Document:

Exhibit 10.3

 

Execution Version

 

THIRD AMENDED AND RESTATED

 

GUARANTEE AND COLLATERAL AGREEMENT

 

Dated and effective as of October 4, 2021

 

among

 

RBS
Global, Inc.,

as Holdings,

REXNORD LLC,

and

ZURN HOLDINGS, INC.

as Borrowers,

 

each Subsidiary of the Borrowers

 

identified herein,

 

and

 

CREDIT
SUISSE AG, CAYMAN ISLANDS BRANCH

as Administrative Agent and Collateral Agent

 

     

     

    

 

TABLE OF CONTENTS

 

Page

 

Article I

 

Definitions

 

	SECTION 1.01. Credit Agreement	5
	SECTION 1.02. Other Defined Terms	5
	SECTION 1.03. Original Collateral Agreement	9

 

Article II

 

Guarantee

 

	SECTION 2.01. Guarantee	9
	SECTION 2.02. Guarantee of Payment	10
	SECTION 2.03. No Limitations, Etc.	10
	SECTION 2.04. Reinstatement	12
	SECTION 2.05. Agreement To Pay; Contribution; Subrogation	12
	SECTION 2.06. Information	12
	SECTION 2.07. Maximum Liability	12
	SECTION 2.08. Payment Free and Clear of Taxes	13

 

Article III

 

Pledge
of Securities

 

	SECTION 3.01. Pledge	13
	SECTION 3.02. Delivery of the Pledged Collateral	14
	SECTION 3.03. Representations, Warranties and Covenants	15
	SECTION 3.04. Registration in Nominee Name; Denominations	17
	SECTION 3.05. Voting Rights; Dividends and Interest, Etc.	17

 

Article IV

 

Security
Interests in Other Personal Property

 

	SECTION 4.01. Security Interest	19
	SECTION 4.02. Representations and Warranties	21
	SECTION 4.03. Covenants	24
	SECTION 4.04. Other Actions	26
	SECTION 4.05. Covenants Regarding Patent, Trademark and Copyright Collateral	28

 

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Article V

 

Remedies

 

	SECTION 5.01. Remedies Upon Default	29
	SECTION 5.02. Application of Proceeds	31
	SECTION 5.03. Securities Act, Etc.	32

 

Article VI

 

Indemnity,
Subrogation and Subordination

 

	SECTION 6.01. Indemnity	32
	SECTION 6.02. Contribution and Subrogation	33
	SECTION 6.03. Subordination	33

 

Article VII

 

Miscellaneous

 

	SECTION 7.01. Notices	34
	SECTION 7.02. Security Interest Absolute	34
	SECTION 7.03. Limitation By Law	34
	SECTION 7.04. Binding Effect; Several Agreement	34
	SECTION 7.05. Successors and Assigns	35
	SECTION 7.06. Agent’s Fees and Expenses; Indemnification	35
	SECTION 7.07. Agent Appointed Attorney-in-Fact	36
	SECTION 7.08. Authority of Agent	36
	SECTION 7.09. GOVERNING LAW	36
	SECTION 7.10. Waivers; Amendment	37
	SECTION 7.11. WAIVER OF JURY TRIAL	37
	SECTION 7.12. Severability	37
	SECTION 7.13. Counterparts	37
	SECTION 7.14. Headings	37
	SECTION 7.15. Jurisdiction; Consent to Service of Process	37
	SECTION 7.16. Termination or Release	38
	SECTION 7.17. Additional Subsidiaries	39
	SECTION 7.18. Right of Set-off	39
	SECTION 7.19. [Reserved]	39
	SECTION 7.20. [Reserved]	39
	SECTION 7.21. [Reserved]	39
	SECTION 7.22. ULC Limitation	39

 

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Schedules

 

	Schedule I	Subsidiary Parties
	Schedule II	Pledged Stock; Debt Securities
	Schedule III	Intellectual Property

 

Exhibits

 

	Exhibit A	Form of Supplement to the Guarantee and Collateral Agreement
	Exhibit B	Form of Perfection Certificate
	Exhibit C	Form of Copyright Security Agreement

 

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THIRD AMENDED AND RESTATED GUARANTEE
AND COLLATERAL AGREEMENT dated and effective as of October 4, 2021 (this “Agreement”), among RBS
Global, Inc., a Delaware corporation to be renamed “ZBS GLOBAL, INC.” on or promptly after the Fourth Restatement
Effective Date (“Holdings”), ZURN HOLDINGS, INC., a Delaware corporation (“Zurn Holdings”),
REXNORD LLC, a Delaware limited liability company to be renamed “ZURN LLC” on or promptly after the Fourth Restatement Effective
Date (“Zurn” and, together with Zurn Holdings, the “Borrowers”), each Subsidiary of the Borrowers
identified on Schedule I or otherwise identified herein as a party (each, a “Subsidiary Party”) and CREDIT SUISSE AG,
CAYMAN ISLANDS BRANCH, as Administrative Agent and Collateral Agent (in such capacity, the “Agent”) for the Secured
Parties (as defined below).

 

Reference
is made to the Fourth Amended and Restated First Lien Credit Agreement dated as of October 4, 2021 (as amended, restated, supplemented,
waived or otherwise modified from time to time, the “Credit Agreement”), among Holdings, the Borrowers, the Lenders
and Issuing Banks party thereto from time to time and the Agent.

 

Pursuant to the Credit Agreement,
the Lenders and the Issuing Bank extended and have agreed to extend credit to the Borrowers subject to the terms and conditions set forth
therein.

 

Pursuant to the Guarantee and
Collateral Agreement dated as of July 21, 2006 (as amended and restated by the Amended and Restated Guarantee and Collateral Agreement
dated as of October 5, 2009 and further amended and restated by the Second Amended and Restated Guarantee and Collateral Agreement
dated as of March 15, 2012, and as further amended, restated, supplemented, or otherwise modified prior to the date hereof, the “Original
Collateral Agreement”), each Guarantor has unconditionally guaranteed the Obligations and each Pledgor has granted a first priority
lien on the Collateral to secure the Obligations, in each case for the benefit of the Agent and the other Secured Parties.

 

Holdings and the Subsidiary
Parties are affiliates of the Borrowers, will derive substantial benefits from the extension of credit to the Borrowers pursuant to the
Credit Agreement and are willing to execute and deliver this Agreement in order to induce the Lenders and the Issuing Banks to extend
such credit.

 

Accordingly, the parties hereto
agree that the Original Collateral Agreement shall be, and hereby is, amended and restated in its entirety as follows:

 

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Article I

 

Definitions

 

SECTION 1.01.    Credit
Agreement. (a) Capitalized terms used in this Agreement and not otherwise defined herein have the respective meanings
assigned thereto in the Credit Agreement. All terms defined in the New York UCC (as defined herein) and not defined in this
Agreement have the meanings specified therein. The term “instrument” shall have the meaning specified in Article 9
of the New York UCC.

 

(b)    The
rules of construction specified in Section 1.02 through 1.05 of the Credit Agreement also apply to this Agreement.

 

SECTION 1.02.    Other
Defined Terms. As used in this Agreement, the following terms have the meanings specified below:

 

“Account Debtor”
means any person who is or who may become obligated to any Pledgor under, with respect to or on account of an Account, Chattel Paper,
General Intangibles, Instruments or Investment Property.

 

“Article 9
Collateral” has the meaning assigned to such term in ‎Section 4.01.

 

“Claiming
Guarantor” has the meaning assigned to such term in ‎Section 6.02.

 

“Collateral”
means Article 9 Collateral and Pledged Collateral.

 

“Contributing
Guarantor” has the meaning assigned to such term in ‎Section 6.02.

 

“Control Agreement”
means a deposit account control agreement, a securities account control agreement or a commodity account control agreement, as applicable,
enabling the Agent to obtain “control” (within the meaning of the New York UCC) of any such accounts, in form and substance
reasonably satisfactory to the Agent.

 

“Copyright License”
means any written agreement, now or hereafter in effect, granting any right to any Pledgor under any Copyright now or hereafter owned
by any third party, and all rights of any Pledgor under any such agreement (including, without limitation, any such rights that such Pledgor
has the right to license).

 

“Copyright Security
Agreement” means a Copyright Security Agreement, substantially in the form of Exhibit C (with any changes the Agent shall
have approved), executed and delivered by a Pledgor in favor of the Agent for the benefit of the Secured Parties.

 

“Copyrights”
means all of the following now owned or hereafter acquired by any Pledgor: (a) all copyright rights in any work subject to the copyright
laws of the United States or any other country, whether as author, assignee, transferee or otherwise; and (b) all registrations and
applications for registration of any such Copyright in the United States or any other country, including registrations, supplemental registrations
and pending applications for registration in the United States Copyright Office and the right to obtain all renewals thereof, including
those listed on Schedule III.

 

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“Credit Agreement”
has the meaning assigned to such term in the preliminary statement of this Agreement.

 

“Event of Default”
shall mean an “Event of Default” under and as defined in the Credit Agreement.

 

“Federal
Securities Laws” has the meaning assigned to such term in ‎Section 5.03.

 

“General Intangibles”
means all “General Intangibles” as defined in the New York UCC, including all choses in action and causes of action and all
other intangible personal property of any Pledgor of every kind and nature (other than Accounts) now owned or hereafter acquired by any
Pledgor, including corporate or other business records, indemnification claims, contract rights (including rights under leases, whether
entered into as lessor or lessee, Swap Agreements and other agreements), Intellectual Property, goodwill, registrations, franchises,
tax refund claims and any guarantee, claim, security interest or other security held by or granted to any Pledgor to secure payment by
an Account Debtor of any of the Accounts.

 

“Guaranteed Obligations”
shall mean the Obligations.

 

“Guaranteed Parties”
shall mean the Secured Parties and, in each case, their successors and permitted assigns.

 

“Guarantors”
means Holdings and the Subsidiary Parties.

 

“Intellectual Property”
means all intellectual property of every kind and nature now owned or hereafter acquired by any Pledgor, including, inventions, designs,
Patents, Copyrights, Trademarks, Patent Licenses, Copyright Licenses, Trademark Licenses, trade secrets, domain names, confidential or
proprietary technical and business information, know-how, show-how or other data or information and all related documentation.

 

“Intellectual
Property Collateral” has the meaning assigned to such term in ‎Section 4.02.

 

“Intellectual Property
Security Agreement” means this Agreement, a Copyright Security Agreement, or any other security agreement in respect of Intellectual
Property in a form reasonably acceptable to the Agent.

 

“IP Agreements”
means all material Copyright Licenses, Patent Licenses, Trademark Licenses, and all other agreements, permits, consents, orders and franchises
relating to the license, development, use or disclosure of any material Intellectual Property to which a Pledgor, now or hereafter, is
a party or a beneficiary, including, without limitation, the agreements set forth on Schedule III hereto.

 

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“Loan Document Obligations”
means (a) the due and punctual payment by the Borrowers of (i) the unpaid principal of and interest (including interest accruing
during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable
in such proceeding) on the Loans made to the Borrowers, when and as due, whether at maturity, by acceleration, upon one or more dates
set for prepayment or otherwise, (ii) each payment required to be made by the Borrowers under the Credit Agreement in respect of
any Letter of Credit, when and as due, including payments in respect of reimbursement of disbursements, interest thereon (including interest
accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or
allowable in such proceeding) and obligations to provide cash collateral and (iii) all other monetary obligations of the Borrowers
to any of the Secured Parties under the Credit Agreement and each of the other Loan Documents (to the extent they are owed to the Guaranteed
Parties), including obligations to pay fees, expense and reimbursement obligations and indemnification obligations, whether primary, secondary,
direct, contingent, fixed or otherwise (including monetary obligations incurred during the pendency of any bankruptcy, insolvency, receivership
or other similar proceeding, regardless of whether allowed or allowable in such proceeding), (b) the due and punctual performance
of all other obligations of the Borrowers under or pursuant to the Credit Agreement and each of the other Loan Documents and (c) the
due and punctual payment and performance of all the obligations of each other Loan Party under or pursuant to this Agreement and each
of the other Loan Documents (to the extent they are owed to the Guaranteed Parties).

 

“New York UCC”
means the Uniform Commercial Code as from time to time in effect in the State of New York.

 

“Obligations”
means (a) the Loan Document Obligations, (b) the due and punctual payment and performance of all obligations of each Loan Party
under each Swap Agreement that (i) was in effect on the Fourth Restatement Effective Date with a counterparty that was a Lender or
an Affiliate of a Lender as of the Fourth Restatement Effective Date or (ii) is entered into after the Fourth Restatement Effective
Date with any counterparty that was or is a Lender or an Affiliate of a Lender at the time such Swap Agreement is entered into; provided
that such Lender is not a Defaulting Lender at the time such Swap Agreement is entered into and (c) the due and punctual payment
and performance of all obligations of the Borrowers and any of their Subsidiaries in respect of overdrafts and related liabilities owed
to a Lender or any of its Affiliates (or any other person designated by the Borrowers as a provider of cash management services and entitled
to the benefit of this Agreement) and arising from cash management services (including treasury, depository, overdraft, credit or debit
card, electronic funds transfer, ACH services and other cash management arrangements).

 

“Patent License”
means any written agreement, now or hereafter in effect, granting to any Pledgor any right to make, use or sell any invention covered
by a Patent, now or hereafter owned by any third party (including, without limitation, any such rights that such Pledgor has the right
to license).

 

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“Patents”
means all of the following now owned or hereafter acquired by any Pledgor: (a) all letters patent of the United States or the equivalent
thereof in any other country or jurisdiction, including those listed on Schedule III, and all applications for letters patent of
the United States or the equivalent thereof in any other country or jurisdiction, including those listed on Schedule III, and (b) all
provisionals, reissues, extensions, continuations, divisions, continuations-in- part, reexaminations or revisions thereof, and the inventions
disclosed or claimed therein, including the right to make, use, import and/or sell the inventions disclosed or claimed therein.

 

“Perfection Certificate”
means the Perfection Certificate with respect to the Pledgors substantially in the form of Exhibit B, completed and supplemented
with the schedules and attachments contemplated thereby, and duly executed by a Responsible Officer of Holdings and each of the Borrowers,
as the same may be supplemented from time to time to the extent required by the Credit Agreement.

 

“Pledged
Collateral” has the meaning assigned to such term in ‎Section 3.01.

 

“Pledged
Debt Securities” has the meaning assigned to such term in ‎Section 3.01.

 

“Pledged Securities”
means any promissory notes, stock certificates or other certificated securities now or hereafter included in the Pledged Collateral, including
all certificates, instruments or other documents representing or evidencing any Pledged Collateral.

 

“Pledged
Stock” has the meaning assigned to such term in ‎Section 3.01.

 

“Pledged ULC Shares”
shall mean the Equity Interests which are shares in the capital stock of a ULC that are pledged to the Agent.

 

“Pledgor”
shall mean the Borrowers and each Guarantor.

 

“Secured Parties”
means (a) the “Secured Parties” as defined in the Credit Agreement, (b) the beneficiaries of each indemnification
obligation undertaken by any Loan Party under any Loan Document and (c) the successors and permitted assigns of each of the foregoing.

 

“Security
Interest” has the meaning assigned to such term in ‎Section 4.01.

 

“Subsidiary
Party” has the meaning assigned to such term in the preliminary statement of this Agreement, and any Subsidiary that becomes
a party hereto pursuant to ‎Section 7.16.

 

“Trademark License”
means any written agreement, now or hereafter in effect, granting to any Pledgor any right to use any Trademark now or hereafter owned
by any third party (including, without limitation, any such rights that such Pledgor has the right to license).

 

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“Trademarks”
means all of the following now owned or hereafter acquired by any Pledgor: (a) all trademarks, service marks, corporate names, company
names, business names, fictitious business names, trade styles, trade dress, logos, other source or business identifiers, designs and
general intangibles of like nature, now existing or hereafter adopted or acquired, all registrations thereof (if any), and all registration
and recording applications filed in connection therewith, including registrations and registration applications in the United States Patent
and Trademark Office or any similar offices in any State of the United States or any other country or any political subdivision thereof
(except for “intent-to-use” applications for trademark or service mark registrations filed pursuant to Section 1(b) of
the Lanham Act, 15 U.S.C. § 1051, unless and until an Amendment to Allege Use or a Statement of Use under Sections 1(c) and
1(d) of Lanham Act has been filed, to extent that any assignment of an “intent-to-use” application prior to such filing
would violate the Lanham Act), and all renewals thereof, including those listed on Schedule III, and (b) all goodwill associated
therewith or symbolized thereby.

 

“ULC” shall
mean any unlimited company, unlimited liability company or unlimited liability corporation or any similar entity existing under the laws
of any province or territory of Canada and any successor to any such entity.

