laws of the State of New York but not the laws of the State of Delaware then, with respect to such provision(s), the laws of the State of Delaware shall apply. Any judicial proceeding against any Borrower with respect to the Obligations, any Loan Documents or any related agreement may be brought in any federal or state court of competent jurisdiction located in the State of New York. By execution and delivery of each Loan Document to which it is a party, each Borrower and Lender (i) accepts the non-exclusive jurisdiction of the aforesaid courts and irrevocably agrees to be bound by any judgment rendered thereby, (ii) waives personal service of

 

Credit and Security Agreement, Page 72
 

Exhibit 10.1

 

process, (iii) agrees that service of process upon it may be made by certified or registered mail, return receipt requested, pursuant to Section 13.5, (iv) waives any objection to jurisdiction and venue of any action instituted hereunder and agrees not to assert any defense based on lack of jurisdiction, venue or convenience, and (v) agrees that this loan was made in New York, that Lender has accepted in New York the Loan Documents executed by Borrowers and has disbursed Advances under the Loan Documents in New York. Nothing shall affect the right of Lender to serve process in any manner permitted by applicable Law or shall limit the right of Lender to bring proceedings against any Borrower in the courts of any other jurisdiction having jurisdiction. Any judicial proceedings against Lender involving, directly or indirectly, the Obligations, any Loan Document or any related agreement shall be brought only in a federal or state court located in the State of New York. All parties acknowledge that they participated in the negotiation and drafting of this Agreement and that, accordingly, no party shall move or petition a court construing this Agreement to construe it more stringently against one party than against any other.

 

	
 
	
13.2
	
Binding Effect of Loan Documents

 

The Loan Documents shall inure to the benefit of Lender, its assignees, Participants and all future holders of the Obligations or any of the Collateral, and each of their respective successors and assigns. Each Loan Document shall be binding upon the Persons other than Lender that are parties thereto and their respective successors and assigns, and no such Person may assign, delegate or transfer any Loan Document or any of its rights or obligations thereunder without the prior written consent of Lender. No rights are intended to be created under any Loan Document for the benefit of any Person who is not a party to such Loan Document. Nothing contained in any Loan Document shall be construed as a delegation to Lender of any other Person’s duty of performance. BORROWERS ACKNOWLEDGE AND AGREE THAT LENDER AT ANY TIME AND FROM TIME TO TIME MAY (I) DIVIDE AND RESTATE ANY NOTE, OR (II) SELL, ASSIGN OR GRANT PARTICIPATING INTERESTS IN OR TRANSFER ALL OR ANY PART OF ITS RIGHTS OR OBLIGATIONS UNDER ANY LOAN DOCUMENT, THE OBLIGATIONS OR THE COLLATERAL TO AN ELIGIBLE ASSIGNEE.

 

	
 
	
13.3
	
Revival of Obligations

 

To the extent that any payment made or received with respect to the Obligations is subsequently invalidated, determined to be fraudulent or preferential, set aside or required to be repaid to a trustee, debtor in possession, receiver, custodian or any other Person under any Debtor Relief Law, common law or equitable cause or any other applicable Law, then the Obligations intended to be satisfied by such payment (whether or not previously terminated) shall be revived and shall continue as if such payment had not been received by Lender. Any payments received with respect to such revived Obligations shall be credited and applied in such manner and order, as Lender shall decide in its Permitted Discretion.

 

	
 
	
13.4
	
Indemnity

 

Borrowers shall indemnify Lender, its Affiliates and its and their respective managers, members, officers, employees, Affiliates, agents, representatives, successors, assigns, accountants and attorneys (collectively, the “Indemnified Persons”) from and against any and all liability, obligations, losses, damages, penalties, actions, judgments, suits, reasonable out-of-

 

Credit and Security Agreement, Page 73
 

Exhibit 10.1

 

pocket costs, expenses and disbursements of any kind of nature whatsoever (including reasonable fees and disbursements of counsel, expert witness fees, and reasonable in-house documentation and diligence fees and reasonable legal expenses) which may be imposed on, incurred by or asserted against any Indemnified Person with respect to or arising out of, or in any way relating to any litigation, proceeding or investigation instituted or conducted by any Person with respect to any aspect of, or any transaction contemplated by or referred to in, or any matter related to, any Loan Document or any agreement, document or transaction contemplated thereby, whether or not such Indemnified Person is a party thereto, except to the extent that any of the foregoing (i) arises out of the gross negligence or willful misconduct of, or breach of this Agreement by, any Indemnified Person or (ii) arises out of a dispute between or among any Indemnified Persons. If any Indemnified Person uses in-house counsel for any purpose for which any Borrower is responsible to pay or indemnify, Borrowers expressly agree that their indemnification obligations include reasonable charges for such work commensurate with the fees that would otherwise be charged by outside legal counsel selected by Indemnified Person in its Permitted Discretion for the work performed. Lender agrees to give Borrowers reasonable notice of any event of which Lender becomes aware for which indemnification may be required under this Section 13.4, and Lender may elect (but is not obligated) to direct the defense thereof, provided that the selection of counsel shall be subject to Borrowers’ consent which consent shall not be unreasonably withheld or delayed. Any Indemnified Person may in its reasonable discretion, take such actions, as it deems necessary and appropriate to investigate, defend or settle any event or take other remedial or corrective actions with respect thereto as may be necessary for the protection of such Indemnified Person or the Collateral. Notwithstanding the foregoing, if any insurer agrees to undertake the defense of an event (an “Insured Event”), Lender agrees not to exercise its right to select counsel to defend the event if that would cause any Borrower’s insurer to deny coverage; provided, however, that Lender reserves the right to retain counsel to represent any Indemnified Person with respect to an Insured Event at its sole cost and expense. To the extent that Lender obtains recovery from a third party other than an Indemnified Person of any of the amounts that any Borrower has paid to Lender pursuant to the indemnity set forth in this Section 13.4, then Lender shall promptly pay to such Borrower the amount of such recovery.

 

	
 
	
13.5
	
Notice

 

Any notice or request under any Loan Document shall be given to any party to this Agreement at such party’s address set forth beneath its signature on the signature page to this Agreement, or at such other address as such party may hereafter specify in a notice given in the manner required under this Section 13.5. Any notice or request hereunder shall be given only by, and shall be deemed to have been received upon: (i) registered or certified mail, return receipt requested, on the date on which such received as indicated in such return receipt, (ii) delivery by a nationally recognized overnight courier, one (1) Business Day after deposit with such courier, or

(iii) facsimile, pdf or other electronic transmission, in each case upon telephone or further electronic communication from the recipient acknowledging receipt (whether automatic or manual from recipient), as applicable. Any notice or request under any Loan Document or otherwise pursuant to any applicable Law which is given to one Borrower will be deemed to be notice (or, if applicable, a request) to each Borrower.

 

Credit and Security Agreement, Page 74
 

Exhibit 10.1

 

	
 
	
13.6
	
Severability; Captions; Counterparts; Facsimile Signatures

 

If any provision of any Loan Document is adjudicated to be invalid under applicable Laws, such provision shall be inapplicable to the extent of such invalidity without affecting the validity or enforceability of the remainder of the Loan Documents which shall be given effect so far as possible. The captions in the Loan Documents are intended for convenience and reference only and shall not affect the meaning or interpretation of the Loan Documents. The Loan Documents may be executed in one or more counterparts (which taken together, as applicable, shall constitute one and the same instrument) and by facsimile, pdf or other transmission, and such signatures shall be considered original executed counterparts. Each party to this Agreement agrees that it will be bound by its own electronic signature and that it accepts the electronic signature of each other party.

 

	
 
	
13.7
	
Expenses

 

Borrowers shall pay, whether or not the Closing occurs, all usual and customary costs and expenses incurred by Lender or its Affiliates, including documentation and diligence fees and expenses, all search, audit, appraisal, recording reasonable professional and filing fees and expenses and all other actual out-of-pocket charges and expenses (including UCC and judgment and tax lien searches and UCC filings and fees for post-Closing UCC and judgment and tax lien searches and audit expenses), and reasonable and documented attorneys’ fees and expenses, incurred (i) in any effort to enforce, protect or collect payment of any Obligation or to enforce any Loan Document or any related agreement, document or instruments (ii) in connection with entering into, negotiating, preparing, reviewing and executing the Loan Documents or any related agreements, documents or instruments, (iii) arising in any way out of administration of the Obligations, (iv) in connection with instituting, maintaining, preserving, enforcing or foreclosing on Lender’s Liens in any of the Collateral or securities pledged under the Loan Documents, whether through judicial proceedings or otherwise, (v) in defending or prosecuting any actions, claims or proceedings arising out of or relating to Lender’s transactions with Borrowers, (vi) in seeking, obtaining or receiving any advice with respect to its rights and obligations under any Loan Document and any related agreement, document or instrument, (vii) in connection with any modification, restatement, supplement, amendment, waiver or extension of any Loan Document or any related agreement, document or instrument or (viii) in connection with all actions, visits, audits and inspections undertaken by Lender or its Affiliates pursuant to the Loan Documents, subject to the provisions of Section 6.7. In addition, Borrowers shall pay Lender a wire fee of

$25.00 with respect to each domestic wire transfer of funds by Lender to or for the benefit of Borrowers. All of the foregoing shall be charged to Borrowers’ account and shall be part of the Obligations. If Lender or any of its Affiliates uses in-house counsel for any purpose under any Loan Document for which Borrowers are responsible to pay or indemnify, Borrowers expressly agree that their Obligations include reasonable charges for such work commensurate with the fees that would otherwise be charged by outside legal counsel selected by Lender or such Affiliate in its Permitted Discretion for the work performed. Without limiting the foregoing, Borrowers shall pay all taxes (other than taxes based upon or measured by Lender’s income or revenues or any personal property tax), if any, in connection with the transactions contemplated by this Agreement and the Loan Documents and the filing or recording of any documents or financing statements.