 

“Unfunded Advances/Participations”
shall mean (a) with respect to the Agent, the aggregate amount, if any (i) made available to the Borrowers on the assumption
that each Lender has made its portion of the applicable Borrowing available to the Agent as contemplated by Section 2.06(b) of
the Credit Agreement and (ii) with respect to which a corresponding amount shall not in fact have been returned to the Agent by the
Borrower or made available to the Agent by any such Lender and (b) with respect to any Issuing Bank, the aggregate amount, if any,
of participations in respect of any outstanding L/C Disbursement that shall not have been funded by the Revolving Facility Lenders in
accordance with paragraphs (d) and (e) of Section 2.05 of the Credit Agreement.

 

SECTION 1.03.     Original
Collateral Agreement. This Agreement amends and restates the Original Collateral Agreement. The Obligations of the Guarantors and
the Pledgors under the Original Collateral Agreement and the grant of security interests in the Collateral by the Pledgors under the Original
Collateral Agreement shall continue under this Agreement, and shall not in any event be terminated, extinguished or annulled, but shall
hereafter be governed by this Agreement. All references to the Original Collateral Agreement in any Loan Document (other than this Agreement)
or other document or instrument delivered in connection therewith shall be deemed to refer to this Agreement and the provisions hereof.
It is understood and agreed that the Original Collateral Agreement is being amended and restated by entry into this Agreement on the date
hereof.

 

Article II

 

Guarantee

 

SECTION 2.01.     Guarantee.
Each Guarantor unconditionally guarantees, jointly with the other Guarantors and severally, to the Agent, for the ratable benefit of the
Guaranteed Parties, as a primary obligor and not merely as a surety, the due and punctual payment and performance of the Guaranteed Obligations.
Each Guarantor further agrees that the Guaranteed Obligations may be extended or renewed, in whole or in part, without notice to or further
assent from it, and that it will remain bound upon its guarantee notwithstanding any extension or renewal of any Guaranteed Obligation.
Each Guarantor waives presentment to, demand of payment from and protest to any Borrower or any other Loan Party of any of the Guaranteed
Obligations, and also waives notice of acceptance of its guarantee and notice of protest for nonpayment.

 

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SECTION 2.02.     Guarantee
of Payment. Each Guarantor further agrees that its guarantee hereunder constitutes a guarantee of payment when due (whether at the
stated maturity, by acceleration or otherwise) and not of collection, and waives any right to require that any resort be had by the Agent
or any other Guaranteed Party to any security held for the payment of the Guaranteed Obligations or to any balance of any deposit account
or credit on the books of the Agent or any other Guaranteed Party in favor of any Borrower or any other person.

 

SECTION 2.03.     No
Limitations, Etc. (a) Except for termination of a Guarantor’s obligations hereunder as expressly provided for in ‎Section 7.16,
the obligations of each Guarantor hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason,
including any claim of waiver, release, surrender, alteration or compromise, and shall not be subject to any defense or setoff, counterclaim,
recoupment or termination whatsoever by reason of the invalidity, illegality or unenforceability of the Guaranteed Obligations or otherwise
(other than defense of payment or performance). Without limiting the generality of the foregoing, the obligations of each Guarantor hereunder,
to the fullest extent permitted by applicable law, shall not be discharged or impaired or otherwise affected by, and each Guarantor hereby
waives any defense to the enforcement hereof by reason of:

 

(i)            the
failure of the Agent or any other Guaranteed Party to assert any claim or demand or to exercise or enforce any right or remedy under the
provisions of any Loan Document or otherwise;

 

(ii)            any
rescission, waiver, amendment or modification of, or any release from any of the terms or provisions of, any Loan Document or any other
agreement, including with respect to any other Guarantor under this Agreement;

 

(iii)            the
failure to perfect any security interest in, or the exchange, substitution, release or any impairment of, any security held by the Agent
or any other Guaranteed Party for the Guaranteed Obligations;

 

(iv)            any
default, failure or delay, willful or otherwise, in the performance of the Guaranteed Obligations;

 

(v)            any
other act or omission that may or might in any manner or to any extent vary the risk of any Guarantor or otherwise operate as a discharge
of any Guarantor as a matter of law or equity (other than the payment in full in cash or immediately available funds of all the Guaranteed
Obligations);

 

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(vi)            any
illegality, lack of validity or enforceability of any Guaranteed Obligation;

 

(vii)           any
change in the corporate existence, structure or ownership of the Borrowers, or any insolvency, bankruptcy, reorganization or other similar
proceeding affecting the Borrowers or their assets or any resulting release or discharge of any Guaranteed Obligation;

 

(viii)         the
existence of any claim, set-off or other rights that the Guarantors may have at any time against the Borrowers, the Agent, or any other
corporation or person, whether in connection herewith or any unrelated transactions, provided that nothing herein will prevent the assertion
of any such claim by separate suit or compulsory counterclaim;

 

(ix)           any
action permitted or authorized hereunder; or

 

(x)            any
other circumstance (including without limitation, any statute of limitations) or any existence of or reliance on any representation by
the Agent that might otherwise constitute a defense to, or a legal or equitable discharge of, the Borrowers or the Guarantors or any other
guarantor or surety.

 

Each Guarantor expressly authorizes the Guaranteed
Parties to take and hold security for the payment and performance of the Guaranteed Obligations, to exchange, waive or release any or
all such security (with or without consideration), to enforce or apply such security and direct the order and manner of any sale thereof
in their sole discretion or to release or substitute any one or more other guarantors or obligors upon or in respect of the Guaranteed
Obligations, all without affecting the obligations of any Guarantor hereunder.

 

(b)            To
the fullest extent permitted by applicable law, each Guarantor waives any defense based on or arising out of any defense of any
Borrower or any other Loan Party or the unenforceability of the Guaranteed Obligations or any part thereof from any cause, or the
cessation from any cause of the liability of any Borrower or any other Loan Party, other than the payment in full in cash or
immediately available funds of all the Guaranteed Obligations (other than contingent or unliquidated obligations or liabilities).
The Agent and the other Guaranteed Parties may, at their election, foreclose on any security held by one or more of them by one or
more judicial or nonjudicial sales, accept an assignment of any such security in lieu of foreclosure, compromise or adjust any part
of the Guaranteed Obligations, make any other accommodation with any Borrower or any other Loan Party or exercise any other right or
remedy available to them against any Borrower or any other Loan Party, without affecting or impairing in any way the liability of
any Guarantor hereunder except to the extent the Guaranteed Obligations (other than contingent or unliquidated obligations or
liabilities) have been paid in full in cash or immediately available funds. To the fullest extent permitted by applicable law, each
Guarantor waives any defense arising out of any such election even though such election operates, pursuant to applicable law, to
impair or to extinguish any right of reimbursement or subrogation or other right or remedy of such Guarantor against any Borrower or
any other Loan Party, as the case may be, or any security.

 

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SECTION 2.04.     Reinstatement.
Each Guarantor agrees that its guarantee hereunder 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 is rescinded or must otherwise be restored by the Agent or any other Guaranteed
Party upon the bankruptcy or reorganization of any Borrower or any other Loan Party or otherwise.

 

SECTION 2.05.     Agreement
To Pay; Contribution; Subrogation. In furtherance of the foregoing and not in limitation of any other right that the Agent or any
other Guaranteed Party has at law or in equity against any Guarantor by virtue hereof, upon the failure of the Borrowers 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 forthwith pay, or cause to be paid, to the Agent for distribution to the applicable Guaranteed Parties
in cash the amount of such unpaid Guaranteed Obligation. Each Guarantor hereby unconditionally and irrevocably agrees that in the event
any payment shall be required to be made to any Guaranteed Party under this guarantee or any other guarantee, such Guarantor will contribute,
to the maximum extent permitted by law, such amounts to each other Guarantor and each other guarantor so as to maximize the aggregate
amount paid to the Guaranteed Parties under or in respect of the Loan Documents. Upon payment by any Guarantor of any sums to the Agent
as provided above, all rights of such Guarantor against the Borrowers, any other Loan Party or any other Guarantor arising as a result
thereof by way of right of subrogation, contribution, reimbursement, indemnity or otherwise shall in all respects be subject to ‎‎Article VI.

 

SECTION 2.06.     Information.
Each Guarantor assumes all responsibility for being and keeping itself informed of the financial condition and assets of each Borrower
and each other Loan Party, and of all other circumstances bearing upon the risk of nonpayment of the Guaranteed Obligations and the nature,
scope and extent of the risks that such Guarantor assumes and incurs hereunder, and agrees that none of the Agent or the other Guaranteed
Parties will have any duty to advise such Guarantor of information known to it or any of them regarding such circumstances or risks.

 

SECTION 2.07.     Maximum
Liability. Each Guarantor, and by its acceptance of this guarantee, the Agent and each Lender hereby confirms that it is the
intention of all such persons that this guarantee and the obligations of each Guarantor hereunder not constitute a fraudulent
transfer or conveyance for purposes of the U.S. Bankruptcy Code or any other federal, state or foreign bankruptcy, insolvency,
receivership or similar law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar
foreign, federal or state law to the extent applicable to this guarantee and the obligations of each Guarantor hereunder. To
effectuate the foregoing intention, the Agent, the Lenders and the Guarantors hereby irrevocably agree that the Obligations of each
Subsidiary Party under this guarantee at any time shall be limited to the maximum amount as will result in the obligations of such
Guarantor under this guarantee not constituting a fraudulent transfer or conveyance.

 

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SECTION 2.08.     Payment
Free and Clear of Taxes. Any and all payments by or on account of any obligation of any Guarantor hereunder or under any other Loan
Document shall be made free and clear of, and without deduction for, any Indemnified Taxes or Other Taxes on the same terms and to the
same extent that payments by the Borrowers and Holdings are required to be made pursuant to the terms of Section 2.17 of the Credit
Agreement. The provisions of Section 2.17 of the Credit Agreement shall apply to each Guarantor mutatis mutandis.

 

Article III

 

Pledge of Securities

 

SECTION 3.01.     Pledge. As
security for the payment or performance, as the case may be, in full of the Obligations, each Pledgor hereby assigns and pledges to
the Agent, its successors and permitted assigns, for the ratable benefit of the Secured Parties, and hereby grants to the Agent, its
successors and permitted assigns, for the ratable benefit of the Secured Parties, and confirms its prior grants to the Agent for the
benefit of the Secured Parties in existence at the time of such grants, a security interest in all of such Pledgor’s right,
title and interest in, to and under (a) the Equity Interests directly owned by it (including those listed on Schedule
II) and any other Equity Interests obtained in the future by such Pledgor and any certificates or other instruments representing
all such Equity Interests (the “Pledged Stock”); provided that the Pledged Stock shall not include
(i) Equity Interests in the Subsidiaries listed on Schedule 1.01(A) to the Credit Agreement or in the Subsidiaries
enumerated in the proviso to clause (b) of the Collateral and Guarantee Requirement); (ii) more than 65% of the issued and
outstanding voting Equity Interests of any Foreign Subsidiary directly owned by such Pledgor; (iii) to the extent applicable
law requires that a Subsidiary of such Pledgor issue directors’ qualifying shares, such shares or nominee or other similar
shares; (iv) any Equity Interests with respect to which the Collateral and Guarantee Requirement or the other paragraphs of
Section 5.10 of the Credit Agreement need not be satisfied by reason of Section 5.10(g) of the Credit Agreement;
(v) any Equity Interests of a Subsidiary to the extent that, as of the Fourth Restatement Effective Date, and for so long as,
such a pledge of such Equity Interests would violate a contractual obligation binding on or relating to such Equity Interests;
(vi) any Equity Interests of a person that is not directly or indirectly a Subsidiary; (b) (i) the debt securities
listed opposite the name of such Pledgor on Schedule II; (ii) any debt securities in the future issued to such Pledgor
having, in the case of each instance of debt securities, an aggregate principal amount in excess of $5.0 million; and (iii) the
notes or other instruments representing all such debt securities (the “Pledged Debt Securities”); provided
that the Pledged Debt Securities shall not include any debt securities for so long as such a pledge of such debt securities would
violate a contractual obligation binding on or relating to such debt securities; (c) subject to ‎Section 3.05
hereof, all payments of principal or interest, dividends, cash, instruments and other property from time to time received,
receivable or otherwise distributed in respect of, in exchange for or upon the conversion of, and all other proceeds received in
respect of, the securities referred to in clauses (a) and (b) above; (d) subject to ‎Section 3.05
hereof, all rights and privileges of such Pledgor with respect to the securities and other property referred to in clauses (a),
(b) and (c) above; and (e) all proceeds of any of the foregoing (the items referred to in clauses (a) through
(e) above being collectively referred to as the “Pledged Collateral”).

 

    13

     

    

 

TO HAVE AND TO HOLD the Pledged
Collateral, together with all right, title, interest, powers, privileges and preferences pertaining or incidental thereto, unto the Agent,
its successors and permitted assigns, for the ratable benefit of the Secured Parties, forever; subject, however, to the
terms, covenants and conditions hereinafter set forth.

 

SECTION 3.02.     Delivery
of the Pledged Collateral. (a) Each Pledgor agrees promptly to deliver or cause to be delivered to the Agent, for the ratable
benefit of the Secured Parties (i) all certificated Pledged Stock (other than Pledged Stock consisting of (x) Equity Interests
issued by Foreign Subsidiaries organized under the laws of a jurisdiction where receipt of such certificates or other instruments is not
required for perfection of security interests in such Equity Interests and (y) Equity Interests issued by a Foreign Subsidiary (other
than a Foreign Subsidiary Loan Party) organized under the laws of an Excluded Jurisdiction) and (ii) all Pledged Debt Securities
to the extent such Pledged Debt Securities, in the case of promissory notes or other instruments evidencing Indebtedness, are required
to be delivered pursuant to paragraph (b) of this ‎Section 3.02;

 

(b)            Each
Pledgor will cause any Indebtedness for borrowed money having an aggregate principal amount in excess of $10.0 million (other than (i) intercompany
current liabilities incurred in the ordinary course of business in connection with the cash management operations and intercompany sales
of Holdings, the Borrowers and their Subsidiaries, (ii) intercompany obligations evidenced by a written promissory note for internal
tax audit compliance purposes and described on a supplement to Schedule A of that certain master intercompany note delivered in connection
with the Original Collateral Agreement, or (iii) to the extent that a pledge of such promissory note or instrument would violate
applicable law) owed to such Pledgor by any person to be evidenced by a duly executed promissory note that is pledged and delivered to
the Agent, for the ratable benefit of the Secured Parties, pursuant to the terms hereof. To the extent any such promissory note is a demand
note, each Pledgor party thereto agrees, if requested by the Agent, to immediately demand payment thereunder upon an Event of Default
specified under Section 7.01(b), (c), (f), (h) or (i) of the Credit Agreement unless such demand would not be commercially
reasonable or would otherwise expose Pledgor to liability to the maker.

 

(c)            Upon
delivery to the Agent, (i) any Pledged Securities required to be delivered pursuant to the foregoing paragraphs ‎(a) and
‎(b) of this ‎Section 3.02
shall be accompanied by stock powers or note powers, as applicable, duly executed in blank or other instruments of transfer reasonably
satisfactory to the Agent and by such other instruments and documents as the Agent may reasonably request and (ii) all other property
composing part of the Pledged Collateral delivered pursuant to the terms of this Agreement shall be accompanied to the extent necessary
to perfect the security interest in or allow realization on the Pledged Collateral by proper instruments of assignment duly executed by
the applicable Pledgor and such other instruments or documents (including issuer acknowledgments in respect of uncertificated securities)
as the Agent may reasonably request. Each delivery of Pledged Securities shall be accompanied by a schedule describing such Pledged Securities,
which schedule shall be attached hereto as Schedule II (or a supplement to Schedule II, as applicable) and made a part hereof;
provided that failure to attach any such schedule hereto shall not affect the validity of such pledge of such Pledged Securities.
Each schedule so delivered shall supplement any prior schedules so delivered.

 

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SECTION 3.03.     Representations,
Warranties and Covenants. The Pledgors, jointly and severally, represent, warrant and covenant to and with the Agent, for the ratable
benefit of the Secured Parties, that:

 

(a)            Schedule
II correctly sets forth the percentage of the issued and outstanding shares of each class of the Equity Interests of the issuer thereof
represented by such Pledged Stock and includes all Equity Interests, debt securities and promissory notes or instruments evidencing Indebtedness
required to be (i) pledged in order to satisfy the Collateral and Guarantee Requirement, or (ii) delivered pursuant to Section ‎3.02(b);

 

(b)            the
Pledged Stock and Pledged Debt Securities (solely with respect to Pledged Debt Securities issued by a person that is not a Subsidiary
of Holdings or an Affiliate of any such Subsidiary, to the best of each Pledgor’s knowledge) have been duly and validly authorized
and issued by the issuers thereof and (i) in the case of Pledged Stock, are fully paid and nonassessable (other than with respect
to Pledged Stock consisting of membership interests of limited liability companies to the extent provided in Sections 18-502(c) and
18-607(b) of the Delaware Limited Liability Company Act) and (ii) in the case of Pledged Debt Securities (solely with respect
to Pledged Debt Securities issued by a person that is not a Subsidiary of Holdings or an Affiliate of any such Subsidiary, to the best
of each Pledgor’s knowledge) are legal, valid and binding obligations of the issuers thereof, subject to the effects of bankruptcy,
insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights
generally, general equitable principles (whether considered in a proceeding at law or in equity) and an implied covenant of good faith
and fair dealing;

 

(c)            except
for the security interests granted hereunder (or otherwise permitted under the Credit Agreement and the other Loan Documents), each
Pledgor (i) is and, subject to any transfers made in compliance with the Credit Agreement, will continue to be the
direct owner, beneficially and of record, of the Pledged Securities indicated on Schedule II as owned by such Pledgor,
(ii) holds the same free and clear of all Liens, other than Liens that are Permitted Liens, (iii) will make no assignment,
pledge, hypothecation or transfer of, or create or permit to exist any security interest in or other Lien on, the Pledged
Collateral, other than pursuant to a transaction permitted by the Credit Agreement and other than Liens that are Permitted Liens and
(iv) subject to the rights of such Pledgor under the Loan Documents to dispose of Pledged Collateral, will use commercially
reasonable efforts to defend its title or interest hereto or therein against any and all Liens (other than Liens that are Permitted
Liens), however arising, of all persons;

 

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(d)            other
than as set forth in the Credit Agreement or the schedules thereto, and except for restrictions and limitations imposed by the Loan Documents,
or securities laws generally or otherwise permitted to exist pursuant to the terms of the Credit Agreement, the Pledged Stock is and will
continue to be freely transferable and assignable, and none of the Pledged Stock is or will be subject to any option, right of first refusal,
shareholders agreement, charter or by-law provisions or contractual restriction of any nature that might prohibit, impair, delay or otherwise
affect the pledge of such Pledged Stock hereunder, the sale or disposition thereof pursuant hereto or the exercise by the Agent of rights
and remedies hereunder;

 

(e)            each
Pledgor has the power and authority to pledge the Pledged Collateral pledged by it hereunder in the manner hereby done or contemplated;

 

(f)            other
than as set forth in the Credit Agreement or the schedules thereto, no consent or approval of any Governmental Authority, any securities
exchange or any other person was or is necessary to the validity of the pledge effected hereby (other than such as have been obtained
and are in full force and effect);

 

(g)            by
virtue of the execution and delivery by the Pledgors of this Agreement and the Foreign Pledge Agreements, when any Pledged Securities
(including Pledged Stock of any Domestic Subsidiary or any foreign stock covered by a Foreign Pledge Agreement) are delivered to the Agent,
for the ratable benefit of the Secured Parties, in accordance with this Agreement and a financing statement covering such Pledge Securities
is filed in the appropriate filing office, the Agent will obtain, for the ratable benefit of the Secured Parties, a legal, valid and perfected
lien upon and security interest in such Pledged Securities under the New York UCC, subject only to Liens that are Permitted Liens or arising
by operation of law, as security for the payment and performance of the Obligations;

 

(h)            each
Pledgor that is an issuer of the Pledged Collateral confirms that is has received notice of the security interest granted hereunder;

 

(i)            as
of the Fourth Restatement Effective Date, none of the Equity Interests in limited liability companies that are pledged by the Pledgors
hereunder constitute a security under Section 8-103 of the New York UCC or the corresponding code or statute of any other applicable
jurisdiction;

 

(j)            the
Pledgors shall not amend, or permit to be amended, the limited liability company agreement (or operating agreement or similar agreement)
or partnership agreement of any Subsidiary of any Loan Party whose Equity Interests are, or are required to be, Collateral in a manner
to cause such Equity Interests to constitute a security under Section 8-103 of the New York UCC or the corresponding code or statute
of any other applicable jurisdiction unless such Loan Party shall have first delivered 10 days written notice to the Agent and shall have
taken all actions contemplated hereby and as otherwise reasonably required by the Agent to maintain the security interest of the Agent
therein as a valid, perfected, first priority security interest.

 

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SECTION 3.04.     Registration
in Nominee Name; Denominations. The Agent, on behalf of the Secured Parties, shall have the right (in its sole and absolute discretion)
to hold the Pledged Securities in the name of the applicable Pledgor, endorsed or assigned in blank or in favor of the Agent or, if an
Event of Default shall have occurred and be continuing, in its own name as pledgee or the name of its nominee (as pledgee or as sub-agent).
Each Pledgor will promptly give to the Agent copies of any notices or other communications received by it with respect to Pledged Securities
registered in the name of such Pledgor. If an Event of Default shall have occurred and be continuing, the Agent shall have the right to
exchange the certificates representing Pledged Securities for certificates of smaller or larger denominations for any purpose consistent
with this Agreement. Each Pledgor shall use its commercially reasonable efforts to cause any Loan Party (or subsidiary of a Loan Party)
that is not a party to this Agreement to comply with a request by the Agent, pursuant to this ‎Section 3.04,
to exchange certificates representing Pledged Securities of such Loan Party (or subsidiary of a Loan Party) for certificates of smaller
or larger denominations.

 

SECTION 3.05.     Voting
Rights; Dividends and Interest, Etc. (a) Unless and until an Event of Default shall have occurred and be continuing and the Agent
shall have given notice to the relevant Pledgors of the Agent’s intention to exercise its rights hereunder:

 

(i)            Each
Pledgor shall be entitled to exercise any and all voting and/or other consensual rights and powers inuring to an owner of Pledged Collateral
or any part thereof for any purpose consistent with the terms of this Agreement, the Credit Agreement and the other Loan Documents; provided,
that, except as permitted under the Credit Agreement, such rights and powers shall not be exercised in any manner that could materially
and adversely affect the rights inuring to a holder of any Pledged Collateral, the rights and remedies of any of the Agent or the other
Secured Parties under this Agreement, the Credit Agreement, or any other Loan Document or the ability of the Secured Parties to exercise
the same.

 

(ii)            The
Agent shall promptly execute and deliver to each Pledgor, or cause to be executed and delivered to such Pledgor, all such proxies,
powers of attorney and other instruments as such Pledgor may reasonably request for the purpose of enabling such Pledgor to
exercise the voting and/or consensual rights and powers it is entitled to exercise pursuant to subparagraph (i) above.

 

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(iii)            Each
Pledgor shall be entitled to receive and retain any and all dividends, interest, principal and other distributions paid on or distributed
in respect of the Pledged Collateral to the extent and only to the extent that such dividends, interest, principal and other distributions
are permitted by, and otherwise paid or distributed in accordance with, the terms and conditions of the Credit Agreement, the other Loan
Documents and applicable laws; provided, that (A) any noncash dividends, interest, principal or other distributions, payments
or other consideration in respect thereof, including any rights to receive the same to the extent not so distributed or paid, that would
constitute Pledged Securities, whether resulting from a subdivision, combination or reclassification of the outstanding Equity Interests
of the issuer of any Pledged Securities, received in exchange for Pledged Securities or any part thereof, or in redemption thereof, as
a result of any merger, consolidation, acquisition or other exchange of assets to which such issuer may be a party or otherwise or (B) any
non-cash dividends and other distributions paid or payable in respect of any Pledged Securities that would constitute Pledged Securities
in connection with a partial or total liquidation or dissolution or in connection with a reduction of capital, capital surplus or paid
in surplus, shall be and become part of the Pledged Collateral, and, if received by any Pledgor, shall not be commingled by such Pledgor
with any of its other funds or property but shall be held separate and apart therefrom, shall be held in trust for the benefit of the
Agent, for the ratable benefit of the Secured Parties, and shall be forthwith delivered to the Agent, for the ratable benefit of the Secured
Parties, in the same form as so received (endorsed in a manner reasonably satisfactory to the Agent).

 

(b)            Upon
the occurrence and during the continuance of an Event of Default and after notice by the Agent to the Borrowers of the Agent’s
intention to exercise its rights hereunder, all rights of any Pledgor to dividends, interest, principal or other distributions that
such Pledgor is authorized to receive pursuant to paragraph (a)(iii) of this ‎Section 3.05
shall cease, and all such rights shall thereupon become vested, for the ratable benefit of the Secured Parties, in the Agent which
shall have the sole and exclusive right and authority to receive and retain such dividends, interest, principal or other
distributions; provided, however, that even after the occurrence of an Event of Default, any Pledgor may continue to
exercise dividend and distribution rights solely to the extent permitted under subclause (i), subclause (iii) and subclause
(v) of Section 6.06(b) of the Credit Agreement. All dividends, interest, principal or other distributions received by
any Pledgor contrary to the provisions of this ‎Section 3.05
shall not be commingled by such Pledgor with any of its other funds or property but shall be held separate and apart therefrom,
shall be held in trust for the benefit of the Agent, for the ratable benefit of the Secured Parties, and shall be forthwith
delivered to the Agent, for the ratable benefit of the Secured Parties, in the same form as so received (endorsed in a manner
reasonably satisfactory to the Agent). Any and all money and other property paid over to or received by the Agent pursuant to the
provisions of this paragraph (b) shall be retained by the Agent in an account to be established by the Agent upon
receipt of such money or other property and shall be applied in accordance with the provisions of ‎Section 5.02
hereof. After all Events of Default have been cured or waived and the Borrowers have delivered to the Agent a certificate to that
effect, the Agent shall promptly repay to each Pledgor (without interest) all dividends, interest, principal or other distributions
that such Pledgor would otherwise be permitted to retain pursuant to the terms of paragraph (a)(iii) of this ‎Section 3.05
and that remain in such account.

 

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(c)            Upon
the occurrence and during the continuance of an Event of Default and after notice by the Agent to the Borrowers of the Agent’s intention
to exercise its rights hereunder, all rights of any Pledgor to exercise the voting and/or consensual rights and powers it is entitled
to exercise pursuant to paragraph (a)(i) of this ‎Section 3.05,
and the obligations of the Agent under paragraph (a)(ii) of this ‎Section 3.05,
shall cease, and all such rights shall thereupon become vested in the Agent, for the ratable benefit of the Secured Parties, which shall
have the sole and exclusive right and authority to exercise such voting and consensual rights and powers; provided that, unless
otherwise directed by the Required Lenders, the Agent shall have the right from time to time following and during the continuance of an
Event of Default to permit the Pledgors to exercise such rights. After all Events of Default have been cured or waived and the Borrowers
have delivered to the Agent a certificate to that effect, each Pledgor shall have the right to exercise the voting and/or consensual rights
and powers that such Pledgor would otherwise be entitled to exercise pursuant to the terms of paragraph (a)(i) above.

 

Article IV

 

Security Interests in Other Personal Property

 

SECTION 4.01.     Security
Interest. (a) As security for the payment or performance when due (whether at the stated maturity, by acceleration or otherwise),
as the case may be, in full of the Obligations, each Pledgor hereby assigns and pledges to the Agent, its successors and permitted assigns,
for the ratable benefit of the Secured Parties, and hereby grants to the Agent, its successors and permitted assigns, for the ratable
benefit of the Secured Parties, and confirms its prior grants to the Agent for the benefit of the Secured Parties in existence at the
time of such grants, a security interest (the “Security Interest”) in all right, title and interest in or to any and
all of the following assets and properties now owned or at any time hereafter acquired by such Pledgor or in which such Pledgor now has
or at any time in the future may acquire any right, title or interest (collectively, the “Article 9 Collateral”):

 

(i)           all
Accounts;

 

(ii)          all
Chattel Paper;

 

(iii)         all
cash and Deposit Accounts;

 

(iv)         all
Documents;

 

(v)          all
Equipment;

 

(vi)         all
General Intangibles;

 

(vii)        all
Instruments;

 

(viii)       all
Inventory;

 

(ix)          all
Investment Property;

 

(x)           all
Letter of Credit Rights;

 

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(xi)          all
Commercial Tort Claims;

 

(xii)         all
other personal property not otherwise described above (except for property specifically excluded from any defined term used in any of
the foregoing clauses);

 

(xiii)        all
books and records pertaining to the Article 9 Collateral; and

 

(xiv)       to
the extent not otherwise included, all proceeds, Supporting Obligations and products of any and all of the foregoing and all collateral
security and guarantees given by any person with respect to any of the foregoing.

 

Notwithstanding
anything to the contrary in this Agreement, this Agreement shall not constitute a grant of a security interest in (a) any vehicle
covered by a certificate of title or ownership, whether now owned or hereafter acquired, (b) any assets (including Equity Interests),
whether now owned or hereafter acquired, with respect to which the Collateral and Guarantee Requirement or the other paragraphs of Section 5.10
of the Credit Agreement would not be required to be satisfied by reason of Section 5.10(g) of the Credit Agreement if hereafter
acquired, (c) any property excluded from the definition of Pledged Collateral by virtue of the proviso to ‎Section 3.01
hereof, (d) any Letter of Credit Rights to the extent any Pledgor is required by applicable law to apply the proceeds of a drawing
of such Letter of Credit for a specified purpose, or (e) any Pledgor’s right, title or interest in any license, contract or
agreement to which such Pledgor is a party or any of its right, title or interest thereunder to the extent, but only to the extent, that
such a grant would, under the terms of such license, contract or agreement, result in a breach of the terms of, or constitute a default
under, or result in the abandonment, invalidation or unenforceability of, any license, contract or agreement to which such Pledgor is
a party (other than to the extent that any such term would be rendered ineffective pursuant to Section 9-406, 9-407, 9-408 or 9-409
of the New York UCC or any other applicable law (including, without limitation, Title 11 of the United States Code) or principles of equity);
provided, that immediately upon the ineffectiveness, lapse or termination of any such provision, the Collateral shall include,
and such Pledgor shall be deemed to have granted a security interest in, all such rights and interests as if such provision had never
been in effect.

 

(b)            Each
Pledgor hereby irrevocably authorizes the Agent at any time and from time to time to file in any relevant jurisdiction any initial financing
statements (including fixture filings) with respect to the Article 9 Collateral or any part thereof and amendments thereto that contain
the information required by Article 9 of the Uniform Commercial Code of each applicable jurisdiction for the filing of any financing
statement or amendment, including (i) whether such Pledgor is an organization, the type of organization and any organizational identification
number issued to such Pledgor, (ii) in the case of a financing statement filed as a fixture filing, a sufficient description of the
real property to which such Article 9 Collateral relates and (iii) a description of collateral that describes such property
in any other manner as the Agent may reasonably determine is necessary or advisable to ensure the perfection of the security interest
in the Article 9 Collateral granted under this Agreement, including describing such property as “all assets” or “all
property”. Each Pledgor agrees to provide such information to the Agent promptly upon request.

 

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The Agent is further authorized
to file with the United States Patent and Trademark Office or United States Copyright Office (or any successor office or any similar office
in any other country) such documents as may be reasonably necessary or advisable for the purpose of perfecting, confirming, continuing,
enforcing or protecting the Security Interest granted by each Pledgor, without the signature of any Pledgor, and naming any Pledgor or
the Pledgors as debtors and the Agent as secured party.

 

(c)            The
Security Interest is granted as security only and shall not subject the Agent or any other Secured Party to, or in any way alter or modify,
any obligation or liability of any Pledgor with respect to or arising out of the Article 9 Collateral.

 

(d)            Notwithstanding
anything to the contrary in this Agreement or the Credit Agreement, none of the Pledgors shall be required to enter into any Control
Agreement with respect to any cash or Deposit Account or (except as otherwise provided in Section ‎4.04(b))
any securities account.

 

SECTION 4.02.     Representations
and Warranties. The Pledgors jointly and severally represent and warrant to the Agent and the Secured Parties that:

 

(a)            Each
Pledgor has good and valid rights in and title to the Article 9 Collateral with respect to which it has purported to grant a Security
Interest hereunder and has full power and authority to grant to the Agent the Security Interest in such Article 9 Collateral pursuant
hereto and to execute, deliver and perform its obligations in accordance with the terms of this Agreement, without the consent or approval
of any other person other than any consent or approval that has been obtained and is in full force and effect or has otherwise been disclosed
herein or in the Credit Agreement.