 

Credit and Security Agreement, Page 75
 

Exhibit 10.1

 

	
 
	
13.8
	
Entire Agreement

 

This Agreement and the other Loan Documents to which Borrowers are a party constitute the entire agreement between Borrowers and Lender with respect to the subject matter hereof and thereof, and supersede all prior agreements and understandings, if any, relating to the subject matter hereof or thereof. Any promises, representations, warranties or guarantees not herein contained and hereafter made shall have no force and effect unless in writing signed by Borrowers and Lender, provided, however, additional covenants, representations, warranties and guarantees will be enforceable if executed by the party against whom enforcement is sought. No provision of this Agreement may be changed, modified, amended, restated, waived, supplemented, discharged, canceled or terminated orally or by any course of dealing or in any other manner other than by an agreement in writing signed by Lender and Borrowers. Each party hereto acknowledges that it has been advised by counsel in connection with the negotiation and execution of this Agreement and is not relying upon oral representations or statements inconsistent with the terms and provisions hereof. Any schedule may be amended from time to time by Borrowers with the consent of the Lender, which consent shall not be unreasonably withheld if the revised schedule does not evidence any violation of the covenants in Articles VI or VII.

 

	
 
	
13.9
	
Lender Approvals

 

Any approval, consent, waiver or satisfaction of Lender with respect to any matter that is subject of any Loan Document (i) shall not be effective unless it is in writing and (ii) unless expressly provided herein to the contrary, may be granted or withheld by Lender in its sole discretion.

 

	
 
	
13.10
	
Confidentiality

 

Lender 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 applicable 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 Credit Parties and their obligations, (g) 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 Lender on a non-confidential basis from a source other than Borrowers. For the purposes of this Section, “Information” means all information received from the Borrowers relating to Borrowers or their business, other than any such information that is available to the Lender on a non-confidential basis prior to disclosure by Borrowers; provided that, in the case of information received from Borrowers after the date hereof,

 

Credit and Security Agreement, Page 76
 

Exhibit 10.1

 

such information is clearly identified at the time of delivery as confidential. 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.

 

	
 
	
13.11
	
USA PATRIOT Act

 

Borrowers shall not (a) be or become subject at any time to any law, regulation, or list of any government agency (including the U.S. Office of Foreign Asset Control list) that prohibits or limits Lender from making any advance or extension of credit to Borrowers or from otherwise conducting business with Borrowers, or (b) fail to provide documentary and other evidence of any Borrower’s or its corporate officers’ identities as may be requested by Lender at any time to enable Lender to verify Borrower’s identity or to comply with any applicable Law, including Section 326 of the USA PATRIOT Act of 2001, 31 U.S.C. §5318. Lender hereby notifies Borrowers that pursuant to the requirements of the USA PATRIOT Act, it is required to obtain, verify and record certain information and documentation that identifies Borrowers, which information includes Borrowers’ name and address and such other information that will allow Lender to identify Borrowers in accordance with the USA PATRIOT Act.

 

	
 
	
13.12
	
Release of Lender

 

Notwithstanding any other provision of any Loan Document, Borrowers voluntarily, knowingly, unconditionally and irrevocably, with specific and express intent, for and on behalf of themselves, their managers, members, directors, officers, employees, stockholders, Affiliates, agents, representatives, accountants, attorneys, successors and assigns and their respective Affiliates (collectively, the “Releasing Parties”), (i) hereby fully and completely release and forever discharge the Indemnified Persons and any other Person or insurer which may be responsible or liable for the acts or omissions of any of the Indemnified Persons, or who may be liable for the injury or damage resulting therefrom (collectively, with the Indemnified Persons, the “Released Parties”), of and from any and all actions, causes of action, damages, claims, obligations, liabilities, costs, expenses and demands of any kind whatsoever, at law or in equity, matured or unmatured, vested or contingent, that any of the Releasing Parties has against any of the Released Parties as of the date of the Closing and (ii) by acceptance of each Advance hereunder fully and completely release and forever discharge the Released Parties, of and from any and all actions, causes of action, damages, claims, obligations, liabilities, costs, expenses and demands of any kind whatsoever, at law or in equity, matured or unmatured, vested or contingent, that any of the Releasing Parties has against any of the Released Parties as of the date of each such Advance. Borrowers acknowledge that the foregoing release is a material inducement to Lender’s decision to extend to Borrowers the financial accommodations hereunder and will be relied upon by Lender in making the Advances.