 

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(b)            The
Perfection Certificate has been duly prepared, completed and executed and the information set forth therein, including the exact
legal name of each Pledgor, is correct and complete, in all material respects, as of the date hereof. The Uniform Commercial Code
financing statements (including fixture filings, as applicable) or other appropriate filings, recordings or registrations
containing a description of the Article 9 Collateral that have been prepared by the Agent based upon the information provided
to the Agent in the Perfection Certificate for filing in each governmental, municipal or other office specified by notice from the
Borrowers to the Agent on or prior to the date hereof, or after the date hereof in the case of filings, recordings or registrations
required by Section 5.10 of the Credit Agreement) constitute all the filings, recordings and registrations (other than filings
required to be made in the United States Patent and Trademark Office and the United States Copyright Office in order to perfect the
Security Interest in Article 9 Collateral consisting of United States Patents, United States registered Trademarks and United
States registered Copyrights) that are necessary to publish notice of and protect the validity of and to establish a legal, valid
and perfected security interest in favor of the Agent (for the ratable benefit of the Secured Parties) in respect of all
Article 9 Collateral in which the Security Interest may be perfected by filing, recording or registration in the United States
(or any political subdivision thereof) and its territories and possessions, and no further or subsequent filing, refiling,
recording, rerecording, registration or reregistration is necessary in any such jurisdiction, except as provided under applicable
law with respect to the filing of continuation statements or amendments. Each Pledgor represents and warrants that a fully executed
Intellectual Property Security Agreement containing a description of all Article 9 Collateral consisting of Intellectual
Property with respect to United States Patents (and Patents for which United States registration applications are pending), United
States registered Trademarks (and Trademarks for which United States registration applications are pending) and United States
registered Copyrights (and Copyrights for which United States registration applications are pending) has been delivered to the Agent
for recording with the United States Patent and Trademark Office and the United States Copyright Office pursuant to 35 U.S.C. §
261, 15 U.S.C. § 1060 or 17 U.S.C. § 205 and the regulations thereunder, as applicable, and reasonably requested by the
Agent, to protect the validity of and to establish a legal, valid and perfected security interest (subject to exceptions arising
from defects in the chain of title, which defects in the aggregate do not constitute a Material Adverse Effect under the Credit
Agreement) in favor of the Agent, for the ratable benefit of the Secured Parties, in respect of all Article 9 Collateral
consisting of such Intellectual Property in which a security interest may be perfected by recording with the United States Patent
and Trademark Office and the United States Copyright Office, and no further or subsequent filing, refiling, recording, rerecording,
registration or reregistration is necessary (other than such actions as are necessary to perfect the Security Interest with respect
to any Article 9 Collateral consisting of Patents, Trademarks and Copyrights (or registration or application for registration
thereof) acquired or developed after the Fourth Restatement Effective Date).

 

(c)            The
Security Interest constitutes and, in the case of Obligations in existence, will continue to constitute, (i) a legal and valid
security interest in all the Article 9 Collateral securing the payment and performance of the Obligations, (ii) subject to
the filings described in Section ‎4.02(b) (which
actions have been taken prior to the Fourth Restatement Effective Date to the extent required by the Original Collateral Agreement
and shall continue to apply to the Obligations under this Agreement), a perfected security interest in all Article 9 Collateral
in which a security interest may be perfected by filing, recording or registering a financing statement or analogous document
in the United States (or any political subdivision thereof) and its territories and possessions pursuant to the Uniform Commercial
Code or other applicable law in such jurisdictions and (iii) a security interest that shall be perfected (subject to exceptions
arising from defects in the chain of title, which defects in the aggregate do not constitute a Material Adverse Effect under the
Credit Agreement) in all Article 9 Collateral in which a security interest may be perfected upon the receipt and recording of
the Intellectual Property Security Agreement with the United States Patent and Trademark Office and the United States Copyright
Office, as applicable. The Security Interest is and shall be prior to any other Lien on any of the Article 9 Collateral other
than Permitted Liens or Liens arising by operation of law.

 

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(d)            The
Article 9 Collateral is owned by the Pledgors free and clear of any Lien, other than Liens that are Permitted Liens or Liens arising
by operation of law. None of the Pledgors has filed or consented to the filing of (i) any financing statement or analogous document
under the Uniform Commercial Code or any other applicable laws covering any Article 9 Collateral, (ii) any assignment in which
any Pledgor assigns any Article 9 Collateral or any security agreement or similar instrument covering any Article 9 Collateral
with the United States Patent and Trademark Office or the United States Copyright Office or (iii) any assignment in which any Pledgor
assigns any Article 9 Collateral or any security agreement or similar instrument covering any Article 9 Collateral with any
foreign governmental, municipal or other office, which financing statement or analogous document, assignment, security agreement or similar
instrument is still in effect, except, in each case, for Liens that are Permitted Liens.

 

(e)            None
of the Pledgors holds any Commercial Tort Claim individually in excess of $2.0 million as of the date hereof except as indicated on the
Perfection Certificate.

 

(f)             Except
as set forth on the Perfection Certificate, as of the date hereof, all Accounts have been originated by the Pledgors and all Inventory
has been produced or acquired by the Pledgors in the ordinary course of business.

 

(g)            As
to itself and its Article 9 Collateral consisting of Intellectual Property (the “Intellectual Property Collateral”),
to the best of each Pledgor’s knowledge:

 

(i)             The
Intellectual Property Collateral set forth on Schedule III includes all of the material Patents, Trademarks, Copyrights and IP
Agreements owned by such Pledgor as of the date hereof.

 

(ii)            The
Intellectual Property Collateral is subsisting and has not been adjudged invalid or unenforceable in whole or part, and to the best
of such Pledgor’s knowledge, is valid and enforceable, except as would not reasonably be expected to have a Material Adverse
Effect. Such Pledgor is not aware of any uses of any item of Intellectual Property Collateral that would be expected to lead to such
item becoming invalid or unenforceable, except as would not reasonably be expected to have a Material Adverse Effect.

 

(iii)           Such
Pledgor has made or performed all commercially reasonable acts, including without limitation filings, recordings and payment of all required
fees and taxes, required to maintain and protect its interest in each and every item of Intellectual Property Collateral in full force
and effect in the United States and such Pledgor has used proper statutory notice in connection with its use of each Patent, Trademark
and Copyright in the Intellectual Property Collateral, in each case, except to the extent that the failure to do so would not reasonably
be expected to have a Material Adverse Effect.

 

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(iv)           With
respect to each IP Agreement, the absence, termination or violation of which would reasonably be expected to have a Material Adverse
Effect: (A) such Pledgor has not received any notice of termination or cancellation under such IP Agreement; (B) such Pledgor
has not received any notice of a breach or default under such IP Agreement, which breach or default has not been cured or waived; and
(C) neither such Pledgor nor any other party to such IP Agreement is in breach or default thereof in any material respect, and no
event has occurred that, with notice or lapse of time or both, would constitute such a breach or default or permit termination, modification
or acceleration under such IP Agreement.

 

(v)            Except
as would not reasonably be expected to have a Material Adverse Effect, no Pledgor or Intellectual Property Collateral is subject to any
outstanding consent, settlement, decree, order, injunction, judgment or ruling restricting the use of any Intellectual Property Collateral
or that would impair the validity or enforceability of such Intellectual Property Collateral.

 

SECTION 4.03.     Covenants.
(a) Each Pledgor agrees promptly to notify the Agent in writing of any change (i) in its corporate or organization name, (ii) in
its identity or type of organization or corporate structure, (iii) in its Federal Taxpayer Identification Number or organizational
identification number or (iv) in its jurisdiction of organization. Each Pledgor agrees promptly to provide the Agent with certified
organizational documents reflecting any of the changes described in the immediately preceding sentence. Each Pledgor agrees not to effect
or permit any change referred to in the first sentence of this paragraph (a) unless all filings have been made, or will have been
made within any applicable statutory period, under the Uniform Commercial Code or otherwise that are required in order for the Agent to
continue at all times following such change to have a valid, legal and perfected first priority security interest in all the Article 9
Collateral, for the ratable benefit of the Secured Parties. Each Pledgor agrees promptly to notify the Agent if any material portion of
the Article 9 Collateral owned or held by such Pledgor is damaged or destroyed.

 

(b)            Subject
to the rights of such Pledgor under the Loan Documents to dispose of Collateral, each Pledgor shall, at its own expense, use
commercially reasonable efforts to defend title to the Article 9 Collateral against all persons and to defend the
Security Interest of the Agent, for the ratable benefit of the Secured Parties, in the Article 9 Collateral and the priority
thereof against any Lien that is not a Permitted Lien.

 

(c)            Each
Pledgor agrees, at its own expense, to execute, acknowledge, deliver and cause to be duly filed all such further instruments and documents
and take all such actions as the Agent may from time to time reasonably request to better assure, preserve, protect and perfect the Security
Interest and the rights and remedies created hereby, including the payment of any fees and taxes required in connection with the execution
and delivery of this Agreement and the granting of the Security Interest and the filing of any financing statements (including fixture
filings) or other documents in connection herewith or therewith; provided, that no Pledgor shall be required to execute, acknowledge,
deliver or cause to be filed an Intellectual Property Security Agreement solely on account of such Pledgor having entered into one or
more material IP Agreements (other than exclusive Copyright Licenses). If any amount payable under or in connection with any of the Article 9
Collateral that is in excess of $10.0 million shall be or become evidenced by any promissory note or other instrument, such note or instrument
shall be promptly pledged and, to the extent required under Section ‎3.02(b),
delivered to the Agent, for the ratable benefit of the Secured Parties, duly endorsed in a manner reasonably satisfactory to the Agent.

 

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Without
limiting the generality of the foregoing, each Pledgor hereby authorizes the Agent, with prompt notice thereof to the Pledgors,
to supplement this Agreement by supplementing Schedule III or adding additional schedules hereto to specifically identify any asset
or item that may constitute material Copyrights, Patents, Trademarks, Copyright Licenses, Patent Licenses or Trademark Licenses; provided
that any Pledgor shall have the right, exercisable within 30 days after the Borrowers have been notified by the Agent of the specific
identification of such Article 9 Collateral, to advise the Agent in writing of any inaccuracy of the representations and warranties
made by such Pledgor hereunder with respect to such Article 9 Collateral. Each Pledgor agrees that it will use its commercially reasonable
efforts to take such action as shall be necessary in order that all representations and warranties hereunder shall be true and correct
with respect to such Article 9 Collateral within 30 days after the date it has been notified by the Agent of the specific identification
of such Article 9 Collateral.

 

(d)            After
the occurrence of an Event of Default and during the continuance thereof, the Agent shall have the right to verify under reasonable procedures
the validity, amount, quality, quantity, value, condition and status of, or any other matter relating to, the Article 9 Collateral,
including, in the case of Accounts or Article 9 Collateral in the possession of any third person, by contacting Account Debtors or
the third person possessing such Article 9 Collateral for the purpose of making such a verification. The Agent shall have the right
to share any information it gains from such inspection or verification with any Secured Party.

 

(e)            At
its option, the Agent may discharge past due taxes, assessments, charges, fees, Liens, security interests or other encumbrances at any
time levied or placed on the Article 9 Collateral and not a Permitted Lien, and may pay for the maintenance and preservation of
the Article 9 Collateral to the extent any Pledgor fails to do so as required by the Credit Agreement or this Agreement, and each
Pledgor jointly and severally agrees to reimburse the Agent on demand for any reasonable payment made or any reasonable expense incurred
by the Agent pursuant to the foregoing authorization; provided, however, that nothing in this Section ‎4.03(e) shall
be interpreted as excusing any Pledgor from the performance of, or imposing any obligation on the Agent or any Secured Party to cure
or perform, any covenants or other promises of any Pledgor with respect to taxes, assessments, charges, fees, Liens, security interests
or other encumbrances and maintenance as set forth herein or in the other Loan Documents.

 

(f)             Each
Pledgor (rather than the Agent or any Secured Party) shall remain liable for the observance and performance of all the conditions and
obligations to be observed and performed by it under each contract, agreement or instrument relating to the Article 9 Collateral
and each Pledgor jointly and severally agrees to indemnify and hold harmless the Agent and the Secured Parties from and against any and
all liability for such performance.

 

    25 

     

    

 

(g)            None
of the Pledgors shall make or permit to be made an assignment, pledge or hypothecation of the Article 9 Collateral or shall grant
any other Lien in respect of the Article 9 Collateral, except as permitted by the Credit Agreement. None of the Pledgors shall make
or permit to be made any transfer of the Article 9 Collateral and each Pledgor shall remain at all times in possession of the Article 9
Collateral owned by it, except as permitted by the Credit Agreement.

 

(h)            None
of the Pledgors will, without the Agent’s prior written consent (which consent shall not be unreasonably withheld), grant any extension
of the time of payment of any Accounts included in the Article 9 Collateral, compromise, compound or settle the same for less than
the full amount thereof, release, wholly or partly, any person liable for the payment thereof or allow any credit or discount whatsoever
thereon, other than extensions, credits, discounts, compromises or settlements granted or made in the ordinary course of business and
consistent with prudent business practices or as otherwise permitted under the Credit Agreement.

 

(i)            Each
Pledgor irrevocably makes, constitutes and appoints the Agent (and all officers, employees or agents designated by the Agent) as
such Pledgor’s true and lawful agent (and attorney-in-fact) for the purpose, during the continuance of an Event of Default, of
making, settling and adjusting claims in respect of Article 9 Collateral under policies of insurance, endorsing the name of
such Pledgor on any check, draft, instrument or other item of payment for the proceeds of such policies of insurance and for making
all determinations and decisions with respect thereto. In the event that any Pledgor at any time or times shall fail to obtain or
maintain any of the policies of insurance required hereby or under the Credit Agreement or to pay any premium in whole or part
relating thereto, the Agent may, without waiving or releasing any obligation or liability of the Pledgors hereunder or any
Event of Default, in its sole discretion, obtain and maintain such policies of insurance and pay such premium and take any other
actions with respect thereto as the Agent reasonably deems advisable. All sums disbursed by the Agent in connection with this
Section ‎4.03(i),
including reasonable attorneys’ fees, court costs, expenses and other charges relating thereto, shall be payable, upon demand,
by the Pledgors to the Agent and shall be additional Obligations secured hereby.

 

SECTION 4.04.     Other
Actions. In order to further ensure the attachment, perfection and priority of, and the ability of the Agent to enforce, for the ratable
benefit of the Secured Parties, the Security Interest in the Article 9 Collateral, each Pledgor agrees, in each case at such Pledgor’s
own expense, to take the following actions with respect to the following Article 9 Collateral:

 

(a)            Instruments
and Tangible Chattel Paper. If any Pledgor shall at any time hold or acquire any Instruments (other than checks received and processed
in the ordinary course of business) or Tangible Chattel Paper evidencing an amount in excess of $5.0 million, such Pledgor shall forthwith
endorse, assign and deliver the same to the Agent, accompanied by such instruments of transfer or assignment duly executed in blank as
the Agent may from time to time reasonably request.

 

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(b)            Investment
Property. Except to the extent otherwise provided in ‎Article III,
if any Pledgor shall at any time hold or acquire any Certificated Security, such Pledgor shall forthwith endorse, assign and deliver
the same to the Agent, accompanied by such instruments of transfer or assignment duly executed in blank as the Agent may from time
to time reasonably specify. If any security of a domestic issuer now owned or hereafter acquired by any Pledgor is uncertificated
and is issued to such Pledgor or its nominee directly by the issuer thereof, (i) upon the Agent’s reasonable request and
(ii) upon the occurrence and during the continuance of an Event of Default, such Pledgor shall promptly notify the Agent of
such uncertificated securities and pursuant to an agreement in form and substance reasonably satisfactory to the Agent, either
(i) cause the issuer to agree to comply with instructions from the Agent as to such security, without further consent of any
Pledgor or such nominee, or (ii) cause the issuer to register the Agent as the registered owner of such security. If any
security or other Investment Property, whether certificated or uncertificated, representing an Equity Interest in a third party and
having a fair market value in excess of $5.0 million now or hereafter acquired by any Pledgor is held by such Pledgor or its nominee
through a securities intermediary or commodity intermediary, such Pledgor shall promptly notify the Agent thereof and, at the
Agent’s request and option, pursuant to a Control Agreement in form and substance reasonably satisfactory to the Agent, either
(A) cause such securities intermediary or commodity intermediary, as applicable, to agree, in the case of a securities
intermediary, to comply with entitlement orders or other instructions from the Agent to such securities intermediary as to such
securities or other Investment Property or, in the case of a commodity intermediary, to apply any value distributed on account of
any commodity contract as directed by the Agent to such commodity intermediary, in each case without further consent of any
Pledgor or such nominee, or (B) in the case of Financial Assets or other Investment Property held through a securities
intermediary, arrange for the Agent to become the entitlement holder with respect to such Investment Property, for the ratable
benefit of the Secured Parties, with such Pledgor being permitted, only with the consent of the Agent, to exercise rights to
withdraw or otherwise deal with such Investment Property. The Agent agrees with each of the Pledgors that the Agent shall not give
any such entitlement orders or instructions or directions to any such issuer, securities intermediary or commodity intermediary, and
shall not withhold its consent to the exercise of any withdrawal or dealing rights by any Pledgor, unless an Event of Default has
occurred and is continuing or, after giving effect to any such withdrawal or dealing rights, would occur. The provisions of this
paragraph (b) shall not apply to any Financial Assets credited to a securities account for which the Agent is the securities
intermediary.