 

[SIGNATURES APPEAR ON THE FOLLOWING PAGE]

 

Credit and Security Agreement, Page 77
 

Exhibit 10.1

 

 

 

 

 

 

 

 

IN WITNESS WHEREOF, each of the parties has duly executed this Credit and Security Agreement as of the date first written above.

 

BORROWERS:

 

FUSE MEDICAL, INC.,

a Delaware corporation

 

 

By:  Name: Mark W. Brooks

Title: President

 

 

STATEO

COUNTY oTI)cJ\C1.-S

	
 
	
On this
	
day of t:>e..c C-MbC,2021, before me, the undersigned notary public, per ona eared Mark W. Brooks, proved to me through satisfactory evidence of
	
 

identification to be the person whose name is signed on the preceding or attached document, and

	
 
	
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dged tl)o me that he signed it voluntarily for its stated purpose, as the President of Fuse edical,c.
	
 

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PATRIClAMIRAND!" .

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Credit and Security Agreement, Signature Page
 

Exhibit 10.1

 

 

 

 

 

 

 

CPM MEDICAL CONSULTANTS, LLC,

a Texas limited liability company

 

 

By:_'-/J?----'---- ------

Name: Mark W. Brooks Title: Secretary

 

 

STATE 4.,s COUNTY OFTutlta..S

On thisday of iJ l.,v ,2021, before me, the undersigned  notary public,

personally appeared Mark W. Brooks, proved to me through satisfactory evidence of

identification to be the person whose name is signed on the preceding or attached document, and acknowledged to me hat he signed it voluntarily for its stated purpose, as the Secretary of CPM

Con 1 tants,LC.

 

          ,,L_            J Notary Public

Name printe a::{"'c.{(A.rY\,rAn.J "'--'

My commission expires:4.-- \f-• LJ>'2. "2.

 

 

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PATRICIA MIRANDA Notary   ID #12392179,
	
 

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My Commission Expire•
April 16, 2022,

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Credit and Security Agreement, Signature Page
 

Exhibit 10.1

 

Address for Notice:

CPM Medical Consultants, LLC Fuse Medical, Inc.

1565 North Central Expressway, Suite 200

Richardson, TX 75080

Attention: Mark W. Brooks and Gregg Talley

 

Telephone: (972) 331-5881 (Brooks), (972) 331-5876 (Talley) Email: mbrooks@fusemedical.com, gtalley@fusemedical.com

With copy to (which shall not constitute notice): Address for Notice:

Condon Tobin Sladek Thornton Nerenberg PLLC 8080 Park Lane, Suite 700

Dallas, TX 75231

Attn: Mark B. Knowles

 

Telephone: (214) 265-3816

Email: mknowles@condontobin.com

 

[Signature Page Continues]

 

Credit and Security Agreement, Signature Page
 

Exhibit 10.1

 

LENDER:

 

CNH FINANCE FUND I, L.P.,

a Delaware limited partnership

 

 

By: Name: Timothy Peters

Title:Authorized Signatory

 

Address for Notice:

CNH Finance Fund I, L.P. c/o CNH Finance, L.P.

24 East Ave PMB 1285 New Canaan, CT 06840 Attention: Timothy Peters

 

Telephone: (203) 266-3210 Email: Legal@cnhfinance.com

With copy to (which shall not constitute notice): Kincaid, Frame & Associates Co., LPA

6151 Wilson Mills Road, Suite 310 Highland Heights, OH 44143 Attention: Timothy J. Kincaid

 

Telephone: (440) 352-1000

Fax: (440) 352-2435

Email: Tkincaid@kincaidframe.com

 

Credit and Security Agreement, Signature Page
 

Exhibit 10.1

 

ANNEX I

 

 

 

Financial and Loan Covenants

 

EXHIBITS

 

Exhibit A-Borrowing Certificate

 

Exhibit B-Compliance Certificate

 

SCHEDULES

 

Schedule 1-List of Borrowers

 

Schedule 2.4-Borrowers’ Account for Funding Wires Schedule 2.5-Borrowers’ Deposit Accounts Schedule 5.3-Organizational Information

Schedule 5.4-Real Property Owned or Leased Schedule 5.6-Litigation

Schedule 5.11-Intellectual Property Schedule 5.16-Insurance

Schedule 5.17A-Corporate Names

 

Schedule 5.17B-Business and Collateral Locations Schedule 5.21Environmental Exceptions Schedule 5.22-Material Contracts

Schedule 7.2-Permitted Indebtedness Schedule 7.3-Liens

Schedule 7.6Permitted Affiliates

 

 

Exhibit 10.1

 

ANNEX I

 

FINANCIAL AND LOAN COVENANTS

 

	
 
	
1)
	
Current Ratio

 

Beginning with the month then ending December 31, 2021 and at the end of each calendar month thereafter, Borrowers’ Current Ratio shall not be less than 1.00 to 1.00.

 

	
 
	
2)
	
Fixed Charge Coverage Ratio (EBITDA/Fixed Charges)

 

Beginning with the month then ending December 31, 2021, and at the end of each calendar month thereafter, the Fixed Charge Coverage Ratio for the applicable Test Period shall be not less than 1.00 to 1.00.

 

	
 
	
3)
	
Loan Turnover Rate

 

Beginning with the month then ending February 28, 2022 and at the end of each calendar month thereafter, the amount calculated by dividing (a) the average outstanding principal balance of the Revolving Facility for the applicable Test Period by (b) the result achieved by dividing (i) the sum of all collections received in the Controlled Deposit Account during the applicable Test Period with respect to all of Borrowers’ Accounts by (ii) the number of days in such Test Period, shall not be greater than 60.

 

	
 
	
4)
	
Minimum Liquidity

 

At no time shall the sum of (i) Borrowers’ cash on hand, plus (ii) Availability under the Revolving Facility, be less than $175,000. If the Borrowers maintain compliance with the Fixed Charge Coverage Ratio for twelve (12) consecutive months, this Minimum Liquidity covenant shall cease to be effective.

 

For purposes of the covenants set forth in this Annex I, capitalized terms shall have the following meanings set forth below, or if not set forth below, the meanings set forth in Article I.

 

“Capital Expenditures” shall mean, for any period, all direct or indirect (by way of acquisition of securities of a Person or the expenditure of cash or the transfer of property or the Incurrence of Indebtedness) expenditures in respect of the purchase or other acquisition of fixed or capital assets determined in conformity with GAAP.

 

“Current Ratio” shall mean Borrowers’ ratio of current assets (determined in accordance with GAAP), to current liabilities (also determined in accordance with GAAP). For this purpose, the outstanding balance of the Revolving Facility shall be deemed to be a current liability.

 

“EBITDA” shall mean, for any Test Period, the sum, without duplication, of the following, on a consolidated basis: Net Income, plus, (a) Interest Expense, (b) taxes on income,

 

Annex I, Page 1
 

Exhibit 10.1

 

whether paid, payable or accrued, (c) depreciation expense, (d) amortization expense, (e) all other non-cash, non-recurring charges and expenses, excluding accruals for cash expenses made in the ordinary course of business, (f) all fees, costs and expenses incurred in connection with closing this Agreement, (g) loss from any sale of assets, other than sales in the ordinary course of business, all of the foregoing determined in accordance with GAAP, (h) other extraordinary or non-recurring losses, (i) non-cash losses arising from the annual re-measurement of the fair value of the Earn- Out, and (j) any additional add-backs to Net Income approved by Lender in its sole discretion, minus (i) gains from any sale of assets, other than sales in the ordinary course of business, (ii) other extraordinary or non-recurring gains, and (iii) non-cash gains arising from the annual re- measurement of the fair value of the Earn-Out.

 

“Fixed Charge Coverage Ratio” shall mean the ratio of (a) EBITDA for the Test Period, to (b) Fixed Charges for the Test Period.

 

“Fixed Charges” shall mean the sum of the following (without duplication): (a) all cash Interest Expense, all scheduled principal payments made on Indebtedness (other than such principal payments as may be made with the proceeds of the initial Advance on the Revolving Facility), all scheduled payments with respect to Capitalized Lease Obligations (to the extent not otherwise included), and all sinking fund payments made by Borrowers, plus (b) all Capital Expenditures by Borrowers, plus (c) all Distributions, other than (i) management fee payments made to a non-Credit Party, and to the extent not included in (a), and (ii) Distributions by CPM to Fuse.

 

“Interest Expense” shall mean, for any Test Period, total interest expense (including interest expense attributable to Capital Leases in accordance with GAAP) and fees with respect to all outstanding Indebtedness including capitalized interest but excluding commissions, discounts and other fees owed with respect to letters of credit and bankers’ acceptance financing and net costs under interest rate agreements.