 

(c)            Commercial
Tort Claims. If any Pledgor shall at any time hold or acquire a Commercial Tort Claim in an amount reasonably estimated to exceed
$2.0 million, such Pledgor shall promptly notify the Agent thereof in a writing signed by such Pledgor, including a summary description
of such claim, and grant to the Agent in writing a security interest therein and in the proceeds thereof, all under the terms and provisions
of this Agreement, with such writing to be in form and substance reasonably satisfactory to the Agent.

 

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SECTION 4.05.     Covenants
Regarding Patent, Trademark and Copyright Collateral. Except as permitted by the Credit Agreement: (a) Each Pledgor agrees that
it will not knowingly do any act or omit to do any act (and will exercise commercially reasonable efforts to prevent its licensees from
doing any act or omitting to do any act) whereby any Patent that is material to the normal conduct of such Pledgor’s business may
become prematurely invalidated, abandoned, lapsed or dedicated to the public, and agrees that it shall take commercially reasonable steps
with respect to any material products covered by any such Patent as necessary and sufficient to establish and preserve its rights under
applicable patent laws.

 

(b)           Each
Pledgor will, and will use its commercially reasonable efforts to cause its licensees or its sublicensees to, for each material
Trademark necessary to the normal conduct of such Pledgor’s business, (i) maintain such Trademark in full force free from
any adjudication of abandonment or invalidity for non-use, (ii) maintain the quality of products and services offered under
such Trademark, (iii) display such Trademark with notice of federal or foreign registration or claim of trademark or service
mark as required under applicable law and (iv) not knowingly use or knowingly permit its licensees’ use of such Trademark
in violation of any third-party rights.

 

(c)            Each
Pledgor will, and will use its commercially reasonable efforts to cause its licensees or its sublicensees to, for each work covered by
a material Copyright necessary to the normal conduct of such Pledgor’s business that it publishes, displays and distributes, use
a copyright notice as necessary and sufficient to establish and preserve its rights under applicable copyright laws.

 

(d)            Each
Pledgor shall notify the Agent promptly if it knows that any Patent, Trademark or Copyright material to the normal conduct of such Pledgor’s
business may imminently become abandoned, lapsed or dedicated to the public, or of any materially adverse determination or development,
excluding office actions and similar determinations or developments in the United States Patent and Trademark Office, United States Copyright
Office, any court or any similar office of any country, regarding such Pledgor’s ownership of any such material Patent, Trademark
or Copyright or its right to register or to maintain the same.

 

(e)            Each
Pledgor, either itself or through any agent, employee, licensee or designee, shall (i) inform the Agent on an annual basis of each
application by itself, or through any agent, employee, licensee or designee, for any Patent with the United States Patent and Trademark
Office and each registration of any Trademark or Copyright with the United States Patent and Trademark Office, the United States Copyright
Office or any comparable office or agency in any other country filed during the preceding twelve-month period, and (ii) upon the
reasonable request of the Agent, execute and deliver any and all agreements, instruments, documents and papers as the Agent may reasonably
request to evidence the Security Interest in such Patent, Trademark or Copyright.

 

(f)             Each
Pledgor shall exercise its reasonable business judgment consistent with the practice in any proceeding before the United States Patent
and Trademark Office, the United States Copyright Office or any comparable office or agency in any other country with respect to maintaining
and pursuing each application relating to any Patent, Trademark and/or Copyright (and obtaining the relevant grant or registration) material
to the normal conduct of such Pledgor’s business and to maintain (i) each issued Patent and (ii) the registrations of
each Trademark and each Copyright that is material to the normal conduct of such Pledgor’s business, including, when applicable
and necessary in such Pledgor’s reasonable business judgment, timely filings of applications for renewal, affidavits of use, affidavits
of incontestability and payment of maintenance fees, and, if any Pledgor believes necessary in its reasonable business judgment, to initiate
opposition, interference and cancellation proceedings against third parties.

 

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(g)            In
the event that any Pledgor knows or has reason to know that any Article 9 Collateral consisting of a Patent, Trademark or Copyright
material to the normal conduct of its business has been or is about to be materially infringed, misappropriated or diluted by a third
party, such Pledgor shall promptly notify the Agent and shall, if such Pledgor deems it necessary in its reasonable business judgment,
promptly sue and recover any and all damages, and take such other actions as are reasonably appropriate under the circumstances.

 

Article V

 

Remedies

 

SECTION 5.01.     Remedies
Upon Default. Upon the occurrence and during the continuance of an Event of Default, each Pledgor agrees to deliver each item of Collateral
to the Agent on demand, and it is agreed that the Agent shall have the right to take any of or all the following actions at the same or
different times: (a) with respect to any Article 9 Collateral consisting of Intellectual Property, on demand, to cause the Security
Interest to become an assignment, transfer and conveyance of any of or all such Article 9 Collateral by the applicable Pledgors to
the Agent or to license or sublicense, whether general, special or otherwise, and whether on an exclusive or a nonexclusive basis, any
such Article 9 Collateral throughout the world on such terms and conditions and in such manner as the Agent shall determine (other
than in violation of any then-existing licensing arrangements to the extent that waivers thereunder cannot be obtained with the use of
commercially reasonable efforts, which each Pledgor hereby agrees to use) and (b) with or without legal process and with or without
prior notice or demand for performance, to take possession of the Article 9 Collateral and without liability for trespass to the
applicable Pledgor to enter any premises where the Article 9 Collateral may be located for the purpose of taking possession of or
removing the Article 9 Collateral and, generally, to exercise any and all rights afforded to a secured party under the applicable
Uniform Commercial Code or other applicable law. Without limiting the generality of the foregoing, each Pledgor agrees that the Agent
shall have the right, subject to the mandatory requirements of applicable law, to sell or otherwise dispose of all or any part of the
Collateral at a public or private sale or at any broker’s board or on any securities exchange, for cash, upon credit or for future
delivery as the Agent shall deem appropriate. The Agent shall be authorized in connection with any sale of a security (if it deems it
advisable to do so) pursuant to the foregoing to restrict the prospective bidders or purchasers to persons who represent and agree that
they are purchasing such security for their own account, for investment, and not with a view to the distribution or sale thereof. Upon
consummation of any such sale of Collateral pursuant to this ‎Section 5.01
the Agent shall have the right to assign, transfer and deliver to the purchaser or purchasers thereof the Collateral so sold. Each such
purchaser at any such sale shall hold the property sold absolutely, free from any claim or right on the part of any Pledgor, and each
Pledgor hereby waives and releases (to the extent permitted by law) all rights of redemption, stay, valuation and appraisal that such
Pledgor now has or may at any time in the future have under any rule of law or statute now existing or hereafter enacted.

 

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The Agent shall give the
applicable Pledgors 10 Business Days’ written notice (which each Pledgor agrees is reasonable notice within the meaning of
Section 9-611 of the New York UCC or its equivalent in other jurisdictions) of the Agent’s intention to make any sale of
Collateral. Such notice, in the case of a public sale, shall state the time and place for such sale and, in the case of a sale at a
broker’s board or on a securities exchange, shall state the board or exchange at which such sale is to be made and the day on
which the Collateral, or portion thereof, will first be offered for sale at such board or exchange. Any such public sale shall be
held at such time or times within ordinary business hours and at such place or places as the Agent may fix and state in the notice
(if any) of such sale. At any such sale, the Collateral, or the portion thereof, to be sold may be sold in one lot as an entirety or
in separate parcels, as the Agent may (in its sole and absolute discretion) determine. The Agent shall not be obligated to make any
sale of any Collateral if it shall determine not to do so, regardless of the fact that notice of sale of such Collateral shall have
been given. The Agent may, without notice or publication, adjourn any public or private sale or cause the same to be adjourned from
time to time by announcement at the time and place fixed for sale, and such sale may, without further notice, be made at the time
and place to which the same was so adjourned. In the case of any sale of all or any part of the Collateral made on credit or for
future delivery, the Collateral so sold may be retained by the Agent until the sale price is paid by the purchaser or purchasers
thereof, but the Agent shall not incur any liability in the event that any such purchaser or purchasers shall fail to take up and
pay for the Collateral so sold and, in the case of any such failure, such Collateral may be sold again upon notice given in
accordance with provisions above. At any public (or, to the extent permitted by law, private) sale made pursuant to this ‎Section 5.01,
any Secured Party may bid for or purchase, free (to the extent permitted by law) from any right of redemption, stay, valuation or
appraisal on the part of any Pledgor (all such rights being also hereby waived and released to the extent permitted by law), the
Collateral or any part thereof offered for sale and may make payment on account thereof by using any claim then due and payable to
such Secured Party from any Pledgor as a credit against the purchase price, and such Secured Party may, upon compliance with the
terms of sale, hold, retain and dispose of such property in accordance with ‎Section 5.02
hereof without further accountability to any Pledgor therefor. For purposes hereof, a written agreement to purchase the Collateral
or any portion thereof shall be treated as a sale thereof; the Agent shall be free to carry out such sale pursuant to such agreement
and no Pledgor shall be entitled to the return of the Collateral or any portion thereof subject thereto, notwithstanding the fact
that after the Agent shall have entered into such an agreement all Events of Default shall have been remedied and the Obligations
paid in full. As an alternative to exercising the power of sale herein conferred upon it, the Agent may proceed by a suit or suits
at law or in equity to foreclose this Agreement and to sell the Collateral or any portion thereof pursuant to a judgment or decree
of a court or courts having competent jurisdiction or pursuant to a proceeding by a court-appointed receiver. Any sale pursuant to
the provisions of this ‎Section 5.01 shall be deemed to
conform to the commercially reasonable standards as provided in Section 9-610(b) of the New York UCC or its equivalent in
other jurisdictions.

 

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SECTION 5.02.     Application
of Proceeds. The Agent shall promptly apply the proceeds, moneys or balances of any collection or sale of Collateral, as well as any
Collateral consisting of cash, as follows:

 

FIRST, to the payment of all costs
and expenses incurred by the Agent in connection with such collection or sale or otherwise in connection with this Agreement, any
other Loan Document or any of the Obligations, including without limitation all court costs and the fees and expenses of its agents
and legal counsel, the repayment of all advances made by the Agent hereunder, under any other Loan Document on behalf of any
Pledgor, any other costs or expenses incurred in connection with the exercise of any right or remedy hereunder or under any other
Loan Document, and all other fees, indemnities and other amounts owing or reimbursable to the Agent under any Loan Document in its
capacity as such;

 

SECOND, to the payment in full of Unfunded
Advances/Participations (the amounts so applied to be distributed between or among the Agent and any Issuing Bank pro rata in accordance
with the amounts of Unfunded Advances/Participations owed to them on the date of any such distribution);

 

THIRD, to the payment in full of all
other Obligations (the amounts so applied to be distributed among the Secured Parties pro rata in accordance with the respective
amounts of the Obligations owed to them on the date of any such distribution, which in the case of Letters of Credit, shall be paid by
deposit in an account with the Agent, in the name of the Agent and for the benefit of the Issuing Bank and the Lenders, an amount in cash
in U.S. Dollars equal to the aggregate L/C Exposure as of such date plus any accrued and unpaid interest thereon); and

 

FOURTH, to the Pledgors, their successors
or assigns, or as a court of competent jurisdiction may otherwise direct;

 

The Agent shall have absolute discretion as to
the time of application of any such proceeds, moneys or balances in accordance with this Agreement. Upon any sale of Collateral by the
Agent (including pursuant to a power of sale granted by statute or under a judicial proceeding), the receipt of the purchase money by
the Agent or of the officer making the sale shall be a sufficient discharge to the purchaser or purchasers of the Collateral so sold and
such purchaser or purchasers shall not be obligated to see to the application of any part of the purchase money paid over to the Agent
or such officer or be answerable in any way for the misapplication thereof.

 

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SECTION 5.03.     Securities
Act, Etc. In view of the position of the Pledgors in relation to the Pledged Collateral, or because of other current or future
circumstances, a question may arise under the Securities Act of 1933, as now or hereafter in effect, or any similar federal statute
hereafter enacted analogous in purpose or effect (such Act and any such similar statute as from time to time in effect being called
the “Federal Securities Laws”) with respect to any disposition of the Pledged Collateral permitted hereunder.
Each Pledgor understands that compliance with the Federal Securities Laws might very strictly limit the course of conduct of the
Agent if the Agent were to attempt to dispose of all or any part of the Pledged Collateral, and might also limit the extent to which
or the manner in which any subsequent transferee of any Pledged Collateral could dispose of the same. Similarly, there may be other
legal restrictions or limitations affecting the Agent in any attempt to dispose of all or part of the Pledged Collateral under
applicable Blue Sky or other state securities laws or similar laws analogous in purpose or effect. Each Pledgor acknowledges and
agrees that in light of such restrictions and limitations, the Agent, in its sole and absolute discretion, (a) may proceed to
make such a sale whether or not a registration statement for the purpose of registering such Pledged Collateral or part thereof
shall have been filed under the Federal Securities Laws or, to the extent applicable, Blue Sky or other state securities laws
and (b) may approach and negotiate with a single potential purchaser to effect such sale. Each Pledgor acknowledges and agrees
that any such sale might result in prices and other terms less favorable to the seller than if such sale were a public sale without
such restrictions. In the event of any such sale, the Agent shall incur no responsibility or liability for selling all or any part
of the Pledged Collateral at a price that the Agent, in its sole and absolute discretion, may in good faith deem reasonable under
the circumstances, notwithstanding the possibility that a substantially higher price might have been realized if the sale were
deferred until after registration as aforesaid or if more than a single purchaser were approached. The provisions of this ‎Section 5.03
will apply notwithstanding the existence of a public or private market upon which the quotations or sales prices may exceed
substantially the price at which the Agent sells.

 

Article VI

 

Indemnity, Subrogation and Subordination

 

SECTION 6.01.     Indemnity.
In addition to all such rights of indemnity and subrogation as the Guarantors may have under applicable law (but subject to Section ‎6.03
hereof), the Borrowers agree that (a) in the event a payment shall be made by any Guarantor under this Agreement in respect of any
Guaranteed Obligation of the Borrowers, the Borrowers shall indemnify such Guarantor for the full amount of such payment and such Guarantor
shall be subrogated to the rights of the person to whom such payment shall have been made to the extent of such payment and (b) in
the event any assets of any Guarantor shall be sold pursuant to this Agreement or any other Security Document to satisfy in whole or in
part a Guaranteed Obligation of the Borrowers, the Borrowers shall indemnify such Guarantor in an amount equal to the greater of the book
value or the fair market value of the assets so sold.

 

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SECTION 6.02.     Contribution
and Subrogation. Each Guarantor (other than Holdings) (a “Contributing Guarantor”) agrees (subject to ‎Section 6.03
hereof) that, in the event a payment shall be made by any other Guarantor (other than Holdings) hereunder in respect of any
Guaranteed Obligation or assets of any other Guarantor (other than Holdings) shall be sold pursuant to any Security Document to
satisfy any Guaranteed Obligation owed to any Guaranteed Party and such other Guarantor (the “Claiming
Guarantor”) shall not have been fully indemnified by the Borrowers as provided in ‎Section 6.01
hereof, the Contributing Guarantor shall indemnify the Claiming Guarantor in an amount equal to the amount of such payment or the
greater of the book value or the fair market value of such assets, as applicable, in each case multiplied by a fraction of which the
numerator shall be the net worth of such Contributing Guarantor on the date hereof and the denominator shall be the aggregate net
worth of all the Guarantors (other than Holdings) on the date hereof (or, in the case of any Guarantor becoming a party hereto
pursuant to ‎Section 7.16 hereof, the date of the
supplement hereto executed and delivered by such Guarantor). Any Contributing Guarantor making any payment to a Claiming Guarantor
pursuant to this ‎Section 6.02
shall be subrogated to the rights of such Claiming Guarantor under ‎Section 6.01
hereof to the extent of such payment.

 

SECTION 6.03.     Subordination.
(a) Notwithstanding any provision of this Agreement to the contrary, all rights of the Guarantors under Sections ‎6.01
and ‎6.02 hereof and all other rights of indemnity, contribution
or subrogation of the Guarantors under applicable law or otherwise shall be fully subordinated to the payment in full in cash or immediately
available funds of the Guaranteed Obligations (other than contingent indemnification or reimbursement obligations). No failure on the
part of any Borrower or any Guarantor to make the payments required by Sections ‎6.01
and ‎6.02 hereof (or any other payments required under applicable
law or otherwise) shall in any respect limit the obligations and liabilities of each Borrower with respect to the Guaranteed Obligations
or any Guarantor with respect to its obligations hereunder, and each Borrower shall remain liable for the full amount of the Guaranteed
Obligations and each Guarantor shall remain liable for the full amount of its obligations hereunder.