 

“Net Income” shall mean, the net income (or loss) determined in conformity with GAAP, provided that there shall be excluded (i) the income (or loss) of any Person in which any other Person (other than any Borrower) has a joint interest, except to the extent of the amount of dividends or other distributions actually paid to a Borrower by such Person, (ii) the income (or loss) of any Person accrued prior to the date it becomes a Borrower or is merged into or consolidated with a Borrower or that Person’s assets are acquired by a Borrower, (iii) the income of any Subsidiary of a Borrower to the extent that the declaration or payment of dividends or similar distributions of that income by that Subsidiary is not at the time permitted by operation of the terms of the Person’s organizational charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to that Subsidiary, (iv) compensation expense resulting from the issuance of Equity Interests, equity appreciation rights and other equity incentives issued to former or current employees, including officers, of a Borrower, or the exercise of such options or rights, in each case to the extent the obligation (if any) associated therewith is not expected to be settled by the payment of cash by a Borrower or any Affiliate thereof, and (v) compensation expense resulting from the repurchase of Equity Interests, options and rights described in clause (iv) of this definition of Net Income.

 

Annex I, Page 2
 

Exhibit 10.1

 

“Test Period” shall mean (i) with respect to the Fixed Charge Coverage Ratio, for the first test, the most recently ended calendar month, for the second test, the most recently ended two calendar months (taken as one accounting period), and continuing in such a pattern until the twelfth test, which will include the most recently ended twelve calendar months (taken as one accounting period); each test after the twelfth test will be calculated on such a trailing twelve month basis; and (ii) (a) with respect to the first calculation of the Loan Turnover Rate, the most recent calendar month then ended, (b) with respect to the second calculation of the Loan Turnover Rate, the two most recent calendar months then ended (taken as one accounting period), and (c) with respect to the third calculation of the Loan Turnover Rate, and each calculation thereafter, the three most recent calendar months then ended (taken as one accounting period) .

 

Annex I, Page 3
 

Exhibit 10.1

 

EXHIBIT A

 

BORROWING CERTIFICATE

Dated as of, 20 

 

[The Borrowing Certificate shall set forth the Lender’s calculation of the Net Collectible Value of the Eligible Receivables, Borrowing Base, Availability and related calculations, following which the following certification shall be appended:]

 

The undersigned hereby certifies on behalf of the Borrowers (as defined below), and not in his individual capacity, to CNH Finance Fund I, L.P. (“Lender”) that:

 

	
 
	
1.
	
I am, on behalf of Borrowers, certifying the following facts and making and delivering this Borrowing Certificate pursuant to that certain Credit and Security Agreement, dated as of December 14, 2021 (as the same may be, amended, restated, supplemented, or otherwise modified from time to time, the “Credit Agreement”) between Fuse Medical, Inc., and CPM Medical Consultants, LLC (“Borrowers”) and Lender. Capitalized terms used in this certificate have the same meaning as set forth in the Credit Agreement.
	
 

 

	
 
	
2.
	
All information contained in this Borrowing Certificate is true, correct, and complete in all material respects as of the date hereof. All representations and warranties made by Borrowers in the Credit Agreement are true and correct in all material respects on and as of the date hereof as if such representations and warranties had been made as of the date hereof (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).
	
 

 

	
 
	
3.
	
No Default or Event of Default has occurred and is continuing or will exist after giving effect to the Advance requested hereby.
	
 

 

	
 
	
4.
	
Borrowers have performed and complied with all agreements and conditions required under Article IV of the Credit Agreement to be performed or complied with by them on or prior to the funding of the Advance requested hereby.
	
 

 

	
 
	
5.
	
There have been no modifications to reimbursement rates or other contractual arrangements that would adversely affect the valuation or collectability of the Accounts. There are no offsets, setoffs, counterclaims, disputes or defenses of any kind from any Account Debtor against any Account classified as an Eligible Receivable except as reflected in the most recent Borrowing Base Certificate delivered to Lender. All Accounts classified as Eligible Receivables and Ineligible Receivables in this Borrowing Certificate are properly so classified.
	
 

 

	
 
	
6.
	
The Borrowers have directed all Account Debtors to deliver all payments on the Accounts to the proper Controlled Deposit Account (including any Lockbox Account) as specified
	
 

 

Exhibit A (Borrowing Certificate), Page 1
 

Exhibit 10.1

 

in the Credit Agreement and has identified such Controlled Deposit Account as the account to which all payments are to be sent on all invoices for Accounts with Billing Dates after the date of the Credit Agreement. All Accounts reflected in the Borrowers’ most recently submitted Accounts Receivable Aging Report are the subject of properly and validly billed invoices for services provided and Goods sold by the applicable Borrower in the ordinary course of business. The aging buckets in this Borrowing Certificate reflect the number of days the Accounts have been outstanding subsequent to their respective Billing Dates. All collections on Accounts have been applied to the proper invoices resulting in accurate aging totals for each aging bucket. There are no known duplicate or fictitious claims or invoices included in the Accounts. The Borrowers have not diverted or permitted to be diverted any such payments on Accounts to a deposit account other than the proper Controlled Deposit Account as required by Section 2.5 of the Credit Agreement. No collections on Accounts have been received that have not been applied to reduce the Accounts.