 

(b)            Each
Borrower and each Guarantor hereby agree that all Indebtedness and other monetary obligations owed by it to any Borrower, any other Guarantor
or any Subsidiary shall be fully subordinated to the payment in full in cash or immediately available funds of the Guaranteed Obligations
(other than contingent indemnification or reimbursement obligations).

 

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Article VII

 

Miscellaneous

 

SECTION 7.01.     Notices.
All communications and notices hereunder shall (except as otherwise permitted herein) be in writing and given as provided in Section 9.01
of the Credit Agreement (whether or not then in effect). All communications and notices hereunder to any Subsidiary Party shall be given
to it in care of the Borrowers, with such notice to be given as provided in Section 9.01 of the Credit Agreement.

 

SECTION 7.02.     Security
Interest Absolute. All rights of the Agent hereunder, the Security Interest in the Article 9 Collateral, the security interest
in the Pledged Collateral and all obligations of each Pledgor hereunder shall be absolute and unconditional irrespective of (a) any
lack of validity or enforceability of the Credit Agreement, any other Loan Document, any agreement with respect to any of the Obligations
or any other agreement or instrument relating to any of the foregoing, (b) any change in the time, manner or place of payment of,
or in any other term of, all or any of the Obligations, or any other amendment or waiver of or any consent to any departure from the Credit
Agreement, any other Loan Document or any other agreement or instrument, (c) any exchange, release or non-perfection of any Lien
on other collateral, or any release or amendment or waiver of or consent under or departure from any guarantee, securing or guaranteeing
all or any of the Obligations or (d) any other circumstance that might otherwise constitute a defense available to, or a discharge
of, any Pledgor in respect of the Obligations or this Agreement (other than a defense of payment or performance).

 

SECTION 7.03.     Limitation
By Law. All rights, remedies and powers provided in this Agreement may be exercised only to the extent that the exercise thereof does
not violate any applicable provision of law, and all the provisions of this Agreement are intended to be subject to all applicable mandatory
provisions of law that may be controlling and to be limited to the extent necessary so that they shall not render this Agreement invalid,
unenforceable, in whole or in part, or not entitled to be recorded, registered or filed under the provisions of any applicable law.

 

SECTION 7.04.     Binding
Effect; Several Agreement. This Agreement shall become effective as to any party to this Agreement when a counterpart hereof executed
on behalf of such party shall have been delivered to the Agent and a counterpart hereof shall have been executed on behalf of the Agent,
and thereafter shall be binding upon such party and the Agent and their respective permitted successors and assigns, and shall inure to
the benefit of such party, the Agent and the other Secured Parties and their respective permitted successors and assigns, except that
no party shall have the right to assign or transfer its rights or obligations hereunder or any interest herein or in the Collateral (and
any such assignment or transfer shall be void) except as expressly contemplated by this Agreement or the Credit Agreement. This Agreement
shall be construed as a separate agreement with respect to each party and may be amended, modified, supplemented, waived or released with
respect to any party without the approval of any other party and without affecting the obligations of any other party hereunder.

 

    34 

     

    

 

 

SECTION 7.05.         Successors
and Assigns. Whenever in this Agreement any of the parties hereto is referred to, such reference shall be deemed to include the permitted
successors and assigns of such party; and all covenants, promises and agreements by or on behalf of any Pledgor or the Agent that are
contained in this Agreement shall bind and inure to the benefit of their respective permitted successors and assigns; provided
that no Pledgor may assign, transfer or delegate any of its rights or obligations under this Agreement without the prior written consent
of the Agent. Upon the acceptance of any appointment as the Agent under the Credit Agreement by a successor Agent, that successor Agent
shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Agent pursuant hereto.

 

SECTION 7.06.         Agent’s
Fees and Expenses; Indemnification. (a)  The parties hereto agree that the Agent shall be entitled to reimbursement of its expenses
incurred hereunder as provided in Section 9.05 of the Credit Agreement.

 

(b)            Without
limitation of its indemnification obligations under the Loan Documents, each Pledgor jointly and severally agrees to indemnify the
Agent and the other Indemnitees (as defined in Section 9.05 of the Credit Agreement) against, and hold each Indemnitee harmless
from, any and all losses, claims, damages, liabilities and related expenses, including reasonable counsel fees, charges and
disbursements, incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of, (i) the
execution, delivery or performance of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or
thereby, the performance by the parties hereto and thereto of their respective obligations thereunder or the consummation of the
Transactions and other transactions contemplated hereby, (ii) the use of proceeds of the Loans or the use of any Letter of
Credit or (iii) any violation of or liability under or relating to Environmental Laws or Environmental Permits by or related to
the Pledgors or any Subsidiary, (iv) any actual or alleged presence, Release or threatened Release of or exposure to Hazardous
Materials at, under, in, on, from or to any property currently or formerly owned, leased or operated by the Pledgors or any
Subsidiary or (v) any claim, litigation, investigation or proceeding relating to any of the foregoing, or to the Collateral,
whether or not 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 (x) are 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
Indemnitee, (y) arose from a material breach of such Indemnitee’s or any of its Related Parties’ obligations under
any Loan Document (as determined by a court of competent jurisdiction in a final, non-appealable judgment) or (z) arose from
any claim, actions, suits, inquiries, litigation, investigation or proceeding that does not involve an act or omission of the
Pledgors or any of its Affiliates and is brought by an Indemnitee against another Indemnitee (other than any claim, actions, suits,
inquiries, litigation, investigation or proceeding against any Agent or the Agent in its capacity as such).

 

    35

     

    

 

(c)            Any
such amounts payable as provided hereunder shall be additional Obligations secured hereby and by the other Security Documents. The provisions
of this ‎Section 7.06 shall remain operative and in
full force and effect regardless of the termination of this Agreement, any other Loan Document, the consummation of the transactions contemplated
hereby, the repayment of any of the Obligations, the invalidity or unenforceability of any term or provision of this Agreement, any other
Loan Document, or any investigation made by or on behalf of the Agent or any other Secured Party. All amounts due under this ‎Section 7.06
shall be payable within fifteen (15) days of written demand therefor.

 

SECTION 7.07.     Agent
Appointed Attorney-in-Fact. (a) Each Pledgor hereby appoints the Agent the attorney-in-fact of such Pledgor for the purpose
of carrying out the provisions of this Agreement and taking any action and executing any instrument that the Agent may deem necessary
or advisable to accomplish the purposes hereof, which appointment is irrevocable and coupled with an interest. The Agent shall have the
right, upon the occurrence and during the continuance of an Event of Default, with full power of substitution either in the Agent’s
name or in the name of such Pledgor, (i) to receive, endorse, assign or deliver any and all notes, acceptances, checks, drafts,
money orders or other evidences of payment relating to the Collateral or any part thereof, (ii) to demand, collect, receive payment
of, give receipt for and give discharges and releases of all or any of the Collateral; (iii) to ask for, demand, sue for, collect,
receive and give acquittance for any and all moneys due or to become due under and by virtue of any Collateral; (iv) to sign the
name of any Pledgor on any invoice or bill of lading relating to any of the Collateral; (v) to send verifications of Accounts to
any Account Debtor; (vi) to commence and prosecute any and all suits, actions or proceedings at law or in equity in any court of
competent jurisdiction to collect or otherwise realize on all or any of the Collateral or to enforce any rights in respect of any Collateral;
(vii) to settle, compromise, compound, adjust or defend any actions, suits or proceedings relating to all or any of the Collateral;
(viii) to notify, or to require any Pledgor to notify, Account Debtors to make payment directly to the Agent; and (ix) to use,
sell, assign, transfer, pledge, make any agreement with respect to or otherwise deal with all or any of the Collateral, and to do all
other acts and things necessary to carry out the purposes of this Agreement, as fully and completely as though the Agent were the absolute
owner of the Collateral for all purposes; provided, that nothing herein contained shall be construed as requiring or obligating
the Agent to make any commitment or to make any inquiry as to the nature or sufficiency of any payment received by the Agent, or to present
or file any claim or notice, or to take any action with respect to the Collateral or any part thereof or the moneys due or to become
due in respect thereof or any property covered thereby. The Agent and the other Secured Parties shall be accountable only for amounts
actually received as a result of the exercise of the powers granted to them herein, and neither they nor their officers, directors, employees
or agents shall be responsible to any Pledgor for any act or failure to act hereunder, except for their own gross negligence or willful
misconduct.

 

SECTION 7.08.     Authority
of Agent. Each Pledgor acknowledges that the rights and responsibilities of the Agent under this Agreement with respect to any action
taken by the Agent or the exercise or non-exercise by the Agent of any option, voting right, request, judgment or other right or remedy
provided for herein or resulting or arising out of this Agreement shall, as between the Agent and the Secured Parties, be governed by
the Credit Agreement.

 

SECTION 7.09.     GOVERNING
LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED
BY THE LAWS OF THE STATE OF NEW YORK.

 

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SECTION 7.10.     Waivers;
Amendment. (a) No failure or delay by the Agent, any Issuing Bank or any other Secured Party in exercising any right, power
or remedy hereunder, under any other Loan Document, as applicable, shall operate as a waiver thereof, nor shall any single or
partial exercise of any such right, power or remedy, or any abandonment or discontinuance of steps to enforce such a right, power or
remedy, preclude any other or further exercise thereof or the exercise of any other right, power or remedy. The rights, powers and
remedies of the Agent, any Issuing Bank and the other Secured Parties hereunder and under the other Loan Documents are cumulative
and are not exclusive of any rights, powers or remedies that they would otherwise have. No waiver of any provision of this Agreement
or consent to any departure by any Loan Party therefrom shall in any event be effective unless the same shall be permitted by
paragraph (b) of this ‎Section 7.10, 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, the issuance of a Letter of Credit shall not be construed as a waiver of any
Default or Event of Default, regardless of whether the Agent, any Issuing Bank or any other Secured Party may have had notice or
knowledge of such Default or Event of Default at the time. No notice or demand on any Loan Party in any case shall entitle any Loan
Party to any other or further notice or demand in similar or other circumstances.

 

(b)            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 Agent and the Loan Party or Loan Parties with respect to which such waiver, amendment or modification is to apply, subject
to any consent required in accordance with Section 9.08 of the Credit Agreement.

 

SECTION 7.11.     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 RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER
LOAN DOCUMENTS (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 7.11.

 

SECTION 7.12.     Severability.
In the event any one or more of the provisions contained in this Agreement, in any other Loan Document should be held invalid, illegal
or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and therein shall
not in any way be affected or impaired thereby. The parties shall endeavor in good-faith negotiations to replace the invalid, illegal
or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal
or unenforceable provisions.

 

SECTION 7.13.     Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall constitute an original but all of which when taken
together shall constitute but one contract, and shall become effective as provided in ‎Section 7.04
hereof. Any signature to this agreement may be delivered by facsimile, electronic mail (including pdf) or any electronic signature complying
with the U.S. federal ESIGN Act of 2000 or the New York Electronic Signature and Records Act or other transmission method and any counterpart
so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes to the fullest extent
permitted by applicable law. For the avoidance of doubt, the foregoing also applies to any amendment, extension or renewal of this agreement.
Each of the parties hereto represents and warrants to the other parties hereto that it has the corporate capacity and authority to execute
this Agreement through electronic means and there are no restrictions for doing so in that party’s constitutive documents.

 

SECTION 7.14.     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 are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement.

 

SECTION 7.15.     Jurisdiction;
Consent to Service of Process. (a)  Each Pledgor irrevocably and unconditionally agrees that it will not commence any action,
litigation or proceeding of any kind or description, whether in law or equity, whether in contract or in tort or otherwise, against the
Agent, any Lender, any Issuing Bank, any Secured Party or any Affiliate of the foregoing in any way relating to this Agreement, any other
Loan Document or the transactions relating hereto or thereto, in any forum other than the courts of the State of New York sitting in
New York County, and of the United States District Court of the Southern District of New York, and any appellate court from any thereof,
and each of the parties hereto irrevocably and unconditionally submits to the exclusive jurisdiction of such courts and agrees that all
claims in respect of any such action, litigation or proceeding may be heard and determined in such New York State court or, to the fullest
extent permitted by applicable law, in such federal court. Each of the parties hereto agrees that a final judgment in any such action,
litigation 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 in any other Loan Document shall affect any right that the Agent, any Issuing Bank, any
Lender or any Secured Party may otherwise have to bring any action or proceeding relating to this Agreement or any other Loan Document
against any Pledgor, or its properties, in the courts of any jurisdiction.

 

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(b)            Each
party to this Agreement 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, any other Loan Document in any New York State or federal court. 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.

 

(c)            Each
party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 9.01 of the Credit
Agreement. Nothing in this Agreement will affect the right of any party to this Agreement or any other Loan Document to serve process
in any other manner permitted by law.

 

SECTION 7.16.     Termination
or Release. (a) This Agreement, the guarantees made herein, the pledges made herein, the Security Interest and all other
security interests granted hereby shall terminate when all the Loan Document Obligations (in each case, other than contingent or
unliquidated obligations or liabilities) have been paid in full in cash or immediately available funds and the Lenders have no
further commitment to lend under the Credit Agreement, the Revolving L/C Exposure has been reduced to zero and each Issuing Bank has
no further obligations to issue Letters of Credit under the Credit Agreement.

 

(b)            A
Subsidiary Party shall automatically be released from its obligations hereunder and the security interests in the Collateral of such Subsidiary
Party shall be automatically released upon the consummation of any transaction permitted by the Credit Agreement as a result of which
such Subsidiary Party ceases to be a Subsidiary of the Borrowers or otherwise ceases to be a Guarantor; provided that the Required
Lenders shall have consented to such transaction (to the extent such consent is required by the Credit Agreement) and the terms of such
consent did not provide otherwise.

 

(c)            The
Security Interest in any Collateral shall automatically be released (i) upon any sale or other transfer by any Pledgor of any Collateral
that is permitted under the Credit Agreement to any person that is not a Pledgor, (ii) upon the effectiveness of any written consent
to the release of the security interest granted hereby in such Collateral pursuant to Section 9.08 of the Credit Agreement.

 

(d)            [Reserved].

 

(e)            [Reserved].

 

(f)            In
connection with any termination or release pursuant to paragraph ‎(a),
‎(b), or ‎(c) of
this ‎‎Section 7.16, the Agent shall execute and
deliver to any Pledgor, at such Pledgor’s, expense all documents that such Pledgor shall reasonably request to evidence such termination
or release (including, without limitation, UCC termination statements) and will duly assign and transfer to such Pledgor such of the Pledged
Collateral that may be in the possession of the Agent and has not theretofore been sold or otherwise applied or released pursuant to this
Agreement; provided, that the Agent shall not be required to take any action under this Section ‎7.16(f) unless
such Pledgor shall have delivered to the Agent together with such request, which may be incorporated into such request, (i) a reasonably
detailed description of the Collateral, which in any event shall be sufficient to effect the appropriate termination or release without
affecting any other Collateral, and (ii) a certificate of a Responsible Officer of a Borrower or such Pledgor certifying that the
transaction giving rise to such termination or release is permitted by the Credit Agreement and was consummated in compliance with the
Loan Documents. Any execution and delivery of documents pursuant to this Section 7.16 shall be without recourse to or warranty by
the Agent.

 

    38

     

    

 

SECTION 7.17.     Additional
Subsidiaries. Upon execution and delivery by the Agent and any Subsidiary that is required to become a party hereto by Section 5.10
of the Credit Agreement, of an instrument in the form of Exhibit A hereto such subsidiary shall become a Subsidiary Party
hereunder with the same force and effect as if originally named as a Subsidiary Party herein. The execution and delivery of any such
instrument shall not require the consent of any other party to this Agreement. The rights and obligations of each party to this Agreement
shall remain in full force and effect notwithstanding the addition of any new party to this Agreement.

 

SECTION 7.18.     Right
of Set-off. If an Event of Default shall have occurred and be continuing, the Agent, each Lender, each Issuing Bank and each other
Secured Party is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set-off and apply any
and all deposits (general or special, time or demand, provisional or final) at any time held and other indebtedness at any time owing
by the Agent, such Lender or such Issuing Bank to or for the credit or the account of any party to this Agreement against any of and all
the obligations of such party now or hereafter existing under this Agreement owed to the Agent, such Lender, such Issuing Bank or such
other Secured Party, irrespective of whether or not the Agent, such Lender, such Issuing Bank or such other Secured Party shall have made
any demand under this Agreement and although such obligations may be unmatured. The rights of the Agent, each Lender, each Issuing Bank
and each other Secured Party under this ‎Section 7.18 are in
addition to other rights and remedies (including other rights of set-off) that the Agent, such Lender, such Issuing Bank or such Secured
Party may have.

 

SECTION 7.19.     [Reserved].

 

SECTION 7.20.     [Reserved].

 

SECTION 7.21.     [Reserved].

 

SECTION 7.22.     ULC
Limitation. Notwithstanding any provisions to the contrary contained in this Agreement or any other Loan Document, as regards to
each applicable Pledgor who is a registered and beneficial owner of Pledged ULC Shares, such Pledgor is the owner of such Pledged
ULC Shares and will remain so until such time as such Pledged ULC Shares are fully and effectively transferred into the name of the
Agent or any other person on the books and records of such ULC. Nothing in this Agreement or any other Loan Document is intended to
or shall constitute the Agent or any person other than a Pledgor to be a member or shareholder of any ULC until such time as written
notice is given to the applicable Pledgor and all further steps are taken so as to register the Agent or other person as holder of
the Pledged ULC Shares. The granting of the pledge and security interest pursuant to Article 3 of this Agreement or in any
other Loan Document does not make the Agent a successor to any Pledgor as a member or shareholder of any ULC, and neither the Agent
nor any of its respective successors or assigns hereunder shall be deemed to become a member or shareholder of any ULC by accepting
this Agreement or any other Loan Document or exercising any right granted herein or therein unless and until such time, if any, when
the Agent or any successor or assign expressly becomes a registered member or shareholder of any ULC. Each applicable Pledgor shall
be entitled to receive and retain for its own account any dividends or other distributions if any, in respect of the Collateral, and
shall have the right to vote such Pledged ULC Shares and to control the direction, management and policies of the ULC issuing such
Pledged ULC Shares to the same extent as such Pledgor would if such Pledged ULC Shares were not pledged to the Agent or to any other
person pursuant hereto. To the extent any provision herein or in any other Loan Document would have the effect of constituting the
Agent to be a member or shareholder of any ULC prior to such time, such provision shall be severed herefrom and therefrom and
ineffective with respect to the relevant Pledged ULC Shares without otherwise invalidating or rendering unenforceable this Agreement
or any other Loan Document or invalidating or rendering unenforceable such provision insofar as it relates to Collateral other than
Pledged ULC Shares. Notwithstanding anything herein or in any other Loan Document to the contrary (except to the extent, if any,
that the Agent or any of its successors or assigns hereafter expressly becomes a registered member or shareholder of any ULC),
neither the Agent nor any of its respective successors or assigns shall be deemed to have assumed or otherwise become liable for any
debts or obligations of any ULC. Except upon the exercise by the Agent or other persons of rights to sell or otherwise dispose of
Pledged ULC Shares or other remedies following the occurrence and during the continuance of an Event of Default, each applicable
Pledgor shall not cause or permit, or enable any ULC in which it holds Pledged ULC Shares to cause or permit, the Agent to:
(a) be registered as member or shareholder of such ULC; (b) have any notation entered in its favor in the share register
of such ULC; (c) be held out as member or shareholder of such ULC; (d) receive, directly or indirectly, any dividends,
property or other distributions from such ULC by reason of the Agent or other person holding a security interest in the Pledged ULC
Shares; or (e) act as a member or shareholder of such ULC, or exercise any rights of a member or shareholder of such ULC,
including the right to attend a meeting of such ULC or vote the shares of such ULC.

 

[Signature Pages Follow]

 

    39

     

    

 

IN WITNESS WHEREOF, the parties
hereto have duly executed this Agreement as of the day and year first above written.

 

	 	7420 CLOVER AVENUE LLC 
	 	AMERICAN DRYER LLC 
	 	GREEN TURTLE AMERICAS LTD. 
	 	HADRIAN INC. 
	 	JUST MANUFACTURING LLC 
	 	KRIKLES, INC. 
	 	OEI, INC. 
	 	OEP, INC. 
	 	RBS GLOBAL, INC. 
	 	REXNORD LLC 
	 	WORLD DRYER CHINA, LLC 
	 	WORLD DRYER CORPORATION 
	 	ZURCO, INC. 
	 	ZURN DUTCH HOLDCO II LLC 
	 	ZURN HOLDINGS, INC. 
	 	ZURN INDUSTRIES, LLC 
	 	ZURN INTERNATIONAL, INC. 
	 	ZURN NETH HOLDCO LLC 
	 	ZURN PEX, INC.

 

	 	By:	/s/ Patricia M. Whaley
	 	 	Name: Patricia M. Whaley
	 	 	Title: Vice President, General Counsel and Secretary

 

[Signature Page to Third Amended and Restated Guarantee and Collateral Agreement]

 

    

     

    

 

	 	CREDIT
SUISSE AG, CAYMAN ISLANDS BRANCH, as Administrative Agent and Collateral Agent
	 	 	 
	 	By:	/s/ Lingzi Huang
	 	Name:	Lingzi Huang
	 	Title:	Authorized Signatory
	 	 	 
	 	By:	/s/ Michael
    Wagner
	 	Name:	Michael Wagner
	 	Title:	Authorized Signatory

 

[Signature Page to Third Amended and Restated Guarantee and Collateral Agreement]Exhibit 10.1

 

SECOND AMENDED AND RESTATED INVESTMENT ADVISORY
AGREEMENT

 

BETWEEN

 

CĪON INVESTMENT CORPORATION

 

AND

 

CION INVESTMENT MANAGEMENT, LLC

 

This Second Amended and Restated Investment Advisory
Agreement (the “Agreement”) is made as of October 5, 2021, by and between CĪON INVESTMENT CORPORATION, a Maryland corporation
(the “Company”), and CION INVESTMENT MANAGEMENT, LLC, a Delaware limited liability company (the “Adviser”).

 

WHEREAS, the Company is a non-diversified, closed-end
management investment company that has elected to be treated as a business development company (“BDC”) under the Investment
Company Act of 1940, as amended (together with the rules promulgated thereunder, the “1940 Act”);

 

WHEREAS, the Adviser is registered as an investment
adviser under the Investment Advisers Act of 1940, as amended (together with the rules promulgated thereunder, the “Advisers Act”);

 

WHEREAS, the Company and the Adviser had previously
entered into (i) an investment advisory agreement (the “Original Agreement”) effective as of June 19, 2012, and (ii) an amended
and restated investment advisory agreement (the “Amended Agreement”) effective as of August 10, 2021;

 

WHEREAS, the Company and the Adviser desire to
amend and restate the Amended Agreement by entering into this Agreement; and

 

WHEREAS, the Adviser is willing to continue providing
investment advisory services to the Company in the manner and on the terms and conditions hereinafter set forth.

 

NOW, THEREFORE, in consideration of the premises
and the covenants hereinafter contained and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged,
the Company and the Adviser hereby agree as follows:

 

		1.	Duties of the Adviser.

 

(a)     Retention of Adviser. The Company hereby appoints the Adviser
to act as the investment adviser to the Company and to manage the investment and reinvestment of the assets of the Company, subject to
the supervision of the board of directors of the Company (the “Board of Directors”), for the period and upon the terms herein
set forth in accordance with:

 

(i)     during the term of this Agreement, all other
applicable federal and state laws, rules and regulations, and the Company’s articles of incorporation, as further amended and restated
from time to time (“Articles of Incorporation”);

 

(ii)    such investment policies, directives, regulatory
restrictions as the Company may from time to time establish or issue and communicate to the Adviser in writing; and

 

(iii)   the Company’s compliance policies and
procedures as applicable to the Company’s adviser and as administered by the Company’s chief compliance officer.

 

    1

     

    

 

(b)     Responsibilities of Adviser. Without limiting the generality
of the foregoing, the Adviser shall, during the term and subject to the provisions of this Agreement:

 

(i)     determine the composition and allocation of
the Company’s investment portfolio, the nature and timing of any changes therein and the manner of implementing such changes;

 

(ii)    identify, evaluate and negotiate the structure
of the investments made by the Company;

 

(iii)   perform due diligence on prospective portfolio
companies;

 

(iv)   execute, close, service and monitor the Company’s
investments;

 

(v)    determine the securities and other assets that
the Company shall purchase, retain, or sell;

 

(vi)   provide the Company with such other investment
advisory, research and related services as the Company may, from time to time, reasonably require for the investment of its funds; and

 

(vii)  to the extent permitted under the 1940 Act
and the Advisers Act, on the Company’s behalf, and in coordination with any Sub-Adviser (as defined below) and administrator, provide
significant managerial assistance to those portfolio companies to which the Company is required to provide such assistance under the 1940
Act, including utilizing appropriate personnel of the Adviser to, among other things, participate in board and management meetings, consult
with and advise officers of portfolio companies and provide other organizational and financial guidance.

 

(c)     Power and Authority. To facilitate the Adviser’s performance
of these undertakings, but subject to the restrictions contained herein, the Company hereby delegates to the Adviser, and the Adviser
hereby accepts, the power and authority to act on behalf of the Company to effectuate investment decisions for the Company, including
the execution and delivery of all documents relating to the Company’s investments and the placing of orders for other purchase or
sale transactions on behalf of the Company. In the event that the Company determines to acquire debt financing, the Adviser shall use
commercially reasonable efforts to arrange for such financing on the Company’s behalf, subject to the oversight and approval of
the Board of Directors. If it is necessary for the Adviser to make investments on behalf of the Company through a special purpose vehicle,
the Adviser shall have authority to create, or arrange for the creation of, such special purpose vehicle and to make investments through
such special purpose vehicle in accordance with applicable law. The Company also grants to the Adviser power and authority to engage in
all activities and transactions (and anything incidental thereto) that the Adviser deems, in its sole discretion, appropriate, necessary
or advisable to carry out its duties pursuant to this Agreement.

 

(d)     Acceptance of Appointment. The Adviser hereby accepts such
appointment and agrees during the term hereof to render the services described herein for the compensation provided herein, subject to
the limitations contained herein.

 

(e)     Sub-Advisers. The Adviser is hereby authorized to enter
into one or more sub-advisory agreements (each a “Sub-Advisory Agreement”) with other investment advisers (each a “Sub-
Adviser”) pursuant to which the Adviser may obtain the services of the Sub-Adviser(s) to assist the Adviser in fulfilling its responsibilities
hereunder, subject to the oversight of the Adviser and/or the Company, with the scope of such services and oversight to be set forth in
each Sub- Advisory Agreement.

 

(i)     The Adviser and not the Company shall be responsible
for any compensation payable to any Sub-Adviser; provided, however, that the Adviser shall have the right to direct the Company to pay
directly any Sub-Adviser, but only with respect to the amounts due and payable to such Sub-Adviser from the fees and expenses payable
to the Adviser under this Agreement.

 

(ii)    Any Sub-Advisory Agreement entered into by
the Adviser shall be in accordance with the requirements of the 1940 Act and the Advisers Act, including without limitation, the requirements
of the 1940 Act relating to Board of Directors and Company stockholder approval thereunder, and other applicable federal and state law.

 

    2

     

    

 

(iii)   Any Sub-Adviser shall be subject to the same
fiduciary duties as are imposed on the Adviser pursuant to this Agreement, the 1940 Act and the Advisers Act, as well as other applicable
federal and state law, taking into account any limitations of the scope of responsibilities of such Sub-Adviser.

 

(iv)   In the event that the terms and provisions
of any Sub-Advisory Agreement related to the rights, responsibilities and obligations of the Sub-Adviser conflict with this Agreement,
the terms of the Sub-Advisory Agreement shall control.

 

(f)     Independent Contractor Status. The Adviser shall, for all
purposes herein provided, be deemed to be an independent contractor and, except as expressly provided or authorized herein, shall have
no authority to act for or represent the Company in any way or otherwise be deemed an agent of the Company.

 

(g)     Record Retention. Subject to review by and the overall control
of the Board of Directors, the Adviser shall maintain and keep all books, accounts and other records of the Adviser that relate to activities
performed by the Adviser hereunder as required under the 1940 Act and the Advisers Act. The Adviser agrees that all records that it maintains
and keeps for the Company shall at all times remain the property of the Company, shall be readily accessible during normal business hours,
and shall be promptly surrendered to the Company upon the termination of this Agreement or otherwise on written request by the Company.
The Adviser further agrees that the records that it maintains and keeps for the Company shall be preserved in the manner and for the periods
prescribed by the 1940 Act, unless any such records are earlier surrendered as provided above. The Adviser shall have the right to retain
copies, or originals where required by Rule 204- 2 promulgated under the Advisers Act, of such records to the extent required by applicable
law, subject to observance of its confidentiality obligations under this Agreement. The Adviser shall maintain records of the locations
where books, accounts and records are maintained among the persons and entities providing services directly or indirectly to the Adviser
or the Company.

 

		2.	Expenses Payable by the Company.

 

(a)     Adviser Personnel. All investment personnel of the Adviser,
when and to the extent engaged in providing investment advisory services and managerial assistance hereunder and the compensation and
routine overhead expenses of such personnel allocable to such services, shall be provided and paid for by the Adviser and not by the Company.

 

(b)     Costs. Subject to the limitations on expense reimbursement
of the Adviser as set forth in Section 2(c), the Company, either directly or through reimbursement to the Adviser, shall bear all costs
and expenses of its investment operations and its investment transactions, including without limitation, expenses relating to: expenses
deemed to be “organization and offering expenses” of the Company for purposes of Conduct Rule 2310(a)(12) of the Financial
Industry Regulatory Authority (for purposes of this Agreement, such expenses, exclusive of commissions, the dealer manager fee and any
discounts, are hereinafter referred to as “Organization and Offering Expenses”); corporate and organizational expenses relating
to borrowings and offerings of the Company’s common stock and other securities and incurrences of indebtedness, subject to limitations
included in the Agreement; interest; the cost of calculating the Company’s net asset value, including the cost of any third-party
valuation services; the cost of effecting sales and repurchases of shares of the Company’s common stock and other securities; investment
advisory fees of the Adviser; fees payable to third parties relating to, or associated with, making investments and valuing investments,
including fees and expenses associated with performing due diligence reviews of prospective investments; transfer agent and custodial
fees, fees and expenses associated with marketing efforts (including attendance at investment conferences and similar events); federal
and state registration fees; federal, state and local taxes; the fees and expenses of any directors of the Company who are not affiliated
persons (as defined in the 1940 Act) of the Adviser; costs of proxy statements, stockholders reports and notices; fidelity bond, directors
and officers errors and omissions liability insurance and other insurance premiums; direct costs such as printing, mailing, long distance
telephone and staff costs; costs associated with the Company’s reporting and compliance obligations under the 1940 Act and applicable
federal and state securities laws, including compliance with the Sarbanes-Oxley Act of 2002;fees and expenses associated with accounting,
independent audits and legal costs; brokerage commissions for the Company’s investments; and all other expenses of any person in
connection with administering the Company’s business, including expenses incurred by the Company’s Adviser and administrator
in performing administrative services for the Company, including supplying the Company’s chief financial officer and chief compliance
officer and personnel supporting them.

 

    3

     

    

 

The Adviser and/or one or more of its affiliates
will be entitled to receive reimbursement from the Company of Organization and Offering Expenses it has paid on behalf of the Company,
up to 5.00% of the aggregate gross proceeds of any offerings of the Company’s securities (the “Reimbursable O&O Expenses”)
until all of the Organization and Offering Expenses and any future Organization and Offering Expenses incurred and/or paid by the Adviser
and each such affiliate have been recovered.

 

Under the terms of this Agreement, after the Company
meets the minimum offering requirement, the Adviser and certain of its affiliates will become entitled to receive 1.5% of gross proceeds
raised until all offering costs and organization costs and any future offering or organization costs incurred have been recovered.

 

 (c)     Reimbursement.

 

Expenses incurred by the Adviser on behalf of the
Company and payable pursuant to this section shall be reimbursed by the Company for its expenses incurred in accordance with this Section
2 promptly following its request therefor, but in no event later than 10 business days following such request. The Adviser shall prepare
a statement documenting the expenses of the Company and the calculation of the reimbursement and shall deliver such statement to the Company
prior to full reimbursement.

 

		3.	Compensation of the Adviser.

 

The Company agrees to pay, and the Adviser agrees
to accept, as compensation for the services provided by the Adviser hereunder, a base management fee (“Base Management Fee”)
and an incentive fee (“Incentive Fee”) as hereinafter set forth. The Adviser may, in its sole discretion, elect or agree to
temporarily or permanently waive, defer, reduce or modify, in whole or in part, the Base Management Fee and/or the Incentive Fee. Any
of the fees payable to the Adviser under this Agreement for any partial month or calendar quarter shall be appropriately prorated. The
fees payable to the Adviser as set forth in this Agreement shall be calculated using a detailed calculation policy and procedures approved
by the Adviser and the Board of Directors, including a majority of the Independent Directors (as defined below), and shall be consistent
with the calculation of such fees as set forth in this Section.