 

	
 
	
7.
	
Records regarding all Inventory are maintained on a perpetual inventory system, and all Inventory reflected in the Borrowers’ most recently submitted inventory report is bona fide Inventory, saleable in the ordinary course of Borrower’s business. All such Inventory is owned by Borrowers and all Eligible Inventory is in Borrowers’ possession. There are no known duplicate or fictitious items included in the Inventory. All Inventory included in the Borrowing Base is either: (i) held by Borrowers free and clear of all liens and encumbrances by vendors of such Inventory; or (ii) subject to a Subordination Agreement between Lender, Borrowers and the vendor of any such Inventory.
	
 

 

	
 
	
8.
	
All Accounts are owned by the undersigned, free and clear of all liens, security interests, claims, charges, or trusts, legal or equitable, now existing or which might arise with the passage of time, other than as set forth or permitted in the Credit Agreement.
	
 

 

	
 
	
9.
	
AmBio, on behalf of Borrowers, has deposited all state and federal payroll withholding taxes required with respect to each payroll period through the most recent payroll period.
	
 

 

	
 
	
10.
	
After Lender makes the Advance requested hereby, the aggregate amount of the Loan will not exceed the Revolving Loan Limit.
	
 

Signature: Name/Title:   

Borrowers’ Names: Fuse Medical, Inc., and CPM Medical Consultants, LLC

 

Exhibit A (Borrowing Certificate), Page 2
 

Exhibit 10.1

 

 

EXHIBIT B

 

COMPLIANCE CERTIFICATE

Dated as of, 20 

 

This Compliance Certificate is delivered by Fuse Medical, Inc., and CPM Medical Consultants, LLC (individually, the “Borrower” and, collectively, the “Borrowers”), in accordance with the Credit and Security Agreement dated as of December 14, 2021, between Borrowers and CNH Finance Fund I, L.P. (“Lender”) (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”). All capitalized terms not defined herein have the meanings given them in the Credit Agreement and other Loan Documents.

 

The undersigned hereby certifies on behalf of Borrowers, and not in his individual capacity, that:

 

(a)The financial statements delivered with this certificate in accordance with Section 6.1 of the Credit Agreement fairly present in all material respects the results of operations and financial condition of Borrowers as of the dates and the accounting periods covered by such financial statements;

 

(b)I have reviewed the terms of the Credit Agreement and have made, or caused to be made under my supervision, a review in reasonable detail of the transactions and financial condition of Borrowers during the accounting period covered by such financial statements;

 

(c)Such review has not disclosed the existence during or at the end of such accounting period, and I have no knowledge of the existence as of the date hereof, of any condition or event that constitutes a Default or an Event of Default, except as set forth in Schedule 1 attached hereto, which includes a description of the nature and period of existence of such Default or an Event of Default and what action Borrowers have taken, are undertaking and propose to take with respect thereto;

 

(e)Except as noted on Schedule 2 attached hereto, the undersigned has no knowledge of any federal or state tax liens having been filed against any Borrower or any Collateral;

 

(f)Except as noted on Schedule 3 attached hereto, the undersigned has no knowledge of any failure of AmBio to make, on behalf of Borrowers, required payments of withholding or other tax obligations during the accounting period to which the attached statements pertain or any subsequent period.

 

(g)Except as described in the Credit Agreement or on Schedule 4 attached hereto, the undersigned has no knowledge of any current, pending or threatened:

 

(i)litigation against any Borrower that could reasonably be expected to have a Material Adverse Effect;

 

Exhibit B (Compliance Certificate), Page 1
 

Exhibit 10.1

 

(ii)investigations or proceedings by or before any Governmental Authority concerning the business affairs, practices, licensing or reimbursement entitlements of any Borrower;

 

	
 
	
(iii)
	
default by any Borrower under any Material Contract or any Lease.

 

(h)Borrowers are in compliance with the financial and loan covenants contained in Annex I of the Credit Agreement, as demonstrated by the calculation of such covenants below, except as set forth below; in determining such compliance, the following calculations have been made: [See attached worksheets]. Such calculations and the certifications contained therein are true and correct.

 

 

Certified to as of, 20by:

 

 

 

By: Print:

Title:

 

Exhibit B (Compliance Certificate), Page 2
 

Exhibit 10.1

 

Schedules to Compliance Certificate

Schedule 1 – Non-Compliance with Covenants Schedule 2 – Federal or State Tax Liens

Schedule 3 – Unpaid Tax or Withholding Obligations

 

Schedule 4 –Pending Litigation, Inquiries or Investigations; Defaults under Material Contracts Worksheet(s) for Financial or Other Covenant Calculations

 

Exhibit B (Compliance Certificate), Page 3
 

Exhibit 10.1

 

Current Ratio Worksheet (Attachment to Compliance Certificate)

 

 

		
	
1. Current Assets as of the end of the most recent month:
	
$ 

	
2. Current Liabilities as of the end of the most recent month:
	
$ 

	
3. Ratio of Line 1 to Line 2:
	
 

 

	
4. Minimum Current Ratio:
	
1.0 to 1.0

	
5. In compliance:
	
YES - NO

 

Exhibit B (Compliance Certificate), Page 4
 

Exhibit 10.1

 

Fixed Charge Coverage Ratio Worksheet (Attachment to Compliance Certificate)

 

 

		
	
1. Net Income during the applicable Test Period:
	
$ 

	
2.All of the following expenses during the applicable Test Period:

 

(a)Interest Expense $ 

 

(b)taxes on income, whether paid, payable or accrued

$ 

 

(c)depreciation expense $ 

 

(d)amortization expense $ 

 

(e)all other non-cash, non-recurring charges and expenses, excluding accruals for cash expenses made in the ordinary course of business $ 

 

(f)all fees, costs and expenses incurred in connection with closing the Credit Agreement $ 

 

(g)loss from any sale of assets, other than sales in the ordinary course of business, all of the foregoing determined in accordance with GAAP $ 

 

(h)other extraordinary or other non-recurring losses

$ 

 

(i)non-cash losses arising from the annual re-measurement of the fair value of the Earn-Out $ 

 

(j)any additional add-backs to Net Income approved by Lender in its sole discretion $ 

 

Total of (a) through (j):
	
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$ 

 

Exhibit B (Compliance Certificate), Page 5
 

Exhibit 10.1

 

		
	
3.(a) gains from any sale of assets, other than sales in the ordinary course of business during the applicable Test Period $ 

(b)other extraordinary or non-recurring gains during the applicable Test Period $ 

 

(c)non-cash gains arising from the annual re- measurement of the fair value of the Earn-Out

$ 

 

Total of (a), (b) and (c):
	
 

 

 

 

 

 

 

 

 

$ 

	
4. EBITDA (line 1, plus lines 2(a) through (j), minus lines 3(a), (b) and (c):
	
 

$ 

	
5.All of the following during the applicable Test Period:

 

(a)Interest Expense $ 

 

(b)principal payments made on Indebtedness

$ 

 

(c)payments with respect to Capitalized Lease Obligations (to the extent not otherwise included)

$ 

 

(d)sinking fund payments $ 

 

(e)Capital Expenditures $ 

 

(f)Distributions (excluding management fees paid to non- Credit Parties, and to the extent not included in (a)) and Distributions by CPM to Fuse $ 

 

Total of (a) through (f) equals Fixed Charges:
	
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$ 

	
6. Ratio of Line 4 to Line 5:
	
 

 

	
7. Minimum Fixed Charge Coverage Ratio:
	
1.00 to 1.00

	
8. In compliance:
	
YES - NO

 

Exhibit B (Compliance Certificate), Page 6
 

Exhibit 10.1

 

Minimum Liquidity Worksheet (Attachment to Compliance Certificate)

 

 

		
	
1. The aggregate amount of cash on hand in the Borrower’s operating deposit accounts with respect to which the Borrower has complied with Section 7.13:
	
 

 

$ 

	
2. Availability:
	
$ 

	
3. Line 1 plus Line 2:
	
 

 

	
 

4. Minimum Liquidity:

 

(b) is Line 3 greater than or equal to $175,000
	
 

 

  

	
5. In compliance:
	
YES - NO

 

Exhibit B (Compliance Certificate), Page 7
 

Exhibit 10.1

 

Loan Turnover Rate Worksheet (Attachment to Compliance Certificate)

 

 

 

		
	
1. Average outstanding principal balance of Revolving Facility for the Test Period:
	
 

$ 

	
2. Total collections received in the Controlled Deposit Accounts during most recently ended Test Period:
	
 

$ 

	
3. Number of days during most recently ended Test Period:
	
  days

	
4. Line 2 divided by Line 3:
	
  days

	
5. Line 1 divided by Line 4:
	
  days

	
6. Maximum Loan Turnover Rate:
	
60 days

	
7. In compliance:
	
YES - NO

 

Exhibit B (Compliance Certificate), Page 8

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