 

 (a)     Base Management Fee.

 

(i)     The Base Management Fee will be calculated
at an annual rate of 2.0% of average gross assets, excluding cash and cash equivalents, payable quarterly in arrears, and will be calculated
based on the average value of the Company’s gross assets at the end of the two (2) most recently completed calendar quarters. Base
Management Fees for any partial quarter will be appropriately pro-rated.

 

(ii)    Effective upon the Company’s shares
of common stock being listed on a national securities exchange, the Base Management Fee will be calculated at an annual rate of 1.5% of
average gross assets (including cash pledged as collateral for the Company’s secured financing arrangements, but excluding other
cash and cash equivalents so that investors do not pay the base management fee on such assets), payable quarterly in arrears, and will
be calculated based on the average value of the Company’s gross assets at the end of the two (2) most recently completed calendar
quarters; provided, however that a Base Management Fee of 1.0% of the average value of the Company’s gross assets (including
cash pledged as collateral for the Company’s secured financing arrangements, but excluding other cash and cash equivalents so that
investors do not pay the base management fee on such assets), will apply to any amount of assets attributable to leverage decreasing the
Company’s asset coverage ratio below 200%. Base Management Fees for any partial quarter will be appropriately pro-rated.

 

 (b)     Incentive Fee.

 

(i)     The Incentive Fee will be divided into two
parts: (1) a subordinated incentive fee on income, and (2) an incentive fee on capital gains. Each part of the Incentive Fee is outlined
below.

 

    4

     

    

 

The first part, the subordinated incentive fee
on income, will be calculated and payable quarterly in arrears based upon the Company’s “pre-incentive fee net investment
income” for the immediately preceding quarter. The subordinated incentive fee on income will be subject to a hurdle rate, measured
quarterly and expressed as a rate of return on the net assets of the Company at the beginning of the most recently completed calendar
quarter, of 1.875% (7.50% annualized), subject to a “catch up” feature. For this purpose, “pre-incentive fee net investment
income” means interest income, dividend income and any other income (including any other fees, other than fees for providing managerial
assistance, such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio
companies) accrued during the calendar quarter, minus the Company’s operating expenses for the quarter (including the base management
fee, expenses reimbursed to the Administrator under the administration agreement and any interest expense and dividends paid on any issued
and outstanding preferred stock, but excluding the incentive fee). Pre-incentive fee net investment income includes, in the case of investments
with a deferred interest feature (such as original issue discount, debt instruments with payment-in-kind interest and zero coupon securities),
accrued income that the Company has not yet received in cash. Pre-incentive fee net investment income does not include any realized capital
gains, realized capital losses or unrealized capital appreciation or depreciation. The calculation of the subordinated incentive fee on
income for each quarter is as follows:

 

		·	No subordinated incentive fee on income is payable to the Adviser in any
calendar quarter in which the Company’s pre-incentive fee net investment income does not exceed the preferred return rate of 1.875%
(the “hurdle rate”).

 

		·	100% of the Company’s pre-incentive fee net investment income, if any,
that exceeds the hurdle rate, but is less than or equal to 2.34375% in any calendar quarter (9.375% annualized) is payable to the Adviser.
This portion of the Company’s pre-incentive fee net investment income is referred to as the “catch-up.” The “catch-up”
provision is intended to provide the Adviser with an incentive fee of 20.0% on all of the Company’s pre-incentive fee net investment
income when the Company’s pre-incentive fee net investment income reaches 2.34375% in any calendar quarter.

 

		·	20.0% of the amount of the Company’s pre-incentive fee net investment
income, if any, that exceeds 2.34375% in any calendar quarter (9.375% annualized) is payable to the Adviser once the hurdle rate is reached
and the catch-up is achieved (20.0% of all pre-incentive fee net investment income thereafter is allocated to the Adviser).

 

These calculations will be appropriately pro-rated
for any period of less than three (3) months.

 

The second part of the incentive fee, the incentive
fee on capital gains, will be an incentive fee on capital gains earned on liquidated investments from the portfolio and will be determined
and payable in arrears as of the end of each calendar year (or upon termination of the investment advisory agreement). This fee will equal
twenty percent (20%) of the Company’s realized capital gains on a cumulative basis from inception, calculated as of the end of each
calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate
amount of any previously paid capital gain incentive fees.

 

(ii)    Effective upon the Company’s shares
of common stock being listed on a national securities exchange, the Incentive Fee will be calculated as set forth below:

 

The first part, the subordinated incentive fee
on income, will be calculated and payable quarterly in arrears based upon the Company’s “pre-incentive fee net investment
income” for the most recently completed calendar quarter. The subordinated incentive fee on income will be subject to a hurdle rate,
measured quarterly and expressed as a rate of return on the net assets of the Company at the beginning of the most recently completed
calendar quarter, of 1.625% (6.5% annualized), subject to a “catch up” feature. For this purpose, “pre-incentive fee
net investment income” means interest income, dividend income and any other income (including any other fees, other than fees for
providing managerial assistance, such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company
receives from portfolio companies) accrued during the calendar quarter, minus the Company’s operating expenses for the quarter (including
the base management fee, expenses reimbursed to the Administrator under the administration agreement and any interest expense and dividends
paid on any issued and outstanding preferred stock, but excluding the incentive fee). Pre-incentive fee net investment income includes,
in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with payment-in-kind interest
and zero coupon securities), accrued income that the Company has not yet received in cash. Pre-incentive fee net investment income does
not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. The calculation of
the subordinated incentive fee on income for each quarter is as follows:

 

    5

     

    

 

	 	·	No subordinated incentive fee on income is payable to the Adviser in any calendar quarter in which the Company’s pre-incentive fee net investment income does not exceed the preferred return rate of 1.625% (the “hurdle rate”).

 

	 	·	100% of the Company’s pre-incentive fee net investment income, if any, that exceeds the hurdle rate, but is less than or equal to 1.970% in any calendar quarter (7.879% annualized) is payable to the Adviser. This portion of the Company’s pre-incentive fee net investment income is referred to as the “catch-up.” The “catch-up” provision is intended to provide the Adviser with an incentive fee of 17.5% on all of the Company’s pre-incentive fee net investment income when the Company’s pre-incentive fee net investment income reaches 1.970% in any calendar quarter.

 

	 	·	17.5% of the amount of the Company’s pre-incentive fee net investment income, if any, that exceeds 1.970% in any calendar quarter (7.879% annualized) is payable to the Adviser once the hurdle rate is reached and the catch-up is achieved (17.5% of all pre-incentive fee net investment income thereafter is allocated to the Adviser).

 

These calculations will be appropriately pro-rated
for any period of less than three (3) months.

 

The second part of the incentive fee, the incentive
fee on capital gains, will be an incentive fee on capital gains earned on liquidated investments from the portfolio and will be determined
and payable in arrears as of the end of each calendar year (or upon termination of the investment advisory agreement). This fee will equal
seventeen and one-half percent (17.5%) of the Company’s realized capital gains on a cumulative basis from inception, calculated
as of the end of each calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis,
less the aggregate amount of any previously paid capital gain incentive fees.

 

 (c)     Waiver or Deferral of Fees.

 

The Adviser may elect to defer or waive all or
a portion of the Base Management Fee and/or the Incentive Fee that would otherwise be paid to it. Prior to the payment of any fee to the
Adviser, the Company shall obtain written instructions from the Adviser with respect to any deferral or waiver of any portion of such
fees. Any portion of a deferred fee payable to the Adviser and not paid over to the Adviser with respect to any month, calendar quarter
or year shall be deferred without interest and may be paid over in any such other month prior to the occurrence of the termination of
this Agreement or a liquidity event, as the Adviser may determine upon written notice to the Company.

 

		4.	Covenant of the Adviser.

 

 (a)     Registration of Adviser.

 

The Adviser covenants that it is or will be registered
as an investment adviser under the Advisers Act on the effective date of this Agreement as set forth in Section 9 herein, and shall maintain
such registration until the expiration or termination of this Agreement. The Adviser agrees that its activities shall at all times comply
in all material respects with all applicable federal and state laws governing its operations and investments. The Adviser agrees to observe
and comply with applicable provisions of the code of ethics adopted by the Company pursuant to Rule 17j-1 under the 1940 Act, as such
code of ethics may be amended from time to time.

 

    6

     

    

 

		5.	Brokerage Commissions.

 

(a)     Selection of Brokers. The Adviser is hereby authorized,
to the fullest extent now or hereafter permitted by law, to cause the Company to pay a member of a national securities exchange, broker
or dealer an amount of commission for effecting a securities transaction in excess of the amount of commission another member of such
exchange, broker or dealer would have charged for effecting that transaction, if the Adviser determines in good faith, taking into account
factors, including without limitation, price (including the applicable brokerage commission or dealer spread), size of order, difficulty
of execution, and operational facilities of the firm and the firm’s risk and skill in positioning blocks of securities, that such
amount of commission is reasonable in relation to the value of the brokerage and/or research services provided by such member, broker
or dealer, viewed in terms of either that particular transaction or its overall responsibilities with respect to the Company’s portfolio,
and is consistent with the Adviser’s duty to seek the best execution on behalf of the Company. Notwithstanding the foregoing, with
regard to transactions with or for the benefit of the Company, the Adviser may not pay any commission or receive any rebates or give-ups,
nor participate in any business arrangements which would circumvent this restriction.

 

		6.	Other Activities of the Adviser.

 

The services of the Adviser to the Company are
not exclusive, and the Adviser may engage in any other business or render similar or different services to others including, without limitation,
the direct or indirect sponsorship or management of other investment-based accounts or commingled pools of capital, however structured,
having investment objectives similar to or different from those of the Company, and nothing in this Agreement shall limit or restrict
the right of any officer, director, stockholder (and their stockholders or members, including the owners of their stockholders or members),
or officer or employee of the Adviser to engage in any other business or to devote his or her time and attention in part to any other
business, whether of a similar or dissimilar nature, or to receive any fees or compensation in connection therewith (including fees for
serving as a director of, or providing consulting services to, one or more of the Company’s portfolio companies, subject to applicable
law). The Adviser assumes no responsibility under this Agreement other than to render the services set forth herein. It is understood
that directors, officers, employees and stockholders of the Company are or may become interested in the Adviser and its affiliates, as
directors, officers, employees, partners, stockholders, members, managers or otherwise, and that the Adviser and directors, officers,
employees, partners, stockholders, members and managers of the Adviser and its affiliates are or may become similarly interested in the
Company as stockholders or otherwise.

 

		7.	Responsibility of Dual Directors, Officers and/or Employees.

 

If any person who is a director, officer, stockholder
or employee of the Adviser is or becomes a director, officer, stockholder and/or employee of the Company and acts as such in any business
of the Company, then such director, officer, stockholder and/or employee of the Adviser shall be deemed to be acting in such capacity
solely for the Company, and not as a director, officer, stockholder or employee of the Adviser or under the control or direction of the
Adviser, even if paid by the Adviser.

 

		8.	Indemnification.

 

(a)     Indemnification of Adviser. The Adviser and each of its
directors, officers, stockholders or members (and its stockholders or members, including the owners of their stockholders or members),
agents, employees, controlling persons (as determined under the 1940 Act (“Controlling Persons”)) and any other person or
entity affiliated with, or acting on behalf of, the Adviser (each an “Indemnified Party” and, collectively, the “Indemnified
Parties”)shall not be liable to the Company for any action taken or omitted to be taken by the Adviser in connection with the performance
of any of their duties or obligations under this Agreement or otherwise as an investment adviser of the Company (except to the extent
specified in Section 36(b) of the 1940 Act concerning loss resulting from a breach of fiduciary duty with respect to the receipt of compensation
for services), and the Company shall indemnify, defend and protect the Indemnified Parties (each of whom shall be deemed a third party
beneficiary hereof) and hold them harmless from and against all losses, damages, liabilities, costs and expenses (including reasonable
attorneys’ fees and amounts reasonably paid in settlement) (“Losses”) incurred by the Indemnified Parties in or by reason
of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or suit by or in the right
of the Company or its security holders) arising out of or otherwise based upon the performance of any of the Indemnified Parties’
duties or obligations under this Agreement or otherwise as an investment adviser of the Company to the extent such Losses are not fully
reimbursed by insurance and otherwise to the fullest extent such indemnification would not be inconsistent with the Articles of Incorporation,
the 1940 Act, the laws of the State of Maryland or, to the extent applicable, the provisions of Section II.G of the Omnibus Guidelines
published by the North American Securities Administrators Association on March 29, 1992, as it may be amended from time to time.

 

    7

     

    

 

(b)     Indemnification of the Company. The Adviser shall indemnify
the Company, and its affiliates and Controlling Persons, for any Losses that the Company or its Affiliates and Controlling Persons may
sustain as a result of the Adviser’s willful misfeasance, bad faith, gross negligence, reckless disregard of its duties hereunder
or violation of applicable law, including, without limitation, the federal and state securities laws.

 

		9.	Effectiveness, Duration and Termination of Agreement.

 

(a)     Term and Effectiveness. This Agreement shall be effective
as of the date first written above and shall remain in effect for two (2) years, and thereafter shall continue automatically for successive
one-year periods, provided that, such continuance is specifically approved at least annually by: (i) the vote of the Board of Directors,
or by the vote of a majority of the outstanding voting securities of the Company, and (ii) the vote of a majority of the Company’s
directors who are not parties to this Agreement or “interested persons” (as such term is defined in Section 2(a)(19) of the
1940 Act) of any such party (“Independent Directors”), in accordance with the requirements of the 1940 Act.

 

(b)     Termination. This Agreement may be terminated at any time,
without the payment of any penalty: (i) by the Company upon sixty (60) days’ prior written notice to the Adviser: (A) upon the vote
of a majority of the outstanding voting securities of the Company (as defined in Section 2(a)(42) of the 1940 Act) or (B) by the vote
of the Company’s Board of Directors; or (ii) by the Adviser upon not less than sixty (60) days’ prior written notice to the
Company. This Agreement shall automatically terminate in the event of its “assignment” (as such term is defined for purposes
of construing Section 15(a)(4) of the 1940 Act). The provisions of Section 8 of this Agreement shall remain in full force and effect,
and the parties shall remain entitled to the benefits thereof, notwithstanding any termination of this Agreement. Further,
notwithstanding the termination or expiration of this Agreement as aforesaid, the Adviser shall be entitled to any amounts owed to it
under Section 3 through the date of termination or expiration and Section 8 shall continue in force and effect and apply to
the Adviser and its representatives as and to the extent applicable.

 

		10.	Notices.

 

Any notice under this Agreement shall be given
in writing, addressed and delivered or mailed, postage prepaid, to the other party at the address listed below or at such other address
for a party as shall be specified in a notice given in accordance with this Section 10.

 

		11.	Amendments.

 

This Agreement may be amended by mutual written
consent of the parties, subject to the provisions of the 1940 Act. Upon the listing of the shares of common stock of the Company on a
national securities exchange, this Agreement may be amended without further action to remove those provisions which become inactive at
such time.

 

		12.	Counterparts.

 

This Agreement may be executed in counterparts,
each of which shall be deemed to be an original copy and all of which together shall constitute one and the same instrument binding on
all parties hereto, notwithstanding that all parties shall not have signed the same counterpart.

 

		13.	Governing Law.

 

Notwithstanding the place where this Agreement
may be executed by any of the parties hereto and the provisions of Section 8, this Agreement shall be construed in accordance with the
laws of the State of New York. For so long as the Company is regulated as a BDC under the 1940 Act, this Agreement shall also be construed
in accordance with the applicable provisions of the 1940 Act and the Advisers Act. In such case, to the extent the applicable laws of
the State of New York or any of the provisions herein conflict with the provisions of the 1940 Act or the Advisers Act, the latter shall
control. Any reference in this Agreement to a statute or provision of the 1940 Act shall be construed to include any successor statute
or provision to such statute or provision and any reference to any rule promulgated under the Advisers Act shall be construed to include
any successor promulgated rule.

 

    8

     

    

 

IN WITNESS WHEREOF, the parties hereto have caused
this Agreement to by duly executed on the date above written.

 

CĪON INVESTMENT CORPORATION

a Maryland corporation

 

 

By: /s/ Michael A. Reisner________________

Name: Michael A. Reisner

Title: Co-Chief Executive Officer

 

CION INVESTMENT MANAGEMENT, LLC

a Delaware limited liability company

 

 

By: /s/ Mark Gatto______________________

Name: Mark Gatto

Title: Co-Chief Executive Officer

 

    9

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